Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 14, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Adveco Group Inc. | |
Entity Central Index Key | 1,698,519 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,505,100 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current liabilities | ||
Accounts payable and accrued liabilities | $ 4,603 | $ 4,000 |
Loan from related parties | 55,659 | 3,504 |
Total current liabilities | 60,262 | 7,504 |
Total Liabilities | 60,262 | 7,504 |
Stockholders' Equity | ||
Common Stock, $0.001 par value,7,500,000 shares authorized; 6,505,100 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | 6,505 | 6,505 |
Additional paid-in capital | 28,597 | 28,597 |
Accumulated deficit | (95,364) | (42,606) |
Total Stockholders' Equity | (60,262) | (7,504) |
Total Liabilities and Stockholders' Equity |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Stockholders' Equity | ||
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, Authorized | 75,000,000 | 75,000,000 |
Common Stock, Issued | 6,505,100 | 6,505,100 |
Common Stock, Outstanding | 6,505,100 | 6,505,100 |
Unaudited Condensed Statements
Unaudited Condensed Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Unaudited Condensed Statements Of Operations And Comprehensive Loss | ||||
Net revenues | $ 19,097 | $ 29,097 | ||
Cost of revenues | 6,670 | 13,670 | ||
Gross profit | 12,427 | 15,427 | ||
Operating expenses: | ||||
General and administrative expenses | 28,443 | 1,882 | 52,758 | 2,911 |
Total operating expenses | 28,443 | 1,882 | 52,758 | 2,911 |
Operating (loss) / profits | (28,443) | 10,545 | (52,758) | 12,516 |
Other income (expenses): | ||||
Other expenses | ||||
Total | ||||
(Loss) / profit before taxes from continuing operations | (28,443) | 10,545 | (52,758) | 12,516 |
Provision for income taxes | ||||
Net (loss) / profit | $ (28,443) | $ 10,545 | $ (52,758) | $ 12,516 |
(Loss) / Profit per common share: | ||||
- Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and diluted weighted average shares outstanding | 6,505,100 | 5,748,763 | 6,505,100 | 5,376,450 |
Unaudited Condensed Statements5
Unaudited Condensed Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities | ||
Net (loss) / income from continuing operations | $ (52,758) | $ 12,516 |
Amortization and depreciation | 700 | |
Decrease in prepaid expenses | 800 | |
Decrease in deferred revenue | 9,928 | |
Increase in accounts payable and accrued liabilities | 603 | 8,000 |
Net cash provided by operating activities | (52,155) | 31,944 |
Cash flows from investing activities | ||
Purchase of Equipment | (24,000) | |
Purchase of Computer | (1,200) | |
Net cash used in investing activities | (25,200) | |
Cash flows from financing activities | ||
Proceeds from loan from common stock | 30,102 | |
Proceeds from loan from shareholder | 52,155 | 12,000 |
Net cash provided by financing activities | 52,155 | 42,102 |
Net increase in cash and cash equivalents | 48,846 | |
Cash and cash equivalents beginning of period | 749 | |
Cash and cash equivalents end of period | 49,595 | |
Supplementary cash flow information: | ||
Interest paid | ||
Income taxes paid |
Organization and Principal Acti
Organization and Principal Activities | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
1. Organization and Principal Activities | Adveco Group Inc. (“the Company”) was incorporated under the laws of the State of Nevada on September 20, 2016. The Company is currently a shell company with no significant asset. Since inception through June 30, 2018, the Company has accumulated losses of $95,364. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
2. Summary of Significant Accounting Policies | Method of accounting Management has prepared the accompanying financial statements and these notes in accordance to generally accepted accounting principles in the United States of America; the Company maintains its general ledger and journals with the accrual method accounting. Use of estimates The preparation of the financial statements 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. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from those estimates. Cash and cash equivalents The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. Trade receivables Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. Inventories Inventories consist of raw materials and finished goods which are stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. Plant and equipment Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company’s typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows: Computer 3 years Office equipment 10 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments are capitalized. Accounting for the impairment of long-lived assets The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may be the result of becoming obsolete from a change in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate the adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. Revenue recognition The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured. Income taxes The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. Comprehensive income The Company uses FASB ASC Topic 220, “Reporting Comprehensive Income”. Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. Earnings per share The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share”. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive effects of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warrants are calculated using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Financial instruments The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: · Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets. · Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. Commitments and contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Going Concern
Going Concern | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
3. Going Concern | The accompanying financial statements have been prepared on a going-concern basis. The going-concern basis assumes that assets will be realized and liabilities will be settled in the ordinary course of business in the amounts disclosed in the financial statements. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they become due. For the six months ended June 30, 2018, the Company incurred a loss of $52,758. As of June 30, 2018, the Company had a working capital deficit of approximately $60,262. These conditions raise substantial doubt as to whether the Company may continue as a going concern. To improve its solvency, the Company is working to obtain new working capital through private placements of its common stock or convertible debt securities to qualified investors. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
4. Equity | The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. On December 19, 2016, the Company issued 5,000,000 shares of its common stock at $0.001 per share for total proceeds of $5,000. In 2017, the Company sold 1,505,100 shares of its common stock at $0.02 per share for total proceeds of $30,102. As of June 30, 2018, the Company had 6,505,100 shares issued and outstanding. The additional paid in capital was $28,597. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
5. Related Party Transactions | In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. Since September 20, 2016 (date of inception) through June 30, 2018 the Company’s sole officer and director loaned the Company to pay for operating expenses and purchase of equipment. As of June 30, 2018, the amount outstanding was $55,659. The loan is non-interest bearing, due upon demand and unsecured. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
6. Contingencies | The Company may from time to time be subject to legal proceedings and claims that may arise in the ordinary course of its business. There are no legal matters pending at the present date. |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
7. Subsequent events | In accordance with ASC 855-10, Company management reviewed all material events through the date of this report and determined that there are no material subsequent events to report. |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Summary Of Significant Accounting Policies | |
Method of accounting | Management has prepared the accompanying financial statements and these notes in accordance to generally accepted accounting principles in the United States of America; the Company maintains its general ledger and journals with the accrual method accounting. |
Use of estimates | The preparation of the financial statements 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. Management makes these estimates using the best information available at the time the estimates are made; however, actual results could differ materially from those estimates. |
Cash and cash equivalents | The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. |
Trade receivables | Trade receivables are recognized and carried at the original invoice amount less allowance for any uncollectible amounts. An estimate for doubtful accounts is made when collection of the full amount is no longer probable. Bad debts are written off as incurred. |
Inventories | Inventories consist of raw materials and finished goods which are stated at the lower of cost or market value. Finished goods are comprised of direct materials, direct labor, inbound shipping costs, and allocated overhead. The Company applies the weighted average cost method to its inventory. |
Plant and equipment | Plant and equipment are carried at cost less accumulated depreciation. Depreciation is provided over their estimated useful lives, using the straight-line method. The Company’s typically applies a salvage value of 0% to 10%. The estimated useful lives of the plant and equipment are as follows: Computer 3 years Office equipment 10 years The cost and related accumulated depreciation of assets sold or otherwise retired are eliminated from the accounts, and any gain or loss are included in the Company’s results of operations. The costs of maintenance and repairs are recognized to expenses as incurred; significant renewals and betterments are capitalized. |
Accounting for the impairment of long-lived assets | The Company annually reviews its long-lived assets for impairment or whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. Impairment may be the result of becoming obsolete from a change in the industry, introduction of new technologies, or if the Company has inadequate working capital to utilize the long-lived assets to generate the adequate profits. Impairment is present if the carrying amount of an asset is less than its expected future undiscounted cash flows. If an asset is considered impaired, a loss is recognized based on the amount by which the carrying amount exceeds the fair market value of the asset. Assets to be disposed are reported at the lower of the carrying amount or fair value less costs to sell. |
Revenue recognition | The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured. |
Income taxes | The Company accounts for income tax using an asset and liability approach and allows for recognition of deferred tax benefits in future years. Under the asset and liability approach, deferred taxes are provided for the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future realization is uncertain. |
Comprehensive income | The Company uses FASB ASC Topic 220, “Reporting Comprehensive Income”. Comprehensive income is comprised of net income and all changes to the statements of stockholders’ equity, except the changes in paid-in capital and distributions to stockholders due to investments by stockholders. |
Earnings per share | The Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share”. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis from the potential conversion of convertible securities or the exercise of options and or warrants; the dilutive effects of potentially convertible securities are calculated using the as-if method; the potentially dilutive effect of options or warrants are calculated using the treasury stock method. Securities that are potentially an anti-dilutive effect (i.e. those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. |
Financial instruments | The Company’s financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities and short-term debt, have carrying amounts that approximate their fair values due to their short maturities. ASC Topic 820, “Fair Value Measurements and Disclosures,” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 825, “Financial Instruments,” defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: · Level 1 - inputs to the valuation methodology used quoted prices for identical assets or liabilities in active markets. · Level 2 - inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 - inputs to the valuation methodology are unobservable and significant to the fair value measurement. The Company analyzes all financial instruments with features of both liabilities and equity under ASC 480, “Distinguishing Liabilities from Equity,” and ASC 815. |
Commitments and contingencies | Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Summary Of Significant Accounting Policies Tables Abstract | |
Plant and equipment estimated useful lives | Computer 3 years Office equipment 10 years |
Organization and Principal Ac15
Organization and Principal Activities (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | 30 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | |
Organization And Principal Activities | |||||
State of incorporation | Nevada | ||||
Date of incorporation | Sep. 20, 2016 | ||||
Accumulated losses | $ (28,443) | $ 10,545 | $ (52,758) | $ 12,516 | $ (95,364) |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Computer [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Office equipment [Member] | |
Property, Plant and Equipment, Useful Life | 10 years |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Details Narrative) | Jun. 30, 2018 |
Minimum [Member] | |
Property, plant and equipment, salvage value percentage | 0.00% |
Maximum [Member] | |
Property, plant and equipment, salvage value percentage | 10.00% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Going Concern | ||||
Net loss | $ (28,443) | $ 10,545 | $ (52,758) | $ 12,516 |
Working capital deficit | $ (60,262) | $ (60,262) |
Equity (Details Narrative)
Equity (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 19, 2016 | Dec. 31, 2017 | Jun. 30, 2018 | |
Equity | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, authorized | 75,000,000 | 75,000,000 | |
Common stock, Issued | 6,505,100 | 6,505,100 | |
Common stock, outstanding | 6,505,100 | 6,505,100 | |
Common shares issued for cash at $0.001 per share, shares | 5,000,000 | ||
Common shares issued for cash at $0.001 per share, amount | $ 5,000 | ||
Issuance of common shares at $0.02 per share, Shares | 1,505,100 | ||
Issuance of common shares at $0.02 per share, Amount | $ 30,102 | ||
Additional paid in capital | $ 28,597 | $ 28,597 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Related Party Transactions | ||
Loan from related parties | $ 55,659 | $ 3,504 |