| SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis
of Presentation The
Consolidated Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities
and Exchange Commission (“SEC”). The Financial Statements have been prepared using the accrual basis of accounting in accordance
with accounting principles generally accepted in the United States (“GAAP”) and presented in US dollars. Basis
of Consolidation The
Consolidated Financial Statements includes the accounts of the Company and its current owned subsidiary, GW Health Consulting Management
Inc ( 100 100 90 Going
Concern The
accompanying consolidated financial statements and notes have been prepared assuming that the Company will continue as a going
concern. As of December 31, 2023, there was an accumulated deficit of $ 348,245 2,935 Management
plans to fund operations of the Company through the proceeds from an offering pursuant to a Registration Statement on Form S-1, private
placements of restricted securities, or the issuance of stock in lieu of cash for payment of services until such a time as profitable
operations are achieved. If the Company do not raise all of the money it needs from public offerings or private placements of equity,
the Company will need alternative sources, such as loans or advances from our officers, directors or others. Such additional financing
may not become available on acceptable terms and there can be no assurance that any additional financing that the Company does obtain
will be sufficient to meet its needs in the long term. There are no written agreements in place for such funding or issuance of securities
and there can be no assurance that such will be available in the future. The failure to achieve the necessary levels of profitability
or obtain the additional funding would be detrimental to the Company. These
conditions raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements
do not include any adjustments to reflect the possible future effect on the recoverability and classification of assets or the amounts
and classifications of liabilities that may result from the outcome of these uncertainties. Management believes that the actions presently
being taken to obtain additional funding and implement its strategic plan provides an opportunity for the Company to continue as a going
concern. Use
of Estimates and Assumptions The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from
those estimates. Due
to the limited level of operations, the Company has not needed to make material assumptions or estimates other than the assumption that
the Company is a going concern. Cash
and Cash Equivalents The
Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
The Company has two bank accounts in Bank of America. The balance of each bank account is less than $ 250,000 Fair
Value of Financial Instruments ASC
825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial
instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally
accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based
upon certain market assumptions and pertinent information available to management at the time of this report. A fair value hierarchy
was established, which prioritizes the inputs used in measuring fair value into three broad levels as follows: Level
1—Quoted prices in active markets for identical assets or liabilities. Level
2—Inputs, other than the quoted prices in active markets, are observable either directly or indirectly. Level
3—Unobservable inputs based on the Company’s assumptions. The
respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial
instruments include cash, accounts and other payable, accrued liabilities, and related party payable. Fair values were assumed to
approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts
approximate fair value. Revenue
Recognition The
Company will recognize revenue in accordance with Accounting Standards Codification No. 606, “Revenue from Contracts with Customers”
(“ASC-606”). ASC-606 requires that the criteria must be met before revenue can be recognized:
● executed
contract(s) with customers that the Company believes is legally enforceable;
● identification
of performance obligation in the respective contract;
● determination
of the transaction price for each performance obligation in the respective contract;
● allocation
of the transaction price to each performance obligation;
● recognition
of revenue only when the Company satisfies each performance obligation. The
Company provides consulting services to clients through our partner who gives international study tour services, and career planning
experience sharing and guidance consulting services. The Company enters into a contract with a customer. Contracts with customers
are considered to be short-term when the time between order confirmation and satisfaction of the performance obligations is equal to
or less than one year, and all of the Company’s contracts are short-term. The Company typically satisfies its performance
obligations in contracts with customers upon completion of service rendered. Generally, payment is advance payment from customers.
The Company recognizes the revenue at a single point in time after every service rendered and the transaction price is stated in the
contract. Historically, there was no sales returns. When
above criteria were met, the Company will recognize revenue accordingly. Revenues
are comprised of providing consulting services to our partner who gives international study tour services, and career planning experience
sharing and guidance consulting services. In general, the payment term is advance payment from the customers. SCHEDULE
OF REVENUE RECOGNIZED CONSULTING SERVICES
2023 2022
For the years ended
2023 2022
Consulting service relating to China traditional culture and education $ 65,022 $ 102,002
Consulting service on career planning experience sharing and guidance 99,599 -
Total $ 164,621 $ 102,002 General
and Administrative Expenses The
general and administrative expense mainly consists of service fees occurred by the law firm, auditor, and accountant, etc. Basic
and Diluted Net Loss Per Share Our
computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available
to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects
the potential dilution, using the treasury stock method, 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 income (loss) of the Company
as if they had been converted at the beginning of the periods presented, or issuance date, if later. In computing diluted income (loss)
per share, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase
common stock at the average market price during the period. Options and warrants may have a dilutive effect under the treasury stock
method only when the average market price of the common stock during the period exceeds the exercise price of the options and warrants.
Potential common shares that have 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. Income
(loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding
during the respective periods. Basic and diluted (loss) per common share is the same for periods in which the company reported an operating
loss because all warrants and stock options outstanding are anti-dilutive. There were no adjustments to net loss required for purposes
of computing diluted earnings per share. SCHEDULE OF EARNINGS PER SHARE, BASIC AND DILUTED
2023 2022
For the years ended December 31,
2023 2022
Loss per share:
Numerator:
Net loss used in computing earnings per share $ (2,935 ) $ (18,856 )
Denominator:
Weighted average common shares outstanding 42,959,574 42,959,574
Basic and diluted loss per share $ (0.00 ) $ (0.00 ) The
Company has no Comprehensive
income (loss) The
Company follows the provisions of the Financial Accounting Standards Board (the “FASB”) ASC 220 Reporting Comprehensive
Income Recently
Issued Accounting Pronouncements In
June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses”, which will require the measurement
of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and
reasonable and supportable forecasts. Further, the FASB issued ASU No. 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-02
to provide additional guidance on the credit losses standard. The amendments for ASU 2016-13 are effective for fiscal years beginning
after December 15, 2022. ASU 2016-13 will be effective for the Company beginning January 1, 2023. The Company is in the process of evaluating
the effect of the adoption of this ASU. In
February 2018, the FASB issued Accounting Standards Update No. 2018-02 Reclassification of Certain Tax Effects from Accumulated
Other Comprehensive Income In
December 2018, the FASB issued Accounting Standards Update No. 2018-05, Income Taxes (Topic 740), Amendments to SEC Paragraphs
Pursuant to SEC Staff Accounting Bulletin No. 118 Income Tax
Accounting Implications of the Tax Cuts and Jobs Act 2018 and it
did not have a material impact on our consolidated financial statements. In December 2023, the FASB issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements
to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to
disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense
or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal,
state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local
jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is
permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied
on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting
this new guidance on its consolidated financial statements and related disclosures. As
of December 31, 2023, except for the above, there are no recently issued accounting standards not yet adopted that would have a material
effect on the Company’s financial statements. |
