Pony (PNYG) 10-Q 23 Nov 20 2020 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Nov. 23, 2020
Document Information Line Items
Entity Registrant Name	Pony Group Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		11,500,000
Amendment Flag	false
Entity Central Index Key	0001784058
Entity Current Reporting Status	No
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	DE
Entity File Number	333-234358
Entity Interactive Data Current	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 24,494	$ 44,105
Other receivables	152	31
Deferred offering cost	71,500	48,500
Total current assets	96,146	92,636
Total assets	96,146	92,636
Current liabilities
Other payable-related party	186,359	217,791
Other current liability	69,727	15,941
Total current liabilities	256,086	233,732
Total liabilities	256,086	233,732
Equity
Common stock	2	2
Accumulated foreign currency exchange loss	(1,942)	(565)
Accumulated deficit	(158,500)	(140,533)
Total Pony Group Inc stockholders’ equity	(159,940)	(141,096)
Total equity	(159,940)	(141,096)
Total liabilities and equity	$ 96,146	$ 92,636

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 13,977	$ 13,253	$ 22,709	$ 26,324
Cost of revenue	3,910	12,678	10,038	23,577
Gross profit	10,067	575	12,671	2,747
Operating expenses
General & administrative expenses	20,188	24,278	32,767	76,762
Selling expenses				1,244
Total operating expenses	20,188	24,278	32,767	78,006
Income (loss) from operation	(10,121)	(23,703)	(20,096)	(75,259)
Other income (expenses)
Other income (expense)	2,387	1,423	2,629	1,493
Total other income	2,387	1,423	2,629	1,493
Income (Loss) before income taxes	(7,734)	(22,280)	(17,467)	(73,766)
Provision for income tax
Net Income (Loss)	(7,734)	(22,280)	(17,467)	(73,766)
Net Income (Loss)	(7,734)	(22,280)	(17,467)	(73,766)
Other Comprehensive Income
Comprehensive income (loss)	$ (7,734)	$ (22,280)	$ (17,467)	$ (73,766)

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($)	Common stock	Additional Paid-In Capital	Subscription received in advance	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)	Total
Balance at Dec. 31, 2018		$ 1,290		$ 25	$ (24,799)	$ (23,484)
Balance (in Shares) at Dec. 31, 2018
Proceeds from private placement offering	$ 2					2
Proceeds from private placement offering (in Shares)	1,500
Purchase from sole owner		(1,290)				(1,290)
Cumulative Foreign currency translation adjustment				(55)		(55)
Net (Loss)					(73,766)	(73,766)
Balance at Jun. 30, 2019	$ 2			(30)	(98,565)	(98,593)
Balance (in Shares) at Jun. 30, 2019	1,500
Cumulative Foreign currency translation adjustment				(535)		(535)
Net (Loss)					(41,968)	(41,968)
Balance at Dec. 31, 2019	$ 2			(565)	(140,533)	(141,096)
Balance (in Shares) at Dec. 31, 2019	1,500
Cumulative Foreign currency translation adjustment				(1,377)		(1,377)
Net (Loss)					(17,467)	(17,467)
Balance at Jun. 30, 2020	$ 2			$ (1,942)	$ (158,000)	$ (159,940)
Balance (in Shares) at Jun. 30, 2020	1,500

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Net Loss	$ (17,467)	$ (73,766)
Changes in operating assets and liabilities:
Other receivable	(121)	(28)
Accounts payable		8,848
Other payable	53,786
Cash provided (used) in operating activities	36,198	(64,946)
Cash flow used in investing activities:
Investment in Pony HK		(1,274)
Cash used in investing activities		(1,274)
Cash flow provided (used) by financing activities:
Pay for deferred offering cost	(23,000)
Advance from (repayment to) related party	(31,432)	89,270
Proceed from Issue of Common Stock		2
Cash provided by financing activities	(54,432)	89,272
Effects of currency translation on cash	(1,377)	77
Net increase (decrease) in cash	(19,611)	22,975
Cash at beginning of the period	44,105	10,794
Cash at end of period	$ 24,494	$ 33,769

ORGANIZATIONS AND SUMMARY OF SI

ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Operations PONY GROUP INC, (The “Company” or “PONY”) was incorporated on Jan 7, 2019 in the state of Delaware. On March 7, 2019, Pony Group Inc (the “Purchaser”), and Wenxian Fan, the sole owner of PONY LIMOUSINE SERVICES LIMITED, entered into a Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which Wenxian Fan (the “Seller”) would sell to the Purchaser, and the Purchaser will purchase from the Seller, 10,000 shares of the PONY LIMOUSINE SERVICES LIMITED, which represented 100% of the shares. On March 7, 2019, this transaction was completed. PONY LIMOUSINE SERVICES LIMITED (“PONYHK”) is a limited liability company formed under the laws of Hong Kong on April 28, 2106, which was formed by FAN WENXIAN. Its registered office is located at FLAT/RM 01 11/f, LUCKY COMM BLDG, 103 DES VOEUX RD WEST, SHEUNG WAN, HONG KONG. The business nature of the Company is to provide cross boarder limousine services to customers. On February 2, 2019, Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK Details of the Company’s structure as of June 30, 2020 is as follow: Reverse Merger Accounting Basis of Accounting and Presentation Cash and Cash Equivalents Accounts Receivable As of June 30, 2020 and December 31, 2019, accounts receivable was $0 and $0, respectively. The company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary. The PONY LIMOUSINE SERVICES LIMITED, 100% subsidiary of the company has agreements with its two major clients that the payments for the services rendered be settled every six months. The two major clients account for 57.00% of the revenue for the six months ended June 30, 2020 and 98.21% for the same period 2019, respectively. Revenue Recognition Cost of revenue Income Taxes Foreign Currency Translation The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows: June 30, 2020 Balance sheet HK$7.75 to US$1.00 RMB 7.07 to US$1.00 Statement of operation and other comprehensive income HK$7.76 to US$1.00 RMB 7.03 to US$1.00 December 31, 2019 Balance sheet HK$7.79 to US$1.00 RMB 6.96 to US$1.00 June 30, 2019 Statement of operation and other comprehensive income HK$7.84 to US$1.00 RMB 6.78 to US$1.00

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2020
Going Concern [Abstract]
GOING CONCERN	NOTE 2 - GOING CONCERN The Company had operating losses of $17,467 and $73,766 during the six months ended June 30, 2020 and 2019, respectively. The Company has accumulated deficit of $158,000 and $140,533 as of June 30, 2020 and December 31, 2019, respectively. 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 obtain additional financing, as may be required. The accompanying financial statements have been prepared assuming 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 classification of liabilities that may result should the Company be unable to continue as a going concern. Management’s Plan to Continue as a Going Concern In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company’s products, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party (ies) when needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 3 - RELATED PARTY TRANSACTIONS PONY GROUP INC, incorporated on Jan 7, 2019 in the state of Delaware, is the sole owner of PONY LIMOUSINE SERVICES LIMITED (Pony HK), during the six months ended June 30, 2020, Pony HK paid $26,988 on behalf of PONY GROUP INC for the US legal and audit cost incurred relevant to the OTC listing. Ms. Wenxian Fan, the director, loaned working capital to Pony HK with no interest and paid on behalf of Pony HK for the subcontracted services and employee salaries. The Company has the following payables to Ms. Wenxian Fan: June 30, December 31, To Wenxian Fan $ 186,359 $ 217,791 Total due to related parties $ 186,359 $ 217,791

MAJOR SUPPLIERS AND CUSTOMERS

MAJOR SUPPLIERS AND CUSTOMERS	6 Months Ended
	Jun. 30, 2020
Risks and Uncertainties [Abstract]
MAJOR SUPPLIERS AND CUSTOMERS	NOTE 4 - MAJOR SUPPLIERS AND CUSTOMERS The Company purchased majority of its subcontracted services from five suppliers which accounted for 100% of the total purchases during the six months ended June 30, 2020: CHANGYING BUSINESS LIMITED for 49.71%, IBIS TOUR AND TRAVEL CO. for 22.78%, YAHONG BUSINESS LIMITED for 16.88%, HONG CHENG for 7.59%, and FUN TRAVEL for 3.04%. The Company had three major customers for the six months ended June 30, 2020: HK HENGDELI TRADING LIMITED for 26.44% of revenue, HENG TAI WINE LIMITED for 30.57% of revenue and Shenzhen Shangjia Electronic Technology., Ltd for 41.85% of revenue.

COMMON STOCK

COMMON STOCK	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
COMMON STOCK	NOTE 5 - COMMON STOCK On May 23, 2019, PONY GROUP INC sold 1,500 shares of common stock to below persons: Name Shares Consideration Pony Group Ltd. 930 0.93 Aller Bonvoyage Inc 60 0.06 Capital Club Holding Limited 60 0.06 KERUIDA Investment Limited 150 0.15 Synionm Investments Limited 150 0.15 Wisdom travel service investments Limited 150 0.15 On May 24, 2019, these transactions were completed, the consideration received were deposited into the company’s bank account.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 6 - SUBSEQUENT EVENTS Management has evaluated subsequent events through November 18, 2020, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of June 30, 2020 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.”

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Accounting and Presentation	Basis of Accounting and Presentation
Cash and Cash Equivalents	Cash and Cash Equivalents
Accounts Receivable	Accounts Receivable As of June 30, 2020 and December 31, 2019, accounts receivable was $0 and $0, respectively. The company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary. The PONY LIMOUSINE SERVICES LIMITED, 100% subsidiary of the company has agreements with its two major clients that the payments for the services rendered be settled every six months. The two major clients account for 57.00% of the revenue for the six months ended June 30, 2020 and 98.21% for the same period 2019, respectively.
Revenue Recognition	Revenue Recognition
Cost of revenue	Cost of revenue
Income Taxes	Income Taxes
Foreign Currency Translation	Foreign Currency Translation The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows: June 30, 2020 Balance sheet HK$7.75 to US$1.00 RMB 7.07 to US$1.00 Statement of operation and other comprehensive income HK$7.76 to US$1.00 RMB 7.03 to US$1.00 December 31, 2019 Balance sheet HK$7.79 to US$1.00 RMB 6.96 to US$1.00 June 30, 2019 Statement of operation and other comprehensive income HK$7.84 to US$1.00 RMB 6.78 to US$1.00

ORGANIZATIONS AND SUMMARY OF _2

ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of the exchange rates used to translate amounts	June 30, 2020 Balance sheet HK$7.75 to US$1.00 RMB 7.07 to US$1.00 Statement of operation and other comprehensive income HK$7.76 to US$1.00 RMB 7.03 to US$1.00 December 31, 2019 Balance sheet HK$7.79 to US$1.00 RMB 6.96 to US$1.00 June 30, 2019 Statement of operation and other comprehensive income HK$7.84 to US$1.00 RMB 6.78 to US$1.00

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Schedule of related party payables	June 30, December 31, To Wenxian Fan $ 186,359 $ 217,791 Total due to related parties $ 186,359 $ 217,791

COMMON STOCK (Tables)

COMMON STOCK (Tables)	6 Months Ended
	Jun. 30, 2020
Stockholders' Equity Note [Abstract]
Schedule of common stock	Name Shares Consideration Pony Group Ltd. 930 0.93 Aller Bonvoyage Inc 60 0.06 Capital Club Holding Limited 60 0.06 KERUIDA Investment Limited 150 0.15 Synionm Investments Limited 150 0.15 Wisdom travel service investments Limited 150 0.15

ORGANIZATIONS AND SUMMARY OF _3

ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Mar. 07, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Accounting Policies [Abstract]
Number of shares issued (in Shares)	10,000
Shares percentage	100.00%
Accounts receivable (in Dollars)		$ 0		$ 0
Revenue percentage		57.00%	98.21%
Hong Kong profits tax percentage			16.50%

ORGANIZATIONS AND SUMMARY OF _4

ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Schedule of the exchange rates used to translate amounts	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
HKD | Statement of operation and other comprehensive income [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.76		7.84
HKD | Balance Sheet [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.75	7.79
RMB | Statement of operation and other comprehensive income [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.03		6.78
RMB | Balance Sheet [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.07	6.96

GOING CONCERN (Details)

GOING CONCERN (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Going Concern [Abstract]
Operating losses	$ (7,734)	$ (22,280)	$ (17,467)	$ (41,968)	$ (73,766)
Accumulated deficit	$ (158,500)		$ (158,500)	$ (140,533)

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
Related Party Transactions [Abstract]
Legal and audit cost	$ 26,988

RELATED PARTY TRANSACTIONS (D_2

RELATED PARTY TRANSACTIONS (Details) - Schedule of related party payables - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Total due to related parties	$ 186,359	$ 217,791
Wenxian Fan [Member]
Related Party Transaction [Line Items]
Total due to related parties	$ 186,359	$ 217,791

MAJOR SUPPLIERS AND CUSTOMERS (

MAJOR SUPPLIERS AND CUSTOMERS (Details)	6 Months Ended
	Jun. 30, 2020
Supplier Concentration Risk [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Number of suppliers	5
Concentration risk, percentage	100.00%
Supplier Concentration Risk [Member] | CHANGYING BUSINESS LIMITED [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Concentration risk, percentage	49.71%
Supplier Concentration Risk [Member] | IBIS TOUR AND TRAVEL CO. [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Concentration risk, percentage	22.78%
Supplier Concentration Risk [Member] | YAHONG BUSINESS LIMITED [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Concentration risk, percentage	16.88%
Supplier Concentration Risk [Member] | HONG CHENG [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Concentration risk, percentage	7.59%
Supplier Concentration Risk [Member] | FUN TRAVEL [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Concentration risk, percentage	3.04%
Customer Concentration Risk [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Number of customers	3
Customer Concentration Risk [Member] | HK HENGDELI TRADING LIMITED [Member] | Revenue Benchmark [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Concentration risk, percentage	26.44%
Customer Concentration Risk [Member] | HENG TAI WINE LIMITED [Member] | Revenue Benchmark [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Concentration risk, percentage	30.57%
Customer Concentration Risk [Member] | Shenzhen Shangjia Electronic Technology., Ltd [Member] | Revenue Benchmark [Member]
MAJOR SUPPLIERS AND CUSTOMERS (Details) [Line Items]
Concentration risk, percentage	41.85%

COMMON STOCK (Details)

COMMON STOCK (Details)	1 Months Ended
	May 23, 2019shares
Stockholders' Equity Note [Abstract]
Shares issued	1,500

COMMON STOCK (Details) - Schedu

COMMON STOCK (Details) - Schedule of common stock	6 Months Ended
	Jun. 30, 2020USD ($)shares
Pony Group Ltd. [Member]
COMMON STOCK (Details) - Schedule of common stock [Line Items]
Shares | shares	930
Consideration | $	$ 0.93
Aller Bonvoyage Inc [Member]
COMMON STOCK (Details) - Schedule of common stock [Line Items]
Shares | shares	60
Consideration | $	$ 0.06
Capital Club Holding Limited [Member]
COMMON STOCK (Details) - Schedule of common stock [Line Items]
Shares | shares	60
Consideration | $	$ 0.06
KERUIDA Investment Limited [Member]
COMMON STOCK (Details) - Schedule of common stock [Line Items]
Shares | shares	150
Consideration | $	$ 0.15
Synionm Investments Limited [Member]
COMMON STOCK (Details) - Schedule of common stock [Line Items]
Shares | shares	150
Consideration | $	$ 0.15
Wisdom travel service investments Limited [Member]
COMMON STOCK (Details) - Schedule of common stock [Line Items]
Shares | shares	150
Consideration | $	$ 0.15