Pony (PNYG) 10-Q 15 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 15, 2023
Document Information Line Items
Entity Registrant Name	Pony Group Inc.
Trading Symbol	N/A
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	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-234358
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3532241
Entity Address, Address Line One	Engineer Experiment Building
Entity Address, Address Line Two	A202 7 Gaoxin South Avenue
Entity Address, Address Line Three	Nanshan District
Entity Address, City or Town	Shenzhen
Entity Address, Country	CN
City Area Code	+86
Local Phone Number	755 86665622
Title of 12(b) Security	None
Security Exchange Name	NONE
Entity Interactive Data Current	Yes
Entity Address, Postal Zip Code	518000

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 25,542	$ 49,803
Accounts receivables	14,435	10,723
Other receivables	26,496	285
Other receivables-related parties	8,998	8,998
Total current assets	75,471	69,809
Total assets	75,471	69,809
Current liabilities
Accounts payable	34,793	31,343
Other payable- related parties	387,838	378,753
Other current liability	66,334	15,257
Total current liabilities	488,965	425,353
Total liabilities	488,965	425,353
Equity
Ordinary shares, $0.001 par value, 70,000,000 shares authorized, 11,500,000 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively	11,500	11,500
Additional paid-in capital	176,000	176,000
Accumulated other comprehensive income	5,461	6,360
Accumulated deficit	(606,455)	(549,404)
Total equity	(413,494)	(355,544)
Total liabilities and equity	$ 75,471	$ 69,809

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Ordinary shares, par value (in Dollars per share)	$ 0.001	$ 0.001
Ordinary shares, authorized	70,000,000	70,000,000
Ordinary shares, issued	11,500,000	11,500,000
Ordinary shares, outstanding	11,500,000	11,500,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Revenue	$ 56,166	$ 29,868
Cost of revenue	24,604	24,824
Gross profit	31,562	5,044
Operating expenses
General & administrative expenses	88,535	114,348
Research and development expense		7,070
Total operating expenses	88,535	121,418
Income (loss) from operation	(56,973)	(116,374)
Other (expense) income
Other (expense) income	(79)	34
Total other (expense) income	(79)	34
Net Loss	(57,052)	(116,340)
Foreign Currency Translation	(899)	(442)
Total comprehensive loss	$ (57,951)	$ (116,782)
Basic and diluted net loss per common share (in Dollars per share)	$ (0.005)	$ (0.01)
Weighted average number of shares outstanding (in Shares)	11,500,000	11,500,000

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Diluted earnings (loss) per common share	$ (0.005)	$ (0.010)

Consolidated Statement of Chang

Consolidated Statement of Change in Equity - USD ($)	Total	Common stock	Additional Paid-In Capital	Subscription received in advance	Accumulated Other Comprehensive Income (Loss)	Accumulated Earnings (Deficit)
Balance at Dec. 31, 2021	$ (102,984)	$ 11,500	$ 176,000		$ (10,158)	$ (280,326)
Balance (in Shares) at Dec. 31, 2021		11,500,000
Cumulative Foreign currency translation adjustment	(442)				(442)
Net (Loss)	(116,340)					(116,340)
Balance at Mar. 31, 2022	(219,766)	$ 11,500	176,000		(10,600)	(396,666)
Balance (in Shares) at Mar. 31, 2022		11,500,000
Balance at Dec. 31, 2022	(355,544)	$ 11,500	176,000		6,360	(549,404)
Balance (in Shares) at Dec. 31, 2022		11,500,000
Cumulative Foreign currency translation adjustment	(899)				(899)
Net (Loss)	(57,052)					(57,052)
Balance at Mar. 31, 2023	$ (413,495)	$ 11,500	$ 176,000		$ 5,461	$ (606,456)
Balance (in Shares) at Mar. 31, 2023		11,500,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flow from operating activities:
Net Loss	$ (57,052)	$ (116,340)
Changes in operating assets and liabilities:
Accounts receivable	(3,712)	27,734
Other receivable	(26,211)	(24)
Accounts payable	3,450	(17,484)
Other payable	51,078	(10,080)
Cash provided used in operating activities	(32,447)	(116,194)
Cash flow from investing activities:
Cash from investing activities
Cash flow from financing activities:
Advance from (repayment to) related party	9,085	(2,915)
Cash from financing activities	9,085	(2,915)
Effects of currency translation on cash	(899)	(442)
Net decrease in cash	(24,261)	(119,551)
Cash at beginning of the period	49,803	266,011
Cash at end of period	$ 25,542	$ 146,460

Organizations and Summary of Si

Organizations and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Organization and Principal Activities [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 January 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 (“Pony HK”), 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 Pony HK, which represented 100% of the shares. On March 7, 2019, this transaction was completed. Pony HK is a limited corporation formed under the laws of Hong Kong on April 28, 2016, 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 March 31, 2023 are as follow: Reverse Merger Accounting Basis of Accounting and Presentation Cash and Cash Equivalents Accounts Receivable As of March 31, 2023 and December 31, 2022, accounts receivable was $14,435 and $10,723, respectively. The company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary. Pony HK, a 100% subsidiary of the Company, has agreements with its one major client that the payments for the services rendered be settled every six months. The major clients accounted for 20.6% of the revenue for the three months ended March 31, 2023, respectively. Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK, has agreements with two major clients, the two clients combined accounted for 77.3% of the revenue for the three months ended March 31, 2023. Revenue Recognition Cost of revenue Income Taxes Foreign Currency Translation The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows: March 31, 2023 Balance sheet HK$7.85 to US $1.00 RMB 6.87 to US $1.00 Statement of operation and other comprehensive income HK$7.84 to US $1.00 RMB 6.84 to US $1.00 December 31, 2022 Balance sheet HK$7.80 to US $1.00 RMB 6.89 to US $1.00 March 31, 2022 Statement of operation and other comprehensive income HK$7.81 to US $1.00 RMB 6.35 to US$1.00 Recent accounting pronouncements The Company does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2023
Going Concern [Abstract]
GOING CONCERN	NOTE 2 - GOING CONCERN The Company had operating losses of $57,052 and $116,340 during the three months ended March 31, 2023 and 2022, respectively. The Company has accumulated deficit of $606,455 and $549,404 as of March 31, 2023 and December 31, 2022, 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	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 3 - RELATED PARTY TRANSACTIONS The Company was incorporated on January 7, 2019 in the state of Delaware, and is the sole owner of Pony HK. As of March 31, 2023, Pony HK has paid $310,580 on behalf of PONY GROUP INC for the US legal and audit cost incurred relevant to the OTC listing. Amount of receivable from shareholders due to the company declared a 6,000 to 1 stock split. After the stock split, the par value of the commons stocks was $0.001 per share. The shareholders should pay the consideration of $8,998 to the company. For the company use a retroactive basis to present the nominal shares, the considerations and receivable form shareholders also should be represented. March 31, December 31, Receivable from shareholders $ 8,998 $ 8,998 Total due from related parties $ 8,998 $ 8,998 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: March 31, December 31, To Wenxian Fan $ 387,838 $ 378,753 Total due to related parties $ 387,838 $ 378,753

Major Suppliers and Customers

Major Suppliers and Customers	3 Months Ended
	Mar. 31, 2023
Major Suppliers and Customers [Abstract]
MAJOR SUPPLIERS AND CUSTOMERS	NOTE 4 - MAJOR SUPPLIERS AND CUSTOMERS The Company purchased majority of its subcontracted services from one major supplier during the three months ended March 31, 2023: Changying Business Limited for 23.70% of the cost.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 5 - SUBSEQUENT EVENTS Management has evaluated subsequent events through May 14, 2023, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of March 31, 2023 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)	3 Months Ended
	Mar. 31, 2023
Organizations and Summary of Significant Accounting Policies [Abstract]
Organization and Operations	Organization and Operations PONY GROUP INC, (The “Company” or “PONY”) was incorporated on January 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 (“Pony HK”), 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 Pony HK, which represented 100% of the shares. On March 7, 2019, this transaction was completed. Pony HK is a limited corporation formed under the laws of Hong Kong on April 28, 2016, 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 March 31, 2023 are as follow:
Reverse Merger Accounting	Reverse Merger Accounting
Basis of Accounting and Presentation	Basis of Accounting and Presentation
Cash and Cash Equivalents	Cash and Cash Equivalents
Accounts Receivable	Accounts Receivable As of March 31, 2023 and December 31, 2022, accounts receivable was $14,435 and $10,723, respectively. The company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary. Pony HK, a 100% subsidiary of the Company, has agreements with its one major client that the payments for the services rendered be settled every six months. The major clients accounted for 20.6% of the revenue for the three months ended March 31, 2023, respectively. Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK, has agreements with two major clients, the two clients combined accounted for 77.3% of the revenue for the three months ended March 31, 2023.
Revenue Recognition	Revenue Recognition
Cost of revenue	Cost of revenue
Income Taxes	Income Taxes
Foreign Currency Translation	Foreign Currency Translation The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows: March 31, 2023 Balance sheet HK$7.85 to US $1.00 RMB 6.87 to US $1.00 Statement of operation and other comprehensive income HK$7.84 to US $1.00 RMB 6.84 to US $1.00 December 31, 2022 Balance sheet HK$7.80 to US $1.00 RMB 6.89 to US $1.00 March 31, 2022 Statement of operation and other comprehensive income HK$7.81 to US $1.00 RMB 6.35 to US$1.00
Recent accounting pronouncements	Recent accounting pronouncements The Company does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows.

Organizations and Summary of _2

Organizations and Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Organizations and Summary of Significant Accounting Policies [Abstract]
Schedule of exchange rates	March 31, 2023 Balance sheet HK$7.85 to US $1.00 RMB 6.87 to US $1.00 Statement of operation and other comprehensive income HK$7.84 to US $1.00 RMB 6.84 to US $1.00 December 31, 2022 Balance sheet HK$7.80 to US $1.00 RMB 6.89 to US $1.00 March 31, 2022 Statement of operation and other comprehensive income HK$7.81 to US $1.00 RMB 6.35 to US$1.00

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2023
Related Party Transactions [Abstract]
Schedule of considerations and receivable form shareholders	March 31, December 31, Receivable from shareholders $ 8,998 $ 8,998 Total due from related parties $ 8,998 $ 8,998
Schedule of related party payables	March 31, December 31, To Wenxian Fan $ 387,838 $ 378,753 Total due to related parties $ 387,838 $ 378,753

Organizations and Summary of _3

Organizations and Summary of Significant Accounting Policies (Details) - USD ($)		3 Months Ended
	Mar. 07, 2019	Mar. 31, 2023	Dec. 31, 2022
Organizations and Summary of Significant Accounting Policies (Details) [Line Items]
Number of shares issued (in Shares)	10,000
Accounts receivable (in Dollars)		$ 14,435	$ 10,723
Subsidiary company, percentage		100%
Revenue percentage		20.60%
Hong Kong profits tax percentage		16.50%
Pony Limousine Services Limited [Member]
Organizations and Summary of Significant Accounting Policies (Details) [Line Items]
Shares percentage	100%
Universe Travel Culture & Technology Ltd. [Member]
Organizations and Summary of Significant Accounting Policies (Details) [Line Items]
Revenue percentage		77.30%

Organizations and Summary of _4

Organizations and Summary of Significant Accounting Policies (Details) - Schedule of exchange rates	Mar. 31, 2023	Mar. 31, 2022
HK [Member] | Balance Sheet [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.85	7.8
US [Member] | Balance Sheet [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	1	1
RMB [Member] | Balance Sheet [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	6.87	6.89
Statement of operation and other comprehensive income [Member] | HK [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.84	7.81
Statement of operation and other comprehensive income [Member] | US [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	1	1
Statement of operation and other comprehensive income [Member] | RMB [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	6.84	6.35

Going Concern (Details)

Going Concern (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Going Concern [Abstract]
Operating loss	$ (57,052)	$ (116,340)
Accumulated deficit	$ (606,455)		$ (549,404)

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares
Related Party Transactions [Abstract]
US legal and audit cost incurred	$ 310,580
Stock split, description	Amount of receivable from shareholders due to the company declared a 6,000 to 1 stock split.
Common stock, per share (in Dollars per share) | $ / shares	$ 0.001
Shareholders payable	$ 8,998

Related Party Transactions (D_2

Related Party Transactions (Details) - Schedule of considerations and receivable form shareholders - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Related Party Transactions (Details) - Schedule of considerations and receivable form shareholders [Line Items]
Total due from related parties	$ 8,998	$ 8,998
Receivable from shareholders [Member]
Related Party Transactions (Details) - Schedule of considerations and receivable form shareholders [Line Items]
Total due from related parties	$ 8,998	$ 8,998

Related Party Transactions (D_3

Related Party Transactions (Details) - Schedule of related party payables - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total due to related parties	$ 387,838	$ 378,753
To Wenxian Fan [Member]
Related Party Transaction [Line Items]
Total due to related parties	$ 387,838	$ 378,753

Major Suppliers and Customers (

Major Suppliers and Customers (Details)	3 Months Ended
	Mar. 31, 2023
Major Suppliers and Customers (Details) [Line Items]
Business limited cost percentage	23.70%
Suppliers [Member]
Major Suppliers and Customers (Details) [Line Items]
Number of suppliers	1