Pony (PNYG) 10-Q 14 Aug 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Aug. 14, 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	Jun. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
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

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 31,678	$ 49,803
Accounts receivables	8,725	10,723
Other receivables	16,818	285
Other receivables-related parties	8,998	8,998
Total current assets	66,219	69,809
Total assets	66,219	69,809
Current liabilities
Accounts payable	31,779	31,343
Other payable- related parties	431,843	378,753
Other current liability	45,412	15,257
Total current liabilities	509,034	425,353
Total liabilities	509,034	425,353
Equity
Ordinary shares, $0.001 par value, 70,000,000 shares authorized, 11,500,000 shares issued and outstanding as of June 30, 2023 and December 31, 2022	11,500	11,500
Additional paid-in capital	176,000	176,000
Accumulated other comprehensive income	21,498	6,360
Accumulated deficit	(651,813)	(549,404)
Total equity	(442,815)	(355,544)
Total liabilities and equity	$ 66,219	$ 69,809

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 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 (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 47,228	$ 23,696	$ 103,394	$ 53,564
Cost of revenue	20,867	6,769	45,471	31,593
Gross profit	26,361	16,927	57,923	21,971
Operating expenses
General & administrative expenses	71,874	123,775	160,409	238,123
R&D expense		10,187		17,257
Total operating expenses	71,874	133,962	160,409	255,380
Loss from operation	(45,513)	(117,035)	(102,486)	(233,409)
Other income (expenses)
Other income (expense)	156	(473)	77	(439)
Total other income (expense)	156	(473)	77	(439)
Loss before income taxes	(45,357)	(117,508)	(102,409)	(233,848)
Provision for income tax
Net Loss	(45,357)	(117,508)	(102,409)	(233,848)
Other Comprehensive Income	16,037	9,703	15,138	9,261
Comprehensive loss	$ (29,320)	$ (107,805)	$ (87,271)	$ (224,587)
Basic loss per common share (in Dollars per share)	$ (0.004)	$ (0.01)	$ (0.009)	$ (0.02)
Weighted average number of shares outstanding (in Shares)	11,500,000	11,500,000	11,500,000	11,500,000

Consolidated Statements of Op_2

Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Diluted loss per common share	$ (0.004)	$ (0.010)	$ (0.009)	$ (0.020)

Consolidated Statement of Chang

Consolidated Statement of Change in Equity (Unaudited) - USD ($)	Total	Common stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated 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, 2021	(102,984)	$ 11,500	176,000	(10,158)	(280,326)
Balance (in Shares) at Dec. 31, 2021		11,500,000
Net Loss	(233,848)
Balance at Jun. 30, 2022	(327,571)	$ 11,500	176,000	(897)	(514,174)
Balance (in Shares) at Jun. 30, 2022		11,500,000
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
Cumulative Foreign currency translation adjustment	9,703			9,703
Net Loss	(117,508)				(117,508)
Balance at Jun. 30, 2022	(327,571)	$ 11,500	176,000	(897)	(514,174)
Balance (in Shares) at Jun. 30, 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
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
Net Loss	(102,409)
Balance at Jun. 30, 2023	(442,815)	$ 11,500	176,000	21,498	(651,813)
Balance (in Shares) at Jun. 30, 2023		11,500,000
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
Cumulative Foreign currency translation adjustment	16,037			16,037
Net Loss	(45,357)				(45,357)
Balance at Jun. 30, 2023	$ (442,815)	$ 11,500	$ 176,000	$ 21,498	$ (651,813)
Balance (in Shares) at Jun. 30, 2023		11,500,000

Consolidated Statemetns of Cash

Consolidated Statemetns of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flow from operating activities:
Net Loss	$ (102,409)	$ (233,848)
Changes in operating assets and liabilities:
Accounts receivable	1,998	18,731
Other receivable	(16,533)	(201)
Accounts payable	436	(5,761)
Other payable	30,155	(79,693)
Cash used in operating activities	(86,353)	(300,772)
Cash flow from financing activities:
Advance from related party	53,090	70,300
Cash provided by financing activities	53,090	70,300
Effects of currency translation on cash	15,138	9,261
Net decrease in cash	(18,125)	(221,211)
Cash at beginning of the period	49,803	266,011
Cash at end of period	$ 31,678	$ 44,800

Organizations and Summary of Si

Organizations and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Organizations and Summary of Significant 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 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 June 30, 2023 are as follow: Reverse Merger Accounting Basis of Accounting and Presentation Cash and Cash Equivalents Accounts Receivable As of June 30, 2023 and December 31, 2022, accounts receivable was $8,725 and $10,723, respectively. The company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary. Pony HK, a 100% subsidiary of the Company, has agreements with its one major client that the payments for the services rendered be settled every six months. The major clients accounted for 11.2% of the revenue for the six months ended June 30, 2023, respectively. Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK, has agreements with three major clients. Shenzhen Eryuechuer Culture & Technology., Ltd, accounted for 24.87% of Universe Travel’s revenue. Shenzhen Shangjia Electronic Technology., Ltd and Shenzhen Zhongke Hengjin each accounted separately for 18.32% of the revenue and in the aggregate 36.64% of the revenue. Revenue Recognition Cost of revenue Income Taxes Foreign Currency Translation The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows: June 30, 2023 Balance sheet HK$7.84 to US $1.00 RMB 7.25 to US $1.00 Statement of operation and other comprehensive income HK$7.84 to US $1.00 RMB 6.93 to US $1.00 December 31, 2022 Balance sheet HK$7.80 to US $1.00 RMB 6.89 to US $1.00 June 30, 2022 Statement of operation and other comprehensive income HK$7.85 to US $1.00 RMB 6.61 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	6 Months Ended
	Jun. 30, 2023
Going Concern [Abstract]
GOING CONCERN	NOTE 2 - GOING CONCERN The Company had operating losses of $102,409 during the six months ended June 30, 2023 and has accumulated deficit of $651,813 at June 30, 2023. 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, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 3 - RELATED PARTY TRANSACTIONS Amount of receivable from shareholders is due to the company declaring a 6,000 to 1 stock split. After the stock split, the par value of the common stocks was $0.001 per share. The shareholders should pay the consideration of $8,998 to the company. The Company used a retroactive basis to present the nominal shares, the considerations and receivable form shareholders also should be represented. June 30, 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: June 30, December 31, To Wenxian Fan $ 431,843 $ 378,753 Total due to related parties $ 431,843 $ 378,753

Major Suppliers and Customers

Major Suppliers and Customers	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2023: Changying Business Limited for 25.19% of the cost.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 5 - SUBSEQUENT EVENTS Management has evaluated subsequent events through August 14, 2023, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of June 30, 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)	6 Months Ended
	Jun. 30, 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 June 30, 2023 are as follow:
Reverse Merger Accounting	Reverse Merger Accounting
Basis of Accounting and Presentation	Basis of Accounting and Presentation
Accounts Receivable	Cash and Cash Equivalents
Accounts Receivable	Accounts Receivable As of June 30, 2023 and December 31, 2022, accounts receivable was $8,725 and $10,723, respectively. The company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary. Pony HK, a 100% subsidiary of the Company, has agreements with its one major client that the payments for the services rendered be settled every six months. The major clients accounted for 11.2% of the revenue for the six months ended June 30, 2023, respectively. Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK, has agreements with three major clients. Shenzhen Eryuechuer Culture & Technology., Ltd, accounted for 24.87% of Universe Travel’s revenue. Shenzhen Shangjia Electronic Technology., Ltd and Shenzhen Zhongke Hengjin each accounted separately for 18.32% of the revenue and in the aggregate 36.64% of the revenue.
Revenue Recognition	Revenue Recognition
Cost of revenue	Cost of revenue
Income Taxes	Income Taxes
Foreign Currency Translation	Foreign Currency Translation The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows: June 30, 2023 Balance sheet HK$7.84 to US $1.00 RMB 7.25 to US $1.00 Statement of operation and other comprehensive income HK$7.84 to US $1.00 RMB 6.93 to US $1.00 December 31, 2022 Balance sheet HK$7.80 to US $1.00 RMB 6.89 to US $1.00 June 30, 2022 Statement of operation and other comprehensive income HK$7.85 to US $1.00 RMB 6.61 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)	6 Months Ended
	Jun. 30, 2023
Organizations and Summary of Significant Accounting Policies [Abstract]
Schedule of Exchange Rates	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, 2023 Balance sheet HK$7.84 to US $1.00 RMB 7.25 to US $1.00 Statement of operation and other comprehensive income HK$7.84 to US $1.00 RMB 6.93 to US $1.00 December 31, 2022 Balance sheet HK$7.80 to US $1.00 RMB 6.89 to US $1.00 June 30, 2022 Statement of operation and other comprehensive income HK$7.85 to US $1.00 RMB 6.61 to US$1.00

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Schedule of Considerations and Receivable form Shareholders	The Company used a retroactive basis to present the nominal shares, the considerations and receivable form shareholders also should be represented. June 30, December 31, Receivable from shareholders $ 8,998 $ 8,998 Total due from related parties $ 8,998 $ 8,998
Schedule of Related Party Payables	The Company has the following payables to Ms. Wenxian Fan: June 30, December 31, To Wenxian Fan $ 431,843 $ 378,753 Total due to related parties $ 431,843 $ 378,753

Organizations and Summary of _3

Organizations and Summary of Significant Accounting Policies (Details) - USD ($)		6 Months Ended
	Mar. 07, 2019	Jun. 30, 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)		$ 8,725	$ 10,723
Subsidiary company, percentage		100%
Revenue percentage		36.64%
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%
Shenzhen Eryuechuer Culture & Technology. Limited [Member]
Organizations and Summary of Significant Accounting Policies (Details) [Line Items]
Revenue percentage		24.87%
Shenzhen Zhongke Hengjin [Member]
Organizations and Summary of Significant Accounting Policies (Details) [Line Items]
Revenue percentage		18.32%
Pony HK [Member]
Organizations and Summary of Significant Accounting Policies (Details) [Line Items]
Revenue percentage		11.20%

Organizations and Summary of _4

Organizations and Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates	Jun. 30, 2023	Jun. 30, 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	7.84	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	7.25	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	7.85
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	6.93	6.61

Going Concern (Details)

Going Concern (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)
Going Concern [Abstract]
Operating loss	$ (102,409)
Accumulated deficit	$ 651,813

Related Party Transactions (Det

Related Party Transactions (Details)	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares
Related Party Transactions [Abstract]
Stock split, description	Amount of receivable from shareholders is due to the company declaring a 6,000 to 1 stock split.
Common stock, 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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total due to related parties	$ 431,843	$ 378,753
To Wenxian Fan [Member]
Related Party Transaction [Line Items]
Total due to related parties	$ 431,843	$ 378,753

Major Suppliers and Customers (

Major Suppliers and Customers (Details)	6 Months Ended
	Jun. 30, 2023
Major Suppliers and Customers (Details) [Line Items]
Business limited cost percentage	25.19%
Suppliers [Member]
Major Suppliers and Customers (Details) [Line Items]
Number of suppliers	1