| BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - Basis
of presentation and summary of significant accounting policies Basis of Accounting and Presentation Use of Estimates - Leases- Principles of Consolidation-
Company Date of establishment Place of establishment Percentage of legal Principal activities
Subsidiaries:
Pony HK April 28, 2016 Hong Kong, PRC 100% Car services
Universe Travel February 2, 2019 Mainland, PRC 100% Car services and Technological development and operation service Cash and Cash Equivalents Accounts Receivable As of December 31, 2023 and December 31, 2022, accounts receivable
were $20,224 and $25,633, respectively. The company considers accounts receivable to be fully collectible and determined that an allowance
for doubtful accounts was not necessary. For the year ended December 31, 2023, the following
clients accounted for over 10% of the revenue for the company: Shenzhen Zhongke Hengjin with 27.56%; Shenzhen Eryuechuer Culture &
Technology., Ltd, with 14.17%; and Shenzhen Shangjia Electronic Technology., Ltd with 11.81%. The Company determines the adequacy of reserves
for doubtful accounts based on individual account analysis and historical collections. The Company establishes a provision for doubtful
receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management’s
best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. The provision is
recorded against accounts receivable balances, with a corresponding charge recorded in the consolidated statements of operations and comprehensive
income (loss). Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment.
Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood
of collection is not probable. Revenue Recognition Car service The Company currently provides car services to individual and group
travelers. It currently offers carpooling, airport pick-up and drop-off, and personal driver services for travelers between Guangdong
Province and Hong Kong. It collaborates with car fleet companies and charge a service fee by matching the traveler and the driver. Redefining
the user experience, the Company aims to provide its users with comprehensive and convenient service offerings and become a one-stop travel
booking resource for travelers. When the traveler selects and initiates a car service request, an estimated service fee is displayed and
the traveler can further decide whether to place the service request or not. Once the traveler places the ride service request and the
Company accepts the service request, a car service agreement is entered into between the traveler and the Company. Upon completion of
the car services, the Company recognizes ride hailing services revenues on a gross basis. Technological development and operation service Revenues from technological development service,
including information technology system design and cloud platform development, revenue are recognized monthly by fixed amount based on
the contract. From time to time, the Company enters into arrangement
to provide technological support and maintenance service of applications to its customers. the Company’s efforts are expended evenly
throughout the service period. The revenues for the technological support and maintenance service are recognized over the support and
maintenance services period, usually from 3 months to one year. The Company’s contracts have a single performance obligation and
are primarily on a fixed-price basis. No significant returns, refund and other similar obligations during each reporting period. Cost of revenue Income Taxes Value added tax (“VAT”) 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:
December 31, 2023
Balance sheet HK$7.81 to US $1.00 RMB 7.09 to US $1.00
Statement of operation and other comprehensive income HK$7.83 to US $1.00 RMB 7.08 to US $1.00
December 31, 2022
Balance sheet HK$7.80 to US $1.00 RMB 6.90 to US $1.00
Statement of operation and other comprehensive income HK$7.83 to US $1.00 RMB 6.73 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. Restatement of Previously Issued Consolidated Financial Statements Restatement Background The Company engaged our current auditor to re-perform
an audit on our financial statements as of and for the year ended December 31, 2022. The impact of the restatement on the financial statements
as of and for the year ended December 31, 2022 is presented below. Restatement Reconciliation Tables The effects of the reclassifications and restatement for the adjustments
on the consolidated balance sheets, c onsolidated statements of comprehensive income (loss) and consolidated
statements of cash flows Consolidated Balance Sheet
As of December 31, 2022
As Restatement As
Assets
Current assets
Cash and cash equivalents $ 49,803 $ (15,807 ) $ 33,996
Accounts receivables 10,723 14,910 25,633
Other receivables 285 43,059 43,344
Other receivables-related parties 8,998 (8,998 ) -
Operating lease right-of-use assets - 4,316 4,316
Total current assets 69,809 37,480 107,289
Total assets $ 69,809 $ 37,480 $ 107,289
Liabilities and Equity
Current liabilities
Deferred revenue $ - $ 14,910 $ 14,910
Accounts payable 31,343 - 31,343
Operating lease liabilities - 4,316 4,316
Other payable-related party 378,753 (4,886 ) 373,867
Other current liability 15,257 43,060 58,317
Total current liabilities 425,353 57,400 482,753
Total liabilities $ 425,353 $ 57,400 $ 482,753
Stockholders’ equity
Common stock 11,500 - 11,500
Additional paid-in capital 176,000 - 176,000
Accumulated foreign currency exchange loss 6,360 6,575 12,935
Accumulated deficit (549,404 ) (26,495 ) (575,899 )
Total stockholders’ equity (355,544 ) (19,920 ) (375,464 )
Total liabilities and stockholders’ equity $ 69,809 37,480 107,289 Consolidated Statement of Comprehensive Income
For the year ended December 31, 2022
As Restatement As
Revenue $ 112,844 $ 1,444 $ 114,288
Cost of revenue 45,001 32,042 77,043
Gross profit 67,843 (30,598 ) 37,245
Operating expenses
General & administrative expenses 318,652 4,135 322,787
R&D expenses 23,816 (23,816 ) -
Total operating expenses 342,468 (19,681 ) 322,787
Loss from operation (274,625 ) (10,917 ) (285,542 )
Other income (expenses)
Other income (expense) 5,547 (4,033 ) 1,514
Total other income (expense) 5,547 (4,033 ) 1,514
Income (Loss) before income taxes (269,078 ) (14,950 ) (284,028 )
Provision for income tax - -
Net Loss $ (269,078 ) $ (14,950 ) $ (284,028 )
Other Comprehensive Income - 11,280 11,280
Comprehensive loss (269,078 ) (3,670 ) (272,748 )
Basic and diluted earnings per common share (0.023 ) (0.002 ) (0.025 ) Consolidated
Statement of Cash Flows
For
the Year ended December 31, 2022
As Restatement As
Cash flows from operating activities:
Net Loss $ (269,078 ) $ (14,950 ) $ (284,028 )
Changes in operating assets and liabilities:
Accounts receivable 37,115 (8,393 ) 28,722
Other receivable 16 (43,059 ) (43,043 )
Deferred revenue - 8,393 8,393
Accounts payable (5,709 ) - (5,709 )
Other payable (87,673 ) 61,998 (25,675 )
Net cash used in operating activities (325,329 ) 3,989 (321,340 )
Cash flow from financing activities:
Advance from (repayment
to) related party 92,603 (14,558 ) 78,045
Net cash provided by financing activities 92,603 (14,558 ) 78,045
Effects of currency translation on cash 16,518 (5,238 ) 11,280
Net decrease in cash (216,208 ) (15,807 ) (232,015 )
Cash at beginning of
the period 266,011 - 266,011
Cash at end of period $ 49,803 $ (15,807 ) $ 33,996 |
