Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2020 | Jan. 28, 2021 | Apr. 30, 2020 | |
Document Information Line Items | |||
Entity Registrant Name | DONGFANG CITY HOLDING GROUP Co Ltd | ||
Document Type | 10-K/A | ||
Current Fiscal Year End Date | --10-31 | ||
Entity Common Stock, Shares Outstanding | 100,000 | ||
Entity Public Float | $ 0 | ||
Amendment Flag | true | ||
Amendment Description | This Amendment No. 1 to the Annual Report on Form 10-K/A for DongFang City Holding Group Company Limited. amends the Annual Report on Form 10-K for the year ended October 31, 2020 filed with the SEC on January 28, 2021. This Amendment No. 1 is being filed solely to correct certain numeric errors in the original financial statements. | ||
Entity Central Index Key | 0001793330 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | Oct. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Shell Company | true | ||
Entity Ex Transition Period | true | ||
Document Transition Report | false | ||
Entity File Number | 000-56120 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Interactive Data Current | Yes |
Condensed Balance Sheet
Condensed Balance Sheet - USD ($) | Oct. 31, 2020 | Oct. 31, 2019 |
CURRENT ASSETS: | ||
Cash | $ 10,100 | $ 10,100 |
Total Current Assets | 10,100 | 10,100 |
LIABILITIES | ||
Loan From Shareholder | 210,429 | 20,429 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS’ EQUITY: | ||
Common stock, $.0001 par value, 300,000,000 shares authorized, 100,000 shares issued and outstanding | 1,000 | 1,000 |
Additional paid-in capital | 9,000 | 9,000 |
(Deficit) accumulated during development stage | (210,329) | (20,329) |
Total Stockholders’ Equity | (200,329) | (10,329) |
Total Liabilities and Stockholders' Equity | $ 10,100 | $ 10,100 |
Condensed Balance Sheet (Parent
Condensed Balance Sheet (Parentheticals) - $ / shares | Oct. 31, 2020 | Oct. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 300,000,000 | 300,000,000 |
Common stock, shares issued | 100,000 | 100,000 |
Common stock, shares outstanding | 100,000 | 100,000 |
Statements of Operations
Statements of Operations - USD ($) | Oct. 31, 2019 | Oct. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
REVENUE | |||
EXPENSES | 20,329 | 190,000 | |
NET (LOSS) | $ (20,329) | $ (190,000) | |
NET (LOSS) PER COMMON SHARE - BASIC (in Dollars per share) | [1] | ||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING (in Shares) | 100,000 | ||
[1] | Less than $.01 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | Oct. 31, 2019 | Oct. 31, 2020 |
CASH FLOWS FROM (TO) OPERATING ACTIVITIES: | ||
Net (loss) | $ (20,329) | $ (190,000) |
Changes in: | ||
Accrued expenses | 0 | 0 |
Net Cash (Used In) Operating Activities | (20,329) | (190,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Common stock issued for cash | 10,000 | 0 |
Loan from shareholder | 20,429 | 190,000 |
Net Cash Provided by Financing Activities | 30,429 | 190,000 |
NET CHANGE IN CASH AND ENDING BALANCE | $ 10,100 | $ 10,100 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES History Dongfang City Holding Group Company Limited (the “Company”), a development stage company, was organized under the laws of the State of Delaware on October 25, 2019. The Company complies with the reporting requirements of ASC 915, “Development Stage Entities” and has adopted Accounting Standards Update (“ASU”) 2014-10. Going Concern and Plan of Operation The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is in the development stage and has not earned any revenues from operations to date. These conditions raise substantial doubt about its ability to continue as a going concern. The Company is currently devoting its efforts to acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, locate and complete a merger with another company, and ultimately, achieve profitable operations. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties. Income Taxes The Company uses the liability method of accounting for income taxes pursuant to Statement of Financial Accounting Standards No. 109. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of temporary differences between the tax basis of the assets and liabilities and their financial amounts at year end. For federal income tax purposes, substantially all expenses must be deferred until the Company commences business and then they may be written off over a 60-month period. These expenses will not be deducted for tax purposes and will represent a deferred tax asset. The Company will provide a valuation allowance in the full amount of the deferred tax asset since there is no assurance of future taxable income. Tax deductible losses can be carried forward for 20 years until utilized. Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and filing fees relating to the offering will be capitalized. The deferred offering costs will be offset against offering proceeds in the event the offering is successful. In the event the offering is unsuccessful or is abandoned, the deferred offering costs will be expensed. Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, cash on hand and highly liquid investments with original maturities of 90 days or less. Concentrations of Credit Risk The Company maintains all cash in deposit accounts, which at times may exceed federally insured limits. The Company has not experienced a loss in such accounts. Earnings Per Common Share A basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share consists of the weighted average number of common shares outstanding plus the dilutive effects of options and warrants calculated using the treasury stock method. In loss periods, dilutive common equivalent shares are excluded as the effect would be anti-dilutive. Use of Estimates in the Preparation of Financial Statements 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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. Recently Issued Accounting Pronouncements The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements is not anticipated to have a material effect on the operations of the Company. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Oct. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 2 - STOCKHOLDERS’ EQUITY During October 2019, the Company sold for $10,000 cash 100,000 shares of its $.0001 par value common stock to various investors. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 3 - RELATED PARTY TRANSACTIONS Most office services such as printing mailing, and other basic office administrative services |
Subsequent Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 4 - SUBSEQUENT EVENTS The Company evaluated events subsequent to October 31, 2020 to assess the need for potential recognition or disclosure in this report. Such events were evaluated through January 25, 2020, the date these financial statements were issued. The Company concluded that there are no significant or material transactions to be reported. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
History | History Dongfang City Holding Group Company Limited (the “Company”), a development stage company, was organized under the laws of the State of Delaware on October 25, 2019. The Company complies with the reporting requirements of ASC 915, “Development Stage Entities” and has adopted Accounting Standards Update (“ASU”) 2014-10. |
Going Concern and Plan of Operation | Going Concern and Plan of Operation The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company is in the development stage and has not earned any revenues from operations to date. These conditions raise substantial doubt about its ability to continue as a going concern. The Company is currently devoting its efforts to acquire a target company or business seeking the perceived advantages of being a publicly held corporation. The Company’s ability to continue as a going concern is dependent upon its ability to develop additional sources of capital, locate and complete a merger with another company, and ultimately, achieve profitable operations. The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties. |
Income Taxes | Income Taxes The Company uses the liability method of accounting for income taxes pursuant to Statement of Financial Accounting Standards No. 109. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of temporary differences between the tax basis of the assets and liabilities and their financial amounts at year end. For federal income tax purposes, substantially all expenses must be deferred until the Company commences business and then they may be written off over a 60-month period. These expenses will not be deducted for tax purposes and will represent a deferred tax asset. The Company will provide a valuation allowance in the full amount of the deferred tax asset since there is no assurance of future taxable income. Tax deductible losses can be carried forward for 20 years until utilized. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs, consisting of legal, accounting and filing fees relating to the offering will be capitalized. The deferred offering costs will be offset against offering proceeds in the event the offering is successful. In the event the offering is unsuccessful or is abandoned, the deferred offering costs will be expensed. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist primarily of cash in banks, cash on hand and highly liquid investments with original maturities of 90 days or less. |
Concentrations of Credit Risk | Concentrations of Credit Risk The Company maintains all cash in deposit accounts, which at times may exceed federally insured limits. The Company has not experienced a loss in such accounts. |
Earnings Per Common Share | Earnings Per Common Share A basic earnings per common share is computed based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share consists of the weighted average number of common shares outstanding plus the dilutive effects of options and warrants calculated using the treasury stock method. In loss periods, dilutive common equivalent shares are excluded as the effect would be anti-dilutive. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements 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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates and assumptions. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements The Company has adopted all recently issued accounting pronouncements. The adoption of the accounting pronouncements is not anticipated to have a material effect on the operations of the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Oct. 31, 2020 | |
Accounting Policies [Abstract] | |
Federal income tax, description | the Company commences business and then they may be written off over a 60-month period. These expenses will not be deducted for tax purposes and will represent a deferred tax asset. The Company will provide a valuation allowance in the full amount of the deferred tax asset since there is no assurance of future taxable income. Tax deductible losses can be carried forward for 20 years until utilized. |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 1 Months Ended | |
Oct. 31, 2019 | Oct. 31, 2020 | |
Stockholders' Equity Note [Abstract] | ||
Cash | $ 10,000 | |
Common stock, shares | 100,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 |