Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | CHINA CHANGJIANG MINING & NEW ENERGY COMPANY, LTD. | |
Entity Central Index Key | 29,952 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 64,629,559 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 12,983 | $ 12,512 |
Other current assets and prepayments | 2,195 | 1,210 |
Total Current Assets | 15,178 | 13,722 |
Property, plant and equipment, net | 191,730 | 201,006 |
Land use rights, net | 13,859,729 | 13,711,122 |
TOTAL ASSETS | 14,066,637 | 13,925,850 |
Current Liabilities | ||
Other payables and accrued liabilities | 1,249,413 | 1,205,719 |
Total Current Liabilities | 1,249,413 | 1,205,719 |
Non-current liabilities | ||
Due to related parties | 660,688 | 592,410 |
Due to shareholders | 1,923,244 | 1,880,311 |
Total Non-current Liabilities | 2,583,932 | 2,472,721 |
TOTAL LIABILITIES | 3,833,345 | 3,678,440 |
EQUITY | ||
Common stock ($0.01 par value, 250,000,000 shares authorized, 64,629,559 shares issued and outstanding as of June 30, 2017 and December 31,2016) | 646,295 | 646,295 |
Treasury stock | (489,258) | (489,258) |
Additional paid-in capital | 15,968,106 | 15,968,106 |
Accumulated deficit | (8,179,478) | (7,926,794) |
Accumulated other comprehensive income | 1,393,564 | 1,140,899 |
TOTAL SHAREHOLDERS' EQUITY | 9,339,229 | 9,339,248 |
Non-controlling interest | 894,063 | 908,162 |
TOTAL EQUITY | 10,233,292 | 10,247,410 |
TOTAL LIABILITIES AND EQUITY | 14,066,637 | 13,925,850 |
Series C Preferred Stock [Member] | ||
EQUITY | ||
Series C convertible preferred stock ($0.01 par value, 10,000,000 shares authorized, no shares outstanding as of June 30, 2017 and December 31, 2016) |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
EQUITY | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, Authorized | 250,000,000 | 250,000,000 |
Common stock, Issued | 64,629,559 | 64,629,559 |
Common stock, outstanding | 64,629,559 | 64,629,559 |
Series C Preferred Stock [Member] | ||
EQUITY | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, Authorized | 10,000,000 | 10,000,000 |
Preferred stock, outstanding | 0 | 0 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Consolidated Statements Of Loss And Comprehensive Income Loss | ||||
Sales revenue - related party | $ 7,506 | $ 7,506 | ||
Cost of revenue | 1,882 | 1,882 | ||
Gross profit | 5,624 | 5,624 | ||
Operating expenses | ||||
General and administrative expenses | 32,239 | 37,038 | 66,195 | 69,199 |
Depreciation | 6,895 | 7,601 | 14,022 | 16,108 |
Amortization | 93,283 | 97,984 | 186,190 | 195,845 |
Total operating expenses | 132,417 | 142,623 | 266,407 | 281,152 |
Loss from operations | (132,417) | (136,999) | (266,407) | (275,528) |
Other expenses | ||||
Interest income | 9 | 9 | 13 | 9 |
Interest expenses | (115) | (332) | (389) | (452) |
Total other expenses | (106) | (323) | (376) | (443) |
Loss before tax | (132,523) | (137,322) | (266,783) | (275,971) |
Income tax expense (benefit) | ||||
Net loss | (132,523) | (137,322) | (266,783) | (275,971) |
Net loss attributable to: | ||||
Non-controlling interests | (7,057) | (4,611) | (14,099) | (11,899) |
Common shareholders | (125,466) | (132,711) | (252,684) | (264,072) |
Comprehensive income (loss): | ||||
Foreign currency translation adjustments | 172,159 | (338,987) | 252,665 | (263,551) |
Total comprehensive income (loss) | $ 39,636 | $ (476,309) | $ (14,118) | $ (539,522) |
Weighted average shares-basic | 64,629,559 | 64,629,559 | 64,629,559 | 64,629,559 |
Weighted average shares-diluted | 64,629,559 | 64,629,559 | 64,629,559 | 64,629,559 |
Earnings per share, | ||||
Basic | $ 0 | $ 0 | $ 0 | $ 0 |
Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (266,783) | $ (275,971) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 200,212 | 211,953 |
Changes in operating assets and liabilities: | ||
Due from related party | (5,624) | |
Other current assets and prepayments | (942) | 621 |
Other payables and accrued liabilities | 13,819 | 1,051 |
CASH USED IN OPERARATING ACTIVITIES | (53,694) | (67,970) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related parties | 52,936 | 65,796 |
CASH PROVIDED BY FINANCING ACTIVITIES | 52,936 | 65,796 |
Effect of exchange rate changes on cash and cash equivalents | 1,229 | (1,150) |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 471 | (3,324) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 12,512 | 13,550 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 12,983 | 10,226 |
Supplementary Disclosures for Cash Flow Information: | ||
Income taxes paid | ||
Interest expense | ||
Non-cash Transactions | ||
Extinguishment of related party loan | $ 55,313 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The accounting policies and methods followed in preparing these unaudited consolidated financial statements are those used by China Changjiang Mining & New Energy Company, Ltd. and its consolidated subsidiaries (the Company) as described in the notes to consolidated financial statements included in Annual Report on Form 10-K for the year ended December 31, 2016. The unaudited consolidated financial statements for the six-month period ended June 30, 2017 and 2016 have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and do not conform in all respects to the disclosure and information that is required for annual consolidated financial statements. The year-end consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosure required by accounting principles generally accepted in the United States of America. These interim consolidated financial statements should be read in conjunction with the most recent annual consolidated financial statements of the Company. In the opinion of management, all adjustments, all of which are of a normal recurring nature, considered necessary for fair statement have been included in these interim consolidated financial statements. Operating results for the six-month period ended June 30, 2017 are not indicative of the results that may be expected for the full year ending December 31, 2017. (a) Going Concern The Company had a working capital deficit of $1,234,235 as of June 30, 2017 and had a negative cash flow from operating activities amounted to $53,694 for the six months ended June 30, 2017. If the Company cannot generate enough cash flow from its operating activities, it will need to consider other financing methods such as borrowing from banking institutions or raising additional capital through new equity issuance. There are no assurances that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us. The Company plans to continue to control its administrative expenses in the coming periods as well as further develop its sales from its main business. These conditions and uncertainties raise substantial doubt as to the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. (b) Foreign Currency Translation Exchange rates applied for the foreign currency translation during the period are as follows: USD to RMB June 30, December 31, Period end USD: RMB exchange rate 6.7769 6.9437 June 30, June 30, Average periodic USD: RMB exchange rate 6.8743 6.5354 USD to HKD June 30, December 31, Period end USD: HKD exchange rate 7.8057 7.7543 June 30, June 30, Average periodic USD: HKD exchange rate 7.7731 7.7670 HKD is pegged to USD and hence there is no significant translation adjustment impact on these consolidated financial statements. RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into USD at the rates used in translation. (c) Earnings/Loss per share Basic earnings/loss per share is computed by dividing earnings/loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings/loss per share is computed in a manner similar to basic earnings/loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. (d) Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323) |
LAND USE RIGHTS, NET
LAND USE RIGHTS, NET | 6 Months Ended |
Jun. 30, 2017 | |
Due To Shareholders | |
2. LAND USE RIGHTS, NET | The following is a summary of land use rights, net: June 30, December 31, 2017 2016 Cost of Land Use Rights $ 18,886,571 $ 18,432,882 Accumulated Amortization of Land Use Rights (5,026,842 ) (4,721,760 ) Land Use Rights, Net $ 13,859,729 $ 13,711,122 The difference for the balance of cost was mainly due to the fluctuation of exchange rate of USD to RMB. Amortization expenses were $186,190 and $195,845 for the six months ended June 30, 2017 and 2016, respectively. |
DUE FROM RELATED PARTIES
DUE FROM RELATED PARTIES | 6 Months Ended |
Jun. 30, 2017 | |
Due To Shareholders | |
3. DUE FROM RELATED PARTIES | (1) Office spaces provided by related parties In April 2015, Shaanxi Changjiang moved to a new office that is owned by Shaanxi Baishui Dukang Liquor Co., Ltd., a related company. Shaanxi Changjiang is allowed to occupy the space for free. The office space occupied by Shaanxi Pacific is a property owned by Zhang Hongjun. The Company is allowed to use it for free. The office space occupied by Changjiang PV is a property owned by Shaanxi Xi Deng Hui Development Stock Co., Ltd., a related party. The Company is allowed to use it for free. (2) Sales revenue from related parties The Company provided solar power to one of its related parties, Heyang County Huanghe Bay Resort Hotel Co., Ltd. since 2014. As of December 31, 2016, no collection has been received. The Company decided to write off all the uncollected receivables related to solar power in the amount of RMB 205,424 (approximately $30,809) and decided not to recognize such revenue going forward. |
DUE TO RELATED PARTIES
DUE TO RELATED PARTIES | 6 Months Ended |
Jun. 30, 2017 | |
Due To Shareholders | |
4. DUE TO RELATED PARTIES | The balance of $660,688 due to related parties represents the loans owed to related parties, which are interest free, unsecured and the Company does not intend to be repay within twelve months from June 30, 2017. Due to related parties consists of the following. June 30, December 31, 2017 2016 Baishui Dukang Marketing Management Co., Ltd. (Previously Huitong World Property Superintendent Co.,Ltd.), controlled by Zhang Hongjun, the Director and principal shareholder of the Company $ 368,900 $ 360,039 Heyang County Huanghe Bay Resort Hotel Co., Ltd., controlled by Zhang Hongjun, the Director and principal shareholder of the Company 12,739 12,433 Shaanxi Huanghe Bay Ecological Agriculture Co., Ltd. (Previously Shaanxi Huanghe Bay Spring Lake Park Co., Ltd.), controlled by Zhang Hongjun, the Director and principal shareholder of the Company 38,366 37,444 Baishui Du Kang Brand Management Co., Ltd., controlled by Zhang Hongjun, the Director and principal shareholder of the Company 59,319 31,683 Shaanxi Du Kang Liquor Group Co., Ltd., controlled by Zhang Hongjun, the Director and principal shareholder of the Company 60,372 58,921 Shaanxi Xi Deng Hui Development Stock Co., Ltd., 29.74% equity interest of which is owned by Zhang Hong Jun, the Director and principal shareholder of the Company, and senior executives of which are Wang Sheng Li, Li Ping and Tian Hailong, the directors and shareholders of the Company 900 879 Shaanxi Dukang Liquor Trading Co., Ltd., controlled by Zhang Hongjun, the Director and principal shareholder of the Company 120,092 91,011 Total $ 660,688 $ 592,410 As of December 31, 2016, the balance of due to Shaanxi Dukang Liquor Trading Co., Ltd. was RMB 626,950 (approximately $90,290). On January 16, 2017, the Company signed a Loan Extension Agreement with Shaanxi Dukang Liquor Trading Co., Ltd., pursuant to which the loan would be extended to December 31, 2018 and could be further extended with mutual consent after December 31, 2018 if needed. No interest was charged during the period of validity. The Company borrowed additional loans of $52,936 from related parties for the six months ended June 30, 2017. Heyang County Huanghe Bay Resort Hotel Co., Ltd., paid salaries to the PV power station maintainers on behalf of the Company. The balance of $12,739 represents the salary expense owed to the Heyang County Huanghe Bay Resort Hotel Co., Ltd. as of June 30, 2017. The Company stopped providing solar power since 2017. |
DUE TO SHAREHOLDERS
DUE TO SHAREHOLDERS | 6 Months Ended |
Jun. 30, 2017 | |
Due To Shareholders | |
5. DUE TO SHAREHOLDERS | The balance of $1,923,244 due to shareholders represents the loans owed to the shareholders, which are interest free and unsecured. The management does not intend to repay the loans within twelve months from June 30, 2017. Due to shareholders consists of the following: June 30, December 31, 2017 2016 Due to Wang Shengli $ 462,436 $ 451,328 Due to Zhang Hongjun 895,248 873,742 Due to Chen Min $ 565,560 $ 555,241 Total $ 1,923,244 $ 1,880,311 |
INCOME TAX
INCOME TAX | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
6. INCOME TAXES | The Company did not have income tax expense or income tax payable due to the use of net loss carryover from prior years. As of June 30, 2017, the Company had net taxable operating loss carry forwards of approximately $2,073,981. The PRC income tax allows the enterprises to offset their future taxable income with taxable operating losses carried forward in a 5-year period. The management believes that the Companys cumulative losses arising from recurring business in recent years constituted significant negative evidence that most of the deferred tax assets would not be realizable and this evidence outweighed the expectations that the Company would generate future taxable income. The valuation allowance of $518,495 was recorded. Components of the Companys net deferred tax assets are set forth below: June 30, December 31, 2017 2016 Deferred tax assets Net operating loss carry-forward $ 518,495 $ 440,140 Total of deferred tax assets $ 518,495 $ 440,140 Less: valuation allowance $ (518,495 ) $ (440,140 ) Net deferred tax assets $ - $ - |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
7. SUBSEQUENT EVENTS | On July 19, 2017, the Company borrowed $14,804 (RMB100,000) from Shaanxi Dukang Liquor Trading Co., Ltd., a related party of the Company, for daily operation purposes. The loan is due on July 18, 2018 without interest. |
SUMMARY OF SIGNIFICANT ACCOUN13
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Summary Of Significant Accounting Policies Policies | |
Going Concern | The Company had a working capital deficit of $1,234,235 as of June 30, 2017 and had a negative cash flow from operating activities amounted to $53,694 for the six months ended June 30, 2017. If the Company cannot generate enough cash flow from its operating activities, it will need to consider other financing methods such as borrowing from banking institutions or raising additional capital through new equity issuance. There are no assurances that additional funds will be available when needed from any source or, if available, will be available on terms that are acceptable to us. The Company plans to continue to control its administrative expenses in the coming periods as well as further develop its sales from its main business. These conditions and uncertainties raise substantial doubt as to the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Foreign Currency Translation | Exchange rates applied for the foreign currency translation during the period are as follows: USD to RMB June 30, 2017 December 31, 2016 Period end USD: RMB exchange rate 6.7769 6.9437 June 30, 2017 June 30, 2016 Average periodic USD: RMB exchange rate 6.8743 6.5354 USD to HKD June 30, 2017 December 31, 2016 Period end USD: HKD exchange rate 7.8057 7.7543 June 30, 2017 June 30, 2016 Average periodic USD: HKD exchange rate 7.7731 7.7670 HKD is pegged to USD and hence there is no significant translation adjustment impact on these consolidated financial statements. RMB is not freely convertible into foreign currency and all foreign exchange transactions must take place through authorized institutions. No representation is made that the RMB amounts could have been, or could be, converted into USD at the rates used in translation. |
Earning/Loss per share | Basic earnings/loss per share is computed by dividing earnings/loss available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted earnings/loss per share is computed in a manner similar to basic earnings/loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. |
Recent Accounting Pronouncements | In January 2017, the FASB issued ASU 2017-03, Accounting Changes and Error Corrections (Topic 250) and Investments - Equity Method and Joint Ventures (Topic 323) |
SUMMARY OF SIGNIFICANT ACCOUN14
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Summary Of Significant Accounting Policies Tables | |
Exchange rates applied for foreign currency translation | Exchange rates applied for the foreign currency translation during the period are as follows: USD to RMB June 30, 2017 December 31, 2016 Period end USD: RMB exchange rate 6.7769 6.9437 June 30, 2017 June 30, 2016 Average periodic USD: RMB exchange rate 6.8743 6.5354 USD to HKD June 30, 2017 December 31, 2016 Period end USD: HKD exchange rate 7.8057 7.7543 June 30, 2017 June 30, 2016 Average periodic USD: HKD exchange rate 7.7731 7.7670 |
LAND USE RIGHTS, NET (Tables)
LAND USE RIGHTS, NET (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Land Use Rights Net Tables | |
Land use rights | June 30, December 31, 2017 2016 Cost of Land Use Rights $ 18,886,571 $ 18,432,882 Accumulated Amortization of Land Use Rights (5,026,842 ) (4,721,760 ) Land Use Rights, Net $ 13,859,729 $ 13,711,122 |
DUE TO RELATED PARTIES (Tables)
DUE TO RELATED PARTIES (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Due To Related Parties Tables | |
Due to related parties | Due to related parties consists of the following. June 30, December 31, 2017 2016 Baishui Dukang Marketing Management Co., Ltd. (Previously Huitong World Property Superintendent Co.,Ltd.), controlled by Zhang Hongjun, the Director and principal shareholder of the Company $ 368,900 $ 360,039 Heyang County Huanghe Bay Resort Hotel Co., Ltd., controlled by Zhang Hongjun, the Director and principal shareholder of the Company 12,739 12,433 Shaanxi Huanghe Bay Ecological Agriculture Co., Ltd. (Previously Shaanxi Huanghe Bay Spring Lake Park Co., Ltd.), controlled by Zhang Hongjun, the Director and principal shareholder of the Company 38,366 37,444 Baishui Du Kang Brand Management Co., Ltd., controlled by Zhang Hongjun, the Director and principal shareholder of the Company 59,319 31,683 Shaanxi Du Kang Liquor Group Co., Ltd., controlled by Zhang Hongjun, the Director and principal shareholder of the Company 60,372 58,921 Shaanxi Xi Deng Hui Development Stock Co., Ltd., 29.74% equity interest of which is owned by Zhang Hong Jun, the Director and principal shareholder of the Company, and senior executives of which are Wang Sheng Li, Li Ping and Tian Hailong, the directors and shareholders of the Company 900 879 Shaanxi Dukang Liquor Trading Co., Ltd., controlled by Zhang Hongjun, the Director and principal shareholder of the Company 120,092 91,011 Total $ 660,688 $ 592,410 |
DUE TO SHAREHOLDERS (Tables)
DUE TO SHAREHOLDERS (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Due To Shareholders Tables | |
Due to shareholders | Due to shareholders consists of the following: June 30, December 31, 2017 2016 Due to Wang Shengli $ 462,436 $ 451,328 Due to Zhang Hongjun 895,248 873,742 Due to Chen Min $ 565,560 $ 555,241 Total $ 1,923,244 $ 1,880,311 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Tables | |
Components of the Company's net deferred tax | June 30, December 31, 2017 2016 Deferred tax assets Net operating loss carry-forward $ 518,495 $ 440,140 Total of deferred tax assets $ 518,495 $ 440,140 Less: valuation allowance $ (518,495 ) $ (440,140 ) Net deferred tax assets $ - $ - |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
USD to RMB [Member] | |||
Period end exchange rate | 6.7769 | 6.9437 | |
Average periodic exchange rate | 6.8743 | 6.5354 | |
USD to HKD [Member] | |||
Period end exchange rate | 7.8057 | 7.7543 | |
Average periodic exchange rate | 7.7731 | 7.7670 |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Summary Of Significant Accounting Policies Details Narrative | ||
Working capital deficit | $ (1,234,235) | |
Cash flow from operating activities | $ (53,694) | $ (67,970) |
LAND USE RIGHTS, NET (Details)
LAND USE RIGHTS, NET (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Land Use Rights Net Details | ||
Cost of Land use right | $ 18,886,571 | $ 18,432,882 |
Accumulated Amortization of Land use right | (5,026,842) | (4,721,760) |
Land Use Rights, Net | $ 13,859,729 | $ 13,711,122 |
LAND USE RIGHTS, NET (Details N
LAND USE RIGHTS, NET (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Land Use Rights Net Details Narrative | ||||
Amortization expenses | $ 93,283 | $ 97,984 | $ 186,190 | $ 195,845 |
DUE FROM RELATED PARTIES (Detai
DUE FROM RELATED PARTIES (Details Narrative) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Due From Related Parties Details Narrative | |
Receivable balance written off | $ 30,809 |
DUE TO RELATED PARTIES (Details
DUE TO RELATED PARTIES (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Due to related parties | $ 660,688 | $ 592,410 |
Baishui Dukang Marketing Management Co., Ltd. [Member] | ||
Due to related parties | 368,900 | 360,039 |
Heyang County Huanghe Bay Resort Hotel Co., Ltd.[Member] | ||
Due to related parties | 12,739 | 12,433 |
Shaanxi Huanghe Bay Ecological Agriculture Co.,Ltd., [Member] | ||
Due to related parties | 38,366 | 37,444 |
Baishui Du Kang Brand Management Co., Ltd., [Member] | ||
Due to related parties | 59,319 | 31,683 |
Shaanxi Du Kang Liquor Group Co., Ltd. [Member] | ||
Due to related parties | 60,372 | 58,921 |
Shaanxi Xi Deng Hui Development Stock Co., Ltd.,[Member] | ||
Due to related parties | 900 | 879 |
Shaanxi Dukang Liquor Trading Co., Ltd [Member] | ||
Due to related parties | $ 120,092 | $ 91,011 |
DUE TO RELATED PARTIES (Detai25
DUE TO RELATED PARTIES (Details Narrative) - USD ($) | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Due to related parties | $ 660,688 | $ 592,410 | |
Proceeds from related parties | 52,936 | $ 65,796 | |
Heyang County Huanghe Bay Resort Hotel Co., Ltd.[Member] | |||
Due to related parties | $ 12,739 | 12,433 | |
Shaanxi Dukang Liquor Trading Co [Member] | |||
Due to related parties | $ 90,290 |
DUE TO SHAREHOLDERS (Details)
DUE TO SHAREHOLDERS (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Due to shareholders | $ 1,923,244 | $ 1,880,311 |
Due to Wang Shengli [Member] | ||
Due to shareholders | 462,436 | 451,328 |
Due to Zhang Hongjun [Member] | ||
Due to shareholders | 895,248 | 873,742 |
Due to Chen Min [Member] | ||
Due to shareholders | $ 565,560 | $ 555,241 |
DUE TO SHAREHOLDERS (Details Na
DUE TO SHAREHOLDERS (Details Narrative) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Due To Shareholders Details Narrative | ||
Due to shareholders | $ 1,923,244 | $ 1,880,311 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred tax assets | ||
Net operating loss carry-forward | $ 518,495 | $ 440,140 |
Total of Deferred tax assets | 518,495 | 440,140 |
Less: valuation allowance | (518,495) | (440,140) |
Net deferred assets |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Income Taxes Details Narrative | ||
Operating loss carry forwards | $ 2,073,981 | |
Operating losses carried forward period | 5 years | |
Valuation allowance | $ 518,495 | $ 440,140 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) | Jul. 19, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Due to related parties | $ 660,688 | $ 592,410 | |
Shaanxi Dukang Liquor Trading Co [Member] | |||
Due to related parties | $ 90,290 | ||
Subsequent Event [Member] | Shaanxi Dukang Liquor Trading Co [Member] | |||
Due to related parties | $ 14,804 |