Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jul. 31, 2018 | Sep. 17, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | Evergreen International Corp. | |
Entity Central Index Key | 710,782 | |
Trading Symbol | EVGI | |
Amendment Flag | false | |
Current Fiscal Year End Date | --04-30 | |
Document Type | 10-Q | |
Document Period End Date | Jul. 31, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 7,350,540 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Jul. 31, 2018 | Apr. 30, 2018 |
Current Assets: | ||
Cash and Cash Equivalents | $ 96 | $ 205,636 |
Total Current Assets | 96 | 205,636 |
Total Assets | 96 | 205,636 |
Current Liabilities: | ||
Accounts Payable and Accrued Expenses | 1,500 | |
Total Current Liabilities | 1,500 | |
Commitments and Contingencies | ||
Stockholders' Equity: | ||
Preferred Stock, $.001 par value; 1,000,000 shares authorized; None issued and outstanding | ||
Common Stock, $.001 Par Value; 100,000,000 Shares Authorized; 7,350,540 Shares Issued and Outstanding | 7,350 | 7,350 |
Additional Paid-In Capital | 2,190,644 | 2,372,640 |
Accumulated Deficit | (2,197,898) | (2,175,854) |
Total Stockholders' Equity | 96 | 204,136 |
Total Liabilities and Stockholders' Equity | $ 96 | $ 205,636 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Jul. 31, 2018 | Apr. 30, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 7,350,540 | 7,350,540 |
Common stock, shares outstanding | 7,350,540 | 7,350,540 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Income Statement [Abstract] | ||
Net Sales | ||
Costs and Expenses: | ||
Selling, General and Administrative Expenses | 22,177 | 9,300 |
Loss from Operations | (22,177) | (9,300) |
Other Income: | ||
Interest | 133 | 56 |
Net Loss | $ (22,044) | $ (9,244) |
Loss Per Common Share - Basic | $ 0 | $ 0 |
Weighted Average Shares Outstanding | 7,350,540 | 7,350,540 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Jul. 31, 2018 | Jul. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net Loss | $ (22,044) | $ (9,244) |
Changes in Operating Assets and Liabilities: | ||
Increase (Decrease) in Accounts Payable and Accrued Liabilities | (1,500) | 4,301 |
Net Cash Used in Operating Activities | (23,544) | (4,943) |
Cash Flows from Financing Activities: | ||
Special Dividends Paid | (181,996) | |
Net Cash Used in Financing Activities | (181,996) | |
Decrease in Cash and Cash Equivalents | (205,540) | (4,943) |
Cash and Cash Equivalents - Beginning of Period | 205,636 | 226,035 |
Cash and Cash Equivalents - End of Period | $ 96 | $ 221,092 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and Description of Business Historically, Evergreen International Corp. (formerly Arbor Entech Corporation) (“Evergreen”, “we” or “the Company”) was a wood products company that had been in business since 1980. Our business fluctuated over the years. We were almost wholly dependent on sales to The Home Depot, Inc. On September 2, 2003, we terminated our business relationship with Home Depot due to increased difficulties in transacting business with such company on a profitable basis. These difficulties included Home Depot’s prohibition against price increases, despite increases in our costs of production, a diminution in the Home Depot territories to which we were allowed to sell product, and Home Depot’s demands regarding returns of ordered products that we were unwilling to accede to for economic reasons. On June 22, 2018, the Company entered into a Stock Purchase Agreement (the “SPA”) with a third party (the “Purchaser”) and certain selling stockholders, including the Company’s controlling stockholders (the “Sellers”), pursuant to which the Purchaser has agreed to acquire shares On July 6, 2018, the Board of directors of the Company (i) declared a cash dividend in an aggregate amount of $181,996, or an average of $0.024760 per share, payable to stockholders of record on July 16, 2018, and (ii) approved an amendment to the Company’s Certificate of Incorporation to change the Company’s name to Evergreen International Corp., which amendment was filed with the Secretary of State of the State of Delaware on July 13, 2018 and became effective July 27, 2018. On July 27, 2018, the transactions contemplated by the SPA were closed, and as a result, the Purchaser completed the acquisition of the Shares, representing 98.75% of the company’s issued and outstanding common stock for $325,000, which was funded out of the purchaser’s personal funds. The consummation of the transactions contemplated by the SPA resulted in a change of control of the Company. Basis of Presentation The accompanying financial statements as of July 31, 2018 and for the three months ended July 31, 2018 and 2017 are unaudited. In the opinion of management, all adjustments have been made, consisting of normal recurring items, that are necessary to present fairly the financial position as of July 31, 2018 as well as the results of operations and cash flows for the three months ended July 31, 2018 and 2017 in accordance with accounting principles generally accepted in the United States of America. The results of operations for any interim period are not necessarily indicative of the results expected for the full year. The interim financial statements and related notes thereto should be read in conjunction with the audited financial statements and related notes thereto for the fiscal year ended April 30, 2018. Interim Financial Statements The interim condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission from the accounts of the Company without audit. The condensed balance sheet at April 30, 2018 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The other information in these condensed financial statements is unaudited; however, in the opinion of management, the information presented reflects all adjustments of a normal recurring nature which are necessary to present fairly the Company's financial position and results of operations and cash flows for the period presented. It is recommended that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's fiscal year 2018 Annual Report on Form 10-K filed on July 24, 2018 and other financial reports filed by the Company from time to time. Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less at time of purchase to be cash equivalents. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 period. Actual results could differ from those estimates. Income Taxes Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. Income (Loss) Per Common Share The basic computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC 260, “Earnings Per Share”. Since the Company has no common stock equivalents, diluted earnings (loss) per share is the same as basic earnings (loss) per share. Fair Value of Financial Instruments The fair value of the Company’s financial instruments, which consist primarily of cash and cash equivalents and accounts payable and accrued liabilities, approximate their carrying amounts reported due to their short-term nature. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Stockholders Equity
Stockholders Equity | 3 Months Ended |
Jul. 31, 2018 | |
Equity [Abstract] | |
STOCKHOLDERS EQUITY | NOTE 2 – STOCKHOLDERS EQUITY Change of Control On June 22, 2018, the Company entered into a Stock Purchase Agreement (the “SPA”) with Tan Ying Lok (the “Purchaser”) and certain selling stockholders, including Airmont Trust and Brad Houtkin, the Company’s two controlling stockholders (collectively, the “Sellers”), pursuant to which the Purchaser agreed to acquire 7,258,850 shares of common stock representing approximately 98.75% of the company’s issued and outstanding common stock (the “Shares”) for $325,000. On July 27, 2018, the transactions contemplated by the SPA was closed, and as a result, the Purchaser completed the acquisition of the Shares, representing 98.75% of the company’s issued and outstanding common stock for $325,000, which was funded out of the purchaser’s personal funds. The consummation of the transactions contemplated by the SPA resulted in a change of control of the Company. Special Dividend As a condition to the SPA discussed above, the Company issued a cash dividend of substantially all of its cash, less a reserve to discharge any remaining liabilities of the Company. The dividend was paid based on an average rate of $0.024760 per share for an aggregate total of $181,996. |
Changes in Management
Changes in Management | 3 Months Ended |
Jul. 31, 2018 | |
Changes in Management [Abstract] | |
CHANGES IN MANAGEMENT | NOTE 3 – CHANGES IN MANAGEMENT Pursuant to the requirements of the SPA closed on July 27, 2018, effective on August 6, 2018, Mr. Brad Houtkin resigned from his positions as President, CEO, CFO, Treasurer and Director of the Company. Mr. Michael Houtkin resigned as the Secretary and Director of the Company, and Ms. Sherry Houtkin resigned as the Director of the Company. Further, effective as of the same date, the Board of Directors of the Company appointed Jianguo Wei as the sole Director, CEO, CFO, President and Treasurer of the Company, and Ge Gao as the Corporate Secretary of the Company. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jul. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 4 – SUBSEQUENT EVENTS We have evaluated all events that occurred after the balance sheet date through the date when our financial statements were issued to determine if they must be reported. Management has determined that there were no additional reportable subsequent events to be disclosed. |
Organization and Summary of S10
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jul. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements as of July 31, 2018 and for the three months ended July 31, 2018 and 2017 are unaudited. In the opinion of management, all adjustments have been made, consisting of normal recurring items, that are necessary to present fairly the financial position as of July 31, 2018 as well as the results of operations and cash flows for the three months ended July 31, 2018 and 2017 in accordance with accounting principles generally accepted in the United States of America. The results of operations for any interim period are not necessarily indicative of the results expected for the full year. The interim financial statements and related notes thereto should be read in conjunction with the audited financial statements and related notes thereto for the fiscal year ended April 30, 2018. |
Interim Financial Statements | Interim Financial Statements The interim condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission from the accounts of the Company without audit. The condensed balance sheet at April 30, 2018 was derived from audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States of America. The other information in these condensed financial statements is unaudited; however, in the opinion of management, the information presented reflects all adjustments of a normal recurring nature which are necessary to present fairly the Company's financial position and results of operations and cash flows for the period presented. It is recommended that these condensed financial statements be read in conjunction with the financial statements and the notes thereto included in the Company's fiscal year 2018 Annual Report on Form 10-K filed on July 24, 2018 and other financial reports filed by the Company from time to time. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid short-term investments with a maturity of three months or less at time of purchase to be cash equivalents. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America 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 period. Actual results could differ from those estimates. |
Income Taxes | Income Taxes Income taxes are provided in accordance with ASC 740 Accounting for Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion of all of the deferred tax assets will be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment. |
Income (Loss) Per Common Share | Income (Loss) Per Common Share The basic computation of loss per share is based on the weighted average number of shares outstanding during the period presented in accordance with ASC 260, “Earnings Per Share”. Since the Company has no common stock equivalents, diluted earnings (loss) per share is the same as basic earnings (loss) per share. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of the Company’s financial instruments, which consist primarily of cash and cash equivalents and accounts payable and accrued liabilities, approximate their carrying amounts reported due to their short-term nature. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentration of credit risk consist of cash accounts in a financial institution which, at times may exceed the Federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Organization and Summary of S11
Organization and Summary of Significant Accounting Policies (Details) - USD ($) | Jul. 06, 2018 | Jul. 27, 2018 | Jun. 22, 2018 | Jul. 31, 2018 |
Organization and Summary of Significant Accounting Policies (Textual) | ||||
Federal depository insurance limits coverage | $ 250,000 | |||
Board of Directors [Member] | ||||
Organization and Summary of Significant Accounting Policies (Textual) | ||||
Description of cash dividend | (i) declared a cash dividend in an aggregate amount of $181,996, or an average of $0.024760 per share, payable to stockholders of record on July 16, 2018, and (ii) approved an amendment to the Company’s Certificate of Incorporation to change the Company’s name to Evergreen International Corp., which amendment was filed with the Secretary of State of the State of Delaware on July 13, 2018 and became effective July 27, 2018. | |||
Stock Purchase Agreement [Member] | ||||
Organization and Summary of Significant Accounting Policies (Textual) | ||||
Acquire shares of common stock issued and outstanding percentage | 98.75% | 98.75% | ||
Business acquisition transactions cost | $ 325,000 |
Stockholders Equity (Details)
Stockholders Equity (Details) - USD ($) | 1 Months Ended | ||
Jul. 27, 2018 | Jun. 22, 2018 | Jul. 31, 2018 | |
Stockholders Equity (Textual) | |||
Dividend paid on average rate per share | $ 0.024760 | ||
Dividend aggregate total | $ 181,996 | ||
Stock Purchase Agreement [Member] | |||
Stockholders Equity (Textual) | |||
Purchaser agreed to acquire, shares | 7,258,850 | ||
Purchaser agreed to acquire | $ 325,000 | ||
Acquire shares of common stock issued and outstanding percentage | 98.75% | 98.75% | |
Business acquisition transactions cost | $ 325,000 |