Cover
Cover | 9 Months Ended |
Sep. 30, 2021shares | |
Cover [Abstract] | |
Entity Registrant Name | FOVEA JEWELRY HOLDINGS, LTD. |
Entity Central Index Key | 0000850971 |
Document Type | 10-Q |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Small Business | true |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Current Reporting Status | Yes |
Document Period End Date | Sep. 30, 2021 |
Entity Filer Category | Non-accelerated Filer |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2021 |
Entity Common Stock Shares Outstanding | 8,099,119 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 000-56156 |
Entity Incorporation State Country Code | WY |
Entity Tax Identification Number | 95-4202424 |
Entity Address Address Line 1 | Room 403, 4/F |
Entity Address Address Line 2 | Phase 1 Austin Tower |
Entity Address Address Line 3 | 22-26A Austin Avenue |
Entity Address City Or Town | Tsim Sha Tsui |
Entity Address Country | HK |
City Area Code | 852 |
Local Phone Number | 6847 6812 |
Entity Interactive Data Current | Yes |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Current asset: | ||
Cash and cash equivalents | $ 956,572 | $ 832,151 |
Total current assets | 956,572 | 832,151 |
Non-current asset: | ||
Plant and equipment | 22,474 | 28,378 |
TOTAL ASSETS | 979,046 | 860,529 |
Current liabilities: | ||
Income tax payable | 10,887 | 236 |
Deferred tax liabilities | 3,708 | 4,682 |
Total current liabilities | 14,595 | 4,918 |
TOTAL LIABILITIES | 14,595 | 4,918 |
Commitments and contingencies | 0 | 0 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no share issued and outstanding as of September 30, 2020 and December 31, 2020 | 0 | 0 |
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 8,099,119 and 10,199,119 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 8,099 | 10,199 |
Common stock to be issued | 0 | 90 |
Additional paid-in capital | 131,700 | 129,510 |
Accumulated other comprehensive loss | (19,820) | (10,591) |
Retained earnings | 843,472 | 725,403 |
Stockholders' equity | 964,451 | 855,611 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 979,046 | 860,529 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no share issued and outstanding as of September 30, 2020 and December 31, 2020 | $ 1,000 | $ 1,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2021 | Dec. 31, 2020 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 8,099,119 | 10,199,119 |
Common stock, shares outstanding | 8,099,119 | 10,199,119 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 1,000,001 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,001 | 1,000,000 |
Preferred stock, shares designated | 1,000,000 | 1,000,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) | ||||
REVENUE, NET | $ 97,651 | $ 542,900 | $ 565,824 | $ 942,965 |
Cost of revenue | (81,348) | (271,443) | (407,903) | (604,566) |
Gross profit | 16,303 | 271,457 | 157,921 | 338,399 |
Operating expenses: | ||||
General and administrative expenses | (10,803) | (8,630) | (30,129) | (32,220) |
Total operating expenses | (10,803) | (8,630) | (30,129) | (32,220) |
INCOME BEFORE INCOME TAXES | 5,500 | 262,827 | 127,792 | 306,179 |
Income tax expenses | (295) | (22,312) | (9,723) | (21,674) |
NET INCOME | 5,205 | 240,515 | 118,069 | 284,505 |
Other comprehensive income (loss): | ||||
- Foreign currency adjustment income (loss) | (2,584) | 326 | (9,229) | (16,025) |
COMPREHENSIVE INCOME | $ 2,621 | $ 240,841 | $ 108,840 | $ 268,480 |
Net income per share - Basic and Diluted | $ 0 | $ 0.02 | $ 0.01 | $ 0.03 |
Weighted average common shares outstanding - Basic and Diluted | ||||
- Basic and Diluted | 8,099,119 | 10,161,039 | 9,568,350 | 10,161,039 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY (Unaudited) - USD ($) | Total | Series A Preferred Stock | Series B Preferred Stock [Member] | Common Stock | Shares to be issued | Accumulated other comprehensive loss | Retained Earnings (Accumulated Deficit) | Additional Paid-In Capital |
Balance, shares at Dec. 31, 2019 | 1,000,000 | 10,090,974 | ||||||
Balance, amount at Dec. 31, 2019 | $ 30,526 | $ 1,000 | $ 10,091 | $ 0 | $ 369 | $ 18,996 | ||
Issuance of fractional shares, shares | 108,145 | |||||||
Issuance of fractional shares, amount | 0 | $ 0 | $ 108 | 0 | (108) | |||
Foreign currency translation adjustment | (17,977) | 0 | 0 | 0 | 0 | (17,977) | 0 | |
Net income for the period | 13,510 | $ 0 | 0 | $ 0 | 0 | 0 | 13,510 | |
Balance, shares at Mar. 31, 2020 | 1,000,000 | 10,161,039 | ||||||
Balance, amount at Mar. 31, 2020 | 26,059 | $ 1,000 | 0 | $ 10,161 | 0 | (17,608) | 32,468 | |
Balance, shares at Dec. 31, 2019 | 1,000,000 | 10,090,974 | ||||||
Balance, amount at Dec. 31, 2019 | 30,526 | $ 1,000 | $ 10,091 | 0 | 369 | 18,996 | ||
Net income for the period | 284,505 | |||||||
Balance, shares at Sep. 30, 2020 | 1,000,000 | 10,161,039 | ||||||
Balance, amount at Sep. 30, 2020 | 299,006 | $ 1,000 | 0 | $ 10,161 | 0 | (15,656) | 303,463 | $ 0 |
Balance, shares at Mar. 31, 2020 | 1,000,000 | 10,161,039 | ||||||
Balance, amount at Mar. 31, 2020 | 26,059 | $ 1,000 | 0 | $ 10,161 | 0 | (17,608) | 32,468 | |
Foreign currency translation adjustment | 1,626 | 0 | 0 | 0 | 1,626 | 0 | 0 | |
Net income for the period | 30,480 | $ 0 | 0 | $ 0 | 0 | 0 | 30,480 | 0 |
Balance, shares at Jun. 30, 2020 | 1,000,000 | 10,161,039 | ||||||
Balance, amount at Jun. 30, 2020 | 58,165 | $ 1,000 | 0 | $ 10,161 | 0 | (15,982) | 62,498 | 0 |
Foreign currency translation adjustment | 326 | 0 | 0 | 0 | 0 | 326 | 0 | 0 |
Net income for the period | 240,515 | $ 0 | 0 | $ 0 | 0 | 0 | 240,515 | 0 |
Balance, shares at Sep. 30, 2020 | 1,000,000 | 10,161,039 | ||||||
Balance, amount at Sep. 30, 2020 | 299,006 | $ 1,000 | 0 | $ 10,161 | 0 | (15,656) | 303,463 | 0 |
Balance, shares at Dec. 31, 2020 | 1,000,000 | 10,199,119 | ||||||
Balance, amount at Dec. 31, 2020 | 855,611 | $ 1,000 | 0 | $ 10,199 | 90 | (10,591) | 725,403 | 129,510 |
Foreign currency translation adjustment | (7,743) | 0 | 0 | 0 | 0 | (7,743) | 0 | 0 |
Net income for the period | 66,858 | 0 | 0 | $ 0 | 0 | 0 | 66,858 | 0 |
Shares issued to service providers, shares | 900,000 | |||||||
Shares issued to service providers, amount | 0 | $ 0 | 0 | $ 900 | (90) | 0 | 0 | (810) |
Balance, shares at Mar. 31, 2021 | 1,000,000 | 11,099,119 | ||||||
Balance, amount at Mar. 31, 2021 | 914,726 | $ 1,000 | 0 | $ 11,099 | 0 | (18,334) | 792,261 | 128,700 |
Balance, shares at Dec. 31, 2020 | 1,000,000 | 10,199,119 | ||||||
Balance, amount at Dec. 31, 2020 | 855,611 | $ 1,000 | $ 0 | $ 10,199 | 90 | (10,591) | 725,403 | 129,510 |
Net income for the period | 118,069 | |||||||
Balance, shares at Sep. 30, 2021 | 1,000,000 | 1 | 8,099,119 | |||||
Balance, amount at Sep. 30, 2021 | 964,451 | $ 1,000 | $ 0 | $ 8,099 | 0 | (19,820) | 843,472 | 131,700 |
Balance, shares at Mar. 31, 2021 | 1,000,000 | 11,099,119 | ||||||
Balance, amount at Mar. 31, 2021 | 914,726 | $ 1,000 | $ 0 | $ 11,099 | 0 | (18,334) | 792,261 | 128,700 |
Issuance of fractional shares, shares | 1 | (3,000,000) | ||||||
Foreign currency translation adjustment | 1,098 | 0 | $ 0 | $ 0 | 0 | 1,098 | 0 | 0 |
Net income for the period | 46,006 | 0 | 0 | 0 | 0 | 0 | 46,006 | 0 |
Issuance of preferred stock and cancellation of common stock, amount | 0 | $ 0 | $ 0 | $ (3,000) | 0 | 0 | 3,000 | |
Balance, shares at Jun. 30, 2021 | 1,000,000 | 1 | 8,099,119 | |||||
Balance, amount at Jun. 30, 2021 | 961,830 | $ 1,000 | $ 0 | $ 8,099 | 0 | (17,236) | 838,267 | 131,700 |
Foreign currency translation adjustment | (2,584) | 0 | 0 | 0 | 0 | (2,584) | 0 | 0 |
Net income for the period | 5,205 | $ 0 | $ 0 | $ 0 | 0 | 0 | 5,205 | 0 |
Balance, shares at Sep. 30, 2021 | 1,000,000 | 1 | 8,099,119 | |||||
Balance, amount at Sep. 30, 2021 | $ 964,451 | $ 1,000 | $ 0 | $ 8,099 | $ 0 | $ (19,820) | $ 843,472 | $ 131,700 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flow from operating activities: | ||
Net income | $ 118,069 | $ 284,505 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation of plant and equipment | 5,794 | 5,798 |
Change in operating assets and liabilities: | ||
Accounts receivable | 0 | (543,639) |
Deferred tax liabilities | (974) | (3,431) |
Accounts payable | 0 | 271,812 |
Accrued liabilities and other payables | 10,651 | 14,456 |
Net cash provided by operating activities | 133,540 | 29,501 |
Cash flows from financing activities: | ||
Amount due to a director | 0 | 2,062 |
Net cash provided by financing activities | 0 | 2,062 |
Foreign currency translation adjustment | (9,119) | (16,188) |
Net change in cash and cash equivalents | 115,302 | 15,375 |
BEGINNING OF PERIOD | 832,151 | 31,380 |
END OF PERIOD | 956,572 | 46,755 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 9 Months Ended |
Sep. 30, 2021 | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | |
NOTE 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION | NOTE – 1 DESCRIPTION OF BUSINESS AND ORGANIZATION Fovea Jewelry Holdings, Ltd (the “Company” or “FJHL”) was originally founded on February 1, 2006 as Dycam, Inc. On March 4, 2019, the Company redomiciled from Nevada to Wyoming. Currently, the Company through its subsidiaries, mainly commenced to operate an online store to sell the quality jewelry at affordable prices on www.fovea-jewellery.com. The goal is to “Deliver A Better Living”. All products selling on the online store are with great quality, natural, socially responsible and niche. Description of subsidiar ies Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of registered/ paid up share capital Effective interest held Fovea International Holdings Limited British Virgin Islands Investment holding 100 ordinary shares at par value of US$1 100 % Fovea Jewellery Holdings Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share at par value of HK$1 100 % Gold Shiny International Limited British Virgin Islands Investment holding 115 ordinary shares at par value of US$1 100 % Gold Shiny (Asia) Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share at par value of HK$1 100 % The Company and its subsidiaries are hereinafter referred to as (the “Company”). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE – 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes. · Basis of presentation These accompanying condensed consolidated financial statements have been prepared in U.S. Dollars in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the interim period ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis, and the financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 26, 2021. · Use of estimates and assumptions In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. · Basis of consolidation The condensed consolidated financial statements include the accounts of FJHL and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. · Accounts receivable Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of September 30, 2021 and December 31, 2020, there was no allowance for doubtful accounts. · Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the three months ended September 30, 2021 and 2020 were $1,929 and $1,932, respectively. Depreciation expense for the nine months ended September 30, 2021 and 2020 were $5,794 and $5,798, respectively. · Revenue recognition The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. · Cost of revenue Cost of revenue consists primarily of the cost of goods sold, which are directly attributable to the sales of products. · Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. · Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the nine months ended September 30, 2021 and 2020. · Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar (“US$”) and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintains its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement September 30, 2021 September 30, 2020 Period-end HKD:US$ exchange rate 0.12843 0.12903 Period average HKD:US$ exchange rate 0.12876 0.12885 · Comprehensive income ASC Topic 220, “ Comprehensive Income · Share-based compensation The Company follows ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards, including restricted stock units, based on estimated grant date fair values. Restricted stock units are valued using the market price of the Company’s common shares on the date of grant. The Company records compensation expense, net of estimated forfeitures, over the requisite service period. · Segment reporting ASC Topic 280, “ Segment Reporting · Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. · Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. · Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. · Recent accounting pronouncements In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, “ Simplifying the Accounting for Income Taxes In January 2020, the FASB issued ASU 2020-01, “ Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
STOCKHOLDERS EQUITY
STOCKHOLDERS EQUITY | 9 Months Ended |
Sep. 30, 2021 | |
STOCKHOLDERS EQUITY | |
NOTE - 3 STOCKHOLDERS' EQUITY | NOTE – 3 STOCKHOLDERS’ EQUITY Authorized shares As of September 30, 2021 and December 31, 2020, the Company’s authorized shares were 5,000,000 shares of preferred stock, with a par value of $0.001. As of September 30, 2021 and December 31, 2020, the Company’s authorized shares were 2,000,000,000 shares of common stock, with a par value of $0.001. Series B Preferred Stock On April 12, 2021, the Company designated a class of preferred stock titled, Series B Preferred Stock, with a par value of $0.001 per share, and consisting of one share. The Series B preferred carries voting rights equal to 110% of the total voting rights of the outstanding common stock and voting power of the Company, and has the right to appoint one director of the Company. Issued and outstanding shares In January 2021, the Company completed the issuance of 900,000 shares of its common stock to six individuals of consultants and service providers for their services rendered to the Company. As of September 30, 2021 and December 31, 2020, the Company had 1,000,000 shares of Series A preferred stock issued and outstanding. As of September 30, 2021 and December 31, 2020, the Company had 1 and 0 share of Series B preferred stock issued and outstanding respectively. As of September 30, 2021 and December 31, 2020, the Company had 8,099,119 and 10,199,119 shares of common stock issued and outstanding, respectively. |
INCOME TAX
INCOME TAX | 9 Months Ended |
Sep. 30, 2021 | |
INCOME TAX | |
NOTE 4 - INCOME TAX | NOTE – 4 INCOME TAX The provision for income taxes consisted of the following: Nine months ended September 30, 2021 2020 Current tax $ 10,679 $ 25,129 Deferred tax (956 ) (3,455 ) Income tax expense $ 9,723 $ 21,674 The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company mainly operates in Hong Kong that is subject to taxes in the jurisdictions in which they operate, as follows: United States of America FJHL is registered in the State of Wyoming and is subject to the tax laws of United States of America. For the nine months ended September 30, 2021 and 2020, there was no operation in the United States of America. BVI Under the current BVI law, the Company is not subject to tax on income. Hong Kong The Company’s subsidiary operating in Hong Kong is subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits arising in Hong Kong during the current year, after deducting a tax concession for the tax year. The reconciliation of income tax rate to the effective income tax rate for the nine months ended September 30, 2021 and 2020 is as follows: Nine months ended September 30, 2021 2020 Income before income taxes $ 127,792 $ 306,179 Statutory income tax rate 16.5 % 16.5 % Income tax expense at statutory rate 21,086 50,519 Tax effect of non-deductible items 637 956 Tax effect of tax holiday (11,044 ) (26,346 ) Income tax expense $ 10,679 $ 25,129 The following table sets forth the significant components of the deferred tax liabilities of the Company as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Deferred tax liabilities: Accelerated depreciation $ (3,708 ) $ (4,682 ) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2021 | |
RELATED PARTY TRANSACTIONS | |
NOTE 5 - RELATED PARTY TRANSACTIONS | NOTE – 5 RELATED PARTY TRANSACTIONS Apart from the transactions and balances detailed elsewhere in these accompanying condensed consolidated financial statements, the Company has no other significant or material related party transactions during the periods presented. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 9 Months Ended |
Sep. 30, 2021 | |
CONCENTRATIONS OF RISK | |
NOTE 6 - CONCENTRATIONS OF RISK | NOTE – 6 CONCENTRATIONS OF RISK The Company is exposed to the following concentrations of risk: (a) Major customers For the three months ended September 30, 2021, there is one single customer who accounts for 100% of the Company’s revenues totaling $97,651. For the three months ended September 30, 2020, there is one single customer who accounts for 100% of the Company’s revenues totaling $542,900 and its outstanding receivable balances of $543,639 as at period-end date. For the nine months ended September 30, 2021, there is one single customer who accounts for 100% of the Company’s revenues totaling $565,824. For the nine months ended September 30, 2020, there is one single customer who accounts for 87% or more of the Company’s revenues totaling $818,008 and its outstanding receivable balances of $543,639 as at period-end date. All of the Company’s customers are located in Hong Kong. (b) Major vendor For the three months ended September 30, 2021, there is one single vendor who accounts for 100% of the Company’s purchases totaling $81,348. For the three months ended September 30, 2020, there is one single customer who accounts for 100% of the Company’s purchases totaling $271,443 and its outstanding receivable balances of $271,812 as at period-end date. For the nine months ended September 30, 2021, there is one single customer who accounts for 100% of the Company’s purchases totaling $407,903. Nine months ended September 30, 2020 September 30, 2020 Vendors Purchases Percentage of purchases Accounts payable Vendors B $ 515,657 85 % $ 271,812 Vendors C 88,909 15 % - Total: $ 604,566 100 % Total: $ 271,812 The Company’s vendor is located in Hong Kong. (c) Economic and political risk The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. (d) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
COMMITEMENT AND CONTIGENCIES
COMMITEMENT AND CONTIGENCIES | 9 Months Ended |
Sep. 30, 2021 | |
COMMITEMENT AND CONTIGENCIES | |
NOTE 7 - COMMITMENTS AND CONTIGENCIES | NOTE – 7 COMMITMENTS AND CONTINGENCIES As of September 30, 2021, the Company has no material commitments or contingencies. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2021 | |
SUBSEQUENT EVENTS | |
NOTE 8 - SUBSEQUENT EVENTS | NOTE – 8 SUBSEQUENT EVENTS In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | These accompanying condensed consolidated financial statements have been prepared in U.S. Dollars in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary to make the financial statements not misleading have been included. Operating results for the interim period ended September 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2021. The information included in this Form 10-Q should be read in conjunction with Management’s Discussion and Analysis, and the financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on March 26, 2021. |
Use of estimates and assumptions | In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Basis of consolidation | The condensed consolidated financial statements include the accounts of FJHL and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Cash and cash equivalents | Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Accounts receivable | Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of September 30, 2021 and December 31, 2020, there was no allowance for doubtful accounts. |
Plant and equipment | Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. Depreciation expense for the three months ended September 30, 2021 and 2020 were $1,929 and $1,932, respectively. Depreciation expense for the nine months ended September 30, 2021 and 2020 were $5,794 and $5,798, respectively. |
Revenue recognition | The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. |
Cost of revenue | Cost of revenue consists primarily of the cost of goods sold, which are directly attributable to the sales of products. |
Income taxes | The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. |
Uncertain tax positions | The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the nine months ended September 30, 2021 and 2020. |
Foreign currencies translation | Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the condensed consolidated statement of operations. The reporting currency of the Company is United States Dollar (“US$”) and the accompanying condensed consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintains its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement September 30, 2021 September 30, 2020 Period-end HKD:US$ exchange rate 0.12843 0.12903 Period average HKD:US$ exchange rate 0.12876 0.12885 |
Comprehensive income | ASC Topic 220, “ Comprehensive Income |
Share-based compensation | The Company follows ASC 718, Compensation—Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense for all share-based payment awards, including restricted stock units, based on estimated grant date fair values. Restricted stock units are valued using the market price of the Company’s common shares on the date of grant. The Company records compensation expense, net of estimated forfeitures, over the requisite service period. |
Segment reporting | ASC Topic 280, “ Segment Reporting |
Related parties | The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The condensed consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and contingencies | The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s condensed consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Fair value of financial instruments | The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. |
Recent accounting pronouncements | In December 2019, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2019-12, “ Simplifying the Accounting for Income Taxes In January 2020, the FASB issued ASU 2020-01, “ Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
DESCRIPTION OF BUSINESS ORGANIZ
DESCRIPTION OF BUSINESS ORGANIZATION (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | |
Summary of descriptions of subsidiaries | Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of registered/ paid up share capital Effective interest held Fovea International Holdings Limited British Virgin Islands Investment holding 100 ordinary shares at par value of US$1 100 % Fovea Jewellery Holdings Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share at par value of HK$1 100 % Gold Shiny International Limited British Virgin Islands Investment holding 115 ordinary shares at par value of US$1 100 % Gold Shiny (Asia) Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share at par value of HK$1 100 % |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Schedule of plant and equipment | Expected useful lives Computer equipment 5 years |
Summary of exchange rates | September 30, 2021 September 30, 2020 Period-end HKD:US$ exchange rate 0.12843 0.12903 Period average HKD:US$ exchange rate 0.12876 0.12885 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
INCOME TAX | |
Schedule of provision for income tax | Nine months ended September 30, 2021 2020 Current tax $ 10,679 $ 25,129 Deferred tax (956 ) (3,455 ) Income tax expense $ 9,723 $ 21,674 |
Schedule of income tax rate | Nine months ended September 30, 2021 2020 Income before income taxes $ 127,792 $ 306,179 Statutory income tax rate 16.5 % 16.5 % Income tax expense at statutory rate 21,086 50,519 Tax effect of non-deductible items 637 956 Tax effect of tax holiday (11,044 ) (26,346 ) Income tax expense $ 10,679 $ 25,129 |
Schedule of Deferred Tax Liabilities | September 30, 2021 December 31, 2020 Deferred tax liabilities: Accelerated depreciation $ (3,708 ) $ (4,682 ) |
CONCENTRATIONS OF RISK (Tables)
CONCENTRATIONS OF RISK (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
CONCENTRATIONS OF RISK | |
Schedule of concentrations of risk | Nine months ended September 30, 2020 September 30, 2020 Vendors Purchases Percentage of purchases Accounts payable Vendors B $ 515,657 85 % $ 271,812 Vendors C 88,909 15 % - Total: $ 604,566 100 % Total: $ 271,812 |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Fovea International Holdings Limited [Member] | |
Place of incorporation and kind of legal entity | British Virgin Islands |
Principal activities and place of operation | Investment holding |
Particulars of registered/ paid up share capital | 100 ordinary shares at par value of US$1 |
Effective interest held | 100.00% |
Fovea Jewellery Holdings Limited [Member] | |
Place of incorporation and kind of legal entity | Hong Kong |
Principal activities and place of operation | Sales and marketing in Hong Kong |
Particulars of registered/ paid up share capital | 1 ordinary share at par value of HK$1 |
Effective interest held | 100.00% |
Gold Shiny International Limited [Member] | |
Place of incorporation and kind of legal entity | British Virgin Islands |
Principal activities and place of operation | Investment holding |
Particulars of registered/ paid up share capital | 115 ordinary shares at par value of US$1 |
Effective interest held | 100.00% |
Gold Shiny (Asia) Limited [Member] | |
Place of incorporation and kind of legal entity | Hong Kong |
Principal activities and place of operation | Sales and marketing in Hong Kong |
Particulars of registered/ paid up share capital | 1 ordinary share at par value of HK$1 |
Effective interest held | 100.00% |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 9 Months Ended |
Sep. 30, 2021 | |
Computer Equipment [Member] | |
Expected useful lives | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Sep. 30, 2021 | Sep. 30, 2020 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Period-end HKD:US$ exchange rate | 0.12843 | 0.12903 |
Period average HKD:US$ exchange rate | 0.12876 | 0.12885 |
SUMMARY OF SIGNIFICANT ACCOUN_6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Depreciation expense | $ 1,929 | $ 1,932 | $ 5,794 | $ 5,798 |
STOCKHOLDERS EQUITY (Details Na
STOCKHOLDERS EQUITY (Details Narrative) - $ / shares | Apr. 12, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Preferred stock, shares par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |
Common stock, shares par value | $ 0.001 | $ 0.001 | |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | |
Common stock, shares issued | 8,099,119 | 10,199,119 | |
Common stock, shares outstanding | 8,099,119 | 10,199,119 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
January 2021 [Member] | Consultants [Member] | |||
Common stock shares issued during the period | 900,000 | ||
Series A Preferred Stock [Member] | |||
Preferred stock, shares par value | $ 0.001 | $ 0.001 | |
Preferred stock, shares issued | 1,000,001 | 1,000,000 | |
Preferred stock, shares outstanding | 1,000,001 | 1,000,000 | |
Series B Preferred Stock | |||
Preferred stock, shares par value | $ 0.001 | ||
Preferred stock, shares issued | 1 | 0 | |
Preferred stock, shares outstanding | 1 | 0 | |
Voting right percentage | 110.00% |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
INCOME TAX | ||
Current tax | $ 10,679 | $ 25,129 |
Deferred Tax | (956) | (3,455) |
Income tax (credit) expense | $ 9,723 | $ (21,674) |
INCOME TAX (Details 1)
INCOME TAX (Details 1) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
INCOME TAX | ||
Income before income taxes | $ 127,792 | $ 306,179 |
Statutory income tax rate | 16.50% | 16.50% |
Income tax expense at statutory rate | $ 21,086 | $ 50,519 |
Tax effect of non-deductible items | 637 | 956 |
Tax effect of tax holiday | (11,044) | (26,346) |
Income tax expenses | $ 10,679 | $ 25,129 |
INCOME TAX (Details 2)
INCOME TAX (Details 2) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Deferred tax liabilities: | ||
Accelerated depreciation | $ (3,708) | $ (4,682) |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - Hong Kong [Member] | 9 Months Ended |
Sep. 30, 2021 | |
Minimum [Member] | |
Profits tax rates | 8.25% |
Maximum [Member] | |
Profits tax rates | 16.50% |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details ) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Purchase | $ 604,566 |
Percentage of purchase | 100.00% |
Accounts payable | $ 271,812 |
Customer B [Member] | |
Purchase | $ 515,657 |
Percentage of purchase | 85.00% |
Accounts payable | $ 271,812 |
Customer C [Member] | |
Purchase | $ 88,909 |
Percentage of purchase | 15.00% |
Accounts payable | $ 0 |
CONCENTRATIONS OF RISK (Detai_2
CONCENTRATIONS OF RISK (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue | $ 97,651 | $ 542,900 | $ 565,824 | $ 942,965 |
Purchase | 604,566 | |||
Major Customer [Member] | Vendor 1 [Member] | ||||
Outstanding receivable balance | $ 271,812 | |||
Concentration risk | 100.00% | 100.00% | 100.00% | |
Purchase | $ 81,348 | $ 271,443 | $ 407,903 | |
Customer One [Member] | ||||
Revenue | $ 97,651 | $ 542,900 | $ 565,824 | $ 818,008 |
Percentages of revenue | 100.00% | 100.00% | 100.00% | 87.00% |
Outstanding receivable balance | $ 543,639 | $ 543,639 |