Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 10, 2015 | Jun. 30, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | Living 3D Holdings, Inc. | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 93205 | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 69,703,480 | ||
Entity Public Float | $2,637,580 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Date of Incorporation | 23-Jun-08 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current Assets | ||
Cash and cash equivalents | $3,691 | $54,349 |
Due from related party | 6,544 | 6,544 |
Other current assets | 289 | 9,430 |
Total Current Assets | 10,524 | 70,323 |
Property and equipment, net | 0 | 480,072 |
TOTAL ASSETS | 10,524 | 550,395 |
Current Liabilities | ||
Accounts payable | 18,756 | 18,756 |
Accrued liabilities and other payables | 1,401,771 | 1,075,505 |
Due to related parties | 123,897 | 120,056 |
Total Current Liabilities | 1,544,424 | 1,214,317 |
Loan from related party | 300,000 | 550,000 |
TOTAL LIABILITIES | 1,844,424 | 1,764,317 |
EQUITY (DEFICIT) | ||
Preferred Stock, $.001 par value, 10,000,000 shares authorized, no shares issued and outstanding | ||
Common stock, $.001 par value, 90,000,000 shares authorized, 69,703,480 shares issued and outstanding at December 31, 2014 and 2013 | 69,704 | 69,704 |
Additional paid-in capital | -69,604 | -69,604 |
Accumulated deficit | -1,834,000 | -1,357,727 |
Accumulated other comprehensive income | 809 | |
Total Living 3D Holdings, Inc. shareholders' equity | -1,833,900 | -1,356,818 |
Non-controlling interest | 142,896 | |
TOTAL EQUITY (DEFICIT) | -1,833,900 | -1,213,922 |
TOTAL LIABILITIES AND EQUITY (DEFICIT) | $10,524 | $550,395 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position | ||
Common Stock, par or stated value | $0.00 | $0.00 |
Common Stock, shares authorized | 90,000,000 | 90,000,000 |
Common Stock, shares issued | 69,703,480 | 69,703,480 |
Common Stock, shares outstanding | 69,703,480 | 69,703,480 |
Preferred Stock, par or stated value | $0.00 | $0.00 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | ||
Preferred Stock, shares outstanding |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement | ||
Revenue | $8,512 | $6,104 |
Cost of Revenue | 7,898 | 5,548 |
Gross Profit | 614 | 556 |
Operating Expenses | ||
General and administrative expenses | 612,547 | 738,685 |
Gain on disposal of joint venture | -126,848 | |
Total Operating Expenses | 485,699 | 738,685 |
Loss from Operations | -485,085 | -738,129 |
Other Income (Expenses) | ||
Interest expenses | -26,509 | -6,806 |
Other expenses | -114 | -511 |
Total Other Expenses | -26,623 | -7,317 |
Net Loss | -511,708 | -745,446 |
Less: Net loss attributable to non-controlling interest | -35,435 | -100,847 |
Net Loss Attributable to Living 3D Holdings, Inc. | -476,273 | -644,599 |
Comprehensive Income (Loss) | ||
Net Loss | -511,708 | -745,446 |
Foreign currency translation gain | 1,592 | 1,798 |
Total Comprehensive Income (Loss) | -510,116 | -743,648 |
Comprehensive loss attributable to non-controlling interest | -34,559 | -99,858 |
Comprehensive loss attributable to Living 3D Holdings, Inc. | ($475,557) | ($643,790) |
Basic and Diluted Loss per Common Share | ($0.01) | ($0.01) |
Weighted Average Common Shares; Basic and Diluted | 69,703,480 | 69,703,480 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (Deficit) (USD $) | Common stock | Additional paid-in capital | Accumulated other comprehensive income | Accumulated deficit | Total Living 3D Holdings, Inc. shareholders' equity (deficit) | Non-controlling interests | Total |
Stockholders' Equity, beginning of period, Value at Dec. 31, 2012 | $69,704 | ($69,604) | ($713,128) | ($713,028) | ($713,028) | ||
Stockholders' Equity, beginning of period, Shares at Dec. 31, 2012 | 69,703,480 | ||||||
Net loss for the year | -644,599 | -644,599 | -100,847 | -745,446 | |||
Foreign currency translation gain | 809 | 809 | 989 | 1,798 | |||
Non-controlling investor contribution | 242,754 | 242,754 | |||||
Stockholders' Equity, end of period, Value at Dec. 31, 2013 | 69,704 | -69,604 | 809 | -1,357,727 | -1,356,818 | 142,896 | -1,356,818 |
Stockholders' Equity, end of period, Shares at Dec. 31, 2013 | 69,703,480 | ||||||
Net loss for the year | -476,273 | -476,273 | -35,435 | -511,708 | |||
Foreign currency translation gain | 716 | 716 | 876 | 1,592 | |||
Disposal of joint venture | -1,525 | -1,525 | -108,337 | -109,862 | |||
Stockholders' Equity, end of period, Value at Dec. 31, 2014 | $69,704 | ($69,604) | ($1,834,000) | ($1,833,900) | ($1,833,900) | ||
Stockholders' Equity, end of period, Shares at Dec. 31, 2014 | 69,703,480 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | ($511,708) | ($745,446) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expenses | 6,436 | 4,799 |
Gain on disposal of joint venture | -126,848 | |
Changes in operating assets and liabilities | ||
Other current assets | 7,046 | -9,299 |
Amounts due from related parties | -6,544 | |
Accrued liabilities and other payables | 410,939 | 481,124 |
CASH USED IN OPERATING ACTIVITIES | -214,135 | -275,366 |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Cash paid for the purchase of property and equipment | -3,171 | -425,275 |
Cash paid on disposal of joint venture | -3,949 | |
CASH USED IN INVESTING ACTIVITIES | -7,120 | -425,275 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related parties | 170,627 | 484,305 |
Contribution from non-controlling investors | 242,754 | |
CASH PROVIDED BY FINANCING ACTIVITIES | 170,627 | 727,059 |
Effect of exchange rate changes on cash and cash equivalents | -30 | 3,074 |
NET INCREASE (DECREASE) IN CASH | -50,658 | 29,492 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 54,349 | 24,857 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 3,691 | 54,349 |
Supplementary Disclosures for Cash Flow Information: | ||
Income taxes paid | ||
Interest paid | ||
Non-cash Investing and Financing Activities: | ||
Forgiveness of loan and accrued interests from related party in connection with disposal of joint venture | $260,844 |
Note_1_Description_of_Business
Note 1 - Description of Business and Organization | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 1 - Description of Business and Organization | NOTE 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION |
Living 3D Holdings Ltd (“L3D”) was incorporated in the British Virgin Islands (the “BVI”) on June 23, 2008. L3D is a globally integrated enterprise that targets the intersection of 3D technology and effective business. The Company specializes in the design, development, production, sale and marketing of “auto stereoscopic 3D” technology, or Auto 3D products, services and solutions. The products we market are based on "auto stereoscopic 3D" technology, or Auto 3D, which means that viewers are not required to wear 3D glasses in order to experience the 3D effects of the screen, and instant switching between two dimensional, or 2D, and 3D viewing is enabled. We believe that this gives us a competitive advantage over other suppliers of 3D products requiring the use of a visor or glasses in order to experience a 3D effect. | |
The Company also provides technical and support services of 3D in software development, contents production and hardware configuration to a wide range of industries, including entertainment, education, consumer electronics, medical diagnosis, scientific research and, in particular, media and advertising. The Company aims at customizing product requirements and specifications in order to enhance the power of product displays in business advertising and special operational environments. | |
On December 8, 2011, L3D entered into a share exchange agreement (the "Share Exchange") with Living 3D Holdings, Inc. (formerly AirWare International Corp. and formerly Concrete Casting Incorporated), a company incorporated in the State of Nevada on October 29, 1987. Under the Share Exchange, Living 3D Holdings, Inc. ("Living 3D" or the “Company”) issued an aggregate of 62,590,880 shares of its common stock to the shareholders of the Company in exchange for all of the issued and outstanding securities of L3D. The Share Exchange closed on December 8, 2011. As a result of the Share Exchange, L3D became the Company's wholly-owned subsidiary. | |
The transaction has been treated as a recapitalization of L3D and its subsidiaries, with Living 3D (the legal acquirer of L3D and its subsidiaries) considered the accounting acquiree, and L3D whose management took control of Living 3D (the legal acquiree of L3D) considered the accounting acquirer. The Company did not recognize goodwill or any intangible assets in connection with the transaction. All costs related to the transaction are being charged to operations as incurred. The 62,590,880 shares of common stock issued to the shareholders in conjunction with the Share Exchange have been presented as outstanding for all periods. The historical consolidated financial statements include the operations of the accounting acquirer for all periods presented. | |
In June 2013, the Company with its strategic partners entered into a memorandum of understanding and formed a joint venture, 3D Science & Cultural Products International Exchange Center, in Tianjin, China that will enable the vendors from different countries around the world to showcase 3D technology and promote the sale and marketing of international 3D products. Effective April 1, 2014, the Company disposed of its entire equity interests in 3D Science & Cultural Products International Exchange Center. | |
At December 31, 2014, L3D has the following wholly owned subsidiaries: Living 3D (Hong Kong) Limited, 3D Capital Holdings Inc, Columbia College Hollywood International Limited and Living 3D Technology Group Limited. L3D and its subsidiaries are collectively referred to as L3D or the Company. | |
For the sake of clarity, this report follows the English naming convention of first name followed by last name, regardless of whether an individual’s name is Chinese or English. For example, the name of our President will be presented as "Jimmy Kent-Lam Wong," even though, in Chinese, his name would be presented as "Wong Jimmy Kent-Lam." |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 2 - Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
A. BASIS OF PREPARATION | |||
The consolidated financial statements are prepared in accordance with generally accepted accounting principles used in the United States of America. | |||
B. PRINCIPLES OF CONSOLIDATION | |||
The consolidated financial statements include the accounts of L3D, all of its wholly owned subsidiaries and 3D Science & Cultural Products International Exchange Center, a joint venture formed in June 18, 2013. Although L3D only owns 45% equity interest in the joint venture, its two directors have actual control of the joint venture. Accordingly, the results of 3D Science & Cultural Products International Exchange Center are included in the consolidated statements of the Company (see Note 6). The Company disposed of its entire equity interests in 3D Science & Cultural Products International Exchange Center in 2014. All material inter-company accounts and transactions have been eliminated in consolidation. | |||
C. USE OF ESTIMATES | |||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period including allowance for doubtful accounts, inventory provision, useful lives of property, plant and equipment, provision for income taxes and stock-based compensation. Actual results when ultimately realized could differ from those estimates. | |||
D. CASH AND CASH EQUIVALENTS | |||
The Company considers cash and cash equivalents to include cash on hand and demand deposits with banks with an original maturity of three months or less. | |||
E. FAIR VALUE OF FINANCIAL INSTRUMENTS | |||
The carrying value of financial instruments including cash, other current assets, accounts payable, accrued liabilities and other payables, approximates their fair value at December 31, 2014 due to the relatively short-term nature of these instruments. | |||
F. PROPERTY, PLANT AND EQUIPMENT | |||
Property, plant and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. | |||
Depreciation is provided on the straight-line basis (after taking into account the respective estimated residual values) over the estimated useful lives of property, plant and equipment. The principal useful lives and residual value are as follows: | |||
Estimated useful lives | Residual value | ||
Building improvement | 10 years | 10% | |
Computer software | 5 years | 10% | |
Furniture | 5 years | 10% | |
Machinery and equipment | 5 years | 10% | |
Motor vehicles | 5 years | 10% | |
Maintenance or repairs are charged to expense as incurred. Upon sale or disposition, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount less proceeds from disposal is charged or credited to income. | |||
G. REVENUE RECOGNITION | |||
The Company recognizes revenue when the significant risks and rewards of ownership have been transferred to the customer, including factors such as when persuasive evidence of an arrangement exists, delivery or service has performed, the sales price is fixed and determinable, and collectability is probable. The Company recognizes sales when the merchandise is shipped, title has passed to the customers or service is provided, and collectability is reasonably assured. | |||
H. FOREIGN CURRENCY TRANSLATION | |||
For financial reporting purposes, the financial statements of Living 3D Holdings Limited, its subsidiaries and joint venture, which are prepared in Hong Kong Dollar (“HKD”) and Renminbi (“RMB”), are translated into the Company's reporting currency, United States Dollars (“USD”). Balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using the average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive income (loss) in the owners' equity. | |||
The exchange rates used for the foreign currency translation were as follows (USD$1 =KD): | |||
Period Covered | Balance Sheet Date Rates | Average Rates | |
Year ended December 31, 2014 | 7.8 | 7.8 | |
Year ended December 31, 2013 | 7.8 | 7.8 | |
The exchange rates used for the foreign currency translation were as follows (USD$1 =MB): | |||
Period Covered | Balance Sheet Date Rates | Average Rates | |
Year ended December 31, 2014 | 6.2061 | 6.161 | |
Year ended December 31, 2013 | 6.1171 | 6.1858 | |
We follow FASB ASC 830-30, “Foreign Currency Translation”, for both the translation and re-measurement of balance sheet and income statement items into U.S. dollars. Resulting translation adjustments are reported as a separate component of accumulated comprehensive income (loss) in stockholders’ equity. | |||
The Company and all of its wholly owned subsidiaries maintain their books and accounting records in Hong Kong Dollars with the Hong Kong Dollars being the functional currency. 3D Science & Cultural Products International Exchange Center, the joint venture maintains its books and accounting records in Renminbi, which is also its functional currency. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date. Any translation gains (losses) are recorded in exchange reserve as a component of shareholders’ equity. Income and expenditures are translated at the average exchange rate of the year. | |||
I. INCOME TAXES | |||
Income tax expense is based on reported income before income taxes. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. | |||
J. RELATED PARTIES | |||
A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and 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. A party which can significantly influence the management or operating policies of the transacting parties or if it has 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 is also a related party. | |||
K. IMPAIRMENT OF LONG-LIVED ASSETS | |||
The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets. | |||
L. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |||
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The Company does not expect the adoption to have a significant impact on its consolidated financial statements. | |||
In May 2014, the FASB issued ASU 2014-09, “Revenue from contracts with Customers (Topic 606)”. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchanged for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. | |||
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements”. The amendments in this Update remove all incremental financial reporting requirements from U.S. GAAP for development stage entities, thereby improving financial reporting by eliminating the cost and complexity associated with providing that information. In the quarter ended June 30, 2014, the Company has elected to early adopt this ASU by removing the inception to date information and all references to development stage. | |||
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The amendment in the ASU provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Earlier adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. | |||
Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
Note_3_Going_Concern
Note 3 - Going Concern | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 3 - Going Concern | NOTE 3 – GOING CONCERN |
The Company first generated revenue in 2010 and is still in the early stages of establishing a market for the products it sells. At December 31, 2014, the Company has a working capital deficit of $1,533,900 and an accumulated deficit of $1,834,000. The Company is primarily funded by Jimmy Kent-Lam Wong, the Company’s Chief Executive Officer ("CEO") and principal shareholder. The Company will have to raise additional capital, including through the sale of equity securities, to support its operation and expansion. | |
These conditions and uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
Note_4_Property_and_Equipment_
Note 4 - Property and Equipment and Construction in Progress | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 4 - Property and Equipment and Construction in Progress | NOTE 4 – PROPERTY AND EQUIPMENT AND CONSTRUCTION IN PROGRESS | ||
Property and equipment consist of the following: | |||
31-Dec-14 | 31-Dec-13 | ||
Building improvement | $- | $16,594 | |
Computer software | - | 3,883 | |
Furniture | - | 27,324 | |
Machinery and equipment | - | 67,898 | |
Motor vehicles | - | 33,678 | |
- | 149,377 | ||
Less: Accumulated depreciation | - | -4,799 | |
Net | - | 144,578 | |
Construction in progress | - | 335,494 | |
$- | $480,072 | ||
The depreciation expenses for the years ended December 31, 2014 and 2013 were $6,436 and $4,799, respectively. |
Note_5_Related_Party_Transacti
Note 5 - Related Party Transactions | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 5 - Related Party Transactions | NOTE 5 – RELATED PARTY TRANSACTIONS | ||
The related parties consist of the following: | |||
Jimmy Kent-Lam Wong, the Company’s CEO, a director and principal shareholder Kingdom Industry Group Inc., Jimmy Kent-Lam Wong is one of the two directors and owns 60% equity interest China 3D Industrial Park Company Limited (“China 3D”), Jimmy Kent-Lam Wong is one of two directors of China 3D and owns 50% equity interest through his affiliates in China 3D. Chang Li, the Company's former Chief Technology Officer and former director, is the second director of China 3D. Chang Li was removed from his position of Chief Technology Officer and director on October 3, 2014. | |||
Due from Related Party | |||
Due from related party consists of the following: | |||
31-Dec-14 | 31-Dec-13 | ||
Jimmy Kent-Lam Wong | $6,544 | $6,544 | |
Total | $6,544 | $6,544 | |
The above amount represents advance to Jimmy Kent-Lam Wong for business purpose. | |||
Due to Related Parties | |||
Due to related parties consists of the following: | |||
31-Dec-14 | December 31,2013 | ||
Kingdom Industry Group Inc. | $123,897 | $35,000 | |
China 3D | - | 85,056 | |
Total | $123,897 | $120,056 | |
The amounts due to related parties represent advances received to support the Company’s operations. They are unsecured, bearing no interest and repayable on demand. | |||
Loan from Related Party | |||
By the agreements dated August 28, 2013 and November 29, 2013, the Company obtained loans of $250,000 and $300,000, respectively, from Kingdom Industry Group Inc. The loans are unsecured, bearing interest of 7.33% per annum and are to be repayable within two years from the respective dates of the loan agreements. In connection with the disposal of 3D Science & Cultural Products International Exchange Center, the directors of Kingdom Industry Group, Inc. had elected to relinquish all their claims on the loan of $250,000 together with any accrued interests thereon (also see Note 7). |
Note_6_Noncontrolling_Interest
Note 6 - Non-controlling Interest | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 6 - Non-controlling Interest | NOTE 6 – NON-CONTROLLING INTEREST |
On June 18, 2013, Living 3D (Hong Kong) Limited ("L3D-HK") entered into an agreement with China 3D Industrial Park Company Limited, a Chinese corporation ("China 3D"), and Tianjin 3D Technology Company Limited, a Chinese corporation ("Tianjin 3D"), to form a joint venture company, 3D Science & Cultural Products International Exchange Center. The principal activities of the joint venture company will be the provision of a platform for the exhibition and trading of 3D products and the transfer of 3D technology. | |
The total capital of 3D Science & Cultural Products International Exchange Center was RMB 10,000,000 (approximately $1.6 million). L3D-HK and China 3D had each committed to contribute RMB 4,500,000 (approximately $0.7 million) of such amount and each owned 45% of the joint venture. L3D-HK and China 3D made their respective capital contributions as follows: RMB 1,500,000 (approximately $0.24 million) on or before July 31, 2013; RMB 1,500,000 (approximately $0.24 million) on or before December 31, 2013; RMB 1,500,000 (approximately $0.24 million) on or before May 31, 2014. Tianjin 3D contributed certain assets valued at RMB 1,000,000 (approximately $0.2 million) for its equity interest of 10% in the joint venture. | |
Both L3D-HK and China 3D made its first capital contribution of RMB 1,500,000 (approximately $0.24 million) in August 2013. No additional contribution from L3D-HK and China 3D was made. In September 2013, 3D Science & Cultural Products International Exchange Center obtained its business license from the Administration of Industry and Commerce. | |
Tianjin 3D made its contribution on January 6, 2014 in the form of a customer list. Since the customer list was internally generated by Tianjin 3D with no historical carrying amounts recorded, the Company did not record a value for the contribution. | |
Jimmy Kent-Lam Wong, the Company's CEO, a director and principal shareholder, is also one of two directors of China 3D and through his affiliates owns a 50% interest in China 3D. Chang Li, the Company's former Chief Technology Officer and former director, is the second director of China 3D. Additionally, Chang Li is the sole director and shareholder of Tianjin 3D, which also owns a 50% interest in China 3D. Though L3D-HK only owned 45% of 3D Science & Cultural Products International Exchange Center per the agreement, Jimmy Kent-Lam Wong and Chang Li had actual control of 3D Science & Cultural Products International Exchange Center through their equity interests in L3D-HK, China 3D, and Tianjin 3D. Accordingly, the results of 3D Science & Cultural Products International Exchange Center are included in the consolidated statements of the Company. The portion of the income or loss applicable to non-controlling interest is reflected in the consolidated statements of operations. | |
In June 2014, L3D-HK entered into an agreement to dispose of its entire equity interest in 3D Science & Cultural Products International Exchange Center to Excellent Plus Group Limited, an independent third party, effective on April 1, 2014 (also see Note 7). |
Note_7_Disposal_of_Joint_Ventu
Note 7 - Disposal of Joint Venture | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 7 - Disposal of Joint Venture | NOTE 7 – DISPOSAL OF JOINT VENTURE |
By a Sale and Purchase Agreement dated June 26, 2014, L3D-HK sold its 45% equity interest in 3D Science & Cultural Products International Exchange Center to Excellent Plus Group Limited, an independent third party, for a consideration of $250,000. The decision was made because the management did not have sufficient experience at managing a joint venture. The consideration of $250,000 was satisfied through the forgiveness of debt of the same amount due to Kingdom Industry Group Inc. The Agreement provided that the sale and purchase of the 45% equity interest would be effective as of April 1, 2014. The disposition resulted in a gain of $126,848, which was reported as “gain on disposal of joint venture” included in operating expense for the year ended December 31, 2014. | |
The Company determined that disposal of joint venture did not constitute a discontinued operation, as the Company anticipated that it will generate significant continuing cash flows from the customers of the disposed joint venture. |
Note_8_Income_Taxes
Note 8 - Income Taxes | 12 Months Ended | ||
Dec. 31, 2014 | |||
Notes | |||
Note 8 - Income Taxes | NOTE 8 – INCOME TAXES | ||
Living 3D Holdings Ltd is registered in BVI and under the current laws of the BVI, is not subject to incomes taxes. | |||
Living 3D (Hong Kong) Ltd is registered in Hong Kong and Hong Kong profits tax is calculated at 16.5% of the estimated assessable profit for the year. | |||
Tianjin 3D is registered in PRC and is subject to PRC Enterprise Income Tax (“EIT”) on the taxable income in accordance with the relevant PRC income tax laws. | |||
On March 16, 2007, the National People’s Congress enacted a new enterprise income tax law, which took effect on January 1, 2008. The law applies a uniform 25% enterprise income tax rate to both foreign invested enterprises and domestic enterprises. | |||
No provision for income taxes has been made as all of the Company’s subsidiaries and joint venture suffered losses for the years ended December 31, 2014 and 2013. | |||
A reconciliation of the income tax computed at the U.S. statutory rate and the Company’s provision for income tax is as follows: | |||
Tax Year | |||
2014 | 2013 | ||
U.S. statutory rate | 34.00% | 34.00% | |
Foreign income not recognized in the U.S. | -34.00% | -34.00% | |
Hong Kong corporate income tax rate | 16.50% | 16.50% | |
Net loss not subject to income tax | -16.50% | -16.50% | |
P.R. China corporate income tax rate | 25.00% | 25.00% | |
Net loss not subject to income tax | -25.00% | -25.00% | |
Provision for income tax | 0.00% | 0.00% | |
Accounting for Uncertainty in Income Taxes | |||
The Company adopted the provisions of Accounting for Uncertainty in Income Taxes. The provision clarify the accounting for uncertainty in income taxes recognized in an Enterprise’s financial statements in accordance with the standard “Accounting for Income Taxes,”, and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions of Accounting for Uncertainty in Income Taxes also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. | |||
The Company has evaluated and concluded that there is no significant uncertain tax positions required recognition in its financial statement. | |||
The Company may from time to time be assessed interest or penalties by major tax jurisdictions. In the event it receives an assessment for interest and/or penalties, it will be classified in the financial statements as tax expense. |
Note_9_Subsequent_Events
Note 9 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Notes | |
Note 9 - Subsequent Events | NOTE 9 - SUBSEQUENT EVENTS |
Management has evaluated subsequent events and the impact on the reported results and disclosures and determined that there have not been any material events that would require to be reflected in the consolidated financial statements or the notes. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Policies | |||
A. Basis of Preparation | A. BASIS OF PREPARATION | ||
The consolidated financial statements are prepared in accordance with generally accepted accounting principles used in the United States of America. | |||
B. Principles of Consolidation | B. PRINCIPLES OF CONSOLIDATION | ||
The consolidated financial statements include the accounts of L3D, all of its wholly owned subsidiaries and 3D Science & Cultural Products International Exchange Center, a joint venture formed in June 18, 2013. Although L3D only owns 45% equity interest in the joint venture, its two directors have actual control of the joint venture. Accordingly, the results of 3D Science & Cultural Products International Exchange Center are included in the consolidated statements of the Company (see Note 6). The Company disposed of its entire equity interests in 3D Science & Cultural Products International Exchange Center in 2014. All material inter-company accounts and transactions have been eliminated in consolidation. | |||
C. Use of Estimates | C. USE OF ESTIMATES | ||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period including allowance for doubtful accounts, inventory provision, useful lives of property, plant and equipment, provision for income taxes and stock-based compensation. Actual results when ultimately realized could differ from those estimates. | |||
D. Cash and Cash Equivalents | D. CASH AND CASH EQUIVALENTS | ||
The Company considers cash and cash equivalents to include cash on hand and demand deposits with banks with an original maturity of three months or less. | |||
E. Fair Value of Financial Instruments | E. FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
The carrying value of financial instruments including cash, other current assets, accounts payable, accrued liabilities and other payables, approximates their fair value at December 31, 2014 due to the relatively short-term nature of these instruments. | |||
F. Property, Plant and Equipment | F. PROPERTY, PLANT AND EQUIPMENT | ||
Property, plant and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. | |||
Depreciation is provided on the straight-line basis (after taking into account the respective estimated residual values) over the estimated useful lives of property, plant and equipment. The principal useful lives and residual value are as follows: | |||
Estimated useful lives | Residual value | ||
Building improvement | 10 years | 10% | |
Computer software | 5 years | 10% | |
Furniture | 5 years | 10% | |
Machinery and equipment | 5 years | 10% | |
Motor vehicles | 5 years | 10% | |
Maintenance or repairs are charged to expense as incurred. Upon sale or disposition, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount less proceeds from disposal is charged or credited to income. | |||
G. Revenue Recognition | G. REVENUE RECOGNITION | ||
The Company recognizes revenue when the significant risks and rewards of ownership have been transferred to the customer, including factors such as when persuasive evidence of an arrangement exists, delivery or service has performed, the sales price is fixed and determinable, and collectability is probable. The Company recognizes sales when the merchandise is shipped, title has passed to the customers or service is provided, and collectability is reasonably assured. | |||
H. Foreign Currency Translation | H. FOREIGN CURRENCY TRANSLATION | ||
For financial reporting purposes, the financial statements of Living 3D Holdings Limited, its subsidiaries and joint venture, which are prepared in Hong Kong Dollar (“HKD”) and Renminbi (“RMB”), are translated into the Company's reporting currency, United States Dollars (“USD”). Balance sheet accounts are translated using the closing exchange rate in effect at the balance sheet date and income and expense accounts are translated using the average exchange rate prevailing during the reporting period. Adjustments resulting from the translation, if any, are included in accumulated other comprehensive income (loss) in the owners' equity. | |||
The exchange rates used for the foreign currency translation were as follows (USD$1 =KD): | |||
Period Covered | Balance Sheet Date Rates | Average Rates | |
Year ended December 31, 2014 | 7.8 | 7.8 | |
Year ended December 31, 2013 | 7.8 | 7.8 | |
The exchange rates used for the foreign currency translation were as follows (USD$1 =MB): | |||
Period Covered | Balance Sheet Date Rates | Average Rates | |
Year ended December 31, 2014 | 6.2061 | 6.161 | |
Year ended December 31, 2013 | 6.1171 | 6.1858 | |
We follow FASB ASC 830-30, “Foreign Currency Translation”, for both the translation and re-measurement of balance sheet and income statement items into U.S. dollars. Resulting translation adjustments are reported as a separate component of accumulated comprehensive income (loss) in stockholders’ equity. | |||
The Company and all of its wholly owned subsidiaries maintain their books and accounting records in Hong Kong Dollars with the Hong Kong Dollars being the functional currency. 3D Science & Cultural Products International Exchange Center, the joint venture maintains its books and accounting records in Renminbi, which is also its functional currency. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date. Any translation gains (losses) are recorded in exchange reserve as a component of shareholders’ equity. Income and expenditures are translated at the average exchange rate of the year. | |||
I. Income Taxes | I. INCOME TAXES | ||
Income tax expense is based on reported income before income taxes. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized as income in the period that includes the enactment date. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. | |||
J. Related Parties | J. RELATED PARTIES | ||
A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and 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. A party which can significantly influence the management or operating policies of the transacting parties or if it has 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 is also a related party. | |||
K. Impairment of Long-lived Assets | K. IMPAIRMENT OF LONG-LIVED ASSETS | ||
The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets. | |||
L. Recently Issued Accounting Pronouncements | L. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | ||
In April 2014, the FASB issued ASU 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”. The amendments in the ASU change the criteria for reporting discontinued operations while enhancing disclosures in this area. It also addresses sources of confusion and inconsistent application related to financial reporting of discontinued operations guidance in U.S. GAAP. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. In addition, the new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The amendments in the ASU are effective in the first quarter of 2015 for public organizations with calendar year ends. Early adoption is permitted. The Company does not expect the adoption to have a significant impact on its consolidated financial statements. | |||
In May 2014, the FASB issued ASU 2014-09, “Revenue from contracts with Customers (Topic 606)”. This ASU affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets. This ASU will supersede the revenue recognition requirements in Topic 605, Revenue Recognition, and most industry-specific guidance. The ASU also supersedes some cost guidance included in Subtopic 605-35, Revenue Recognition-Construction-Type and Production-Type Contracts. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchanged for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently in the process of evaluating the impact of the adoption on its consolidated financial statements. | |||
In June 2014, the FASB issued ASU 2014-10, “Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements”. The amendments in this Update remove all incremental financial reporting requirements from U.S. GAAP for development stage entities, thereby improving financial reporting by eliminating the cost and complexity associated with providing that information. In the quarter ended June 30, 2014, the Company has elected to early adopt this ASU by removing the inception to date information and all references to development stage. | |||
In August 2014, the FASB issued ASU 2014-15, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern”. The amendment in the ASU provides guidance on determining when and how to disclose going-concern uncertainties in the financial statements. The new standard requires management to perform interim and annual assessments of an entity’s ability to continue as a going concern within one year of the date the financial statements are issued. An entity must provide certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. The amendments in this Update are effective for annual periods and interim periods within those annual periods beginning after December 15, 2016. Earlier adoption is permitted. The adoption of this standard is not expected to have a material impact on the Company’s financial position and results of operations. | |||
Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. |
Note_4_Property_and_Equipment_1
Note 4 - Property and Equipment and Construction in Progress: Property and Equipment (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Property and Equipment | Property and equipment consist of the following: | ||
31-Dec-14 | 31-Dec-13 | ||
Building improvement | $- | $16,594 | |
Computer software | - | 3,883 | |
Furniture | - | 27,324 | |
Machinery and equipment | - | 67,898 | |
Motor vehicles | - | 33,678 | |
- | 149,377 | ||
Less: Accumulated depreciation | - | -4,799 | |
Net | - | 144,578 | |
Construction in progress | - | 335,494 | |
$- | $480,072 |
Note_5_Related_Party_Transacti1
Note 5 - Related Party Transactions: Due From/To Related Party (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Due From/To Related Party | Due from related party consists of the following: | ||
31-Dec-14 | 31-Dec-13 | ||
Jimmy Kent-Lam Wong | $6,544 | $6,544 | |
Total | $6,544 | $6,544 | |
The above amount represents advance to Jimmy Kent-Lam Wong for business purpose. | |||
Due to Related Parties | |||
Due to related parties consists of the following: | |||
31-Dec-14 | December 31,2013 | ||
Kingdom Industry Group Inc. | $123,897 | $35,000 | |
China 3D | - | 85,056 | |
Total | $123,897 | $120,056 |
Note_8_Income_Taxes_Schedule_o
Note 8 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Tables/Schedules | |||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax computed at the U.S. statutory rate and the Company’s provision for income tax is as follows: | ||
Tax Year | |||
2014 | 2013 | ||
U.S. statutory rate | 34.00% | 34.00% | |
Foreign income not recognized in the U.S. | -34.00% | -34.00% | |
Hong Kong corporate income tax rate | 16.50% | 16.50% | |
Net loss not subject to income tax | -16.50% | -16.50% | |
P.R. China corporate income tax rate | 25.00% | 25.00% | |
Net loss not subject to income tax | -25.00% | -25.00% | |
Provision for income tax | 0.00% | 0.00% |
Note_1_Description_of_Business1
Note 1 - Description of Business and Organization (Details) | 12 Months Ended | 1 Months Ended |
Dec. 31, 2014 | Dec. 31, 2011 | |
Date of Incorporation | 23-Jun-08 | |
Business Acquisition, Name of Acquired Entity | L3D | |
Business Acquisition, Effective Date of Acquisition | 8-Dec-11 | |
Common stock | ||
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued | 62,590,880 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies: F. Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Building Improvements | |
Property, Plant and Equipment, Useful Life | 10 years |
Property, Plant and Equipment, Salvage Value, Percentage | 10.00% |
Software and Software Development Costs | |
Property, Plant and Equipment, Useful Life | 5 years |
Property, Plant and Equipment, Salvage Value, Percentage | 10.00% |
Furniture and Fixtures | |
Property, Plant and Equipment, Useful Life | 5 years |
Property, Plant and Equipment, Salvage Value, Percentage | 10.00% |
Machinery and Equipment | |
Property, Plant and Equipment, Useful Life | 5 years |
Property, Plant and Equipment, Salvage Value, Percentage | 10.00% |
Vehicles | |
Property, Plant and Equipment, Useful Life | 5 years |
Property, Plant and Equipment, Salvage Value, Percentage | 10.00% |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies: H. Foreign Currency Translation (Details) | Dec. 31, 2014 | Dec. 31, 2013 |
Hong Kong, Dollars | Balance Sheet Date Rates | ||
Foreign Currency Exchange Rate, Translation | 7.8 | 7.8 |
Hong Kong, Dollars | Average Rates | ||
Foreign Currency Exchange Rate, Translation | 7.8 | 7.8 |
China, Yuan Renminbi | Balance Sheet Date Rates | ||
Foreign Currency Exchange Rate, Translation | 6.2061 | 6.1171 |
China, Yuan Renminbi | Average Rates | ||
Foreign Currency Exchange Rate, Translation | 6.161 | 6.1858 |
Note_3_Going_Concern_Details
Note 3 - Going Concern (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Details | ||
Working Capital | ($1,533,900) | |
Accumulated deficit | ($1,834,000) | ($1,357,727) |
Note_4_Property_and_Equipment_2
Note 4 - Property and Equipment and Construction in Progress: Property and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment, Gross | $0 | $149,377 |
Less: Accumulated depreciation | 0 | -4,799 |
Net | 0 | 144,578 |
Construction in progress | 0 | 335,494 |
Property and equipment, net | 0 | 480,072 |
Building Improvements | ||
Property, Plant and Equipment, Gross | 0 | 16,594 |
Software and Software Development Costs | ||
Property, Plant and Equipment, Gross | 0 | 3,883 |
Furniture and Fixtures | ||
Property, Plant and Equipment, Gross | 0 | 27,324 |
Machinery and Equipment | ||
Property, Plant and Equipment, Gross | 0 | 67,898 |
Vehicles | ||
Property, Plant and Equipment, Gross | $0 | $33,678 |
Note_4_Property_and_Equipment_3
Note 4 - Property and Equipment and Construction in Progress (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Details | ||
Depreciation expenses | $6,436 | $4,799 |
Note_5_Related_Party_Transacti2
Note 5 - Related Party Transactions (Details) (USD $) | Dec. 31, 2014 | Aug. 28, 2013 | Nov. 29, 2013 |
Kingdom Industry Group Inc | Commercial Loan | |||
Debt Instrument, Face Amount | $250,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.33% | ||
Kingdom Industry Group Inc | Commercial Loan 2 | |||
Debt Instrument, Face Amount | $300,000 | ||
China 3D | Jimmy Kent-Lam Wong | |||
Equity Method Investment, Ownership Percentage | 50.00% |
Note_5_Related_Party_Transacti3
Note 5 - Related Party Transactions: Due From/To Related Party (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Due from related party | $6,544 | $6,544 |
Due to related parties | 123,897 | 120,056 |
Jimmy Kent-Lam Wong | ||
Due from related party | 6,544 | 6,544 |
Kingdom Industry Group Inc | ||
Due to related parties | 123,897 | 35,000 |
China 3D | ||
Due to related parties | $0 | $85,056 |
Note_6_Noncontrolling_Interest1
Note 6 - Non-controlling Interest (Details) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Aug. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
3D Science & Cultural Products International Exchange Center Joint Venture | 3D Science & Cultural Products International Exchange Center Joint Venture | 3D Science & Cultural Products International Exchange Center Joint Venture | 3D Science & Cultural Products International Exchange Center Joint Venture | 3D Science & Cultural Products International Exchange Center Joint Venture | 3D Science & Cultural Products International Exchange Center Joint Venture | 3D Science & Cultural Products International Exchange Center Joint Venture | 3D Science & Cultural Products International Exchange Center Joint Venture | Jimmy Kent-Lam Wong | Chang Li | |
USD ($) | Parent Company | Parent Company | China 3D | Tianjin 3D | China, Yuan Renminbi | China, Yuan Renminbi | China, Yuan Renminbi | China 3D | China 3D | |
USD ($) | USD ($) | CNY | Parent Company | Tianjin 3D | ||||||
CNY | CNY | |||||||||
Joint Venture Capital Required | $1,600,000 | 10,000,000 | ||||||||
Joint Venture Capital Committed By Each Party | 700,000 | 200,000 | 4,500,000 | 1,000,000 | ||||||
Noncontrolling Interest, Ownership Percentage by Parent | 45.00% | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 45.00% | |||||||||
Joint Venture Capital Payment Schedule Description | L3D-HK and China 3D made their respective capital contributions as follows: RMB 1,500,000 (approximately $0.24 million) on or before July 31, 2013; RMB 1,500,000 (approximately $0.24 million) on or before December 31, 2013; RMB 1,500,000 (approximately $0.24 million) on or before May 31, 2014. | |||||||||
Payments to Acquire Interest in Joint Venture | $240,000 | 1,500,000 | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% |
Note_7_Disposal_of_Joint_Ventu1
Note 7 - Disposal of Joint Venture (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Gain on disposal of joint venture | $126,848 |
3D Science & Cultural Products International Exchange Center Joint Venture | Parent Company | |
Sale of Stock, Percentage of Ownership before Transaction | 45.00% |
Sale of Stock, Consideration Received Per Transaction | 250,000 |
Gain on disposal of joint venture | $126,848 |
3D Science & Cultural Products International Exchange Center Joint Venture | Excellent Plus Group Limited | |
Sale of Stock, Percentage of Ownership after Transaction | 45.00% |
Note_8_Income_Taxes_Schedule_o1
Note 8 - Income Taxes: Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Statutory rate | 34.00% | 34.00% |
Foreign income not recognized in the U.S. | -34.00% | -34.00% |
Provision for income tax | 0.00% | 0.00% |
HONG KONG | ||
Statutory rate | 16.50% | 16.50% |
Net loss not subject to income tax | -16.50% | -16.50% |
CHINA | ||
Statutory rate | 25.00% | 25.00% |
Net loss not subject to income tax | -25.00% | -25.00% |