Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 15-May-15 | |
Document and Entity Information | ||
Entity Registrant Name | Living 3D Holdings, Inc. | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 93205 | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 69,703,480 | |
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 | 2015 | |
Document Fiscal Period Focus | Q1 | |
Date of Incorporation | 23-Jun-08 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $3,299 | $3,691 |
Due from related party | 6,544 | 6,544 |
Other current assets | 289 | 289 |
Total Current Assets | 10,132 | 10,524 |
TOTAL ASSETS | 10,132 | 10,524 |
Current Liabilities | ||
Accounts payable | 18,756 | 18,756 |
Accrued liabilities and other payables | 1,475,348 | 1,401,771 |
Loan from related party | 300,000 | 300,000 |
Due to related parties | 143,897 | 123,897 |
Total Current Liabilities | 1,938,001 | 1,844,424 |
TOTAL LIABILITIES | 1,938,001 | 1,844,424 |
SHAREHOLDERS' 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 March 31, 2015 and December 31, 2014 | 69,704 | 69,704 |
Additional paid-in capital | -69,604 | -69,604 |
Accumulated deficit | -1,927,969 | -1,834,000 |
TOTAL SHAREHOLDERS' EQUITY (DEFICIT) | -1,927,869 | -1,833,900 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) | $10,132 | $10,524 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
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 $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Statement | ||
Revenue | $6,795 | $2,261 |
Cost of Revenue | 6,300 | 2,256 |
Gross Profit | 495 | 5 |
Operating Expenses | ||
General and administrative expenses | 88,975 | 191,988 |
Total Operating Expenses | 88,975 | 191,988 |
Loss from Operations | -88,480 | -191,983 |
Other Income (Expenses) | ||
Interest expenses | -5,422 | -9,941 |
Other income (expenses) | -67 | 31 |
Total Other Expenses | -5,489 | -9,910 |
Net Loss | -93,969 | -201,893 |
Less: Net loss attributable to non-controlling interest | -35,435 | |
Net Loss Attributable to Living 3D Holdings, Inc. | -93,969 | -166,458 |
Comprehensive Loss | ||
Net Loss | -93,969 | -201,893 |
Foreign currency translation gain | 1,592 | |
Total Comprehensive Loss | -93,969 | -200,301 |
Comprehensive loss attributable to non-controlling interest | -34,560 | |
Comprehensive loss attributable to Living 3D Holdings, Inc. | ($93,969) | ($165,741) |
Basic and Diluted Loss per Common Share | ($0.00) | ($0.00) |
Weighted Average Common Shares; Basic and Diluted | 69,703,480 | 69,703,480 |
Consolidated_Statement_of_Shar
Consolidated Statement of Shareholders' Equity (Deficit) (USD $) | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Stockholders' Equity, beginning of period, Value at Dec. 31, 2014 | $69,704 | ($69,604) | ($1,834,000) | ($1,833,900) |
Stockholders' Equity, beginning of period, Shares at Dec. 31, 2014 | 69,703,480 | |||
Net loss for the period | -93,969 | -93,969 | ||
Stockholders' Equity, end of period, Value at Mar. 31, 2015 | $69,704 | ($69,604) | ($1,927,969) | ($1,927,869) |
Stockholders' Equity, end of period, Shares at Mar. 31, 2015 | 69,703,480 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | ($93,969) | ($201,893) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation expenses | 6,436 | |
Accounts receivable | -2,262 | |
Other current assets | 7,046 | |
Accrued liabilities and other payables | 73,577 | 83,622 |
CASH USED IN OPERATING ACTIVITIES | -20,392 | -107,051 |
CASH FLOW FROM INVESTING ACTIVITIES | ||
Cash paid for the purchase of property and equipment | -3,171 | |
CASH USED IN INVESTING ACTIVITIES | -3,171 | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related parties | 20,000 | 81,730 |
CASH PROVIDED BY FINANCING ACTIVITIES | 20,000 | 81,730 |
Effect of exchange rate changes on cash and cash equivalents | -30 | |
NET INCREASE (DECREASE) IN CASH | -392 | -28,522 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3,691 | 54,349 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 3,299 | 25,827 |
Supplementary Disclosures for Cash Flow Information: | ||
Income taxes paid | ||
Interest paid |
Note_1_Description_of_Business
Note 1 - Description of Business and Organization | 3 Months Ended |
Mar. 31, 2015 | |
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 has entered into a memorandum of understanding and has 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 March 31, 2015, 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 | 3 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 2 - Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
A. BASIS OF PRESENTATION | |
The consolidated financial statements are prepared in accordance with generally accepted accounting principles used in the United States of America. The accompanying unaudited interim financial statements of Living 3D Holdings, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 2014, as reported in Form 10-K, have been omitted. | |
B. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
Management believes that none of the recently adopted accounting pronouncements will have a material effect on the Company’s financial position, results of operations, or cash flows. | |
C. RECLASSIFICAITON | |
Certain prior year amounts have been reclassified to conform to the current period presentation. The reclassification had no impact on net earnings and financial position. |
Note_3_Going_Concern
Note 3 - Going Concern | 3 Months Ended |
Mar. 31, 2015 | |
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. As of March 31, 2015, the Company has a working capital deficit of $1,927,869 and an accumulated deficit of $1,927,969. 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_Related_Party_Transacti
Note 4 - Related Party Transactions | 3 Months Ended | ||
Mar. 31, 2015 | |||
Notes | |||
Note 4 - Related Party Transactions | NOTE 4 – 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; | |||
Due from Related Party | |||
Due from related party consists of the following: | |||
31-Mar-15 | December 31, 2014 | ||
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: | |||
March 31, 2015 | 31-Dec-14 | ||
Kingdom Industry Group Inc. | $143,897 | $123,897 | |
Total | $143,897 | $123,897 | |
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. The directors of Kingdom Industry Group Inc. confirmed that they would not have any claim whatsoever on the said loan. | |||
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Policies | |
A. Basis of Preparation | A. BASIS OF PRESENTATION |
The consolidated financial statements are prepared in accordance with generally accepted accounting principles used in the United States of America. The accompanying unaudited interim financial statements of Living 3D Holdings, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 2014, as reported in Form 10-K, have been omitted. | |
B. Recently Issued Accounting Pronouncements | B. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
Management believes that none of the recently adopted accounting pronouncements will have a material effect on the Company’s financial position, results of operations, or cash flows. | |
C. Reclassificaiton | C. RECLASSIFICAITON |
Certain prior year amounts have been reclassified to conform to the current period presentation. The reclassification had no impact on net earnings and financial position. |
Note_4_Related_Party_Transacti1
Note 4 - Related Party Transactions: Due From/To Related Party (Tables) | 3 Months Ended | ||
Mar. 31, 2015 | |||
Tables/Schedules | |||
Due From/To Related Party | Due from related party consists of the following: | ||
31-Mar-15 | December 31, 2014 | ||
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: | |||
March 31, 2015 | 31-Dec-14 | ||
Kingdom Industry Group Inc. | $143,897 | $123,897 | |
Total | $143,897 | $123,897 |
Note_1_Description_of_Business1
Note 1 - Description of Business and Organization (Details) | 3 Months Ended | 1 Months Ended |
Mar. 31, 2015 | Dec. 31, 2011 | |
Date of Incorporation | 23-Jun-08 | |
Business Acquisition, Effective Date of Acquisition | 8-Dec-11 | |
Business Acquisition, Name of Acquired Entity | L3D | |
Common Stock | ||
Shares Issued in Conjuction with Share Exchange | 62,590,880 |
Note_3_Going_Concern_Details
Note 3 - Going Concern (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Details | ||
Working Capital | ($1,927,869) | |
Accumulated deficit | ($1,927,969) | ($1,834,000) |
Note_4_Related_Party_Transacti2
Note 4 - Related Party Transactions: Due From/To Related Party (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Due from related party | $6,544 | $6,544 |
Due to related parties | 143,897 | 123,897 |
Jimmy Kent-Lam Wong | ||
Due from related party | 6,544 | 6,544 |
Kingdom Industry Group Inc | ||
Due to related parties | $143,897 | $123,897 |
Note_4_Related_Party_Transacti3
Note 4 - Related Party Transactions (Details) (Kingdom Industry Group Inc, USD $) | Mar. 31, 2015 | Aug. 28, 2013 | Nov. 29, 2013 |
Commercial Loan | |||
Debt Instrument, Face Amount | $250,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.33% | ||
Commercial Loan 2 | |||
Debt Instrument, Face Amount | $300,000 |