Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
☐ Yes ☒ No
xNote– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Exchange Act from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant aswas required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒ Yes x☐ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
☐ Yes x☒ Noo
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes No x
☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a non-accelerated filer.smaller reporting company. See definitionthe definitions of “large accelerated filer,” “accelerated filerfiler” and large accelerated filer”“smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer ☐ | Accelerated filer ☐ |
Non-accelerated filer (Do not check if a smaller reporting company) ☐ | Smaller reporting company ☒ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).☒ Yes ☐ Nox
State the aggregate market value of the voting and non-voting common stock of the registrantequity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the registrant at March 27, 2012,last business day of the registrant’s most recently completed second fiscal quarter.
Note.—If a determination as to whether a particular person or entity is an affiliate cannot be made without involvingunreasonable effort and expense, the aggregate market value of the common stock held by non-affiliates may be calculated on the basis of assumptions reasonable under the circumstances, provided that the assumptions are set forth in this Form.
The aggregate market value of the voting and non-voting common equity held by non-affiliates as of November 5, 2014, computed by reference to the closing price of $0.31$0.185 at which the common stock wasas last sold on that date: $184,870
APPLICABLE ONLY TO REGISTRANTS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of March 27, 2012, there werethe Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
☐ Yes ☐ No
(APPLICABLE ONLY TO CORPORATE REGISTRANTS)
Indicate the number of shares outstanding 1,996,355of each of the registrant’s classes of common stock, as of the latest practicable date.
The number of shares of the issuer'sissuer’s common stock, par value $.001.
DOCUMENTS INCORPORATED BY REFERENCE
List hereunder the following documents if incorporated by reference and the Part of the Form 10-K (e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under the Securities Act of 1933. The listed documents should be clearly described for identification purposes (e.g., annual report to security holders for fiscal year ended December 24, 1980).
TABLE OF CONTENTSPART 1
Item | ||
CAUTIONARY STATEMENT REGARDING FORWARD LOOKING INFORMATION
This annual report on Form 10-K under the Securities Exchange Act of 1934, as amended, contains forward-looking statements that involve risks and uncertainties. Our actual results could differ significantly from those discussed herein. These include statements about our expectations, beliefs, intentions or strategies for the future, which we indicate by words or phrases such as "anticipate," "expect," "intend," "plan," "will," "we believe," "the Company believes," "management believes" and similar language, including those set forth in the discussion under "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," as well as those discussed elsewhere in this Form 10-K. We base our forward-looking statements on information currently available to us, and we assume no obligation to update them. Statements contained in this Form 10-K that are not historical facts are forward-looking statements.
History of Our Company
We were incorporated in the State of Nevada on January 29, 1998 under the name Txon International Development Corporation to conduct any lawful business, to exercise any lawful purpose and power, and to engage in any lawful act or activity for which corporations may be organized under the General Corporation Laws of Nevada.
On August 14, 2000, pursuant to a share exchange agreement dated August 10, 2000, by and among Main Edge International Limited (“Main Edge”), Virtual Edge Limited (“Virtual Edge”), Richard Ford, Jeanie Hildebrand and Gary Lewis, we acquired from Main Edge all of the shares of Virtual Edge (the “Acquisition”) in exchange for an aggregate of 1,961,175 shares of our common stock, which shares equaled 75.16% of Txon International’s issued and outstanding shares after giving effect to the Acquisition. On September 15, 2000, Txon International Development Corporation changed its name to China World Trade Corporation (“CWTD”).
On March 28, 2008, CWTD entered into a Share Exchange Agreement (the “Exchange Agreement”) by and among CWTD, William Tsang (“Tsang”), Uonlive Limited, a corporation organized and existing under the laws of the Hong Kong SAR of the People’s Republic of China (“Uonlive”), Tsun Sin Man Samuel, Chairman of Uonlive (“Tsun”), Hui Chi Kit, Chief Financial Officer of Uonlive (“Hui”), Parure Capital Limited, a corporation organized and existing under the laws of the British Virgin Islands and parent of Uonlive (“Parure Capital”). Upon closing of the share exchange transaction contemplated under the Exchange Agreement, Tsun and Hui transferred all of their share capital in Parure Capital to CWTD in exchange for an aggregate of 150,000,000 shares of common stock of the Registrant and 500,000 shares of Series A Convertible Preferred Stock of the Registrant, which is convertible after six months from the date of issuance into 100 shares of common stock of the Registrant, thus causing Parure Capital to become a direct wholly-owned subsidiary of the Registrant.
On July 2, 2008, the proposal to amend the articles of incorporation to change the name of the corporation to Uonlive Corporation was approved by the action of a majority of all shareholders entitled to vote on the record date and by CWTD’s Board of Directors. CWTD desired to change its name to truly reflect its new business as a holding company for Uonlive Limited, and possibly other companies that may be acquired in the future by the company (the “Company” or “Uonlive”).
On May 15, 2009, the Company approved the 1 for 100 reverse split of its common stock.
The Company and subsidiaries are hereinafter collectively referred to as the “Company.”
Our Company’s Business
Corporate Structure
Uonlive operateswas, until December 31, 2011, an online radio by using audio or video data that can be converted into the desired format and directly transmitted onto the Internet. Whenever the listeners log into the website, they can download the audio information they desire, and broadcast this information out through the related software such as Realplay or Winamp. Online radio does not use satellite frequency bands and resources, therefore the broadcast is influenced by the network bandwidth available.
During the hardware but alsofirst quarter of 2012, our management, after consulting the technology. In theory, any person who has a computer, a microphone,Board of Directors, decided to cease our operations because of minimal revenue and software can have ano improvement in developing the market for internet radio station of his own. Moreover he can recruit DJs from all over the world through the network. All programs are stored on the site, and are saved in a database. People can retrieve a specific program that they missed and listen to it at any time, any place. Therefore, it enables the acceptance rate to be greatly increased.
As reflected in the programs. Such characters can often attract listeners, especially the young people pursuing personality in their DJs. Uonlive is a special form of personalized media, and has many types of radio programs.
Business Plan
Our current business plan is to seek and identify a telecommunications business and the procedures for obtaining such permits. With respectprivately owned company which is looking to licenses for value-added services, the Telecom License Measures drawbecome a distinction between licenses for business conducted inpublicly listed company by combining their operation with us through a single province (which are issued by CAB) and licenses for inter-provincial activities (which are issued by MII).
We have no capital and must depend on our controlling shareholders to applyingprovide us funding for an operating permit.
We cannot give assurance that we will successfully find a suitable candidate to implement its operation with us by a reverse merge. We also cannot give assurance that any acquisition, if occurs, will be on terms that are favorable to us or to our shareholders.
We do not propose to restrict our search for candidates in any particular geographical area of industry. Our management’s discretion in the News Posting Businessselection of the business opportunities is unrestricted, subject to the availability of such opportunities, economic conditions, and other factors.
Any entity which has an interest in being acquired by, or merging into us, is expected to be an entity that desires to become a public company and establish a public trading market for its securities. In connection with such a merger or acquisition, it is anticipated that an amount of common stock constituting control of us would be issued by us.
Investigation and Selection of Business Opportunities
Certain types of business acquisition transactions may be completed without requiring us to first submit the State Council News Office and MIItransaction to our stockholders for their approval. If the proposed transaction is structured in November 2000 stipulate that only ICPs that are government-authorized news units may operate online news posting business that post news reported by such ICPs. Other ICPs may applya fashion our stockholders (other than our controlling stockholders) will not be provided with financial or other information relating to the State Council News Office forcandidate prior to the completion of the transaction.
If a proposed business combination or business acquisition transaction is structured that requires our stockholder approval, and we are a reporting company, we will be required to post on their websites news suppliedprovide our stockholders with information as applicable under contractRegulations 14A and 14C under the Exchange Act.
The analysis of business opportunities will be undertaken by approved news providers,or under the supervision of Mr. Hui Chi Kit, our Chief Financial Officer. In analyzing potential merger candidates, our management will consider, among other things, the following factors:
* | Potential for future earnings and appreciation of value of securities; |
* | Perception of how any particular business opportunity will be received by the investment community and by our stockholders; |
* | Eligibility of a candidate, following the business combination, to qualify its securities for listing on a national exchange or on a national automated securities quotation system, such as NASDAQ. |
* | Historical results of operations; |
* | Liquidity and availability of capital resources; |
* | Competitive position as compared to other companies of similar size and experience within the industry segment as well as within the industry as a whole; |
* | Strength and diversity of existing management or management prospects that are scheduled for recruitment; |
* | Amount of debt and contingent liabilities; and |
* | The products and/or services and marketing concepts of the target company. |
There is no single factor that will be controlling in the selection of a copybusiness opportunity. Our management will attempt to analyze all factors appropriate to each opportunity and make a determination based upon reasonable measures and available data. Potentially available business opportunities may occur in many different industries and at various stages of development, all of which shallwill make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex. Because of our limited working capital available and limited personnel to perform due diligence and investigation we may not discover or adequately evaluate adverse facts about the business opportunity to be acquired.
We are unable to predict when we may participate in a business opportunity. Prior to making a decision to participate in a business transaction, we will generally request that we be provided with written materials regarding the business opportunity, including, but not limited to, a description of products, services and company history; financial information; available projections, with related assumptions upon which they are based; an explanation of proprietary products and services; evidence of existing patents, trademarks, or service marks, or rights thereto; present and proposed forms of compensation to management; a description of transactions between such company and its affiliates during the relevant periods; a description of present and required facilities; an analysis of risks and competitive conditions; audited financial statements, or if audited financial statements are not available, unaudited financial statements, together with reasonable assurance that audited financial statements would be able to be produced to comply with the requirements of a Current Report on Form 8-K to be filed with the applicable provincialSecurities and Exchange Commission, upon consummation of the business combination.
We believe that various types of potential candidates might find a business combination with us to be attractive. These include candidates desiring to create a public market for their securities in order to enhance liquidity for current stockholders, candidates which have long-term plans for raising capital through public sale of securities and believe that the prior existence of a public market for their securities would be beneficial, and candidates which plan to acquire additional assets through issuance of securities rather than for cash, and believe that the development of a public market for their securities will be of assistance in that process.
Employees
The Company currently has two employees, namely our Chief Executive Officer, Samuel Tsun and our Chief Financial Officer, Hui Chi Kit. Management of the Company expects to use consultants, attorneys and accountants as necessary, and does not anticipate a need to engage any full-time employees so long as it is seeking and evaluating business opportunities. The need for employees and their availability will be addressed in connection with the decision whether or not to acquire or participate in specific business opportunities.
Item 1A. Rick Factors.
OUR INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM HAVE EXPRESSED THEIR CONCERN AS TO OUR ABILITY TO CONTINUE AS A GOING CONCERN.
As reflected in the accompanying financial statements, we have no source of revenues and need additional cash resources to maintain our operations. These factors raise substantial doubt about our ability to continue as a going concern. Our ability to continue as a going concern is dependent on our ability to raise additional capital or obtain necessary debt financing. As discussed, our current business plan is to seek and identify a privately-held operating company desiring to become a publicly held company by combining with us through a reverse merger or acquisition type transaction. We cannot predict when, if ever, we will be successful in this venture and, accordingly, we may be required to cease operations at any time, if we do not have sufficient working capital to pay our operating costs for the next 12 months and we will require additional funds to pay our legal, accounting and other fees associated with our company and our filing obligations under United States federal securities laws, as well as to pay our other accounts payable generated in the ordinary course of our business.
IT MAY BE DIFFICULT TO EFFECT SERVICE OF PROCESS AND ENFORCEMENT OF LEGAL JUDGMENTS UPON US AND OUR SOLE OFFICER AND DIRECTOR BECAUSE SHE RESIDES OUTSIDE THE UNITED STATES.
As our directors and officers reside in Hong Kong and PRC, service of process upon us and such director and officer may be difficult to effect within the United States.
WE HAVE NO PLAN TO DECLARE ANY DIVIDENDS TO SHAREHOLDERS IN THE NEAR FUTURE.
We currently intend to retain our future earnings, if any, to support our operations and to finance expansion. The declaration, and amount of any future dividends will be made at the discretion of the board of directors, and will depend upon, among other things, the results of our operations, cash flows and financial condition, operating and capital requirements, and other factors as the board of directors considers relevant. There is no assurance that future dividends will be paid, and, if dividends are paid, there is no assurance with respect to facilitiesthe amount of any such dividend.
“PENNY STOCK” RULES MAY MAKE BUYING OR SELLING OUR COMMON STOCK DIFFICULT.
Trading in our securities will be subject to the “penny stock” rules. The SEC has adopted regulations that generally define a penny stock to be any equity security that has a market price of less than $5.00 per share, subject to certain exceptions. These rules require that any broker-dealer who recommends our securities to persons other than prior customers and experience personnel thataccredited investors, must, be metprior to the sale, make a special written suitability determination for the purchaser and receive the purchaser’s written agreement to execute the transaction. Unless an exception is available, the regulations require the delivery, prior to any transaction involving a penny stock, of a disclosure schedule explaining the penny stock market and the risks associated with trading in the penny stock market. In addition, broker-dealers must disclose commissions payable to both the broker-dealer and the registered representative and current quotations for the securities they offer. The additional burdens imposed upon broker- dealers by applicants for approvalsuch requirements may discourage broker-dealers from effecting transactions in our securities, which could severely limit the market price and liquidity of our securities. Broker-dealers who sell penny stocks to post news on their websites.certain types of investors are required to comply with the Commission’s regulations concerning the transfer of penny stocks. These regulations require broker- dealers to:
● | Make a suitability determination prior to selling a penny stock to the purchaser; |
● | Receive the purchaser’s written consent to the transaction; and |
● | Provide certain written disclosures to the purchaser. |
These requirements may restrict the ability of Online Advertisements
LIMITED OPERATIONS MAKE POTENTIAL DIFFICULT TO ASSESS
We have limited financial resources and retain salesno operating activities. We will, in all likelihood, continue to sustain operating expenses without corresponding revenues, at least until the consummation of a business combination. Accordingly, we will most likely incur a net operating loss which will increase continuously until we can consummate a business combination with a target company. There is no assurance that we can identify such a target company and marketing personnel. consummate such a business combination.
THERE ARE NO MINIMUM REQUIREMENTS FOR A BUSINESS COMBINATION
There can be no assurance that we will retainbe successful in identifying and evaluating suitable business opportunities or in concluding a business combination. No particular industry or specific business within an industry has been selected for a target company. We have not established a specific length of operating history or a specified level of earnings, assets, net worth or other criteria which it will require a target company to have achieved, or without which we would not consider a business combination with such business entity. Accordingly, we may enter into a business combination with a business entity having no significant operating history, losses, limited or no potential for immediate earnings, limited assets, negative net worth or other negative characteristics. There is no assurance that we will be able to negotiate a business combination on terms favorable to us and our key sales and marketing employeesshareholders.
NO ASSURANCE OF SUCCESS OR PROFITABILITY
There is no assurance that we will find a favorable business opportunity. Even if we should become involved in a business opportunity, there is no assurance that it will generate revenues or profits, or that we can attract, assimilate or retain other highly qualified sales and marketing personnel in the future. Nonemarket price of our employeesoutstanding shares will be increased thereby.
TYPE OF BUSINESS ACQUIRED
The business to be acquired may wish to avoid effecting its own public offering and the accompanying expense, delays, and uncertainties. Because of the Company’s limited capital, it is more likely than not that any acquisition by the Company will involve other parties whose primary interest is the acquisition of control of a publicly traded company. Moreover, any business target to be acquired may be currently unprofitable or present other negative factors.
LACK OF DIVERSIFICATION
Because of the limited financial resources that the Company has, it is unlikely that the Company will be able to diversify its acquisitions or operations. The Company’s probable inability to diversify its activities into more than one area will subject the Company to economic fluctuations within a particular business or industry and therefore increase the risks associated with the Company’s operations.
CONFLICTS OF INTEREST
The Company’s officers and directors have other business interests to which he/she currently devotes attention, and is expected to continue to do so. As a result, conflicts of interest may arise that can be resolved only through the exercise of judgment in a manner which is consistent with his/her fiduciary duties to the Company.
It is anticipated that the Company’s principal stockholders may actively negotiate or otherwise consent to the purchase of a portion of their common stock as a condition to, or in connection with, a proposed merger or acquisition transaction. In this process, the Company’s principal stockholders may consider their own personal pecuniary benefit rather than the best interest of other Company stockholders. Depending upon the nature of a proposed transaction, Company stockholders other than the principal stockholders may not be afforded the opportunity to approve or consent to a particular transaction.
NEED FOR ADDITIONAL FINANCING
We have very limited working capital funds, and such funds, may not be adequate to take advantage of any available business opportunities. Even if the Company’s currently available funds prove to be sufficient to pay for its operations until it is able to acquire an interest in, or complete a transaction with, a business opportunity, such funds will clearly not be sufficient to enable it to exploit the opportunity. Thus, the ultimate success of the Company will depend, in part, upon its availability to raise additional capital. In the event that the Company requires modest amounts of additional capital to fund its operations until it is able to complete a business acquisition or transaction, such funds, are subjectexpected to be provided by the principal stockholders. The Company has not investigated the availability, source, or terms that might govern the acquisition of the additional capital which is expected to be required in order to exploit a business opportunity, and will not do so until it has determined the level of need for such additional financing. There is no assurance that additional capital will be available from any collective bargaining agreements.
DEPENDENCE UPON OUTSIDE ADVISORS
To supplement the business experience of Contentsits officers and directors, the Company may be required to employ accountants, technical experts, appraisers, attorneys, or other consultants or advisors. The selection of any such advisors will be made by the Company’s officer, without any input by stockholders. Furthermore, it is anticipated that such persons may be engaged on an as-needed basis without a continuing fiduciary or other obligation to the Company. In the event the officer of the Company considers it necessary to hire outside advisors, he may elect to hire persons who are affiliates, if those affiliates are able to provide the required services.
Item 2. PropertiesTHERE MAY BE A SCARCITY OF AND/OR SIGNIFICANT COMPETITION FOR BUSINESS OPPORTUNITES AND COMBINATIONS
The Company is committedand will continue to lease office spacesbe an insignificant participant in Hong Kong fromthe business of seeking mergers with and acquisitions of business entities. A large number of established and well-financed entities, including venture capital firms, are active in mergers and acquisitions of companies which may be merger or acquisition target candidates for the Company. Nearly all such entities have significantly greater financial resources, technical expertise and managerial capabilities than the Company and, consequently, the Company will be at a related party undercompetitive disadvantage in identifying possible business opportunities and successfully completing a non-cancelable operating leasebusiness combination. Moreover, the Company will also compete in seeking merger or acquisition candidates with other public shell companies, some of which may also have funds available for use by an acquisition candidate.
REPORTING REQUIREMENTS MAY DELAY OR PRECLUDE ACQUISITION
Pursuant to the requirements of Section 13 of the Exchange Act, the Company is required to provide certain information about significant acquisitions including audited financial statements of the acquired company. Obtaining audited financial statements are the economic responsibility of the target company. The additional time and costs that may be incurred by some potential target companies to prepare such financial statements may significantly delay or essentially preclude consummation of an otherwise desirable acquisition by the Company. Acquisition prospects that do not have or are unable to obtain the required audited statements may not be appropriate for acquisition so long as the reporting requirements of the Exchange Act are applicable. Notwithstanding a target company’s agreement to obtain audited financial statements within the required time frame, such audited financials may not be available to the Company at the time of effecting a business combination. In cases where audited financials are unavailable, the Company will have to rely upon unaudited information that has not been verified by outside auditors in making its decision to engage in a transaction with fixed monthly rentals,the business entity. This risk increases the prospect that a business combination with such a business entity might prove to be an unfavorable one for the Company.
LACK OF MARKET RESEARCH OR MARKETING ORGANIZATION
The Company has neither conducted, nor have others made available to it, market research indicating that demand exists for the transactions contemplated by the Company. In the event demand exists for a termtransaction of 2 years expiringthe type contemplated by the Company, there is no assurance the Company will be successful in March 2013. Costs incurred undercompleting any such business combination.
PROBABLE CHANGE IN CONTROL OF THE COMPANY AND/OR MANAGEMENT
In conjunction with completion of a business acquisition, it is anticipated that the operating lease,Company will issue an amount of the Company’s authorized but unissued common stock that represents the greater majority of the voting power and equity of the Company, which will, in all likelihood, result in stockholders of a target company obtaining a controlling interest in the Company. The resulting change in control of the Company will likely result in removal of the present officers and director of the Company and a corresponding reduction in or elimination of her participation in the future affairs of the Company.
POSSIBLE DILUTION OF VALUE OF SHARES UPON BUSINESS COMBINATION
A business combination normally will involve the issuance of a significant number of additional shares. Depending upon the value of the assets acquired in such business combination, the per-share value of the Company’s common stock may increase or decrease, perhaps significantly.
ADDITIONAL RISKS—DOING BUSINESS IN A FOREIGN COUNTRY
The Company may effectuate a business combination with a merger target whose business operations or even headquarters, place of formation or primary place of business are considered to be equivalentlocated outside the United States of America. In such event, the Company may face the significant additional risks associated with doing business in that country. In addition to the market rate, are recordedlanguage barriers, different presentations of financial information, different business practices, and other cultural differences and barriers that may make it difficult to evaluate such a merger target, ongoing business risks result from the international political situation, uncertain legal systems and applications of law, prejudice against foreigners, corrupt practices, uncertain economic policies and potential political and economic instability that may be exacerbated in various foreign countries.
TAXATION
Federal and state tax consequences will, in all likelihood, be major considerations in any business combination that the Company may undertake. Currently, such transactions typically may be structured so as rental expenseto result in tax-free treatment to both companies, pursuant to various federal and totaled approximately $92,485state tax provisions. The Company intends to structure any business combination so as to minimize the federal and $92,670state tax consequences to both the Company and the target entity; however, there can be no assurance that such business combination will meet the statutory requirements of a tax-free reorganization or that the parties will obtain the intended tax-free treatment upon a transfer of stock or assets. A non-qualifying reorganization could result in the imposition of both federal and state taxes, which may have an adverse effect on both parties to the transaction.
Item 1B. Unresolved Staff Comments.
Not applicable.
Item 2. Properties
We presently maintain our mailing address at 3rd Floor, Goldlion Digital Network Center, 138 Tiyu Road East, Guangzhou, People’s Republic of China 510620. Other than this mailing address, we do not currently maintain any other office facilities, and do not anticipate the need for maintaining office facilities at any time in the foreseeable future. We pay no rent or other fees for the years ended December 31, 2011use of the mailing address as these offices are used virtually full-time by other businesses of the Company’s officers and 2010, respectively.
It is likely that the Company will not establish an office until it has completed a business acquisition transaction, but it is not possible to predict what arrangements will actually be made with respect to future minimum rental payments of approximately $115,800 in the next fifteen months, underoffice facilities.
ITEM 3. LEGAL PROCEEDINGS.
The Company is not a non-cancelable operating lease.
Item 4. Mine Safety Disclosures.
Not applicable.
PART II
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity SecuritiesSecurities.
Market Information
Our common stock is currently quoted on a limited basis on the OTCQB tier of OTC Markets Group inter-dealer quotation and trading system under the symbol “UOLI.” The quotation of our common stock on the OTCQB does not assure that a meaningful, consistent and liquid trading market currently exists. We cannot predict whether a more active market for our common stock will develop in the future. In the absence of an active trading market:
(1) Investors may have difficulty buying and selling or obtaining market quotation;
(2) Market visibility for our common stock may be limited; and
(3) A lack of visibility of our common stock may have a depressive effect on the market price for our common stock.
The following table sets forth the range of bid prices of our common stock as quoted on the OTCQB during the periods indicated. The prices reported represent prices between dealers, do not include markups, markdowns or commissions and do not necessarily represent actual transactions.
| High | Low | ||||||||
2011 | First Quarter | $ | 0.80 | $ | 0.16 | ||||
Second Quarter | $ | 0.55 | $ | 0.55 | |||||
Third Quarter | $ | 0.55 | $ | 0.37 | |||||
Fourth Quarter | $ | 0.56 | $ | 0.32 | |||||
2010 | First Quarter | $ | 0.13 | $ | 0.10 | ||||
Second Quarter | $ | 0.13 | $ | 0.125 | |||||
Third Quarter | $ | 0.30 | $ | 0.13 | |||||
Fourth Quarter | $ | 0.16 | $ | 0.16 | |||||
High | Low | ||||||||
2014 | First Quarter | $ | 0.12 | $ | 0.12 | ||||
Second Quarter | $ | 0.12 | $ | 0.12 | |||||
Third Quarter | $ | 0.50 | $ | 0.12 | |||||
Fourth Quarter | $ | 0.50 | $ | 0.08 | |||||
2013 | First Quarter | $ | 0.65 | $ | 0.265 | ||||
Second Quarter | $ | 0.215 | $ | 0.20 | |||||
Third Quarter | $ | 0.30 | $ | 0.20 | |||||
Fourth Quarter | $ | 0.20 | $ | 0.11 | |||||
Our common shares are issued in registered form. Interwest Transfer Co., Inc., 1981 East 4800 South, Ste 100, Salt Lake City, UT 84111, Tel: (801) 272-9294, is the registrar and transfer agent for our common stock.
From January 1 to March 27, 2012,December 31, 2014, the highest and lowest prices of our common shares on the OTCQBOTC Pink were $0.31$0.50 per share and $0.27$0.08 per share. On March 27, 2012,12, 2015, the closing price of our common stock on the OTCQBOTC Pink on the last day it traded before the filing of this Annual Report was $0.31$0.08 per share.
Dividends
We have not previously paid any cash dividends on our common stock and do not anticipate paying dividends on our common stock in the foreseeable future. It is the present intention of management to retain any earnings to provide funds for the operation and expansion of our business. Any future determination to pay dividends will be at the discretion of our board of directors and will depend on our results of operation, financial condition, contractual and legal restrictions and other factors the board of directors deem relevant.
Securities Authorized for Issuance under Equity Compensation Plans
As of December 31, 2011,2014, we did not have any equity compensation plans.
Recent Sales of Unregistered Securities
We have not recorded any sales of unregistered securities during the reporting period.
Repurchase of Equity Securities by Issuer and Affiliated Purchasers
We have not repurchased any of our common stock and have no publicly announced repurchase plans or programs as of December 31, 2011.
Item 6. Selected Financial Data.
Not applicable.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.
PRELIMINARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This discussion contains forward-looking statements. The reader should understand that several factors govern whether any forward-looking statement contained herein will be or can be achieved. Any one of those factors could cause actual results to differ materially from those projected herein. These forward-looking statements include plans and objectives of management for future operations, including plans and objectives relating to the products and the future economic performance of the company.Company. Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions, future business decisions, and the time and money required to successfully complete development projects, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the company.Company. Although the companyCompany believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of those assumptions could prove inaccurate and, therefore, there can be no assurance that the results contemplated in any of the forward-looking statements contained herein will be realized. Based on actual experience and business development, the companyCompany may alter its marketing, capital expenditure plans or other budgets, which may in turn affect the company'sCompany's results of operations. In light of the significant uncertainties inherent in the forward-looking statements included therein, the inclusion of any such statement should not be regarded as a representation by the companyCompany or any other person that the objectives or plans of the companyCompany will be achieved.
OVERVIEW
The predecessor of Uonlive Corporation was incorporated in the State of Nevada on January 29, 1998 under the name Txon International Development Corporation to conduct any lawful business, to exercise any lawful purpose and power, and to engage in any lawful act or activity for which corporations may be organized under the General Corporation Laws of Nevada. On August 1, 2008, the Company changed its name to Uonlive Corporation.
On March 28, 2008, the Company entered into the Exchange Agreement with Tsang William, Uonlive Limited, Tsun Samuel, Hui Chi Kit and Parure Capital Limited. Upon closing of the Share Exchange on March 31, 2008, Tsun and Hui delivered all of their share capital in Parure Capital to the Company in exchange for 150,000,000 shares of common stock of the Company and 500,000 shares of Series A Convertible Preferred Stock, resulting in Parure Capital becoming a wholly owned subsidiary of the Company and Uonlive becoming an indirect wholly owned subsidiary of the Company.
As a result, 495,566 post reverse split 495,566 shares of the Company’s common stock were outstanding immediately prior to the closing of the Share Exchange, and 1,995,659 shares of the Company’s common stock were outstanding immediately after the closing of the Share Exchange. In addition, 500,000 shares of Series A Convertible Preferred Stock were outstanding immediately after the closing of the Share Exchange. Of these shares, approximately 263,559 shares represented the Company’s “public float” prior to and after the Share Exchange. The 1,500,000 shares of common stock and 500,000 shares of Series A Convertible Preferred Stock issued in the Share Exchange were issued in reliance upon an exemption from registration pursuant to Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The shares in the public float will continue to represent the shares of the Company’s common stock held for resale without further registration by the holders thereof. After the Share Exchange, Uonlive becomes our operating subsidiary.
On May 19, 2009, we approved a 1:100 reverse stock split (the “Reverse Split”) of our common stock and an amendment to our Articles of Incorporation to effectuate the Reverse Split.
The Company’s main business of Uonlive iswas operating an online radio station, a kind of virtual community able to provide the public with free online radio services, and mainly targets thetargeting younger listening audience.
On or about January 2012, the abbreviation for “You Are on Live”, which means no matter where you live around the world, Uonlive’s information can be transmittedCompany made a decision to you. With online radio, there are no geographic boundaries.
Our current business plan is to seek and identify a privately owned company which is looking to become a publicly listed company by combining their operation with us through a reverse merger.
Results of the consolidated statements of operations of the Company and its subsidiaries for the years ended December 31, 2011 and 2010. The data should be read in conjunction with the audited consolidated financial statements of the Company and related notes thereto.
For the year ended December 31, 2011 | For the year ended December 31, 2010 | |||||||
OPERATING REVENUES | 15.4 | 18.2 | ||||||
GROSS (LOSS) PROFIT | (26.3) | (22.6) | ||||||
OPERATING EXPENSES: | ||||||||
Sales and marketing expense | (6.1 | ) | (7.5 | ) | ||||
General and administrative | (506.7 | ) | (794.5 | ) | ||||
TOTAL OPERATING EXPENSES | (512.8 | ) | (802.0 | ) | ||||
Loss from operations | (539.1 | ) | (824.6 | ) | ||||
Income tax expense | - | - | ||||||
NET LOSS | (539.1 | ) | (824.6 | ) | ||||
Other comprehensive income: | ||||||||
-Foreign currency translation (loss)/gain | (5.8) | 7.9 | ||||||
COMPREHENSIVE LOSS | (544.9) | (816.7) | ||||||
Net loss per share – Basic and diluted | $ | US(0.27 | ) | $ | US(0.41 | ) | ||
Weighted average number of shares outstanding – Basic and diluted | 1,996,355 | 1,996,355 | ||||||
Revenue
We recorded a total of $15,415 consolidatedno revenue for the fiscal year ended December 31, 2011 compared to $18,226 for2014 and the same corresponding period in 2010. The revenue for thefiscal year ended December 31, 2011 which came from one single client, was a 15.4% decrease compared2013, due to the Company ceasing operations (as discussed above) and the resulting classification of operations, assets and liabilities associated with the discontinued operations under accounting principles generally accepted in the United States of America (“GAAP”). We anticipate not receiving any revenue for so long as operations have ceased.
Operating Expenses
Operating expenses for the fiscal year ended December 31, 2010. The decrease was2014 were $12,304 compared to $11,296 for the result of our lack of success on our advertising strategy to engage and retain customers last year. We are in the process of conducting research and testing which programs will be best suited to our targeted population. The consolidated gross loss for thefiscal year ended December 31, 20112013. Operating expenses mainly represented the consulting, legal and audit expenses associated with listing on the OTC Pink. The increase was recorded at approximately $26,305.
Net loss was $539,106 for the year ended December 31, 2011, as compared to a loss of $824,575, for the same corresponding period in 2010, a decrease of $285,469 or 35%. A majority of the net loss was the result of our general and administrative expenses.
We had a net loss of $539,106$12,304 for the fiscal year ended December 31, 2014 as compared to net loss of $824,575$11,296 for 2010,the fiscal year ended December 31, 2013, the difference primarily due to the increase in operating expenses as described above.
Comprehensive Loss
Comprehensive loss for the fiscal year ended December 31, 2014 was $11,205 compared to $10,071 for the fiscal year ended December 31, 2013. The increase in comprehensive loss was a decreaseresult of 34%,the increase in operating expenses.
Liquidity and negativeCapital Resources
During the fiscal year ended December 31, 2014, net cash flowsused in operating activities was $304, resulting from operationsa combination of $517,162net loss of $12,304 and $613,216an increase in accounts payable and accrued liabilities of $12,000, compared to $1,296 for 2011the fiscal year ended December 31, 2013. Net cash provided by financing activities accounted for $304 and 2010,$516 for the fiscal year ended December 31, 2014 and 2013, respectively, which was an amount advanced by a decreaseshareholder.
Cash Requirements
As reflected in the accompanying financial statements, the Company has no stabilized source of 15.6% yearrevenues and needs additional cash resources to year. Our continuation is dependent upon the continuing financial support of shareholders and cost-saving strategies. Immediate action to be considered is to reduce the unnecessary cost from operations in order to minimize the loss. However, there is no assurance that we will be successful in securing sufficient funds to sustain ourmaintain its operations. These and other factors raise substantial doubt about our ability to continue as a going concern.
We have no commitments from any party to provide such funds to us. If we are unable to obtain additional capital as necessary until such time as we are able to conclude a business combination, we will be unable to satisfy our obligations and otherwise continue to meet our reporting obligations under federal securities laws. In that event, our stock would no longer be quoted on the OTC Bulletin Board and our ability to consummate a reverse merger or acquisition type transaction upon terms and conditions which would be beneficial to our existing stockholders would be adversely affected.
We currently plan to satisfy our cash requirements for the next 12 months by borrowing from our majority shareholders and we believe we can satisfy our cash requirements so long as we are able to obtain financing from these shareholders. We currently expect that money borrowed will be used during the next 12 months to satisfy our operating costs, professional fees and for general corporate purposes. We have also been exploring alternative financing sources.
Based upon a twelve-month work plan, it is anticipated that such a work plan would require approximately $100,000 of financing, designed to fund various commitments and business operations.
We will use our limited personnel and financial resources in connection with seeking new business opportunities. It may be expected that entering into a reverse merger or acquisition type transaction will involve the issuance of a substantial number of restricted shares of common stock. If such additional restricted shares of common stock are issued, our shareholders will experience a dilution in their ownership interest and a change in control may be expected to occur.
In connection with the plan to seek new business opportunities, we may seek to raise capital through privatefunds from the sale of restricted stock or debt securities. We have no agreements to issue any debt or equity securities and cannot predict whether equity or debt financing will become available at acceptable terms, if at all.
There are no limitations in our certificate of incorporation restricting our ability to strengthen our financial position,borrow funds or raise funds through the issuance of restricted common stock to effect a reverse merger or acquisition type transaction. Our limited resources and lack of recent operating history may make it difficult to borrow funds or raise capital.
Such inability to borrow funds or raise funds through the issuance of restricted common stock required to effect or facilitate growth and provide us with additional flexibility to take advantage of business opportunities.
Off-Balance Sheet Arrangements
We currently do not have any off-balance sheet arrangements.
Recent Accounting Pronouncements
We continue to assess the effects of recently issued accounting standards. The impact of all recently adopted and issued accounting standards has been disclosed in ourthe Footnotes to the financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources thatstatements.
Critical Accounting Policies and Estimates
We are material to our stockholders.
Item 7A. Quantitative and Qualitative Disclosures aboutAbout Market RiskRisk.
Not applicable.
UONLIVE CORPORATION
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
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The Board of Directors and Stockholders of
Uonlive Corporation
We have audited the accompanying consolidated balance sheets of Uonlive Corporation and its subsidiaries (“the Company”) as of December 31, 20112014 and 2010,2013, the related consolidated statements of operations and comprehensive loss, cash flows and changes in stockholders’ deficit for the years ended December 31, 20112014 and 2010.2013. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 20112014 and 2010,2013, and the results of its operations and its cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the consolidated financial statements, the Company has incurred continuous losses and capital deficit, all of which raise substantial doubt about its ability to continue as a going concern. These consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ HKCMCPA Company Limited HKCMCPA Company Limited Certified Public Accountants Hong Kong, China April 30, 2015 | |
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CONSOLIDATED BALANCE SHEETS
AS OF DECEMBER 31, 20112014 AND 2010
(Currency expressed in United States Dollars (“US$”), except for number of shares)
| As of December 31, | ||||||||
| 2011 | 2010 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 21,402 | $ | 16,367 | ||||
| Accounts receivable, related party | - | 3,854 | ||||||
| Deposits and other receivables | - | 3,327 | ||||||
| Total current assets | 21,402 | 23,548 | ||||||
| Non-current assets: | ||||||||
| Plant and equipment, net | 24,356 | 33,192 | ||||||
| TOTAL ASSETS | $ | 45,758 | $ | 56,740 | ||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable and accrued liabilities | $ | 20,329 | $ | 20,337 | ||||
| Amount due to a shareholder | 3,016,673 | 2,483,028 | ||||||
| Total current liabilities | 3,037,002 | 2,503,365 | ||||||
| Long-term liabilities: | ||||||||
| Note payable to a shareholder | 167,301 | 166,998 | ||||||
| Total liabilities | 3,204,303 | 2,670,363 | ||||||
| Stockholders’ deficit: | ||||||||
| Series A, Convertible preferred stock, $0.001 par value; 10,000,000 shares authorized, 500,000 shares issued and outstanding, respectively | 500 | 500 | ||||||
| Common stock, $0.001 par value; 200,000,000 shares authorized; 1,996,355 shares issued and outstanding, respectively | 1,996 | 1,996 | ||||||
| Additional paid-in capital | 197,570 | 197,570 | ||||||
| Accumulated deficit | (3,356,717 | ) | (2,817,611 | ) | ||||
| Accumulated other comprehensive (loss) income | (1,894 | ) | 3,922 | |||||
| Total stockholders’ deficit | (3,158,545 | ) | (2,613,623 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | 45,758 | $ | 56,740 | ||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 236 | $ | 236 | ||||
TOTAL ASSETS | $ | 236 | $ | 236 | ||||
LIABILITIES AND STOCKHOLDERS’DEFICIT | ||||||||
Current liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 72,000 | $ | 73,000 | ||||
Amount due to a shareholder | 3,122,700 | 3,110,439 | ||||||
Total current liabilities | 3,194,700 | 3,183,439 | ||||||
Long-term liabilities: | ||||||||
Note payable to a shareholder | 167,554 | 167,610 | ||||||
Total liabilities | 3,362,254 | 3,351,049 | ||||||
Stockholders’ deficit: | ||||||||
Series A, Convertible preferred stock, $0.001 par value; 10,000,000 shares authorized, 500,000 shares issued and outstanding, respectively | 500 | 500 | ||||||
Common stock, $0.001 par value; 200,000,000 shares authorized; 1,996,355 shares issued and outstanding, respectively | 1,996 | 1,996 | ||||||
Additional paid-in capital | 197,570 | 197,570 | ||||||
Accumulated deficit | (3,555,454 | ) | (3,543,150 | ) | ||||
Accumulated other comprehensive loss | (6,630 | ) | (7,729 | ) | ||||
Total stockholders’ deficit | (3,362,018 | ) | (3,350,813 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’DEFICIT | $ | 236 | $ | 236 | ||||
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
FOR THE YEARS ENDED DECEMBER 31, 20112014 AND 2010
(Currency expressed in United States Dollars (“US$”), except for number of shares)
| Years ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| Revenues, net: | ||||||||
| - Related party | $ | 15,415 | $ | 15,446 | ||||
| - Non-related party | - | 2,780 | ||||||
| Total revenues, net | 15,415 | 18,226 | ||||||
Cost of revenue (exclusive of depreciation) | 41,720 | 40,819 | ||||||
| Gross loss | (26,305 | ) | (22,593 | ) | ||||
| Operating expenses: | ||||||||
| Sales and marketing | 6,147 | 7,495 | ||||||
| Consulting and professional fee | 162,697 | 179,355 | ||||||
| General and administrative | 343,957 | 615,132 | ||||||
Total operating expenses | 512,801 | 801,982 | ||||||
| LOSS BEFORE INCOME TAXES | (539,106 | ) | (824,575 | ) | ||||
| Income tax expense | - | - | ||||||
| NET LOSS | $ | (539,106 | ) | $ | (824,575 | ) | ||
| Other comprehensive income: | ||||||||
| - Foreign currency translation (loss) gain | (5,816 | ) | 7,854 | |||||
| COMPREHENSIVE LOSS | $ | (544,922 | ) | $ | (816,721 | ) | ||
| Net loss per share – Basic and diluted | $ | (0.27 | ) | $ | (0.41 | ) | ||
| Weighted average common shares outstanding – Basic and diluted | 1,996,355 | 1,996,355 | ||||||
Years ended December 31, | ||||||||
2014 | 2013 | |||||||
Revenues, net: | $ | - | $ | - | ||||
Cost of revenue | - | - | ||||||
Gross loss | - | - | ||||||
Operating expenses: | ||||||||
Consulting and professional fee | 12,000 | 10,000 | ||||||
General and administrative | 304 | 1,296 | ||||||
Total operating expenses | 12,304 | 11,296 | ||||||
LOSS BEFORE INCOME TAXES | (12,304 | ) | (11,296 | ) | ||||
Income tax expense | - | - | ||||||
NET LOSS | $ | (12,304 | ) | $ | (11,296 | ) | ||
Other comprehensive income: | ||||||||
- Foreign currency translation gain | 1,099 | 1,225 | ||||||
COMPREHENSIVE LOSS | $ | (11,205 | ) | $ | (10,071 | ) | ||
Net loss per share – Basic and diluted | $ | (0.01 | ) | $ | (0.01 | ) | ||
Weighted average common shares outstanding – Basic and diluted | 1,996,355 | 1,996,355 | ||||||
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 20112014 AND 2010
(Currency expressed in United States Dollars (“US$”))
| Years ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| Cash flow from operating activities: | ||||||||
| Net loss | $ | (539,106 | ) | $ | (824,575 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Depreciation | 14,773 | 78,427 | ||||||
| Impairment loss on plant and equipment | - | 54,028 | ||||||
| Write-off of plant and equipment | - | 62,013 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable, trade | - | 11,584 | ||||||
| Accounts receivable, related party | 3,854 | (3,861 | ) | |||||
| Deposits and other receivables | 3,326 | 13,844 | ||||||
| Accounts payable and accrued liabilities | (9 | ) | (4,676 | ) | ||||
Net cash used in operating activities | (517,162 | ) | (613,216 | ) | ||||
| Cash flows from investing activities: | ||||||||
| Purchase of plant and equipment | (5,894 | ) | (576 | ) | ||||
Net cash used in investing activities | (5,894 | ) | (576 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Advances from a shareholder | 528,054 | 576,440 | ||||||
Net cash provided by financing activities | 528,054 | 576,440 | ||||||
| Effect of exchange rate change on cash and cash equivalents | 37 | (131 | ) | |||||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | 5,035 | (37,483 | ) | |||||
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 16,367 | 53,850 | ||||||
| CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 21,402 | $ | 16,367 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
| Cash paid for income taxes | $ | - | $ | - | ||||
| Cash paid for interest | $ | - | $ | - | ||||
Years ended December 31, | ||||||||
2014 | 2013 | |||||||
Cash flow from operating activities: | ||||||||
Net loss | $ | (12,304 | ) | $ | (11,296 | ) | ||
Changes in operating assets and liabilities: | ||||||||
Accounts payable and accrued liabilities | 12,000 | 10,000 | ||||||
Net cash used in operating activities | (304 | ) | (1,296 | ) | ||||
Cash flows from financing activities: | ||||||||
Advance from a shareholder | 304 | 516 | ||||||
Net cash provided by financing activities | 304 | 516 | ||||||
Effect of exchange rate change on cash and cash equivalents | - | (1 | ) | |||||
NET CHANGE IN CASH AND CASH EQUIVALENTS | - | (781 | ) | |||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 236 | 1,017 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 236 | $ | 236 | ||||
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ||||||||
| Cash paid for income taxes | $ | - | $ | - | ||||
| Cash paid for interest | $ | - | $ | - | ||||
See accompanying notes to consolidated financial statements.
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT
FOR THE YEARS ENDED DECEMBER 31, 20112014 AND 2010
(Currency expressed in United States Dollars (“US$”), except for number of shares)
Series A, Convertible preferred stock | Common stock | Additional | Accumulated other comprehensive | Total | ||||||||||||||||||||||||||||
| No. of shares | Amount | No. of shares | Amount | paid in capital | Accumulated deficit | (loss) income | stockholders’ deficit | |||||||||||||||||||||||||
| Balance as of January 1, 2010 | 500,000 | $ | 500 | 1,996,355 | $ | 1,996 | $ | 197,570 | $ | (1,993,036 | ) | $ | (3,932 | ) | $ | (1,796,902 | ) | |||||||||||||||
| Net loss for the year | - | - | - | - | - | (824,575 | ) | - | (824,575 | ) | ||||||||||||||||||||||
| Foreign currency translation adjustment | - | - | - | - | - | - | 7,854 | 7,854 | ||||||||||||||||||||||||
| Balance as of December 31, 2010 | 500,000 | $ | 500 | 1,996,355 | $ | 1,996 | $ | 197,570 | $ | (2,817,611 | ) | $ | 3,922 | $ | (2,613,623 | ) | ||||||||||||||||
| Net loss for the year | - | - | - | - | - | (539,106 | ) | - | (539,106 | ) | ||||||||||||||||||||||
| Foreign currency translation adjustment | - | - | - | - | - | - | (5,816 | ) | (5,816 | ) | ||||||||||||||||||||||
| Balance as of December 31, 2011 | 500,000 | $ | 500 | 1,996,355 | $ | 1,996 | $ | 197,570 | $ | (3,356,717 | ) | $ | (1,894 | ) | $ | (3,158,545 | ) | |||||||||||||||
Series A, Convertible preferred stock | Common stock |
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Accumulated |
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No. of shares | Amount | No. of shares | Amount | Additional paid in capital | Accumulated deficit | other comprehensive (loss) income | Total stockholders’ deficit | |||||||||||||||||||||||||
Balance as of January 1, 2013 | 500,000 | $ | 500 | 1,996,355 | $ | 1,996 | $ | 197,570 | $ | (3,531,854 | ) | $ | (8,954 | ) | $ | (3,340,742 | ) | |||||||||||||||
Net loss for the year | - | - | - | - | - | (11,296 | ) | - | (11,296 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | - | - | 1,225 | 1,225 | ||||||||||||||||||||||||
Balance as of December 31, 2013 | 500,000 | $ | 500 | 1,996,355 | $ | 1,996 | $ | 197,570 | $ | (3,543,150 | ) | $ | (7,729 | ) | $ | (3,350,813 | ) | |||||||||||||||
Net loss for the year | - | - | - | - | - | (12,304 | ) | - | (12,304 | ) | ||||||||||||||||||||||
Foreign currency translation adjustment | - | - | - | - | - | - | 1,099 | 1,099 | ||||||||||||||||||||||||
Balance as of December 31, 2014 | 500,000 | $ | 500 | 1,996,355 | $ | 1,996 | $ | 197,570 | (3,555,454 | ) | (6,630 | ) | (3,362,018 | ) | ||||||||||||||||||
See accompanying notes to consolidated financial statements.
UONLIVE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 20112014 AND 2010
(Currency expressed in United States Dollars (“US$”), except for number of shares)
1. DESCRIPTION OF BUSINESS AND ORGANIZATION
Uonlive Corporation (“UOLI” or the “Company”) was incorporated under the laws of the State of Nevada on January 29, 1998 as Weston International Development Corporation. On July 28, 1998, theits name was changed to Txon International Development Corporation. On September 15, 2000, the Company changed to its company name to China World Trade Corporation. On July 2, 2008, the Company further changed its name to Uonlive Corporation.
UOLI, through its subsidiaries, mainly engagespreviously engaged in the provision of online multimedia and advertising service and the operation of online radio stations in Hong Kong.
Since 2013, the Company ceased its operation and became a shell company with no or nominal operations. The Company is actively considering various acquisition targets and other business opportunities. The Company hopes to acquire one or more operating businesses or consummate a business opportunity within the next twelve months.
UOLI and its subsidiaries are hereinafter collectively referred to as “the Company”.
2. GOING CONCERN UNCERTAINTIES
These consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future.
For the year ended December 31, 2011,2014, the Company has incurred a net loss of $539,106$12,304 and experienced negative operating cash flows of $517,162$304 with an accumulated deficit of $3,356,717$3,555,454 as of that date. The continuation of the Company is dependent upon the continuing financial support of shareholdersits shareholders. Management believes this funding will continue, and cost-saving strategies.is also actively seeking new investors. Management believes the existing stockholders will provide the additional cash to meet the Company’s obligations as they become due. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations.
These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result in the Company not being able to continue as a going concern.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
● Basis of presentation
These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America.
● Use of estimates
In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and revenues and expenses during the years reported. Actual results may differ from these estimates.
● Basis of consolidation
The consolidated financial statements include the accounts of UOLI and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.
●
Cash and cash equivalentsCash 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.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 20112014 AND 2010
(Currency expressed in United States Dollars (“US$"”), except for number of shares)
●
Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this 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 basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.
For the years ended December 31, 20112014 and 2010,2013, the Company did not have any interest and penalties associated with tax positions. As of December 31, 2011,2014, the Company did not have any significant unrecognized uncertain tax positions.
The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the foreign tax authority. For the year ended December 31, 2011,2014, the Company filed and cleared a 20102013 tax return with its local tax authority.
●
Net loss per shareThe Company calculates net loss per share in accordance with ASC Topic 260, “Earnings per Share.” Basic net loss per share is computed by dividing net loss by the weighted-average number of common share outstanding during the period. Diluted net loss per share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional common share that would have been outstanding if the potential common share equivalents had been issued and if the additional common shares were dilutive.
●
Comprehensive income or lossASC Topic 220, “Comprehensive Income” establishes standards for reporting and display of comprehensive income or loss, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income or loss consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income or loss is not included in the computation of income tax expense or benefit.
● 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 consolidated statement of operations.
The reporting currency of the Company is the United States Dollars ("US$") and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company’s subsidiary in Hong Kong maintainsmaintain its books and record in its local currency, Hong Kong Dollars ("HK$"), which is functional currency iscurrencies as being the primary currency of the economic environment in which their operations are conducted.
UONLIVE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013
(Currency expressed in United States Dollars (“US$”), except for number of shares)
In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance withASC Topic 830-30, “Translation of Financial Statement”Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statements of changes in stockholders’ deficit.
Translation of amounts from HK$ into US$1 has been made at the following exchange rates for the respective year:
| 2011 | 2010 | |||||||
| Year-end HK$:US$1 exchange rate | 7.7691 | 7.7832 | ||||||
| Annual average HK$:US$1 exchange rate | 7.7851 | 7.7695 | ||||||
2014 | 2013 | |||||||
Year-end HK$:US$1 exchange rate | 7.7574 | 7.7548 | ||||||
Annual average HK$:US$1 exchange rate | 7.7544 | 7.7569 | ||||||
● Segment reporting
ASC Topic 280,“Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. For the years ended December 31, 2011 and 2010, theThe Company operatedoperates in one reportable segment in Hong Kong.
●
Related partiesFor the purposes of these financial statements, parties are considered to be related if one party has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities.
●
Fair value of financial instrumentsThe carrying value of the Company’s financial instruments: cash and cash equivalents, accounts receivable, deposits and other receivables, accounts payable and accrued liabilities and amount due to a shareholder approximate at their fair values because of the short-term nature of these financial instruments.
The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” ("ASC 820-10"), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:
● | Level 1: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets; |
● | Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and; and |
● | Level 3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models. |
Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.
●
Recent accounting pronouncementsThe Company has reviewed all recently issued, but not yet effective, accounting pronouncements and doesdo 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, as follows:operations.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 20112014 AND 2010
(Currency expressed in United States Dollars (“US$”), except for number of shares)
| As of December 31, | ||||||||
| 2011 | 2010 | |||||||
| Furniture, fitting and office equipment | $ | 95,565 | $ | 95,089 | ||||
| Computer and broadcasting equipment | 86,316 | 81,750 | ||||||
| Exchange translation difference | 142 | (852 | ) | |||||
| 182,023 | 175,987 | |||||||
| Less: accumulated depreciation | (103,452 | ) | (89,410 | ) | ||||
| Less: accumulated impairment | (54,116 | ) | (54,116 | ) | ||||
| Less: exchange translation difference | (99 | ) | 731 | |||||
| Plant and equipment, net | $ | 24,356 | $ | 33,192 | ||||
4. AMOUNT DUE TO AND NOTE PAYABLE TO A SHAREHOLDER
(a) Amount due to a shareholder
As of December 31, 20112014 and 2010,2013, the balance represented temporary advances made by a major shareholder, Mr. Samuel Tsun to the Company for its working capital purposes, which were unsecured, interest free and with no fixed terms of repayment.
(b) Note payable to a shareholder
As of December 31, 2011,2014 and 2013, the note payable due to a major shareholder, Mr. Samuel Tsun, was unsecured, interest free and not repayable within the next twelve months.
5. INCOME TAXES
For the years ended December 31, 20112014 and 2010,2013, the local (“the United States of America”) and foreign components of loss before income taxes were comprised of the following:
| Years ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| Tax jurisdictions: | ||||||||
| - Local | $ | - | $ | - | ||||
| - Foreign | (539,106 | ) | (824,575 | ) | ||||
Loss before income taxes | $ | (539,106 | ) | $ | (824,575 | ) | ||
Years ended December 31, | ||||||||
2014 | 2013 | |||||||
Tax jurisdictions: | ||||||||
- Local | $ | - | $ | - | ||||
- Foreign | (12,304 | ) | (11,296 | ) | ||||
Loss before income taxes | $ | (12,304 | ) | $ | (11,296 | ) | ||
The provision for income taxes consisted of the following:
| Years ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| Current: | ||||||||
| - Local | $ | - | $ | - | ||||
| - Foreign | - | - | ||||||
| Deferred: | ||||||||
| - Local | - | - | ||||||
| - Foreign | - | - | ||||||
Provision for income taxes | $ | - | $ | - | ||||
Years ended December 31, | ||||||||
2014 | 2013 | |||||||
Current: | ||||||||
- Local | $ | - | $ | - | ||||
- Foreign | - | - | ||||||
Deferred: | ||||||||
- Local | - | - | ||||||
- Foreign | - | - | ||||||
Provision for income taxes | $ | - | $ | - | ||||
The Company generated an operating loss for the years ended December 31, 20112014 and 20102013 and did not record income tax expense. The Company has operations in various countries and is subject to tax in the jurisdictions in which they operate, as follows:
United States of America
UOLI is registered in the State of Nevada and is subject to United States of America tax law. No provision for income taxes have been made as UOLI has generated no taxable income for the years presented. The Company has not completed filings of these US tax returns. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the period presented.
UONLIVE CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013
(Currency expressed in United States Dollars (“US$”), except for number of shares)
British Virgin Island
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 Hong Kong Profits Tax at the statutory rate of 16.5% on its assessable income. As of December 31, 2011,2014, the Company incurred approximately $2,334,818$2,443,133 of cumulative operating loss carryforwards available for Hong Kong income tax purpose at no expiration.
The following table sets forth the significant components of the aggregate net deferred tax assets of the Company as of December 31, 20112014 and 2010:
| As of December 31, | ||||||||
| 2011 | 2010 | |||||||
| Deferred tax assets: | ||||||||
| Net operating loss carryforwards | $ | 385,245 | $ | 327,985 | ||||
| Less: valuation allowance | 385,245 | (327,985 | ) | |||||
Deferred tax assets, net | $ | - | $ | - | ||||
As of December 31, | ||||||||
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 403,117 | $ | 401,862 | ||||
Less: valuation allowance | (403,117 | ) | (401,862 | ) | ||||
Deferred tax assets, net | $ | - | $ | - | ||||
As of December 31, 2011,2014, the Company has provided for a full valuation allowance against the deferred tax assets of $385,245$403,117 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future. For the year ended December 31, 2011,2014, the valuation allowance is increaseddecreased by $56,260,$1,255 primarily relating to net operating loss carryforwards from the foreign tax regime.
Basic net loss per share is computed using the weighted average number of the common share outstanding during the year. The dilutive effect of potential common shares outstanding is included in diluted net loss per share. The following table sets forth the computation of basic and diluted net loss per share for the years indicated:
| Years ended December 31, | ||||||||
| 2011 | 2010 | |||||||
| Net loss attributable to common stockholders | $ | (539,106 | ) | $ | (824,575 | ) | ||
| Weighted average common shares outstanding | 1,996,355 | 1,996,355 | ||||||
| Basic and diluted net loss per share | $ | (0.27 | ) | $ | (0.41 | ) | ||
Years ended December 31, | ||||||||
2014 | 2013 | |||||||
Net loss attributable to common stockholders | $ | (12,304 | ) | $ | (11,296 | ) | ||
Weighted average common shares outstanding | 1,996,355 | 1,996,355 | ||||||
Basic and diluted net loss per share | $ | (0.01 | ) | $ | (0.01 | ) | ||
Since the Company reported a net loss for the years ended December 31, 20112014 and 2010,2013, all potential common shares have been excluded from the computation of the dilutive net loss per share for all periods presented because the effect would have been anti-dilutive.
7. RELATED PARTY TRANSACTIONS
For the years ended 31 December 31, 20112014 and 2010,2013, the Company earned sales revenue of $15,415 and $15,446 from a related company which is controlledutilized office space owned by a director of the Company, Mr. Samuel Tsun,and stockholder at the current market value in a normal course of business.
| Years ending December 31: | ||||
| 2012 | $ | 92,675 | ||
| 2013 | 23,169 | |||
| Total | $ | 115,844 | ||
8. SUBSEQUENT EVENTS
In accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after December 31, 20112014 up through the date the Company issued the audited consolidated financial statements. During the period, the Company did not have any material recognizable subsequent events.
None
Item 9A. Controls and Procedures
Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Chief Executive Officer, Tsun Sin Man Samuel (“CEO”) and Chief Financial Officer, Hui Chi Kit (“CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) or 15d-15(e) under the Exchange Act) as of the end of the period covered by this report.
Based uponon that evaluation, our management, including the Company’s CEOChief Executive Officer and CFOChief Financial Officer, concluded that the Company’sour disclosure controls and procedures, subject to limitations as noted below, as of December 31, 2014, and during the period prior to and including the date of this report, were not effective to provide reasonable assuranceensure that all information required to be disclosed by the Companyus in the reports that the Company fileswe file or submitssubmit under the Exchange Act isis: (i) recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules, regulationsCommission’s rule and forms,forms; and that such information is(ii) accumulated and communicated to the Company’sour management, including the Company’s CEOour Chief Executive Officer and CFO,Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Management’s Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting for the company in accordance with Rules 13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is designed to provide reasonable assurance regarding the (i) effectiveness and efficiency of operations, (ii) reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles, and (iii) compliance with applicable laws and regulations.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Management conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting based on the criteria set forth in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this evaluation, management has concluded that the Company’s internal control over financial reporting was effectiveineffective as of December 31, 2011.
This annual report does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management's report in this annual report.
Changes in Internal Controls
During the last quarter ended December 31, 20112014, there were no changes in our internal control over financial reporting that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Item 9B. Other Information
None.
PART III
Item 10. Directors, Executive Officers and Corporate Governance
Directors and Executive Officers
Our Bylaws provide that we shall have that number of directors determined by the majority vote of the board of directors. Currently we have four directors. Each director will serve until our next annual shareholder meeting. Directors are elected for one-year terms. Our Board of Directors elects our officers at the regular annual meeting of the Board of Directors following the annual meeting of shareholders. Vacancies may be filled by a majority vote of the remaining directors then in office. Our directors and executive officers are as follows:
Name | Age | Position |
Tsun Sin Man Samuel | 49 | Chairman, Chief Executive Officer, Director |
Hui Chi Kit | 41 | Chief Financial Officer |
Wong Kin Yu Beta | 36 | Chief Operating Officer, Director |
Carol Kwok | 38 | Director |
Zeng Yang | 33 | Director |
Backgrounds of Directors
Family Relationships
There are no familial relationships between our officers and directors.
Director Qualifications
Directors are responsible for overseeing the Company’s business consistent with their fiduciary duty to stockholders. This significant responsibility requires highly-skilled individuals with various qualities, attributes and professional experience. The board believes that there are general requirements for service on the Company’s board of directors that are applicable to all directors and that there are other skills and experience that should be represented on the board as a whole but not necessarily by each director. The board considers the qualifications of director and director candidates individually and in the broader context of the board’s overall composition and the Company’s current and future needs.
Qualifications for All Directors
In its assessment of each potential candidate, including those recommended by stockholders, the board considers the nominee’s judgment, integrity, experience, independence, understanding of the Company’s business or other related industries and such other factors the board determines are pertinent in light of the current needs of the board. The board also takes into account the ability of a director to devote the time and effort necessary to fulfill his or her responsibilities to the Company.
The board requires that each director be a recognized person of high integrity with a proven record of success in his or her field. Each director must demonstrate innovative thinking, familiarity with and respect for corporate governance requirements and practices, an appreciation of multiple cultures and a commitment to sustainability and to dealing responsibly with social issues. In addition to the qualifications required of all directors, the Board conducts interviews of potential director candidates to assess intangible qualities including the individual’s ability to ask difficult questions and, simultaneously, to work collegially. The board does not have a specific diversity policy, but considers diversity of race, ethnicity, gender, age, cultural background and professional experiences in evaluating candidates for board membership. Diversity is important because a variety of points of view contribute to a more effective decision-making process.
Qualifications, Attributes, Skills and Experience to be Represented on the Board as a Whole
The board has identified particular qualifications, attributes, skills and experience that are important to be represented on the board as a whole, in light of the Company’s current needs and its business priorities. The board believes that it should include some directors with a high level of financial literacy and some directors who possess relevant business experience as a Chief Executive OfficersOfficer or a President or like position. Marketing is the core focus of our business and Directors
Set forth below are a chart and a narrative disclosure that summarize the specific qualifications, attributes, skills and experiences described above. An “X” in the chart below indicates that the item is a specific reason that the director has been nominated to serve on the Company’s Board.The lack of an “X” for a particular qualification does not mean that the director does not possess that qualification or skill.Rather, an “X” indicates a specific area of focus or expertise of a director on which the board currently relies.
Tsun Sin Man Samuel | Hui Chi Kit | Wong Kin Yu Beta | Carol Kwok | Zeng Yang | |
High level of financial literacy | X | X | X | ||
Extensive knowledge of the Company’s business | X | X | X | X | X |
Relevant Chief Executive Officer/President or like experience | X | X | X | X | |
Governmental, political or diplomatic expertise |
Tsun Sin Man Samuel age 44, Director, Chairman & Chief Executive Officer
Mr. Tsun Sin Man Samuel, who has more than 20 year experience in the acoustic components and ultra-sonic products market, served as the Chief Executive Officer of DB Products Ltd for the period 1988 to 2008, a company specializing in the manufacturing of acoustic components. He also served as CEO of DBtronix (Far East) Ltd. Headquartered in Hong Kong, DB Products Ltd. has introduced over 4,000 models of acoustic components including Magnetic Buzzer, Piezo Element Mechanical Buzzer and speakers into the market place. He established Uonlive Limited on April 2007, which is the first online radio station in Hong Kong. Mr. Tsun contributes his personal network and business experience to the strategic planning of the company.
Hui Chi Kit age 36, Chief Financial Officer
Mr. Hui Chi Kit, is the Chief Financial Officer of Uonlive Limited since April 2007. He is also the Accounts Manager of DB Products Ltd., which he joined in 1997. Mr. Hui is experienced in accounting and specializes in the manufacturing sector. Before joining DB Products, Mr. Hui was awarded the Certificate of HKCEE from the Hong Kong Education Board when he graduated from St Paul’s College. Mr Hui’s experience in accounting field, especially under the online radio industry has led to the Board of Director to conclude his necessary to serve as the Chief Financial Officer of the Company
Wong Kin Yu Beta age 31, Chief Operating Officer, Director
Mr. Wong was appointed as Chief Operating Officer of Uonlive Ltd. He was the director of Shining Pearl (HK) Co. Ltd. and the company secretary of Hong Kong United Youth Association Ltd. for the period 2006 to 2007. Mr. Wong graduated from Jinan University and was awarded the Bachelor of Business Administration degree in 2005. Mr. Wong’s serves as Director to the Company by contributing his operational expertise and business network with effective skill.
Carol Kwok age 33, Director
Ms, Kwok has served as the Director of Administration of DODI Network Tech (Guangzhou) Limited, a company specializing in software development, starting from 2005. She graduated from the University of Aberdeen, Scotland with an M.Sc. degree in Finance & Investment Management. Ms. Kwok ‘s technology and academic background led to the Board of Director to conclude that she has the nessary requisite to serve as Director of the Board.
Zeng Yang Zeng, age 28, Director
Ms. Zeng served as the Network Engineer of DODI network Tech (Guangzhou) Ltd. from 2005. She has completed a Network Engineer professional training course at Beida Jade Bird Aptech Guangzhou High-Tech Training Centre. Ms. Zeng graduated from Wuhan Military School of Economics and Management in 2004 with a major in Economics management. Ms Zeng’s professional training as Network Engineer contributes professional eyesight and thinking to the decision making of strategic planning from the Board.
Audit Committee. The Company intends to establish an audit committee of the board of directors, which will consist of soon-to-be-nominated independent directors. The audit committee’s duties would be to recommend to the Company’s Board of Directors the engagement of independent auditors to audit the Company’s financial statements and to review the Company’s accounting and auditing principles. The audit committee would review the scope, timing and fees for the annual audit and the results of audit examinations performed by the internal auditors and independent public accountants, including their recommendations to improve the system of accounting and internal controls. The audit committee would at all times be composed exclusively of directors who are, in the opinion of the Company’s Board of Directors, free from any relationship which would interfere with the exercise of independent judgment as a committee member and who possess an understanding of financial statements and generally accepted accounting principles.
Compensation Committee. The Company intends to establish a compensation committee of the Board of Directors. The compensation committee would review and approve the Company’s salary and benefits policies, including compensation of executive officers.
Material Changes to the Procedures by which Security Holders May Recommend Nominees to the Board of Directors
There have been no material changes to the procedures by which security holders may recommend nominees to the Board of Directors.
Meeting of the Board of Directors
The board held one meeting during the fiscal year of 2014. The meetings include meetings that were held by means of a conference telephone call, but do not include actions taken by unanimous consent, which there was none.
Each director attended at least 75% of the total number of meetings of the board and those committees on which he/she served during the year.
Director Compensation
We have no standard arrangement pursuant to which our directors are compensated for their services in their capacity as directors. The Board of Directors may award special remuneration to any director undertaking any special services on behalf of our company other than services ordinarily required of a director.
Significant Employees
Other than the directors and officers described above, we do not expect any other individuals to make a significant contribution to our business.
Involvement in Legal Proceedings
None of our directors, executive officers, promoters or control persons has been involved in any of the following events during the past five years:
— | any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; |
— | any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses); |
— | being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or |
— | being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated. |
Code of Ethics
The Company has adopted a Code of Ethics that applies to the Company’s principal chief executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as well as other employees (the "Code of Ethics"), a copy of which is included as Exhibit 14.1 to our Form 10-KSB for the fiscal year ended December 31, 2005, and is incorporated herein by reference. The Code of Ethics is designed with the intent to deter wrongdoing, and to promote the following:
-- | Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships |
-- | Full, fair, accurate, timely and understandable disclosure in reports and documents that a small business issuer files with, or submits to, the Commission and in other public communications made by the small business issuer |
– | Compliance with applicable governmental laws, rules and regulations |
– | The prompt internal reporting of violations of the code to an appropriate person or persons identified in the code |
– | Accountability for adherence to the code |
Board Leadership Structure and Role in Risk Oversight
Mr. Samuel Tsun is our Chairman and Chief Executive Officer. Our entire board has overall responsibility for risk oversight including related party transactions.We have not adopted written policies and procedures specifically for related person transactions.
Limitations on Liability
Article X, Section 1 of our Bylaws providesinter alia that the Company may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed claim, action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of the Corporation) by reason of the fact that he is or was a director, officer, employee or agent of the Company , or is or was serving at the request of the Company as a director, partner, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise, against expenses (including attorneys' fees inclusive of any appeal), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such claim, action, suit or proceeding if he acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the company , and with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct unlawful.
Article II, Section 4(c) of our Bylaws further providesinter alia that a director who performs his duties in compliance with that section shall have no liability by reason by reason of being or having been a director of the Company.
Consequently, our directors and officers may not be personally liable for monetary damages regarding their duties as directors and officers.
Section 16(a) Beneficial Ownership Reporting Compliance
Under Section 16(a) of the Exchange Act, all executive officers, directors, and each person who is the beneficial owner of more than 10% of the common stock of a company that files reports pursuant to Section 12 of the Exchange Act, are required to report the ownership of such common stock, options, and stock appreciation rights (other than certain cash-only rights) and any changes in that ownership with the Commission. Specific due dates for these reports have been established, and the Company is required to report, in this Form 10-K, any failure to comply therewith during the fiscal year ended December 31, 2011.2014. The Company believes that all of these filing requirements were satisfied by its executive officers, directors and by the beneficial owners of more than 10% of the Company’s common stock. In making this statement, the Company has relied solely on copies of any reporting forms received by it, and upon any written representations received from reporting persons that no Form 5 (Annual Statement of Changes in Beneficial Ownership) was required to be filed under applicable rules of the Commission.
Item 11. Executive Compensation
Compensation Discussion and Analysis
We maintain a peer-based executive compensation program comprised of fixed and performance variable elements. The design and operation of the program reflect the following objectives:
- | Recruiting and retaining talented leadership. |
- | Implementing measurable performance targets. |
- | Correlating compensation directly with shareowner value. |
- | Emphasizing performance based compensation, progressively weighted with seniority level. |
- | Adherence to high ethical, safety and leadership standards. |
Designing a Competitive Compensation Package
Recruitment and retention of leadership to manage our Company requires a competitive compensation package. Our Board of Directors emphasizes (i) fixed compensation elements of base salary that compare with our compensation peer group of companies, and (ii) variable compensation contingent on above-target performance. The compensation peer group consists of those companies in the Guangdong region that we deem to compete with our Company for executive talent. Individual compensation will vary depending on factors such as performance, job scope, abilities, tenure, and retention risk.
Fixed Compensation
The principal element of fixed compensation not directly linked to performance targets is based salary. We target the value of fixed compensation generally at the median of our compensation peer group to facilitate a competitive recruitment and retention strategy.
Incentive Compensation
Our incentive compensation programs are linked directly to earnings growth, cash flow, and total shareowner return. Annual bonuses are tied to the current year’s performance of our company.Company. Restrictive stock awards are tied to an individual’s success in exceeding targeted results set by management.
No compensation in excess of $100,000 was awarded to, earned by, or paid to any executive officer of Uonlive Corporation during the years 2011, 20102014, 2013 and 2009,2012, except as described below. The following table and the accompanying notes provide summary information for each of the last three fiscal years concerning cash and non-cash compensation paid or accrued by our chief executive officer and other executive officers earning in excess of $100,000 for the past three years.
| Name of officer | Year | Salary | Bonus | Stock Awards | Option Awards | Non-Equity Incentive Plan Compensation | Nonquali- fied Deferred Compen- sation | All Other Compen- sation | Total |
Tsun Sin Man Samuel | 2011 | Nil | - | - | - | - | - | - | Nil |
2010 | Nil | - | - | - | - | - | - | Nil | |
2009 | Nil | Nil | |||||||
Hui Chi Kit | 2011 | 16,700 | - | - | - | - | - | - | 16,700 |
2010 | 16,500 | - | - | - | - | - | - | 16,500 | |
2009 | 16,500 | 16,500 | |||||||
Wong Kin Yu Beta | 2011 | 32,460 | - | - | - | - | - | - | 32,460 |
2010 | 23,000 | - | - | - | - | - | - | 23,000 | |
2009 | 24,500 | - | - | - | - | - | - | 24,500 |
Name of officer | Year | Salary | Bonus | Stock Awards | Option Awards | Non-Equity Incentive Plan Compensation | Nonquali- fied Deferred Compen- sation | All Other Compen- sation | Total |
Tsun Sin Man Samuel | 2014 | Nil | Nil | ||||||
2013 | Nil | - | - | - | - | - | - | Nil | |
2012 | Nil | - | - | - | - | - | - | Nil | |
Hui Chi Kit | 2014 | Nil | Nil | ||||||
2013 | Nil | - | - | - | - | - | - | Nil | |
2012 | Nil | - | - | - | - | - | - | Nil | |
Wong Kin Yu Beta | 2014 | Nil | Nil | ||||||
2013 | Nil | - | - | - | - | - | - | Nil | |
2012 | Nil | - | - | - | - | - | - | Nil | |
Option Grants in Last Fiscal Year
There were no options granted to any of the named executive officers during the year ended December 31, 2011.
During the year ended December 31, 2011,2014, none of the named executive officers exercised any stock options.
Pension, Retirement or Similar Benefit Plans
There are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. We have no material bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers, except that stock options may be granted at the discretion of the Board of Directors or a committee thereof.
Compensation Discussion and Analysis
We will strive to provide our named executive officers (as defined in Item 402 of Regulation S-K) with a competitive base salary that is in line with their roles and responsibilities when compared to peer companies of comparable size in similar locations. However, given that we have now ceased operations and have no revenue, we have decided not to award any compensation to our executive officers for the time being.
Once we are able to merge with an operating company, we plan to implement a more comprehensive compensation program, which not only provides a base salary comparable to peer companies but also takes into account other elements of compensation, including, without limitation, short and long term compensation, cash and non-cash, and other equity-based compensation such as stock options. We expect that this compensation program will be comparable to the programs of our peer companies and aimed to retain and attract talented individuals.
Employment Agreements
The Company established standard employment agreements with its employee whereby each party may terminate its service to the other party with one month notice.
Equity Compensation Plan
The Company currently does not have any equity compensation plans; however the Company is currently deliberating on implementing an equity compensation plan.
Directors’ and Officers’ Liability Insurance
The Company currently does not have insurance insuring directors and officers against liability; however, the Company is in the process of investigating the availability of such insurance.
Compensation Committee
We currently do not have a compensation committee of the Board of Directors. The Board of Directors as a whole determines executive compensation.
Compensation of Directors
The Company has not paid its other directors any separate compensation in respect of their services on the board. However, in the future, the Company intends to implement a market-based director compensation program.
As of December 31, 20112014, we had no pension plans or compensatory plans or other arrangements which provide compensation on the event of termination of employment or change in control of us.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
The following table sets forth as of March 27, 2012,April 29, 2015, the number of shares of the Company’s Common Stockcommon stock owned of record or beneficially by each person known to be the beneficial owner of 5% or more of the issued and outstanding shares of the Company’s voting stock, and by each of the Company’s directors and executive officers and by all its directors and executive officers as a group. Each person has sole voting and investment power over the shares indicated, except as noted.
Except as otherwise specified below, the address of each beneficial owner listed below is 5/F, Guangdong Finance Building, 88 Connaught Road West, Hong Kong, People’s Republic of China.
| Title of Class | Name | Number of Shares Owned (1) | Percent of Voting Power (2) | ||||||
| Other Principal Stockholders (5%) | |||||||||
Common | William Tsang | 217,880 | 10.9 | % | |||||
Common | Continental Worldwide Holdings Limited | 100,000 | (5) | 5.0 | % | ||||
Directors and Executive Officers | |||||||||
Common | Tsun Sin Man Samuel, Chairman, CEO and Director | 700,000 | (3) | 35 | % | ||||
Common | Wong Kin Yu Beta, COO and Director | 0 | 0 | % | |||||
Common | Hui Chi Kit, CFO | 0 | 0 | % | |||||
Common | Carol Kwok, Director | 0 | 0 | % | |||||
Common | Yang Zeng, Director | 700,000 | (4) | 35 | % | ||||
Common | All Officers and Directors as a Group (5 persons) | 1,400,000 | 70.1 | % | |||||
Title of Class | Name |
| Number of Shares Owned (1) |
|
| Percent of Voting Power (2) |
| ||
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Other Principal Stockholders (5%) |
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Common | William Tsang |
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| 217,880 |
|
|
| 10.9 | % |
Common | Continental Worldwide Holdings Limited |
|
| 100,000 | (5) |
|
| 5.0 | % |
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|
Directors and Executive Officers |
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Common | Tsun Sin Man Samuel, Chairman, CEO and Director |
|
| 700,000 | (3) |
|
| 35 | % |
Common | Wong Kin Yu Beta, COO and Director |
|
| 0 |
|
|
| 0 | % |
Common | Hui Chi Kit, CFO |
|
| 0 |
|
|
| 0 | % |
Common | Carol Kwok, Director |
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| 0 |
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|
| 0 | % |
Common | Yang Zeng, Director |
|
| 700,000 | (4) |
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| 35 | % |
|
|
|
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|
|
|
|
|
|
Common | All Officers and Directors as a Group (5 persons) |
|
| 1,400,000 |
|
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| 70 | % |
(1) (2) (3) | Except as otherwise indicated, the shares are owned of record and beneficially by the persons named in the table. Based on 1,996,355 shares of common stock issued and outstanding. Mr. Tsun is the indirect beneficial owner of the 700,000 shares of common stock of the Company through Dragon Ace Global Limited, of which Mr. Tsun is the beneficial owner of 80% of its share capital. |
(4) | Ms. Yang is the indirect beneficial owner of the 700,000 shares of common stock of the Company through Stanford Global Capital Limited, of which Ms. Yang is the beneficial owner of 100% of its share capital. |
(5) | Ms. Kwok Sim Ching is the indirect beneficial owner of the 100,000 shares of common stock of the Company through Continental Worldwide Holdings Limited of which Ms. Kwok is the beneficial owner of 100% of its share capital. |
Item 13. Certain Relationships and Related Transactions, and Director Independence
During the year ended December 31, 2014, the Company utilized office space owned by a director and stockholder at no charge. Such costs are immaterial to the financial statements and accordingly are not reflected herein.
Director Independence
Our securities are quoted on the OTCQBOTC Pink tier of the OTC Markets Group inter-dealer quotation and trading system, which does not have any director independence requirements. Once we engage further directors and officers, we will develop a definition of independence and examine the composition of our Board of Directors with regard to this definition.
Fees Billed For Audit and Non-Audit Services
The following table represents the aggregate fees billed for professional audit services rendered by the accounting firm of HKCMCPA Company Limited, our current independent auditor, and all fees billed for other services rendered by the said firms during those years.
| Year Ended December 31 | 2011 | 2010 | ||||||
Audit Fees (1) | 46,000 | 46,000 | ||||||
Audit-Related Fees (2) | - | - | ||||||
Tax Fees (3) | - | - | ||||||
All Other Fees (4) | - | - | ||||||
Total Accounting Fees and Services | 46,000 | 46,000 | ||||||
Year Ended December 31, |
| 2014 | 2013 |
| ||||
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| ||
Audit Fees (1) |
|
| $12,000 |
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| $12,000 |
| |
Audit-Related Fees (2) |
|
| - |
|
| - |
| |
Tax Fees (3) |
|
| - |
|
|
| - |
|
All Other Fees (4) |
|
| - |
|
| - |
| |
Total Accounting Fees and Services |
|
| $12,000 |
|
| $12,000 |
| |
(1) | Audit Fee. These are fees for professional services for the audit of the Company's annual financial statements, and for the review of the financial statements included in the Company's filings on Form 10-Q, and for services that are normally provided in connection with statutory and regulatory filings or engagements. | |
(2) | Audit-Related Fee. These are fees for the assurance and related services reasonably related to the performance of the audit or the review of the Company's financial statements. | |
(3) | Tax Fees. These are fees for professional services with respect to tax compliance, tax advice, and tax planning. | |
(4) | All Other Fees. These are fees for permissible work that does not fall within any of the other fee categories, i.e., Audit Fees, Audit-Related Fees, or Tax Fees. |
PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a) (1) Financial Statements
See “Table of Contents to Consolidated Financial Statements” set forth on page 15.
(a) (2) Financial Statement Schedules
None. The financial statement schedules are omitted because they are inapplicable or the requested information is shown in our financial statements or related notes thereto.
(a) (3) Exhibits
Exhibit Number | Exhibit Description |
2.1 | Share Exchange Agreement by and among CWTD, Tsang, Uonlive, Tsun, Hui and Parure Capital, dated March 28, 2008 (1) |
2.2 | Sale and Purchase Agreement among CWTD, Top Speed Technologies Ltd and Tsang, dated March 28, 2008 |
3.1 | Articles of Incorporation of the |
3.2 3.3 | By-laws of the Company Certificate of Designation for Series A Convertible Preferred Stock filed with the State of Nevada on March 26, 2008 (5) |
14.1 | Code of Ethics |
21.1 | List of Subsidiaries |
Parure Capital Limited, a corporation organized and existing under the laws of the British Virgin Islands | |
Uonlive Limited, a corporation organized and existing under the laws of Hong Kong SAR of the People’s Republic of China | |
31.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
31.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 |
32 | |
Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |
101.INS** | XBRL Instance |
101.SCH** | XBRL Taxonomy Extension Schema |
101.CAL** | XBRL Taxonomy Extension Calculation |
101.DEF** | XBRL Taxonomy Extension Definition |
101.LAB** | XBRL Taxonomy Extension Labels |
101.PRE** | XBRL Taxonomy Extension Presentation |
(1) (2) | Incorporated herein by reference to Incorporated herein by reference to Exhibit 2.2 to the Company’s Current Report on Form 8-K filed with the Commission on April 4, 2008. |
(3) (4) | Incorporated herein by reference to Exhibit 3.6 to the Company’s Current Report on Form 8-K filed with the Commission on September 8, 2014. Incorporated by reference from Exhibit 3.1 to CWTD’s Registration Statement on Form 10-SB filed with the Commission on May 18, 1999. |
Incorporated herein by reference | |
(5) (6) | Incorporated herein by reference to Exhibit 3.3 to the Company’s Current Report on Form 8-K filed with the Commission on September 8, 2014. Incorporated herein by reference to Exhibit 14.1 to our Annual Report on Form 10-KSB for the fiscal year ended December 31, 2005. |
(7) | Filed herewith. |
** XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
In accordance with the Section 13 or 15(d) of the Exchange Act, the registrant has caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
UONLIVE CORPORATION | |||
Date: | By: | /s/ Tsun Sin Man Samuel | |
Tsun Sin Man Samuel | |||
Chief Executive Officer | |||
Pursuant to the requirements of the Exchange Act, this report has been signed by the following persons on behalf of the Registrant and in the capacities and on the date indicated.
Signature | Title | Date | |
/s/ Tsun Sin Man Samuel | Chairman, Chief Executive Officer and Director | April 30, 2015 | |
Tsun Sin Man Samuel | |||
/s/ Hui Chi Kit | Chief Financial Officer | April 30, 2015 | |
Hui Chi Kit | |||
/s/ Carol Kwok | Director | April 30, 2015 | |
Carol Kwok | |||
/s/ Zeng Yang | Director | April 30, 2015 | |
Zeng Yang | |||