Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Apr. 29, 2015 | Oct. 08, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | UONLIVE CORP | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 1,996,355 | ||
Entity Public Float | $110,326 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1081834 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||
Cash and cash equivalents | $236 | $236 |
TOTAL ASSETS | 236 | 236 |
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 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Series A Convertible preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Series A, Convertible preferred stock shares authorized | 10,000,000 | 10,000,000 |
Series A, Convertible preferred stock shares issued | 500,000 | 500,000 |
Series A, Convertible preferred stock shares outstanding | 500,000 | 500,000 |
Common stock shares par value (in Dollars per share) | $0.00 | $0.00 |
Common stock shares authorized | 200,000,000 | 200,000,000 |
Common stock shares issued | 1,996,355 | 1,996,355 |
Common stock shares outstanding | 1,996,355 | 1,996,355 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues, net: | $0 | $0 |
Cost of revenue | 0 | 0 |
Gross loss | 0 | 0 |
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 | 0 | 0 |
NET LOSS | -12,304 | -11,296 |
- Foreign currency translation gain | 1,099 | 1,225 |
COMPREHENSIVE LOSS | ($11,205) | ($10,071) |
Net loss per share – Basic and diluted (in Dollars per share) | ($0.01) | ($0.01) |
Weighted average common shares outstanding – Basic and diluted (in Shares) | 1,996,355 | 1,996,355 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 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 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Stockholders' Deficit (USD $) | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Series A Preferred Stock [Member] | ||||||
Balance as of January 1, 2013 at Dec. 31, 2012 | $500 | $1,996 | $197,570 | ($3,531,854) | ($8,954) | ($3,340,742) |
Balance as of January 1, 2013 (in Shares) at Dec. 31, 2012 | 500,000 | 1,996,355 | ||||
Net loss for the year | -11,296 | -11,296 | ||||
Foreign currency translation adjustment | 1,225 | 1,225 | ||||
Balance at Dec. 31, 2013 | 500 | 1,996 | 197,570 | -3,543,150 | -7,729 | -3,350,813 |
Balance (in Shares) at Dec. 31, 2013 | 500,000 | 1,996,355 | ||||
Net loss for the year | -12,304 | -12,304 | ||||
Foreign currency translation adjustment | 1,099 | 1,099 | ||||
Balance at Dec. 31, 2014 | $500 | $1,996 | $197,570 | ($3,555,454) | ($6,630) | ($3,362,018) |
Balance (in Shares) at Dec. 31, 2014 | 500,000 | 1,996,355 |
Note_1_Description_of_Business
Note 1 - Description of Business and Organization | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 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, its name was changed to Txon International Development Corporation. On September 15, 2000, the Company changed its name to China World Trade Corporation. On July 2, 2008, the Company further changed its name to Uonlive Corporation. | |
UOLI, through its subsidiaries, previously 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”. |
Note_2_Going_Concern_Uncertain
Note 2 - Going Concern Uncertainties | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Substantial Doubt about Going Concern [Text Block] | 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, 2014, the Company has incurred a net loss of $12,304 and experienced negative operating cash flows of $304 with an accumulated deficit of $3,555,454 as of that date. The continuation of the Company is dependent upon the continuing financial support of its shareholders. Management believes this funding will continue, and 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. |
Note_3_Summary_of_Significant_
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Significant Accounting Policies [Text Block] | 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 equivalents | |||||||||
Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. | |||||||||
● Income taxes | |||||||||
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, 2014 and 2013, the Company did not have any interest and penalties associated with tax positions. As of December 31, 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, 2014, the Company filed and cleared a 2013 tax return with its local tax authority. | |||||||||
● Net loss per share | |||||||||
The 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 loss | |||||||||
ASC 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$. In addition, the Company’s subsidiary in Hong Kong maintain its books and record in its local currency, Hong Kong Dollars ("HK$"), which is functional currencies as being the primary currency of the economic environment in which their operations are conducted. | |||||||||
In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statements of changes in stockholders’ deficit. | |||||||||
Translation of amounts from HK$ into US$1 has been made at the following exchange rates for the respective year: | |||||||||
2014 | 2013 | ||||||||
Year-end HK$: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. The Company operates in one reportable segment in Hong Kong. | |||||||||
● Related parties | |||||||||
For 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 instruments | |||||||||
The 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 pronouncements | |||||||||
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do 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. |
Note_4_Amount_Due_to_and_Note_
Note 4 - Amount Due to and Note Payable to a Shareholder | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 4. AMOUNT DUE TO AND NOTE PAYABLE TO A SHAREHOLDER |
(a) Amount due to a shareholder | |
As of December 31, 2014 and 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, 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. |
Note_5_Income_Taxes
Note 5 - Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | 5. INCOME TAXES | ||||||||
For the years ended December 31, 2014 and 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, | |||||||||
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, | |||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
- Local | $ | - | $ | - | |||||
- Foreign | - | - | |||||||
Deferred: | |||||||||
- Local | - | - | |||||||
- Foreign | - | - | |||||||
Provision for income taxes | $ | - | $ | - | |||||
The Company generated an operating loss for the years ended December 31, 2014 and 2013 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. | |||||||||
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, 2014, the Company incurred approximately $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, 2014 and 2013: | |||||||||
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, 2014, the Company has provided for a full valuation allowance against the deferred tax assets of $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, 2014, the valuation allowance is decreased by $1,255 primarily relating to net operating loss carryforwards from the foreign tax regime. |
Note_6_Net_Loss_Per_Share
Note 6 - Net Loss Per Share | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | 6. NET LOSS PER SHARE | ||||||||
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, | |||||||||
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, 2014 and 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. |
Note_7_Related_Party_Transacti
Note 7 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 7. RELATED PARTY TRANSACTIONS |
For the years ended 31 December 2014 and 2013, 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. |
Note_8_Subsequent_Events
Note 8 - Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 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, 2014 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. |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Accounting Policies [Abstract] | |||||||||
Basis of Accounting, Policy [Policy Text Block] | 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, Policy [Policy Text Block] | 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. | |||||||||
Consolidation, Policy [Policy Text Block] | 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 Equivalents, Policy [Policy Text Block] | Cash and cash equivalents | ||||||||
Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. | |||||||||
Income Tax, Policy [Policy Text Block] | Income taxes | ||||||||
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, 2014 and 2013, the Company did not have any interest and penalties associated with tax positions. As of December 31, 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, 2014, the Company filed and cleared a 2013 tax return with its local tax authority. | |||||||||
Earnings Per Share, Policy [Policy Text Block] | Net loss per share | ||||||||
The 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, Policy [Policy Text Block] | Comprehensive income or loss | ||||||||
ASC 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 Currency Transactions and Translations Policy [Policy Text Block] | 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 maintain its books and record in its local currency, Hong Kong Dollars ("HK$"), which is functional currencies as being the primary currency of the economic environment in which their operations are conducted. | |||||||||
In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statements of changes in stockholders’ deficit. | |||||||||
Translation of amounts from HK$ into US$1 has been made at the following exchange rates for the respective year: | |||||||||
2014 | 2013 | ||||||||
Year-end HK$:US$1 exchange rate | 7.7574 | 7.7548 | |||||||
Annual average HK$:US$1 exchange rate | 7.7544 | 7.7569 | |||||||
Segment Reporting, Policy [Policy Text Block] | 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. The Company operates in one reportable segment in Hong Kong. | |||||||||
Related Party, Policy [Policy Text Block] | Related parties | ||||||||
For 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 Measurement, Policy [Policy Text Block] | Fair value of financial instruments | ||||||||
The 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. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements | ||||||||
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do 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. |
Note_3_Summary_of_Significant_1
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of Intercompany Foreign Currency Balances [Table Text Block] | 2014 | 2013 | |||||||
Year-end HK$:US$1 exchange rate | 7.7574 | 7.7548 | |||||||
Annual average HK$:US$1 exchange rate | 7.7544 | 7.7569 |
Note_5_Income_Taxes_Tables
Note 5 - Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Years ended December 31, | ||||||||
2014 | 2013 | ||||||||
Tax jurisdictions: | |||||||||
- Local | $ | - | $ | - | |||||
- Foreign | (12,304 | ) | (11,296 | ) | |||||
Loss before income taxes | $ | (12,304 | ) | $ | (11,296 | ) | |||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, | ||||||||
2014 | 2013 | ||||||||
Current: | |||||||||
- Local | $ | - | $ | - | |||||
- Foreign | - | - | |||||||
Deferred: | |||||||||
- Local | - | - | |||||||
- Foreign | - | - | |||||||
Provision for income taxes | $ | - | $ | - | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 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 | $ | - | $ | - |
Note_6_Net_Loss_Per_Share_Tabl
Note 6 - Net Loss Per Share (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 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 | ) |
Note_2_Going_Concern_Uncertain1
Note 2 - Going Concern Uncertainties (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Net Income (Loss) Attributable to Parent | ($12,304) | ($11,296) |
Net Cash Provided by (Used in) Operating Activities | -304 | |
Retained Earnings (Accumulated Deficit) | ($3,555,454) | ($3,543,150) |
Note_3_Summary_of_Significant_2
Note 3 - Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $0 | $0 |
Unrecognized Tax Benefits | $0 | |
Number of Reportable Segments | 1 |
Note_3_Summary_of_Significant_3
Note 3 - Summary of Significant Accounting Policies (Details) - Foreign Currency Translations (Exchange Rate, Hong Kong Dollar to U.S. Dollar [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
Year End [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
HK$:US$1 Exchange Rate | 7.7574 | 7.7548 |
Annual Average [Member] | ||
Intercompany Foreign Currency Balance [Line Items] | ||
HK$:US$1 Exchange Rate | 7.7544 | 7.7569 |
Note_5_Income_Taxes_Details
Note 5 - Income Taxes (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 5 - Income Taxes (Details) [Line Items] | ||
Income Tax Expense (Benefit) | $0 | $0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 0 | |
Deferred Tax Assets, Valuation Allowance | 403,117 | 401,862 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | -1,255 | |
Foreign Tax Authority [Member] | Inland Revenue, Hong Kong [Member] | ||
Note 5 - Income Taxes (Details) [Line Items] | ||
Effective Income Tax Rate Reconciliation, Percent | 16.50% | |
Operating Loss Carryforwards | $2,443,133 |
Note_5_Income_Taxes_Details_Lo
Note 5 - Income Taxes (Details) - Local and Foreign Components of Income (Loss) Before Taxes (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Local and Foreign Components of Income (Loss) Before Taxes [Abstract] | ||
- Local | $0 | $0 |
- Foreign | -12,304 | -11,296 |
Loss before income taxes | ($12,304) | ($11,296) |
Note_5_Income_Taxes_Details_Pr
Note 5 - Income Taxes (Details) - Provision for Income Taxes (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Provision for Income Taxes [Abstract] | ||
- Local | $0 | $0 |
- Foreign | 0 | 0 |
- Local | 0 | 0 |
- Foreign | 0 | 0 |
Provision for income taxes | $0 | $0 |
Note_5_Income_Taxes_Details_De
Note 5 - Income Taxes (Details) - Deferred Tax Assets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred Tax Assets [Abstract] | ||
Net operating loss carryforwards | $403,117 | $401,862 |
Less: valuation allowance | -403,117 | -401,862 |
Deferred tax assets, net | $0 | $0 |
Note_6_Net_Loss_Per_Share_Deta
Note 6 - Net Loss Per Share (Details) - Basic and Diluted Net Loss Per Share (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Basic and Diluted Net Loss Per Share [Abstract] | ||
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) |