Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May 10, 2016 | |
Document And Entity Information | ||
Entity Registrant Name | ColorStars Group | |
Entity Central Index Key | 1,418,780 | |
Document Type | 10-Q/A | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | true | |
Amendment Description | We are filing this Amendment No. 1 on Form 10-Q/A (Amendment No. 1) to our Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC) on May 23, 2016 (the Original Form 10-Q). We are filing this Amendment No. 1 to make certain changes to the financial statements and footnotes contained in Item 1; Financial Statements of the Original Form 10-Q as follows: (i) correct an error in the consolidated balance sheet relating to an unrecognized shareholder loan in the amount of $20,000 to be characterized as a current liability; (ii) make certain adjustments for the recoverability of accounts receivable; (iii) make certain adjustments to the value of the Companys inventory; (iv) make a trace-back adjustment to the loss in equity investment in its local supplier; and (v) various other corrections and changes to grammar and syntax. These changes have also resulted in changes to Item 2: Managements Discussion and Analysis of Financial Condition and Results of Operations of the Original Form 10-Q. This Amendment No. 1 does not reflect events occurring after the filing of the Original Form 10-Q and no attempt has been made is this Amendment No. 1 to modify or update other disclosures as presented in the Original Form 10-Q. Accordingly, this Amendment No. 1 should be read in conjunction with the Original Form 10-Q and our filings with the SEC subsequent to the filing of the Original Form 10-Q. | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 67,448,890 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,016 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and equivalents | $ 33,547 | $ 24,129 |
Accounts receivable, net of allowance for doubtful accounts of $166,766 at March 31, 2016 and $228,134 at December 31, 2015 | 3,240 | 21,856 |
Prepaid expenses and other current assets | 33,225 | 37,349 |
Total current assets | 70,012 | 83,334 |
Equipment, net of accumulated depreciation | 57,109 | 62,864 |
Other assets | 13,297 | 15,005 |
Total assets | 140,418 | 161,203 |
Current liabilities: | ||
Short term loan | 525,891 | 517,600 |
Accounts payable Net of due from related party of $917 at March 31, 2016 | 44,652 | 152,142 |
Advance from shareholder | 50,000 | 20,000 |
Accrued expenses | 13,154 | 12,997 |
Other current liabilities | 50,662 | 9,060 |
Total current liabilities | 684,359 | 711,799 |
Commitments and contingencies | ||
Stockholders' equity | ||
Common Stock -Par Value $0.001 67,448,890 shares issued and outstanding, 450,000,000 shares are authorized at March 31, 2016 and December 31, 2015 | 67,449 | 67,449 |
Additional paid in capital | 3,112,230 | 3,112,230 |
Accumulated other comprehensive income | 180,412 | 171,537 |
Accumulated deficit | (3,904,032) | (3,901,812) |
Total stockholders' equity | (543,941) | (550,596) |
Total liabilities and stockholders' equity | $ 140,418 | $ 161,203 |
Consolidated Balance Sheets (U3
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $ 166,766 | $ 228,134 |
Due from affiliate | $ 917 | |
Common stock, par value per share | $ 0.001 | $ 0.001 |
Common stock, shares issued | 67,448,890 | 67,448,890 |
Common stock, shares outstanding | 67,448,890 | 67,448,890 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Net sales | $ 122,009 | $ 192,945 |
Cost of goods sold | 82,051 | 134,377 |
Gross profit | 39,958 | 58,568 |
Operating expenses | ||
Selling, general and administrative | 72,815 | 106,503 |
Rent | 10,842 | 19,973 |
Depreciation & Amortization | 8,481 | 8,990 |
Total operating expenses | 92,138 | 135,466 |
Loss from operations | (52,180) | (76,898) |
Other income (expenses) | ||
Interest expense (net) | (2,272) | (3,229) |
Loss on foreign exchange, net | (11,072) | (12,260) |
Gain on reversal of bad debts | 63,304 | 2,550 |
Other, net | 528 | |
Loss before income tax | (2,220) | (89,309) |
Income tax provision | 8,343 | |
Net loss | (2,220) | (80,966) |
Other comprehensive loss: | ||
Foreign currency translation gain | 8,874 | 17,967 |
Comprehensive loss | $ 6,654 | $ (62,999) |
Earnings per share attributable to common stockholders: | ||
Basic and diluted per share | $ 0 | $ 0 |
Weighted average shares outstanding: | ||
Basic and diluted | 67,448,890 | 67,448,890 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net (loss) | $ (2,220) | $ (80,966) |
Depreciation and amortization | 8,481 | 8,990 |
Gain on reversal of bad debts | (63,304) | (2,550) |
Changes in operating assets and liabilities: | ||
Accounts receivable | 81,920 | 204,327 |
Inventories | (69,363) | |
Prepaid expenses and other current assets | 3,935 | (6,088) |
Accounts payable | (107,490) | (63,217) |
Accrued expenses | 157 | (2,009) |
Receipts in advance and other current liabilities | 41,602 | 65,508 |
Cash flows provided by (used for) operating activities | (36,919) | 54,632 |
Cash flows from investing activities | ||
Addition to fixed assets | ||
Cash flows used for investing activities | ||
Cash flows from financing activities | ||
Advance from shareholder | 30,000 | |
Cash flows provided by financing activities | 30,000 | |
Effect of exchange rate changes on cash and cash equivalents | 16,337 | 13,964 |
Net increase (decrease) in cash and cash equivalents | 9,418 | 68,596 |
Beginning cash and cash equivalents | 24,129 | 75,397 |
Ending cash and cash equivalents | 33,547 | 143,993 |
Supplemental disclosure of cash flow information | ||
Interest | 2,272 | 3,231 |
Tax paid |
Nature of Business And Basis of
Nature of Business And Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business and Basis of Presentation | Note 1 – Nature of Business and Basis of Presentation Nature of Business Color Stars Inc. (“Color Stars TW”, “the Subsidiary”) was incorporated as a limited liability company in Taiwan, Republic of China in April 2003 and commenced its operations in May 2003. The Company through its wholly owned Subsidiary is mainly engaged in manufacturing, designing and selling light-emitting diode and lighting equipment. Basis of Presentation - In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair statement of the financial position, results of operations and cash flows for the three months ended March 31, 2016 and 2015 have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for any subsequent interim period or for the year ending December 31, 2016. The balance sheet at December 31, 2015 included herein was derived from the consolidated financial statements included in the Company’s Annual Report on Form 10-K as of that date. Accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the Securities and Exchange Commission (“SEC”) on April 14, 2016. Basis of Consolidation |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2 - Going Concern The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company has negative working capital of $614,347 and an accumulated deficit of $3,904,032 as of March 31, 2016, and it reported net losses for past two years. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. The Company need to raise additional capital from external sources or from shareholder loans to support it operation. There is no assurance that the Company will be able to obtain fund with acceptable terms. |
Concentration of Risk
Concentration of Risk | 3 Months Ended |
Mar. 31, 2016 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Note 3 - Concentration of Risk For the three months ended March 31, 2016, products sold to largest customers accounted for approximately 64% of total revenue. Products purchased from two suppliers accounted for approximately 28% and 12% of the total purchases during the three months ended March 31, 2016. For the three months ended March 31, 2015, products sold to largest customers accounted for approximately 44% of total revenue. Products purchased from largest suppliers accounted for approximately 74% of the total purchases during the three months ended March 31, 2015. |
Long Term Investments
Long Term Investments | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Investments [Abstract] | |
Long Term Investments | Note 4 - Long Term Investments March 31, 2016 December 31, 2015 Cost-method investment – Anteya Technology Corp Carrying value of investment at the beginning $ - $ 137,767 Exchange difference - (24,590 ) Loss on impairment of investments (113,177 ) Carrying value at the end - - Net value $ - $ - The Company adopted the provisions of ASC 820, which require us to determine the fair value of financial assets and liabilities using a specified fair-value hierarchy. The objective of the fair-value measurement of our financial instruments is to reflect the hypothetical amounts at which we could sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (exit price). ASC 820 describes three levels of inputs that may be used to measure fair value, as follows: Level 1 value is based on observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 value is based on inputs other than quoted market prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3 values are driven by models with one or more significant inputs or significant value drivers that are unobservable. Anteya Technology Corp (Anteya) is a private company incorporated in Taiwan. The equity interest held by the Company is 13.68% on March 31, 2016. The unaudited financial information of Anteya Technology Corp. as of March 31, 2016 and December 31, 2015 and for the three months ended March 31, 2016 and 2015 (in US dollars) are as follows: Anteya Technology was given cessation of operations from April 28, 2017. As a result, the investment was deducted by full impairment on December 31, 2015. Fin-Core (holding roughly 57,000 shares) had no actual operating behavior and had deducted by full impairment. March 31, 2016 December 31, 2015 Balance sheet Current assets $ 4,444,766 $ 3,849,571 Non-current assets 870,520 723,833 Total assets 5,315,286 4,573,404 Current liabilities 2,258,306 1,361,178 Non-current liabilities 1,518,583 1,590,979 Stockholders’ equity 1,538,397 1,621,247 Total stockholders’ equity and liabilities $ 5,315,286 $ 4,573,404 Three months ended March 31, 2016 2015 Statement of operation Net sale $ 885,774 $ 416,265 Cost of goods sold (688,524 ) (381,758 ) Gross profit 197,250 34,507 Operating and non-operating expenses (350,410 ) (261,906 ) Net profit (loss) $ (153,160 ) $ (227,399 ) |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventory | Note 5- Inventory Inventories stated at the lower of cost or market value are as follows: March 31, 2016 December 31, 2015 Finished goods $ 746,566 $ 742,003 Allowance for Inventory Valuation and Obsolescence Losses (746,566 ) (742,003 ) Total $ - $ - The Company decided to shift in operational focus and that it was determined remaining inventory had little-to-no value, thus fully impaired at December 31, 2015. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 - Income Taxes The Company is subject to U.S. federal income tax as well as income tax in states and foreign jurisdictions(Taiwan). For the major taxing jurisdictions, the tax years 2013 through 2015 remain open for state and federal examination. The Company believes assessments, if any, would be immaterial to its consolidated financial statements. With respect to the foreign jurisdiction, the Company is no longer subject to income tax audits for the year 2015 (inclusive). The income tax provision information is provided as follows: Three months ended March 31, 2016 2015 Component of income (loss) before income taxes: United States $ (14,049 ) $ (25,612 ) Foreign 11,829 (63,697 ) Net loss $ (2,220 ) $ (89,309 ) Provision for income taxes Current U.S. federal - - State and local - - Foreign - 8,343 Income tax benefit(loss) - $ 8,343 |
Bank Short Term Debt
Bank Short Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Bank Short Term Debt | Note 7 - Bank Short Term Debt The Company signed revolving credit agreements with a lending institution. The interest rate on short-term borrowings outstanding as of March 31, 2016 is 1.80% per annum, as of December 31, 2015, interest rate is 1.94% per annum. The short term debt is secured by: 1. personal guarantee from directors 2. the realty property of spouse of directors |
Geographic Information
Geographic Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Geographic Information | Note 8 - Geographic Information Product revenues for the three months ended March 31, 2016 and 2015 are as follows: Three months ended March 31, 2016 2015 Customers based in: Europe $ 40,708 $ 82,697 Asia 1,921 6,078 United States 78,648 104,170 Others 732 - $ 122,009 $ 192,945 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 9 - Related Party Transactions The Company has recorded expenses for the following related party transactions for three months ended March 31, 2016 and 2015: Three months ended March 31, 2016 2015 Purchase from Anteya Technology Corp $ 22,672 $ 33,402 Rent paid to Mr. Wei-Rur Chen 10,842 11,446 As of the balance sheet date indicated, the Company had the following receivable and liabilities recorded with respect to related party transactions: March 31, 2016 December 31, 2015 Anteya Technology Corp Due to affiliate (liabilities) $ (917 ) $ 712 Mr. Wei-Rur Chen Payable to Shareholder $ (50,000 ) $ (20,000 ) The Company leases office space from Mr. Wei-Rur Chen which the term for the agreement is from November 2015 to November 2020 with amount rent of $45,000. Rent payments were $10,842 and $11,446 for the three months ended March 31, 2016 and 2015 respectively. The Company conducted business with a related party company Anteya Technology Corp. The Company owns 13.68% of the outstanding common stock of Anteya Technology Corp as of March 31, 2016. All transactions were at market-based prices. Mr. Wei-Rur Chen made various advances to the Company. The balance of advance was $50,000 as of March 31, 2016. The advances are non-interest bearing and due on demand. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | Note 10 - Commitments The company leases offices in Taiwan under operating leases. Minimum future rental payments due under non-cancelable operating leases with remaining terms at March 31, 2016 are as follows: For the year ended December 31, 2016 $ 33,410 2017 44,546 2018 44,546 2019 44,546 2020 37,864 $ 204,912 Three months ended March 31, 2016 2015 Rent expenses $ 10,842 $ 19,973 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11 - Subsequent Events The Company evaluated all events subsequent to March 31, 2016 through the date of the issuance of the financial statements, there are no other significant or material transactions to be reported. |
Nature of Business and Basis 17
Nature of Business and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation - In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair statement of the financial position, results of operations and cash flows for the three months ended March 31, 2016 and 2015 have been included. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for any subsequent interim period or for the year ending December 31, 2016. The balance sheet at December 31, 2015 included herein was derived from the consolidated financial statements included in the Company’s Annual Report on Form 10-K as of that date. Accordingly, the consolidated financial statements included herein should be reviewed in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, as filed with the Securities and Exchange Commission (“SEC”) on April 14, 2016. |
Long Term Investments (Tables)
Long Term Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Investments [Abstract] | |
Schedule of Investments Holdings | March 31, 2016 December 31, 2015 Cost-method investment – Anteya Technology Corp Carrying value of investment at the beginning $ - $ 137,767 Exchange difference - (24,590 ) Loss on impairment of investments (113,177 ) Carrying value at the end - - Net value $ - $ - |
Schedule of Unaudited Financial Information of Anteya Technology Corp | Fin-Core (holding roughly 57,000 shares) had no actual operating behavior and had deducted by full impairment. March 31, 2016 December 31, 2015 Balance sheet Current assets $ 4,444,766 $ 3,849,571 Non-current assets 870,520 723,833 Total assets 5,315,286 4,573,404 Current liabilities 2,258,306 1,361,178 Non-current liabilities 1,518,583 1,590,979 Stockholders’ equity 1,538,397 1,621,247 Total stockholders’ equity and liabilities $ 5,315,286 $ 4,573,404 Three months ended March 31, 2016 2015 Statement of operation Net sale $ 885,774 $ 416,265 Cost of goods sold (688,524 ) (381,758 ) Gross profit 197,250 34,507 Operating and non-operating expenses (350,410 ) (261,906 ) Net profit (loss) $ (153,160 ) $ (227,399 ) |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | Inventories stated at the lower of cost or market value are as follows: March 31, 2016 December 31, 2015 Finished goods $ 746,566 $ 742,003 Allowance for Inventory Valuation and Obsolescence Losses (746,566 ) (742,003 ) Total $ - $ - |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Provision | The income tax provision information is provided as follows: Three months ended March 31, 2016 2015 Component of income (loss) before income taxes: United States $ (14,049 ) $ (25,612 ) Foreign 11,829 (63,697 ) Net loss $ (2,220 ) $ (89,309 ) Provision for income taxes Current U.S. federal - - State and local - - Foreign - 8,343 Income tax benefit(loss) - $ 8,343 |
Geographic Information (Tables)
Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Product Revenues | Product revenues for the three months ended March 31, 2016 and 2015 are as follows: Three months ended March 31, 2016 2015 Customers based in: Europe $ 40,708 $ 82,697 Asia 1,921 6,078 United States 78,648 104,170 Others 732 - $ 122,009 $ 192,945 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Recorded Expenses for Related Party Transactions | The Company has recorded expenses for the following related party transactions for three months ended March 31, 2016 and 2015: Three months ended March 31, 2016 2015 Purchase from Anteya Technology Corp $ 22,672 $ 33,402 Rent paid to Mr. Wei-Rur Chen 10,842 11,446 |
Schedule of Receivables and Liabilities Recorded with Respect to Related Party Transactions | As of the balance sheet date indicated, the Company had the following receivable and liabilities recorded with respect to related party transactions: March 31, 2016 December 31, 2015 Anteya Technology Corp Due to affiliate (liabilities) $ (917 ) $ 712 Mr. Wei-Rur Chen Payable to Shareholder $ (50,000 ) $ (20,000 ) |
Commitments (Tables)
Commitments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Future Rental Payments | Minimum future rental payments due under non-cancelable operating leases with remaining terms at March 31, 2016 are as follows: For the year ended December 31, 2016 $ 33,410 2017 44,546 2018 44,546 2019 44,546 2020 37,864 $ 204,912 |
Schedule of Rent Expense | Three months ended March 31, 2016 2015 Rent expenses $ 10,842 $ 19,973 |
Nature of Business And Basis 24
Nature of Business And Basis of Presentation (Details Narrative) | Mar. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Ownership interest | 100.00% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Working capital deficit | $ 614,347 | |
Accumulated deficit | $ (3,904,032) | $ (3,901,812) |
Concentration of Risk (Details
Concentration of Risk (Details Narrative) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplier One [Member] | ||
Concentration risk, percentage | 28.00% | |
Supplier Two [Member] | ||
Concentration risk, percentage | 12.00% | |
Largest Customers [Member] | Sales Revenue [Member] | ||
Concentration risk, percentage | 64.00% | 44.00% |
Largest Suppliers [Member] | ||
Concentration risk, percentage | 74.00% |
Long Term Investments (Details
Long Term Investments (Details Narrative) | Mar. 31, 2016shares |
Anteya Technology Corp [Member] | |
Ownership interest | 13.68% |
Fin-Core Corporation [Member] | |
Stock outstanding during period | 57,000 |
Long Term Investments - Schedul
Long Term Investments - Schedule of Investments Holdings (Details) - Cost Method Investments [Member] - Anteya Technology Corp [Member] - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Summary of Investment Holdings [Line Items] | ||
Carrying value of investment at the beginning | $ 137,767 | |
Exchange difference | (28,387) | |
Loss on impairment of investments | (113,177) | |
Carrying value at the end | ||
Net value |
Long Term Investments - Sched29
Long Term Investments - Schedule of Unaudited Financial Information of Anteya Technology Corp (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Net Investment Income [Line Items] | |||
Current assets | $ 70,012 | $ 83,334 | |
Total assets | 140,418 | 161,203 | |
Current liabilities | 684,359 | 711,799 | |
Stockholders' equity | (543,941) | (550,596) | |
Total stockholders' equity and liabilities | 140,418 | 161,203 | |
Net sale | 122,009 | $ 192,945 | |
Cost of goods sold | (82,051) | (134,377) | |
Gross profit | 39,958 | 58,568 | |
Net profit (loss) | (2,220) | (80,966) | |
Anteya Technology Corp [Member] | |||
Net Investment Income [Line Items] | |||
Current assets | 4,444,766 | 3,849,571 | |
Non-current assets | 870,520 | 723,833 | |
Total assets | 5,315,286 | 4,573,404 | |
Current liabilities | 2,258,306 | 1,361,178 | |
Non-current liabilities | 1,518,583 | 1,590,979 | |
Stockholders' equity | 1,538,397 | 1,621,247 | |
Total stockholders' equity and liabilities | 5,315,286 | $ 4,573,404 | |
Net sale | 885,774 | 416,265 | |
Cost of goods sold | (688,524) | (381,758) | |
Gross profit | 197,250 | 34,507 | |
Operating and non-operating expenses | (350,410) | (261,906) | |
Net profit (loss) | $ (153,160) | $ (227,399) |
Inventory - Schedule of Invento
Inventory - Schedule of Inventories (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Finished goods | $ 746,566 | $ 742,003 |
Allowance for Inventory Valuation and Obsolescence Losses | (746,566) | (742,003) |
Total |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Provision (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Component of income (loss) before income taxes: United States | $ (14,049) | $ (25,612) |
Component of income (loss) before income taxes: Foreign | 11,829 | (63,697) |
Net loss | (2,220) | (89,309) |
Provision for income taxes : U.S. federal | ||
Provision for income taxes: State and local | ||
Provision for income taxes: Foreign | 8,343 | |
Income tax benefit (loss) | $ 8,343 |
Bank Short Term Debt (Details N
Bank Short Term Debt (Details Narrative) - Revolving Credit Agreements [Member] | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Interest rate on short-term borrowings | 1.80% | 1.94% |
Debt security description | 1. personal guarantee from directors 2. the realty property of spouse of directors |
Geographic Information - Schedu
Geographic Information - Schedule of Product Revenues (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Product revenues | $ 122,009 | $ 192,945 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Product revenues | 40,708 | 82,697 |
Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Product revenues | 1,921 | 6,078 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Product revenues | 78,648 | 104,170 |
Others [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Product revenues | $ 732 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Rent expense | $ 10,842 | $ 19,973 | |
Payment for rent | (10,842) | (19,973) | |
Advance from shareholder | $ 50,000 | $ 20,000 | |
Anteya Technology Corp [Member] | |||
Equity method investment, percentage of ownership | 13.68% | ||
Mr. Wei-Rur Chen [Member] | |||
Lease term, description | November 2015 to November 2020 | ||
Rent expense | $ 45,000 | ||
Payment for rent | 10,842 | $ 11,446 | |
Advance from shareholder | $ 50,000 | $ 20,000 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Recorded Expenses for Related Party Transactions (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Rent paid to Mr. Wei-Rur Chen | $ (10,842) | $ (19,973) |
Anteya Technology Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Purchase from Anteya Technology Corp | 22,672 | 33,402 |
Mr. Wei-Rur Chen [Member] | ||
Related Party Transaction [Line Items] | ||
Rent paid to Mr. Wei-Rur Chen | $ 10,842 | $ 11,446 |
Related Party Transactions - 36
Related Party Transactions - Schedule of Receivables and Liabilities Recorded with Respect to Related Party Transactions (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Payable to Shareholder | $ (50,000) | $ (20,000) |
Anteya Technology Corp [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliate (liabilities) | (917) | 712 |
Mr. Wei-Rur Chen [Member] | ||
Related Party Transaction [Line Items] | ||
Payable to Shareholder | $ (50,000) | $ (20,000) |
Commitments - Schedule of Minim
Commitments - Schedule of Minimum Future Rental Payments (Details) | Mar. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 33,410 |
2,017 | 44,546 |
2,018 | 44,546 |
2,019 | 44,546 |
2,020 | 37,864 |
Total | $ 204,912 |
Commitments - Schedule of Rent
Commitments - Schedule of Rent Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent expenses | $ 10,842 | $ 19,973 |