Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2017 | |
Document And Entity Information | |
Entity Registrant Name | SUCCESS ENTERTAINMENT GROUP INTERNATIONAL INC. |
Entity Central Index Key | 1,574,910 |
Document Type | S1 |
Document Period End Date | Sep. 30, 2017 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Smaller Reporting Company |
Document Fiscal Year Focus | 2,017 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | |||
Cash | $ 66,711 | $ 459 | $ 13,501 |
Total Current Assets | 66,711 | 459 | 13,501 |
Total Assets | 66,711 | 459 | 13,501 |
Current Liabilities | |||
Accrued expenses | 21,667 | 25,959 | 30,911 |
Notes payable - related party | 94,500 | ||
Loan - related party | 127,687 | 118,575 | 65,311 |
Total Current Liabilities | 243,854 | 144,534 | 96,222 |
Total Liabilities | 243,854 | 144,534 | 96,222 |
Commitments and Contingencies | |||
Stockholders' Equity (Deficit) | |||
Common stock, $0.001 par value, 75,000,000 shares authorized; 10,360,000 shares issued and outstanding | 10,360 | 10,360 | 10,360 |
Common stock subscribed | 64,640 | ||
Additional paid in capital | 26,340 | 26,340 | 26,340 |
Accumulated deficit | (278,483) | (180,775) | (119,421) |
Total stockholders' equity (deficit) | (177,143) | (144,075) | (82,721) |
Total liabilities and stockholders' equity (deficit) | $ 66,711 | $ 459 | $ 13,501 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2014 |
Stockholders' Equity (Deficit) | ||||
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 | |
Common stock shares authorized | 75,000,000 | 75,000,000 | 75,000,000 | |
Common stock issued | 10,360,000 | 10,360,000 | 10,360,000 | 2,360,000 |
Common stock outstanding | 10,360,000 | 10,360,000 | 10,360,000 |
STATEMENT OF OPERATIONS (UNAUDI
STATEMENT OF OPERATIONS (UNAUDITED) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Operations | ||||||
Revenue | ||||||
Operating Expenses | ||||||
General and administrative | 68,093 | 10,517 | 97,708 | 33,007 | 61,354 | 73,287 |
Net Income (Loss) from Operation before Taxes | (68,093) | (10,517) | (97,708) | (33,007) | (61,354) | (73,287) |
Provision for Income Taxes | ||||||
Net Income (Loss) | $ (68,093) | $ (10,517) | $ (97,708) | $ (33,007) | $ (61,354) | $ (73,287) |
Earnings (Loss) per Common Share-Basic and Diluted | $ (0.01) | $ 0 | $ (0.01) | $ 0 | $ (0.01) | $ (0.01) |
Weighted Average Number of Common Shares Outstanding Basic and diluted | 10,360,000 | 10,360,000 | 10,360,000 | 10,360,000 | 10,360,000 | 10,360,000 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance, Amount at Dec. 31, 2014 | $ 9,400 | $ 12,600 | $ (11,520) | $ 10,480 |
Beginning Balance, Shares at Dec. 31, 2014 | 9,400,000 | |||
Net loss for the year ended | (73,287) | (73,287) | ||
Ending Balance, Amount at Dec. 31, 2015 | $ 10,360 | 26,340 | (119,421) | (82,721) |
Ending Balance, Shares at Dec. 31, 2015 | 10,360,000 | |||
Net loss for the year ended | (61,354) | (61,354) | ||
Ending Balance, Amount at Dec. 31, 2016 | $ 10,360 | $ 26,340 | $ (180,775) | (144,075) |
Ending Balance, Shares at Dec. 31, 2016 | 10,360,000 | |||
Net loss for the year ended | (97,708) | |||
Ending Balance, Amount at Sep. 30, 2017 | $ (177,143) |
STATEMENTS OF CASH FLOWS (UNAUD
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Activities | ||||
Net loss of the period | $ (97,708) | $ (33,007) | $ (61,354) | $ (73,287) |
Accrued expenses increase (decrease) | (4,293) | (19,699) | (4,953) | 30,911 |
Net cash used in operating activities | (102,001) | (52,706) | (66,307) | (42,376) |
Financing Activities | ||||
Proceeds from issuance of notes payable | 94,500 | |||
Loans from related parties | 9,112 | 39,665 | 53,265 | 55,877 |
Proceeds from stock subscription | 64,640 | |||
Net cash provided by financing activities | 168,252 | 39,665 | 53,265 | 55,877 |
Net increase (decrease) in cash and equivalents | 66,251 | (13,041) | (13,043) | 13,501 |
Cash and equivalents at beginning of the period | 459 | 13,501 | 13,501 | |
Cash and equivalents at end of the period | 66,711 | 460 | 459 | 13,501 |
Supplemental cash flow information: | ||||
Interest paid | ||||
Income taxes paid |
ORGANIZATION AND NATURE OF BUSI
ORGANIZATION AND NATURE OF BUSINESS | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS | Success Entertainment Group International, Inc. (the Company, we, us, or our) was incorporated in the State of Nevada on January 30, 2013 under the name Altimo Group Corp and its initial business plan was to place and operate frozen yogurt making machines. Effective July 14, 2014, there was a change in control of the Company. In accordance with the terms and provisions of a stock purchase agreement dated May 5, 2014 (the Stock Purchase Agreement) by and among Marek Tomaszewski, the seller of an aggregate of 8,000,000 shares of common stock of the Company (the Control Block Seller), and Success Holding Group Corp. USA, a Nevada corporation (the Control Block Purchaser), the Control Block Purchaser purchased from the Control Block Shareholders all of the 8,000,000 shares of common stock held of record. In accordance with the terms and provisions of the Stock Purchase Agreement, the Company accepted the resignations of its sole officer and director, Marek Tomaszewski as President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer effective July 14, 2014. Simultaneously, the Board of Directors appointed the following individuals: (i) Steve Chen as a member of the Board of Directors and the Chief Executive Officer; and (ii) Brian Kistler as a member of the Board of Directors and the President, Secretary, Treasurer and Chief Financial Officer. Effective July 14, 2014, our Board of Directors and majority shareholders approved an amendment to our articles of incorporation to change our name to Success Entertainment Group International Inc. (the Name Change Amendment). The Name Change Amendment was approved by our Board of Directors to better reflect the new nature of our business operations. The Name Change Amendment was filed with the Secretary of State of Nevada on August 22, 2014 changing our name to Success Entertainment Group International Inc. Effective on July 15, 2014, the Board of Directors of Altimo Group Corp authorized and approved the execution of that certain general release and waiver of debt agreement (the Release Agreement) with Marek Tomaszekwsi, the Companys prior President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer (the Creditor), pursuant to which the Creditor agreed to waive and release the debt due and owing to it in the aggregate amount of $5,100 (the Released Debt). In accordance with the terms and provisions of the Release Agreement, the Creditor agreed to release, acquit, covenant not to sue and specifically release and waive any claims or rights it may have under common law and statutory law relating to the Released Debt. Effective July 15, 2014, pursuant to the change in ownership described above, the focus and direction of the Company will now be the production and development of internet movies and training films. On December 1, 2014 the Board of Directors of the Company authorized an amendment to its Bylaws to change the Companys fiscal year end From March 31 to December 31. On December 2, 2014, our Board of Directors accepted the resignation of Steve Chen as the Chief Executive Officer and appointed Chris (Chi Jui) Hong as the Chief Executive Officer and a member of the Board of Directors. Following this appointment, our Board of Directors consists of three members: (i) Steve Andrew Chen; (ii) Brian Kistler; and (iii) Chris (Chi Jui) Hong. On November 19, 2015, the Company acquired 100% shares of Double Growth Investment Ltd. On December 9, 2015, the Company acquired 100% shares of Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, and Viva Leader Limited. All these subsidiaries were registered in Republic of Seychelles. The Company made these acquisitions for future investment purpose. In 2016, the Company discontinued Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited by non-payment of the annual renewal fee. | Success Entertainment Group International, Inc. (the Company, we, us, or our) was incorporated in the State of Nevada on January 30, 2013 under the name Altimo Group Corp and its initial business plan was to place and operate frozen yogurt making machines. Effective July 14, 2014, there was a change in control of the Company. In accordance with the terms and provisions of a stock purchase agreement dated May 5, 2014 (the "Stock Purchase Agreement") by and among Marek Tomaszewski, the seller of an aggregate of 8,000,000 shares of common stock of the Company (the "Control Block Seller"), and Success Holding Group Corp. USA, a Nevada corporation (the "Control Block Purchaser"), the Control Block Purchaser purchased from the Control Block Shareholders all of the 8,000,000 shares of common stock held of record. In accordance with the terms and provisions of the Stock Purchase Agreement, the Company accepted the resignations of its sole officer and director, Marek Tomaszewski as President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer effective July 14, 2014. Simultaneously, the Board of Directors appointed the following individuals: (i) Steve Chen as a member of the Board of Directors and the Chief Executive Officer; and (ii) Brian Kistler as a member of the Board of Directors and the President, Secretary, Treasurer and Chief Financial Officer. Effective July 14, 2014, our Board of Directors and majority shareholders approved an amendment to our articles of incorporation to change our name to "Success Entertainment Group International Inc." (the Name Change Amendment). The Name Change Amendment was approved by our Board of Directors to better reflect the new nature of our business operations. The Name Change Amendment was filed with the Secretary of State of Nevada on August 22, 2014 changing our name to "Success Entertainment Group International Inc." Effective on July 15, 2014, the Board of Directors of Altimo Group Corp authorized and approved the execution of that certain general release and waiver of debt agreement (the "Release Agreement") with Marek Tomaszekwsi, the Company's prior President, Chief Executive Officer, Secretary, Treasurer and Chief Financial Officer (the "Creditor"), pursuant to which the Creditor agreed to waive and release the debt due and owing to it in the aggregate amount of $5,100 (the "Released Debt"). In accordance with the terms and provisions of the Release Agreement, the Creditor agreed to release, acquit, covenant not to sue and specifically release and waive any claims or rights it may have under common law and statutory law relating to the Released Debt. Effective July 15, 2014, pursuant to the change in ownership described above, the focus and direction of the Company will now be the production and development of internet movies and training films. On December 1, 2014 the Board of Directors of the Company authorized an amendment to its Bylaws to change the Companys fiscal year end From March 31 to December 31. On December 2, 2014, our Board of Directors accepted the resignation of Steve Chen as the Chief Executive Officer and appointed Chris (Chi Jui) Hong as the Chief Executive Officer and a member of the Board of Directors. Following this appointment, our Board of Directors consists of three members: (i) Steve Andrew Chen; (ii) Brian Kistler; and (iii) Chris (Chi Jui) Hong. On November 19, 2015, the Company acquired 100% shares of Double Growth Investment Ltd. On December 9, 2015, the Company acquired 100% shares of Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited. All these subsidiaries were registered in Republic of Seychelles. The Company made these acquisitions for future investment purpose. In 2016, the Company discontinued Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited by non-payment of the annual renewal fee. |
GOING CONCERN
GOING CONCERN | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 2 - GOING CONCERN | The Company has incurred losses since Inception (January 30, 2013) resulting in an accumulated deficit of $278,483 as of September 30, 2017 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that could result from the outcome of this uncertainty. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of managements efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. | The Company has incurred losses since Inception (January 30, 2013) resulting in an accumulated deficit of $180,775 as of December 31, 2016 that includes loss of $61,354 for the year ended December 31, 2016 and further losses are anticipated in the development of its business. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern. The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that could result from the outcome of this uncertainty. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and, or, obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of managements efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Interim Financial Statements The accompanying unaudited financial statements have been prepared in accordance with the instructions from Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s), and to make the financial statements not misleading, have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim period(s) are not necessarily indicative of operations for a full year. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $66,711 and $459 of cash as of September 30, 2017 and December 31, 2016, respectively. The Companys bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At September 30, 2017 and December 31, 2016, the Companys bank deposits did not exceed the insured amounts. Fair Value of Financial Instruments ASC 820 Fair Value Measurements and Disclosures establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Companys financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short term maturity. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC. 605, Revenue Recognition. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on managements judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Advertising Costs The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the nine month periods ended September 30, 2017 and 2016. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As at September 30, 2017, the Company has not adopted a stock option plan and has not granted any stock options. Basic and diluted Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The potential dilution associated with stock subscription was excluded from the calculation for the nine months ended September 30, 2017 as it will create an anti-dilutive effect. The basic and diluted loss per share for the nine months ended September 30, 2017 and 2016 as follows: For the Nine Months Ended September 30, 2017 2016 Numerator Net loss $ (97,708) $ (33,007) Denominator Weighted average common shares outstanding basic 10,360,000 10,360,000 Dilution associated with stock subscription - - Weighted average common shares outstanding diluted 10,360,000 10,360,000 Loss per share $ (0.009) $ (0.003) Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $459 and $13,501 of cash as of December 31, 2016 and 2015, respectively. The Companys bank accounts are deposited in insured institutions. At December 31, 2016 and 2015, the Companys bank deposits did not exceed the insured amounts. Fair Value of Financial Instruments ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Companys financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short term maturity. Income Taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. Revenue Recognition The Company will recognize revenue in accordance with ASC. 605, Revenue Recognition. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. Advertising Costs The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 for the years ended December 31, 2016 and 2015. Stock-Based Compensation Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As at December 31, 2016 and 2015, the Company has not adopted a stock option plan and has not granted any stock options. Basic and diluted Income (Loss) Per Share Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. For the years ended December 31, 2016 and 2015, there were no potentially dilutive securities issued or outstanding and any such shares would have been excluded from the computation because they would have been anti-dilutive as the Company incurred losses for these periods. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. |
NOTES PAYABLE - RELATED PARTY
NOTES PAYABLE - RELATED PARTY | 9 Months Ended |
Sep. 30, 2017 | |
Notes to Financial Statements | |
NOTE 4 - NOTES PAYABLE - RELATED PARTY | On April 24, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $10,000 with Hsu Wen Li who is wife of the Chris Hong, the Companys Chief Executive Officer and Director. The maturity of the Notes is April 24, 2018 and bear no interest. On June 7, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $10,000 with Hsu Wen Li who is wife of the Chris Hong, the Companys Chief Executive Officer and Director. The maturity of the Notes is June 7, 2018 and bear no interest. On July 5, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $20,000 with Hsu Wen Li who is wife of the Chris Hong, the Companys Chief Executive Officer and Director. The maturity of the Notes is July 5, 2018 and bear no interest. On August 11, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $20,000 with Hsu Wen Li who is wife of the Chris Hong, the Companys Chief Executive Officer and Director. The maturity of the Notes is August 11, 2018 and bear no interest. On May 15, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $24,500 with Steve Andrew Chen who is the Companys Chairman of the Board of Directors. The maturity of the Notes is May 15, 2018 and bear no interest. On July 4, 2017, the Company entered into Promissory Note agreements for the outstanding amount of $10,000 with Steve Andrew Chen who is the Companys Chairman of the Board of Directors. The maturity of the Notes is July 4, 2018 and bear no interest. |
LOAN PAYABLE - RELATED PARTY
LOAN PAYABLE - RELATED PARTY | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 5 - LOAN PAYABLE - RELATED PARTY | Success Holdings Group Corp. USA, our parent company, paid certain operating costs on our behalf. The total amount owed as at September 30, 2017 and December 31, 2016 are $127,687 and $118,575, respectively. The loan is unsecured, non-interest bearing and due on demand. | Success Holdings Group Corp. USA, our parent company, paid certain operating costs on our behalf. The total amount owed as at December 31, 2016 and December 31, 2015 are $118,575 and $65,311, respectively. The loan is unsecured, non-interest bearing and due on demand. |
COMMON STOCK
COMMON STOCK | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 6 - COMMON STOCK | The Company has 75,000,000, $0.001 par value shares of common stock authorized. On March 13, 2013, the Company issued 8,000,000 shares of common stock to a director for cash proceeds of $8,000 at $0.001 per share. Between December 2013 and March 2014, the Company sold 2,360,000 shares of common stock for cash proceeds of $23,600 at $0.01 per share. There were 10,360,000 shares of common stock issued and outstanding as of September 30, 2017 and December 31, 2016. In August 2017, the Company signed stock subscription agreement to sell its stock at $0.001 per share. As of September 30, 2017, the Company received $64,640 in advance to issue 64,640,000 shares. | The Company has 75,000,000, $0.001 par value shares of common stock authorized. On March 13, 2013, the Company issued 8,000,000 shares of common stock to a director for cash proceeds of $8,000 at $0.001 per share. Between December 2013 and March 2014, the Company sold 2,360,000 shares of common stock for cash proceeds of $23,600 at $0.01 per share. There were 10,360,000 shares of common stock issued and outstanding as of December 31, 2016 and 2015. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Notes to Financial Statements | ||
NOTE 7 - COMMITMENTS AND CONTINGENCIES | Contractual The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. Legal We were not subject to any legal proceedings on September 30, 2017 and no legal proceedings are pending or threatened to the next of our knowledge or belief. | Contractual The Company neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future. Legal We were not subject to any legal proceedings on December 31, 2016 and 2015 and no legal proceedings are pending or threatened to the next of our knowledge or belief. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
NOTE 7 - INCOME TAXES | The has cumulative net operating tax loss carryover (the NOL) of $119,421 on December 31, 2015, which are not likely to be fully realized and consequently a full valuation allowance has been established relating to this deferred tax assets. The final portion of the NOL will expires in 20 years. The provision for Federal income tax consists of the following: For the Years Ended December 31, 2016 2015 Federal income tax benefit attributable to: Current operations $ 20,860 $ 24,918 Less: valuation Allowance (20,860 ) (24,918 ) Net provision for Federal income taxes $ - $ - The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: December 31 December 31 2016 2015 Deferred tax assets attributable to: Net operating loss carryover $ 61,463 $ 40,603 Less: valuation Allowance (61,463 ) (40,603 ) Net deferred tax assets $ - $ - |
SUMMARY OF SIGNIFICANT ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Summary Of Significant Accounting Policies Policies | ||
Interim Financial Statements | The accompanying unaudited financial statements have been prepared in accordance with the instructions from Regulation S-X and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim period(s), and to make the financial statements not misleading, have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim period(s) are not necessarily indicative of operations for a full year. | |
Basis of Presentation | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. | The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. |
Use of Estimates | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. | The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $66,711 and $459 of cash as of September 30, 2017 and December 31, 2016, respectively. The Companys bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At September 30, 2017 and December 31, 2016, the Companys bank deposits did not exceed the insured amounts. | The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $459 and $13,501 of cash as of December 31, 2016 and 2015, respectively. The Companys bank accounts are deposited in insured institutions. At December 31, 2016 and 2015, the Companys bank deposits did not exceed the insured amounts. |
Fair Value of Financial Instruments | ASC 820 Fair Value Measurements and Disclosures establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Companys financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short term maturity. | ASC 820 "Fair Value Measurements and Disclosures" establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. These tiers include: Level 1: defined as observable inputs such as quoted prices in active markets; Level 2: defined as input other than quoted market prices that are observable, either directly or indirectly, and reasonably available. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the Company. Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The Companys financial instruments consist of cash, a related party loan and note payable related party. The carrying amount of these financial instruments approximates fair value due their short term maturity. |
Income Taxes | Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. | Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized. |
Revenue Recognition | The Company will recognize revenue in accordance with ASC. 605, Revenue Recognition. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on managements judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. | The Company will recognize revenue in accordance with ASC. 605, Revenue Recognition. ASC-605 requires that four basic criteria must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred; (3) the selling price is fixed and determinable; and (4) collectability is reasonably assured. Determination of criteria (3) and (4) are based on management's judgments regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, and other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required. |
Advertising Costs | The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the nine month periods ended September 30, 2017 and 2016. | The Company policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 for the years ended December 31, 2016 and 2015. |
Stock-Based Compensation | Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As at September 30, 2017, the Company has not adopted a stock option plan and has not granted any stock options. | Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. As at December 31, 2016 and 2015, the Company has not adopted a stock option plan and has not granted any stock options. |
Basic and diluted Income (Loss) | Per Share Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. The potential dilution associated with stock subscription was excluded from the calculation for the nine months ended September 30, 2017 as it will create an anti-dilutive effect. The basic and diluted loss per share for the nine months ended September 30, 2017 and 2016 as follows: For the Nine Months Ended September 30, 2017 2016 Numerator Net loss $ (97,708) $ (33,007) Denominator Weighted average common shares outstanding basic 10,360,000 10,360,000 Dilution associated with stock subscription - - Weighted average common shares outstanding diluted 10,360,000 10,360,000 Loss per share $ (0.009) $ (0.003) | Basic income (loss) per share is calculated by dividing the Companys net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Companys net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. For the years ended December 31, 2016 and 2015, there were no potentially dilutive securities issued or outstanding and any such shares would have been excluded from the computation because they would have been anti-dilutive as the Company incurred losses for these periods. |
Recent Accounting Pronouncements | The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. | The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on our financial condition or the results of its operations. |
SUMMARY OF SIGNIFICANT ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Summary Of Significant Accounting Policies Tables | |
Schedule of Earnings Per Share, Basic and Diluted | For the Nine Months Ended September 30, 2017 2016 Numerator Net loss $ (97,708) $ (33,007) Denominator Weighted average common shares outstanding basic 10,360,000 10,360,000 Dilution associated with stock subscription - - Weighted average common shares outstanding diluted 10,360,000 10,360,000 Loss per share $ (0.009) $ (0.003) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes Tables | |
Statutory federal income tax rate | The provision for Federal income tax consists of the following: For the Years Ended December 31, 2016 2015 Federal income tax benefit attributable to: Current operations $ 20,860 $ 24,918 Less: valuation Allowance (20,860 ) (24,918 ) Net provision for Federal income taxes $ - $ - |
Cumulative net deferred tax assets | The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows: December 31 December 31 2016 2015 Deferred tax assets attributable to: Net operating loss carryover $ 61,463 $ 40,603 Less: valuation Allowance (61,463 ) (40,603 ) Net deferred tax assets $ - $ - |
ORGANIZATION AND NATURE OF BU18
ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($) | Dec. 09, 2015 | Nov. 19, 2015 | Sep. 30, 2017 | Jul. 15, 2014 | May 05, 2014 |
State of incorporation | State of Nevada | ||||
Date of incorporation | Jan. 30, 2013 | ||||
Released Debt [Member] | |||||
Waive and release debt | $ 5,100 | ||||
Stock Purchase Agreement [Member] | |||||
Common stock shares | 8,000,000 | ||||
Coronet Limited [Member] | |||||
Acquired shares percentage | 100.00% | ||||
Description of acquisitions for future investment purpose | The Company acquired 100% shares of Coronet Limited, Fortunate Yields Limited, Solution Elite Limited, Ultimate Concept Limited, Viva Leader Limited. All these subsidiaries were registered in Republic of Seychelles. | ||||
Double Growth Investment Ltd. [Member} | |||||
Acquired shares percentage | 100.00% | ||||
Description of acquisitions for future investment purpose | The Company acquired 100% shares of Double Growth Investment. |
GOING CONCERN (Details Narrativ
GOING CONCERN (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Going Concern Details Narrative | ||||||
Accumulated deficit | $ (278,483) | $ (278,483) | $ (180,775) | $ (119,421) | ||
Net Income (Loss) | $ (68,093) | $ (10,517) | $ (97,708) | $ (33,007) | $ (61,354) | $ (73,287) |
SUMMARY OF SIGNIFICANT ACCOUN20
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Summary Of Significant Accounting Policies Details | ||||||
Net Income (Loss) | $ (68,093) | $ (10,517) | $ (97,708) | $ (33,007) | $ (61,354) | $ (73,287) |
Weighted average common shares outstanding – basic | 10,360,000 | 10,360,000 | ||||
Dilution associated with stock subscription | ||||||
Weighted average common shares outstanding – diluted | 10,360,000 | 10,360,000 | ||||
Loss per share | $ (0.009) | $ (0.003) |
SUMMARY OF SIGNIFICANT ACCOUN21
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies Details | |||||
Cash | $ 66,711 | $ 460 | $ 459 | $ 13,501 | |
Advertising expense | 0 | $ 0 | $ 0 | $ 0 | |
Insured bank deposit | $ 250,000 |
NOTES PAYABLE - RELATED PARTY (
NOTES PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | Aug. 11, 2017 | Jul. 05, 2017 | Jul. 04, 2017 | Jun. 07, 2017 | May 15, 2017 | Apr. 24, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock outstanding | $ 10,360 | $ 10,360 | $ 10,360 | ||||||
Promissory Note Agreement [Member] | Hsu Wen Li [Member] | |||||||||
Common stock outstanding | $ 20,000 | $ 20,000 | $ 10,000 | $ 10,000 | |||||
Maturity date | Aug. 11, 2018 | Jul. 5, 2018 | Jun. 7, 2018 | Apr. 24, 2018 | |||||
Promissory Note Agreement [Member] | Steve Andrew Chen [Member] | |||||||||
Common stock outstanding | $ 10,000 | $ 24,500 | |||||||
Maturity date | Jul. 4, 2018 | May 15, 2018 |
LOAN PAYABLE - RELATED PARTY (D
LOAN PAYABLE - RELATED PARTY (Details Narrative) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Loan Payable - Related Party Details Narrative | |||
Loan - related party | $ 127,687 | $ 118,575 | $ 65,311 |
COMMON STOCK (Details Narrative
COMMON STOCK (Details Narrative) - USD ($) | 1 Months Ended | 4 Months Ended | ||||
Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2017 | Aug. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common stock, per share | $ 0.01 | |||||
Common stock par value | $ 0.001 | $ 0.001 | $ 0.001 | |||
Common stock shares authorized | 75,000,000 | 75,000,000 | 75,000,000 | |||
Common stock, shares issued | 2,360,000 | 10,360,000 | 10,360,000 | 10,360,000 | ||
Common stock, shares outstanding | 10,360,000 | 10,360,000 | 10,360,000 | |||
Proceeds from issuance of shares | $ 23,600 | |||||
Advance received | $ 64,640 | |||||
Director [Member] | ||||||
Common stock par value | $ 0.001 | |||||
Common stock, shares issued | 8,000,000 | |||||
Proceeds from issuance of shares | $ 8,000 | |||||
Stock Subscription Agreement [Member] | ||||||
Common stock, per share | $ 0.001 | |||||
Common stock, shares issued | 64,640,000 | |||||
Advance received | $ 64,640 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes Details | ||||||
Current Operations | $ 20,860 | $ 24,918 | ||||
Less: valuation allowance | (20,860) | (24,918) | ||||
Net provision for Federal income taxes |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax asset attributable to: | ||
Net operating loss carryover | $ 61,463 | $ 40,603 |
Less: valuation allowance | (61,463) | (40,603) |
Net deferred tax asset |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes Details Narrative | ||
Net operating loss carry forwards | $ (119,421) | |
Cumulative tax rate | 34.00% | |
Net operating loss carry forwards expiry term | 20 years |