Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Feb. 21, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | ADDENTAX GROUP CORP. | |
Entity Central Index Key | 1,650,101 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 6,920,000 | |
Trading Symbol | ATXG | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2,017 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Current Assets | ||
Prepaid expenses | $ 8,333 | |
Assets from discontinued operations | 12,359 | |
Total Current Assets | 8,333 | 12,359 |
Assets from discontinued operations - non-current | 2,281 | |
TOTAL ASSETS | 8,333 | 14,640 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 298 | |
Due to related party | 8,100 | |
Total Current Liabilities | 298 | 8,100 |
TOTAL LIABILITIES | 298 | 8,100 |
Stockholders' Equity | ||
Common stock, par value $0.001; 150,000,000 shares authorized, 6,920,000 and 6,883,000 shares issued and outstanding, respectively | 6,920 | 6,883 |
Additional paid in capital | 41,647 | 9,210 |
Accumulated deficit | (40,532) | (9,553) |
Total Stockholders' Equity | 8,035 | 6,540 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 8,333 | $ 14,640 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Mar. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 150,000,000 | 150,000,000 |
Common stock shares issued | 6,920,000 | 6,883,000 |
Common stock shares outstanding | 6,920,000 | 6,883,000 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating Expenses | ||||
General and administration | 5,486 | 5,486 | ||
Total operating expenses | 5,486 | 5,486 | ||
Net loss from continued operations | (5,486) | (5,486) | ||
Other income (expense) | ||||
Net loss before taxes | (5,486) | (5,486) | ||
Income tax benefit | ||||
Loss from Continued Operations | (5,486) | (5,486) | ||
Discontinued operations | ||||
Loss from discontinued operations | (320) | (21,525) | (7,232) | |
Loss on disposal of assets | (3,968) | (3,968) | ||
Loss from Discontinued Operations, Net of Tax Benefits | (3,968) | (320) | (25,493) | (7,232) |
Net loss | $ (9,454) | $ (320) | $ (30,979) | $ (7,232) |
Net Loss Per Common Share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Net loss from continued operation | 0 | 0 | 0 | 0 |
Net loss from discontinued operation | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding | 6,920,000 | 6,009,218 | 6,919,464 | 6,000,000 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (30,979) | $ (7,232) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss on disposal of assets | 3,968 | |
Changes in operating assets and liabilities: | ||
Prepaid expense | (8,333) | |
Accounts payable and accrued liabilities | 298 | |
Net Cash Used in continued operations | (35,046) | (7,232) |
Net Cash from discontinued operations | 10,672 | 6,777 |
Net Cash Used in Operating Activities | (24,374) | (455) |
Cash Flows from Financing Activities: | ||
Proceeds from sale of common stock | 554 | 455 |
Loans from related party | 23,820 | |
Net Cash Provided By Financing Activities | 24,374 | 455 |
Net Increase in Cash and Cash Equivalents | ||
Cash and Cash Equivalents, beginning of period | ||
Cash and Cash Equivalents, end of period | ||
Supplemental Disclosure Information: | ||
Cash paid for interest | ||
Cash paid for taxes | ||
Non-Cash Disclosure: | ||
Forgiveness of debt by related party to contributed capital | $ 31,920 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Note 1. ORGANIZATION AND NATURE OF BUSINESS Addentax Group Corp. (“the Company”, “we”, “us” or “our”) was incorporated in Nevada on October 28, 2014, and the Company was engaged in the field of producing images on multiple surfaces using heat transfer technology. On November 21, 2016, our former sole officer and director, who was the holder of an aggregate of 6,000,000 shares of Common Stock of the Company, representing approximately 86.7% of the issued and outstanding shares of Common Stock of the Company, sold all 6,000,000 of his shares of Common Stock. Of this amount 3,800,000 shares of Common Stock were purchased from our current sole officer and director. The Company is exploring other business opportunities. |
Going Concern
Going Concern | 9 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | Note 2. GOING CONCERN The accompanying unaudited interim financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of December 31, 2016, the Company has a loss from operations, an accumulated deficit and has no revenues from continuing operations. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending March 31, 2017. The ability of the Company to emerge from an early stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited interim financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is March 31. The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended March 31, 2016 and notes thereto contained in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on June 1, 2016. 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. Discontinued Operations The Company follows ASC 205-20, “Discontinued Operations,” Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. Recent Accounting Pronouncements In January 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” In December 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” Management has considered all other recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Shareholder's Equity
Shareholder's Equity | 9 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholder's Equity | Note 4. SHAREHOLDER’S EQUITY The Company has 150,000,000, $0.001 par value shares of common stock authorized. During April 2016, the Company issued a total of 37,000 common shares for cash contributions of $554. There were 6,920,000 shares of common stock issued and outstanding as of December 31, 2016. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5. RELATED PARTY TRANSACTIONS The Company will continue to rely on advances from related parties until when it can support its operations through generating revenue, attaining adequate financing through sales of its equity securities or traditional debt financing. There is no formal written commitment by the shareholders to continue to support the company’s operation. The amounts due to shareholders represent advances or amounts paid on behalf of the Company in satisfaction of liabilities. These advances are considered temporary in nature and have not been formalized by promissory notes. This loan is unsecured, non-interest bearing and due on demand. During the nine months ended December 31, 2016, the Company’s previous sole officer and director, who was also a majority shareholder, advanced to the Company an amount of $23,820. On November 21, 2016, this officer and director resigned all positions with the Company and forgave the $31,920 owing to him, which was recorded as additional paid in capital. |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 6. DISCONTINUED OPERATIONS On November 21, 2016, due to the Changes in Control of Registrant, the Company decided to exit the field of producing images on multiple surfaces using heat transfer technology. During the nine months ended December 31, 2016, the Company recorded a loss on the disposal of assets of $3,968. The change of the business qualified as a discontinued operation of the Company and accordingly, the Company has excluded results of the operations from its Statements of Operations to present this business in discontinued operations. The following table shows the results of operations of Addentax for nine months ended December 31, 2016 and 2015 which are included in the loss from discontinued operations: Nine Months Ended December 31, 2016 2015 Revenues $ 9,950 $ 5,700 Cost of Goods Sold (1,531 ) (713 ) Gross Profit 8,419 4,987 General and administrative expense (29,410 ) (11,713 ) Depreciation (534 ) (534 ) Loss on disposal of assets (3,968 ) - Total Expense (33,912 ) (12,247 ) Provision for income taxes - 28 Loss from Discontinued Operations, Net of Tax Benefits $ (25,493 ) $ (7,232 ) The following table shows the carrying amounts of the major classes of assets and liabilities associated with the Addentax as of the November 21, 2016. November 21, 2016 Prepaid expenses $ 190 Inventory 2,031 Equipment, net of accumulated depreciation of $1,869 1,047 Website 700 Net assets 3,968 Loss on disposal of assets $ 3,968 The following table presents the carrying amounts of the major classes of assets and liabilities associated reported as discontinued operations on our accompanying balance sheets. December 31, 2016 March 31, 2016 Assets from discontinued operations Cash and cash equivalents $ - $ 10,052 Prepaid expenses - 1,330 Inventory - 977 Equipment, net of accumulated depreciation of $1,869 - 1,581 Website - 700 Total assets from discontinued operations - 14,640 Current assets from discontinued operations - 12,359 Non-current assets from discontinued operations $ - $ 2,281 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 7. SUBSEQUENT EVENTS Effective December 28, 2016 the “Company has executed Sale & Purchase Agreement (“S&P”) for the acquisition of 100% of the shares and assets of Yingxi Industrial Chain Group Co., Ltd., a company incorporated under the laws of the Republic of Seychelles. The Company has agreed to issue three hundred million (300,000,000) shares of the Company to Yingxi Industrial Chain Group Co., Ltd. to acquire the shares and assets. Closing is dependent on the completion of due diligence. |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America. The Company’s year-end is March 31. The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the financial statements of the Company for the fiscal year ended March 31, 2016 and notes thereto contained in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on June 1, 2016. |
Use of Estimates | 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. |
Discontinued Operations | Discontinued Operations The Company follows ASC 205-20, “Discontinued Operations,” |
Reclassifications | Reclassifications Certain prior year amounts have been reclassified to conform with the current year presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the FASB has issued Accounting Standards Update (ASU) No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” In December 2016, the FASB has issued Accounting Standards Update (ASU) No. 2016-20, “Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers.” Management has considered all other recent accounting pronouncements issued since the last audit of our financial statements. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Income Loss From Discontinued Operations and Balance Sheet | The following table shows the results of operations of Addentax for nine months ended December 31, 2016 and 2015 which are included in the loss from discontinued operations: Nine Months Ended December 31, 2016 2015 Revenues $ 9,950 $ 5,700 Cost of Goods Sold (1,531 ) (713 ) Gross Profit 8,419 4,987 General and administrative expense (29,410 ) (11,713 ) Depreciation (534 ) (534 ) Loss on disposal of assets (3,968 ) - Total Expense (33,912 ) (12,247 ) Provision for income taxes - 28 Loss from Discontinued Operations, Net of Tax Benefits $ (25,493 ) $ (7,232 ) The following table shows the carrying amounts of the major classes of assets and liabilities associated with the Addentax as of the November 21, 2016. November 21, 2016 Prepaid expenses $ 190 Inventory 2,031 Equipment, net of accumulated depreciation of $1,869 1,047 Website 700 Net assets 3,968 Loss on disposal of assets $ 3,968 The following table presents the carrying amounts of the major classes of assets and liabilities associated reported as discontinued operations on our accompanying balance sheets. December 31, 2016 March 31, 2016 Assets from discontinued operations Cash and cash equivalents $ - $ 10,052 Prepaid expenses - 1,330 Inventory - 977 Equipment, net of accumulated depreciation of $1,869 - 1,581 Website - 700 Total assets from discontinued operations - 14,640 Current assets from discontinued operations - 12,359 Non-current assets from discontinued operations $ - $ 2,281 |
Organization and Nature of Bu15
Organization and Nature of Business (Details Narrative) | Nov. 21, 2016shares |
Former Sole Officer and Director [Member] | |
Number of common stock available for grants | 6,000,000 |
Equity ownership percentage | 86.70% |
Sale of common stock | 6,000,000 |
Current Sole Officer and Director [Member] | |
Repurchase of common stock | 3,800,000 |
Shareholder's Equity (Details N
Shareholder's Equity (Details Narrative) - USD ($) | 1 Months Ended | ||
Apr. 30, 2016 | Dec. 31, 2016 | Mar. 31, 2016 | |
Equity [Abstract] | |||
Common stock shares authorized | 150,000,000 | 150,000,000 | |
Common stock par value | $ 0.001 | $ 0.001 | |
Number of common stock shares issued for cash contributions | 37,000 | ||
Number of common stock issued for cash contributions | $ 554 | ||
Common stock shares issued | 6,920,000 | 6,883,000 | |
Common stock shares outstanding | 6,920,000 | 6,883,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Nov. 21, 2016 | Dec. 31, 2016 | Dec. 31, 2015 |
Loans from related party | $ 23,820 | ||
Forgiveness of debt by related party to contributed capital | 31,920 | ||
Majority Shareholder [Member] | |||
Loans from related party | $ 23,820 | ||
Sole Officer and Director [Member] | |||
Forgiveness of debt by related party to contributed capital | $ 31,920 |
Discontinued Operations (Detail
Discontinued Operations (Details Narrative) | 9 Months Ended |
Dec. 31, 2016USD ($) | |
Discontinued Operations and Disposal Groups [Abstract] | |
Loss on disposal of assets | $ 3,968 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Income Loss From Discontinued Operations and Balance Sheet (Details) - USD ($) | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Nov. 21, 2016 | Mar. 31, 2016 | |
Cash and cash equivalents | $ 10,052 | |||
Prepaid expenses | $ 190 | 1,330 | ||
Inventory | 2,031 | 977 | ||
Equipment, net of accumulated depreciation of $1,869 | 1,047 | 1,581 | ||
Website | 700 | 700 | ||
Loss on disposal of assets | 3,968 | |||
Total assets from discontinued operations, Net | $ 3,968 | 14,640 | ||
Current assets from discontinued operations | 12,359 | |||
Non-current assets from discontinued operations | $ 2,281 | |||
Addentax [Member] | ||||
Revenues | 9,950 | $ 5,700 | ||
Cost of Goods Sold | (1,531) | (713) | ||
Gross Profit | 8,419 | 4,987 | ||
General and administrative expense | (29,410) | (11,713) | ||
Depreciation | (534) | (534) | ||
Loss on disposal of assets | (3,968) | |||
Total Expense | (33,912) | (12,247) | ||
Provision for income taxes | 28 | |||
Loss from Discontinued Operations, Net of Tax Benefits | $ (25,493) | $ (7,232) |
Discontinued Operations - Sch20
Discontinued Operations - Schedule of Income Loss From Discontinued Operations and Balance Sheet (Details) (Parenthetical) - USD ($) | Dec. 31, 2016 | Nov. 21, 2016 | Mar. 31, 2016 |
Discontinued Operations and Disposal Groups [Abstract] | |||
Amortization discontinued operations | $ 1,869 | $ 1,869 | $ 1,869 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Yingxi Industrial Chain Group Co., Ltd [Member] - Sale & Purchase Agreement [Member] - Subsequent Event [Member] | Dec. 28, 2016shares |
Acquisition of shares and assets, percentage | 100.00% |
Stock issued during period, value, new issues | 500,000,000 |