Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2017 | |
Document And Entity Information | |
Entity Registrant Name | ADDENTAX GROUP CORP. |
Entity Central Index Key | 1,650,101 |
Document Type | 8-K |
Document Period End Date | Jun. 30, 2017 |
Amendment Flag | false |
Entity Filer Category | Smaller Reporting Company |
Document Fiscal Year Focus | 2,017 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
STOCKHOLDERS' EQUITY (DEFICIT) | |||
Total stockholders' equity (Deficit) | $ 699,402 | $ 2,203,522 | |
Yingxi Industrial Chain Group Co Ltd [Member] | |||
Current Assets | |||
Cash and cash equivalents | $ 1,098,254 | 227,687 | 123,133 |
Accounts receivable | 4,779,708 | 5,415,614 | 3,209,461 |
Notes receivable | 1,131,898 | 795,062 | 64,495 |
Due from related parties | 21,824 | 533,968 | |
Inventory | 454,272 | 428,602 | 629,395 |
Prepaid expenses | 962,722 | 412,598 | 43,695 |
Other current assets | 63,292 | 61,766 | 10,757 |
Total Current Assets | 8,511,970 | 7,341,329 | 4,614,904 |
Property and equipment, net | 648,459 | 683,647 | 744,075 |
TOTAL ASSETS | 9,160,429 | 8,024,976 | 5,358,979 |
Current Liabilities | |||
Accounts payable and accrued liabilities | 2,764,288 | 2,821,528 | 802,038 |
Loan payable | 2,655,000 | 184,800 | |
Deferred revenue | 225,423 | 363,818 | 92,984 |
Due to related parties | 2,751,534 | 3,900,030 | 2,006,255 |
Tax payable | 24,636 | 108,438 | 12,698 |
Other current liabilities | 161,249 | 131,760 | 56,682 |
Total Current Liabilities | 8,582,130 | 7,325,574 | 3,155,457 |
Long-term loan payable | 1,475,000 | ||
TOTAL LIABILITIES | 10,057,130 | 7,325,574 | 3,155,457 |
COMMITMENTS AND CONTINGENCIES | |||
STOCKHOLDERS' EQUITY (DEFICIT) | |||
Common stock, $0.0004 par value; 250,000,000 shares authorized; 250,000,000 shares issued and outstanding, respectively | 100,000 | 100,000 | 100,000 |
Additional paid-in capital (deficiency) | (1,062,501) | 374,499 | 2,047,600 |
Retained earnings | 209,845 | 345,219 | 215,394 |
Accumulated other comprehensive loss | (144,045) | (120,316) | (159,472) |
Total stockholders' equity (Deficit) | (896,701) | 699,402 | 2,203,522 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) | $ 9,160,429 | $ 8,024,976 | $ 5,358,979 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - Yingxi Industrial Chain Group Co Ltd [Member] - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par value | $ 0.0004 | $ 0.0004 | $ 0.0004 |
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, shares issued | 250,000,000 | 250,000,000 | 250,000,000 |
Common stock, shares outstanding | 250,000,000 | 250,000,000 | 250,000,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Expense | ||||||
Net Income (Loss) | $ 129,825 | $ 6,229 | ||||
Yingxi Industrial Chain Group Co Ltd [Member] | ||||||
Revenue | $ 4,208,819 | $ 3,615,869 | $ 7,292,010 | $ 6,850,617 | 14,427,141 | 9,294,356 |
Cost of revenue | 3,937,257 | 3,136,863 | 6,746,056 | 5,942,449 | 12,751,777 | 7,950,642 |
Gross Profit | 271,562 | 479,006 | 545,954 | 908,168 | 1,675,364 | 1,343,714 |
Operating Expense | ||||||
General and administrative | 382,167 | 404,877 | 676,827 | 767,546 | 1,516,876 | 1,474,278 |
Total Operating Expenses | 382,167 | 404,877 | 676,827 | 767,546 | 1,516,876 | 1,474,278 |
Operating Income (Loss) | (110,605) | 74,129 | (130,873) | 140,622 | 158,488 | (130,564) |
Other Expense | ||||||
Other income | 17,755 | 193,248 | ||||
Interest expense | (2,701) | (2,701) | (21,874) | |||
Other expense | (1,888) | (4,737) | (2,173) | (4,969) | (7,728) | (14,142) |
Total Other expense | (1,888) | (4,737) | (2,173) | (7,670) | 7,326 | 157,232 |
Income Before Income Taxes | (112,493) | 69,392 | (133,046) | 132,952 | 165,814 | 26,668 |
Provision for income taxes | (2,176) | (10,486) | (2,328) | (17,361) | (35,989) | (20,439) |
Net Income (Loss) | (114,669) | 58,906 | (135,374) | 115,591 | 129,825 | 6,229 |
Other Comprehensive Income (Loss) | ||||||
Foreign currency translation adjustments | (29,985) | (62,289) | (23,729) | (53,772) | 39,156 | (101,758) |
Total Comprehensive Income (Loss) | $ (144,654) | $ (3,383) | $ (159,103) | $ 61,819 | $ 168,981 | $ (95,529) |
Basic and Diluted Loss per Common Share | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Basic and Diluted Weighted Average Common Shares Outstanding | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 | 250,000,000 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders’ Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Total |
Balance at Dec. 31, 2014 | $ 100,000 | $ 2,047,600 | $ 209,165 | $ (57,714) | $ 2,299,051 |
Balance, shares at Dec. 31, 2014 | 250,000,000 | ||||
Common shares issued for cash | |||||
Common shares issued for cash, shares | |||||
Foreign currency translation adjustments | (101,758) | (101,178) | |||
Net loss | 6,229 | 6,229 | |||
Balance at Dec. 31, 2015 | $ 100,000 | 2,047,600 | 215,394 | (159,472) | 2,203,522 |
Balance, shares at Dec. 31, 2015 | 250,000,000 | ||||
Acquisition of subsidiaries | (1,673,101) | (1,673,101) | |||
Foreign currency translation adjustments | 39,156 | 39,156 | |||
Net loss | 129,825 | 129,825 | |||
Balance at Dec. 31, 2016 | $ 100,000 | $ 374,499 | $ 345,219 | $ (120,316) | $ 699,402 |
Balance, shares at Dec. 31, 2016 | 250,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income (Loss) | $ 129,825 | $ 6,229 | ||
Yingxi Industrial Chain Group Co Ltd [Member] | ||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||
Net Income (Loss) | $ (135,374) | $ 115,591 | 129,825 | 6,229 |
Adjustments to reconcile net income to net cash from operating activities: | ||||
Depreciation | 52,652 | 35,185 | 102,967 | 91,368 |
Changes in operating assets and liabilities: | ||||
Accounts receivable | 755,557 | (249,526) | (2,520,317) | (327,054) |
Inventory | (14,171) | (223,589) | 166,207 | (2,006) |
Prepaid expenses | (532,999) | (226,416) | (389,421) | 225,727 |
Other receivable | 107 | 8,810 | (54,178) | 977,656 |
Accounts payable | (115,753) | 1,373,576 | 2,156,185 | 18,984 |
Deferred revenue | (146,309) | (89,356) | 290,162 | (327,695) |
Tax payable | (85,671) | 25,853 | 101,160 | (52,116) |
Other payable | 25,705 | (15,740) | 82,601 | (1,834,027) |
Net cash provided by (used in) operating activities | (196,256) | 754,388 | 65,191 | (1,222,934) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||||
Acquisition of subsidiary | (1,458,000) | |||
Purchase of property and equipment | (20,434) | (102,629) | (158,033) | |
Sales of property and equipment | 10,829 | |||
Note receivable | (312,173) | (990,070) | (769,654) | (66,653) |
Loan to related parties, net | (23,613) | (41,413) | (551,829) | |
Collection of loan to related parties | 521,832 | |||
Net cash used in investing activities | (1,793,786) | (1,051,917) | (339,622) | (776,515) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||||
Proceed from borrowings | 4,082,400 | |||
Proceeds from issuance of common stock | 100,000 | |||
Repayment of loans | (183,720) | (180,600) | (81,220) | |
Loan from related parties, net | (1,235,162) | 506,018 | 468,424 | 2,073,365 |
Net cash provided by financing activities | 2,847,238 | 322,298 | 387,824 | 1,992,145 |
Effects on changes in foreign exchange rate | 13,371 | 6,402 | (8,839) | (5,765) |
Net increase in cash and cash equivalents | 870,567 | 31,171 | 104,554 | (13,069) |
Cash and cash equivalents - beginning of period | 227,687 | 123,133 | 123,133 | 136,202 |
Cash and cash equivalents - end of period | 1,098,254 | 154,304 | 227,687 | 123,133 |
Supplemental Cash Flow Disclosures | ||||
Cash paid for interest and income tax | 2,701 | 2,808 | ||
Cash paid for income taxes |
Organization And Description Of
Organization And Description Of Business | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Organization And Description Of Business | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Yingxi Industrial Chain Group Co., Ltd. (“the Company”, “we”, “us” or “our”, Yingxi”) was incorporated on August 4, 2016 in the Republic of Seychelles. During the reporting period, the Company was mainly engaged in textile and garment manufacturing and providing logistics services to its customers. The Company also provides business consultancy to their customers in assisting them to identify weaknesses in their operation in order to optimize their efficiency. The Company also assists their customers in improving their supply chain management which involves the movement and storage of raw materials, of work in progress inventory, and of finished goods from point of origin to point of consumption. Recent Developments Our subsidiaries were controlled by the same owners immediately prior to their acquisition by Yingxi. As a result of the acquisition of the subsidiaries by Yingxi, they became 100% owned subsidiaries of Yingxi. As these transactions are between entities under common control, the Company has reported the results of operations for the period in a manner similar to a pooling of interests and has consolidated financial results since the initial date in which the above companies were under common control. Assets and liabilities were combined on their carrying values and no recognition of goodwill was made. The Company has presented earnings per share based on the new parent company shares issued to the former shareholders of the Company. | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Yingxi Industrial Chain Group Co., Ltd. (“the Company”, “we”, “us” or “our”, Yingxi”) was incorporated on August 4, 2016 in the Republic of Seychelles. During the reporting period, the Company was mainly engaged in textile and garment manufacturing and providing logistics services to its customers. The Company also provides business consultancy to their customers in assisting them to identify weaknesses in their operation in order to optimize their efficiency. The Company also assists their customers in improving their supply chain management which involves the movement and storage of raw materials, of work in progress inventory, and of finished goods from point of origin to point of consumption. Recent Developments Our subsidiaries were controlled by the same owners immediately prior to their acquisition by Yingxi. As a result of the acquisition of the subsidiaries by Yingxi, they became 100% owned subsidiaries of Yingxi. As these transactions are between entities under common control, the Company has reported the results of operations for the period in a manner similar to a pooling of interests and has consolidated financial results since the initial date in which the above companies were under common control. Assets and liabilities were combined on their carrying values and no recognition of goodwill was made. The Company has presented earnings per share based on the new parent company shares issued to the former shareholders of the Company. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Summary Of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Regulation S-X. These interim unaudited consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2016, thereto contained herein. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the consolidated financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Basis of Consolidation These consolidated financial statements include the accounts of Yingxi Industrial Chain Group Co., Ltd and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Principal of subsidiaries The details of the principal subsidiaries of Yingxi are set out as follows: Name of subsidiaries Place of incorporation Percentage of interest Principal activities Shares held directly Yingxi Industrial Chain Investment Co., Ltd (“YICI”) Hong Kong China 100 % Investment holdings Shares held indirectly Dongguan Heng Sheng Wei Garments Co., Ltd (“DHSW”) China 100 % Garment manufacturing and business consultancy Qianhai Yingxi Textile and Garments Co., Ltd (“QYTG”) China 100 % Investment holdings Shantou Chenghai Dai Tou Garments Co., Ltd (“SCDT”) China 100 % Garment manufacturing Shenzhen Hua Peng Fa Logistics Co., Ltd (“SHPF”) China 100 % Logistics and business consultancy Shenzhen Qianhai Yingxi Industrial Chain Service Co., Ltd (“SQYI”) China 100 % Investment holdings Shenzhen Xin Kuai Jie Transport Co., Ltd (“SXKJ”) China 100 % Logistics Use of Estimates The preparation of the consolidated financial statements are in conformity with the GAAP that requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Foreign Currency Translation The Company’s reporting currency is the U.S. Dollars (“USD”). The functional currency of the Company and its subsidiaries is Chinese Yuan Renminbi (“RMB”). All transactions initiated in RMB are translated into USD in accordance with ASC 830, “Foreign Currency Matters,” i) Assets and liabilities at the rate of exchange in effect at the balance sheet date. ii) Equities at historical rate iii) Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. June 30, 2017 December 31, 2016 June 30, 2016 Spot CNY: USD exchange rate $ 0.1475 $ 0.1437 $ 0.1504 Average CNY: USD exchange rate $ 0.1452 - 0.1458 $ 0.1505 $ 0.1529 - 0.1531 Spot HKD: USD exchange rate $ 0.1289 $ 0.1289 $ 0.1289 Average HKD: USD exchange rate $ 0.1289 $ 0.1289 $ 0.1289 Accounts Receivable The Company’s accounts receivable consists of trade receivables from customers. The Company maintains an allowance for doubtful accounts based on the Company’s assessment of collectability of the customer receivable. The Company analyzes past history with a customer, customer credit, collection history, and financial condition when evaluating the collectability of customer accounts. Uncollectible accounts are charged off to the allowance when it is deemed probable that the receivable will not be recovered. June 30, 2017 December 31, 2016 Within 1 year $ 3,411,587 $ 3,985,638 1 - 2 year 1,368,121 1,429,976 4,779,708 5,415,614 For the concentration risk disclosure, please refer to Note 9. Financial Instruments The Company’s consolidated financial instruments consist primarily of cash, accounts receivable, prepaid expenses, inventory and other assets, accounts payable and accrued expenses and other payables. The carrying amounts of such financial instruments approximate their respective estimated fair value due to their short-term maturities. Concentrations of Credit Risks The Company’s exposure to concentrations of credit risk primarily related to its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company’s management assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. Inventory Inventory is stated at the lower of cost (weighted average) or net realizable value. The Company’s inventory is constantly monitored for obsolescence. This is based on the management’s estimates and they have taken into considerations factors such as turnover, technical obsolescence, right of return status to suppliers and price protection offered by suppliers. These estimates are necessarily subject to a degree of measurement uncertainty. Reserves for slow-moving and obsolete inventory at June 30, 2017 were $0 and at December 31, 2016 were $0. Related Parties The Company follows ASC 850, “Related Party Disclosures,” Property and Equipment Property and equipment are carried at cost less accumulated depreciation. Cost includes all direct costs necessary to acquire and prepare assets for use. The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. When assets are retired or sold, the asset’s cost and related accumulated depreciation are eliminated with any remaining gain or loss recognized in net earnings. Depreciation of plant and equipment, is recorded on the straight-line method over estimated useful lives, generally as follows: Years Production equipment 5 - 10 Vehicles 3 - 15 Office equipment 5 - 10 Impairment of long-lived assets We evaluate carrying value of long-lived assets whenever events or changes in circumstances would indicate that it is more likely than not their carrying values may exceed their realizable values, and records impairment charges when considered necessary. When circumstances indicate that impairment may have occurred, the Company tests such assets for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of such assets and their eventual disposition to their carrying amount. In estimating these future cash flows, assets and liabilities are grouped at a lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other such groups. If the undiscounted future cash flows are less than the carrying amount of the asset, an impairment loss, measured as the excess of the carrying value of the asset over its estimated fair value, is recognized. Fair values are determined based on discounted cash flows, quoted market values or external appraisals as applicable. Deferred Revenue Deferred revenue are services billed to customers for which the services have not been fully performed. As of June 30, 2017 and December 31, 2016, deferred revenue were $225,423 and $363,818, respectively. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes.” Uncertain Tax Positions The Company follows guidance issued by the FASB regarding accounting for uncertainty in income taxes. This guidance clarifies the accounting for income taxes by prescribing the minimum recognition threshold an income tax position is required to meet before being recognized in the financial statements and applies to all income tax positions. Each income tax position is assessed using a two-step process. A determination is first made as to whether it is more likely than not that the income tax position will be sustained, based upon technical merits, upon examination by the taxing authorities. If the income tax position is expected to meet the more likely than not criteria, the benefit recorded in the financial statements equals the largest amount that is greater than 50% likely to be realized upon its ultimate settlement. The Company records income tax related interest and penalties as a component of the provision for income tax expense. As of June 30, 2017 and December 31, 2016, the Company determined there were no uncertain tax provisions. Earnings (Loss) Per Share The Company has adopted ASC 260, “Earnings Per Share,” The Company had no potentially dilutive securities, such as convertible debt, options or warrants, issued and outstanding during the six months ended June 30, 2017 and 2016. Revenue Recognition The Company recognizes revenue only when all of the following criteria have been met: i) Persuasive evidence for an agreement exists; ii) Service has been provided; iii) The fee is fixed or determinable; and, iv) Collection is reasonably assured. Recent Accounting Pronouncements The Company has reviewed all other 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 consolidated financial statements. | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States. Basis of Consolidation The consolidated financial statements include the accounts of Yingxi Industrial Chain Group., Ltd. and its wholly-owned subsidiaries. Intercompany balance and transactions between consolidated entities are eliminated. Principal subsidiaries The details of the principal subsidiaries of Yingxi are set out as follows: Name of subsidiaries Place of incorporation Percentage of interest Principal activities Shares held directly Yingxi Industrial Chain Investment Co., Ltd (“YICI”) Hong Kong China 100 % Investment holdings Shares held indirectly Dongguan Heng Sheng Wei Garments Co., Ltd (“DHSW”) China 100 % Garment manufacturing and business consultancy Qianhai Yingxi Textile and Garments Co., Ltd (“QYTG”) China 100 % Investment holdings Shantou Chenghai Dai Tou Garments Co., Ltd (“SCDT”) China 100 % Garment manufacturing Shenzhen Hua Peng Fa Logistics Co., Ltd (“SHPF”) China 100 % Logistics and business consultancy Shenzhen Qianhai Yingxi Industrial Chain Service Co., Ltd (“SQYI”) China 100 % Investment holdings Shenzhen Xin Kuai Jie Transport Co., Ltd (“SXKJ”) China 100 % Logistics Use of Estimates The preparation of the consolidated financial statements in conformity with the GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. Foreign Currency Translation The Company’s reporting currency is the U.S. Dollars (“USD”). The functional currency of the Company and its subsidiaries is Chinese Yuan Renminbi (“RMB”). All transactions initiated in RMB are translated into USD in accordance with ASC 830, “Foreign Currency Matters,” i) Assets and liabilities at the rate of exchange in effect at the balance sheet date. ii) Equities at historical rate iii) Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. December 31, 2016 December 31, 2015 Spot RMB: USD exchange rate $ 0.14 $ 0.15 Average RMB: USD exchange rate $ 0.15 $ 0.16 Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of three months or less, which are readily convertible to known amounts of cash. Accounts Receivable The Company’s accounts receivable consists of trade receivables from customers. The Company maintains an allowance for doubtful accounts based on the Company’s assessment of collectability of the customer receivable. The Company analyzes past history with a customer, customer credit, collection history, and financial condition when evaluating the collectability of customer accounts. Uncollectible accounts are charged off to the allowance when it is deemed probable that the receivable will not be recovered. December 31, 2016 December 31, 2015 Within 1 year $ 3,985,638 $ 3,209,461 1 - 2 years 1,429,976 - 5,415,614 3,209,461 For the concentration risk disclosure, please refer to Note 9. Financial Instruments The Company’s consolidated financial instruments consist primarily of cash, accounts receivable, prepaid expenses, inventory and other assets, accounts payable and accrued expenses and other payables. The carrying amounts of such financial instruments approximate their respective estimated fair value due to their short-term maturities. Concentrations of Credit Risks The Company’s exposure to concentrations of credit risk primarily related to its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company’s management assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. Inventory Inventory is stated at the lower of cost (weighted average) or net realizable value. The company’s inventory is constantly monitored for obsolescence. This is based on the management’s estimates and they have taken into considerations factors such as turnover, technical obsolescence, right of return status to suppliers and price protection offered by suppliers. These estimates are necessarily subject to a degree of measurement uncertainty. Reserves for slow-moving and obsolete inventory at December 31, 2016 were $0 (2015 - $0). Related Parties The Company follows ASC 850, “Related Party Disclosures,” Property and Equipment Property and equipment are carried at cost less accumulated depreciation. Cost includes all direct costs necessary to acquire and prepare assets for use. The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. When assets are retired or sold, the asset’s cost and related accumulated depreciation are eliminated with any remaining gain or loss recognized in net earnings. Depreciation of plant and equipment, is recorded on the straight-line method over estimated useful lives, generally as follows: Years Production equipment 5 - 10 Vehicles 3 - 15 Office equipment 5 - 10 Impairment of long-lived assets We evaluate carrying value of long-lived assets whenever events or changes in circumstances would indicate that it is more likely than not their carrying values may exceed their realizable values, and records impairment charges when considered necessary. When circumstances indicate that impairment may have occurred, the Company tests such assets for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of such assets and their eventual disposition to their carrying amount. In estimating these future cash flows, assets and liabilities are grouped at a lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other such groups. If the undiscounted future cash flows are less than the carrying amount of the asset, an impairment loss, measured as the excess of the carrying value of the asset over its estimated fair value, is recognized. Fair values are determined based on discounted cash flows, quoted market values or external appraisals as applicable. Deferred Revenue Deferred revenue are services billed to customers for which the services have not been fully performed. At December 31, 2016 and 2015, deferred revenue was $363,818 and $92,984, respectively. Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes.” Uncertain Tax Positions The Company follows guidance issued by the FASB regarding accounting for uncertainty in income taxes. This guidance clarifies the accounting for income taxes by prescribing the minimum recognition threshold an income tax position is required to meet before being recognized in the financial statements and applies to all income tax positions. Each income tax position is assessed using a two-step process. A determination is first made as to whether it is more likely than not that the income tax position will be sustained, based upon technical merits, upon examination by the taxing authorities. If the income tax position is expected to meet the more likely than not criteria, the benefit recorded in the financial statements equals the largest amount that is greater than 50% likely to be realized upon its ultimate settlement. The Company records income tax related interest and penalties as a component of the provision for income tax expense. As of December 31, 2016 and 2015, the Company determined there were no uncertain tax provisions. Earnings (Loss) Per Share The Company has adopted ASC 260, “Earnings Per Share,” The Company had no potentially dilutive securities, such as convertible debt, options or warrants, issued and outstanding during years ended December 31, 2016 and 2015. Revenue Recognition The Company recognizes revenue only when all of the following criteria have been met: i) Persuasive evidence for an agreement exists; ii) Service has been provided; iii) The fee is fixed or determinable; and, iv) Collection is reasonably assured. Recent Accounting Pronouncements The FASB has issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, |
Inventory
Inventory | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Inventory | NOTE 3 – INVENTORY Inventory at June 30, 2017 and December 31, 2016 consist of the following: June 30, 2017 December 31, 2016 Raw material $ 177,784 $ 98,282 Work in progress 11,231 71,896 Finished goods 265,257 258,424 $ 454,272 $ 428,602 | NOTE 3 – INVENTORY Inventory at December 31, 2016 and 2015 consist of the following: December 31, 2016 December 31, 2015 Raw material $ 98,282 $ 509,708 Work in progress 71,896 97,274 Finished goods 258,424 1,041 Consigned processing materials - 21,357 Reusable materials - 15 $ 428,602 $ 629,395 |
Notes Receivable
Notes Receivable | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Notes Receivable | NOTE 4 – NOTES RECEIVABLE Note receivable at June 30, 2017 and December 31, 2016 amounted to $1,131,898 and $795,062, respectively. The amounts are interest free, unsecured and have no fixed terms of repayment. As at June 30, 2017 and December 31, 2016, there were no interest due and outstanding and no provision had been made for non-repayment of the loan or interest. | NOTE 4 – NOTES RECEIVABLE Notes receivable at December 31, 2016 and 2015 amounted to $795,062 and $64,495, respectively. The amounts are interest free, unsecured and have no fixed terms of repayment. As at 31 December 2016 and 2015, there were no interest due and outstanding and no provisions had been made for non-repayment of the loan or interest. |
Property And Equipment
Property And Equipment | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Property And Equipment | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment at June 30, 2017 and December 31, 2016, consist of the following: June 30, 2017 December 31, 2016 Cost: Production equipment $ 143,957 $ 140,249 Means of transport 835,267 813,747 office equipment 11,561 11,264 990,785 965,260 Less: accumulated depreciation (342,326 ) (281,613 ) $ 648,459 $ 683,647 Depreciation expense for the six months ended June 30, 2017 and 2016 amounted to $52,652 and $35,185, respectively. | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment at December 31, 2016 and 2015, consist of the following: December 31, 2016 December 31, 2015 Cost: Production equipment $ 140,249 $ 137,240 Vehicle 813,747 880,024 Office equipment 11,264 10,810 965,260 1,028,074 Less: accumulated depreciation (281,613 ) (283,999 ) Property and equipment, net $ 683,647 $ 744,075 Depreciation expense for the years ended December 31, 2016 and 2015 amounted to $102,967 and $91,368, respectively. |
Accounts Payable And Accrued Li
Accounts Payable And Accrued Liabilities | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Accounts Payable And Accrued Liabilities | NOTE 6 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES Accounts payable and accrued liabilities at June 30, 2017 and December 31, 2016, consist of the following: June 30, 2017 December 31, 2016 Accounts payable $ 2,659,689 $ 2,704,259 Accrued payroll 104,599 117,269 Total $ 2,764,288 $ 2,821,528 June 30, 2017 December 31, 2016 Accounts payable Within 1 year $ 2,511,753 $ 2,677,531 1 - 2 year 147,936 - 2 - 3 year - 26,728 Total $ 2,659,689 $ 2,704,259 | NOTE 6 – ACCOUNTS PAYABLE AND ACCRUED LABILITIES Accounts payable and accrued liabilities at December 31, 2016 and 2015, consist of the following: December 31, 2016 December 31, 2015 Accounts payable $ 2,704,259 $ 707,792 Accrued payroll 117,269 94,246 Total $ 2,821,528 $ 802,038 December 31, 2016 December 31, 2015 Accounts payable Within 1 year $ 2,677,531 $ 456,342 1 - 2 year - 251,450 2 - 3 year 26,728 - Total $ 2,704,259 $ 707,792 |
Loan Payable
Loan Payable | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Loan Payable | NOTE 7 – LOAN PAYABLE The components of our long-term debt including the current portion, and the associated interest rates, were as follows as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Loan payable with no interest and 3 years maturity $ 1,475,000 $ - Loan payable with no interest and 1 year maturity 2,655,000 - 4,130,000 - Current portion of loans payable 2,655,000 - Long-term loans payable $ 1,475,000 $ - During the six months ended June 30, 2017 and 2016, the Company borrowed $4,130,000 and $0, and repaid $0 and 183,720, respectively. Interest expenses for the six months ended June 30, 2017 and 2016 amounted to $0 and $2,701, respectively. | NOTE 7 – LOAN PAYABLE As of December 31, 2016, and 2015, the Company had loan payable of $0 and $184,800, respectively. The term is from December 24, 2013 to December 23, 2018 and the interest rate is 6.4125% per annum. During the year ended December 31, 2016 and 2015, the Company repaid $180,600 and $81,220, respectively. The Company fully paid back all the loan in March 2016. The difference between the loan payable as of December 31, 2015 and the loan repayment in 2016 was recorded as exchange difference. Interest expenses for the years ended December 31, 2016 and 2015 amounted to $2,701 and $21,874, respectively. |
Related Party Transactions
Related Party Transactions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Related Party Transactions | NOTE 8 – RELATED PARTY TRANSACTIONS Due from related parties Due from related parties at June 30, 2017 and December 31, 2016 consist of as follows: Related Party Name June 30,2017 December 31, 2016 Relationship with the Company Hong Zhida $ 20,871 $ - CEO Chen Zhongpeng 953 - Company’s legal representative $ 21,824 $ - The amounts were interest free, unsecured and had no fixed terms of repayment. Due to related parties Due to related parties at June 30, 2017 and December 31, 2016 consist of as follows: Related Party Name June 30, 2017 December 31, 2016 Relationship with the Company Yang Bihua $ 18,276 $ 1,957 Company’s legal representative Ding Yinping 501,245 750,842 Company’s legal representative Huang Jinlong 1,289,950 1,091,348 Company’s supervisor Chen Zhongpeng 814,688 459,232 Company’s legal representative Huang Dewu 127,375 15,807 Company’s legal representative Shareholders of acquired subsidiaries - 1,580,844 $ 2,751,534 $ 3,900,030 The amounts were interest free, unsecured and had no fixed terms of repayment. The amounts owing to shareholders of the acquired subsidiaries totaling $1,580,844 (2015: nil) , was paid in May 2017. | NOTE 8 – RELATED PARTY TRANSACTIONS Due from related parties Due from related parties at December 31, 2016 and 2015 consist of the following: Related party December 31, 2016 December 31, 2015 Relationship with the Company Chen Zhongpeng $ - $ 263,308 Company’s legal representative Huang Dewu - 193,660 Company’s legal representative Chen Qiuying - 77,000 Company’s supervisor $ - $ 533,968 The amounts were interest free, unsecured and had no fixed terms of repayment. Due to related parties Due to related parties at December 31, 2016 and 2015 consist of the following: Related party December 31, 2016 December 31, 2015 Relationship with the Company Chen Zhongpeng $ 459,232 $ - Company’s legal representative Yang Bihua 1,957 58,071 Company’s legal representative Huang Dewu 15,807 - Company’s legal representative Ding Yinping 750,842 867,524 Company’s legal representative Huang Jinlong 1,091,348 1,080,660 Company’s supervisor Shareholders for acquisition of subsidiaries 1,580,844 - Shareholders under common control $ 3,900,030 $ 2,006,255 The amounts were interest free, unsecured and had no fixed terms of repayment. The amounts owed to the shareholders for the acquisition of subsidiaries of $1,580,844 (2015: nil) was paid in May 2017. |
Concentration Of Credit Risks
Concentration Of Credit Risks | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Concentration Of Credit Risks | NOTE 9 – CONCENTRATION OF CREDIT RISKS The Company had certain customers whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually represented 10% or more of the Company’s total accounts receivable, or whose accounts payable balances individually represented 10% or more of the Company’s total accounts payable, the details of which are set out as follows: For the six months ended June 30, 2017 and the years ended December 31, 2016, five customers accounted for 52% and five customer accounted for 43% of the revenue of the Company, respectively. At June 30, 2017 and December 31, 2016, five customers accounted for 76% and five customers accounted for 74% of the accounts receivable of the Company, respectively. | NOTE 9 – CONCENTRATION OF CREDIT RISKS The Company had certain customers whose revenue individually represented 10% or more of the Company’s total revenue, or whose accounts receivable balances individually represented 10% or more of the Company’s total accounts receivable, or whose accounts payable balances individually represented 10% or more of the Company’s total accounts payable, the details of which are set out as follows: For the years ended December 31, 2016 and 2015, five customers accounted for 43% and five customer accounted for 54% of the revenue of the Company, respectively. At December 31, 2016 and 2015, five customers accounted for 74% and five customers accounted for 94% of the accounts receivable of the Company, respectively. |
Income Tax
Income Tax | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Income Tax | NOTE 10 – INCOME TAX Yingxi was incorporated on August 4, 2016 in the Republic of Seychelles. Its subsidiary YICI was incorporated on July 28, 2016 in Hong Kong China. YICI’s subsidiaries DHSW, QYTG, SCDT, SHPF, SQYI and SXKJ were incorporated on May 15, 2009, November 29, 2016, May 13, 1982, July 6, 2006, January 29, 2016, and September 28, 2001 respectively in China. The Company operates in China and they file their tax returns in accordance with China’s laws and regulations. Provision for income taxes for the six months ended 30 June, 2017 and the years ended December 31, 2016 were $2,328 and $35,989 respectively. The income tax rate for the years 2017 and 2016 are 25% in China. However, DHSW enjoyed a preferential income tax rate at 10% for the year 2016. Whereas SHPF enjoyed a preferential income tax rate at 10% for the year 2016. YICI does not generate any income during the two years and hence does not have to pay any Hong Kong Profits tax. | NOTE 10 – INCOME TAX Yingxi was incorporated on August 4, 2016 in the Republic of Seychelles. Its subsidiary YICI was incorporated on July 28, 2016 in Hong Kong China. YICI’s subsidiaries DHSW, QYTG, SCDT, SHPF, SQYI and SXKJ were incorporated on May 15, 2009, November 29, 2016, May 13, 1982, July 6, 2006, January 29, 2016, and September 28, 2001 respectively in China. The Company operates in China and they file their tax returns in accordance with China’s laws and regulations. Provision for income taxes for the years ended December 31, 2016 and 2015 were $35,989 and $20,439 respectively. The income tax rate for the years 2016 and 2015 are 25% in China. However, DHSE enjoyed a preferential income tax rate at 10% for the years 2016 and 2015. Whereas SHPF enjoyed a preferential income tax rate at 10% for the year 2016. YICI does not generate any income during the two years and hence does not have to pay any Hong Kong Profits tax. |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Shareholders’ Equity | NOTE 11 – SHAREHOLDERS’ EQUITY Common Stock The Company is authorized to issue 250,000,000 shares of common stock at a par value of $0.0004. On August 4, 2016, 250,000,000 shares were issued to the founders for $100,000. As of June 30, 2017, the Company had 250,000,000 shares of common stock issued and outstanding. The Company has no stock option plan, warrants or other dilutive securities. | NOTE 11 – SHAREHOLDERS’ EQUITY Common Stock The Company is authorized to issue 250,000,000 shares of common stock at a par value of $0.0004. On August 4, 2016, 250,000,000 shares were issued to the founders for $100,000. As of December 31, 2016, the Company had 250,000,000 shares of common stock issued and outstanding. The Company has no stock option plan, warrants or other dilutive securities. |
Subsequent Events
Subsequent Events | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Subsequent Events | NOTE 12 –SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to June 30, 2017, through the date these financials were approved to be issued, and has determined that it does not have any material events. | NOTE 12 – SUBSEQUENT EVENTS The Company has analyzed its operations subsequent to June 30, 2017, through the date these financials were approved to be issued, and has determined that it does not have any material events. |
Summary Of Significant Accoun19
Summary Of Significant Accounting Policies (Policies) - Yingxi Industrial Chain Group Co Ltd [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and with the instructions to Regulation S-X. These interim unaudited consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2016, thereto contained herein. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the consolidated financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. | Basis of Presentation The consolidated financial statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) of the United States. |
Basis of Consolidation | Basis of Consolidation These consolidated financial statements include the accounts of Yingxi Industrial Chain Group Co., Ltd and its wholly-owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. Principal of subsidiaries The details of the principal subsidiaries of Yingxi are set out as follows: Name of subsidiaries Place of incorporation Percentage of interest Principal activities Shares held directly Yingxi Industrial Chain Investment Co., Ltd (“YICI”) Hong Kong China 100 % Investment holdings Shares held indirectly Dongguan Heng Sheng Wei Garments Co., Ltd (“DHSW”) China 100 % Garment manufacturing and business consultancy Qianhai Yingxi Textile and Garments Co., Ltd (“QYTG”) China 100 % Investment holdings Shantou Chenghai Dai Tou Garments Co., Ltd (“SCDT”) China 100 % Garment manufacturing Shenzhen Hua Peng Fa Logistics Co., Ltd (“SHPF”) China 100 % Logistics and business consultancy Shenzhen Qianhai Yingxi Industrial Chain Service Co., Ltd (“SQYI”) China 100 % Investment holdings Shenzhen Xin Kuai Jie Transport Co., Ltd (“SXKJ”) China 100 % Logistics | Basis of Consolidation The consolidated financial statements include the accounts of Yingxi Industrial Chain Group., Ltd. and its wholly-owned subsidiaries. Intercompany balance and transactions between consolidated entities are eliminated. |
Principal subsidiaries | Principal subsidiaries The details of the principal subsidiaries of Yingxi are set out as follows: Name of subsidiaries Place of incorporation Percentage of interest Principal activities Shares held directly Yingxi Industrial Chain Investment Co., Ltd (“YICI”) Hong Kong China 100 % Investment holdings Shares held indirectly Dongguan Heng Sheng Wei Garments Co., Ltd (“DHSW”) China 100 % Garment manufacturing and business consultancy Qianhai Yingxi Textile and Garments Co., Ltd (“QYTG”) China 100 % Investment holdings Shantou Chenghai Dai Tou Garments Co., Ltd (“SCDT”) China 100 % Garment manufacturing Shenzhen Hua Peng Fa Logistics Co., Ltd (“SHPF”) China 100 % Logistics and business consultancy Shenzhen Qianhai Yingxi Industrial Chain Service Co., Ltd (“SQYI”) China 100 % Investment holdings Shenzhen Xin Kuai Jie Transport Co., Ltd (“SXKJ”) China 100 % Logistics | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements are in conformity with the GAAP that requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. | Use of Estimates The preparation of the consolidated financial statements in conformity with the GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities. It also requires the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation The Company’s reporting currency is the U.S. Dollars (“USD”). The functional currency of the Company and its subsidiaries is Chinese Yuan Renminbi (“RMB”). All transactions initiated in RMB are translated into USD in accordance with ASC 830, “Foreign Currency Matters,” i) Assets and liabilities at the rate of exchange in effect at the balance sheet date. ii) Equities at historical rate iii) Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. June 30, 2017 December 31, 2016 June 30, 2016 Spot CNY: USD exchange rate $ 0.1475 $ 0.1437 $ 0.1504 Average CNY: USD exchange rate $ 0.1452 - 0.1458 $ 0.1505 $ 0.1529 - 0.1531 Spot HKD: USD exchange rate $ 0.1289 $ 0.1289 $ 0.1289 Average HKD: USD exchange rate $ 0.1289 $ 0.1289 $ 0.1289 | Foreign Currency Translation The Company’s reporting currency is the U.S. Dollars (“USD”). The functional currency of the Company and its subsidiaries is Chinese Yuan Renminbi (“RMB”). All transactions initiated in RMB are translated into USD in accordance with ASC 830, “Foreign Currency Matters,” i) Assets and liabilities at the rate of exchange in effect at the balance sheet date. ii) Equities at historical rate iii) Revenue and expense items at the average rate of exchange prevailing during the period. Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity. December 31, 2016 December 31, 2015 Spot RMB: USD exchange rate $ 0.14 $ 0.15 Average RMB: USD exchange rate $ 0.15 $ 0.16 |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with original maturities of three months or less, which are readily convertible to known amounts of cash. | |
Accounts Receivable | Accounts Receivable The Company’s accounts receivable consists of trade receivables from customers. The Company maintains an allowance for doubtful accounts based on the Company’s assessment of collectability of the customer receivable. The Company analyzes past history with a customer, customer credit, collection history, and financial condition when evaluating the collectability of customer accounts. Uncollectible accounts are charged off to the allowance when it is deemed probable that the receivable will not be recovered. June 30, 2017 December 31, 2016 Within 1 year $ 3,411,587 $ 3,985,638 1 - 2 year 1,368,121 1,429,976 4,779,708 5,415,614 For the concentration risk disclosure, please refer to Note 9. | Accounts Receivable The Company’s accounts receivable consists of trade receivables from customers. The Company maintains an allowance for doubtful accounts based on the Company’s assessment of collectability of the customer receivable. The Company analyzes past history with a customer, customer credit, collection history, and financial condition when evaluating the collectability of customer accounts. Uncollectible accounts are charged off to the allowance when it is deemed probable that the receivable will not be recovered. December 31, 2016 December 31, 2015 Within 1 year $ 3,985,638 $ 3,209,461 1 - 2 years 1,429,976 - 5,415,614 3,209,461 For the concentration risk disclosure, please refer to Note 9. |
Financial Instruments | Financial Instruments The Company’s consolidated financial instruments consist primarily of cash, accounts receivable, prepaid expenses, inventory and other assets, accounts payable and accrued expenses and other payables. The carrying amounts of such financial instruments approximate their respective estimated fair value due to their short-term maturities. | Financial Instruments The Company’s consolidated financial instruments consist primarily of cash, accounts receivable, prepaid expenses, inventory and other assets, accounts payable and accrued expenses and other payables. The carrying amounts of such financial instruments approximate their respective estimated fair value due to their short-term maturities. |
Concentrations of Credit Risks | Concentrations of Credit Risks The Company’s exposure to concentrations of credit risk primarily related to its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company’s management assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. | Concentrations of Credit Risks The Company’s exposure to concentrations of credit risk primarily related to its cash and cash equivalents. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. The Company’s management assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited. |
Inventory | Inventory Inventory is stated at the lower of cost (weighted average) or net realizable value. The Company’s inventory is constantly monitored for obsolescence. This is based on the management’s estimates and they have taken into considerations factors such as turnover, technical obsolescence, right of return status to suppliers and price protection offered by suppliers. These estimates are necessarily subject to a degree of measurement uncertainty. Reserves for slow-moving and obsolete inventory at June 30, 2017 were $0 and at December 31, 2016 were $0. | Inventory Inventory is stated at the lower of cost (weighted average) or net realizable value. The company’s inventory is constantly monitored for obsolescence. This is based on the management’s estimates and they have taken into considerations factors such as turnover, technical obsolescence, right of return status to suppliers and price protection offered by suppliers. These estimates are necessarily subject to a degree of measurement uncertainty. Reserves for slow-moving and obsolete inventory at December 31, 2016 were $0 (2015 - $0). |
Related Parties | Related Parties The Company follows ASC 850, “Related Party Disclosures,” | Related Parties The Company follows ASC 850, “Related Party Disclosures,” |
Property and Equipment | Property and Equipment Property and equipment are carried at cost less accumulated depreciation. Cost includes all direct costs necessary to acquire and prepare assets for use. The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. When assets are retired or sold, the asset’s cost and related accumulated depreciation are eliminated with any remaining gain or loss recognized in net earnings. Depreciation of plant and equipment, is recorded on the straight-line method over estimated useful lives, generally as follows: Years Production equipment 5 - 10 Vehicles 3 - 15 Office equipment 5 - 10 | Property and Equipment Property and equipment are carried at cost less accumulated depreciation. Cost includes all direct costs necessary to acquire and prepare assets for use. The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. When assets are retired or sold, the asset’s cost and related accumulated depreciation are eliminated with any remaining gain or loss recognized in net earnings. Depreciation of plant and equipment, is recorded on the straight-line method over estimated useful lives, generally as follows: Years Production equipment 5 - 10 Vehicles 3 - 15 Office equipment 5 - 10 |
Impairment of long-lived assets | Impairment of long-lived assets We evaluate carrying value of long-lived assets whenever events or changes in circumstances would indicate that it is more likely than not their carrying values may exceed their realizable values, and records impairment charges when considered necessary. When circumstances indicate that impairment may have occurred, the Company tests such assets for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of such assets and their eventual disposition to their carrying amount. In estimating these future cash flows, assets and liabilities are grouped at a lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other such groups. If the undiscounted future cash flows are less than the carrying amount of the asset, an impairment loss, measured as the excess of the carrying value of the asset over its estimated fair value, is recognized. Fair values are determined based on discounted cash flows, quoted market values or external appraisals as applicable. | Impairment of long-lived assets We evaluate carrying value of long-lived assets whenever events or changes in circumstances would indicate that it is more likely than not their carrying values may exceed their realizable values, and records impairment charges when considered necessary. When circumstances indicate that impairment may have occurred, the Company tests such assets for recoverability by comparing the estimated undiscounted future cash flows expected to result from the use of such assets and their eventual disposition to their carrying amount. In estimating these future cash flows, assets and liabilities are grouped at a lowest level for which there are identifiable cash flows that are largely independent of the cash flows generated by other such groups. If the undiscounted future cash flows are less than the carrying amount of the asset, an impairment loss, measured as the excess of the carrying value of the asset over its estimated fair value, is recognized. Fair values are determined based on discounted cash flows, quoted market values or external appraisals as applicable. |
Deferred Revenue | Deferred Revenue Deferred revenue are services billed to customers for which the services have not been fully performed. As of June 30, 2017 and December 31, 2016, deferred revenue were $225,423 and $363,818, respectively. | Deferred Revenue Deferred revenue are services billed to customers for which the services have not been fully performed. At December 31, 2016 and 2015, deferred revenue was $363,818 and $92,984, respectively. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes.” | Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Accounting for Income Taxes.” |
Uncertain Tax Positions | Uncertain Tax Positions The Company follows guidance issued by the FASB regarding accounting for uncertainty in income taxes. This guidance clarifies the accounting for income taxes by prescribing the minimum recognition threshold an income tax position is required to meet before being recognized in the financial statements and applies to all income tax positions. Each income tax position is assessed using a two-step process. A determination is first made as to whether it is more likely than not that the income tax position will be sustained, based upon technical merits, upon examination by the taxing authorities. If the income tax position is expected to meet the more likely than not criteria, the benefit recorded in the financial statements equals the largest amount that is greater than 50% likely to be realized upon its ultimate settlement. The Company records income tax related interest and penalties as a component of the provision for income tax expense. As of June 30, 2017 and December 31, 2016, the Company determined there were no uncertain tax provisions. | Uncertain Tax Positions The Company follows guidance issued by the FASB regarding accounting for uncertainty in income taxes. This guidance clarifies the accounting for income taxes by prescribing the minimum recognition threshold an income tax position is required to meet before being recognized in the financial statements and applies to all income tax positions. Each income tax position is assessed using a two-step process. A determination is first made as to whether it is more likely than not that the income tax position will be sustained, based upon technical merits, upon examination by the taxing authorities. If the income tax position is expected to meet the more likely than not criteria, the benefit recorded in the financial statements equals the largest amount that is greater than 50% likely to be realized upon its ultimate settlement. The Company records income tax related interest and penalties as a component of the provision for income tax expense. As of December 31, 2016 and 2015, the Company determined there were no uncertain tax provisions. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The Company has adopted ASC 260, “Earnings Per Share,” The Company had no potentially dilutive securities, such as convertible debt, options or warrants, issued and outstanding during the six months ended June 30, 2017 and 2016. | Earnings (Loss) Per Share The Company has adopted ASC 260, “Earnings Per Share,” The Company had no potentially dilutive securities, such as convertible debt, options or warrants, issued and outstanding during years ended December 31, 2016 and 2015. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue only when all of the following criteria have been met: i) Persuasive evidence for an agreement exists; ii) Service has been provided; iii) The fee is fixed or determinable; and, iv) Collection is reasonably assured. | Revenue Recognition The Company recognizes revenue only when all of the following criteria have been met: i) Persuasive evidence for an agreement exists; ii) Service has been provided; iii) The fee is fixed or determinable; and, iv) Collection is reasonably assured. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company has reviewed all other 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 consolidated financial statements. | Recent Accounting Pronouncements The FASB has issued Accounting Standards Update (ASU) No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, |
Summary Of Significant Accoun20
Summary Of Significant Accounting Policies (Tables) - Yingxi Industrial Chain Group Co Ltd [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Schedule of Principal Subsidiaries | The details of the principal subsidiaries of Yingxi are set out as follows: Name of subsidiaries Place of incorporation Percentage of interest Principal activities Shares held directly Yingxi Industrial Chain Investment Co., Ltd (“YICI”) Hong Kong China 100 % Investment holdings Shares held indirectly Dongguan Heng Sheng Wei Garments Co., Ltd (“DHSW”) China 100 % Garment manufacturing and business consultancy Qianhai Yingxi Textile and Garments Co., Ltd (“QYTG”) China 100 % Investment holdings Shantou Chenghai Dai Tou Garments Co., Ltd (“SCDT”) China 100 % Garment manufacturing Shenzhen Hua Peng Fa Logistics Co., Ltd (“SHPF”) China 100 % Logistics and business consultancy Shenzhen Qianhai Yingxi Industrial Chain Service Co., Ltd (“SQYI”) China 100 % Investment holdings Shenzhen Xin Kuai Jie Transport Co., Ltd (“SXKJ”) China 100 % Logistics | The details of the principal subsidiaries of Yingxi are set out as follows: Name of subsidiaries Place of incorporation Percentage of interest Principal activities Shares held directly Yingxi Industrial Chain Investment Co., Ltd (“YICI”) Hong Kong China 100 % Investment holdings Shares held indirectly Dongguan Heng Sheng Wei Garments Co., Ltd (“DHSW”) China 100 % Garment manufacturing and business consultancy Qianhai Yingxi Textile and Garments Co., Ltd (“QYTG”) China 100 % Investment holdings Shantou Chenghai Dai Tou Garments Co., Ltd (“SCDT”) China 100 % Garment manufacturing Shenzhen Hua Peng Fa Logistics Co., Ltd (“SHPF”) China 100 % Logistics and business consultancy Shenzhen Qianhai Yingxi Industrial Chain Service Co., Ltd (“SQYI”) China 100 % Investment holdings Shenzhen Xin Kuai Jie Transport Co., Ltd (“SXKJ”) China 100 % Logistics |
Schedule of Foreign Currency Transaction Adjustments Accumulated Other Comprehensive Income | June 30, 2017 December 31, 2016 June 30, 2016 Spot CNY: USD exchange rate $ 0.1475 $ 0.1437 $ 0.1504 Average CNY: USD exchange rate $ 0.1452 - 0.1458 $ 0.1505 $ 0.1529 - 0.1531 Spot HKD: USD exchange rate $ 0.1289 $ 0.1289 $ 0.1289 Average HKD: USD exchange rate $ 0.1289 $ 0.1289 $ 0.1289 | December 31, 2016 December 31, 2015 Spot RMB: USD exchange rate $ 0.14 $ 0.15 Average RMB: USD exchange rate $ 0.15 $ 0.16 |
Schedule of Accounts Receivable | June 30, 2017 December 31, 2016 Within 1 year $ 3,411,587 $ 3,985,638 1 - 2 year 1,368,121 1,429,976 4,779,708 5,415,614 | December 31, 2016 December 31, 2015 Within 1 year $ 3,985,638 $ 3,209,461 1 - 2 years 1,429,976 - 5,415,614 3,209,461 |
Schedule of Estimated Useful Lives of Plant and Equipment | Depreciation of plant and equipment, is recorded on the straight-line method over estimated useful lives, generally as follows: Years Production equipment 5 - 10 Vehicles 3 - 15 Office equipment 5 - 10 | Depreciation of plant and equipment, is recorded on the straight-line method over estimated useful lives, generally as follows: Years Production equipment 5 - 10 Vehicles 3 - 15 Office equipment 5 - 10 |
Inventory (Tables)
Inventory (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Schedule of Inventory | Inventory at June 30, 2017 and December 31, 2016 consist of the following: June 30, 2017 December 31, 2016 Raw material $ 177,784 $ 98,282 Work in progress 11,231 71,896 Finished goods 265,257 258,424 $ 454,272 $ 428,602 | Inventory at December 31, 2016 and 2015 consist of the following: December 31, 2016 December 31, 2015 Raw material $ 98,282 $ 509,708 Work in progress 71,896 97,274 Finished goods 258,424 1,041 Consigned processing materials - 21,357 Reusable materials - 15 $ 428,602 $ 629,395 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Schedule of Property and Equipment | Property and equipment at June 30, 2017 and December 31, 2016, consist of the following: June 30, 2017 December 31, 2016 Cost: Production equipment $ 143,957 $ 140,249 Means of transport 835,267 813,747 office equipment 11,561 11,264 990,785 965,260 Less: accumulated depreciation (342,326 ) (281,613 ) $ 648,459 $ 683,647 | Property and equipment at December 31, 2016 and 2015, consist of the following: December 31, 2016 December 31, 2015 Cost: Production equipment $ 140,249 $ 137,240 Vehicle 813,747 880,024 Office equipment 11,264 10,810 965,260 1,028,074 Less: accumulated depreciation (281,613 ) (283,999 ) Property and equipment, net $ 683,647 $ 744,075 |
Accounts Payable And Accrued 23
Accounts Payable And Accrued Liabilities (Tables) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities at June 30, 2017 and December 31, 2016, consist of the following: June 30, 2017 December 31, 2016 Accounts payable $ 2,659,689 $ 2,704,259 Accrued payroll 104,599 117,269 Total $ 2,764,288 $ 2,821,528 June 30, 2017 December 31, 2016 Accounts payable Within 1 year $ 2,511,753 $ 2,677,531 1 - 2 year 147,936 - 2 - 3 year - 26,728 Total $ 2,659,689 $ 2,704,259 | Accounts payable and accrued liabilities at December 31, 2016 and 2015, consist of the following: December 31, 2016 December 31, 2015 Accounts payable $ 2,704,259 $ 707,792 Accrued payroll 117,269 94,246 Total $ 2,821,528 $ 802,038 December 31, 2016 December 31, 2015 Accounts payable Within 1 year $ 2,677,531 $ 456,342 1 - 2 year - 251,450 2 - 3 year 26,728 - Total $ 2,704,259 $ 707,792 |
Loan Payable (Tables)
Loan Payable (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Yingxi Industrial Chain Group Co Ltd [Member] | |
Schedule of Long Term Loans Payable | The components of our long-term debt including the current portion, and the associated interest rates, were as follows as of June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Loan payable with no interest and 3 years maturity $ 1,475,000 $ - Loan payable with no interest and 1 year maturity 2,655,000 - 4,130,000 - Current portion of loans payable 2,655,000 - Long-term loans payable $ 1,475,000 $ - |
Related Party Transactions (Tab
Related Party Transactions (Tables) - Yingxi Industrial Chain Group Co Ltd [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Schedule of Due from Related Parties | Due from related parties at June 30, 2017 and December 31, 2016 consist of as follows: Related Party Name June 30,2017 December 31, 2016 Relationship with the Company Hong Zhida $ 20,871 $ - CEO Chen Zhongpeng 953 - Company’s legal representative $ 21,824 $ - | Due from related parties at December 31, 2016 and 2015 consist of the following: Related party December 31, 2016 December 31, 2015 Relationship with the Company Chen Zhongpeng $ - $ 263,308 Company’s legal representative Huang Dewu - 193,660 Company’s legal representative Chen Qiuying - 77,000 Company’s supervisor $ - $ 533,968 |
Schedule of Due to Related Parties | Due to related parties at June 30, 2017 and December 31, 2016 consist of as follows: Related Party Name June 30, 2017 December 31, 2016 Relationship with the Company Yang Bihua $ 18,276 $ 1,957 Company’s legal representative Ding Yinping 501,245 750,842 Company’s legal representative Huang Jinlong 1,289,950 1,091,348 Company’s supervisor Chen Zhongpeng 814,688 459,232 Company’s legal representative Huang Dewu 127,375 15,807 Company’s legal representative Shareholders of acquired subsidiaries - 1,580,844 $ 2,751,534 $ 3,900,030 | Due to related parties at December 31, 2016 and 2015 consist of the following: Related party December 31, 2016 December 31, 2015 Relationship with the Company Chen Zhongpeng $ 459,232 $ - Company’s legal representative Yang Bihua 1,957 58,071 Company’s legal representative Huang Dewu 15,807 - Company’s legal representative Ding Yinping 750,842 867,524 Company’s legal representative Huang Jinlong 1,091,348 1,080,660 Company’s supervisor Shareholders for acquisition of subsidiaries 1,580,844 - Shareholders under common control $ 3,900,030 $ 2,006,255 |
Organization And Description 26
Organization And Description Of Business (Details Narrative) | Jun. 30, 2017 | Dec. 31, 2016 |
Yingxi Industrial Chain Group Co Ltd [Member] | ||
Ownership percentage | 100.00% | 100.00% |
Summary Of Significant Accoun27
Summary Of Significant Accounting Policies (Details Narrative) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Deferred revenue | $ 225,423 | $ 363,818 | $ 92,984 |
Minimum percentage of uncertain tax | greater than 50% | greater than 50% | |
Number of dilutive securities | |||
Inventory Valuation And Obsolescence [Member] | |||
Reserve for obsolete inventory | $ 0 | $ 0 | $ 0 |
Summary Of Significant Accoun28
Summary Of Significant Accounting Policies - Schedule of Principal Subsidiaries (Details) - Yingxi Industrial Chain Group Co Ltd [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Yingxi Industrial Chain Investment Co., Ltd ("YICI") [Member] | ||
Name of subsidiaries | Yingxi Industrial Chain Investment Co., Ltd ("YICI") Shares held indirectly | Yingxi Industrial Chain Investment Co., Ltd ("YICI") |
Place of incorporation | Hong Kong China | Hong Kong China |
Percentage of interest | 100.00% | 100.00% |
Principal activities | Investment holdings | Investment holdings |
Dongguan Heng Sheng Wei Garments Co., Ltd ("DHSW") [Member] | ||
Name of subsidiaries | Dongguan Heng Sheng Wei Garments Co., Ltd (DHSW) | Dongguan Heng Sheng Wei Garments Co., Ltd (DHSW) |
Place of incorporation | China | China |
Percentage of interest | 100.00% | 100.00% |
Principal activities | Garment manufacturing and business consultancy | Garment manufacturing and business consultancy |
Qianhai Yingxi Textile and Garments Co., Ltd ("QYTG") [Member] | ||
Name of subsidiaries | Qianhai Yingxi Textile and Garments Co., Ltd ("QYTG") | Qianhai Yingxi Textile and Garments Co., Ltd ("QYTG") |
Place of incorporation | China | China |
Percentage of interest | 100.00% | 100.00% |
Principal activities | Investment holdings | Investment holdings |
Shantou Chenghai Dai Tou Garments Co., Ltd ("SCDT") [Member] | ||
Name of subsidiaries | Shantou Chenghai Dai Tou Garments Co., Ltd (SCDT) | Shantou Chenghai Dai Tou Garments Co., Ltd (SCDT) |
Place of incorporation | China | China |
Percentage of interest | 100.00% | 100.00% |
Principal activities | Garment manufacturing | Garment manufacturing |
Shenzhen Hua Peng Fa Logistics Co., Ltd ("SHPF") [Member] | ||
Name of subsidiaries | Shenzhen Hua Peng Fa Logistics Co., Ltd (SHPF) | Shenzhen Hua Peng Fa Logistics Co., Ltd (SHPF) |
Place of incorporation | China | China |
Percentage of interest | 100.00% | 100.00% |
Principal activities | Logistics and business consultancy | Logistics and business consultancy |
Shenzhen Qianhai Yingxi Industrial Chain Service Co., Ltd ("SQYI") [Member] | ||
Name of subsidiaries | Shenzhen Qianhai Yingxi Industrial Chain Service Co., Ltd ("SQYI") | Shenzhen Qianhai Yingxi Industrial Chain Service Co., Ltd ("SQYI") |
Place of incorporation | China | China |
Percentage of interest | 100.00% | 100.00% |
Principal activities | Investment holdings | Investment holdings |
Shenzhen Xin Kuai Jie Transport Co., Ltd ("SXKJ") [Member] | ||
Name of subsidiaries | Shenzhen Xin Kuai Jie Transport Co., Ltd (SXKJ) | Shenzhen Xin Kuai Jie Transport Co., Ltd (SXKJ) |
Place of incorporation | China | China |
Percentage of interest | 100.00% | 100.00% |
Principal activities | Logistics | Logistics |
Summary Of Significant Accoun29
Summary Of Significant Accounting Policies - Schedule of Foreign Currency Transaction Adjustments Accumulated Other Comprehensive Income (Details) - Yingxi Industrial Chain Group Co Ltd [Member] | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Spot CNY USD Exchange Rate [Member] | ||||
Foreign currency translation rate | 0.1475 | 0.1437 | 0.1504 | |
Average CNY USD Exchange Rate [Member] | ||||
Foreign currency translation rate | 0.1505 | |||
Average CNY USD Exchange Rate [Member] | Minimum [Member] | ||||
Foreign currency translation rate | 0.1452 | 0.1529 | ||
Average CNY USD Exchange Rate [Member] | Maximum [Member] | ||||
Foreign currency translation rate | 0.1458 | 0.1531 | ||
Spot HKD: USD Exchange Rate [Member] | ||||
Foreign currency translation rate | 0.1289 | 0.1289 | 0.1289 | |
Average HKD: USD Exchange Rate [Member] | ||||
Foreign currency translation rate | 0.1289 | 0.1289 | 0.1289 | |
Spot RMB USD Exchange Rate [Member] | ||||
Foreign currency translation rate | 0.0014 | 0.0015 | ||
Average RMB USD Exchange Rate [Member] | ||||
Foreign currency translation rate | 0.0015 | 0.0016 |
Summary Of Significant Accoun30
Summary Of Significant Accounting Policies - Schedule of Accounts Receivable (Details) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable | $ 4,779,708 | $ 5,415,614 | $ 3,209,461 |
Within 1 Year [Member] | |||
Accounts receivable | 3,411,587 | 3,985,638 | 3,209,461 |
1-2 Year [Member] | |||
Accounts receivable | $ 1,368,121 | $ 1,429,976 | |
1-2 Years [Member] | |||
Accounts receivable |
Summary Of Significant Accoun31
Summary Of Significant Accounting Policies - Schedule of Estimated Useful Lives of Plant and Equipment (Details) - Yingxi Industrial Chain Group Co Ltd [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Production Equipment [Member] | Minimum [Member] | ||
Estimated useful lives of property plant and equipment | 5 years | 5 years |
Production Equipment [Member] | Maximum [Member] | ||
Estimated useful lives of property plant and equipment | 10 years | 10 years |
Vehicles [Member] | Minimum [Member] | ||
Estimated useful lives of property plant and equipment | 3 years | 3 years |
Vehicles [Member] | Maximum [Member] | ||
Estimated useful lives of property plant and equipment | 15 years | 15 years |
Office Equipment [Member] | Minimum [Member] | ||
Estimated useful lives of property plant and equipment | 5 years | 5 years |
Office Equipment [Member] | Maximum [Member] | ||
Estimated useful lives of property plant and equipment | 10 years | 10 years |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Raw material | $ 177,784 | $ 98,282 | $ 509,708 |
Work in progress | 11,231 | 71,896 | 97,274 |
Finished goods | 265,257 | 258,424 | 1,041 |
Consigned processing materials | 21,357 | ||
Reusable materials | 15 | ||
Inventory | $ 454,272 | $ 428,602 | $ 629,395 |
Notes Receivable (Details Narra
Notes Receivable (Details Narrative) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Yingxi Industrial Chain Group Co Ltd [Member] | |||
Notes receivable | $ 1,131,898 | $ 795,062 | $ 64,495 |
Property And Equipment (Details
Property And Equipment (Details Narrative) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Yingxi Industrial Chain Group Co Ltd [Member] | ||||
Depreciation | $ 52,652 | $ 35,185 | $ 102,967 | $ 91,368 |
Property And Equipment - Schedu
Property And Equipment - Schedule of Property and Equipment (Details) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Property plant and equipment, gross | $ 990,785 | $ 965,260 | $ 1,028,074 |
Less: accumulated depreciation | (342,326) | (281,613) | (283,999) |
Property and equipment, net | 648,459 | 683,647 | 744,075 |
Production Equipment [Member] | |||
Property plant and equipment, gross | 143,957 | 140,249 | 137,240 |
Means of Transport [Member] | |||
Property plant and equipment, gross | 835,267 | ||
Office Equipment [Member] | |||
Property plant and equipment, gross | $ 11,561 | 11,264 | 10,810 |
Vehicles [Member] | |||
Property plant and equipment, gross | $ 813,747 | $ 880,024 |
Accounts Payable And Accrued 36
Accounts Payable And Accrued Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Details) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts payable | $ 2,659,689 | $ 2,704,259 | $ 707,792 |
Accrued payroll | 104,599 | 117,269 | 94,246 |
Total | 2,764,288 | 2,821,528 | 802,038 |
Within 1 Year [Member] | |||
Accounts payable | 2,511,753 | 2,677,531 | 456,342 |
1-2 Year [Member] | |||
Accounts payable | 147,936 | 251,450 | |
2-3 year [Member] | |||
Accounts payable | $ 26,728 |
Loan Payable (Details Narrative
Loan Payable (Details Narrative) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loans payable | $ 2,655,000 | $ 184,800 | ||
Debt maturity, description | The term is from December 24, 2013 to December 23, 2018 | |||
Debt instrument interest rate | 6.4125% | |||
Repayment of debt | 0 | $ 183,720 | $ 180,600 | 81,220 |
Interest expenses | 0 | 2,701 | $ 21,874 | |
Proceeds from borrowings | $ 4,130,000 |
Loan Payable - Schedule of Long
Loan Payable - Schedule of Long Term Loans Payable (Details) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Loan payable gross | $ 4,130,000 | |||
Current portion of loans payable | 2,655,000 | $ 184,800 | ||
Long-term loans payable | 1,475,000 | |||
Loan Payable With no Interest and 3 Years Maturity [Member] | ||||
Loan payable gross | 1,475,000 | |||
Loan Payable With no Interest and 1 Years Maturity [Member] | ||||
Loan payable gross | $ 2,655,000 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Yingxi Industrial Chain Group Co Ltd [Member] | Shareholders for Acquisition Of Subsidiaries [Member] | ||
Due to related parties | $ 1,580,844 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Due from Related Parties (Details) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Due from related parties | $ 21,824 | $ 533,968 | |
Hong Zhida [Member] | |||
Due from related parties | $ 20,871 | ||
Relationship with the Company | CEO | ||
Chen Zhongpeng [Member] | |||
Due from related parties | $ 953 | 263,308 | |
Relationship with the Company | Companys legal representative | Companys legal representative | |
Huang Dewu [Member] | |||
Due from related parties | 193,660 | ||
Relationship with the Company | Companys legal representative | ||
Chen Qiuying [Member] | |||
Due from related parties | $ 77,000 | ||
Relationship with the Company | Companys supervisor |
Related Party Transactions - 41
Related Party Transactions - Schedule of Due To Related Parties (Details) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Due to related parties | $ 2,751,534 | $ 3,900,030 | $ 2,006,255 |
Yang Bihua [Member] | |||
Due to related parties | $ 18,276 | $ 1,957 | 58,071 |
Relationship with the Company | Companys legal representative | Company's legal representative | |
Ding Yinping [Member] | |||
Due to related parties | $ 501,245 | $ 750,842 | 867,524 |
Relationship with the Company | Companys legal representative | Company's legal representative | |
Huang Jinlong [Member] | |||
Due to related parties | $ 1,289,950 | $ 1,091,348 | 1,080,660 |
Relationship with the Company | Companys supervisor | Company's supervisor | |
Chen Zhongpeng [Member] | |||
Due to related parties | $ 814,688 | $ 459,232 | |
Relationship with the Company | Companys legal representative | Company's legal representative | |
Huang Dewu [Member] | |||
Due to related parties | $ 127,375 | $ 15,807 | |
Relationship with the Company | Companys legal representative | Company's legal representative | |
Shareholders for Acquired Subsidiaries [Member] | |||
Due to related parties | |||
Shareholders for Acquisition Of Subsidiaries [Member] | |||
Due to related parties | $ 1,580,844 | ||
Relationship with the Company | Shareholders under common control |
Concentration Of Credit Risks (
Concentration Of Credit Risks (Details Narrative) - Yingxi Industrial Chain Group Co Ltd [Member] | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Sales Revenue, Net [Member] | |||
Concentration risk percentage | 10.00% | 10.00% | |
Sales Revenue, Net [Member] | Five Customers [Member] | |||
Concentration risk percentage | 52.00% | 43.00% | 54.00% |
Accounts Receivable [Member] | |||
Concentration risk percentage | 10.00% | 10.00% | |
Accounts Receivable [Member] | Five Customers [Member] | |||
Concentration risk percentage | 76.00% | 74.00% | 94.00% |
Accounts Payable [Member] | |||
Concentration risk percentage | 10.00% | 10.00% |
Income Tax (Details Narrative)
Income Tax (Details Narrative) - Yingxi Industrial Chain Group Co Ltd [Member] - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Provision for income taxes | $ (2,176) | $ (10,486) | $ (2,328) | $ (17,361) | $ (35,989) | $ (20,439) |
DHSE [Member] | ||||||
Income tax rate | 10.00% | 10.00% | ||||
SHPF [Member] | ||||||
Income tax rate | 10.00% | |||||
China [Member] | ||||||
Income tax rate | 25.00% | 25.00% | 25.00% |
Shareholders_ Equity (Details N
Shareholders’ Equity (Details Narrative) - USD ($) | Aug. 04, 2016 | Dec. 31, 2015 | Jun. 30, 2017 | Dec. 31, 2016 |
Number of shares issued, value | ||||
Yingxi Industrial Chain Group Co Ltd [Member] | ||||
Common stock shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | |
Common stock, par value | $ 0.0004 | $ 0.0004 | $ 0.0004 | |
Common stock shares issued | 250,000,000 | 250,000,000 | 250,000,000 | |
Common stock shares outstanding | 250,000,000 | 250,000,000 | 250,000,000 | |
Yingxi Industrial Chain Group Co Ltd [Member] | Founders [Member] | ||||
Number of shares issued | 250,000,000 | |||
Number of shares issued, value | $ 100,000 |