Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | AllyMe Group, Inc./NV | |
Entity Central Index Key | 0001657045 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2020 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,958,989 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 283,265 | $ 418,229 |
Prepaid expenses | 1,131 | 6,458 |
Other receivable, net | 16,329 | 14,146 |
Loan receivable from a related party | 78,502 | 76,561 |
Total Current Assets | 379,227 | 515,394 |
Right-of-use Asset - Non Current | 56,935 | |
Total Assets | 436,162 | 515,394 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 12,511 | 10,963 |
Customer deposit | 507,114 | |
Other payable | 37,666 | 54,106 |
Loan from an unrelated party | 2,946 | 2,873 |
Due to a related party | 85,108 | 92,152 |
Lease liability | 12,230 | |
Total Current Liabilities | 150,461 | 667,208 |
Lease Liability - Non Current | 5,641 | |
Total Liabilities | 156,102 | 667,208 |
Commitment and Contingencies | ||
Stockholders' Equity (Deficit) | ||
Common stock, par value $0.001, 75,000,000 shares authorized 8,958,989 and 8,956,191 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively | 8,959 | 8,956 |
Additional paid in capital | 180,729 | 177,654 |
Accumulated deficit | (89,060) | (282,575) |
Accumulated other comprehensive loss | 7,128 | (2,609) |
Total AllyMe Group Inc.'s Equity (Deficit) | 107,756 | (98,574) |
Non-controlling interest | 172,304 | (53,240) |
Total stockholders' equity (deficit) | 280,060 | (151,814) |
Total Liabilities and Stockholders' Equity (Deficit) | $ 436,162 | $ 515,394 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 75,000,000 | 75,000,000 |
Common stock, shares issued | 8,958,989 | 8,956,191 |
Common stock, shares outstanding | 8,958,989 | 8,956,191 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenue | $ 290,152 | $ 942 | $ 636,211 | $ 5,942 |
Cost of Revenues | 120,825 | 145,855 | ||
Gross Profit | 169,327 | 942 | 490,356 | 5,942 |
Operating expenses | ||||
General and administrative | 4,289 | 25,309 | 90,082 | 130,883 |
Operating expenses | 4,289 | 25,309 | 90,082 | 130,883 |
Income (loss) from operations | 165,038 | (24,367) | 400,274 | (124,941) |
Other income (expense) | ||||
Other income | 448 | 28 | 21,797 | 28 |
Interest income | 566 | 13 | 845 | 52 |
Bank charges | (128) | (97) | (2,365) | (433) |
Other income (expense), net | 886 | (56) | 20,277 | (353) |
Net income (loss) before income taxes | 165,924 | (24,423) | 420,551 | (125,294) |
Income Tax Expense | ||||
Net Income (loss) | 165,924 | (24,423) | 420,551 | (125,294) |
Less: net income (loss) attributable to non-controlling interest | 86,323 | (7,572) | 227,036 | (21,169) |
Net income (loss) attributable to Allyme Group, Inc. | 79,601 | (16,851) | 193,515 | (104,125) |
Other comprehensive income | ||||
Foreign currency translation gain | 12,565 | 61 | 8,245 | 667 |
Total comprehensive income (loss) | 178,489 | (24,362) | 428,796 | (124,627) |
Comprehensive income (loss) attributable to non-controlling interest | 83,958 | (7,572) | 225,544 | (21,169) |
Comprehensive income (loss) attributable to Allyme Group, Inc. | $ 94,531 | $ (16,790) | $ 203,252 | $ (103,458) |
Net income (loss) per share - basic and diluted | $ 0.01 | $ 0 | $ 0.02 | $ (0.01) |
Weighted average shares-basic and diluted | 8,958,989 | 8,946,962 | 8,957,498 | 8,945,646 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Subscription Receivable [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] | Total |
Balance at Dec. 31, 2018 | $ 8,944 | $ 154,865 | $ (142,766) | $ (2,000) | $ 1,495 | $ (16,679) | $ 3,859 |
Balance, Shares at Dec. 31, 2018 | 8,944,060 | ||||||
Issue common stock for cash | $ 8 | 13,506 | 13,514 | ||||
Issue common stock for cash, shares | 8,000 | ||||||
Subscription receivable | 2,000 | 2,000 | |||||
Net loss | (125,294) | (125,294) | |||||
Non-controlling interest | 21,169 | (21,169) | (21,169) | ||||
Foreign currency translation adjustment | 667 | 667 | |||||
Balance at Sep. 30, 2019 | $ 8,952 | 168,371 | (246,891) | 2,162 | (37,848) | (105,254) | |
Balance, shares at Sep. 30, 2019 | 8,952,060 | ||||||
Balance at Jun. 30, 2019 | $ 8,945 | 160,678 | (230,040) | 2,101 | (30,276) | (88,592) | |
Balance, Shares at Jun. 30, 2019 | 8,945,060 | ||||||
Issue common stock for cash | $ 7 | 7,693 | 7,700 | ||||
Issue common stock for cash, shares | 7,000 | ||||||
Net loss | (24,423) | (24,423) | |||||
Non-controlling interest | 7,572 | (7,572) | (7,572) | ||||
Foreign currency translation adjustment | 61 | 61 | |||||
Balance at Sep. 30, 2019 | $ 8,952 | 168,371 | (246,891) | 2,162 | (37,848) | (105,254) | |
Balance, shares at Sep. 30, 2019 | 8,952,060 | ||||||
Balance at Dec. 31, 2019 | $ 8,956 | 177,654 | (282,575) | (2,609) | (53,240) | (151,814) | |
Balance, Shares at Dec. 31, 2019 | 8,956,191 | ||||||
Issue common stock for cash | $ 3 | 3,075 | 3,078 | ||||
Issue common stock for cash, shares | 2,798 | ||||||
Net loss | 420,551 | 420,551 | |||||
Non-controlling interest | (227,036) | 1,492 | 225,544 | 227,036 | |||
Foreign currency translation adjustment | 8,245 | 8,245 | |||||
Balance at Sep. 30, 2020 | $ 8,959 | 180,729 | (89,060) | 7,128 | 172,304 | 280,060 | |
Balance, shares at Sep. 30, 2020 | 8,958,989 | ||||||
Balance at Jun. 30, 2020 | $ 8,959 | 180,729 | (168,661) | (7,802) | 88,346 | 101,571 | |
Balance, Shares at Jun. 30, 2020 | 8,958,989 | ||||||
Net loss | 165,924 | 165,924 | |||||
Non-controlling interest | (86,323) | 2,365 | 83,958 | 86,323 | |||
Foreign currency translation adjustment | 12,565 | 12,565 | |||||
Balance at Sep. 30, 2020 | $ 8,959 | $ 180,729 | $ (89,060) | $ 7,128 | $ 172,304 | $ 280,060 | |
Balance, shares at Sep. 30, 2020 | 8,958,989 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING ACTIVITIES | ||
Net income(loss) | $ 420,551 | $ (125,294) |
Changes in Operating Assets and Liabilities: | ||
Accounts payable and accrued liabilities | 1,529 | 10,735 |
Account receivable | (3,571) | |
Prepaid expenses | 5,313 | 14,207 |
Other receivable | (2,136) | |
Right-of-use Asset | (56,669) | |
Lease Liability | 17,605 | |
Other payable | (11,679) | (6,530) |
Customer Deposit | (507,114) | |
Net cash used in operating activities | (132,600) | (110,453) |
FINANCING ACTIVITIES | ||
(Payments to) proceeds from related party loans | (7,044) | 43,394 |
Shares issued for cash | 15,514 | |
Net cash provided by (used in) financing activities | (7,044) | 58,908 |
Effect of exchange rate fluctuation on cash and cash equivalents | 4,680 | (138) |
Net decrease in cash | (134,964) | (51,683) |
Cash, beginning of period | 418,229 | 69,167 |
Cash, end of period | 286,265 | 17,484 |
Cash paid during the period for: | ||
Income tax | ||
Interest | ||
Supplemental non-cash investing and financing activities | ||
Common stock issued for proceeds received in prior period | $ 3,078 |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Operations | NOTE 1 - ORGANIZATION AND BUSINESS OPERATIONS Organization and Description of Business AllyMe Group Inc. (“AllyMe US”, the “Company”, “we” or “us”) was incorporated under the laws of the State of Nevada on August 13, 2014 (“Inception”) and has adopted a December 31 fiscal year end. The Company provides consulting services in China principally focused on the business, marketing, financial consultancy and business modeling design and support. The outbreak of COVID19 coronavirus in China and in US starting from the beginning of 2020 has resulted reduction of working hours for the Company. The Company followed the restrictive measures implemented in China, by suspending operation and having employees’ work remotely during February and March 2020. The Company gradually resumed operation and production starting in April 2020. Other financial impact could occur though such potential impact is unknown at this time. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Interim Financial Statements The accompanying unaudited condensed 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 in accordance with the rules and regulations of the United States Securities and Exchange Commission with respect to Form 10-Q and 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 adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2019. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is December 31. Basis of consolidation In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. All significant intercompany transactions and balances are eliminated in consolidation. However, the results of operations included in such financial statements may not necessary be indicative of annual results. The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on June 18, 2020 “2019 Form 10-K.” Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. GAAP 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Non-controlling interests Non-controlling interests represents the individual shareholder’s proportionate share of 49% of equity interest in AllyMe and its 100% owned subsidiary, China Info. Cash Cash includes cash on hand and on deposit at banking institutions as well as all liquid short-term investments with original maturities of 90 days or less. The Company’s cash held in bank accounts in the PRC amounted to $277,159 and $416,810 as of September 30, 2020 and December 31, 2019 respectively and is not protected by FDIC insurance or any other similar insurance. The Company’s bank account in the United States amounted to $6,106 and $1,419 and is protected by FDIC insurance up to $250,000. Revenue The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue The Company generated revenue from consulting services. The Company provides consulting services in China principally focused on the business, marketing, financial consultancy and business modeling design and support. The Company primarily enters into arrangements for these services under fixed-price contracts. Revenues under fixed-price contracts are recognized upon delivery of services. The Company recognizes revenue when the Company has the right to invoice the customer using the allowable practical expedient under ASC 606-10-55-18 since the right to invoice the customer corresponds with the performance obligations completed. Revenue is recognized when obligations under the terms of a contract with the Company’s customers are satisfied. Satisfaction of contract terms occurs when services are performed, and the customers assume risk of loss. The amount of consideration the Company expects to receive consists of the sales price adjusted for any incentives if applicable. In applying judgment, the Company considered customer expectations of performance, materiality and the core principles of ASC Topic 606. The Company’s performance obligations are generally transferred to the customer at a point in time. The Company’s contracts with customers generally do not include any variable consideration. Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. The Company currently does not have any recent accounting pronouncements that they are studying and feel may be applicable. |
Loan Receivable from a Related
Loan Receivable from a Related Party | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Loan Receivable from a Related Party | NOTE 3 – LOAN RECEIVABLE FROM A RELATED PARTY Loan receivable from a related party Shenzhen Fenglian Financial Services Co., Ltd (“Shenzhen Fenglian”) amounted to $78,502 and $76,561 as of September 30, 2020 and December 31, 2019, respectively. The Company’s major shareholder Zilin Wang is also a major shareholder of Shenzhen Fenglian. In 2019, Shenzhen Fenglian signed three agreements with the Company. Shenzhen Fenglian manages money transferred from the Company. The Company and Shenzhen Fenglian should share any interest income on a 50% and 50% ratio. Loan receivable from a related party are interest free, without collateral, and due on demand. |
Customer Deposit
Customer Deposit | 9 Months Ended |
Sep. 30, 2020 | |
Deposits [Abstract] | |
Customer Deposit | NOTE 4 - CUSTOMER DEPOSIT Customer deposit amounted to $0 and $507,114 as of September 30, 2020 and December 31, 2019, respectively. Customer deposit represents amount received from customers for services not rendered yet. The services have been provided as of September 30, 2020. |
Loan from an Unrelated Party
Loan from an Unrelated Party | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Loan from an Unrelated Party | NOTE 5 – LOAN FROM AN UNRELATED PARTY Loan from an unrelated party amounted to $2,946 and $2,873 as of September 30, 2020 and December 31, 2019, respectively. Loan from an unrelated party are interest free, without collateral, and due on demand. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | NOTE 6 - RELATED PARTY TRANSACTIONS Due to a related party In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attain adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note. As of September 30, 2020 and December 31, 2019, the amounts outstanding were $85,108 and $92,152. The advances were non-interest bearing, due upon demand and unsecured from Zilin Wang, a shareholder of the Company. Lease with a related party The Company has entered into a car operating leases agreement with Zilin Wang, a shareholder of the Company. The lease requires a payment of $42,615 (RMB 298,000) on July 1, 2020 and requires monthly payment of $283 (RMB 1980) from July 1, 2020 to June 30, 2023. If lessee fails to pay insurance for the car, the monthly lease will be increased to $426 (RMB 2,980). The Company has option to renew. The operating lease is listed as separate line item on the Company’s condensed consolidated financial statements and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as a separate line item on the Company’s condensed consolidated financial statements. Operating lease right-of-use assets and liabilities commencing after July 1, 2020 are recognized at commencement date based on the present value of lease payments over the lease term. For the nine months ended September 30, 2020, the Company recognized approximately $4,401 in total lease costs. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. Information related to the Company’s operating ROU assets and related lease liabilities are as follows: Nine Months Ended September 30, 2020 Cash paid for operating lease liabilities $ 43,465 Weighted-average remaining lease term 2.75 Weighted-average discount rate 5 % Minimum future lease payments $ 8,719 The following table presents the amortization of the Company’s lease liabilities under ASC 842 for each of the following years ending September 30: 2020 $ 744 2021 3,071 2022 3,228 2023 1,676 2024 and thereafter – Total $ 8,719 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | NOTE 7 - STOCKHOLDERS’ EQUITY (DEFICIT) The Company is authorized to issue 75,000,000 shares of common stock with a par value of $0.001 and 10,000,000 shares of preferred stock with a par value of $0.001. There is no preferred stock issued and outstanding as of September 30, 2020. In January 2019, the Company received a deposit for 1,000 shares of common stock at $1.10 per share for total of $1,100 from 1 unrelated party. These shares have been issued in 2019. In May 2019, the Company received a deposit for 2,798 shares of common stock at $1.10 per share for total of $3,078 from 2 unrelated parties. These shares have been issued in May 2020. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2020 | |
Revenues [Abstract] | |
Revenue | NOTE 8 – REVENUE The Company entered into two service agreements with an unrelated party (“the client”). The Company provides the following services: 1 assists the client selecting, purchasing and merging with an OTC shell company 2 assist the client opening bank account in US 3 assist the client issuing new shares and registering with registered state and SEC 4 assist the client completing name change 5 provide advice of applying to be listed on Nasdaq. All performance obligations were satisfied as above services were rendered during the nine months ended September 30, 2020. |
Lease
Lease | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Lease | NOTE 9 – LEASE The Company has entered into a operating leases agreement with Shenzhen Haina Jiuzhou Industry Co., Ltd. The lease term of the office space is from March 6, 2020 to March 6, 2021. The current monthly rent including monthly management fee is approximately $1,853 (RMB 12,582). The Company has option to renew. The operating lease is listed as separate line item on the Company’s condensed consolidated financial statements and represent the Company’s right to use the underlying asset for the lease term. The Company’s obligation to make lease payments are also listed as a separate line item on the Company’s condensed consolidated financial statements. Operating lease right-of-use assets and liabilities commencing after March 6, 2020 are recognized at commencement date based on the present value of lease payments over the lease term. For the nine months ended September 30, 2020, the Company recognized approximately $12,595 in total lease costs. Because the rate implicit in each lease is not readily determinable, the Company uses its incremental borrowing rate to determine the present value of the lease payments. Information related to the Company’s operating ROU assets and related lease liabilities are as follows: Nine Months Ended September 30, 2020 Cash paid for operating lease liabilities $ 12,595 Weighted-average remaining lease term 0.42 Weighted-average discount rate 5 % Minimum future lease payments $ 9,152 The following table presents the amortization of the Company’s lease liabilities under ASC 842 for each of the following years ending September 30: 2020 $ 5,468 2021 3,684 2022 - 2023 - 2024 and thereafter – Total $ 9,152 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to September 30, 2020 to the date these financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Interim Financial Statements | Interim Financial Statements The accompanying unaudited condensed 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 in accordance with the rules and regulations of the United States Securities and Exchange Commission with respect to Form 10-Q and 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 adjustments) that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of the results for the full year. These unaudited interim financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2019. |
Basis of Presentation | Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The Company’s year-end is December 31. |
Basis of Consolidation | Basis of consolidation In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair presentation of the results for the interim periods presented. All significant intercompany transactions and balances are eliminated in consolidation. However, the results of operations included in such financial statements may not necessary be indicative of annual results. The Company uses the same accounting policies in preparing quarterly and annual financial statements. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted. These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 filed with the Securities and Exchange Commission (“SEC”) on June 18, 2020 “2019 Form 10-K.” |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. GAAP 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 of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Non-Controlling Interests | Non-controlling interests Non-controlling interests represents the individual shareholder’s proportionate share of 49% of equity interest in AllyMe and its 100% owned subsidiary, China Info. |
Cash | Cash Cash includes cash on hand and on deposit at banking institutions as well as all liquid short-term investments with original maturities of 90 days or less. The Company’s cash held in bank accounts in the PRC amounted to $277,159 and $416,810 as of September 30, 2020 and December 31, 2019 respectively and is not protected by FDIC insurance or any other similar insurance. The Company’s bank account in the United States amounted to $6,106 and $1,419 and is protected by FDIC insurance up to $250,000. |
Revenue | Revenue The Company adopted Accounting Standards Codification (“ASC”) 606. ASC 606, Revenue from Contracts with Customers, establishes principles for reporting information about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entity’s contracts to provide goods or services to customers. The core principle requires an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration that it expects to be entitled to receive in exchange for those goods or services recognized as performance obligations are satisfied. The Company has assessed the impact of the guidance by performing the following five steps analysis: Step 1: Identify the contract Step 2: Identify the performance obligations Step 3: Determine the transaction price Step 4: Allocate the transaction price Step 5: Recognize revenue The Company generated revenue from consulting services. The Company provides consulting services in China principally focused on the business, marketing, financial consultancy and business modeling design and support. The Company primarily enters into arrangements for these services under fixed-price contracts. Revenues under fixed-price contracts are recognized upon delivery of services. The Company recognizes revenue when the Company has the right to invoice the customer using the allowable practical expedient under ASC 606-10-55-18 since the right to invoice the customer corresponds with the performance obligations completed. Revenue is recognized when obligations under the terms of a contract with the Company’s customers are satisfied. Satisfaction of contract terms occurs when services are performed, and the customers assume risk of loss. The amount of consideration the Company expects to receive consists of the sales price adjusted for any incentives if applicable. In applying judgment, the Company considered customer expectations of performance, materiality and the core principles of ASC Topic 606. The Company’s performance obligations are generally transferred to the customer at a point in time. The Company’s contracts with customers generally do not include any variable consideration. |
Recent Accounting Pronouncements | Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability to the Company. Where it is determined that a new accounting pronouncement affects the Company’s financial reporting, the Company undertakes a study to determine the consequence of the change to its financial statements and assures that there are proper controls in place to ascertain that the Company’s financials properly reflect the change. The Company currently does not have any recent accounting pronouncements that they are studying and feel may be applicable. |
Related Party Transactions (Tab
Related Party Transactions (Tables) - Zilin Wang [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Information Related to Operating ROU and Lease Liabilities | Information related to the Company’s operating ROU assets and related lease liabilities are as follows: Nine Months Ended September 30, 2020 Cash paid for operating lease liabilities $ 43,465 Weighted-average remaining lease term 2.75 Weighted-average discount rate 5 % Minimum future lease payments $ 8,719 |
Schedule of Amortization Lease Liabilities | The following table presents the amortization of the Company’s lease liabilities under ASC 842 for each of the following years ending September 30: 2020 $ 744 2021 3,071 2022 3,228 2023 1,676 2024 and thereafter – Total $ 8,719 |
Lease (Tables)
Lease (Tables) - Shenzhen Haina Jiuzhou Industry Co., Ltd. [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Information Related to Operating ROU and Lease Liabilities | Information related to the Company’s operating ROU assets and related lease liabilities are as follows: Nine Months Ended September 30, 2020 Cash paid for operating lease liabilities $ 12,595 Weighted-average remaining lease term 0.42 Weighted-average discount rate 5 % Minimum future lease payments $ 9,152 |
Schedule of Amortization Lease Liabilities | The following table presents the amortization of the Company’s lease liabilities under ASC 842 for each of the following years ending September 30: 2020 $ 5,468 2021 3,684 2022 - 2023 - 2024 and thereafter – Total $ 9,152 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Funds are insured | $ 250,000 | |
PRC [Member] | ||
Cash held at bank | 277,159 | $ 416,810 |
United States [Member] | ||
Funds are insured | $ 6,106 | $ 1,419 |
China Info [Member] | ||
Owned subsidiary, percentage | 100.00% | |
Parent Company [Member] | ||
Equity interest, percentage | 49.00% |
Loan Receivable from a Relate_2
Loan Receivable from a Related Party (Details Narrative) - Shenzhen Fenglian Financial Services Co., Ltd [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Loan receivable from a related party | $ 78,502 | $ 76,561 |
Interest income ratio, description | The Company and Shenzhen Fenglian should share any interest income on a 50% and 50% ratio. |
Customer Deposit (Details Narra
Customer Deposit (Details Narrative) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Customer deposit | $ 507,114 |
Loan from an Unrelated Party (D
Loan from an Unrelated Party (Details Narrative) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
Loan from an unrelated party | $ 2,946 | $ 2,873 |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) | Jul. 02, 2020USD ($) | Jul. 02, 2020CNY (¥) | Sep. 30, 2020USD ($) | Sep. 30, 2020CNY (¥) | Jun. 30, 2023USD ($) | Jun. 30, 2023CNY (¥) | Dec. 31, 2019USD ($) |
Due to related parties | $ 85,108 | $ 92,152 | |||||
Total lease costs | 12,595 | ||||||
Zilin Wang [Member] | |||||||
Lease payments | $ 42,615 | 43,465 | $ 283 | ||||
Monthly lease increased amount | 426 | ||||||
Total lease costs | $ 4,401 | ||||||
Zilin Wang [Member] | RMB [Member] | |||||||
Lease payments | ¥ | ¥ 298,000 | ¥ 1,980 | |||||
Monthly lease increased amount | ¥ | ¥ 2,980 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Information Related to Operating ROU and Lease Liabilities (Details) - Zilin Wang [Member] - USD ($) | Jul. 02, 2020 | Sep. 30, 2020 | Jun. 30, 2023 |
Cash paid for operating lease liabilities | $ 42,615 | $ 43,465 | $ 283 |
Weighted-average remaining lease term | 2 years 9 months | ||
Weighted-average discount rate | 5.00% | ||
Minimum future lease payments | $ 8,719 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Amortization Lease Liabilities (Details) - Zilin Wang [Member] | Sep. 30, 2020USD ($) |
2020 | $ 744 |
2021 | 3,071 |
2022 | 3,228 |
2023 | 1,676 |
2024 and thereafter | |
Total | $ 8,719 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Details Narrative) - USD ($) | 1 Months Ended | |||
May 31, 2019 | Jan. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | |
Common stock, shares authorized | 75,000,000 | 75,000,000 | ||
Common stock, par value | $ 0.001 | $ 0.001 | ||
Preferred stock, shares authorized | 10,000,000 | |||
Preferred stock, par value | $ 0.001 | |||
Preferred stock, shares issued | ||||
Preferred stock, shares outstanding | ||||
1 Unrelated Party [Member] | ||||
Number of common stock deposit, shares | 1,000 | |||
Shares issued price per shares | $ 1.10 | |||
Number of common stock deposit, value | $ 1,100 | |||
2 Unrelated Parties [Member] | ||||
Number of common stock deposit, shares | 2,798 | |||
Shares issued price per shares | $ 1.10 | |||
Number of common stock deposit, value | $ 3,078 |
Lease (Details Narrative)
Lease (Details Narrative) - 9 months ended Sep. 30, 2020 | USD ($) | CNY (¥) |
Total lease costs | $ 12,595 | |
Shenzhen Haina Jiuzhou Industry Co., Ltd. [Member] | ||
Rent and management fee | $ 1,853 | |
Shenzhen Haina Jiuzhou Industry Co., Ltd. [Member] | RMB [Member] | ||
Rent and management fee | ¥ | ¥ 12,582 |
Lease - Schedule of Information
Lease - Schedule of Information Related to Operating ROU and Lease Liabilities (Details) - Shenzhen Haina Jiuzhou Industry Co., Ltd. [Member] | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Cash paid for operating lease liabilities | $ 12,595 |
Weighted-average remaining lease term | 5 months 1 day |
Weighted-average discount rate | 5.00% |
Minimum future lease payments | $ 9,152 |
Lease - Schedule of Amortizatio
Lease - Schedule of Amortization Lease Liabilities (Details) - Shenzhen Haina Jiuzhou Industry Co., Ltd. [Member] | Sep. 30, 2020USD ($) |
2020 | $ 5,468 |
2021 | 3,684 |
2022 | |
2023 | |
2024 and thereafter | |
Total | $ 9,152 |