Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 13, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | CHENGDA TECHNOLOGY CO., LTD. | |
Entity Central Index Key | 0001713809 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Small Business | true | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Current Reporting Status | Yes | |
Document Period End Date | Sep. 30, 2020 | |
Entity Filer Category | Non-accelerated Filer | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2020 | |
Entity Ex Transition Period | false | |
Entity Common Stock Shares Outstanding | 10,204,000 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Current Assets: | ||
Cash | $ 31 | $ 1,494 |
Total Current Assets | 31 | 1,494 |
Total Assets | 31 | 1,494 |
LIABILITIES AND STOCKHOLDERS' DEFICIT | ||
Account payable to related party | 0 | 25,000 |
Other accounts payable | 8,100 | 5,510 |
Promissory note payable to stockholder | 0 | 39,490 |
Total Current Liabilities | 8,100 | 70,000 |
Total Liabilities | 8,100 | 70,000 |
Stockholders' Deficit: | ||
Preferred stock; $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock; $0.0001 par value, 50,000,000 shares authorized, 10,204,000 shares issued and outstanding | 10,204 | 10,204 |
Additional paid-in capital | 227,274 | 126,475 |
Accumulated deficit | (245,547) | (205,185) |
Total Stockholders' Deficit | (8,069) | (68,506) |
Total Liabilities and Stockholders' Deficit | $ 31 | $ 1,494 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Stockholders' Deficit: | ||
Preferred stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred stock, Shares Issued | 0 | 0 |
Preferred stock, Shares outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Shares Issued | 10,204,000 | 10,204,000 |
Common Stock, Shares Outstanding | 10,204,000 | 10,204,000 |
Condensed Unaudited Statements
Condensed Unaudited Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||||
Condensed Unaudited Statements of Operations | |||||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 | |||
Operating Expenses: | |||||||
General & administrative expenses | 14,757 | 22,099 | 40,362 | 61,177 | |||
Total operating expenses | 14,757 | 22,099 | 40,362 | 61,177 | |||
Loss from operations | (14,757) | (22,099) | (40,362) | (61,177) | |||
Loss before income taxes | (14,757) | (22,099) | (40,362) | (61,177) | |||
Provision for income taxes | 0 | 0 | 0 | 0 | |||
Net loss | $ (14,757) | $ (22,099) | $ (40,362) | $ (61,177) | |||
Basic & diluted net loss per share | $ 0 | [1] | $ 0 | [2] | $ 0 | [3] | $ (0.01) |
Weighted average number of ordinary shares-basic and diluted | 10,204,000 | 10,204,000 | 10,204,000 | 10,204,000 | |||
[1] | * Less than $0.01 | ||||||
[2] | * Less than $0.01 | ||||||
[3] | * Less than $0.01 |
Condensed Unaudited Statement_2
Condensed Unaudited Statements of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (40,362) | $ (61,177) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Contributed services | 24,570 | 28,350 |
Changes in assets and liabilities: | ||
Accounts payable | 2,590 | (3,370) |
Net cash used in operating activities | (13,202) | (36,197) |
Cash flows from investing activities: | 0 | 0 |
Cash flows from financing activities: | ||
Advances from related parties | 10,229 | 16,738 |
Capital contributions from stockholder | 1,510 | 0 |
Net cash provided by financing activities | 11,739 | 16,738 |
Net decrease in cash | (1,463) | (19,459) |
Cash, beginning of period | 1,494 | 21,007 |
Cash, end of period | 31 | 1,548 |
Supplemental cash flow information | ||
Forgiveness of promissory notes by stockholder | 49,719 | 0 |
Forgiveness of payable due to related party | 25,000 | 0 |
Cash paid for interest expense | 0 | 0 |
Cash paid for income tax | $ 0 | $ 0 |
Condensed Unaudited Statement_3
Condensed Unaudited Statements of Changes in Stockholders Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Balance, shares at Dec. 31, 2018 | 10,204,000 | |||
Balance, amount at Dec. 31, 2018 | $ (29,166) | $ 10,204 | $ 88,675 | $ (128,045) |
Net loss | (61,177) | (61,177) | ||
Contributions from stockholders | 28,350 | $ 0 | 28,350 | 0 |
Balance, shares at Sep. 30, 2019 | 10,204,000 | |||
Balance, amount at Sep. 30, 2019 | (61,993) | $ 10,204 | 117,025 | (189,222) |
Balance, shares at Jun. 30, 2019 | 10,204,000 | |||
Balance, amount at Jun. 30, 2019 | (49,344) | $ 10,204 | 107,575 | (167,123) |
Net loss | (22,099) | (22,099) | ||
Contributions from stockholders | 9,450 | $ 0 | 9,450 | 0 |
Balance, shares at Sep. 30, 2019 | 10,204,000 | |||
Balance, amount at Sep. 30, 2019 | (61,993) | $ 10,204 | 117,025 | (189,222) |
Balance, shares at Dec. 31, 2019 | 10,204,000 | |||
Balance, amount at Dec. 31, 2019 | (68,506) | $ 10,204 | 126,475 | (205,185) |
Net loss | (40,362) | (40,362) | ||
Contributions from stockholders | 26,080 | 0 | 26,080 | 0 |
Forgiveness of related party loan | 25,000 | 25,000 | ||
Forgiveness of stockholder's promissory note | 49,719 | $ 0 | 49,719 | 0 |
Balance, shares at Sep. 30, 2020 | 10,204,000 | |||
Balance, amount at Sep. 30, 2020 | (8,069) | $ 10,204 | 227,274 | (245,547) |
Balance, shares at Jun. 30, 2020 | 10,204,000 | |||
Balance, amount at Jun. 30, 2020 | (75,211) | $ 10,204 | 145,375 | (230,790) |
Net loss | (14,757) | (14,757) | ||
Contributions from stockholders | 7,180 | 0 | 7,180 | 0 |
Forgiveness of related party loan | 25,000 | 25,000 | ||
Forgiveness of stockholder's promissory note | 49,719 | $ 0 | 49,719 | 0 |
Balance, shares at Sep. 30, 2020 | 10,204,000 | |||
Balance, amount at Sep. 30, 2020 | $ (8,069) | $ 10,204 | $ 227,274 | $ (245,547) |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 9 Months Ended |
Sep. 30, 2020 | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS | Chengda Technology Co. Ltd. (formerly known as New Leap, Inc.) (the "Company") was incorporated on June 1, 2017 as a Delaware corporation. The Company has yet to start operational or research and development activities. On August 12, 2020, pursuant to a Stock Purchase Agreement (the “SPA”) entered into by and between Xin Jiang (the “Purchaser”) and Itzhak Ostashinsky (the “Seller”), a controlling stockholder as well as Chief Executive Officer, Chief Financial Officer, President, Secretary and director of the Company, the Seller sold to the Purchaser 8,000,000 shares of common stock, par value $0.0001 per share, of the Company, representing 78.4% of the total issued and outstanding shares of common stock as of August 24, 2020, in consideration of $251,177 in cash from the Purchaser’s personal funds (the “Transaction”). In connection with the Transaction, the Seller resigned as Chief Executive Officer, Chief Financial Officer, President, Secretary and director of the Company, effective immediately upon the consummation of the Transaction. Xin Jiang was then appointed as Chief Executive Officer, Chief Financial Officer, President, Secretary and director of the Company. The Transaction resulted in a change in control of the Company. Effective November 6, 2020, the Company’s name was changed to “Chengda Technology Co., Ltd.” through the filing with the Secretary of State of the State of Delaware a Certificate of Amendment to the Certificate of Incorporation of the Company, which was approved by the Company’s Board of Directors. After the change in control, the Company plans to implement its new business plan. The Company plans to operate in the field of health-related products, with a focus on the developing and promoting selenium-infused mineral water and energy mattress. Also, the Company plans to offer health services, including health assessments, health consultations, and health recoveries. The Company is currently evaluating the optimal approaches to implement these plans, including through mergers and acquisitions of health companies in China. Due to the dynamic nature and the global impact of the COVID-19 pandemic, the Company cannot reasonably estimate the timeline to implement its business plan. Until the Company is able to implement its business plan, the Company will remain a shell company. |
GOING CONCERN
GOING CONCERN | 9 Months Ended |
Sep. 30, 2020 | |
GOING CONCERN | |
NOTE 2 - GOING CONCERN | The accompanying condensed financial statements have been prepared in conformity with United States generally accepted accounting principles (“U.S. GAAP”), which contemplate continuation of the Company as a going concern. As a start-up, the Company has not generated any revenues and has accumulated losses through September 30, 2020. The Company currently has limited working capital and does not expect to generate revenues in the near term. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional financing to fund operating expenses, primarily loans and/or capital contribution from its principal stockholder. As the Company is a shell company, its operating expenses are limited. Management believes that the financing from its principal stockholder will provide it with the funding to continue as a going concern. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | Basis of Presentation The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2020. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and expenses during the reporting period. Actual results could differ from those estimates. The Company currently does not have significant estimates and assumptions. Recent Accounting Pronouncements The Company has reviewed the recent accounting pronouncements and concluded that they were either not applicable or had no impact to the Company’s financial statements. |
SHARE CAPITAL
SHARE CAPITAL | 9 Months Ended |
Sep. 30, 2020 | |
SHARE CAPITAL | |
NOTE 4 - SHARE CAPITAL | There were no transactions of common stock and preferred stock during the three months and nine months ended September 30, 2020 and 2019, respectively. The expenses incurred by the former CEO and major stockholder, Itzhak Ostashinsk, on behalf of and for the benefit of the Company, for the nine months ended September 30, 2020 and 2019 amounted to $26,080 and $28,350, respectively. These amounts were recorded as capital contributions in these periods. |
PROMISSORY NOTE PAYABLE TO A ST
PROMISSORY NOTE PAYABLE TO A STOCKHOLDER | 9 Months Ended |
Sep. 30, 2020 | |
PROMISSORY NOTE PAYABLE TO A STOCKHOLDER | |
NOTE 5 - PROMISSORY NOTE PAYABLE TO A STOCKHOLDER | Promissory notes payable represented loans advanced from the Company’s former major stockholder to support the operations of the Company. The note was interest free and due on demand. As at December 31, 2019, the outstanding balance under the note was $39,490. During the nine months ended September 30, 2020, an additional $10,229 was advanced from the former major stockholder to the Company. In August 2020, in connection with the Transaction, the former major stockholder forgave the promissory note payable with a cumulated balance of $49,719, which was recorded as a capital contribution to the Company. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 6 - RELATED PARTY TRANSACTIONS | During the nine months ended September 30, 2020 and 2019, the Company had the following related party transactions: · Expense incurred by the former CEO on behalf of and for the benefit of the Company for the nine months ended September 30, 2020 and September 30, 2019 amounted to $26,080 and $28,350, respectively. The expenses incurred by the former CEO on behalf of the Company for the three months ended September 30, 2020 and 2019 were $7,180 and $9,450, respectively. These amounts were recorded as capital contributions in equity. · As at December 31, 2019, the Company had a related party payable balance of $25,000 due to the son of the former major stockholder. The balance was interest free and due on demand. In August 2020, the $25,000 related party payable balance was forgiven by the related party in connection with the Transaction. Therefore, the forgiven amount was recorded as a capital contribution to the Company. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2020 | |
SUBSEQUENT EVENTS | |
NOTE 7 - SUBSEQUENT EVENTS | Management has evaluated subsequent events pursuant to the requirements of ASC Topic 855, from the balance sheet date through the date when the financial statements were issued, and determined that no subsequent events occurred that would require adjustment to or disclosure in the financial statements. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | The accompanying unaudited condensed financial statements reflect all adjustments, consisting of only normal recurring items, which, in the opinion of management, are necessary for a fair statement of the results of operations for the periods shown and are not necessarily indicative of the results to be expected for the full year ending December 31, 2020. These unaudited condensed financial statements should be read in conjunction with the financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. |
Use of Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and expenses during the reporting period. Actual results could differ from those estimates. The Company currently does not have significant estimates and assumptions. |
Recent Accounting Pronouncements | The Company has reviewed the recent accounting pronouncements and concluded that they were either not applicable or had no impact to the Company’s financial statements: |
ORGANIZATION AND DESCRIPTION _2
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) - Stock Purchase Agreement [Member] - Xin Jiang [Member] - Itzhak Ostashinsky [Member] - USD ($) | 1 Months Ended | |
Aug. 24, 2020 | Aug. 12, 2020 | |
Common stock, share value | $ 8,000,000 | |
Common Stock, Shares Issued | $ 0.0001 | |
Total issued and outstanding | 78.40% | |
Common stock purchase consideration value | $ 251,177 |
SHARE CAPITAL (Details Narrativ
SHARE CAPITAL (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
SHARE CAPITAL (Details Narrative) | ||||
Contributions from stockholders | $ 7,180 | $ 9,450 | $ 26,080 | $ 28,350 |
PROMISSORY NOTE PAYABLE TO A _2
PROMISSORY NOTE PAYABLE TO A STOCKHOLDER (Details Narrative) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Promissory note payable to stockholder | $ 0 | $ 39,490 | |
Advances from related parties | 10,229 | $ 16,738 | |
Former Major Stockholder [Member] | |||
Promissory note payable to stockholder | 0 | $ 39,490 | |
Forgiveness of stockholder's promissory note | 49,719 | ||
Advances from related parties | $ 10,229 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Forgiveness of payable due to related party | $ 25,000 | $ 25,000 | $ 0 | |||
Account payable to related party | $ 0 | 0 | $ 25,000 | |||
Former Chief Executive Officer [Member] | ||||||
Contributions from stockholders | $ 7,180 | $ 9,450 | $ 26,080 | $ 28,350 |