Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Aug. 05, 2020 | |
Cover [Abstract] | ||
Entity Registrant Name | JS BEAUTY LAND NETWORK TECHNOLOGY INC | |
Entity Central Index Key | 0001745931 | |
Document Type | 10-Q/A | |
Document Period End Date | Mar. 31, 2020 | |
Amendment Flag | true | |
Amendment Description | The purpose of this First Amendment to JS Beauty Land Network Technology Inc.'s Quarterly Report on Form 10-Q for the three months ending March 31, 2020 (the "Form 10-Q"), as filed with the Securities and Exchange Commission on August 5, 2020 is to furnish Exhibits 101 to the Form 10-Q in accordance with Rule 201(c) and Rule 405 of Regulation S-T. Exhibits 101 provide the financial statements and related notes from the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language). This First Amendment to the Form 10-Q also updates the Exhibit Index to reflect the furnishing of Exhibits 101. No other changes have been made to the Form 10-Q. This First Amendment to the Form 10-Q continues to speak as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way the disclosures made in the original Form 10-Q. | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | No | |
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 | 2,136,428 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheet (Unaudited) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 104,017 | $ 121,198 |
Prepaid expense | 100,499 | 84,152 |
Inventory | 65,737 | 89,029 |
Other receivable | 18,229 | 22,657 |
Due from a related party | 3,665 | 3,727 |
Total Current Assets | 292,147 | 320,763 |
Right-of-use asset | 39,194 | |
Intangible Assets, Net | 272,107 | 277,004 |
Property And Equipment, Net | 7,928 | 8,640 |
Total Assets | 611,376 | 606,407 |
Current Liabilities | ||
Accrued liabilities | 19,105 | 36,168 |
Due to related party | 98,214 | 99,867 |
Payroll payable | 3,408 | |
Tax payable | 533 | |
Other payable | 138,763 | 130,745 |
Lease liability | 39,194 | |
Shares to be issued | 7,000 | 83,000 |
Total Liabilities | 302,809 | 353,188 |
Stockholders' Equity | ||
Common stock, $0.001 par value, 100,000,000 shares authorized; 2,216,428 and 2,136,428 shares issued and outstanding at March 31, 2020 and December 31, 2019 | 2,216 | 2,136 |
Additional paid in capital | 949,831 | 868,438 |
Accumulated deficit | (641,067) | (623,311) |
Accumulated other comprehensive income | 2,230 | 10,625 |
Total JS Beauty Land Network Technology Inc.' Equity | 313,210 | 257,888 |
Non-controlling interest | (4,643) | (4,669) |
Total Stockholders' Equity | 308,567 | 253,219 |
Total Liabilities and Stockholders' Equity | $ 611,376 | $ 606,407 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheet (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 2,216,428 | 2,136,428 |
Common stock, shares outstanding | 2,216,428 | 2,136,428 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 50,877 | $ 3,186 |
Cost of goods sold | 22,172 | 1,003 |
Gross Profit | 28,705 | 2,183 |
Operating expenses | ||
General and administrative | 45,036 | 60,022 |
Operating expenses | 45,036 | 60,022 |
Operating Loss | (16,331) | (57,839) |
Other income (expense) | ||
Interest income | 71 | 92 |
Interest expense | (1,494) | (1,151) |
Other income (expense), net | (1,423) | (1,059) |
Net loss | (17,754) | (58,898) |
Less: net income (loss) attributable to non-controlling interest | 2 | (288) |
Net loss attributable to JS Beauty Land Network Technology Inc. | (17,756) | (58,610) |
Other comprehensive income (loss) | ||
Foreign currency translation (loss) gain | (8,371) | 1,599 |
Less: foreign currency translation gain attributable to non-controlling interest | 24 | 54 |
Total Comprehensive Loss Attributable to JS Beauty Land Network Technology Inc. | $ (26,151) | $ (57,065) |
Loss per share - basic and diluted | $ (0.01) | $ (0.04) |
Weighted average shares-basic and diluted | 2,192,692 | 1,371,428 |
Condensed Consolidated Statem_2
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (17,754) | $ (58,898) |
Non-cash adjustment to reconcile net loss to net cash: | ||
Depreciation and amortization | 821 | 595 |
Imputed interest expense | 1,473 | 1,151 |
Changes in Operating Assets and Liabilities: | ||
Prepaid expense | (18,021) | 6,471 |
Other Receivable | 4,107 | |
Inventory | 22,114 | 984 |
Accrued liabilities | (17,050) | 6,541 |
Payroll payable | (3,400) | |
Tax payable | 540 | 235 |
Other payable | 8,018 | 36,612 |
NET CASH USED IN OPERATING ACTIVITIES | (19,152) | (6,309) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of intangible assets | (223) | |
NET CASH USED IN INVESTING ACTIVITIES | (223) | |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Due to related parties | 8,092 | |
Proceeds from shares to be issued | 4,000 | |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 4,000 | 8,092 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | (15,375) | 1,783 |
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | (1,806) | 2,940 |
CASH AND CASH EQUIVALENTS: | ||
Cash Balance, Beginning of Period | 121,198 | 130,747 |
Cash Balance, End of Period | 104,017 | 135,470 |
SUPPLEMENTAL DISCLOSURES: | ||
Cash paid for income tax | ||
Cash paid for interest |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [Member] | Noncontrolling Interest [Member] | Total |
Beginning balance at Dec. 31, 2018 | $ 1,371 | $ 123,020 | $ (127,616) | $ 3,795 | $ (435) | $ 135 |
Beginning balance, shares at Dec. 31, 2018 | 1,371,428 | |||||
Imputed interest expense | 1,157 | 1,157 | ||||
Net loss | (58,610) | (288) | (58,898) | |||
Accumulated other comprehensive income | 1,545 | 54 | 1,599 | |||
Ending balance at Mar. 31, 2019 | $ 1,371 | 124,177 | (186,226) | 5,340 | (669) | (56,007) |
Ending balance, shares at Mar. 31, 2019 | 1,371,428 | |||||
Beginning balance at Dec. 31, 2019 | $ 2,136 | 868,438 | (623,311) | 10,625 | (4,669) | 253,219 |
Beginning balance, shares at Dec. 31, 2019 | 2,136,428 | |||||
Imputed interest expense | 1,473 | 1,473 | ||||
Share issuance for cash | $ 80 | 79,920 | 80,000 | |||
Share issuance for cash, shares | 80,000 | |||||
Net loss | (17,756) | 2 | (17,754) | |||
Accumulated other comprehensive income | (8,395) | 24 | (8,371) | |||
Ending balance at Mar. 31, 2020 | $ 2,216 | $ 949,831 | $ (641,067) | $ 2,230 | $ (4,643) | $ 308,567 |
Ending balance, shares at Mar. 31, 2020 | 2,216,428 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1 - NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES NATURE OF OPERATIONS JS Beauty Land Network Technology Inc. (the “Company” or “JS” or “We’ or “Us”) is a Nevada corporation incorporated on May 8, 2018. The Company was formed as a US corporation to use as a vehicle for raising equity both in the United States and abroad. On August 6, 2018, the Company and an unrelated party established a subsidiary company, Jiangsu Meiyunmei Technology Inc. (“MYM”), in China. The Company owns 99% of the common shares of MYM. MYM’s business plan is to operate jewelry manufacturing facilities and retailers in China, particularly dealing in fine emerald and jade jewelry. MYM intends to offer jewelry both in a retail setting and through online channels. MYM intends to target high-end jewelry consumers and investors and collectors of fine jade jewelry. In the longer term, MYM intends to operate a franchising business for retail sales of fine jewelry. MYM started jewelry retail sales in November 2018. The outbreak of COVID19 coronavirus in China 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. The demand for our products decreased in February and March 2020. The recent developments of COVID 19 are expected to result in lower sales and gross margin in 2020. Other financial impact could occur though such potential impact is unknown at this time. BASIS OF PRESENTATION The Company’s unaudited condensed consolidated financial statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The unaudited condensed consolidated financial statements include the financial statements of JS and its subsidiary MYM. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The summary of significant accounting policies presented below is designed to assist in understanding the Company’s unaudited condensed financial statements. Such unaudited financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects and have been consistently applied in preparing the accompanying unaudited financial statements. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. The results for the period ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. Non-controlling interests Non-controlling interests represents the individual shareholder’s proportionate share of 1% of equity interest in Jiangsu Meiyunmei Technology Inc. USE OF ESTIMATES The preparation of unaudited financial statements in conformity with 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 periods. Actual results could differ from those estimates. RECLASSIFICATION A reclassification has been made to the Consolidated Statements of Cash Flows for three months ended March 31, 2019, to reclassify due to related parties of $8,092 from cash flows from operating activities to cash flows from financing activities. This change in classification is reflected to conform to the current period presentation. This reclassification had no impact on net earnings and financial position. CONCENTRATION OF RISK The Company incurs expense transactions that are denominated in RMB. A portion of the Company’s subsidiary’s assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies that require certain supporting documentation in order to affect the remittance. As of March 31, 2020 and December 31, 2019, $92,970 and $110,151 of the Company’s cash were on deposit at financial institutions in the PRC where there currently is a rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure. The Company’s bank account in the PRC is protected by deposit insurance up to RMB500,000. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and other receivable. Cash in bank amounted to $104,017 and $121,198 as of March 31, 2020 and December 31, 2019, respectively. Other receivable amounted to $18,229 and $22,657 as of March 31, 2020 and December 31, 2019, respectively. LOSS PER COMMON SHARE Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of December 31, 2019, there are no outstanding dilutive securities. For the three months ended March 31,2020 and 2019, the Company had net loss per common share, basic and diluted of $0.01 and $0.04, respectively. RECENT ACCOUNTING PRONOUNCEMENTS Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Going Concern
Going Concern | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Going Concern | NOTE 2 - GOING CONCERN The Company has generated minimum revenue since inception to date and has sustained operating loss of $17,754 during the three months ended March 31, 2020. The Company had a working capital deficit of $10,662 and a negative accumulated deficit of $641,067 as of March 31, 2020 and a working capital deficit of $32,425 and a negative accumulated deficit of $623,311 as of December 31, 2019. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtaining additional financing from its shareholders or other sources, as may be required. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. In order to maintain its current level of operations, the Company will require additional working capital from either cash flow from operations or from the sale of its equity. However, the Company currently has no commitments from any third parties for the purchase of its equity. If the Company is unable to acquire additional working capital, it will be required to significantly reduce its current level of operations. |
Inventory
Inventory | 3 Months Ended |
Mar. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 3 – INVENTORY As of March 31, 2020 and December 31, 2019, the Company had inventory of finished goods $65,737 and $89,029, respectively. There were reserves of $0 and $0 for the three months ended March 31, 2020 and 2019, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE 4 – INTANGIBLE ASSETS As of March 31, 2020 and December 31, 2019, the Company had intangible assets of $272,107 and $277,004, respectively. Intangible assets consisted of the following: Software Trademark Total Cost $ 251,384 $ 21,184 $ 272,568 Accumulated Amortization 461 461 Net $ 251,384 $ 20,723 $ 272,107 For the three months ended March 31, 2020, amortization expenses amounted to $246. The Company reviews the carrying value of intangible assets for impairment whenever events and circumstances indicate that the carrying value of an asset may not be recoverable from the estimated future cash flows expected to result from its use and eventual disposition. In cases where undiscounted expected future cash flows are less than the carrying value, an impairment loss is recognized equal to an amount by which the carrying value exceeds the fair value of assets. The factors considered by management in performing this assessment include current operating results, trends and prospects, the manner in which the property is used, and the effects of obsolescence, demand, competition and other economic factors. Based on this assessment, no impairment of intangible assets was deemed necessary for the three months ended March 31, 2020 and 2019, respectively. |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | NOTE 5 - RELATED PARTIES Due from a related party amounted to $3,665 and $3,727 as of March 31, 2020 and December 31, 2019, respectively. The amount due from a related party, chairman of MYM, Yang Yang. The full amount of the advance is expected to be repaid before December 31, 2020. Due to related parties amounted to $98,214 and $99,867 as of March 31, 2020 and December 31, 2019, respectively. The amount due to two related parties, director of the Company, Faxian Qiang, and director of MYM, Zhaojin Xu, are loans made by related parties, which are unsecured, non-interest bearing, and due on demand. The Company accrued imputed interest with 6% per annum. Imputed interest amounted $1,473 and $1,151 for the three months ended March 31, 2020 and 2019, and was recorded as paid in capital. Our directors have not been compensated for the services. |
Other Payable
Other Payable | 3 Months Ended |
Mar. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Payable | NOTE 6 – OTHER PAYABLE Other payable amounted to $138,763 and $130,745 as of March 31, 2020 and December 31, 2019, respectively. Other payable are payments for general and administrative expenses made by an unrelated party on behalf of the Company. The balance of other payable is unsecured, non-interest bearing, and due on demand. Other payable is primarily payments for incorporation fees, audit fees, and professional fees. |
Shares to be Issued
Shares to be Issued | 3 Months Ended |
Mar. 31, 2020 | |
Shares To Be Issued | |
Shares to be Issued | NOTE 7 – SHARES TO BE ISSUED Shares to be issued amounted to $7,000 and $83,000 as of March 31, 2020 and December 31, 2019, respectively. In October 2019, the Company sold 66,000 shares of common stock at $1.0 per share for total of $66,000 to 24 unrelated parties. 63,000 shares of these 66,000 shares were issued in January 2020. In November 2019, the Company sold 17,000 shares of common stock at $1.0 per share for total of $17,000 to 10 unrelated parties. These shares were issued in January 2020. In January 2020, the Company sold 4,000 shares of common stock at $1.0 per share for total of $4,000 to 2 unrelated parties. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | NOTE 8 - STOCKHOLDERS’ EQUITY The Company is authorized to issue 100,000,000 shares of common stock and 10,000,000 shares of preferred stock. There is no preferred stock issued and outstanding as of March 31, 2020 and December 31, 2019. There are 2,216,428 and 2,136,428 shares of common stock issued and outstanding as of March 31, 2020 and December 31, 2019, respectively. In January 2020, the Company sold 80,000 shares of common stock at $1.00 per share for total of $80,000 to unrelated parties. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 11 – SUBSEQUENT EVENTS In accordance with ASC 855-10, the Company has analyzed its operations subsequent to March 31, 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. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | NATURE OF OPERATIONS JS Beauty Land Network Technology Inc. (the “Company” or “JS” or “We’ or “Us”) is a Nevada corporation incorporated on May 8, 2018. The Company was formed as a US corporation to use as a vehicle for raising equity both in the United States and abroad. On August 6, 2018, the Company and an unrelated party established a subsidiary company, Jiangsu Meiyunmei Technology Inc. (“MYM”), in China. The Company owns 99% of the common shares of MYM. MYM’s business plan is to operate jewelry manufacturing facilities and retailers in China, particularly dealing in fine emerald and jade jewelry. MYM intends to offer jewelry both in a retail setting and through online channels. MYM intends to target high-end jewelry consumers and investors and collectors of fine jade jewelry. In the longer term, MYM intends to operate a franchising business for retail sales of fine jewelry. MYM started jewelry retail sales in November 2018. The outbreak of COVID19 coronavirus in China 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. The demand for our products decreased in February and March 2020. The recent developments of COVID 19 are expected to result in lower sales and gross margin in 2020. Other financial impact could occur though such potential impact is unknown at this time. |
Basis of Presentation | BASIS OF PRESENTATION The Company’s unaudited condensed consolidated financial statements are prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). The unaudited condensed consolidated financial statements include the financial statements of JS and its subsidiary MYM. All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the unaudited condensed consolidated financial statements have been included. The summary of significant accounting policies presented below is designed to assist in understanding the Company’s unaudited condensed financial statements. Such unaudited financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects and have been consistently applied in preparing the accompanying unaudited financial statements. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) were omitted pursuant to such rules and regulations. The results for the period ended March 31, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. |
Non-controlling interests | Non-controlling interests Non-controlling interests represents the individual shareholder’s proportionate share of 1% of equity interest in Jiangsu Meiyunmei Technology Inc. |
Use of Estimates | USE OF ESTIMATES The preparation of unaudited financial statements in conformity with 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 periods. Actual results could differ from those estimates. |
Reclassification | RECLASSIFICATION A reclassification has been made to the Consolidated Statements of Cash Flows for three months ended March 31, 2019, to reclassify due to related parties of $8,092 from cash flows from operating activities to cash flows from financing activities. This change in classification is reflected to conform to the current period presentation. This reclassification had no impact on net earnings and financial position. |
Concentration of Risk | CONCENTRATION OF RISK The Company incurs expense transactions that are denominated in RMB. A portion of the Company’s subsidiary’s assets and liabilities are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the People’s Bank of China (“PBOC”). Remittances in currencies other than RMB by the Company in China must be processed through the PBOC or other China foreign exchange regulatory bodies that require certain supporting documentation in order to affect the remittance. As of March 31, 2020 and December 31, 2019, $92,970 and $110,151 of the Company’s cash were on deposit at financial institutions in the PRC where there currently is a rule or regulation requiring such financial institutions to maintain insurance to cover bank deposits in the event of bank failure. The Company’s bank account in the PRC is protected by deposit insurance up to RMB500,000. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and other receivable. Cash in bank amounted to $104,017 and $121,198 as of March 31, 2020 and December 31, 2019, respectively. Other receivable amounted to $18,229 and $22,657 as of March 31, 2020 and December 31, 2019, respectively. |
Loss Per Common Share | LOSS PER COMMON SHARE Basic loss per common share excludes dilution and is computed by dividing net loss by the weighted average number of common shares outstanding during the period. Diluted loss per common share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the loss of the entity. As of December 31, 2019, there are no outstanding dilutive securities. For the three months ended March 31,2020 and 2019, the Company had net loss per common share, basic and diluted of $0.01 and $0.04, respectively. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force) and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consisted of the following: Software Trademark Total Cost $ 251,384 $ 21,184 $ 272,568 Accumulated Amortization 461 461 Net $ 251,384 $ 20,723 $ 272,107 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Details Narrative) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2019USD ($)$ / shares | Dec. 31, 2019USD ($)shares | Mar. 31, 2020CNY (¥) | Aug. 06, 2018 | |
Due to related parties | $ 8,092 | ||||
Cash in bank | 104,017 | $ 121,198 | |||
Other receivable | $ 18,229 | $ 22,657 | |||
Antidilutive securities of shares outstanding | shares | |||||
Loss per share - basic and diluted | $ / shares | $ (0.01) | $ (0.04) | |||
RMB [Member] | |||||
Deposit insurance | ¥ | ¥ 500,000 | ||||
People's Bank of China [Member] | |||||
Cash on deposit | $ 92,970 | $ 110,151 | |||
Individual Shareholder's [Member] | |||||
Non controlling interest percentage | 1.00% | 1.00% | |||
Jiangsu Meiyunmei Technology Inc [Member] | |||||
Ownership percentage | 99.00% |
Going Concern (Details Narrativ
Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Operating loss | $ 17,754 | $ 58,898 | |
Working capital deficit | (10,662) | $ (32,425) | |
Accumulated deficit | $ (641,067) | $ (623,311) |
Inventory (Details Narrative)
Inventory (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Inventory Disclosure [Abstract] | |||
Inventory, finished goods | $ 65,737 | $ 89,029 | |
Inventory reserves | $ 0 | $ 0 |
Intangible Assets (Details Narr
Intangible Assets (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Intangible assets | $ 272,107 | $ 277,004 | |
Amortization expenses | 246 | ||
Impairment of intangible assets |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Cost | $ 272,568 | |
Accumulated Amortization | 461 | |
Net | 272,107 | $ 277,004 |
Software [Member] | ||
Cost | 251,384 | |
Net | 251,384 | |
Trademarks [Member] | ||
Cost | 21,184 | |
Accumulated Amortization | 461 | |
Net | $ 20,723 |
Related Parties (Details Narrat
Related Parties (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Due from related party | $ 3,665 | $ 3,727 | |
Due to related party | 98,214 | $ 99,867 | |
Imputed interest expense | $ 1,473 | $ 1,151 | |
Two Related Parties [Member] | |||
Loan interest rate | 6.00% |
Other Payable (Details Narrativ
Other Payable (Details Narrative) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Other Liabilities Disclosure [Abstract] | ||
Other payable | $ 138,763 | $ 130,745 |
Shares to be Issued (Details Na
Shares to be Issued (Details Narrative) - USD ($) | Oct. 31, 2019 | Jan. 31, 2020 | Nov. 30, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Shares to be issued | 7,000 | 83,000 | |||
24 Unrelated Parties [Member] | |||||
Number of common stock shares sold | 66,000 | 63,000 | |||
Sale of stock price per share | $ 1 | ||||
Number of common stock sold | $ 66,000 | ||||
10 Unrelated Parties [Member] | |||||
Number of common stock shares sold | 17,000 | ||||
Sale of stock price per share | $ 1 | ||||
Number of common stock sold | $ 17,000 | ||||
2 Unrelated Parties [Member] | |||||
Number of common stock shares sold | 4,000 | ||||
Sale of stock price per share | $ 1 | ||||
Number of common stock sold | $ 4,000 |
Stockholders' Equity (Details N
Stockholders' Equity (Details Narrative) - USD ($) | 1 Months Ended | ||
Jan. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | |||
Preferred stock, shares outstanding | |||
Common stock, shares issued | 2,216,428 | 2,136,428 | |
Common stock, shares outstanding | 2,216,428 | 2,136,428 | |
Unrelated Parties [Member] | |||
Number of common stock shares sold | 80,000 | ||
Sale of stock price per share | $ 1 | ||
Number of common stock sold | $ 80,000 |