Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 24, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | Fovea Jewelry Holdings Ltd. | ||
Entity Central Index Key | 0000850971 | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well Known Seasoned Issuer | No | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Current Reporting Status | Yes | ||
Document Period End Date | Dec. 31, 2020 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Entity Common Stock Shares Outstanding | 11,099,119 | ||
Entity Public Float | $ 24,689,052 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current asset: | ||
Cash and cash equivalents | $ 832,151 | $ 31,380 |
Total current asset | 832,151 | 31,380 |
Non-current asset: | ||
Plant and equipment | 28,378 | 35,957 |
TOTAL ASSETS | 860,529 | 67,337 |
Current liabilities: | ||
Accrued liabilities and other payables | 0 | 30,643 |
Income tax payable | 236 | 235 |
Deferred tax liabilities | 4,682 | 5,933 |
Total current liabilities | 4,918 | 36,811 |
TOTAL LIABILITIES | 4,918 | 36,811 |
Commitments and contingencies | 0 | |
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized | 0 | 0 |
Common stock, $0.001 par value; 2,000,000,000 shares authorized; 10,199,119 and 10,090,974 shares issued and outstanding as of December 31, 2020 and 2019, respectively | $ 10,199 | 10,091 |
Common stock to be issued | 90 | |
Additional paid-in capital | $ 129,510 | 0 |
Accumulated other comprehensive (loss) income | (10,591) | 369 |
Retained earnings | 725,403 | 19,066 |
Stockholders' equity | 855,611 | 30,526 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 860,529 | 67,337 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized | $ 1,000 | $ 1,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
STOCKHOLDERS' EQUITY | ||
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, shares par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 10,199,119 | 10,090,974 |
Common stock, shares outstanding | 10,199,119 | 10,090,974 |
Series A Preferred Stock [Member] | ||
STOCKHOLDERS' EQUITY | ||
Preferred stock, shares par value | $ 0.001 | $ 0.001 |
Preferred stock, shares designated | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 1,000,000 | 1,000,000 |
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | ||
Revenue, net | $ 2,017,343 | $ 196,423 |
Cost of revenue | (1,141,823) | (116,447) |
Gross profit | 875,520 | 79,976 |
Operating expenses: | ||
General and administrative expenses | 170,351 | 36,147 |
Total operating expenses | 170,351 | 36,147 |
INCOME BEFORE INCOME TAXES | 705,169 | 43,829 |
Income tax credit (expense) | 1,276 | (6,129) |
NET INCOME | 706,445 | 37,700 |
Other comprehensive (loss) income: | ||
Foreign currency adjustment (loss) gain | (10,960) | 369 |
COMPREHENSIVE INCOME | $ 695,485 | $ 38,069 |
Net income per share | ||
Basic and Diluted | $ 0.07 | $ 0 |
Weighted average common shares outstanding | ||
Basic and Diluted | 10,184,831 | 10,090,974 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow from operating activities: | ||
Net income | $ 706,445 | $ 37,700 |
Adjustments to reconcile net income to net cash generated from operating activities | ||
Depreciation of plant and equipment | 7,736 | 2,553 |
Stock-based compensation for services | 129,600 | 0 |
Change in operating assets and liabilities: | ||
Accrued liabilities and other payables | (30,643) | 23,000 |
Income tax payable | 0 | 232 |
Deferred tax liabilities | (1,276) | 5,897 |
Net cash generated from operating activities | 811,862 | 69,382 |
Cash flow from investing activities: | ||
Purchases of plant and equipment | 0 | (38,525) |
Net cash used in investing activities | 0 | (38,525) |
Foreign currency translation adjustment | (11,091) | 423 |
Net change in cash and cash equivalents | 800,771 | 31,280 |
BEGINNING OF YEAR | 31,380 | 100 |
END OF YEAR | 832,151 | 31,380 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income taxes | 0 | 0 |
Cash paid for interest | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS EQUITY - USD ($) | Total | Series A Preferred Stock | Common Stock | Shares to be issued | Additional Paid-In Capital | Accumulated other comprehensive income | (Accumulated losses) retained earnings |
Balance, shares at Dec. 31, 2018 | 1,000,000 | 10,090,974 | |||||
Balance, amount at Dec. 31, 2018 | $ (7,543) | $ 1,000 | $ 10,091 | $ 0 | $ 0 | $ 0 | $ (18,634) |
Foreign currency translation adjustment | 369 | 0 | 0 | 0 | 0 | 369 | 0 |
Net income for the year | 37,700 | $ 0 | $ 0 | $ 0 | 0 | 0 | 37,700 |
Balance, shares at Dec. 31, 2019 | 1,000,000 | 10,090,974 | |||||
Balance, amount at Dec. 31, 2019 | 30,526 | $ 100 | $ 10,091 | $ 0 | 0 | 369 | 19,066 |
Foreign currency translation adjustment | (10,960) | 0 | 0 | 0 | 0 | (10,960) | 0 |
Net income for the year | 706,445 | $ 0 | $ 0 | $ 0 | 706,445 | ||
Issuance of fractional shares, shares | 108,145 | ||||||
Issuance of fractional shares, amount | 0 | $ 0 | $ 108 | $ 0 | 0 | 0 | (108) |
Issuance of shares for service rendered, amount | 129,600 | $ 0 | $ 0 | 90 | 129,510 | 0 | 0 |
Balance, shares at Dec. 31, 2020 | 1,000,000 | 10,199,119 | |||||
Balance, amount at Dec. 31, 2020 | $ 855,611 | $ 1,000 | $ 10,199 | $ 90 | $ 129,510 | $ (10,591) | $ 725,403 |
DESCRIPTION OF BUSINESS AND ORG
DESCRIPTION OF BUSINESS AND ORGANIZATION | 12 Months Ended |
Dec. 31, 2020 | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | |
NOTE 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION | Fovea Jewelry Holdings, Ltd (the “Company” or “FJHL”) was originally founded on February 1, 2006 as Dycam, Inc. In March 2006, the Company changed its name to Mekju Processing, Inc. In November 2006, the Company changed its name to Auxium Technologies, Inc. In November 2014, the Company changed its name to Pure Hospitality Solutions, Inc. On November 2, 2015, the Company changed its name to Wincash Resources, Inc. In early 2018, the Board of Directors of the Company deemed it in the best interests of the Company and its shareholders to switch directions and become involved in the business of the collection and ultimately the sale of diamond jewelry. On January 3, 2018, the Company effected a name change and changed its name from Wincash Resources, Inc. to Fovea Jewelry Holdings, Ltd. Effective September 26, 2018, the Company changed its name from Wincash Resources, Inc. to Fovea Jewelry Holdings, Ltd. The Financial Industry Regulatory Authority and the OTC Markets Group, Inc. recognized the name change in February 2018. Further, in connection with changing its name, the Company changed its trading symbol to FJHL. As a result of the change in business, the Company redomiciled from Nevada to Wyoming on March 4, 2019. Currently, the Company through its subsidiaries, mainly commenced to operate an online store to sell the quality jewelry at affordable prices on www.fovea-jewellery.com. The goal is to “Deliver A Better Living”. All products selling on the online store are with great quality, natural, socially responsible and niche. This business was commenced its operation in Hong Kong from January 1, 2019. On March 6, 2020, the Company approved by the state government of Wyoming and effectuated a 1 for 10,000 reverse stock split. The number of authorized shares remains unchanged. All share and per share information in this financial statements and footnotes have been retroactively adjusted for all years presented, unless otherwise indicated, to give effect to the reverse stock split. On March 20, 2020, the Company consummated the Share Exchange Transaction among Gold Shiny International Limited (“GSIL”) and its shareholders. The Company acquired all of the issued and outstanding shares of GSIL from GSIL’s shareholders, in exchange for 10,000,000 shares of the issued and outstanding common stock. Upon completion of the Share Exchange Transaction, GSIL became a 100% owned subsidiary of the Company. Prior to the acquisition, the Company was considered as a shell company due to its nominal assets and limited operation. Upon the acquisition, GSIL will comprise the ongoing operations of the combined entity, GSIL is deemed to be the accounting acquirer for accounting purposes. The transaction will be treated as a recapitalization of the Company. Accordingly, the consolidated assets, liabilities and results of operations of the Company will become the historical financial statements of GSIL, and the Company’s assets, liabilities and results of operations will be consolidated with GSIL beginning on the acquisition date. GSIL was the legal acquiree but deemed to be the accounting acquirer. The Company was the legal acquirer but deemed to be the accounting acquiree in the reverse merger. The historical financial statements prior to the acquisition are those of the accounting acquirer (GSIL). Historical stockholders’ equity of the accounting acquirer prior to the merger are retroactively restated (a recapitalization) for the equivalent number of shares received in the merger. Operations prior to the merger are those of the acquirer. After completion of the share exchange transaction, the Company’s consolidated financial statements include the assets and liabilities, the operations and cash flow of the accounting acquirer. Description of subsidiar ies Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of registered/ paid up share capital Effective interest held Fovea International Holdings Limited British Virgin Islands Investment holding 100 ordinary shares at par value of US$1 100% Fovea Jewellery Holdings Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share for HK$1 100% Gold Shiny International Limited British Virgin Islands Investment holding 115 ordinary shares at par value of US$1 100% Gold Shiny (Asia) Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share for HK$1 100% The Company and its subsidiaries are hereinafter referred to as (the “Company”). |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | The accompanying consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying consolidated financial statements and notes. · Basis of presentation These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). · Use of estimates and assumptions In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates. · Basis of consolidation The consolidated financial statements include the accounts of FJHL and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. · Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. · Plant and equipment Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. · Revenue recognition The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) using the full retrospective transition method. The Company’s adoption of ASU 2014-09 did not have a material impact on the amount and timing of revenue recognized in its consolidated financial statements. Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. · Cost of revenue Cost of revenue consists primarily of the cost of goods sold, which are directly attributable to the sales of products. · Income taxes The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. · Uncertain tax positions The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the years ended December 31, 2020 and 2019. · Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statement of operations. The reporting currency of the Company is United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintain its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the years ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Year-end HKD:US$ exchange rate 0.12899 0.12842 Annualized average HKD:US$ exchange rate 0.12894 0.12762 · Comprehensive income ASC Topic 220, “ Comprehensive Income · Segment reporting ASC Topic 280, “ Segment Reporting · Retirement plan costs Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee service is provided. · Related parties The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. · Commitments and contingencies The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. · Fair value of financial instruments The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. · Recent accounting pronouncements In January 2017, the Financial Accounting Standard Board (“FASB”) issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
PLANT AND EQUIPMENT
PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2020 | |
PLANT AND EQUIPMENT | |
NOTE 3 - PLANT AND EQUIPMENT | Plant and equipment consisted of the following: As of December 31, 2020 2019 Computer equipment, at cost $ 38,525 $ 38,525 Less: accumulated depreciation (10,289 ) (2,553 ) Foreign translation difference 142 (15 ) $ 28,378 $ 35,957 Depreciation expense for the years ended December 31, 2020 and 2019 were $7,736 and $2,553, respectively. |
STOCKHOLDERS EQUITY (DEFICIT)
STOCKHOLDERS EQUITY (DEFICIT) | 12 Months Ended |
Dec. 31, 2020 | |
STOCKHOLDERS EQUITY (DEFICIT) | |
NOTE 4 - STOCKHOLDERS' EQUITY (DEFICIT) | Preferred Stock As of December 31, 2020 and 2019, the Company’s authorized shares were 5,000,000 shares of preferred stock, with a par value of $0.001. As of December 31, 2020 and 2019, the Company had 1,000,000 shares of Series A preferred stock issued and outstanding. Common Stock As of December 31, 2020 and 2019, the Company’s authorized shares were 2,000,000,000 shares of common stock, with a par value of $0.001. On March 19, 2019, the Company authorized to execute and file with the Secretary of State of the Wyoming the Articles of Amendment to increase its authorized capital stock to 2,000,000,000 shares of its common stock, having a par value of $.0001 per share. On March 6, 2020, the Company approved by the state government of Wyoming and effectuated a 1 for 10,000 reverse stock split. The number of authorized shares remains unchanged. All share and per share information in this financial statements and footnotes have been retroactively adjusted for all years presented, unless otherwise indicated, to give effect to the reverse stock split. On March 20, 2020, the Company consummated the Share Exchange Transaction among Gold Shiny International Limited (“GSIL”) and its shareholders and issued 10,000,000 shares of common stock in exchange for 100% equity interest of GSIL. Upon completion of the Share Exchange Transaction, GSIL became a 100% owned subsidiary of the Company. As of December 31, 2020 and 2019, the Company had 10,199,119 and 10,090,974 shares of common stock issued and outstanding, respectively. Stock Option Plan On December 18, 2020, the Company approved the 2020 Stock Incentive Plan (the “Plan”) and authorized the directors to issue the maximum shares of common stock of 1,000,000 under the Plan. On December 30, 2020, the Company issued 900,000 shares of common stock at the current market price of $0.1440 per share under the Plan to compensate certain consultants and service providers in rendering the past services to the Company. As of December 31, 2020, 100,000 shares are not issued under the Plan. |
NET INCOME PER SHARE
NET INCOME PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
NET INCOME PER SHARE | |
NOTE 5 - NET INCOME PER SHARE | Basic net income per share is computed using the weighted average number of common shares outstanding during the year. The dilutive effect of potential common shares outstanding is included in diluted net income per share. The following table sets forth the computation of basic and diluted net income per share for the years ended December 31, 2020 and 2019: Years ended December 31, 2020 2019 Net income attributable to common shareholders $ 706,445 $ 37,700 Weighted average common shares outstanding – Basic and diluted 10,184,831 10,090,974 Net income per share – Basic and diluted $ 0.07 $ 0.00 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAX | |
NOTE 6 - INCOME TAX | The (benefit) provision for income taxes consisted of the following: Years ended December 31, 2020 2019 Current tax $ - $ 232 Deferred tax (1,276 ) 5,897 Income tax (credit) expense $ (1,276 ) $ 6,129 The effective tax rate in the years presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company mainly operates in Hong Kong that is subject to taxes in the jurisdictions in which they operate, as follows: United States of America FJHL is registered in the State of Wyoming and is subject to the tax laws of United States of America. The Tax Reform Act significantly revised the U.S. corporate income tax regime by, among other things, lowering the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. The Company’s policy is to recognize accrued interest and penalties related to unrecognized tax benefits in its income tax provision. The Company has not accrued or paid interest or penalties which were not material to its results of operations for the years presented. For the years ended December 31, 2020 and 2019, there was no operation in the United States of America. BVI Under the current BVI law, the Company is not subject to tax on income. Hong Kong The Company’s subsidiary operating in Hong Kong is subject to the Hong Kong Profits Tax at the two-tiered profits tax rates from 8.25% to 16.5% on the estimated assessable profits arising in Hong Kong during the current year, after deducting a tax concession for the tax year. The reconciliation of income tax rate to the effective income tax rate for the years ended December 31, 2020 and 2019 is as follows: Years ended December 31, 2020 2019 Income before income taxes $ 834,769 $ 43,829 Statutory income tax rate 16.5 % 16.5 % Income tax expense at statutory rate 137,736 7,232 Tax effect of non-deductible items 957 105 Net operating losses (136,502 ) - Tax holiday (2,191 ) (7,105 ) Income tax expense $ - $ 232 The following table sets forth the significant components of the deferred tax liabilities of the Company as of December 31, 2020 and 2019: As of December 31, 2020 2019 Deferred tax liabilities: Accelerated depreciation $ 4,682 $ 5,933 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
RELATED PARTY TRANSACTIONS | |
NOTE 7 - RELATED PARTY TRANSACTIONS | On March 20, 2020, the Company entered into a Share Exchange Agreement (the “Share Exchange Agreement”), by and among the Company, Gold Shiny International Ltd., a British Virgin Islands corporation (“Gold Shiny”), and the holders of common stock Gold Shiny. The holders of the common stock of Gold Shiny consisted of 4 shareholders. This is considered as related party transaction, in which the major shareholder, Mr. Liao Zhicheng is the common controlling person of the Company and Gold Shiny. During the years ended December 31, 2020 and 2019, the Company has been provided free office space by its director. The management determined that such cost is nominal and did not recognize the rent expense in its consolidated financial statements. Apart from the transactions and balances detailed elsewhere in these accompanying consolidated financial statements, the Company has no other significant or material related party transactions during the years presented. |
CONCENTRATIONS OF RISK
CONCENTRATIONS OF RISK | 12 Months Ended |
Dec. 31, 2020 | |
CONCENTRATIONS OF RISK | |
NOTE 8 - CONCENTRATIONS OF RISK | The Company is exposed to the following concentrations of risk: (a) Major customers For the year ended December 31, 2020, there was one single customer exceeding 10% of the Company’s revenue. This customer accounted for 94% of the Company’s revenue amounting to $1,892,306 with $0 accounts receivable at December 31, 2020. For the year ended December 31, 2019, there was no single customer exceeding 10% of the Company’s revenue. All of the Company’s customers are located in Hong Kong. (b) Major vendor For the years ended December 31, 2020 and 2019, one vender represented more than 10% of the Company’s operating cost. This vendor accounted for 92% and 97% of the Company’s operating cost amounting to $1,052,857 and $112,618 with $0 of accounts payable at December 31, 2020 and 2019, respectively. All of the Company’s vendors are located in Hong Kong. (c) Economic and political risk The Company’s major operations are conducted in Hong Kong. Accordingly, the political, economic, and legal environments in Hong Kong, as well as the general state of Hong Kong’s economy may influence the Company’s business, financial condition, and results of operations. (d) Exchange rate risk The Company cannot guarantee that the current exchange rate will remain steady; therefore there is a possibility that the Company could post the same amount of profit for two comparable periods and because of the fluctuating exchange rate actually post higher or lower profit depending on exchange rate of HKD converted to US$ on that date. The exchange rate could fluctuate depending on changes in political and economic environments without notice. |
COMMITEMENT AND CONTIGENCIES
COMMITEMENT AND CONTIGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
COMMITEMENT AND CONTIGENCIES | |
NOTE 9 - COMMITMENTS AND CONTIGENCIES | As of December 31, 2020 and 2019, the Company has no material commitments or contingencies. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
SUBSEQUENT EVENTS | |
NOTE 10 - SUBSEQUENT EVENTS | In accordance with ASC Topic 855, “ Subsequent Events |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | These accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). |
Use of estimates and assumptions | In preparing these consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the years reported. Actual results may differ from these estimates. |
Basis of consolidation | The consolidated financial statements include the accounts of FJHL and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation. |
Cash and cash equivalents | Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Plant and equipment | Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values: Expected useful lives Computer equipment 5 years Expenditures for repairs and maintenance are expensed as incurred. When assets have been retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations. |
Revenue recognition | The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) using the full retrospective transition method. The Company’s adoption of ASU 2014-09 did not have a material impact on the amount and timing of revenue recognized in its consolidated financial statements. Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to performance obligations in the contract; and • recognize revenue as the performance obligation is satisfied. |
Cost of revenue | Cost of revenue consists primarily of the cost of goods sold, which are directly attributable to the sales of products. |
Income taxes | The Company adopted the ASC 740 Income tax The estimated future tax effects of temporary differences between the tax basis of assets and liabilities are reported in the accompanying balance sheets, as well as tax credit carry-backs and carry-forwards. The Company periodically reviews the recoverability of deferred tax assets recorded on its balance sheets and provides valuation allowances as management deems necessary. |
Uncertain tax positions | The Company did not take any uncertain tax positions and had no adjustments to its income tax liabilities or benefits pursuant to the ASC 740 provisions of Section 740-10-25 for the years ended December 31, 2020 and 2019. |
Foreign currencies translation | Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the consolidated statement of operations. The reporting currency of the Company is United States Dollar (“US$”) and the accompanying consolidated financial statements have been expressed in US$. In addition, the Company is operating in Hong Kong and maintain its books and record in its local currency, Hong Kong Dollars (“HKD”), which is a functional currency as being the primary currency of the economic environment in which their operations are conducted. In general, for consolidation purposes, assets and liabilities of its subsidiary whose functional currency is not US$ are translated into US$, in accordance with ASC Topic 830-30, “ Translation of Financial Statement Translation of amounts from HKD into US$ has been made at the following exchange rates for the years ended December 31, 2020 and 2019: December 31, 2020 December 31, 2019 Year-end HKD:US$ exchange rate 0.12899 0.12842 Annualized average HKD:US$ exchange rate 0.12894 0.12762 |
Comprehensive income | ASC Topic 220, “ Comprehensive Income |
Segment reporting | ASC Topic 280, “ Segment Reporting |
Retirement plan costs | Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying statements of operation as the related employee service is provided. |
Related parties | The Company follows the ASC 850-10, Related Party Pursuant to section 850-10-20 the related parties include a) affiliates of the Company; b) entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of section 825–10–15, to be accounted for by the equity method by the investing entity; c) trusts for the benefit of employees, such as pension and Income-sharing trusts that are managed by or under the trusteeship of management; d) principal owners of the Company; e) management of the Company; f) other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g) other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The consolidated financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include: a) the nature of the relationship(s) involved; b) a description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c) the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d) amount due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement. |
Commitments and contingencies | The Company follows the ASC 450-20, Commitments If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability would be accrued in the Company’s consolidated financial statements. If the assessment indicates that a potentially material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, and an estimate of the range of possible losses, if determinable and material, would be disclosed. Loss contingencies considered remote are generally not disclosed unless they involve guarantees, in which case the guarantees would be disclosed. Management does not believe, based upon information available at this time that these matters will have a material adverse effect on the Company’s financial position, results of operations or cash flows. However, there is no assurance that such matters will not materially and adversely affect the Company’s business, financial position, and results of operations or cash flows. |
Fair value of financial instruments | The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and has adopted paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a framework for measuring fair value in generally accepted accounting principles (GAAP), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, paragraph 820-10-35-37 of the FASB Accounting Standards Codification establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by paragraph 820-10-35-37 of the FASB Accounting Standards Codification are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Level 2 Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and cash equivalents, approximate their fair values because of the short maturity of these instruments. |
Recent accounting pronouncements | In January 2017, the Financial Accounting Standard Board (“FASB”) issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting In August 2018, the FASB issued ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
DESCRIPTION OF BUSINESS ORGANIZ
DESCRIPTION OF BUSINESS ORGANIZATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
DESCRIPTION OF BUSINESS AND ORGANIZATION | |
Summary of descriptions of subsidiaries | Name Place of incorporation and kind of legal entity Principal activities and place of operation Particulars of registered/ paid up share capital Effective interest held Fovea International Holdings Limited British Virgin Islands Investment holding 100 ordinary shares at par value of US$1 100% Fovea Jewellery Holdings Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share for HK$1 100% Gold Shiny International Limited British Virgin Islands Investment holding 115 ordinary shares at par value of US$1 100% Gold Shiny (Asia) Limited Hong Kong Sales and marketing in Hong Kong 1 ordinary share for HK$1 100% |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Summary of plant and equipment | Expected useful lives Computer equipment 5 years |
Summary of exchange rates | December 31, 2020 December 31, 2019 Year-end HKD:US$ exchange rate 0.12899 0.12842 Annualized average HKD:US$ exchange rate 0.12894 0.12762 |
PLANT AND EQUIPMENT (Tables)
PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
PLANT AND EQUIPMENT | |
Schedule of plant and equipment | As of December 31, 2020 2019 Computer equipment, at cost $ 38,525 $ 38,525 Less: accumulated depreciation (10,289 ) (2,553 ) Foreign translation difference 142 (15 ) $ 28,378 $ 35,957 |
NET INCOME PER SHARE (Tables)
NET INCOME PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
NET INCOME PER SHARE | |
Schedule of basic and diluted net loss per share | Years ended December 31, 2020 2019 Net income attributable to common shareholders $ 706,445 $ 37,700 Weighted average common shares outstanding – Basic and diluted 10,184,831 10,090,974 Net income per share – Basic and diluted $ 0.07 $ 0.00 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
INCOME TAX | |
Schedule of provision for income tax | Years ended December 31, 2020 2019 Current tax $ - $ 232 Deferred tax (1,276 ) 5,897 Income tax (credit) expense $ (1,276 ) $ 6,129 |
Schedule of income tax rate | Years ended December 31, 2020 2019 Income before income taxes $ 834,769 $ 43,829 Statutory income tax rate 16.5 % 16.5 % Income tax expense at statutory rate 137,736 7,232 Tax effect of non-deductible items 957 105 Net operating losses (136,502 ) - Tax holiday (2,191 ) (7,105 ) Income tax expense $ - $ 232 |
Schedule of Deferred Tax Liabilities | As of December 31, 2020 2019 Deferred tax liabilities: Accelerated depreciation $ 4,682 $ 5,933 |
DESCRIPTION OF BUSINESS AND O_2
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Fovea International Holdings Limited [Member] | |
Place of incorporation and kind of legal entity | British Virgin Islands |
Principal activities and place of operation | Investment holding |
Particulars of registered/ paid up share capital | 100 ordinary shares at par value of US$1 |
Effective interest held | 100.00% |
Fovea Jewellery Holdings Limited [Member] | |
Place of incorporation and kind of legal entity | Hong Kong |
Principal activities and place of operation | Sales and marketing in Hong Kong |
Particulars of registered/ paid up share capital | 1 ordinary share for HK$1 |
Effective interest held | 100.00% |
Gold Shiny International Limited [Member] | |
Place of incorporation and kind of legal entity | British Virgin Islands |
Principal activities and place of operation | Investment holding |
Particulars of registered/ paid up share capital | 115 ordinary shares at par value of US$1 |
Effective interest held | 100.00% |
Gold Shiny (Asia) Limited [Member] | |
Place of incorporation and kind of legal entity | Hong Kong |
Principal activities and place of operation | Sales and marketing in Hong Kong |
Particulars of registered/ paid up share capital | 1 ordinary share for HK$1 |
Effective interest held | 100.00% |
DESCRIPTION OF BUSINESS AND O_3
DESCRIPTION OF BUSINESS AND ORGANIZATION (Details Narrative) - shares | 1 Months Ended | |||
Mar. 20, 2020 | Mar. 06, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reverse stock split description | 1 for 10,000 | |||
Common stock, shares issued | 10,199,119 | 10,090,974 | ||
Common stock shares outstanding | 10,199,119 | 10,090,974 | ||
Gold Shiny International Limited [Member] | ||||
Common stock, shares issued | 10,000,000 | |||
Ownership subsidiary | 100.00% | |||
Common stock shares outstanding | 10,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Computer Equipment [Member] | |
Expected useful lives | 5 years |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) | Dec. 31, 2020 | Dec. 31, 2019 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||
Year-end HKD:US$ exchange rate | 0.12899 | 0.12842 |
Annualized average HKD:US$ exchange rate | 0.12894 | 0.12762 |
PLANT AND EQUIPMENT (Details)
PLANT AND EQUIPMENT (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
PLANT AND EQUIPMENT | ||
Computer equipment, at cost | $ 38,525 | $ 38,525 |
Less: accumulated depreciation | (10,289) | (2,553) |
Foreign translation difference | 142 | (15) |
Plant and equipment, net | $ 28,378 | $ 35,957 |
PLANT AND EQUIPMENT (Details Na
PLANT AND EQUIPMENT (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
PLANT AND EQUIPMENT | ||
Depreciation expense | $ 7,736 | $ 2,553 |
STOCKHOLDERS EQUITY (DEFICIT) (
STOCKHOLDERS EQUITY (DEFICIT) (Details Narrative) - $ / shares | 1 Months Ended | ||||||
Mar. 20, 2020 | Mar. 06, 2020 | Dec. 31, 2020 | Dec. 30, 2020 | Dec. 18, 2020 | Dec. 31, 2019 | Mar. 19, 2019 | |
Preferred stock, shares par value | $ 0.001 | $ 0.001 | |||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | |||||
Reverse stock split description | 1 for 10,000 | ||||||
Common stock, shares par value | $ 0.001 | $ 0.001 | |||||
Common stock, shares outstanding | 10,199,119 | 10,090,974 | |||||
Common stock, shares issued | 10,199,119 | 10,090,974 | |||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||||
Stock Incentive Plan [Member] | |||||||
Common stock shares reserved for future issuance | 100,000 | ||||||
Common stock shares to be issued | 1,000,000 | ||||||
Shares issued | 900,000 | ||||||
Share price | $ 0.1440 | ||||||
Gold Shiny International Limited [Member] | |||||||
Common stock, shares outstanding | 10,000,000 | ||||||
Common stock, shares issued | 10,000,000 | ||||||
Equity interest | 100.00% | ||||||
Ownership subsidiary | 100.00% | ||||||
Series A Preferred Stock [Member] | |||||||
Preferred stock, shares par value | $ 0.001 | $ 0.001 | |||||
Preferred stock, shares issued | 1,000,000 | 1,000,000 | |||||
Preferred stock, shares outstanding | 1,000,000 | 1,000,000 | |||||
Stockholders Equity [Member] | |||||||
Preferred stock, shares par value | $ 0.001 | $ 0.001 | |||||
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||
Reverse stock split description | 1 for 10,000 | ||||||
Common stock, shares par value | $ 0.001 | $ 0.001 | $ 0.0001 | ||||
Common stock, shares outstanding | 10,199,119 | 10,090,974 | |||||
Common stock, shares issued | 10,199,119 | 10,090,974 | |||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
NET INCOME PER SHARE (Details)
NET INCOME PER SHARE (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
NET INCOME PER SHARE | ||
Net income attributable to common shareholders | $ 706,445 | $ 37,700 |
Weighted average common shares outstanding - Basic and diluted | 10,184,831 | 10,090,974 |
Net income per share - Basic and diluted | $ 0.07 | $ 0 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
INCOME TAX | ||
Current tax | $ 0 | $ 232 |
Deferred Tax | (1,276) | 5,897 |
Income tax (credit) expense | $ (1,276) | $ 6,129 |
INCOME TAX (Details 1)
INCOME TAX (Details 1) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAX | ||
Income before income taxes | $ 834,769 | $ 43,829 |
Statutory income tax rate | 16.50% | 16.50% |
Income tax expense at statutory rate | $ 137,736 | $ 7,232 |
Tax effect of non-deductible items | 957 | 105 |
Net operating losses | (136,502) | 0 |
Tax holiday | (2,191) | (7,105) |
Income tax expenses | $ 0 | $ 232 |
INCOME TAX (Details 2)
INCOME TAX (Details 2) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred tax liabilities: | ||
Accelerated depreciation | $ 4,682 | $ 5,933 |
INCOME TAX (Details Narrative)
INCOME TAX (Details Narrative) - Hong Kong [Member] | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Profits tax rates | 8.25% |
Maximum [Member] | |
Profits tax rates | 16.50% |
CONCENTRATIONS OF RISK (Details
CONCENTRATIONS OF RISK (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue | $ 2,017,343 | $ 196,423 |
One Vendors [Member] | ||
Concentration risk | 10.00% | 10.00% |
Operating cost, percentage | 92.00% | 97.00% |
Accounts payable | $ 0 | $ 0 |
Operating cost | 1,052,857 | $ 112,618 |
Major Customer [Member] | ||
Account receivables | 0 | |
Revenue | $ 1,892,306 | |
Revenue, percentage | 94.00% | |
Concentration risk | 10.00% | 10.00% |