Document and Entity Information
Document and Entity Information - shares | 15 Months Ended | |
Jun. 30, 2017 | Aug. 14, 2017 | |
Details | ||
Registrant Name | Living 3D Holdings, Inc. | |
Registrant CIK | 93,205 | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2017 | |
Fiscal Year End | --12-31 | |
Trading Symbol | ltdh | |
Tax Identification Number (TIN) | 870,451,230 | |
Number of common stock shares outstanding | 30,697,043 | |
Filer Category | Smaller Reporting Company | |
Current with reporting | Yes | |
Voluntary filer | No | |
Well-known Seasoned Issuer | No | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Contained File Information, File Number | 000-01900 | |
Entity Incorporation, State Country Name | Nevada | |
Entity Address, Address Line One | Rm. 1801-02, Office Tower Two, Grand Plaza | |
Entity Address, Address Line Two | 625 Nathan Road | |
Entity Address, City or Town | Mongkok, Kowloon | |
Entity Address, Country | Hong Kong | |
City Area Code | 852 | |
Local Phone Number | 3563-9280 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 513 | $ 667 |
Accounts receivable | 5,590 | 4,308 |
Total Current Assets | 6,103 | 4,975 |
Property and equipment, net | 2,883 | 3,669 |
TOTAL ASSETS | 8,986 | 8,644 |
Current Liabilities | ||
Account payable | 5,128 | 0 |
Accrued liabilities and other payables | 162,018 | 149,832 |
Due to related parties | 122,636 | 98,419 |
Total Current Liabilities | 289,782 | 248,251 |
TOTAL LIABILITIES | 289,782 | 248,251 |
SHAREHOLDERS' DEFICIT | ||
Preferred stock, $.001 par value, 10,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 290,000,000 shares authorized, 30,697,043 shares and 697,043 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively (*) | 30,697 | 697 |
Additional paid-in capital | (30,497) | (497) |
Accumulated deficit | (280,996) | (239,807) |
TOTAL SHAREHOLDERS' DEFICIT | (280,796) | (239,607) |
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT | $ 8,986 | $ 8,644 |
Consolidated Balance Sheets - P
Consolidated Balance Sheets - Parenthetical - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 290,000,000 | 290,000,000 |
Common Stock, Shares, Issued | 30,697,043 | 697,043 |
Common Stock, Shares, Outstanding | 30,697,043 | 697,043 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||||
Revenue | $ 1,282 | $ 10,128 | $ 6,538 | $ 10,128 |
Cost of Revenue | 0 | 6,282 | 5,128 | 6,282 |
Gross Profit | 1,282 | 3,846 | 1,410 | 3,846 |
Operating Expenses | ||||
General and administrative expenses | 18,112 | 13,923 | 42,599 | 25,425 |
Total Operating Expenses | 18,112 | 13,923 | 42,599 | 25,425 |
Net Loss | $ (16,830) | $ (10,077) | $ (41,189) | $ (21,579) |
Basic and Diluted Loss per Common Share | $ 0 | $ (0.01) | $ 0 | $ (0.03) |
Weighted Average Common Shares; Basic and Diluted (*) | 30,697,043 | 697,043 | 30,034,060 | 697,043 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Deficit - USD ($) | Total | Common Stock | Additional Paid-in Capital | Retained Earnings |
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2015 | $ (72,104) | $ 697 | $ (597) | $ (72,204) |
Shares, Outstanding, Beginning Balance at Dec. 31, 2015 | 697,043 | |||
Contributed capital of subsidiary | 100 | $ 0 | 100 | 0 |
Net Loss | (167,603) | 0 | 0 | (167,603) |
Stockholders' Equity Attributable to Parent, Ending Balance at Dec. 31, 2016 | (239,607) | $ 697 | (497) | (239,807) |
Shares, Outstanding, Ending Balance at Dec. 31, 2016 | 697,043 | |||
Net Loss | (41,189) | $ 0 | 0 | (41,189) |
Issuance of common stock in connection with acquisition of subsidiary, Amount | 0 | $ 30,000 | (30,000) | 0 |
Issuance of common stock in connection with acquisition of subsidiary, Shares | 30,000,000 | |||
Stockholders' Equity Attributable to Parent, Ending Balance at Jun. 30, 2017 | $ (280,796) | $ 30,697 | $ (30,497) | $ (280,996) |
Shares, Outstanding, Ending Balance at Jun. 30, 2017 | 30,697,043 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net Loss | $ (41,189) | $ (21,579) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 786 | 262 |
Changes in operating assets and liabilities | ||
Accounts receivable | (1,282) | 0 |
Accrued liabilities and other payables | 38,403 | 31,445 |
Account payable | 5,128 | 0 |
CASH PROVIDED BY OPERATING ACTIVITIES | 1,846 | 10,128 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Repayment to related party | (2,000) | 0 |
Capital contribution of subsidiary | 0 | 100 |
CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | (2,000) | 100 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (154) | 10,228 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 667 | 100 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 513 | 10,328 |
NON-CASH TRANSACTIONS | ||
Operation expenses paid by related parties | 26,217 | 53,797 |
Issuance of common stock in connection with acquisition of subsidiary | 30,000 | 0 |
Purchase of property and equipment paid by related party | 0 | 4,718 |
Supplementary Disclosure for Cash Flow Information: | ||
Income taxes paid | 0 | 0 |
Interest paid | $ 0 | $ 0 |
NOTE 1 - DESCRIPTION OF BUSINES
NOTE 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION | 15 Months Ended |
Jun. 30, 2017 | |
Notes | |
NOTE 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION | NOTE 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION Living 3D Holdings Ltd. ("L3D") was incorporated in the British Virgin Islands (the "BVI") on June 23, 2008. L3D operated as a globally integrated enterprise that targeted 3D technology and effective business. The Company intended to specialize in the design, development, production, sale and marketing of "auto stereoscopic 3D" technology, or Auto 3D products, services and solutions. Auto 3D means that viewers are not required to wear 3D glasses in order to experience the 3D effects of the screen, and instant switching between two dimensional, or 2D, and 3D viewing is enabled. Living 3D Holdings, Inc. (“we”, “our”, the “Company”) is a Nevada corporation and the parent of L3D, its wholly owned subsidiary. The Company also intended to provide technical and support services of 3D in software development, contents production and hardware configuration to a wide range of industries, including entertainment, education, consumer electronics, medical diagnosis, scientific research and, in particular, media and advertising. The Company aimed at customizing product requirements and specifications in order to enhance the power of product displays in business advertising and special operational environments. At September 30, 2015, L3D had the following wholly owned subsidiaries: Living 3D (Hong Kong) Limited, 3D Capital Holdings Inc. Columbia College Hollywood International Limited and Living 3D Technology Group Limited. L3D and its wholly owned subsidiaries are collectively referred to herein as "L3D". On November 30, 2015, Jimmy Kent-Lam Wong, the Company's former CEO, former director and principal shareholder, entered into a stock purchase agreement to sell 54.35% of the Company's outstanding shares, or 37,883,841 shares, of common stock, to Man Wah Stephen Yip. Simultaneously, Living 3D Holdings, Inc. entered into a shares sale and purchase agreement with Jimmy Kent-Lam Wong, pursuant to which the Company agreed to sell its entire ownership interest in L3D to Jimmy Kent-Lam Wong for a total consideration of $100 effective October 1, 2015. Since our business development efforts in the 3D industry were not sufficiently mature to render us as a commercially viable player in that industry, the Company has ceased its 3D business activities and shifted its business from 3D technology development to computer software development sometime in late 2016, initially operating in Hong Kong and Mainland China. The Company expects to focus on the research and development of an e-commerce platform, with mobile game and virtual reality applications. Our e-commerce platform will seek to integrate web application with product manufacturing which should increase the productivity and efficiency of the operation. Along with the ever increasing usage of the internet, our O2O (O2O stands for “online to offline”, a term used to describe a variety of e-commerce services that provide online information, services, or discounts to consumers that enhance their offline shopping experiences) e-commerce platform is expected to create more business opportunities for the manufacturer. On December 30, 2016, the Company entered into a share acquisition and exchange agreement (the "Share Acquisition and Exchange") with Sugar Technology Group Holdings Corporation, a company incorporated in the British Virgin Islands (the “BVI”) on February 26, 2016 and has a wholly owned subsidiary, XYZMILL.COM Limited, which was incorporated on May 9, 2016. Sugar Technology Group Holdings Corporation and its subsidiary are collectively referred as Sugar. Under the Share Acquisition and Exchange, the Company will issue an aggregate of 30,000,000 shares of its common stock at par value of $0.001 each to all of the shareholders of Sugar in exchange for all of the issued and outstanding stock of Sugar. The Share Acquisition and Exchange was closed on January 5, 2017 and the 30,000,000 shares of the Company’s common stock were issued on January 4, 2017. As a result of the Share Acquisition and Exchange, Sugar became the Company’s wholly-owned subsidiary. The acquisition of Sugar by the Company has been accounted for as business combination between entities under common control since the Company and Sugar are controlled by the same group of shareholders before and after the reorganization. As a result, the Company accounted for the operations of Sugar on a retrospective basis in the Company’s consolidated financial statements from the inception date of Sugar on February 26, 2016. Accordingly, the consolidated balance sheet as of December 31, 2016, the consolidated statement of operations for the three and six months ended June 30, 2016, the consolidated statement of changes in shareholders’ deficit for the year ended December, 31, 2016 and the consolidated statement of cash flows for the six months ended June 30, 2016 have been retrospectively stated in this report to reflect Sugar’s accounts at their historical amount as of those dates. Sugar is engaged in computer software development with major operations in Hong Kong and Mainland China. The Company focuses on the research and development of e-commerce platform, mobile game and virtual reality application. The e-commerce platform seeks to integrate web application with product manufacturing which will increase the productivity and efficiency of the operation. Along with the ever increasing usage of the internet, our O2O e-commerce platform is expected to bring in more business opportunities to the manufacturer. For the sake of clarity, this report follows the English naming convention of first name followed by last name, regardless of whether an individual’s name is Chinese or English. For example, the name of our Chief Executive Office will be presented as "Man Wah Stephen Yip," even though, in Chinese, his name would be presented as "Yip Man Wah Stephen". |
NOTE 2 - SUMMARY OF SIGNIFICANT
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2016 | |
Notes | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | States Dollars being the functional currency. Sugar Technology Group Holdings Corporation and its wholly owned subsidiary maintain their books and accounting records in Hong Kong Dollars with the Hong Kong Dollars being the functional currency. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date. E. RELATED PARTIES A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and 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. A party which can significantly influence the management or operating policies of the transacting parties or if it has 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 is also a related party. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. F. IMPAIRMENT OF LONG-LIVED ASSETS The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets. G. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Management believes that none of the recently adopted accounting pronouncements will have a material effect on the Company’s financial position, results of operations, or cash flows. |
NOTE 3 - GOING CONCERN
NOTE 3 - GOING CONCERN | 15 Months Ended |
Jun. 30, 2017 | |
Notes | |
NOTE 3 - GOING CONCERN | NOTE 3 – GOING CONCERN The Company first generated revenue in 2010 and is still in the early stages of establishing a market for its products and services. The Company has a working capital deficit of $283,679 as of June 30, 2017 and has only generated $1,846 of cash from operations for the six months ended June 30, 2017. The Company incurred net losses of $41,189 for the six months ended June 30, 2017. The Company is primarily funded by its Chief Executive Officer ("CEO") and principal shareholder. The Company will have to raise additional capital, including through the sale of equity securities, to support its operation and expansion. These conditions and uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. |
NOTE 4 - RELATED PARTY TRANSACT
NOTE 4 - RELATED PARTY TRANSACTIONS | 15 Months Ended |
Jun. 30, 2017 | |
Notes | |
NOTE 4 - RELATED PARTY TRANSACTIONS | NOTE 4 – RELATED PARTY TRANSACTIONS The related parties consist of the following: Man Wah Stephen Yip, the Company’s CEO, a director and principal shareholder; So Ka Yan, the Company’s Secretary, a director, principal shareholder and the wife of Man Wah Stephen Yip; Due to Related Parties Due to related parties consists of the following: June 30, 2017 December 31, 2016 (As Restated) Man Wah Stephen Yip $ 98,948 $ 82,496 So Ka Yan 23,688 15,923 Total $ 122,636 $ 98,419 The amounts due to related parties represent loans borrowed from the related parties. They are unsecured, bear no interest and are repayable on demand. During the six months ended June 30, 2017 and 2016, Man Wah Stephen Yip and So Ka Yan paid expenses in the amount of $26,217 and $53,797, respectively, on behalf of the Company to support the Company’s operations. In May 2017, the Company repaid $2,000 to So Ka Yan. On May 19, 2016, the Company purchased property and equipment in the amount of $4,718, So Ka Yan made the payment on behalf of the Company. Office Furnished by Related Party The Company’s office in Hong Kong consists of approximately 400 square feet located at Room S, 2/F, Block D East Sun Industrial Center, 16 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong. This office is furnished to the Company by the CEO at no charge. |
NOTE 5 - CONCENTRATION OF CREDI
NOTE 5 - CONCENTRATION OF CREDIT RISKS AND MAJOR CUSTOMERS | 15 Months Ended |
Jun. 30, 2017 | |
Notes | |
NOTE 5 - CONCENTRATION OF CREDIT RISKS AND MAJOR CUSTOMERS | NOTE 5 – CONCENTRATION OF CREDIT RISKS AND MAJOR CUSTOMERS At June 30, 2017, customers B and D accounted for 23% and 77% of accounts receivable, respectively. At December 31, 2016, customer D accounted for 100% of account receivable. For the six months ended June 30, 2017, subcontractor A accounted for 100% of cost of revenue. For the six months ended June 30, 2016, subcontractor B accounted for 100% of cost of revenue. |
NOTE 6 - INCOME TAXES
NOTE 6 - INCOME TAXES | 15 Months Ended |
Jun. 30, 2017 | |
Notes | |
NOTE 6 - INCOME TAXES | NOTE 6 – INCOME TAXES Living 3D Holdings, Inc. is incorporated in the State of Nevada, United States and is subject to US Corporate Income Tax (“CIT”) on the taxable income in accordance with the relevant US income tax laws. No provision for income taxes in the US has been made as the Company had no US taxable income for the six months ended June 30, 2017 and 2016. Sugar Technology Group Holdings Corporation is registered in the BVI and under the current laws of the BVI is not subject to income taxes. XYZMILL.COM Limited is registered in Hong Kong and Hong Kong profits tax is calculated at 16.5% of the estimated assessable profit for the period. No provision for income taxes has been made as XYZMILL.COM Limited suffered loss from inception of May 9, 2016 through June 30, 2017. A reconciliation of the income tax computed at the U.S. statutory rate and the Company's provision for income tax is as follows: For the six months ended June 30, 2017 2016 U.S. statutory rate 34.0% 34.0% Foreign income not recognized in the U.S. (34.0%) (34.0%) Hong Kong corporate income tax rate 16.5% 16.5% Net loss not subject to income tax (16.5%) (16.5%) Provision for income tax 0.0% 0.0% Accounting for Uncertainty in Income Taxes The Company adopted the provisions of Accounting for Uncertainty in Income Taxes. The provision clarify the accounting for uncertainty in income taxes recognized in an Enterprise's financial statements in accordance with the standard "Accounting for Income Taxes,", and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The provisions of Accounting for Uncertainty in Income Taxes also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company has evaluated and concluded that there are no significant uncertain tax positions required recognition in its consolidated financial statements. The Company may from time to time be assessed interest or penalties by major tax jurisdictions. In the event it receives an assessment for interest and/or penalties, it will be classified in the consolidated financial statements as tax expense. |
NOTE 7 - SHAREHOLDERS' DEFICIT
NOTE 7 - SHAREHOLDERS' DEFICIT | 15 Months Ended |
Jun. 30, 2017 | |
Notes | |
NOTE 7 - SHAREHOLDERS' DEFICIT | NOTE 7 – SHAREHOLDERS’ DEFICIT On October 19, 2016, the Company filed a Certificate of Amendment with the Secretary of State of the State of Nevada to effect a 1-for-100 reverse stock split of its common stock and an increase of its authorized shares of common stock from 90,000,000 to 290,000,000. Effective on the opening of business on December 2, 2016, the Financial Industry Regulatory Authority granted market effectiveness to the 1-for-100 reverse stock split. The Company’s capital accounts have been retroactively restated to reflect the reverse stock split for all periods presented. On January 4, 2017, the Company issued an aggregate of 30,000,000 shares of its common stock at par value of $0.001 each to all of the shareholders of Sugar in exchange for all of the issued and outstanding stock of Sugar. The shares were recorded at par value with a decrease $30,000 to additional paid-in capital as the transaction was accounted for as business combination between entities under common control. |
NOTE 2 - SUMMARY OF SIGNIFICA14
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 15 Months Ended |
Jun. 30, 2017 | |
Policies | |
A. BASIS OF PREPARATION | A. BASIS OF PRESENTATION The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in the consolidation. Certain information and footnote disclosures normally included in financial statements prepared in conjunction with U.S. generally accepted accounting principles ("U.S. GAAP") have been condensed or omitted as permitted by the rules and regulations of the United States Securities and Exchange Commission ("SEC"), although the Company believes that the disclosures contained in this report are adequate to make the information presented not misleading. The accompanying unaudited interim consolidated financial statements reflect all adjustments of a normal and recurring nature which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows of the Company for the interim periods presented. The results of operations for these periods are not necessarily comparable to, or indicative of, results of any other interim period or for the fiscal year taken as a whole. |
B. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS | B. ACCOUNTS RECEIVABLE AND ALLOWANCE FOR DOUBTFUL ACCOUNTS Accounts receivable are recognized and carried at original invoice amount less an allowance for any uncollectible amounts. An estimate for doubtful account is made when collection of the full amount becomes questionable. |
C. PROPERTY AND EQUIPMENT | C. PROPERTY AND EQUIPMENT (a) The Company’s property and equipment consists primarily of a motor vehicle and is initially recognized at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses. (b) Depreciation of motor vehicle is calculated using the straight-line method to allocate its depreciable amount over its estimated useful life of three years. |
D. FOREIGN CURRENCY TRANSLATION | D. FOREIGN CURRENCY TRANSLATION Living 3D Holdings, Inc. maintains its books and accounting records in United States Dollars with the United States Dollars being the functional currency. Sugar Technology Group Holdings Corporation and its wholly owned subsidiary maintain their books and accounting records in Hong Kong Dollars with the Hong Kong Dollars being the functional currency. Transactions denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing on the transaction dates. Assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rates prevailing at the balance sheet date. Period Covered Balance Sheet Date Rate Average Rate For the period from January 1, 2016 through June 30, 2017 7.8 7.8 |
E. RELATED PARTIES | E. RELATED PARTIES A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and 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. A party which can significantly influence the management or operating policies of the transacting parties or if it has 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 is also a related party. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated. |
F. IMPAIRMENT OF LONG-LIVED ASSETS | F. IMPAIRMENT OF LONG-LIVED ASSETS The Company reviews its long lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Company measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Company would recognize an impairment loss based on the fair value of the assets. |
G. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | G. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Management believes that none of the recently adopted accounting pronouncements will have a material effect on the Company’s financial position, results of operations, or cash flows. |
NOTE 2 - SUMMARY OF SIGNIFICA15
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 15 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of exchange rates used for the foreign currency translation | The exchange rates used for the foreign currency translation were as follows (USD$1=HKD): Period Covered Balance Sheet Date Rate Average Rate For the period from January 1, 2016 through June 30, 2017 7.8 7.8 |
NOTE 4 - RELATED PARTY TRANSA16
NOTE 4 - RELATED PARTY TRANSACTIONS (Tables) | 15 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Related Party Transactions | Due to related parties consists of the following: June 30, 2017 December 31, 2016 (As Restated) Man Wah Stephen Yip $ 98,948 $ 82,496 So Ka Yan 23,688 15,923 Total $ 122,636 $ 98,419 |
NOTE 6 - INCOME TAXES (Tables)
NOTE 6 - INCOME TAXES (Tables) | 15 Months Ended |
Jun. 30, 2017 | |
Tables/Schedules | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax computed at the U.S. statutory rate and the Company's provision for income tax is as follows: For the six months ended June 30, 2017 2016 U.S. statutory rate 34.0% 34.0% Foreign income not recognized in the U.S. (34.0%) (34.0%) Hong Kong corporate income tax rate 16.5% 16.5% Net loss not subject to income tax (16.5%) (16.5%) Provision for income tax 0.0% 0.0% |
NOTE 1 - DESCRIPTION OF BUSIN18
NOTE 1 - DESCRIPTION OF BUSINESS AND ORGANIZATION (Details) - USD ($) | Nov. 30, 2015 | Jun. 30, 2017 | Dec. 31, 2015 | Jun. 30, 2017 | Dec. 31, 2016 |
Entity Incorporation, Date of Incorporation | Jun. 23, 2008 | ||||
Business Acquisition, Name of Acquired Entity | L3D | ||||
Shares sold on Stock Purchase Agreement | 37,883,841 | ||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||
Common Stock | |||||
Issuance of common stock in connection with acquisition of subsidiary, Shares | 30,000,000 | 30,000,000 | |||
Jimmy Kent Lam Wong | L3d | |||||
Consideration for shares sold | $ 100 | ||||
Jimmy Kent Lam Wong | Common Stock | |||||
Equity Method Investment, Ownership Percentage | 54.35% |
NOTE 2 - SUMMARY OF SIGNIFICA19
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: D. FOREIGN CURRENCY TRANSLATION: Schedule of exchange rates used for the foreign currency translation (Details) - Hong Kong, Dollars | Jun. 30, 2017 |
Period End Rates | |
Foreign Currency Exchange Rate, Translation | 7.8 |
Average Rates | |
Foreign Currency Exchange Rate, Translation | 7.8 |
NOTE 3 - GOING CONCERN (Details
NOTE 3 - GOING CONCERN (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 15 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Jun. 30, 2017 | |
Details | ||||||
Working Capital Deficit | $ (283,679) | $ (283,679) | $ (283,679) | |||
CASH PROVIDED BY OPERATING ACTIVITIES | 1,846 | $ 10,128 | $ 1,846 | |||
Net Loss | $ 16,830 | $ 10,077 | $ 41,189 | $ 21,579 | $ 167,603 |
NOTE 4 - RELATED PARTY TRANSA21
NOTE 4 - RELATED PARTY TRANSACTIONS: Schedule of Related Party Transactions (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Due to related parties | $ 122,636 | $ 98,419 |
Man Wah Stephen Yip | ||
Due to related parties | 98,948 | 82,496 |
So Ka Yan | ||
Due to related parties | $ 23,688 | $ 15,923 |
NOTE 4 - RELATED PARTY TRANSA22
NOTE 4 - RELATED PARTY TRANSACTIONS (Details) | 3 Months Ended | 6 Months Ended | 15 Months Ended | ||
Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)ft² | |
Total Operating Expenses | $ 18,112 | $ 13,923 | $ 42,599 | $ 25,425 | |
Repayments of Related Party Debt | 2,000 | 0 | |||
Purchase of property and equipment paid by related party | $ 0 | 4,718 | |||
Executive office | ft² | 400 | 400 | 400 | ||
So Ka Yan And Man Wah Stephen Yip | |||||
Total Operating Expenses | $ 26,217 | $ 53,797 | |||
So Ka Yan | |||||
Repayments of Related Party Debt | $ 2,000 | ||||
Purchase of property and equipment paid by related party | 4,718 | ||||
Man Wah Stephen Yip | |||||
Rent expense | $ 0 |
NOTE 5 - CONCENTRATION OF CRE23
NOTE 5 - CONCENTRATION OF CREDIT RISKS AND MAJOR CUSTOMERS (Details) | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 |
Sales Revenue, Net | ||||
Concentration Risk, Percentage | 100.00% | |||
Sales Revenue, Net | Customer A | ||||
Concentration Risk, Percentage | 80.00% | |||
Sales Revenue, Net | Customer B | ||||
Concentration Risk, Percentage | 20.00% | |||
Accounts Receivable | ||||
Concentration Risk, Percentage | 100.00% | |||
Accounts Receivable | Customer B | ||||
Concentration Risk, Percentage | 23.00% | |||
Accounts Receivable | Customer D | ||||
Concentration Risk, Percentage | 77.00% | |||
Cost of Goods, Total | ||||
Concentration Risk, Percentage | 100.00% | 100.00% |
NOTE 6 - INCOME TAXES (Details)
NOTE 6 - INCOME TAXES (Details) - USD ($) | 6 Months Ended | 15 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | |
Provision for income taxes | $ 0 | $ 0 | |
Taxable income | $ 0 | $ 0 | |
Hong Kong corporate income tax rate | 16.50% | 16.50% | |
HONG KONG | |||
Provision for income taxes | $ 0 | ||
Hong Kong corporate income tax rate | 16.50% |
NOTE 6 - INCOME TAXES_ Schedule
NOTE 6 - INCOME TAXES: Schedule of Effective Income Tax Rate Reconciliation (Details) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Details | ||
U.S. statutory rate | 34.00% | 34.00% |
Foreign income not recognized in the U.S. | (34.00%) | (34.00%) |
Hong Kong corporate income tax rate | 16.50% | 16.50% |
Net loss not subject to income tax | (16.50%) | (16.50%) |
Provision for income tax | 0.00% | 0.00% |
NOTE 7 - SHAREHOLDERS' DEFICIT
NOTE 7 - SHAREHOLDERS' DEFICIT (Details) - USD ($) | Oct. 19, 2016 | Jun. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Oct. 18, 2016 |
Common Stock, Shares Authorized | 290,000,000 | 290,000,000 | 290,000,000 | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | ||
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 30,000 | ||||
Common Stock | |||||
Stockholders' Equity, Reverse Stock Split | a 1-for-100 reverse stock split | ||||
Common Stock, Shares Authorized | 290,000,000 | 90,000,000 | |||
Issuance of common stock in connection with acquisition of subsidiary, Shares | 30,000,000 | 30,000,000 |