XML 33 R17.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Condensed Financial Information of the Parent Company | 12 Months Ended
--- | ---
Dec. 31, 2017
Condensed Financial Information of the Parent Company [Abstract] |
Condensed financial information of the parent company | Note 11 – Condensed financial information of the parent company The Company performed a test on the restricted net assets of consolidated subsidiary in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), “General Notes to Financial Statements” and concluded that it was applicable for the Company to disclose the financial statements for the parent company. The subsidiary did not pay any dividend to the Company for the periods presented. For the purpose of presenting parent only financial information, the Company records its investment in its subsidiary under the equity method of accounting. Such investment is presented on the separate condensed balance sheets of the Company as “Investment in subsidiary” and the income (loss) of the subsidiary is presented as “share of income (loss) of subsidiary”. Certain information and footnote disclosures generally included in financial statements prepared in accordance with U.S. GAAP have been condensed and omitted. The Company did not have significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2017 and 2016. PARENT COMPANY BALANCE SHEETS
|  | December 31, |  |  | December 31, |
|  | 2017 |  |  | 2016 |
ASSETS |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |
Prepaid expenses |  | $ | 751,667 |  |  | $ | - |
Prepaid IPO costs |  |  | 2,000,000 |  |  |  | - |
Total current assets |  |  | 2,751,667 |  |  |  | - |
OTHER ASSETS |  |  |  |  |  |  |  |
Investment in subsidiary |  |  | 8,298,679 |  |  |  | 7,859,744 |
Prepaid expenses |  |  | 789,999 |  |  |  | - |
Total other assets |  |  | 9,088,678 |  |  |  | 7,859,744 |
Total assets |  | $ | 11,840,345 |  |  | $ | 7,859,744 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
LIABILITIES |  | $ | - |  |  | $ | - |
COMMITMENTS AND CONTINGENCIES |  |  |  |  |  |  |  |
SHAREHOLDERS’ EQUITY |  |  |  |  |  |  |  |
Ordinary shares, $0.01 par value, 50,000,000 shares authorized, 13,000,000 and 26,000 shares issued and outstanding as of December 31, 2017 and 2016, respectively* |  |  | 130,000 |  |  |  | 260 |
Shares subscription receivables |  |  | (45,457 | ) |  |  | (45,457 | )
Additional paid-in capital |  |  | 12,312,828 |  |  |  | 8,046,392 |
Statutory reserves |  |  | 6,189 |  |  |  | 6,189 |
Retained earnings (accumulated deficit) |  |  | (893,921 | ) |  |  | 48,447 |
Accumulated other comprehensive income (loss) |  |  | 330,706 |  |  |  | (196,087 | )
Total shareholders’ equity |  |  | 11,840,345 |  |  |  | 7,859,744 |
Total liabilities and shareholders’ equity |  | $ | 11,840,345 |  |  | $ | 7,859,744 |
| * | Giving retroactive effect to the 260 for 1 split effected on November 3, 2017.
PARENT COMPANY STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
|  | For the Year Ended |  |  | For the Year Ended |  |  | For the period from November 17, 2015 (inception) to |
|  | December 31, 2017 |  |  | December 31, 2016 |  |  | December 31, 2015 |
GENERAL AND ADMINISTRATIVE EXPENSES |  | $ | (488,334 | ) |  | $ | - |  |  | $ | - |
EQUITY OF INCOME (LOSS) OF SUBSIDIARY |  |  | (454,034 | ) |  |  | 160,905 |  |  |  | (106,269 | )
NET INCOME (LOSS) |  |  | (942,368 | ) |  |  | 160,905 |  |  |  | (106,269 | )
FOREIGN CURRENCY TRANSLATION ADJUSTMENTS |  |  | 526,793 |  |  |  | (184,509 | ) |  |  | (11,578 | )
COMPREHENSIVE LOSS |  | $ | (415,575 | ) |  | $ | (23,604 | ) |  | $ | (117,847 | )
PARENT COMPANY STATEMENTS OF CASH FLOWS
|  | For the Year Ended |  |  | For the Year Ended |  |  | For the period from November 17, 2015 (inception) to |
|  | December 31, 2017 |  |  | December 31, 2016 |  |  | December 31, 2015 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | (942,368 | ) |  | $ | 160,905 |  |  | $ | (106,269 | )
Adjustments to reconcile net income (loss) to cash used in operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Equity (income) loss of subsidiary |  |  | 454,034 |  |  |  | (160,905 | ) |  |  | 106,269 |
Amortization of stock compensation expenses for services |  |  | 488,334 |  |  |  | - |  |  |  | - |
Net cash used in operating activities |  |  | - |  |  |  | - |  |  |  | - |
CHANGES IN CASH |  |  | - |  |  |  | - |  |  |  | - |
CASH, beginning of year |  |  | - |  |  |  | - |  |  |  | - |
CASH, end of year |  | $ | - |  |  | $ | - |  |  | $ | - |
NON-CASH TRANSACTIONS OF FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Issuance of ordinary shares to service providers for IPO services |  | $ | 2,000,000 |  |  | $ | - |  |  | $ | - |
Issuance of ordinary shares to service providers for consulting services |  | $ | 2,030,000 |  |  | $ | - |  |  | $ | - |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=96868048&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration