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     $ -     $ -