0001214659-21-011824.txt : 20211115 0001214659-21-011824.hdr.sgml : 20211115 20211115165509 ACCESSION NUMBER: 0001214659-21-011824 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 38 CONFORMED PERIOD OF REPORT: 20210930 FILED AS OF DATE: 20211115 DATE AS OF CHANGE: 20211115 FILER: COMPANY DATA: COMPANY CONFORMED NAME: UONLIVE CORP CENTRAL INDEX KEY: 0001081834 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 870629754 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-26119 FILM NUMBER: 211411947 BUSINESS ADDRESS: STREET 1: 1113 LIPPO CENTRE TOWER 2 STREET 2: 89 QUEENSWAY CITY: ADMIRALTY STATE: K3 ZIP: 000-000 BUSINESS PHONE: 1 (852) 3703-6155 MAIL ADDRESS: STREET 1: 1113 LIPPO CENTRE TOWER 2 STREET 2: 89 QUEENSWAY CITY: ADMIRALTY STATE: K3 ZIP: 000-000 FORMER COMPANY: FORMER CONFORMED NAME: CHINA WORLD TRADE CORP DATE OF NAME CHANGE: 20001102 FORMER COMPANY: FORMER CONFORMED NAME: TXON INTERNATIONAL DEVELOPMENT CORP DATE OF NAME CHANGE: 19990329 10-Q 1 d111121310q.htm
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UNITED STATES

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

x    Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the quarterly period ended September 30, 2021

 

¨    Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

For the transition period from __________ to __________

 

Commission file number 000-26119

 

UONLIVE CORPORATION.
(Exact name of small business issuer as specified in its charter)

 

Nevada   4832   87-0629754

State or other jurisdiction

of incorporation or organization

 

Primary Standard Industrial

Classification Number

 

IRS Employer

Identification Number

 

1107, Lippo Centre Tower 1, 89 Queensway, Admiralty, Hong Kong 000-000

Tel: +1 (852) 3703-6155

(Address and telephone number of principal executive offices)

 

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x    No ¨

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x    No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer ¨ Non-accelerated filer x
Large accelerated filer ¨ Smaller reporting company x
    Emerging growth company x

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨    No x

 

Securities registered pursuant to Section 12(b) of the Act: None

 

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 32,606,582 common shares issued and outstanding as of November 11, 2021.

 

 

 

   
 

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

Certain information included in this Quarterly Report on Form 10-Q and other filings of the Registrant under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as information communicated orally or in writing between the dates of such filings, contains or may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements in this Quarterly Report on Form 10-Q, including without limitation, statements related to our plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are the availability of working capital to fund our operations, the competitive market in which we operate, the efficient and uninterrupted operation of our computer and communications systems, our ability to generate a profit and execute our business plan, the retention of key personnel, our ability to protect and defend our intellectual property, the effects of governmental regulation, and other risks identified in the Registrant’s filings with the Securities and Exchange Commission from time to time.

 

In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms or other comparable terminology. Although the Registrant believes that the expectations reflected in the forward-looking statements contained herein are reasonable, the Registrant cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Registrant, nor any other person, assumes responsibility for the accuracy and completeness of such statements. The Registrant is under no duty to update any of the forward-looking statements contained herein after the date of this Quarterly Report on Form 10-Q. 

 

 2 
 

 

UONLIVE CORPORATION

 

QUARTERLY REPORT ON FORM 10-Q

 

TABLE OF CONTENTS

 

      Page  
PART I FINANCIAL INFORMATION:      
         
Item 1. Consolidated Financial Statements (Unaudited)   4  
  Consolidated Balance Sheets as of September 30, 2021 (Unaudited) and December 31, 2020   5  
  Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2021 (Unaudited) and September 30, 2020 (unaudited)   6  
  Consolidated Statements of Changes in Stockholders’ Deficit for the Nine Months Ended September 30, 2021 and September 30, 2020 (unaudited)   7  
  Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020 (unaudited)   9  
  Notes to the Unaudited Consolidated Financial Statements   10  
         
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations   15  
Item 3. Quantitative and Qualitative Disclosures About Market Risk   19  
Item 4. Controls and Procedures   19  
         
PART II OTHER INFORMATION:      
         
Item 1. Legal Proceedings   20  
Item 1A. Risk Factors   20  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   21  
Item 3. Defaults Upon Senior Securities   21  
Item 4. Submission of Matters to a Vote of Securities Holders   21  
Item 5. Other Information   21  
Item 6. Exhibits   21  
  Signatures   22  

 

 3 
 

 

1.PART 1 – FINANCIAL INFORMATION

 

 

2.Item 1. Financial Statements

 

The accompanying interim consolidated financial statements of UONLIVE CORPORATION. (“the Company”, “we”, “us” or “our”), have been prepared without audit pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with United States generally accepted principles have been condensed or omitted pursuant to such rules and regulations.

 

The interim consolidated financial statements should be read in conjunction with the company’s latest annual financial statements.

 

In the opinion of management, the consolidated financial statements contain all material adjustments, consisting only of normal adjustments considered necessary to present fairly the financial condition, results of operations, and cash flows of the Company for the interim periods presented.

 

 4 
 

 

UONLIVE CORPORATION.

 

CONSOLIDATED BALANCE SHEETS

 

(Unaudited)

 

  

September 30,


2021

  

December 31,

 
2020

 
ASSETS          
CURRENT ASSETS:          
Cash  $2,276   $2,758 
Prepaid expenses and other assets   2,806    2,306 
                      Total current assets   5,082    5,064 
           
      Fixed assets, net of accumulated depreciation   1,173      
TOTAL ASSETS  $6,255   $5,064 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
CURRENT LIABILITIES:          
Accounts payable and accrued expenses   9,408    1,907 
Loan payable – related party   165,145    99,316 
Notes payable – related party   167,554    167,554 
                      Total current liabilities   342,107    268,777 
           
           
Commitments and Contingencies          
           
STOCKHOLDERS’ DECIFIT          
Series A Convertible Preferred stock, par value $0.001 per share; 2,000,000 shares
authorized; 520,000 shares issued and outstanding at September 30, 2021 and
December 31, 2020
   520    520 
Series B Convertible Preferred stock, par value $0.001 per share; 1,000,000 shares
authorized; 150,000 shares issued and outstanding at September 30, 2021 and
December 31, 2020
   150    150 
Preferred stock, par value $0.001 per share; 10,000,0000 shares authorized; 500,000
shares issued and outstanding at September 30, 2021 and December 31, 2020
   500    500 
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized;
32,606,582 shares issued and outstanding at September 30, 2021 and December 31,
2020
   32,607    32,607 
Capital deficiency   3,664,665    3,664,665 
Accumulated Deficit   (4,034,294)   (3,962,155)
                     Total stockholder’s deficit   (335,852)   (263,713)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT  $6,255   $5,064 

  

The accompanying notes are an integral part of these consolidated financial statements.

 

 5 
 

 

UONLIVE CORPORATION.

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

(Unaudited)

 

                             
   For the three months ended   For the nine months ended 
   September 30,   September 30, 
   2021   2020   2021   2020 
                 
Operating expenses                    
  General and administrative expenses   2,526    642    14,153    693 
  Professional fees   11,186    3,380    57,986    

69,753

 
 Total operating expense   13,712    4,022    72,139    70,446 
                     
 Loss from operations   (13,712)   (4,022)   (72,139)   (70,446)
                     
 Other income (expense)   -    1    -    1 
                     
 Total other income   -    1    -    1 
                     
Net loss  $(13,712)  $(4,021)  $(72,139)  $(70,445)
Net loss per common share – basic and
diluted
  $(0.00)  $(0.00)  $(0.00)  $(0.00)
Weighted average common shares
outstanding – basic and diluted
   32,606,582    32,606,582    32,606,582    32,606,582 

 

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 6 
 

 

UONLIVE CORPORATION.

 

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIT

 

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2020

 

(Unaudited)

 

                                     
                                  Total 
  Series A and B Preferred
Stock
   Preferred Stock   *Common Stock   Capital   Accumulated   Stockholders' 
                         
  Number of
Shares
   Par
Value
   Number
of
Shares
   Par
Value
   Number
of Shares
   Par
Value
   Deficiency   Deficit   Deficit 
                                    
Balance - December 31, 2020   650,000    650    500,000    500    32,606,582    32,607    3,664,665    (3,962,155)   (263,713)
                                              
                                              
Net loss   -    -    -    -    -    -    -    (26,514)   (26,514)
Balance – March 31, 2021   650,000   $650    500,000   $500    32,606,582   $32,607   $3,664,665   $(3,988,669)  $(290,226)
                                              
                                              
Net loss   -    -    -    -    -    -    -    (31,914)   (31,914)
Balance – June 30, 2021   650,000   $650    500,000   $500    32,606,582   $32,607   $3,664,665   $(4,020,583)  $(322,140)
                                              
                                              
Net loss   -    -    -    -    -    -    -    (13,712)   (13,712)
Balance – September 30, 2021   650,000   $650    500,000   $500    32,606,582   $32,607   $3,664,665   $(4,034,294)  $(335,852)

 

·      Balances have been retroactively adjusted to reflect 1 for 20 reverse stock spilt

  

The accompanying notes are an integral part of these consolidated financial statements.

 

 7 
 

 

UONLIVE CORPORATION.

 

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIT

 

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND SEPTEMBER 30, 2020

 

(Unaudited)

 

                                     
                                  Total 
  Series B Preferred
Stock
   Preferred Stock   Common Stock   Capital   Accumulated   Stockholders' 
  Number
of
Shares
   Par
Value
   Number
of
Shares
   Par
Value
   Number of
Shares
   Par
Value
   Deficiency   Deficit   Deficit 
                                     
Balance - December 31, 2019   150,000    150    500,000    500    101,582    102    3,352,014    (3,520,320)   (167,554)
                                              
Effect of Share exchange and
reverse merger
        -         -    5,000    5    (5)   (68,992   (68,992)
Net loss   -    -    -    -    -    -    -    (2,500   (2,500)
Balance - March 31, 2020   150,000   $150    500,000   $500    106,582   $107   $3,352,009   $(3,591,812)  $(239,046)
                             -              - 
Shares issued for services -
Series B Preferred
   650,000    650    -         -         43,829    -    44,479 
Conversion of Series B
Preferred stock to Common
stock
   (650,000)   (650)   -         32,500,000    32,500    (31,850)   -    - 
Net loss   -    -    -    -    -    -    -    (63,923)   (63,923)
Balance - June 30, 2020   150,000   $150    500,000   $500    32,606,582   $32,607   $3,363,988   $(3,655,735)  $(258,490)
                                              
    -    -    -    -    -    -         -    - 
Net loss   -    -    -    -    -    -    -    (4,021)   (4,021)
Balance - September 30, 2020   150,000   $150    500,000   $500    32,606,582   $32,607   $3,363,988   $(3,659,756)  $(262,512)

 

The accompanying notes are an integral part of these consolidated financial statements.

 

 8 
 

 

UONLIVE CORPORATION.

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

FOR THE PERIOD

 

(Unaudited)

 

               
   For the Nine Months Ended September 30, 
   2021   2020 
 OPERATING ACTIVITIES:          
           
     Net Loss  $(72,139)  $(70,445)
  Adjustments to reconcile net loss to net cash (used in) operating
activities:
          
           
Shares issued to related party for services   -    44,479 
           
Depreciation expense   115    - 
           
Effect of reverse merger        (68,992)
Changes in assets and liabilities          
Prepaid expense   (499)   (2,500)
Interest receivable   -    (1)
Accounts payable and accrued expenses   7,500    1,532 
Loan payable – related party   65,829    150,305 
NET CASH PROVIDED BY OPERATING ACTIVITIES   806    54,378 
           
Cash paid for fixed assets   (1,288)   - 
NET CASH USED IN INVESTING ACTIVITIES   (1,288)   - 
           
NET CHANGE IN CASH   (482   54,378 
           
CASH – BEGINNING OF PERIOD   2,758    - 
CASH – END OF PERIOD  $2,276   $54,378 
           
SUPPLEMENTAL DISCLOSURE OF CASH
FLOWS INFORMATION:
          
           
Cash paid during the periods for:          
Interest   -    - 
Taxes   -    - 
           
Non-cash investing and financing activities:          
Common stock issued in reverse merger   -    - 

  

The accompanying notes are an integral part of these consolidated financial statements.

 

 9 
 

 

UONLIVE CORPORATION.

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND DECEMBER 31, 2020

 

(Unaudited)

 

 

 

Note 1 – Organization and basis of accounting

 

Principles of Consolidation

 

The Company prepares its consolidated financial statements on the accrual basis of accounting. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts, balances and transactions have been eliminated in the consolidation.

 

Basis of Presentation and Organization

 

This summary of significant accounting policies of UONLIVE CORPORATION. (a development stage company) (“the Company”) is presented to assist in understanding the Company's consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying consolidated financial statements. The Company has realized minimal revenues from its planned principal business purpose and, accordingly, is considered to be in its development stage in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 915 (SFAS No. 7).  The Company has elected a fiscal year end of December 31.

 

Business Description

 

Uonlive Corporation (“UOLI” or the “Company”) was incorporated under the laws of the State of Nevada on January 29, 1998 as Weston International Development Corporation. On July 28, 1998, its name was changed to Txon International Development Corporation. On September 15, 2000, the Company changed its name to China World Trade Corporation. On July 2, 2008, the Company further changed its name to Uonlive Corporation.

 

The Company ceased operations in early 2015. The Company has fully impaired all assets since the shutdown of its operations in 2015 and has recorded the effects of this impairment as part of its discontinued operations.

 

On June 15, 2018, the eight judicial District Court of Nevada appointed Small Cap Compliance, LLC as custodian for Uonlive Corporations., proper notice having been given to the officers and directors of Uonlive Corporation. There was no opposition.

 

On September 10, 2019, the Company filed a certificate of revival with the state of Nevada, appointing Raymond Fu as, President, Secretary, Treasurer and Director.

 

On May 14th, 2021, the Company approved a 1 for 20 reverse stock split.

 

Reorganization and Share Exchange

 

On March 02, 2020, the Company entered into a Definitive Share Agreement whereby Raymond Fu, the sole shareholder of Asia Image Investment Limited (“Asia Image”), relinquished all his shares in Asia Image and acquired 100,000 shares of the Company. Consequently, Asia Image became a wholly-owned subsidiary of the Company.

 

Since the major shareholder of Uonlive retained control of both the Company and Asia Image, the share exchange was accounted for as a reverse merger. As such, the Company recognized the assets and liabilities of Asia Image, acquired in the Reorganization, at their historical carrying amounts.

 

 10 
 

 

The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.

 

The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. Currently, the Company has a cash balance of $2,276 as of September 30, 2021 and net loss from operation of $72,139 for the nine months ended September 30, 20. The Company also has an accumulated deficit $4,034,294 and negative working capital of $337,025. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital, or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

 

Note 2 – Summary of significant accounting policies

 

Cash and Cash Equivalents

 

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

 

Fixed Assets

 

Fixed assets are stated at historical cost less accumulated depreciation. The historical cost of acquiring an item of fixed assets includes the costs necessarily incurred to bring it to the condition and location necessary for its intended use. Costs associated with repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. 

 

Use of estimates

 

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates.

 

Employee Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.

 

Subsequent Event

 

The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.

 

 

 

Recent Accounting Pronouncements

 

 

 

In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB's new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard.

 

 

 Note 3- Going Concern

 

In early January 2020, an outbreak of a respiratory illness caused by the coronavirus was identified in Wuhan, China. As part of its effort to combat the virus, the government of China has placed travel restrictions throughout parts of China. This has resulted in some of the Company’s customers and suppliers being closed for an extended period or operating at significantly below their normal capacity and will also affect our suppliers that source some of their materials from China. The duration and intensity of this global health emergency and related disruptions is uncertain. The duration of this crisis and its impact on both the Company’s customers and supply chain is expected to have a material impact on the consolidated results of operations, cash flows and financial condition, but cannot be reasonably estimated at this time.

 

 11 
 

 

The accompanying consolidated financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

 

 

 

Note 4 - Fair value of the Assets Acquired and the Liabilities Assumed

 

The following is the final estimate of the fair value of the assets acquired and the liabilities assumed by Uonlive Corporation in the Share Exchange:

 

 

 

   USD 
  Cash and cash equivalents  $162,068 
  Other payables and accrued expenses   (1,532)
  Loan payable – related party   (229,528)
  Net liabilities acquired  $(68,992)

 

 

 

Note 5 – Related party transactions

 

On June 15, 2018, the eight judicial District Court of Nevada appointed Small Cap Compliance, LLC as custodian for Uonlive Corporation., proper notice having been given to the officers and directors of Uonlive Corporation. There was no opposition.

 

On June 16, 2018, the Company filed a certificate of revival with the state of Nevada, appointing Small Cap Compliance as, President, Secretary, Treasurer and Director.

 

On March 02, 2020, the Company entered into a Definitive Share Agreement whereby Raymond Fu, the sole shareholder of Asia Image Investment Limited (“Asia Image”), relinquished all his shares in Asia Image and acquired 100,000 shares of the Company. Consequently, Asia Image became a wholly-owned subsidiary of the Company.

 

On May 26, 2020, the Company issued 650,000 shares of Series B Convertible Preferred Stock and 520,000(series A convertible preferred stock to Uonlive (Hong Kong) Limited for the provision of management services valued at $54,586. Mr. Raymond Fu, President, and Chief Executive Officer of the Company is also the indirect beneficial owner of Uonlive (Hong Kong) Limited.

 

Loan Payable-Related Party

 

As of September 30, 2021 and December 31, 2020 the Company has a loan payable of $165,145 and $99,316 to Mr. Raymond Fu, President and Chief Executive Officer of the Company, respectively. This loan is unsecured, non-interest bearing and it is repayable on demand.

 

Note Payable-Related Party

 

As of September 30, 2021 and December 31, 2020 the Company has a note payable of $167,554 to Mr. Raymond Fu, President and Chief Executive Officer of the Company. This note is unsecured, non-interest bearing and it is repayable on demand.

 

 12 
 

 

Note 7 – Common stock

 

On March 04, 2020, the Company issued 100,000 shares of common stock to a shareholder for a total price of $100 as part of the share exchange and reverse merger.

 

On June 08, 2020, the Company converted 650,000 Series B convertible Preferred Stock into 650,000,000 common stock.

 

On May 14th, 2021, the Company approved a 1 for 20 reverse stock split.

 

As of September 30, 2021 and December 31, 2020, a total of 32,606,582 shares of common stock with par value $0.001 remain outstanding.

 

 

 

Note 8 – Preferred stock

 

Preferred Stock

 

On January 01, 2018 the Company created 1,000,000 shares of Series B Convertible Preferred Stock, out of the 1,000,000 shares that were already authorized. On September 07, 2018, the Company issued 150,000 shares of the Series B convertible preferred stock to Chuang Fu Qu Kuai Lian Technology (Shenzhen) Limited for services valued at $30,000.

 

On May 26, 2020, the Company issued 650,000 shares of Series B Convertible Preferred Stock to Uonlive (Hong Kong) Limited for the provision of management services valued at $54,586.

 

The following is a description of the material rights of our Series B Convertible Preferred Stock:

 

Each share of Series B convertible Preferred Stock shall have a par value of $0.001 per share. The Series B Preferred Stock shall vote on any matter that may from time to time be submitted to the Company’s shareholders for a vote, on a 1,000 for one basis. If the Company effects a stock split which either increases or decreases the number of shares of Common Stock outstanding and entitled to vote, the voting rights of the Series A shall not be subject to adjustment unless specifically authorized.

 

Each share of Series B Convertible Preferred Stock shall be convertible into 1,000 shares of Common Stock (“Conversion Ratio”), at the option of a Holder, at any time and from time to time, from and after the issuance of the Series C Preferred Stock.

 

In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the holders of the Series B Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Corporation to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the price per share actually paid to the Corporation upon the initial issuance of the Series B Preferred Stock (each, the “the Original Issue Price”) for each share of Series B Preferred Stock then held by them, plus declared but unpaid dividends. Unless the Corporation can establish a different Original Issue Price in connection with a particular sale of Series B Preferred Stock, the Original issue price shall be $0.001 per share for the Series B Preferred Stock. If, upon the occurrence of any liquidation, dissolution or winding up of the Corporation, the assets and funds thus distributed among the holders of the Series B Preferred Stock shall be insufficient to permit the payment to such holders of the full aforesaid preferential amounts, then, subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the entire assets and funds of the corporation legally available for distribution shall be distributed ratably among the holders of the each series of Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive.

 

The Series B Preferred Stock shares are nonredeemable other than upon the mutual agreement of the Company and the holder of shares to be redeemed, and even in such case only to the extent permitted by this Certificate of Designation, the Corporation’s Articles of Incorporation and applicable law.

 

Series B Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for such stock, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Original Issue Price of the Series B Preferred Stock by the Series B Conversion Price applicable to such share, determined as hereafter provided, in effect on the date the certificate is surrendered for conversion.

 

 13 
 

 

On October 07, 2020, the Company’s board of directors approved the creation of 2,000,000 shares of a Series A Preferred stock. On that same dated the Company issued 520,000 shares of its newly created Series A Preferred Stock to Uonlive (Hong Kong) Limtied as payment for management services provided valued at $290,990.

 

As of September 30, 2021 and December 31, 2020, the Company has 150,000 shares of Series B Convertible preferred shares and 1,020,000 Series A Convertible preferred shares outstanding

 

 

 

Note 9 – Subsequent Event

 

In accordance with ASC 855 the Company’s management reviewed all material events through the date these financial statements were available to be issued, there were no material subsequent events.

 

 14 
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Forward looking statement notice

 

Statements made in this Form 10-Q that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

 

Financial information contained in this quarterly report and in our unaudited interim financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.

 

In March 2020, the World Health Organization categorized Coronavirus Disease 2019 (“COVID-19”) as a pandemic, and the President of the United States declared the COVID-19 outbreak a national emergency. The services we provide are currently designated an essential critical infrastructure business under the President’s COVID-19 guidance, the continued operation of which is vital for national public health, safety and national economic security. The extent of the impact of the COVID-19 outbreak on our operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, its impact on our customers and vendors, and the range of governmental and community reactions to the pandemic, which are uncertain and cannot be fully predicted at this time.

 

Management’s Plan of Operation

 

The following discussion contains forward-looking statements. Forward-looking statements give our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use of words such as “anticipate”, “estimate”, “expect”, “project”, “intend”, “plan”, “believe”, and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. From time to time, we also may provide forward-looking statements in other materials we release to the public.

 

Overview

 

The Company’s current business objective is to seek a business combination with an operating company. We intend to use the Company’s limited personnel and financial resources in connection with such activities. The Company will utilize its capital stock, debt or a combination of capital stock and debt, in effecting a business combination. It may be expected that entering into a business combination will involve the issuance of restricted shares of capital stock. The issuance of additional shares of our capital stock:

 

may significantly reduce the equity interest of our stockholders;

 

will likely cause a change in control if a substantial number of our shares of capital stock are issued, and most likely will also result in the resignation or removal of our present officer and director; and

 

may adversely affect the prevailing market price for our common stock.

 

 15 
 

 

Similarly, if we issued debt securities, it could result in:

 

default and foreclosure on our assets if our operating revenues after a business combination were insufficient to pay our debt obligations;

 

acceleration of our obligations to repay the indebtedness even if we have made all principal and interest payments when due if the debt security contained covenants that required the maintenance of certain financial ratios or reserves and any such covenants were breached without a waiver or renegotiations of such covenants;

 

our immediate payment of all principal and accrued interest, if any, if the debt security was payable on demand; and

 

our inability to obtain additional financing, if necessary, if the debt security contained covenants restricting our ability to obtain additional financing while such security was outstanding.

 

 

Recent developments

 

In early 2020, the World Health Organization declared the rapidly spreading coronavirus disease (COVID-19) outbreak a pandemic. This pandemic has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. Due to the outbreak and spread of COVID-19, the Company’s management and advisors responsible for financial reporting have experienced administrative delays, include travel restrictions and reduced work hours. The Company considered the impact of COVID-19 on the assumptions and estimates used and determined that there were no material adverse impacts on the Company’s results of operations and financial position at September 30, 2021. The Company is not aware of any specific event or circumstance that would require an update to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Quarter Report on Form 10-Q. These estimates may change, as new events occur, and additional information is obtained.

 

Results of operations 

 

The following comparative analysis on results of operations was based primarily on the comparative financial statements, footnotes and related information for the periods identified below and should be read in conjunction with the financial statements and the notes to those statements that are included elsewhere in this report.

 

Results Of Operations During The Three Months Ended September 30, 2021 As Compared To The Three Months Ended September 30, 2020

 

 

Revenue

 

For the three months ended September 30, 2021 and three months ended September 30, 2020, the Company generated no revenue.

 

 16 
 

 

Expenses

 

For the three months ended September 30, 2021 and September 30, 2020, we incurred operating expenses of $13,712 and $4,022, respectively. The increase in operating expenses is mainly due to the absence of audit fees for services which occurred during the three months ended September 30, 2020 but there was no such payment occurring during the three months ended September 30, 2020.

 

Net Loss

 

For the three months ended September 30, 2021 we incurred a net loss of $13,712 and $4,022, respectively. The decrease in net loss is mainly due to the absence of preferred stock issuance of $44,479 for services which occurred during the three months ended September 30, 2020 but there was no such payment occurring during the three months ended September 30, 2020.

 

 

 Results Of Operations During The Nine Months Ended September 30, 2021 As Compared To The Nine Months Ended September 30, 2020

 

 

Revenue

 

For the nine months ended September 30, 2021 and nine months ended September 30, 2020, the Company generated no revenue.

 

Expenses

 

For the nine months ended September 30, 2021 and September 30, 2020, we incurred operating expenses of $72,139 and $70,446, respectively. The slight increase in operating expenses is mainly due to the increase in audit and accounting fees as a result of the having full nine months of accounting an audit which occurred during the nine months ended September 30, 2021 but there was not as much activity occurring during the nine months ended September 30, 2020.

 

Net Loss

 

For the nine months ended September 30, 2021 we incurred a net loss of $72,139 and $70,446, respectively. The slight increase in operating expenses is mainly due to the increase in audit and .accounting fees as a result of the having full nine months of accounting an audit which occurred during the nine months ended September 30, 2021 but there was not as much activity occurring during the nine months ended September 30, 2020.

 

Liquidity and capital resources

 

Currently, we are relying on sales of our products. Currently, we pay costs associated with running a business on a day to day basis.

 

As of September 30, 2021, we had cash on hand of $2,276 and current liabilities of $342,207. As of December 31, 2020, we had cash on hand of $2,758 and current liabilities of $268,777.

 

To the extent that our capital resources are insufficient to meet current or planned operating requirements, we will seek additional funds through equity or debt financing, collaborative or other arrangements with corporate partners, licensees or others, and from other sources, which may have the effect of diluting the holdings of existing shareholders. The Company has no current arrangements with respect to, or sources of, such additional financing and we do not anticipate that existing shareholders will provide any portion of our future financing requirements. 

 

 17 
 

 

No assurance can be given that additional financing will be available when needed or that such financing will be available on terms acceptable to the Company. If adequate funds are not available, we may be required to delay or terminate expenditures for certain of its programs that it would otherwise seek to develop and commercialize. This would have a material adverse effect on the Company.

 

Off-balance sheet arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

 18 
 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 

 

This item is not applicable as we are currently considered a smaller reporting company.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Our CEO and CFO have evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this document. Based on the evaluation, they have concluded that our disclosure controls and procedures are not effective in timely alerting them to material information relating to us that is required to be included in our periodic SEC filings and ensuring that information required to be disclosed by us in the reports we file or submit under the Act is accumulated and communicated to our management, including our chief financial officer, or person performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our disclosure controls and procedures were not effective as of September 30, 2021 due to the material weaknesses as disclosed in the Company’s Annual Report on Form 10-12G filed with the SEC.

 

Limitations of the Effectiveness of Disclosure Controls and Internal Controls

 

Our management, including our Principal Executive Officer and Principal Financial Officer, does not expect that our disclosure controls and internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.

 

The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving our stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting subsequent to September 30, 2021, which were identified in connection with our management’s evaluation required by paragraph (d) of rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

   

 19 
 

   

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

 

ITEM 1A. RISK FACTORS

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

 

THE EFFECTS OF THE RECENT COVID-19 CORONAVIRUS PANDEMIC ARE NOT IMMEDIATELY KNOWN, BUT MAY ADVERSELY AFFECT OUR BUSINESS, RESULTS OF OPERATIONS, FINANCIAL CONDITION, LIQUIDITY, AND CASH FLOW.

 

Presently, the impact of COVID-19 has not shown any imminent adverse effects on our business. This notwithstanding, it is still unknown and difficult to predict what adverse effects, if any, COVID-19 can have on our business, or against the various aspects of same, or how COVID-19 will continue to effect the world as the virus case numbers rise and fall.

 

As of the date of this Annual Report, COVID-19 coronavirus has been declared a pandemic by the World Health Organization, has been declared a National Emergency by the United States Government. COVID-19 coronavirus caused significant volatility in global markets. The spread of COVID-19 coronavirus has caused public health officials to recommend precautions to mitigate the spread of the virus, especially as to travel and congregating in large numbers. In addition, certain countries, states and municipalities have enacted, quarantining and “shelter-in-place” regulations which severely limit the ability of people to move and travel and require non-essential businesses and organizations to close. While some places have lessened their “shelter-in-place” restrictions and travel bans, as they are removed there is no certainty that an outbreak will not occur, and additional restrictions imposed again in response.

 

It is unclear how such restrictions, which will contribute to a general slowdown in the global economy, will affect our business, results of operations, financial condition and our future strategic plans. Shelter-in-place and essential-only travel regulations could negatively impact us. The current status of COVID-19 coronavirus closures and restrictions could negatively impact our ability to receive funding from our existing capital sources as each business is and has been affected uniquely.

 

If any of our employees, consultant, customers, or visitors were to become infected we could be forced to close our operations temporarily as a preventative measure to prevent the risk of spread which could also negatively impact our ability to receive funding from our existing capital sources as each business is and has been affected uniquely

 

In addition, our headquarters are located in Hong Kong, China which experienced restrictions on individuals and business shutdowns as the result of COVID-19. It is unclear at this time how these restrictions will be continued and/or amended as the pandemic evolves. We are hopeful that COVID-19 closures will have only a limited effect on our operations.

 

GENERAL SECURITIES MARKET UNCERTAINTIES RESULTING FROM THE COVID-19 PANDEMIC.

 

Since the outset of the pandemic the United States and worldwide national securities markets have undergone unprecedented stress due to the uncertainties of the pandemic and the resulting reactions and outcomes of government, business and the general population. These uncertainties have resulted in declines in all market sectors, increases in volumes due to flight to safety and governmental actions to support the markets. As a result, until the pandemic has stabilized, the markets may not be available to the Company for purposes of raising required capital. Should we not be able to obtain financing when required, in the amounts necessary to execute on our plans in full, or on terms which are economically feasible we may be unable to sustain the necessary capital to pursue our strategic plan and may have to reduce the planned future growth and/or scope of our operations.

 

 20 
 

  

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3. DEFAULTS UPON SENIOR SECURITES

 

None

 

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITIES HOLDERS

 

None

 

ITEM 5. OTHER INFORMATION

 

None

   

  

ITEM 6. EXHIBITS

 

The following exhibits are included as part of this report by reference:

 

Exhibit
Number
  Exhibit Description
31.1   Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2   Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1   Certification of the Chief Executive Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2   Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

01.INS*   XBRL Instance Document   Filed herewith.
101.SCH*   XBRL Taxonomy Extension Schema Document   Filed herewith.
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document   Filed herewith.
101.LAB*   XBRL Taxonomy Extension Labels Linkbase Document   Filed herewith.
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document   Filed herewith.
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document   Filed herewith.

 

*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

   

 21 
 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

  Uonlive Corporation.  
       
Date: November __, 2021 By: /s/ Raymond Fu  
    Raymond Fu  
    Chief Executive Officer (Principal Executive Officer)  

 

Date: November __, 2021 By: /s/ Raymond Fu  
    Raymond Fu  
    Chief Financial Officer (Principal Financial and Principal Accounting Officer)  

 

 

22

 

 

 

 

EX-31.1 2 ex31_1.htm EXHIBIT 31.1

 

EXHIBIT 31.1

 

CERTIFICATION

 

I, Raymond Fu, certify that:

 

1. I have reviewed this report on Form 10-Q.
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 15, 2021 By: /s/ Raymond Fu  
    Raymond Fu  
    Chief Executive Officer  

 

 

 

 

 

 

 

EX-31.2 3 ex31_2.htm EXHIBIT 31.2

 

EXHIBIT 31.2

 

CERTIFICATION

 

I, Raymond Fu, certify that:

 

1. I have reviewed this report on Form 10-Q.
   
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
   
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
   
4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
     
  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
     
  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: November 15, 2021 By: /s/ Raymond Fu  
    Raymond Fu  
    Chief Financial Officer  

 

 

 

 

 

 

 

EX-32.1 4 ex32_1.htm EXHIBIT 32.1

 

EXHIBIT 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Uonlive Corporation. (the “Company”) on Form 10-Q for the period ending September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Raymond Fu, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

  (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

IN WITNESS WHEREOF, the undersigned has executed this certification.

 

Date. November 15, 2021 By: /s/ Raymond Fu  
    Raymond Fu  
    Chief Executive Officer  

 

 

 

 

 

 

 

EX-32.2 5 ex32_2.htm EXHIBIT 32.2

 

EXHIBIT 32.2

 

CERTIFICATION OF CHIEF FINANCIAL OFFICER

PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Uonlive Corporation. (the “Company”) on Form 10-Q for the period ending September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Raymond Fu, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

 

  (3) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (4) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

IN WITNESS WHEREOF, the undersigned has executed this certification.

 

Date: November 15, 2021 By: /s/ Raymond Fu  
    Raymond Fu  
    Chief Financial Officer  

 

 

 

 

 

 

 

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The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts, balances and transactions have been eliminated in the consolidation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Basis of Presentation and Organization</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This summary of significant accounting policies of UONLIVE CORPORATION. (a development stage company) (“the Company”) is presented to assist in understanding the Company's consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying consolidated financial statements. The Company has realized minimal revenues from its planned principal business purpose and, accordingly, is considered to be in its development stage in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 915 (SFAS No. 7).  The Company has elected a fiscal year end of December 31.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Business Description </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Uonlive Corporation (“UOLI” or the “Company”) was incorporated under the laws of the State of Nevada on January 29, 1998 as Weston International Development Corporation. On July 28, 1998, its name was changed to Txon International Development Corporation. On September 15, 2000, the Company changed its name to China World Trade Corporation. On July 2, 2008, the Company further changed its name to Uonlive Corporation.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The Company ceased operations in early 2015. The Company has fully impaired all assets since the shutdown of its operations in 2015 and has recorded the effects of this impairment as part of its discontinued operations.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On June 15, 2018, the eight judicial District Court of Nevada appointed Small Cap Compliance, LLC as custodian for Uonlive Corporations., proper notice having been given to the officers and directors of Uonlive Corporation. There was no opposition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On September 10, 2019, the Company filed a certificate of revival with the state of Nevada, appointing Raymond Fu as, President, Secretary, Treasurer and Director.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 14<sup>th</sup>, 2021, the Company approved a 1 for 20 reverse stock split.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Reorganization and Share Exchange</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 02, 2020, the Company entered into a Definitive Share Agreement whereby Raymond Fu, the sole shareholder of Asia Image Investment Limited (“Asia Image”), relinquished all his shares in Asia Image and acquired <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20210301__20210304__us-gaap--TypeOfArrangementAxis__custom--DefinitiveShareAgreementMember__dei--LegalEntityAxis__custom--AsiaImageInvestmentLimitedMember__srt--TitleOfIndividualAxis__srt--PresidentMember_zunWv2aE0sy8" title="Number of shares for acquired"><span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20200301__20200302_zmbF8QArLl54" title="Number of shares for acquired">100,000</span></span> shares of the Company. Consequently, Asia Image became a wholly-owned subsidiary of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the major shareholder of Uonlive retained control of both the Company and Asia Image, the share exchange was accounted for as a reverse merger. As such, the Company recognized the assets and liabilities of Asia Image, acquired in the Reorganization, at their historical carrying amounts.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. Currently, the Company has a cash balance of $<span id="xdx_906_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_c20210930_zq6qA4XYLLee" title="Cash">2,276</span> as of September 30, 2021 and net loss from operation of $<span id="xdx_903_eus-gaap--NetIncomeLoss_iN_di_c20210101__20210930_zkRc0uavy0Qd" title="Net loss">72,139</span> for the nine months ended September 30, 20. The Company also has an accumulated deficit $<span id="xdx_902_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20210930_zFjD1e4kwYOb" title="Accumulated Deficit">4,034,294</span> and negative working capital of $<span id="xdx_90F_ecustom--WorkingCapital_iNI_di_c20210930_zXVD2lMPenue" title="Working capital">337,025</span>. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital, or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/> 100000 100000 2276 -72139 -4034294 -337025 <p id="xdx_806_eus-gaap--SignificantAccountingPoliciesTextBlock_zRopb0s65Eo8" style="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Note 2 – <span id="xdx_82B_zwlhNkYJr9zf">Summary of significant accounting policies</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zm5Zs9RVE0Y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span id="xdx_862_zuGTdW4pmOej">Cash and Cash Equivalents</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.</p> <p id="xdx_854_zePg1Led4Ddl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i>Fixed Assets</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Fixed assets are stated at historical cost less accumulated depreciation. The historical cost of acquiring an item of fixed assets includes the costs necessarily incurred to bring it to the condition and location necessary for its intended use. Costs associated with repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>Use of estimates</i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_842_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zOzL3xkXHeLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span id="xdx_865_zpxn21SPjIFd">Employee Stock-Based Compensation</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.</p> <p id="xdx_857_zIyCYeGTddc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_847_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zYfm7MthHRYj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span id="xdx_861_zAiQQfAm14Ri">Subsequent Event</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.</p> <p id="xdx_85D_zaCvTcu3Tkma" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i> </i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zbUYcfmiLoOk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span id="xdx_868_zcdM3VTItH32">Recent Accounting Pronouncements</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB's new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard.</p> <p id="xdx_85A_z1L5vzRZ9KCg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_84C_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zm5Zs9RVE0Y5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span id="xdx_862_zuGTdW4pmOej">Cash and Cash Equivalents</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.</p> <p id="xdx_842_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zOzL3xkXHeLe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><i><span id="xdx_865_zpxn21SPjIFd">Employee Stock-Based Compensation</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.</p> <p id="xdx_847_eus-gaap--SubsequentEventsPolicyPolicyTextBlock_zYfm7MthHRYj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span id="xdx_861_zAiQQfAm14Ri">Subsequent Event</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.</p> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zbUYcfmiLoOk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i><span id="xdx_868_zcdM3VTItH32">Recent Accounting Pronouncements</span></i></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB's new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard.</p> <p id="xdx_805_eus-gaap--SubstantialDoubtAboutGoingConcernTextBlock_zGIYLAM6cHd6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> <b>Note 3- <span id="xdx_825_z5zkzOo4mic1">Going Concern</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In early January 2020, an outbreak of a respiratory illness caused by the coronavirus was identified in Wuhan, China. As part of its effort to combat the virus, the government of China has placed travel restrictions throughout parts of China. This has resulted in some of the Company’s customers and suppliers being closed for an extended period or operating at significantly below their normal capacity and will also affect our suppliers that source some of their materials from China. The duration and intensity of this global health emergency and related disruptions is uncertain. The duration of this crisis and its impact on both the Company’s customers and supply chain is expected to have a material impact on the consolidated results of operations, cash flows and financial condition, but cannot be reasonably estimated at this time.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The accompanying consolidated financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.</p> <p id="xdx_80A_eus-gaap--MergersAcquisitionsAndDispositionsDisclosuresTextBlock_zseR5zCC0re6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Note 4 - <span id="xdx_821_zNIuVHDfqZ41">Fair value of the Assets Acquired and the Liabilities Assumed</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p id="xdx_89C_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_z8qddTRQJBN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white">The following is the final estimate of the fair value of the assets acquired and the liabilities assumed by Uonlive Corporation in the Share Exchange:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20210930__dei--LegalEntityAxis__custom--UonliveHongKongLimitedMember_zHBMGjUxaI6k" style="white-space: nowrap; font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_zEcjXHyREj72" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">  Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">162,068</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherPayablesAndAccruedExpenses_iI_zObJsI77Sfeh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">  Other payables and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,532</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoanPayableRelatedParty_iI_zhPsf5BU9jCd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">  Loan payable – related party</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(229,528</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_zwXlBLaew0w9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">  Net liabilities acquired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(68,992</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> </table> <p id="xdx_8A6_zxrKqs3Bikjk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p id="xdx_89C_eus-gaap--ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock_z8qddTRQJBN1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 20pt; background-color: white">The following is the final estimate of the fair value of the assets acquired and the liabilities assumed by Uonlive Corporation in the Share Exchange:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 80%; margin-left: 0.5in"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap"> </td><td style="font-weight: bold"> </td> <td colspan="2" id="xdx_49B_20210930__dei--LegalEntityAxis__custom--UonliveHongKongLimitedMember_zHBMGjUxaI6k" style="white-space: nowrap; font-weight: bold; text-align: center">USD</td><td style="font-weight: bold"> </td></tr> <tr id="xdx_400_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_zEcjXHyREj72" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 85%; text-align: left">  Cash and cash equivalents</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">162,068</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOtherPayablesAndAccruedExpenses_iI_zObJsI77Sfeh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">  Other payables and accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,532</td><td style="text-align: left">)</td></tr> <tr id="xdx_407_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLoanPayableRelatedParty_iI_zhPsf5BU9jCd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">  Loan payable – related party</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(229,528</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_404_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_zwXlBLaew0w9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">  Net liabilities acquired</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left">$</td><td style="border-bottom: Black 1pt solid; text-align: right">(68,992</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> </table> 162068 -1532 -229528 -68992 <p id="xdx_804_eus-gaap--RelatedPartyTransactionsDisclosureTextBlock_zfx0LM5y3TSi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 5 – <span id="xdx_82A_zOv6w82VNUg2">Related party transactions</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 15, 2018, the eight judicial District Court of Nevada appointed Small Cap Compliance, LLC as custodian for Uonlive Corporation., proper notice having been given to the officers and directors of Uonlive Corporation. There was no opposition.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 16, 2018, the Company filed a certificate of revival with the state of Nevada, appointing Small Cap Compliance as, President, Secretary, Treasurer and Director.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 02, 2020, the Company entered into a Definitive Share Agreement whereby Raymond Fu, the sole shareholder of Asia Image Investment Limited (“Asia Image”), relinquished all his shares in Asia Image and acquired <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20200301__20200302__us-gaap--TypeOfArrangementAxis__custom--DefinitiveShareAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChiefExecutiveOfficerAndPresidentMember__dei--LegalEntityAxis__custom--AsiaImageInvestmentLimitedMember_zwDl9DEGnANe">100,000</span> shares of the Company. Consequently, Asia Image became a wholly-owned subsidiary of the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">On May 26, 2020, the Company issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200525__20200526__dei--LegalEntityAxis__custom--UonliveHongKongLimitedMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zfwX18N1sb95" title="Number of shares issued for services">650,000</span> shares of Series B Convertible Preferred Stock and 520,000(series A convertible preferred stock to Uonlive (Hong Kong) Limited for the provision of management services valued at $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20200525__20200526__dei--LegalEntityAxis__custom--UonliveHongKongLimitedMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_z4vIDpod0WAi" title="Number of shares issued for services, value">54,586</span>. Mr. Raymond Fu, President, and Chief Executive Officer of the Company is also the indirect beneficial owner of Uonlive (Hong Kong) Limited.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Loan Payable-Related Party</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of September 30, 2021 and December 31, 2020 the Company has a loan payable of $<span id="xdx_905_eus-gaap--LoansPayable_iI_c20210930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChiefExecutiveOfficerAndPresidentMember_zxeJ9uRUkNmc" title="Loans payable">165,145</span> and $<span id="xdx_906_eus-gaap--LoansPayable_iI_c20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChiefExecutiveOfficerAndPresidentMember_zvGrKLhdVzm9" title="Loans payable">99,316</span> to Mr. Raymond Fu, President and Chief Executive Officer of the Company, respectively. This loan is unsecured, non-interest bearing and it is repayable on demand.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Note Payable-Related Party</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As of September 30, 2021 and December 31, 2020 the Company has a note payable of $<span id="xdx_904_eus-gaap--NotesPayable_iI_c20210930__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChiefExecutiveOfficerAndPresidentMember_zqeBgCSmYZj7" title="Notes Payable"><span id="xdx_90C_eus-gaap--NotesPayable_iI_c20201231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChiefExecutiveOfficerAndPresidentMember_zDdD9tL9ZrN4" title="Notes Payable">167,554</span></span> to Mr. Raymond Fu, President and Chief Executive Officer of the Company. This note is unsecured, non-interest bearing and it is repayable on demand.</p> 100000 650000 54586 165145 99316 167554 167554 <p id="xdx_805_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zu1jTdPXWyf5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 7 –<span id="xdx_82B_z4xnMIHOkVyd"> Common stock</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 04, 2020, the Company issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20200303__20200304_zao5zMLct9d8" title="Number of shares issued for exchange and reverse merger"><span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesAcquisitions_c20210101__20210930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zokc7eqq3v64" title="Number of shares issued for exchange and reverse merger">100,000</span></span> shares of common stock to a shareholder for a total price of $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueAcquisitions_c20200303__20200304_zGJmBOlIX8Kk" title="Number of shares issued for exchange and reverse merger, value">100</span> as part of the share exchange and reverse merger.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 08, 2020, the Company converted <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_c20200607__20200608__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zh7BNA5Ucrb8" title="Number of shares for conversion">650,000</span> Series B convertible Preferred Stock into <span id="xdx_904_eus-gaap--ConvertiblePreferredStockSharesIssuedUponConversion_iI_c20200608__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zljqWUkjbZo4" title="Shares issued upon conversion">650,000,000</span> common stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 14<sup>th</sup>, 2021, the Company approved a 1 for 20 reverse stock split.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2021 and December 31, 2020, a total of <span id="xdx_904_eus-gaap--CommonStockSharesOutstanding_iI_c20210930_zu5zoFARQe3e" title="Common stock, shares outstanding"><span id="xdx_906_eus-gaap--CommonStockSharesOutstanding_iI_c20201231_zOSeBzVq8E2k" title="Common stock, shares outstanding">32,606,582</span></span> shares of common stock with par value $<span id="xdx_90C_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20210930_zvaVidsBijS" title="Common stock, par value (in dollars per share)"><span id="xdx_902_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20201231_z0RDDuaAoxx4" title="Common stock, par value (in dollars per share)">0.001</span></span> remain outstanding.</p> 100000 100000 100 650000 650000000 32606582 32606582 0.001 0.001 <p id="xdx_80B_eus-gaap--PreferredStockTextBlock_zorQtKXcxGpi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 8 – <span id="xdx_82E_zR4NemVLH068">Preferred stock</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Preferred Stock</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On January 01, 2018 the Company created <span id="xdx_900_ecustom--NumberOfSharesCreated_iI_c20180101__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zcPedVkYc5rk" title="Number of shares created">1,000,000</span> shares of Series B Convertible Preferred Stock, out of the <span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_c20180101__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zyKicgqPal75" title="Preferred stock, shares authorized">1,000,000</span> shares that were already authorized. On September 07, 2018, the Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20180906__20180907__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember__dei--LegalEntityAxis__custom--ChuangFuQuKuaiLianTechnologyShenzhenLimitedMember_zndhj6vKwn15" title="Number of shares issued for services">150,000</span> shares of the Series B convertible preferred stock to Chuang Fu Qu Kuai Lian Technology (Shenzhen) Limited for services valued at $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20180906__20180907__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember__dei--LegalEntityAxis__custom--ChuangFuQuKuaiLianTechnologyShenzhenLimitedMember_zq43JGQqtc2c" title="Number of shares issued for services, value">30,000</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On May 26, 2020, the Company issued <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200525__20200526__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember__dei--LegalEntityAxis__custom--UonliveHongKongLimitedMember_zALGkHbKeuVa" title="Number of shares issued for services"><span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200525__20200526__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember__dei--LegalEntityAxis__custom--UonliveHongKongLimitedMember_zhYb7arvJ6q9" title="Number of shares issued for services">650,000</span></span> shares of Series B Convertible Preferred Stock to Uonlive (Hong Kong) Limited for the provision of management services valued at $<span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20200525__20200526__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember__dei--LegalEntityAxis__custom--UonliveHongKongLimitedMember_zm3T3wVwpNqd" title="Number of shares issued for services, value">54,586</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a description of the material rights of our Series B Convertible Preferred Stock:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt">Each share of Series B convertible Preferred Stock shall have a par value of $<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_c20210930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zg2F5c52kYGd" title="Preferred stock, par value (in dollars per share)">0.001</span> per share. <span id="xdx_90F_eus-gaap--PreferredStockVotingRights_c20210101__20210930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zmxRWekmS57d" title="Preferred stock, voting rights">The Series B Preferred Stock shall vote on any matter that may from time to time be submitted to the Company’s shareholders for a vote, on a 1,000 for one basis</span>. If the Company effects a stock split which either increases or decreases the number of shares of Common Stock outstanding and entitled to vote, <span id="xdx_90D_eus-gaap--PreferredStockVotingRights_c20210101__20210930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zO57Ec8NWqTa" title="Preferred stock, voting rights">the voting rights of the Series A shall not be subject to adjustment unless specifically authorized</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt">Each share of Series B Convertible Preferred Stock shall be convertible into <span id="xdx_908_ecustom--PreferredStockConvertibleConversionRatio1_c20210101__20210930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zs3o0hgmoQ2i" title="Preferred stock, convertible, conversion ratio">1,000</span> shares of Common Stock (“Conversion Ratio”), at the option of a Holder, at any time and from time to time, from and after the issuance of the Series C Preferred Stock.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt">In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the holders of the Series B Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Corporation to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the price per share actually paid to the Corporation upon the initial issuance of the Series B Preferred Stock (each, the “the Original Issue Price”) for each share of Series B Preferred Stock then held by them, plus declared but unpaid dividends. Unless the Corporation can establish a different Original Issue Price in connection with a particular sale of Series B Preferred Stock, the Original issue price shall be $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_c20210930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zVBgSgqKTuQj" title="Original issue price | $/ shares">0.001</span> per share for the Series B Preferred Stock. If, upon the occurrence of any liquidation, dissolution or winding up of the Corporation, the assets and funds thus distributed among the holders of the Series B Preferred Stock shall be insufficient to permit the payment to such holders of the full aforesaid preferential amounts, then, subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the entire assets and funds of the corporation legally available for distribution shall be distributed ratably among the holders of the each series of Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt">The Series B Preferred Stock shares are nonredeemable other than upon the mutual agreement of the Company and the holder of shares to be redeemed, and even in such case only to the extent permitted by this Certificate of Designation, the Corporation’s Articles of Incorporation and applicable law.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 17pt">Series B Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for such stock, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Original Issue Price of the Series B Preferred Stock by the Series B Conversion Price applicable to such share, determined as hereafter provided, in effect on the date the certificate is surrendered for conversion.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On October 07, 2020, the Company’s board of directors approved the creation of <span id="xdx_903_ecustom--NumberOfSharesCreated_iI_c20201007__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zY6PCAfq7Z1" title="Number of shares created">2,000,000</span> shares of a Series A Preferred stock. On that same dated the Company issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20201006__20201007__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__dei--LegalEntityAxis__custom--UonliveHongKongLimitedMember_zImiCQ26V8Xd" title="Number of shares issued for services">520,000</span> shares of its newly created Series A Preferred Stock to Uonlive (Hong Kong) Limtied as payment for management services provided valued at $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20201006__20201007__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__dei--LegalEntityAxis__custom--UonliveHongKongLimitedMember_zUGqj8WKJx2g" title="Number of shares issued for services, value">290,990</span>.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of September 30, 2021 and December 31, 2020, the Company has <span id="xdx_90B_eus-gaap--PreferredStockSharesOutstanding_iI_c20210930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zOLjldxIhzDb" title="Preferred stock, shares outstanding"><span id="xdx_90F_eus-gaap--PreferredStockSharesOutstanding_iI_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zWMspWqS1g1j" title="Preferred stock, shares outstanding">150,000</span></span> shares of Series B Convertible preferred shares and <span id="xdx_905_eus-gaap--PreferredStockSharesOutstanding_iI_dxL_c20210930__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zmLkEcdrqEB9" title="Preferred stock, shares outstanding::XDX::520%2C000"><span id="xdx_90E_eus-gaap--PreferredStockSharesOutstanding_iI_dxL_c20201231__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zTXncJW1udX3" title="Preferred stock, shares outstanding::XDX::520%2C000"><span style="-sec-ix-hidden: xdx2ixbrl0569"><span style="-sec-ix-hidden: xdx2ixbrl0571">1,020,000</span></span></span></span> Series A Convertible preferred shares outstanding</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> 1000000 1000000 150000 30000 650000 650000 54586 0.001 The Series B Preferred Stock shall vote on any matter that may from time to time be submitted to the Company’s shareholders for a vote, on a 1,000 for one basis the voting rights of the Series A shall not be subject to adjustment unless specifically authorized 1000 0.001 2000000 520000 290990 150000 150000 <p id="xdx_806_eus-gaap--SubsequentEventsTextBlock_zxJrvBGyVIWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Note 9 – <span id="xdx_82F_zt7pK97XO6lc">Subsequent Event</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In accordance with ASC 855 the Company’s management reviewed all material events through the date these financial statements were available to be issued, there were no material subsequent events.</p> XML 12 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Cover - shares
9 Months Ended
Sep. 30, 2021
Nov. 11, 2021
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Quarterly Report true  
Document Transition Report false  
Document Period End Date Sep. 30, 2021  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2021  
Current Fiscal Year End Date --12-31  
Entity File Number 000-26119  
Entity Registrant Name UONLIVE CORP  
Entity Central Index Key 0001081834  
Entity Tax Identification Number 87-0629754  
Entity Incorporation, State or Country Code NV  
Entity Address, Address Line One 1107, Lippo Centre Tower 1  
Entity Address, Address Line Two 89 Queensway  
Entity Address, City or Town Admiralty  
Entity Address, Country HK  
Entity Address, Postal Zip Code 000-000  
City Area Code 852  
Local Phone Number 3703-6155  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company true  
Elected Not To Use the Extended Transition Period false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   32,606,582
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
Sep. 30, 2021
Dec. 31, 2020
CURRENT ASSETS:    
Cash $ 2,276 $ 2,758
Prepaid expenses and other assets 2,806 2,306
                      Total current assets 5,082 5,064
      Fixed assets, net of accumulated depreciation 1,173  
TOTAL ASSETS 6,255 5,064
CURRENT LIABILITIES:    
Accounts payable and accrued expenses 9,408 1,907
Loan payable – related party 165,145 99,316
Notes payable – related party 167,554 167,554
                      Total current liabilities 342,107 268,777
STOCKHOLDERS’ DECIFIT    
Preferred stock, par value $0.001 per share; 10,000,0000 shares authorized; 500,000 shares issued and outstanding at September 30, 2021 and December 31, 2020 500 500
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 32,606,582 shares issued and outstanding at September 30, 2021 and December 31, 2020 32,607 32,607
Capital deficiency 3,664,665 3,664,665
Accumulated Deficit (4,034,294) (3,962,155)
                     Total stockholder’s deficit (335,852) (263,713)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 6,255 5,064
Series A Preferred Stock [Member]    
STOCKHOLDERS’ DECIFIT    
Preferred stock, par value $0.001 per share; 10,000,0000 shares authorized; 500,000 shares issued and outstanding at September 30, 2021 and December 31, 2020 520 520
Series B Preferred Stock [Member]    
STOCKHOLDERS’ DECIFIT    
Preferred stock, par value $0.001 per share; 10,000,0000 shares authorized; 500,000 shares issued and outstanding at September 30, 2021 and December 31, 2020 $ 150 $ 150
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
Sep. 30, 2021
Dec. 31, 2020
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized 100,000,000 100,000,000
Preferred stock, shares issued 500,000 500,000
Preferred stock, shares outstanding 500,000 500,000
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, authorized 1,000,000,000 1,000,000,000
Common stock, issued 32,606,582 32,606,582
Common stock, outstanding 32,606,582 32,606,582
Series A Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized 2,000,000 2,000,000
Preferred stock, shares issued 520,000 520,000
Preferred stock, shares outstanding 520,000 520,000
Series B Preferred Stock [Member]    
Preferred stock, par value (in dollars per share) $ 0.001 $ 0.001
Preferred stock, authorized 1,000,000 1,000,000
Preferred stock, shares issued 150,000 150,000
Preferred stock, shares outstanding 150,000 150,000
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating expenses        
  General and administrative expenses $ 2,526 $ 642 $ 14,153 $ 693
  Professional fees 11,186 3,380 57,986 69,753
 Total operating expense 13,712 4,022 72,139 70,446
 Loss from operations (13,712) (4,022) (72,139) (70,446)
 Other income (expense) 1 1
 Total other income 1 1
Net loss $ (13,712) $ (4,021) $ (72,139) $ (70,445)
Net loss per common share – basic and diluted $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Weighted average common shares outstanding – basic and diluted 32,606,582 32,606,582 32,606,582 32,606,582
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT (Unaudited) - USD ($)
Series A And B Preferred Stock [Member]
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Series A And B Preferred Stock [Member]
Balance - June 30, 2020 at Dec. 31, 2019   $ 500 $ 102 $ 3,352,014 $ (3,520,320) $ (167,554) $ 150
Balance at the beginning (in shares) at Dec. 31, 2019 150,000 500,000 101,582        
Net loss   (2,500) (2,500)
Balance - September 30, 2020 at Mar. 31, 2020   $ 500 $ 107 3,352,009 (3,591,812) (239,046) 150
Balance at the end (in shares) at Mar. 31, 2020 150,000 500,000 106,582        
Balance - June 30, 2020 at Dec. 31, 2019   $ 500 $ 102 3,352,014 (3,520,320) (167,554) 150
Balance at the beginning (in shares) at Dec. 31, 2019 150,000 500,000 101,582        
Net loss           (70,445)  
Balance - September 30, 2020 at Sep. 30, 2020   $ 500 $ 32,607 3,363,988 (3,659,756) (262,512) 150
Balance at the end (in shares) at Sep. 30, 2020 150,000 500,000 32,606,582        
Balance - June 30, 2020 at Mar. 31, 2020   $ 500 $ 107 3,352,009 (3,591,812) (239,046) 150
Balance at the beginning (in shares) at Mar. 31, 2020 150,000 500,000 106,582        
Net loss   (63,923) (63,923)
Balance - September 30, 2020 at Jun. 30, 2020   $ 500 $ 32,607 3,363,988 (3,655,735) (258,490) 150
Balance at the end (in shares) at Jun. 30, 2020 150,000 500,000 32,606,582        
Net loss   (4,021) (4,021)
Balance - September 30, 2020 at Sep. 30, 2020   $ 500 $ 32,607 3,363,988 (3,659,756) (262,512) 150
Balance at the end (in shares) at Sep. 30, 2020 150,000 500,000 32,606,582        
Effect of Share exchange and reverse merger   $ 5 (5) (68,992) $ (68,992)
Effect of Share exchange and reverse merger (in shares)           5,000  
Shares issued for services - Series B Preferred       43,829 $ 44,479 650
Shares issued for services - Series B Preferred (in shares) 650,000            
Conversion of Series B Preferred stock to Common stock     $ 32,500 (31,850) $ (650)
Conversion of Series B Preferred stock to Common stock (in shares) (650,000)   32,500,000        
Balance - June 30, 2020 at Dec. 31, 2020 $ 650 $ 500 $ 32,607 3,664,665 (3,962,155) (263,713)  
Balance at the beginning (in shares) at Dec. 31, 2020 650,000 500,000 32,606,582        
Net loss (26,514) (26,514)  
Balance - September 30, 2020 at Mar. 31, 2021 $ 650 $ 500 $ 32,607 3,664,665 (3,988,669) (290,226)  
Balance at the end (in shares) at Mar. 31, 2021 650,000 500,000 32,606,582        
Balance - June 30, 2020 at Dec. 31, 2020 $ 650 $ 500 $ 32,607 3,664,665 (3,962,155) (263,713)  
Balance at the beginning (in shares) at Dec. 31, 2020 650,000 500,000 32,606,582        
Net loss           (72,139)  
Balance - September 30, 2020 at Sep. 30, 2021 $ 650 $ 500 $ 32,607 3,664,665 (4,034,294) (335,852)  
Balance at the end (in shares) at Sep. 30, 2021 650,000 500,000 32,606,582        
Effect of Share exchange and reverse merger (in shares)     100,000        
Balance - June 30, 2020 at Mar. 31, 2021 $ 650 $ 500 $ 32,607 3,664,665 (3,988,669) (290,226)  
Balance at the beginning (in shares) at Mar. 31, 2021 650,000 500,000 32,606,582        
Net loss (31,914) (31,914)  
Balance - September 30, 2020 at Jun. 30, 2021 $ 650 $ 500 $ 32,607 3,664,665 (4,020,583) (322,140)  
Balance at the end (in shares) at Jun. 30, 2021 650,000 500,000 32,606,582        
Net loss (13,712) (13,712)  
Balance - September 30, 2020 at Sep. 30, 2021 $ 650 $ 500 $ 32,607 $ 3,664,665 $ (4,034,294) $ (335,852)  
Balance at the end (in shares) at Sep. 30, 2021 650,000 500,000 32,606,582        
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.21.2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
 OPERATING ACTIVITIES:    
     Net Loss $ (72,139) $ (70,445)
  Adjustments to reconcile net loss to net cash (used in) operating activities:    
Shares issued to related party for services 44,479
Depreciation expense 115
Effect of reverse merger   (68,992)
Changes in assets and liabilities    
Prepaid expense (499) (2,500)
Interest receivable (1)
Accounts payable and accrued expenses 7,500 1,532
Loan payable – related party 65,829 150,305
NET CASH PROVIDED BY OPERATING ACTIVITIES 806 54,378
Cash paid for fixed assets (1,288)
NET CASH USED IN INVESTING ACTIVITIES (1,288)
NET CHANGE IN CASH (482) 54,378
CASH – BEGINNING OF PERIOD 2,758
CASH – END OF PERIOD 2,276 54,378
Cash paid during the periods for:    
Interest
Taxes
Non-cash investing and financing activities:    
Common stock issued in reverse merger
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Organization and basis of accounting
9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization and basis of accounting

Note 1 – Organization and basis of accounting

 

Principles of Consolidation

 

The Company prepares its consolidated financial statements on the accrual basis of accounting. The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts, balances and transactions have been eliminated in the consolidation.

 

Basis of Presentation and Organization

 

This summary of significant accounting policies of UONLIVE CORPORATION. (a development stage company) (“the Company”) is presented to assist in understanding the Company's consolidated financial statements. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the accompanying consolidated financial statements. The Company has realized minimal revenues from its planned principal business purpose and, accordingly, is considered to be in its development stage in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic No. 915 (SFAS No. 7).  The Company has elected a fiscal year end of December 31.

 

Business Description

 

Uonlive Corporation (“UOLI” or the “Company”) was incorporated under the laws of the State of Nevada on January 29, 1998 as Weston International Development Corporation. On July 28, 1998, its name was changed to Txon International Development Corporation. On September 15, 2000, the Company changed its name to China World Trade Corporation. On July 2, 2008, the Company further changed its name to Uonlive Corporation.

 

The Company ceased operations in early 2015. The Company has fully impaired all assets since the shutdown of its operations in 2015 and has recorded the effects of this impairment as part of its discontinued operations.

 

On June 15, 2018, the eight judicial District Court of Nevada appointed Small Cap Compliance, LLC as custodian for Uonlive Corporations., proper notice having been given to the officers and directors of Uonlive Corporation. There was no opposition.

 

On September 10, 2019, the Company filed a certificate of revival with the state of Nevada, appointing Raymond Fu as, President, Secretary, Treasurer and Director.

 

On May 14th, 2021, the Company approved a 1 for 20 reverse stock split.

 

Reorganization and Share Exchange

 

On March 02, 2020, the Company entered into a Definitive Share Agreement whereby Raymond Fu, the sole shareholder of Asia Image Investment Limited (“Asia Image”), relinquished all his shares in Asia Image and acquired 100,000 shares of the Company. Consequently, Asia Image became a wholly-owned subsidiary of the Company.

 

Since the major shareholder of Uonlive retained control of both the Company and Asia Image, the share exchange was accounted for as a reverse merger. As such, the Company recognized the assets and liabilities of Asia Image, acquired in the Reorganization, at their historical carrying amounts.

 

 

The accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America (“GAAP”). The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial planning, raising capital, and research into products which may become part of the Company’s product portfolio. The Company has not realized significant sales through since inception. A development stage company is defined as one in which all efforts are devoted substantially to establishing a new business and, even if planned principal operations have commenced, revenues are insignificant.

 

The accompanying financial statements have been prepared assuming the continuation of the Company as a going concern. Currently, the Company has a cash balance of $2,276 as of September 30, 2021 and net loss from operation of $72,139 for the nine months ended September 30, 20. The Company also has an accumulated deficit $4,034,294 and negative working capital of $337,025. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital, or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of significant accounting policies
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Summary of significant accounting policies

Note 2 – Summary of significant accounting policies

 

Cash and Cash Equivalents

 

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

 

Fixed Assets

 

Fixed assets are stated at historical cost less accumulated depreciation. The historical cost of acquiring an item of fixed assets includes the costs necessarily incurred to bring it to the condition and location necessary for its intended use. Costs associated with repairs and maintenance are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives of the assets. 

 

Use of estimates

 

The preparation of the financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from these estimates.

 

Employee Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.

 

Subsequent Event

 

The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.

 

 

 

Recent Accounting Pronouncements

 

 

 

In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB's new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard.

 

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.21.2
Going Concern
9 Months Ended
Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Going Concern

 Note 3- Going Concern

 

In early January 2020, an outbreak of a respiratory illness caused by the coronavirus was identified in Wuhan, China. As part of its effort to combat the virus, the government of China has placed travel restrictions throughout parts of China. This has resulted in some of the Company’s customers and suppliers being closed for an extended period or operating at significantly below their normal capacity and will also affect our suppliers that source some of their materials from China. The duration and intensity of this global health emergency and related disruptions is uncertain. The duration of this crisis and its impact on both the Company’s customers and supply chain is expected to have a material impact on the consolidated results of operations, cash flows and financial condition, but cannot be reasonably estimated at this time.

 

 

The accompanying consolidated financial statements have been prepared assuming the continuation of the Company as a going concern. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and is dependent on debt and equity financing to fund its operations. Management of the Company is making efforts to raise additional funding until a registration statement relating to an equity funding facility is in effect. While management of the Company believes that it will be successful in its capital formation and planned operating activities, there can be no assurance that the Company will be able to raise additional equity capital or be successful in the development and commercialization of the products it develops or initiates collaboration agreements thereon. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.21.2
Fair value of the Assets Acquired and the Liabilities Assumed
9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
Fair value of the Assets Acquired and the Liabilities Assumed

Note 4 - Fair value of the Assets Acquired and the Liabilities Assumed

 

The following is the final estimate of the fair value of the assets acquired and the liabilities assumed by Uonlive Corporation in the Share Exchange:

 

 

 

   USD 
  Cash and cash equivalents  $162,068 
  Other payables and accrued expenses   (1,532)
  Loan payable – related party   (229,528)
  Net liabilities acquired  $(68,992)

 

 

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.21.2
Related party transactions
9 Months Ended
Sep. 30, 2021
Related Party Transactions [Abstract]  
Related party transactions

Note 5 – Related party transactions

 

On June 15, 2018, the eight judicial District Court of Nevada appointed Small Cap Compliance, LLC as custodian for Uonlive Corporation., proper notice having been given to the officers and directors of Uonlive Corporation. There was no opposition.

 

On June 16, 2018, the Company filed a certificate of revival with the state of Nevada, appointing Small Cap Compliance as, President, Secretary, Treasurer and Director.

 

On March 02, 2020, the Company entered into a Definitive Share Agreement whereby Raymond Fu, the sole shareholder of Asia Image Investment Limited (“Asia Image”), relinquished all his shares in Asia Image and acquired 100,000 shares of the Company. Consequently, Asia Image became a wholly-owned subsidiary of the Company.

 

On May 26, 2020, the Company issued 650,000 shares of Series B Convertible Preferred Stock and 520,000(series A convertible preferred stock to Uonlive (Hong Kong) Limited for the provision of management services valued at $54,586. Mr. Raymond Fu, President, and Chief Executive Officer of the Company is also the indirect beneficial owner of Uonlive (Hong Kong) Limited.

 

Loan Payable-Related Party

 

As of September 30, 2021 and December 31, 2020 the Company has a loan payable of $165,145 and $99,316 to Mr. Raymond Fu, President and Chief Executive Officer of the Company, respectively. This loan is unsecured, non-interest bearing and it is repayable on demand.

 

Note Payable-Related Party

 

As of September 30, 2021 and December 31, 2020 the Company has a note payable of $167,554 to Mr. Raymond Fu, President and Chief Executive Officer of the Company. This note is unsecured, non-interest bearing and it is repayable on demand.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.21.2
Common stock
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Common stock

Note 7 – Common stock

 

On March 04, 2020, the Company issued 100,000 shares of common stock to a shareholder for a total price of $100 as part of the share exchange and reverse merger.

 

On June 08, 2020, the Company converted 650,000 Series B convertible Preferred Stock into 650,000,000 common stock.

 

On May 14th, 2021, the Company approved a 1 for 20 reverse stock split.

 

As of September 30, 2021 and December 31, 2020, a total of 32,606,582 shares of common stock with par value $0.001 remain outstanding.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.21.2
Preferred stock
9 Months Ended
Sep. 30, 2021
Equity [Abstract]  
Preferred stock

Note 8 – Preferred stock

 

Preferred Stock

 

On January 01, 2018 the Company created 1,000,000 shares of Series B Convertible Preferred Stock, out of the 1,000,000 shares that were already authorized. On September 07, 2018, the Company issued 150,000 shares of the Series B convertible preferred stock to Chuang Fu Qu Kuai Lian Technology (Shenzhen) Limited for services valued at $30,000.

 

On May 26, 2020, the Company issued 650,000 shares of Series B Convertible Preferred Stock to Uonlive (Hong Kong) Limited for the provision of management services valued at $54,586.

 

The following is a description of the material rights of our Series B Convertible Preferred Stock:

 

Each share of Series B convertible Preferred Stock shall have a par value of $0.001 per share. The Series B Preferred Stock shall vote on any matter that may from time to time be submitted to the Company’s shareholders for a vote, on a 1,000 for one basis. If the Company effects a stock split which either increases or decreases the number of shares of Common Stock outstanding and entitled to vote, the voting rights of the Series A shall not be subject to adjustment unless specifically authorized.

 

Each share of Series B Convertible Preferred Stock shall be convertible into 1,000 shares of Common Stock (“Conversion Ratio”), at the option of a Holder, at any time and from time to time, from and after the issuance of the Series C Preferred Stock.

 

In the event of any liquidation, dissolution or winding up of the Corporation, either voluntary or involuntary, subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the holders of the Series B Preferred Stock shall be entitled to receive, prior and in preference to any distribution of any of the assets of the Corporation to the holders of Common Stock by reason of their ownership thereof, an amount per share equal to the price per share actually paid to the Corporation upon the initial issuance of the Series B Preferred Stock (each, the “the Original Issue Price”) for each share of Series B Preferred Stock then held by them, plus declared but unpaid dividends. Unless the Corporation can establish a different Original Issue Price in connection with a particular sale of Series B Preferred Stock, the Original issue price shall be $0.001 per share for the Series B Preferred Stock. If, upon the occurrence of any liquidation, dissolution or winding up of the Corporation, the assets and funds thus distributed among the holders of the Series B Preferred Stock shall be insufficient to permit the payment to such holders of the full aforesaid preferential amounts, then, subject to the rights of any existing series of Preferred Stock or to the rights of any series of Preferred Stock which may from time to time hereafter come into existence, the entire assets and funds of the corporation legally available for distribution shall be distributed ratably among the holders of the each series of Preferred Stock in proportion to the preferential amount each such holder is otherwise entitled to receive.

 

The Series B Preferred Stock shares are nonredeemable other than upon the mutual agreement of the Company and the holder of shares to be redeemed, and even in such case only to the extent permitted by this Certificate of Designation, the Corporation’s Articles of Incorporation and applicable law.

 

Series B Preferred Stock shall be convertible, at the option of the holder thereof, at any time after the date of issuance of such share, at the office of the Corporation or any transfer agent for such stock, into such number of fully paid and nonassessable shares of Common Stock as is determined by dividing the Original Issue Price of the Series B Preferred Stock by the Series B Conversion Price applicable to such share, determined as hereafter provided, in effect on the date the certificate is surrendered for conversion.

 

 

On October 07, 2020, the Company’s board of directors approved the creation of 2,000,000 shares of a Series A Preferred stock. On that same dated the Company issued 520,000 shares of its newly created Series A Preferred Stock to Uonlive (Hong Kong) Limtied as payment for management services provided valued at $290,990.

 

As of September 30, 2021 and December 31, 2020, the Company has 150,000 shares of Series B Convertible preferred shares and 1,020,000 Series A Convertible preferred shares outstanding

 

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.21.2
Subsequent Event
9 Months Ended
Sep. 30, 2021
Subsequent Events [Abstract]  
Subsequent Event

Note 9 – Subsequent Event

 

In accordance with ASC 855 the Company’s management reviewed all material events through the date these financial statements were available to be issued, there were no material subsequent events.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Summary of significant accounting policies (Policies)
9 Months Ended
Sep. 30, 2021
Accounting Policies [Abstract]  
Cash and Cash Equivalents

Cash and Cash Equivalents

 

For purposes of reporting within the statements of cash flows, the Company considers all cash on hand, cash accounts not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash and cash equivalents.

Employee Stock-Based Compensation

Employee Stock-Based Compensation

 

The Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”). ASC 718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans and stock incentive shares. Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based on the estimated number of awards that are expected to vest and will result in a charge to operations.

Subsequent Event

Subsequent Event

 

The Company evaluated subsequent events through the date when financial statements are issued for disclosure consideration.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

 

 

 

In February 2016, the FASB issued an accounting standards update for leases. The ASU introduces a lessee model that brings most leases on the balance sheet. The new standard also aligns many of the underlying principles of the new lessor model with those in the current accounting guidance as well as the FASB's new revenue recognition standard. However, the ASU eliminates the use of bright-line tests in determining lease classification as required in the current guidance. The ASU also requires additional qualitative disclosures along with specific quantitative disclosures to better enable users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The pronouncement is effective for annual reporting periods beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for nonpublic entities using a modified retrospective approach. Early adoption is permitted. The Company is still evaluating the impact that the new accounting guidance will have on its consolidated financial statements and related disclosures and has not yet determined the method by which it will adopt the standard.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.21.2
Fair value of the Assets Acquired and the Liabilities Assumed (Tables)
9 Months Ended
Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]  
The following is the final estimate of the fair value of the assets acquired and the liabilities assumed by Uonlive Corporation in the Share Exchange:

The following is the final estimate of the fair value of the assets acquired and the liabilities assumed by Uonlive Corporation in the Share Exchange:

 

 

 

   USD 
  Cash and cash equivalents  $162,068 
  Other payables and accrued expenses   (1,532)
  Loan payable – related party   (229,528)
  Net liabilities acquired  $(68,992)
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.21.2
Organization and basis of accounting (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Mar. 04, 2021
Mar. 04, 2020
Mar. 02, 2020
Sep. 30, 2021
Jun. 30, 2021
Mar. 31, 2021
Sep. 30, 2020
Jun. 30, 2020
Mar. 31, 2020
Sep. 30, 2021
Sep. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                          
Number of shares for acquired   100,000 100,000       5,000            
Cash       $ 2,276     $ 54,378     $ 2,276 $ 54,378 $ 2,758
Net loss       13,712 $ 31,914 $ 26,514 $ 4,021 $ 63,923 $ 2,500 72,139 $ 70,445    
Accumulated Deficit       4,034,294           4,034,294   $ 3,962,155  
Working capital       $ 337,025           $ 337,025      
Definitive Share Agreement [Member] | Asia Image Investment Limited [Member] | President [Member]                          
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]                          
Number of shares for acquired 100,000                        
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.21.2
The following is the final estimate of the fair value of the assets acquired and the liabilities assumed by Uonlive Corporation in the Share Exchange: (Details) - Uonlive Hong Kong Limited [Member]
Sep. 30, 2021
USD ($)
  Cash and cash equivalents $ 162,068
  Other payables and accrued expenses (1,532)
  Loan payable – related party (229,528)
  Net liabilities acquired $ (68,992)
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.21.2
Related party transactions (Details Narrative) - USD ($)
3 Months Ended
May 26, 2020
Mar. 04, 2020
Mar. 02, 2020
Sep. 30, 2020
Sep. 30, 2021
Dec. 31, 2020
Related Party Transaction [Line Items]            
Stock Issued During Period, Shares, Acquisitions   100,000 100,000 5,000    
Number of shares issued for services, value       $ 44,479    
Uonlive Hong Kong Limited [Member] | Series B Preferred Stock [Member]            
Related Party Transaction [Line Items]            
Number of shares issued for services 650,000          
Number of shares issued for services, value $ 54,586          
Chief Executive Officer And President [Member]            
Related Party Transaction [Line Items]            
Loans payable         $ 165,145 $ 99,316
Notes Payable         $ 167,554 $ 167,554
Definitive Share Agreement [Member] | Chief Executive Officer And President [Member] | Asia Image Investment Limited [Member]            
Related Party Transaction [Line Items]            
Stock Issued During Period, Shares, Acquisitions     100,000      
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.21.2
Common stock (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Jun. 08, 2020
Mar. 04, 2020
Mar. 02, 2020
Sep. 30, 2020
Sep. 30, 2021
Dec. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Effect of Share exchange and reverse merger (in shares)   100,000 100,000 5,000    
Number of shares issued for exchange and reverse merger, value   $ 100        
Common stock, shares outstanding         32,606,582 32,606,582
Common stock, par value (in dollars per share)         $ 0.001 $ 0.001
Series B Preferred Stock [Member]            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Number of shares for conversion 650,000          
Shares issued upon conversion 650,000,000          
Common Stock [Member]            
Accumulated Other Comprehensive Income (Loss) [Line Items]            
Effect of Share exchange and reverse merger (in shares)         100,000  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.21.2
Preferred stock (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Oct. 07, 2020
May 26, 2020
Sep. 07, 2018
Sep. 30, 2020
Sep. 30, 2021
Dec. 31, 2020
Jan. 01, 2018
Class of Stock [Line Items]              
Preferred stock, shares authorized         100,000,000 100,000,000  
Number of shares issued for services, value       $ 44,479      
Preferred stock, par value (in dollars per share)         $ 0.001 $ 0.001  
Preferred stock, shares outstanding         500,000 500,000  
Series B Preferred Stock [Member]              
Class of Stock [Line Items]              
Number of shares created             1,000,000
Preferred stock, shares authorized         1,000,000 1,000,000 1,000,000
Preferred stock, par value (in dollars per share)         $ 0.001 $ 0.001  
Preferred stock, voting rights         The Series B Preferred Stock shall vote on any matter that may from time to time be submitted to the Company’s shareholders for a vote, on a 1,000 for one basis    
Preferred stock, convertible, conversion ratio         1,000    
Original issue price | $/ shares         $ 0.001    
Preferred stock, shares outstanding         150,000 150,000  
Series B Preferred Stock [Member] | Chuang Fu Qu Kuai Lian Technology Shenzhen Limited [Member]              
Class of Stock [Line Items]              
Number of shares issued for services     150,000        
Number of shares issued for services, value     $ 30,000        
Series B Preferred Stock [Member] | Uonlive Hong Kong Limited [Member]              
Class of Stock [Line Items]              
Number of shares issued for services   650,000          
Number of shares issued for services, value   $ 54,586          
Series A Preferred Stock [Member]              
Class of Stock [Line Items]              
Number of shares created 2,000,000            
Preferred stock, shares authorized         2,000,000 2,000,000  
Preferred stock, par value (in dollars per share)         $ 0.001 $ 0.001  
Preferred stock, voting rights         the voting rights of the Series A shall not be subject to adjustment unless specifically authorized    
Preferred stock, shares outstanding         520,000 520,000  
Series A Preferred Stock [Member] | Uonlive Hong Kong Limited [Member]              
Class of Stock [Line Items]              
Number of shares issued for services 520,000            
Number of shares issued for services, value $ 290,990            
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