0001096906-16-001806.txt : 20160808 0001096906-16-001806.hdr.sgml : 20160808 20160808131827 ACCESSION NUMBER: 0001096906-16-001806 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 33 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160808 DATE AS OF CHANGE: 20160808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ORANCO INC CENTRAL INDEX KEY: 0001098996 STANDARD INDUSTRIAL CLASSIFICATION: [9995] IRS NUMBER: 870574491 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-28181 FILM NUMBER: 161813510 BUSINESS ADDRESS: STREET 1: 1981 E. MURRAY HOLLADAY RD. STREET 2: SUITE 100 CITY: SALT LAKE CITY STATE: UT ZIP: 84117 BUSINESS PHONE: 8012729294 MAIL ADDRESS: STREET 1: 1981 E. MURRAY HOLLADAY RD. STREET 2: SUITE 100 CITY: SALT LAKE CITY STATE: UT ZIP: 84117 10-Q 1 oranco.htm ORANCO, INC. 10Q 2016-06-30

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        June 30, 2016

(  )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              000-28181

ORANCO,  INC.
(Exact name of registrant as specified in charter)

Nevada
87-0574491
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
   
1981 E. Murray Holladay Rd, Suite 100,  Salt Lake City, Utah
84117
(Address of principal executive offices)
(Zip Code)

702-834-9810
Registrant's telephone number, including area code

                               
(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 checkmark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. Se the definitions of "large accelerated filer", "accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act

Large Accelerated Filer [  ]
Accelerated Filer [  ]
   
Non-Accelerated filer [  ]
Smaller Reporting Company [ x ]

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

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer=s classes of common stock, as of the last practicable date

Class
Outstanding as of August 1, 2016
Common  Stock, $0.001
4,269,950


 
INDEX

    Page
   
Number
PART I.
   
     
ITEM 1.
Financial Statements (unaudited)
3
     
 
Balance Sheets
4
   June 30, 2016 and December 31, 2015  
     
 
Statements of Operations
 
 
   For the three and six months ended June 30, 2016 and 2015.
5
     
 
Statements of Cash Flows
 
 
    For the six months ended June 30, 2016 and 2015
6
     
 
Notes to  Financial Statements
7
     
ITEM 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
9
     
ITEM 3.
Quantitative and Qualtitative Disclosures About Market Risk
10
     
ITEM 4T.
Controls and Procedures
10
     
PART II.
   
     
ITEM 6.
Exhibits 11
     
Signatures
 
11

2

PART I - FINANCIAL INFORMATION




ITEM 1. FINANCIAL STATEMENTS





The accompanying  balance sheets of Oranco, Inc.  (a development stage company) at June 30, 2016 and December 31, 2015, and the related  statement of operations for the three and six months  and the  statement of cash flows for the six months, ended June 30, 2016 and 2015 have been prepared by the Company's management in conformity with accounting principles generally accepted in the United States of America.  In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

Operating  results for the three and six months ended June 30, 2016, are not necessarily indicative of the results that can be expected for the year ending December 31, 2016.
3


ORANCO, INC.
 
(A Development Stage Company)
 
 
BALANCE SHEETS
 
 
JUNE 30, 2016 AND DECEMBER 31, 2015
 
       
 
June 30,
   
December 31,
 
 
2016
   
2015
 
Assets
     
       
Current Assets:
     
Cash
 
$
745
   
$
16,792
 
Prepaid expenses
   
8,333
     
7,763
 
                 
Total current assets
   
9,078
     
24,555
 
                 
Total Assets
 
$
9,078
   
$
24,555
 
                 
Liabilities and Stockholders' Equity
               
                 
Current Liabilities:
               
Accounts payable
 
$
1,120
   
$
1,300
 
                 
Total current liabilities
   
1,120
     
1,300
 
                 
Stockholders' Equity:
               
               
               
 Common stock, $.001 par value 100,000,000 shares authorized, 4,269,950 issued and outstanding
   
4,270
     
4,270
 
Additional paid-in capital
   
349,898
     
349,898
 
Accumulated deficit
   
(346,210
)
   
(330,913
)
                 
Total Stockholders' Equity
   
7,958
     
23,255
 
                 
               
Total Liabilities and Stockholders'  Equity
 
$
9,078
   
$
24,555
 

 
The accompanying notes are an integral part of the financial statements.
4

ORANCO, INC.
 
(A Development Stage Company)
 
         
STATEMENTS OF OPERATIONS
 
         
 
For the
 
For the
 
For the
 
For the
 
 
Three Months
 
Three Months
 
Six Months
 
Six Months
 
 
Ended
 
Ended
 
Ended
 
Ended
 
 
June 30,
 
June 30,
 
June 30,
 
June 30,
 
 
2016
 
2015
 
2016
 
2015
 
         
Revenues
 
$
--
   
$
--
   
$
--
   
$
--
 
                                 
Expenses, generaland administrative
   
4,743
     
3,917
     
15,299
     
30,807
 
                                 
Operating loss
   
(4,743
)
   
(3,917
)
   
(15,299
)
   
(30,807
)
                                 
Other income (expense):
                               
   Interest income
   
--
     
4
     
2
     
11
 
                               
Loss before provisionfor income taxes
   
(4,743
)
   
(3,913
)
   
(15,297
)
   
(30,796
)
                                 
Provision for income taxes
   
--
     
--
     
--
     
--
 
                                 
Net loss
 
$
(4,743
)
 
$
(3,913
)
 
$
(15,297
)
 
$
(30,796
)
                                 
Net loss per share
 
$
--
   
$
--
   
$
--
   
$
(0.01
)
                               
Weighted average shares outstanding
   
4,269,950
     
4,269,950
     
4,269,950
     
4,269,950
 
 
 
The accompanying notes are an integral part of the financial statements.
5

 
ORANCO, INC.
 
(A Development Stage Company)
 
 
STATEMENTS OF CASH FLOWS
 
         
    
For the
   
For the
 
    
Six Months
   
Six Months
 
    
Ended
   
Ended
 
   
June 30,
   
June 30,
 
   
2016
   
2015
 
         
Cash flows fromoperating activities:
       
Net loss
 
$
(15,297
)
 
$
(30,796
)
Adjustments to reconcile netloss to cash provided byoperating activities:
               
(Increase) in prepaid expenses
   
(570
)
   
(8,333
)
(Decrease) in accounts payable
   
(180
)
   
(175
)
               
Net cash used by operating activities
   
(16,047
)
   
(39,304
)
               
Cash flows from investing activities:
   
--
     
--
 
               
Cash flows from financing activities:
   
--
     
--
 
                 
Net (decrease) in cash
   
(16,047
)
   
(39,304
)
                 
Cash, beginning of period
   
16,792
     
63,807
 
                 
Cash, end of period
 
$
745
   
$
24,503
 
Interest paid
 
$
--
   
$
--
 
Income taxes paid
 
$
--
   
$
--
 
 
The accompanying notes are an integral part of the financial statements.
6

ORANCO, INC.
(A Development Stage Company)

NOTES TO FINANCIAL STATEMENTS


1.            Summary of Business and Significant Accounting Policies

a.            Summary of Business

The Company was incorporated under the laws of the State of Nevada on June 16, 1977.  The Company has been in the business of the development of mineral deposits. During 1983 all activities were abandoned and the Company has remained inactive since that time. The Company has not commenced principal operations and is considered a "Development Stage Company" as defined by FASB ASC 915.

b.            Basis of Presentation
 
The accompanying financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") as promulgated in the United States of America.

c.            Cash Flows

For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash or cash equivalents.

d.            Net Loss Per Share

The net loss per share calculation is based on the weighted average number of shares outstanding during the period.
 
e.       Use of Estimates

The preparation of 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 those estimates.

f.            Fair Value of Financial Instruments

ASC 820-10 requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. ASC 820-10 defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. As of June 30, 2016 and December 31, 2015, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments.

7

Notes to Financial Statements – Continued


2.            Warrants and Stock Options

No options or warrants are outstanding to acquire the Company's common stock.

3.            Income Taxes

The Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $330,913 that may be offset against future federal income taxes. If not used, the carryforwards will expire 20 years after they are incurred. Due to the Company being in the development stage and incurring net operating losses, a valuation allowance has been provided to reduce the deferred tax assets from the net operating losses to zero. Therefore, there are no tax benefits recognized in the accompanying statement of operations.
 
4.            Office Rent

The Company's board of directors approved a office rent to a former director of the Company. The amount expensed for the six-months ended June 30, 2016 and 2015 amounted to $-0- and $2,850, respectively.

5.            Travel Expense, Related Party

In March 2015, the board of directors approved to reimburse its current board member $15,000 for travel expenses incurred related to merger and acquisition activities.

8





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

 
Plan of Operations.

            The Company has not engaged in any material operations or had any revenues from  operations  since inception.  The  Company's  plan of operation  for the next 12  months is to  continue  to seek the  acquisition  of assets,  properties  or  businesses  that  may  benefit  the  Company  and  its stockholders. Management has recently focused is efforts in Europe, Africa, and South America both because management is located Europe and because management believes that the Company can locate superior acquisition opportunities in these geographical areas. Management has held talk with various parties regarding a merger or acquisition. However, no definitive agreement as to any such has been reached, at this time. Management anticipates that to achieve any such acquisition, the Company will issue shares of its common stock as the sole consideration for such acquisition.

      During the next 12 months, the Company's only foreseeable cash requirements will relate to maintaining  the  Company in good  standing  or the  payment of expenses  associated  with  reviewing or  investigating  any potential  business venture,  which  the  Company  expects  to pay  from its  cash  resources Management believes that these funds are sufficient to cover its cash needs for the next 12 months. If additional funds are required during this period, such funds may be  advanced  by nagement  or stockholders as loans to the Company. Because the Company has not identified any such venture as of the date of this Report, it is impossible to predict the amount of any such loan.  However, any such loan will be on terms no less favorable to the Company than would be available from a commercial lender in an arm's length transaction. As of  the date of this Report, the Company is not engaged in any negotiations  with any person regarding  any venture.
 
Results of Operations.

            Other than restoring and maintaining its good  corporate  standing in the State  of  Nevada,  obtaining an audit of the Company's financial statements, submitting the Company's common  stock for quotation on the NASD OTC Bulleting Board, the filing of  a Form 10 Registration, and  the completion of a private placement, the Company has had no material business operations and in the two most recent calendar years, it activities have been limited to evaluating possible merger or acquisition candidates..

Three and six Month Period Ended June 30, 2016 and 2015

The Company did not generate any revenue during the three and six months ended June 30, 2016 and 2015, respectively. It had interest income of $0 and $4 for the three months  and $2 and $11 for the  six months ended June 30, 2016 and 2015, respectively, the decrease of which is attributable to decreased interest income.

General and administrative expenses were $4,743 and $3917 for the three months and $15,299 and  $30,807 for the six months ended June 30, 2016 and 2015, respectively . The changes in expenses for the three months ended June 30, 2016 were largely due to decreased consultant's travel expenses and office expenses somewhat offset by some increases in accounting, legal, other professional costs and as to six months ended June 30, 2016 largely due to increased travel and office expense in the first quarter of 2016. As a result of the foregoing, the Company realized net losses of $4,743 and $3,913 for the three months and $ 15,297 and $30,796 for the six months ended June 30, 2016 and 2015, respectively

Liquidity and Capital Resources

At June 30, 2016, assets consisted of $745 in cash and $8,333 in prepaid expenses compared to $16,792 in cash and $7,763 in  prepaid expenses on December 31, 2015. As of June 30, 2016, the Company had $1,120 in accounts payable. Currently, the Company has no material commitments for capital expenditures.  Management anticipates that operating expenses for the next twelve months will be approximately $20,000 to $25,000 which it does not have the cash assets to pay. The Company anticipates these will be covered by borrowing from its sole officer or the sale of additional capital stock.

9



ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 


Not Required by smaller reporting companies.


 
ITEM 4T. CONTROLS AND PROCEDURES




Evaluation of Disclosure Controls and Procedures. Our management, with the participation of our president/chief financial officer, carried out an evaluation of the effectiveness of our "disclosure controls and procedures" (as defined in the Securities Exchange Act of 1934 (the "Exchange Act") Rules 13a-15(e) and 15-d-15(e)) as of the end of our last fiscal quarter, June 30, 2016, (the "Evaluation Date"). Based upon that evaluation, our president/chief financial officer concluded that, as of the Evaluation Date, our disclosure controls and procedures are not effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act (i) is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms and (ii) is accumulated and communicated to our management, including our president and our chief financial officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting. There were no changes in our internal controls over financial reporting that occurred during our last fiscal quarter (ended June 30, 2016) that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

10


PART 2 - OTHER  INFORMATION

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) Exhibits

Exhibit 31.1
 Rule 13a-14(a)/15d-14(a) Certification.
Exhibit 32.1
 Certification by the Chief Executive Officer/Acting Chief Financial Officer Relating to a Periodic Report Containing Financial Statements.*
101.INS
 XBRL Instance*
101.SCH
 XBRL Schema*
101.CAL
 XBRL Calculation*
101.DEF
 XBRL Definition*
101.LAB
 XBRL Label*
101.PRE
 XBRL Presentation*


* The Exhibit attached to this Form 10-Q shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to liability under that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
 

 
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 there unto duly authorized.

 
ORANCO, Inc.
 
 [Registrant]
   
   
 
/s/ Claudio Gianascio
 
Claudio Gianascio
 
President & Treasurer
August 7, 2016
 

 
11
 
EX-31.1 2 exh31_1.htm RULE 13A-14(A)/15D-14(A) CERTIFICATION.
Exhibit 31.1

 
CERTIFICATION

 I, Claudio Gianascio, certify that:

 1. I have reviewed this Quarterly report on Form 10Q of Oranco, Inc.;

 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 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 small business issuer as of, and for, the periods presented in this report;

 4. The registrant's other certifying officers  and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15e and 15d-15e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the small business issuer 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 small business issuer, 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 small business issuer'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 small business issuer's internal control over financial reporting that occurred during the small business issuer's most recent fiscal quarter (the small business issuer's fourth fiscal quarter in the case of an annual report) that has materially affected, or is likely to materially affect, the small business issuer's internal control over financial reporting; and

 5. The small business issuer's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer's auditors and the audit committee of small business issuer's board of directors (or persons performing the equivalent function):

(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 small business issuer'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 small business issuer's internal control over financial reporting.


Date: August 7, 2016
/s/ Claudio Gianascio
 
Claudio Gianascio, CEO & CFO
 
 


EX-32.1 3 exh32_1.htm CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER/ACTING CHIEF FINANCIAL OFFICER RELATING TO A PERIODIC REPORT CONTAINING FINANCIAL STATEMENTS.
EXHIBIT 32.1

 

CERTIFICATION

 Pursuant to Section 906 of the Public Company Accounting Reform and Investor Protection Act of 2002 (18 U.S.C.ss. 1350, as adopted), I, Claudio Gianascio, Chief Executive Officer and  Chief Financial Officer of the Company, hereby certifies that, to the best of his or her knowledge:

 1. The Company's Quarterly Report on Form 10Q for the period ended June 30, 2016, and to which this Certification is attached as Exhibit 32.1 (the "PERIODIC REPORT") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 2. The information contained in the Periodic Report fairly presents, in all material respects, the financial condition of the Company at the end of the period covered by the Periodic Report and results of operations of the Company for the period covered by the Periodic Report.

Dated: August 7, 2016

/s/ Claudio Gianascio
Claudio Gianascio
CEO & CFO

A signed original of this written statement required by Section 906 has been provided to Oranco, Inc. and will be retained by Oranco, Inc. and furnished to the Securities and Exchange Commission or its staff upon request

 THIS CERTIFICATION ACCOMPANIES THIS REPORT PURSUANT TO SS. 906 OF THE SARBANES-OXLEY ACT OF 2002 AND SHALL NOT BE DEEMED "FILED" BY THE COMPANY FOR PURPOSES OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED.




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The amount expensed for the six-months ended June 30, 2016 and 2015 amounted to $-0- and $2,850, respectively. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>5.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Travel Expense, Related Party</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>In March 2015, the board of directors approved to reimburse its current board member $15,000 for travel expenses incurred related to merger and acquisition activities.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>b.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The accompanying financial statements have been prepared in accordance with generally accepted accounting principles (&#147;GAAP&#148;) as promulgated in the United States of America.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>c.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Cash Flows</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash or cash equivalents.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>d.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Net Loss Per Share</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The net loss per share calculation is based on the weighted average number of shares outstanding during the period.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>e.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect certain reported amounts and disclosures.&#160; Accordingly, actual results could differ from those estimates.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>f.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <u>Fair Value of Financial Instruments</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-autospace:none;text-align:justify'>ASC 820-10 requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. 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Statement of Cash Flows Total Stockholders' Equity Total Stockholders' Equity Entity Well-known Seasoned Issuer BALANCE SHEETS Entity Filer Category Trading Symbol Net cash used by operating activities Net cash used by operating activities Loss before provision for income taxes Total Assets Total Assets Document Fiscal Year Focus Office rent - related party expense Revenues CONDENSED STATEMENTS OF OPERATIONS Current Fiscal Year End Date 4. 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Document and Entity Information - shares
6 Months Ended
Jun. 30, 2016
Aug. 01, 2016
Document and Entity Information:    
Entity Registrant Name ORANCO INC  
Document Type 10-Q  
Document Period End Date Jun. 30, 2016  
Trading Symbol ornc  
Amendment Flag false  
Entity Central Index Key 0001098996  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   4,269,950
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q2  
Entity Incorporation, State Country Name Nevada  
Entity Incorporation, Date of Incorporation Jun. 16, 1977  
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BALANCE SHEETS - USD ($)
Jun. 30, 2016
Dec. 31, 2015
Current Assets:    
Cash $ 745 $ 16,792
Prepaid expenses 8,333 7,763
Total Current Assets 9,078 24,555
Total Assets 9,078 24,555
Current Liabilities:    
Accounts payable 1,120 1,300
Total current liabilities 1,120 1,300
Stockholders' Equity:    
Common stock, $.001 par value 100,000,000 shares authorized, 4,269,950 issued and outstanding 4,270 4,270
Additional paid-in capital 349,898 349,898
Accumulated deficit (346,210) (330,913)
Total Stockholders' Equity 7,958 23,255
Total Liabilities and Stockholders' Equity $ 9,078 $ 24,555
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BALANCE SHEETS PARENTHETICAL - $ / shares
Jun. 30, 2016
Dec. 31, 2015
BALANCE SHEETS PARENTHETICAL    
Common stock par value $ 0.001 $ 0.001
Common stock shares authorized 100,000,000 100,000,000
Common stock shares issued 4,269,950 4,269,950
Common stock shares outstanding 4,269,950 4,269,950
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STATEMENTS OF OPERATIONS - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
CONDENSED STATEMENTS OF OPERATIONS        
Revenues
Expenses, general and administrative 4,743 3,917 15,299 30,807
Operating loss (4,743) (3,917) (15,299) (30,807)
Other income (expense):        
Interest income   4 2 11
Loss before provision for income taxes (4,743) (3,913) (15,297) (30,796)
Provision for income taxes
Net loss $ (4,743) $ (3,913) $ (15,297) $ (30,796)
Net loss per share       $ (0.01)
Weighted average shares outstanding 4,269,950 4,269,950 4,269,950 4,269,950
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STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Cash flows from operating activities:    
Net loss $ (15,297) $ (30,796)
Adjustments to reconcile net loss to cash provided by operating activities:    
(Increase) in prepaid expenses (570) (8,333)
(Decrease) in accounts payable (180) (175)
Net cash used by operating activities (16,047) (39,304)
Cash flows from investing activities:
Cash flows from financing activities:
Net (decrease) in cash (16,047) (39,304)
Cash, beginning of period 16,792 63,807
Cash, end of period 745 24,503
Interest paid
Income taxes paid
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1. Summary of Business and Significant Accounting Policies
6 Months Ended
Jun. 30, 2016
Notes  
1. Summary of Business and Significant Accounting Policies

1.         Summary of Business and Significant Accounting Policies

 

a.         Summary of Business

 

The Company was incorporated under the laws of the State of Nevada on June 16, 1977.  The Company has been in the business of the development of mineral deposits. During 1983 all activities were abandoned and the Company has remained inactive since that time. The Company has not commenced principal operations and is considered a "Development Stage Company" as defined by FASB ASC 915.

 

b.         Basis of Presentation

 

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) as promulgated in the United States of America.

 

c.         Cash Flows

 

For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash or cash equivalents.

 

d.         Net Loss Per Share

 

The net loss per share calculation is based on the weighted average number of shares outstanding during the period.

 

e.         Use of Estimates

 

The preparation of 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 those estimates.

 

f.          Fair Value of Financial Instruments

 

ASC 820-10 requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. ASC 820-10 defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. As of June 30, 2016 and December 31, 2015, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments.

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2. Warrants and Stock Options
6 Months Ended
Jun. 30, 2016
Notes  
2. Warrants and Stock Options

2.         Warrants and Stock Options

 

No options or warrants are outstanding to acquire the Company's common stock.

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3. Income Taxes
6 Months Ended
Jun. 30, 2016
Notes  
3. Income Taxes

3.         Income Taxes

 

The Company has had no taxable income under Federal or State tax laws. The Company has loss carryforwards totaling $330,913 that may be offset against future federal income taxes. If not used, the carryforwards will expire 20 years after they are incurred. Due to the Company being in the development stage and incurring net operating losses, a valuation allowance has been provided to reduce the deferred tax assets from the net operating losses to zero. Therefore, there are no tax benefits recognized in the accompanying statement of operations

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4. Office Rent
6 Months Ended
Jun. 30, 2016
Notes  
4. Office Rent

4.         Office Rent

 

The Company’s board of directors approved a office rent to a former director of the Company. The amount expensed for the six-months ended June 30, 2016 and 2015 amounted to $-0- and $2,850, respectively.

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5. Travel Expense, Related Party
6 Months Ended
Jun. 30, 2016
Notes  
5. Travel Expense, Related Party

5.         Travel Expense, Related Party

 

In March 2015, the board of directors approved to reimburse its current board member $15,000 for travel expenses incurred related to merger and acquisition activities.

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1. Summary of Business and Significant Accounting Policies: B. Basis of Presentation (Policies)
6 Months Ended
Jun. 30, 2016
Policies  
B. Basis of Presentation

b.         Basis of Presentation

 

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) as promulgated in the United States of America.

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1. Summary of Business and Significant Accounting Policies: C. Statement of Cash Flows (Policies)
6 Months Ended
Jun. 30, 2016
Policies  
C. Statement of Cash Flows

c.         Cash Flows

 

For purposes of the statement of cash flows, the Company considers all highly liquid investments purchased with a maturity of three months or less to be cash or cash equivalents.

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1. Summary of Business and Significant Accounting Policies: D. Net Loss Per Share (Policies)
6 Months Ended
Jun. 30, 2016
Policies  
D. Net Loss Per Share

d.         Net Loss Per Share

 

The net loss per share calculation is based on the weighted average number of shares outstanding during the period.

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1. Summary of Business and Significant Accounting Policies: E. Use of Estimates (Policies)
6 Months Ended
Jun. 30, 2016
Policies  
E. Use of Estimates

e.         Use of Estimates

 

The preparation of 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 those estimates.

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1. Summary of Business and Significant Accounting Policies: F. Fair Value of Financial Instruments (Policies)
6 Months Ended
Jun. 30, 2016
Policies  
F. Fair Value of Financial Instruments

f.          Fair Value of Financial Instruments

 

ASC 820-10 requires entities to disclose the fair value of financial instruments, both assets and liabilities recognized and not recognized on the balance sheet, for which it is practicable to estimate fair value. ASC 820-10 defines the fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. As of June 30, 2016 and December 31, 2015, the carrying value of certain financial instruments approximates fair value due to the short-term nature of such instruments.

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1. Summary of Business and Significant Accounting Policies (Details)
6 Months Ended
Jun. 30, 2016
Details  
Entity Incorporation, State Country Name Nevada
Entity Incorporation, Date of Incorporation Jun. 16, 1977
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3. Income Taxes (Details)
Jun. 30, 2016
USD ($)
Details  
Operating Loss Carryforwards $ 330,913
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4. Office Rent (Details)
6 Months Ended
Jun. 30, 2015
USD ($)
Details  
Office rent - related party expense $ 2,850
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5. Travel Expense, Related Party (Details)
Dec. 31, 2015
USD ($)
Details  
Related Party Transaction, Due from (to) Related Party $ 15,000
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