0001477932-18-005391.txt : 20181113 0001477932-18-005391.hdr.sgml : 20181113 20181113063350 ACCESSION NUMBER: 0001477932-18-005391 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 40 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181113 DATE AS OF CHANGE: 20181113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Eason Education Kingdom Holdings, Inc. CENTRAL INDEX KEY: 0001132509 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MANAGEMENT SERVICES [8741] IRS NUMBER: 880435998 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52273 FILM NUMBER: 181174902 BUSINESS ADDRESS: STREET 1: 33/F., KIN SANG COMMERCIAL CENTER, STREET 2: 49 KING YIP STREET, CITY: KWUN TONG, KOWLOON STATE: K3 ZIP: 00000 BUSINESS PHONE: 85221110810 MAIL ADDRESS: STREET 1: 33/F., KIN SANG COMMERCIAL CENTER, STREET 2: 49 KING YIP STREET, CITY: KWUN TONG, KOWLOON STATE: K3 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: HAN LOGISTICS INC DATE OF NAME CHANGE: 20010116 10-Q 1 ekkh_10q.htm FORM 10-Q ekkh_10q.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2018

 

OR

 

o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ____________ to ___________

 

Commission File No. 000-52273

 

EASON EDUCATION KINGDOM HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

 

Nevada

88-0435998

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

 

33/F., Kin Sang Commercial Center,

49 King Yip Street,

Kwun Tong, Kowloon, Hong Kong

 (Address of principal executive offices, zip code)

 

+852 2111-0810

 (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 issuer (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 o

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files). Yes o No x

 

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

o

Accelerated filer

o

Non-accelerated filer

o

Smaller reporting company

x

(Do not check if a smaller reporting company)

Emerging growth company o

 

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. o

 

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

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

 

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes o No o

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

As of November 7, 2018, there were 310,868,500 shares of common stock, $0.001 par value per share, outstanding.

 

 
2
 
 

 

EASON EDUCATION KINGDOM HOLDINGS, INC.

QUARTERLY REPORT ON FORM 10-Q

FOR THE PERIOD ENDED SEPTEMBER 30, 2018

INDEX

 

Index

Page

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements.

5

Condensed Balance Sheets as of September 30, 2018 (unaudited) and December 31, 2017.

5

Condensed Statements of Operations for the Nine Months ended September 30, 2018 and 2017 (unaudited)

6

Condensed Statements of Cash Flows for the Nine Months ended September 30, 2018 and 2017 (unaudited).

8

Notes to Condensed Financial Statements (unaudited).

9

Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations.

15

Item 3.

Quantitative and Qualitative Disclosures About Market Risk.

17

Item 4.

Controls and Procedures.

17

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings.

18

Item 1A.

Risk Factors.

18

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds.

18

Item 3.

Defaults Upon Senior Securities.

18

Item 4.

Mine Safety Disclosures.

18

Item 5.

Other Information.

18

Item 6.

Exhibits.

19

Signatures

20

 

 
3
 
 

 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q of Eason Education Kingdom Holdings, Inc., a Nevada corporation (the “Company”), contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things to product demand, market and customer acceptance, competition, pricing, the exercise of the control over us by Chu Kin Hon, the Company's sole director and majority shareholder, and development difficulties, as well as general industry and market conditions and growth rates and general economic conditions; and other factors discussed in the Company's filings with the Securities and Exchange Commission (“SEC”).

 

Our management has included projections and estimates in this Form 10-Q, which are based primarily on management's experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 

 
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PART I. FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS.

 

EASON EDUCATION KINGDOM HOLDINGS, INC.

BALANCE SHEETS

SEPTEMBER 30, 2018 (UNAUDITED) AND DECEMBER 31, 2017 (AUDITED)

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

(Unaudited)

 

 

(Audited)

 

ASSETS

CURRENT ASSETS:

 

 

 

 

 

 

Cash

 

$ -

 

 

$ -

 

Escrow accounts hold by attorney

 

 

87,694

 

 

 

131,314

 

Prepaid expenses

 

 

3,000

 

 

 

12,000

 

 

 

 

 

 

 

 

 

 

Total Current Assets

 

 

90,694

 

 

 

143,314

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$ 90,694

 

 

$ 143,314

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

CURRENT LIABILITIES:

 

 

 

 

 

 

 

 

Accounts payable

 

$ -

 

 

$ -

 

Accounts payable - Related party

 

 

-

 

 

 

-

 

Accrued interest

 

 

-

 

 

 

-

 

Accrued interest - Related parties

 

 

-

 

 

 

-

 

Accrued liabilities

 

 

6,000

 

 

 

25,000

 

Amount due to shareholder

 

 

-

 

 

 

-

 

Notes payable

 

 

-

 

 

 

-

 

Notes payable - Related parties

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total Current Liabilities

 

 

6,000

 

 

 

25,000

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Preferred stock, Class A Preferred Stock; $0.001 par value 175,000,000 shares authorized; no shares issued and outstanding

 

 

-

 

 

 

-

 

Common stock, $0.001 par value; 500,000,000 shares authorized; 2018: 310,868,500 (2017: 310,868,500) shares issued and outstanding

 

 

310,869

 

 

 

310,869

 

Additional paid-in capital

 

 

413,349

 

 

 

413,349

 

Accumulated deficit

 

 

(639,524 )

 

 

(605,904 )

 

 

 

 

 

 

 

 

 

Total Stockholders’ Equity

 

 

84,694

 

 

 

118,314

 

 

 

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$ 90,694

 

 

$ 143,314

 

 

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

 

 
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EASON EDUCATION KINGDOM HOLDINGS, INC.

STATEMENTS OF OPERATIONS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED) AND 2017 (UNAUDITED)

 

 

September 30,

 

September 30,

 

2018

 

2017

 

 

(Unaudited)

 

 

(Unaudited)

 

 

Revenues

 

$

-

 

$

-

 

Gross Revenues

 

-

 

-

 

Operating Expenses

 

General and administrative expenses

 

33,620

 

32,063

 

Total Operating Expenses

 

33,620

 

32,063

 

Loss from Operations

 

(33,620

)

 

(32,063

)

 

Other Income (Expense)

 

Gain on release of liabilities

 

-

 

-

 

Interest (expense)

 

-

 

-

 

Interest (expense) - Related Parties

 

-

 

-

 

Total Other Income/(Expense)

 

-

 

-

 

Profit/(loss) before Income Taxes

 

(33,620

)

 

(32,063

)

 

Provision for Income Taxes

 

-

 

-

 

Net Profits/(Loss)

 

$

(33,620

)

 

$

(32,063

)

 

Earnings (Loss) per Share Basic and Diluted

 

$

(0.0001

)

 

$

(0.0001

)

 

Weighted Average Shares Outstanding Basic and Diluted

 

310,868,500

 

310,868,500

 

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

 

 
6
 
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EASON EDUCATION KINGDOM HOLDINGS, INC.

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED) AND 2017 (UNAUDITED)

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

 

 (Unaudited)

 

 

 (Unaudited)

 

 

 

 

 

 

 

 

Revenues

 

 

-

 

 

$ -

 

 

 

 

 

 

 

 

 

 

Gross Revenues

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

19,450

 

 

 

10,063

 

 

 

 

 

 

 

 

 

 

Total Operating Expenses

 

 

19,450

 

 

 

10,063

 

 

 

 

 

 

 

 

 

 

Loss from Operations

 

 

(19,450 )

 

 

(10,063 )

 

 

 

 

 

 

 

 

 

Other Income (Expense)

 

 

 

 

 

 

 

 

Gain on release of liabilities

 

 

-

 

 

 

-

 

Interest (expense)

 

 

-

 

 

 

-

 

Interest (expense) - Related Parties

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Total Other Income/(Expense)

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Profit/(loss) before Income Taxes

 

 

(19,450 )

 

 

(10,063 )

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Net Profits/(Loss)

 

 

(19,450 )

 

$ (10,063 )

 

 

 

 

 

 

 

 

 

Earnings (Loss) per Share Basic and Diluted

 

 

(0.0000 )

 

$ (0.0000 )

 

 

 

 

 

 

 

 

 

Weighted Average Shares Outstanding Basic and Diluted

 

 

310,868,500

 

 

 

310,868,500

 

 

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

 

 
7
 
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EASON EDUCATION KINGDOM HOLDINGS, INC.

STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 (UNAUDITED) AND 2017 (UNAUDITED)

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net profits (loss) from operations

 

$ (33,620 )

 

$ (32,063 )

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Decrease in prepaid expenses

 

 

9,000

 

 

 

17,500

 

Increase(Decrease) in accrued liabilities

 

 

(19,000 )

 

 

(10,500 )

Decrease in accounts payable

 

 

-

 

 

 

-

 

Decrease in accrued expenses

 

 

-

 

 

 

-

 

Decrease in escrow account hold by attorney

 

 

43,620

 

 

 

25,063

 

Net cash (used in) operating activities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Procced from debt settlement

 

 

-

 

 

 

-

 

Escrow accounts hold by director

 

 

-

 

 

 

-

 

Amount due to shareholder

 

 

-

 

 

 

-

 

Decrease in notes payable

 

 

-

 

 

 

-

 

Decrease in notes payable-related parties

 

 

-

 

 

 

-

 

Proceed from common stock issuance

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Net cash provided by financing activities

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Net increase/(decrease) in cash

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH AT BEGINNING OF THE YEAR

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH AT END OF THE YEAR

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

Cash paid for interest expense

 

$ -

 

 

$ -

 

 

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

 
 
8
 
Table of Contents

  

EASON EDUCATION KINGDOM HOLDINGS, INC.

NOTES TO FINANCIAL STATEMENTS

SEPTEMBER 30, 2018 AND DECEMBER 31, 2017

 

NOTE 1 – ORGANIZATION, HISTORY AND BUSINESS ACTIVITY

 

Eason Education Kingdom Holdings, Inc. (formerly known as Han Logistics, Inc.) (the “Company”) was incorporated under the law of the State of Nevada on July 1, 1999. The Company organized to engage in the business of namely the development, marketing and delivering of logistical analysis, problem solving and other logistics services and general business services. The Company is currently seeking any business opportunities.

 

On February 12, 2015, Michael Vardakis, the then major shareholder, entered into a Stock Purchase Agreement with Kin Hon Chu (“New Majority Shareholder”) wherein Mr. Vardakis sold 8,813,225 shares of the Company’s common stock, representing approximately 85% of all issued and outstanding shares to Mr. Chu.

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

 

This summary of significant accounting policies of Eason Education Kingdom Holdings, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied in the preparation of the financial statements.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company currently has cash held in a trust account held by the Company’s legal counsel.

 

Fair Value of Financial Instruments

 

Effective January 1, 2008, the Company adopted FASB ASC 820, Fair Value Measurements, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

 

Level 1 – Quoted prices for identical assets and liabilities in active markets;

 

Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

 

Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

The Company designates cash equivalents as Level 1. The total amount of the Company’s investment classified as Level 3 is de minimis.

 

The fair value of the Company’s debt as of September 30, 2018 and December 31, 2017 approximated fair value at those times.

 

Fair value of financial instruments: The carrying amounts of financial instruments, including cash, accounts payable, and accrued expenses approximated fair value as of September 30, 2018 and December 31, 2017 because of the relative short term nature of these instruments.

 

Revenue Recognition

 

The Company recognizes revenue, in accordance with ASC 605, Revenue Recognition, which codified the Securities and Exchange Commission Staff Accounting Bulletin (SAB) number 104, which states that revenue is generally recognized when it is realized and earned. Specifically, the Company recognizes revenue when services are performed and projects are completed and accepted by the customer. 

 

 
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Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates.

 

Income Taxes

 

The Company accounts for income taxes under an asset and liability approach. This process involves calculating the temporary and permanent differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The temporary differences result in deferred tax assets and liabilities, which would be recorded on the Company’s balance sheets in accordance with ASC 740, Income Taxes, which established financial accounting and reporting standards for the effect of income taxes. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, the Company must establish a valuation allowance. Changes in the Company’s valuation allowance in a period are recorded through the income tax provision on the statements of operations.

 

The Company records interest and penalties arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of September 30, 2018 and December 31, 2017, the Company had no accrued interest or penalties related to uncertain tax positions. The company also did not have any uncertain tax benefits during these years. The tax years 2017, 2016 and 2015 remain open to examination.

 

Earnings (Loss) per Share

 

The Company is required to provide basic and dilutive earnings (loss) per common share information.

 

The basic net loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding.

 

Diluted net loss per common share is computed by dividing the net loss applicable to common stockholders, adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities.

 

For the period ended September 30, 2018 and year ended December 31, 2017, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.

  

 
10
 
 

 

Recent Accounting Pronouncements

 

In January 2017, the FASB issued Accounting Standards Board Update No. 2017-01: Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”). The ASU clarifies the definition of business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for the Company’s fiscal year beginning January 1, 2018 and subsequent interim periods with prospective application with impacts on the Company’s financial statements that may vary depending on each specific acquisition. Early adoption is conditionally permitted.

 

In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. Under current GAAP, entities normally amortize the premium as an adjustment of yield over the contractual life of the instrument. This guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company’s financial statements.

 

In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation: (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. We expect to adopt the new standard using the full retrospective application, and we do not believe the adoption will have a significant impact on our recognition of net revenues or related disclosures for any period.

 

In July 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) (“ASU 2017-11”). The update changes the classification of certain equity-linked financial instruments (or embedded features) with down round features. The update also clarifies existing disclosure requirements for equity-classified instruments. The update is effective retrospectively for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for all companies in any interim or annual period.

 

We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows.

 

 
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NOTE 3 – GOING CONCERN

 

The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred a net loss of $33,620 (from operations) for the nine months ended September 30, 2018 and an accumulated deficit of $639,524. It also sustained operating losses in prior years as well. These factors raise substantial doubt as to its ability to remain a going concern and obtain debt and/or equity financing and achieve profitable operations.

 

Management intends to raise additional operating funds through equity and/or debt offerings. However, there can be no assurance management will be successful in its endeavors. Ultimately, the Company will need to achieve profitable operations in order to continue as a going concern.

 

There are no assurances that Eason Education Kingdom Holdings, Inc. will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may be required to curtail its operations.

 

NOTE 4 – INCOME TAXES

 

Deferred taxes are provided on an asset and liability approach whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

2017:

 

Balance

 

 

Rate

 

 

Tax

 

Federal loss carryforward

 

$ 565,305

 

 

 

34 %

 

$ 192,204

 

Valuation allowance

 

 

 

 

 

 

 

 

 

 

(192,204 )

Deferred tax asset

 

 

 

 

 

 

 

 

 

$ -

 

 

 
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2018:

 

Balance

 

 

Rate

 

 

Tax

 

Federal loss carryforward

 

$ 598,925

 

 

 

21 %

 

$ 125,774

 

Valuation allowance

 

 

 

 

 

 

 

 

 

 

(125,774 )

Deferred tax asset

 

 

 

 

 

 

 

 

 

$ -

 

 

A reconciliation between expected and actual tax liability is presented below.

 

 

 

2018

 

 

2017

 

Expected (Benefit) – Federal rate 21% (2018 onward), 34% (2017)

 

$ (7,060 )

 

$ (20,447 )

 

 

 

 

 

 

 

 

 

Effect of:

 

 

 

 

 

 

 

 

Valuation allowance

 

 

7,060

 

 

 

20,447

 

Total Actual Provision

 

$ -

 

 

$ -

 

 

As of September 30, 2018, the Company has provided tax losses of $598,925 (December 31, 2017: $565,305). Deferred tax asset is not provided for as the tax losses may not be able to carry forward after a change in substantial ownership of the Company in February 2015.

 

NOTE 5 – COMMON STOCK

 

As of September 30, 2018 and December 31, 2017, the Company authorized two classes of stock; 500,000,000 shares of common stock at par value of $0.001 and 175,000,000 Class A preferred stock at par value of $0.001., There are 310,868,500 common shares issued and outstanding as of September 30, 2018 and December 2017. None of the Class A preferred stock is issued During October 2015, the Company issued 300,500,000 share of common stock for a consideration of $300,500 in cash.

 

NOTE 6 – RELATED PARTY TRANSACTIONS

 

The Company currently utilizes office space on a rent-free basis from a director and shareholder, and shall do so until substantial revenue-producing operations commence. Management deemed the rent-free space to be of no nominal value.

 

As of September 30, 2018 and December 31, 2017, total notes payable to the related parties and accrued interests amounted to $0 and $0 in the aggregate.

 

As of September 30, 2018 and December 31, 2017, there were no outstanding balance due from or due to the shareholders.

 
 
13
 
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NOTE 7 – NOTE PAYABLE

 

As of September 30, 2018 and December 31, 2017, there were no notes payable and no interests incurred or accrued related to notes payable.

 

NOTE 8 – RELEASE OF LIABILITIES

 

On February 12, 2015, Michael Vardakis (“Then Majority Shareholder”) entered into a Stock Purchase Agreement with Kin Hon Chu (“New Majority Shareholder”) wherein Mr. Vardakis sold 8,813,225 shares of the Company’s common stock, representing approximately 85% of all issued and outstanding shares to Mr. Chu. Mr. Chu paid $4,406.61 to Michael Vardakis for this control block of shares and also directly paid off all of the existing liabilities of the Company. Accordingly, certain liabilities of $236,959 in the aggregate, including those notes payable as disclosed in note 6 and note 7, were released by the creditors as a result of the change.

 

NOTE 9 – SUBSEQUENT EVENTS

 

The Company has evaluated the period after the balance sheet date up through the date that the financial statements were issued, and determined that there were no subsequent events or transactions that required recognition or disclosure in the financial statements.

  

 
14
 
Table of Contents

 

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

 

The following information should be read in conjunction with (i) the financial statements of Eason Education Kingdom Holdings, Inc., a Nevada corporation (the “Company”), and development-stage company, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the December 31, 2017 audited financial statements and related notes included in the Company's Form 10-K (File No. 000-52273; the “Form 10-K”), as filed with the Securities and Exchange Commission on April 16, 2018. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute “forward-looking” statements

 

OVERVIEW

 

The Company was incorporated in the State of Nevada on July 1, 1999 and established a fiscal year end of December 31. It is a development stage company.

 

Going Concern

 

To date the Company has little operations or revenues and consequently has incurred recurring losses from operations. No revenues are anticipated until we complete the financing we endeavor to obtain, as described in the Form 10-K, and implement our initial business plan. The ability of the Company to continue as a going concern is dependent on raising capital to fund our business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company's ability to continue as a going concern.

 

Our activities have been financed from related-party loans and the proceeds of share subscriptions. During October 2015, the Company raised a total of $300,500 in cash from offerings of our common stock. We have no outstanding loans.

 

The Company plans to raise additional funds through debt or equity offerings. There is no guarantee that the Company will be able to raise any capital through this or any other offerings.

 

PLAN OF OPERATION

 

We must raise at least $750,000 to commence our plan of operation, described above, and fund our ongoing operational expenses. We have no assurance that future financing will materialize. If that financing is not available, we may be unable to continue our operations. Management believes that if we are successful in raising $750,000, we will be able to generate sales revenue within the following twelve months thereof. However, if such financing is not available, we could fail to satisfy our future cash requirements. We have no assurance that future financing will materialize. Management believes that if subsequent private placements are successful, we will be able to generate sales revenue within the following twelve months thereof. However, additional equity financing may not be available to us on acceptable terms or at all, and thus we could fail to satisfy our future cash requirements.

 

If we are unsuccessful in raising at least $750,000 through a private placement, we will then have to seek additional funds through debt financing, which would be highly difficult for a new, development stage business to obtain. Therefore, the Company is highly dependent upon the success of an anticipated private placement offering and failure thereof would result in the Company having to seek capital from other sources such as debt financing, which may not even be available to the Company. However, if such financing were available, because we are a development stage company with little in the way of operations to date, we would likely have to pay additional costs associated with high risk loans and be subject to an above market interest rate. If and when these funds are obtained, management would evaluate the terms of such debt financing and determine whether the business could sustain operations and growth and manage the debt load. If we cannot raise additional proceeds via a private placement of our common stock or secure debt financing we would be required to cease business operations and as a result, investors in our common stock would lose all of their investment.

 

 
15
 
Table of Contents

 

RESULTS OF OPERATIONS

 

Nine-Month Periods Ended September 30, 2018 and 2017

 

We did not earn revenues for the nine-month periods ended September 30, 2018 and 2017.

 

For the period ended September 30, 2018, we incurred total operating expenses of $33,620, consisting solely of general and administrative expenses. By comparison, for the period ended June 30, 2017, we incurred total operating expenses of $32,063, consisting solely of general and administrative expenses.

 

For the period ended September 30, 2018, we had a net loss of $(14,170). For the period ended June 30, 2017, we had a net loss of (33,620). Our accumulated deficit at September 30, 2018, is $639,524.

 

Three-Month Periods Ended September 30, 2018 and 2017

 

For the three-month periods ended September 30, 2018 and 2017, we incurred total operating expenses of $19,450 and $10,063, consisting solely of general and administrative expenses.

 

For the period ended September 30, 2018, we had other income of $0 and net loss of $19,450. For the period ended September 30, 2017, we had other income of $0 and net loss of $10,063. By comparison, there was no other income for both of the three-month periods ended September 30, 2018 and 2017. The net loss increased from $10,063 to $19,450 from the three-month periods ended of September 30, 2017 to September 30, 2018. The increase was a result of professional fees and operation expenses.

 

Liquidity and Capital Resources

 

At September 30, 2018, we had a cash balance of $87,694, total current assets of $90,694, total current liabilities of approximately $6,000, and working capital and stockholders' equity of approximately $84,694. We do not have sufficient cash on hand to commence our 12-month plan of operation or to fund our ongoing operational expenses. We will need to raise funds to commence our plan of operation and fund our ongoing operational expenses. Additional funding will likely come from equity financing from the sale of our common stock or debt securities. If we are successful in completing an equity or debt financing, existing shareholders will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or debt securities to fund our planned activities and ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our operations and our business will fail.

 

 
16
 
Table of Contents

 

Off-Balance Sheet Arrangements

 

We had no off-balance sheet arrangements for the nine months ended September 30, 2018.

 

Subsequent Events

 

None through date of this filing.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.

  

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of disclosure controls and procedures

 

Our management, with the participation of our chief executive officer and chief financial officer, evaluated the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs. The design of any disclosure controls and procedures also is 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 its stated goals under all potential future conditions.

 

Based on that evaluation, our chief executive officer and chief financial officer concluded that, as of September 30, 2018, our disclosure controls and procedures were not effective to provide reasonable assurance that information we are required to disclose in reports that we file or submit under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC rules, regulations and forms, and (ii) that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate, to allow timely decisions regarding required disclosure.

 

Changes in internal control over financial reporting

 

Our management, with the participation of the chief executive officer and chief financial officer, has concluded there were no significant changes in our internal controls over financial reporting that occurred during this quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 
17
 
Table of Contents

 

PART II. OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS.

 

The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company's business, financial condition or results of operations.

 

ITEM 1A. RISK FACTORS

 

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

 

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

 

None.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES.

 

Not applicable.

 

ITEM 5. OTHER INFORMATION.

 

None.

 

 
18
 
Table of Contents

 

ITEM 6. EXHIBITS.

 

(a) Exhibits required by Item 601 of Regulation SK.

 

Number

Description

3.1.1

Articles of Incorporation, dated July 1, 1999 (1)

3.1.2

Amended and Restated Articles of Incorporation, dated December 9, 2010 (2)

3.1.3

Certificate of Amendment dated August 10, 2015 (3)

3.2

 

Bylaws (4)

31.1

 

Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2

Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1

 

Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

 

Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS *

 

XBRL Instance Document

101.SCH *

 

XBRL Taxonomy Extension Schema Document

101.CAL *

 

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF *

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB *

 

XBRL Taxonomy Extension Label Linkbase Document

101.PRE *

 

XBRL Taxonomy Extension Presentation Linkbase Document

_____________________

(1) Incorporated by reference to the Registrant's Registration Statement on Form SB-2 (File No. 333-54002), filed with the Securities and Exchange Commission on January 19, 2001.

 

 

(2) Incorporated by reference to the Registrant's Definitive Information Statement on Schedule 14C (File No. 000-52273), filed with the Securities and Exchange Commission on November 17, 2010.

 

 

(3) Filed and incorporated by reference to the Company's Quarterly Report on Form 10-Q (File No. 000-52273), as filed with the Securities and Exchange Commission on August 14, 2015.

 

 

(4) Incorporated by reference to the Registrant's Annual Report on Form 10-K (File No. 000-52273), filed with the Securities and Exchange Commission on June 24, 2016.

 

* XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 
19
 
Table of Contents

 

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.

 

EASON EDUCATION KINGDOM HOLDINGS, INC.

(Name of Registrant)

Date: November 13, 2018

By:

/s/ Law Wai Fan

Name:

Law Wai Fan

Title:

Chief Executive Officer

(principal executive officer)

 

Date: November 13, 2018

By:

/s/ Cheng Kin Ning, Kenny

Name:

Cheng Kin Ning, Kenny

Title:

Chief Financial Officer (principal accounting officer and principal financial officer)

 

 

20

 

EX-31.1 2 ekkh_ex311.htm CERTIFICATION ekkh_ex311.htm

EXHIBIT 31.1

 

SECTION 302 CERTIFICATION OF

PRINCIPAL EXECUTIVE OFFICER OF EASON EDUCATION KINGDOM HOLDINGS, INC.

 

I, Law Wai Fan, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Eason Education Kingdom Holdings, Inc.;

 

 

2. Based on my knowledge, this quarterly 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 quarterly report;

 

 

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly 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 the 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 13, 2018

 

/s/ Law Wai Fan

 

 

 

Law Wai Fan

 

 

 

Chief Executive Officer

 

 

 

(principal executive officer)

 

EX-31.2 3 ekkh_ex312.htm CERTIFICATION ekkh_ex312.htm

EXHIBIT 31.2

 

SECTION 302 CERTIFICATION OF

PRINCIPAL FINANCIAL OFFICER OF EASON EDUCATION KINGDOM HOLDINGS, INC.

 

I, Cheng Kin Ning, Kenny, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Eason Education Kingdom Holdings, Inc.;

 

 

2. Based on my knowledge, this quarterly 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 quarterly report;

 

 

3. Based on my knowledge, the financial statements, and other financial information included in this quarterly 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 quarterly 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 the 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 13, 2018

 

/s/ Cheng Kin Ning, Kenny

 

 

 

Cheng Kin Ning, Kenny

 

 

 

Chief Financial Officer

 

 

 

(principal financial officer and principal accounting officer)

 

EX-32.1 4 ekkh_ex321.htm CERTIFICATION ekkh_ex321.htm

EXHIBIT 32.1

 

SECTION 906 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER

OF EASON EDUCATION KINGDOM HOLDINGS, INC.

 

In connection with the accompanying Quarterly Report on Form 10-Q of Eason Education Kingdom Holdings, Inc. for the quarter ended September 30, 2018, the undersigned, Cheng Kin Ning, Kenny, President of Eason Education Kingdom Holdings, Inc., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(1) such Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 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 such Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 fairly presents, in all material respects, the financial condition and results of operations of Eason Education Kingdom Holdings, Inc.

 

 

Date: November 13, 2018

 

/s/ Law Wai Fan

 

 

 

Law Wai Fan

 

 

 

Chief Executive Officer

 

 

 

(principal executive officer)

 

 

EX-32.2 5 ekkh_ex322.htm CERTIFICATION ekkh_ex322.htm

EXHIBIT 32.2

 

SECTION 906 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER

OF EASON EDUCATION KINGDOM HOLDINGS, INC.

 

In connection with the accompanying Quarterly Report on Form 10-Q of Eason Education Kingdom Holdings, Inc. for the quarter ended September 30, 2018, the undersigned, Cheng Kin Ning, Kenny, President of Eason Education Kingdom Holdings, Inc., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

 

 

(1) such Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 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 such Quarterly Report on Form 10-Q for the quarter ended September 30, 2018 fairly presents, in all material respects, the financial condition and results of operations of Eason Education Kingdom Holdings, Inc.

 

 

Date: November 13, 2018

 

/s/ Cheng Kin Ning, Kenny

 

 

 

Cheng Kin Ning, Kenny

 

 

 

Chief Financial Officer

 

 

 

(principal financial officer and principal accounting officer)

 

 

EX-101.INS 6 ekkh-20180930.xml XBRL INSTANCE DOCUMENT 0001132509 2016-12-31 0001132509 2017-01-01 2017-09-30 0001132509 2017-09-30 0001132509 EKKH:VardakisMember 2015-02-12 0001132509 2015-10-01 2015-10-31 0001132509 us-gaap:PreferredClassAMember 2018-09-30 0001132509 2017-12-31 0001132509 2018-09-30 0001132509 2018-11-07 0001132509 2018-01-01 2018-09-30 0001132509 us-gaap:PreferredClassAMember 2017-12-31 0001132509 2017-07-01 2017-09-30 0001132509 2018-07-01 2018-09-30 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure 310868500 8813225 0.85 4407 236959 0.001 0.001 175000000 175000000 0 0 0 0 0.001 0.001 500000000 500000000 310868500 310868500 310868500 310868500 32063 33620 10063 19450 32063 33620 10063 19450 -32063 -33620 -10063 -19450 -32063 -33620 -10063 -19450 -32063 -33620 -10063 -19450 310868500 310868500 310868500 310868500 -0.0001 -0.0001 0.0000 0.0000 25063 43620 -10500 -19000 -17500 -9000 565305 598925 0.34 0.21 192204 125774 192204 125774 -20447 -7060 20447 7060 300500000 300500 25000 6000 25000 6000 143314 90694 118314 84694 -605904 -639524 413349 413349 310869 310869 <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Eason Education Kingdom Holdings, Inc. (formerly known as Han Logistics, Inc.) (the &#8220;Company&#8221;) was incorporated under the law of the State of Nevada on July 1, 1999. The Company organized to engage in the business of namely the development, marketing and delivering of logistical analysis, problem solving and other logistics services and general business services. 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Document and Entity Information - shares
9 Months Ended
Sep. 30, 2018
Nov. 07, 2018
Document and Entity Information    
Entity Registrant Name Eason Education Kingdom Holdings, Inc.  
Entity Central Index Key 0001132509  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Common Stock, Shares Outstanding   310,868,500
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2018  
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BALANCE SHEETS - USD ($)
Sep. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash
Escrow account hold by attorney 87,694 131,314
Prepaid expenses 3,000 12,000
Total Current Assets 90,694 143,314
TOTAL ASSETS 90,694 143,314
CURRENT LIABILITIES:    
Accounts payable
Accounts payable - Related party
Accrued interest
Accrued interest - Related parties
Accrued liabilities 6,000 25,000
Amount due to shareholder
Notes payable
Notes payable - Related parties
Total Current Liabilities 6,000 25,000
STOCKHOLDERS' EQUITY:    
Common stock, $0.001 par value; 500,000,000 shares authorized; 2018: 310,868,500 (2017: 310,868,500) shares issued and outstanding 310,869 310,869
Additional paid-in capital 413,349 413,349
Accumulated deficit (639,524) (605,904)
Total Stockholders' Equity 84,694 118,314
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY 90,694 143,314
Class A Preferred Stock [Member]    
STOCKHOLDERS' EQUITY:    
Preferred stock, Class A Preferred Stock; $0.001 par value 175,000,000 shares authorized; no shares issued and outstanding
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BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2018
Dec. 31, 2017
STOCKHOLDERS EQUITY:    
Common stock par value $ 0.001 $ 0.001
Common stock, Shares authorized 500,000,000 500,000,000
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Common stock, Shares outstanding 310,868,500 310,868,500
Class A Preferred Stock [Member]    
STOCKHOLDERS EQUITY:    
Preferred stock par value $ 0.001 $ 0.001
Preferred stock, Shares authorized 175,000,000 175,000,000
Preferred stock, Shares issued 0 0
Preferred stock, Shares outstanding 0 0
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STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Statements Of Operations        
Revenues
Gross Revenues
Operating Expenses        
General and administrative expenses 19,450 10,063 33,620 32,063
Total Operating Expenses 19,450 10,063 33,620 32,063
Loss from Operations (19,450) (10,063) (33,620) (32,063)
Other Income (Expense)        
Gain on release of liabilities
Interest (expense)
Interest (expense) - Related Parties
Total Other Income/(Expense)
Profit/(loss) before Income Taxes (19,450) (10,063) (33,620) (32,063)
Provision for Income Taxes
Net Profits/(Loss) $ (19,450) $ (10,063) $ (33,620) $ (32,063)
Earnings (Loss) per Share Basic and Diluted $ 0.0000 $ 0.0000 $ (0.0001) $ (0.0001)
Weighted Average Shares Outstanding Basic and Diluted 310,868,500 310,868,500 310,868,500 310,868,500
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STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net profits (loss) from operations $ (33,620) $ (32,063)
Changes in assets and liabilities:    
Decrease in prepaid expenses 9,000 17,500
Increase(Decrease) in accrued liabilities (19,000) (10,500)
Decrease in accounts payable
Decrease in accrued expenses
Decrease in escrow account hold by attorney 43,620 25,063
Net cash (used in) operating activities
CASH FLOWS FROM FINANCING ACTIVITIES:    
Procced from debt settlement
Escrow accounts hold by director
Amount due to shareholder
Decrease in notes payable
Decrease in notes payable-related parties
Proceed from common stock issuance
Net cash provided by financing activities
Net increase/(decrease) in cash
CASH AT BEGINNING OF THE YEAR
CASH AT END OF THE YEAR
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for income taxes
Cash paid for interest expense
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ORGANIZATION, HISTORY AND BUSINESS ACTIVITY
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 1 – ORGANIZATION, HISTORY AND BUSINESS ACTIVITY

Eason Education Kingdom Holdings, Inc. (formerly known as Han Logistics, Inc.) (the “Company”) was incorporated under the law of the State of Nevada on July 1, 1999. The Company organized to engage in the business of namely the development, marketing and delivering of logistical analysis, problem solving and other logistics services and general business services. The Company is currently seeking any business opportunities.

 

On February 12, 2015, Michael Vardakis, the then major shareholder, entered into a Stock Purchase Agreement with Kin Hon Chu (“New Majority Shareholder”) wherein Mr. Vardakis sold 8,813,225 shares of the Company’s common stock, representing approximately 85% of all issued and outstanding shares to Mr. Chu.

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SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

This summary of significant accounting policies of Eason Education Kingdom Holdings, Inc. is presented to assist in understanding the Company’s financial statements. The financial statements and notes are representations of the Company’s management, which is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) and have been consistently applied in the preparation of the financial statements.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company currently has cash held in a trust account held by the Company’s legal counsel.

 

Fair Value of Financial Instruments

 

Effective January 1, 2008, the Company adopted FASB ASC 820, Fair Value Measurements, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

 

Level 1 – Quoted prices for identical assets and liabilities in active markets;

 

Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

 

Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

The Company designates cash equivalents as Level 1. The total amount of the Company’s investment classified as Level 3 is de minimis.

 

The fair value of the Company’s debt as of September 30, 2018 and December 31, 2017 approximated fair value at those times.

 

Fair value of financial instruments: The carrying amounts of financial instruments, including cash, accounts payable, and accrued expenses approximated fair value as of September 30, 2018 and December 31, 2017 because of the relative short term nature of these instruments.

 

Revenue Recognition

 

The Company recognizes revenue, in accordance with ASC 605, Revenue Recognition, which codified the Securities and Exchange Commission Staff Accounting Bulletin (SAB) number 104, which states that revenue is generally recognized when it is realized and earned. Specifically, the Company recognizes revenue when services are performed and projects are completed and accepted by the customer. 

  

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates.

 

Income Taxes

 

The Company accounts for income taxes under an asset and liability approach. This process involves calculating the temporary and permanent differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The temporary differences result in deferred tax assets and liabilities, which would be recorded on the Company’s balance sheets in accordance with ASC 740, Income Taxes, which established financial accounting and reporting standards for the effect of income taxes. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, the Company must establish a valuation allowance. Changes in the Company’s valuation allowance in a period are recorded through the income tax provision on the statements of operations.

 

The Company records interest and penalties arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of September 30, 2018 and December 31, 2017, the Company had no accrued interest or penalties related to uncertain tax positions. The company also did not have any uncertain tax benefits during these years. The tax years 2017, 2016 and 2015 remain open to examination.

 

Earnings (Loss) per Share

 

The Company is required to provide basic and dilutive earnings (loss) per common share information.

 

The basic net loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding.

 

Diluted net loss per common share is computed by dividing the net loss applicable to common stockholders, adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities.

 

For the period ended September 30, 2018 and year ended December 31, 2017, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.

 

Recent Accounting Pronouncements

 

In January 2017, the FASB issued Accounting Standards Board Update No. 2017-01: Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”). The ASU clarifies the definition of business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for the Company’s fiscal year beginning January 1, 2018 and subsequent interim periods with prospective application with impacts on the Company’s financial statements that may vary depending on each specific acquisition. Early adoption is conditionally permitted.

 

In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. Under current GAAP, entities normally amortize the premium as an adjustment of yield over the contractual life of the instrument. This guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company’s financial statements.

 

In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation: (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. We expect to adopt the new standard using the full retrospective application, and we do not believe the adoption will have a significant impact on our recognition of net revenues or related disclosures for any period.

 

In July 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) (“ASU 2017-11”). The update changes the classification of certain equity-linked financial instruments (or embedded features) with down round features. The update also clarifies existing disclosure requirements for equity-classified instruments. The update is effective retrospectively for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for all companies in any interim or annual period.

 

We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows.

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GOING CONCERN
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 3 – GOING CONCERN

The Company’s financial statements have been presented on the basis that it is a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company incurred a net loss of $33,620 (from operations) for the nine months ended September 30, 2018 and an accumulated deficit of $639,524. It also sustained operating losses in prior years as well. These factors raise substantial doubt as to its ability to remain a going concern and obtain debt and/or equity financing and achieve profitable operations.

 

Management intends to raise additional operating funds through equity and/or debt offerings. However, there can be no assurance management will be successful in its endeavors. Ultimately, the Company will need to achieve profitable operations in order to continue as a going concern.

 

There are no assurances that Eason Education Kingdom Holdings, Inc. will be able to either (1) achieve a level of revenues adequate to generate sufficient cash flow from operations; or (2) obtain additional financing through either private placement, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may be required to curtail its operations.

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INCOME TAXES
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 4 – INCOME TAXES

Deferred taxes are provided on an asset and liability approach whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

2017:   Balance     Rate     Tax  
Federal loss carryforward   $ 565,305       34 %   $ 192,204  
Valuation allowance                     (192,204 )
Deferred tax asset                   $ -  

  

2018:   Balance     Rate     Tax  
Federal loss carryforward   $ 598,925       21 %   $ 125,774  
Valuation allowance                     (125,774 )
Deferred tax asset                   $ -  

 

A reconciliation between expected and actual tax liability is presented below.

 

    2018     2017  
Expected (Benefit) – Federal rate 21% (2018 onward), 34% (2017)   $ (7,060 )   $ (20,447 )
                 
Effect of:                
Valuation allowance     7,060       20,447  
Total Actual Provision   $ -     $ -  

 

As of September 30, 2018, the Company has provided tax losses of $598,925 (December 31, 2017: $565,305). Deferred tax asset is not provided for as the tax losses may not be able to carry forward after a change in substantial ownership of the Company in February 2015.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMON STOCK
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 5 – COMMON STOCK

As of September 30, 2018 and December 31, 2017, the Company authorized two classes of stock; 500,000,000 shares of common stock at par value of $0.001 and 175,000,000 Class A preferred stock at par value of $0.001., There are 310,868,500 common shares issued and outstanding as of September 30, 2018 and December 2017. None of the Class A preferred stock is issued During October 2015, the Company issued 300,500,000 share of common stock for a consideration of $300,500 in cash.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 6 – RELATED PARTY TRANSACTIONS

The Company currently utilizes office space on a rent-free basis from a director and shareholder, and shall do so until substantial revenue-producing operations commence. Management deemed the rent-free space to be of no nominal value.

 

As of September 30, 2018 and December 31, 2017, total notes payable to the related parties and accrued interests amounted to $0 and $0 in the aggregate.

 

As of September 30, 2018 and December 31, 2017, there were no outstanding balance due from or due to the shareholders.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
NOTE PAYABLE
9 Months Ended
Sep. 30, 2018
Note Payable  
NOTE 7 – NOTE PAYABLE

As of September 30, 2018 and December 31, 2017, there were no notes payable and no interests incurred or accrued related to notes payable.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELEASE OF LIABILITIES
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 8 – RELEASE OF LIABILITIES

On February 12, 2015, Michael Vardakis (“Then Majority Shareholder”) entered into a Stock Purchase Agreement with Kin Hon Chu (“New Majority Shareholder”) wherein Mr. Vardakis sold 8,813,225 shares of the Company’s common stock, representing approximately 85% of all issued and outstanding shares to Mr. Chu. Mr. Chu paid $4,406.61 to Michael Vardakis for this control block of shares and also directly paid off all of the existing liabilities of the Company. Accordingly, certain liabilities of $236,959 in the aggregate, including those notes payable as disclosed in note 6 and note 7, were released by the creditors as a result of the change.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
SUBSEQUENT EVENTS
9 Months Ended
Sep. 30, 2018
Notes to Financial Statements  
NOTE 9 – SUBSEQUENT EVENTS

The Company has evaluated the period after the balance sheet date up through the date that the financial statements were issued, and determined that there were no subsequent events or transactions that required recognition or disclosure in the financial statements.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Sep. 30, 2018
Significant Accounting Policies  
Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with original maturities of three months or less to be cash equivalents. The Company currently has cash held in a trust account held by the Company’s legal counsel.

Fair Value of Financial Instruments

Effective January 1, 2008, the Company adopted FASB ASC 820, Fair Value Measurements, which provides a framework for measuring fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The standard also expands disclosures about instruments measured at fair value and establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:

 

Level 1 – Quoted prices for identical assets and liabilities in active markets;

 

Level 2 – Quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets; and

 

Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.

 

The Company designates cash equivalents as Level 1. The total amount of the Company’s investment classified as Level 3 is de minimis.

 

The fair value of the Company’s debt as of September 30, 2018 and December 31, 2017 approximated fair value at those times.

 

Fair value of financial instruments: The carrying amounts of financial instruments, including cash, accounts payable, and accrued expenses approximated fair value as of September 30, 2018 and December 31, 2017 because of the relative short term nature of these instruments.

Revenue Recognition

The Company recognizes revenue, in accordance with ASC 605, Revenue Recognition, which codified the Securities and Exchange Commission Staff Accounting Bulletin (SAB) number 104, which states that revenue is generally recognized when it is realized and earned. Specifically, the Company recognizes revenue when services are performed and projects are completed and accepted by the customer. 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Management makes these estimates using the best information available at the time the estimates are made; however actual results could differ materially from those estimates.

Income Taxes

The Company accounts for income taxes under an asset and liability approach. This process involves calculating the temporary and permanent differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The temporary differences result in deferred tax assets and liabilities, which would be recorded on the Company’s balance sheets in accordance with ASC 740, Income Taxes, which established financial accounting and reporting standards for the effect of income taxes. The Company must assess the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent the Company believes that recovery is not likely, the Company must establish a valuation allowance. Changes in the Company’s valuation allowance in a period are recorded through the income tax provision on the statements of operations.

 

The Company records interest and penalties arising from the underpayment of income taxes in the statement of income under general and administrative expenses. As of September 30, 2018 and December 31, 2017, the Company had no accrued interest or penalties related to uncertain tax positions. The company also did not have any uncertain tax benefits during these years. The tax years 2017, 2016 and 2015 remain open to examination.

Earnings (Loss) per Share

The Company is required to provide basic and dilutive earnings (loss) per common share information.

 

The basic net loss per common share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding.

 

Diluted net loss per common share is computed by dividing the net loss applicable to common stockholders, adjusted on an “as if converted” basis, by the weighted average number of common shares outstanding plus potential dilutive securities.

 

For the period ended September 30, 2018 and year ended December 31, 2017, potential dilutive securities had an anti-dilutive effect and were not included in the calculation of diluted net loss per common share.

Recent Accounting Pronouncements

In January 2017, the FASB issued Accounting Standards Board Update No. 2017-01: Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”). The ASU clarifies the definition of business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. ASU 2017-01 will be effective for the Company’s fiscal year beginning January 1, 2018 and subsequent interim periods with prospective application with impacts on the Company’s financial statements that may vary depending on each specific acquisition. Early adoption is conditionally permitted.

 

In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities. Under current GAAP, entities normally amortize the premium as an adjustment of yield over the contractual life of the instrument. This guidance shortens the amortization period for certain callable debt securities held at a premium to the earliest call date. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The adoption of ASU No. 2017-08 is not expected to have a material impact on the Company’s financial statements.

 

In May 2017, the FASB issued ASU 2017-09, Compensation – Stock Compensation: (Topic 718): Scope of Modification Accounting. ASU 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. This pronouncement is effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. We expect to adopt the new standard using the full retrospective application, and we do not believe the adoption will have a significant impact on our recognition of net revenues or related disclosures for any period.

 

In July 2017, the FASB issued Accounting Standards Update (“ASU”) No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815) (“ASU 2017-11”). The update changes the classification of certain equity-linked financial instruments (or embedded features) with down round features. The update also clarifies existing disclosure requirements for equity-classified instruments. The update is effective retrospectively for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period. Early adoption is permitted for all companies in any interim or annual period.

 

We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Tables)
9 Months Ended
Sep. 30, 2018
Income Taxes Tables Abstract  
Schedule of Deferred Tax Assets
2017:   Balance     Rate     Tax  
Federal loss carryforward   $ 565,305       34 %   $ 192,204  
Valuation allowance                     (192,204 )
Deferred tax asset                   $ -  

  

2018:   Balance     Rate     Tax  
Federal loss carryforward   $ 598,925       21 %   $ 125,774  
Valuation allowance                     (125,774 )
Deferred tax asset                   $ -  
Expected tax liability
    2018     2017  
Expected (Benefit) – Federal rate 21% (2018 onward), 34% (2017)   $ (7,060 )   $ (20,447 )
                 
Effect of:                
Valuation allowance     7,060       20,447  
Total Actual Provision   $ -     $ -  
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
ORGANIZATION, HISTORY AND BUSINESS ACTIVITY (Details narrative) - shares
9 Months Ended
Sep. 30, 2018
Feb. 12, 2015
State of incorporation State of Nevada  
Date of incorporation Jul. 01, 1999  
Vardakis [Member]    
Common stock shares sold   8,813,225
Percentage of common stock issued and outstanding shares   85.00%
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
GOING CONCERN (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Going Concern          
Loss from operations $ (19,450) $ (10,063) $ (33,620) $ (32,063)  
Accumulated deficit $ (639,524)   $ (639,524)   $ (605,904)
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Details) - USD ($)
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Income Taxes Details Abstract    
Federal loss carryforward $ 598,925 $ 565,305
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 34.00%
Deferred Tax Assets, Tax Deferred Expense $ 125,774 $ 192,204
Deferred Tax Assets, Valuation Allowance (125,774) (192,204)
Deferred Tax Assets, Net
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Details 1) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Income Taxes Details 1Abstract        
Expected (Benefit) - Federal rate 21% (2018 onward), 34% (2017)     $ (7,060) $ (20,447)
Effect of: Valuation allowance     7,060 20,447
Total Actual Provision
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
INCOME TAXES (Details Narrative) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Income Taxes Details Narrative Abstract    
Operating loss carryforward $ 598,925 $ 565,305
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
COMMON STOCK (Details Narrative) - USD ($)
1 Months Ended
Oct. 31, 2015
Sep. 30, 2018
Dec. 31, 2017
Common stock par value   $ 0.001 $ 0.001
Common stock authorized   500,000,000 500,000,000
Common stock issued   310,868,500 310,868,500
Common stock outstanding   310,868,500 310,868,500
Shares issued 300,500,000    
Cash consideration $ 300,500    
Class A Preferred Stock [Member]      
Preferred stock authorized   175,000,000 175,000,000
Preferred stock par value   $ 0.001 $ 0.001
Preferred stock issued   0 0
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Related Party Transactions    
Notes payable - Related parties
Accrued interest - Related parties
Amount due to shareholder
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
RELEASE OF LIABILITIES (Details Narrative) - Vardakis [Member]
Feb. 12, 2015
USD ($)
shares
Common stock shares sold | shares 8,813,225
Percentage of common stock issued and outstanding shares 85.00%
Payment of shares $ 4,407
Aggregate liabilities $ 236,959
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