UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended
EXCHANGE ACT
Commission File Number:
(Exact name of registrant as specified in its charter)
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(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the 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 ☒
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) ☒
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.
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
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APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes ☐ 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 latest practicable date: shares of common stock as of November 22, 2021.
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TABLE OF CONTENTS
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PART I |
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Item 1 | Financial Statements |
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Item 2 | Management's Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3 | Quantitative and Qualitative Disclosures About Market Risks |
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Item 4 | Controls and Procedures |
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PART II |
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Item 1 | Legal Proceedings |
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Item 1A. | Risk Factors |
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Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds |
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Item 3 | Default Upon Senior Securities |
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Item 4 | Mine Safety Disclosure |
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Item 5 | Other Information |
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Item 6 | Exhibits |
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SIGNATURES |
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PART 1 FINANCIAL STATEMENTS
CHUN CAN CAPITAL GROUP
FINANCIAL STATEMENTS
FOR THE FISCAL QUARTER ENDED SEPTEMBER 30, 2021
C O N T E N T S
Consolidated Balance Sheets (Unaudited) |
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Consolidated Statements of Operations (Unaudited) |
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Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) |
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Consolidated Statements of Cash Flows (Unaudited) |
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Notes to the Financial Statements (Unaudited) |
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| CHUN CAN CAPITAL GROUP | ||||||||
| (formerly CINTEL CORP. AND SUBSIDIARY) | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| SEPTEMBER 30, 2021 AND DECEMBER 31, 2020 | ||||||||
| September 30, | December 31, | |||||||
| 2021 | 2020 | |||||||
| (Unaudited) | ||||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Total current assets | ||||||||
| Total current assets | $ | $ | ||||||
| LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | ||||||||
| Accounts payable- related | ||||||||
| Total current liabilities | ||||||||
| Total liabilities | ||||||||
| Stockholders' deficit: | ||||||||
| Preferred stock: par value per share, | ||||||||
| Preferred stock: par value $0.001 per share, 30,000,000 shares authorized, issued and outstanding | ||||||||
| Common stock: par value per share, | ||||||||
| shares authorized, and 220,033,011 shares issued | ||||||||
| Common stock: par value $0.001 per share, 270,000,000 shares authorized, 220,033,011 and 220,033,011 shares issued and outstanding | ||||||||
| Additional paid-in capital | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| Total stockholders' deficit | ( | ) | ( | ) | ||||
| Total liabilities and stockholders' deficit | $ | $ | ||||||
| See accompanying notes to unaudited financial statements. | ||||||||
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CHUN CAN CAPITAL GROUP |
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(formerly CINTEL CORP. AND SUBSIDIARY) |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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THREE AND NINE MONTHS ENDED SEPTERMBER 30, 2021 AND 2020 |
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(Unaudited) |
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| For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||||||
| Net revenues | $ | $ | $ | $ | ||||||||||||
| Operating expenses: | ||||||||||||||||
| General and administrative expenses | ||||||||||||||||
| Total operating expenses | ||||||||||||||||
| Loss from operations | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Other expenses: | ||||||||||||||||
| Interest expense | ||||||||||||||||
| Total other expenses | ||||||||||||||||
| Income (loss) before income taxes | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Income tax expense | ||||||||||||||||
| Net loss | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Income (loss) per share – basic and diluted: | $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | ||||
| Weighted average number of | ||||||||||||||||
| Weighted average number of common shares outstanding - basic and diluted | ||||||||||||||||
| See accompanying notes to unaudited financial statements. | ||||||||||||||||
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(formerly CINTEL CORP. AND SUBSIDIARY) |
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CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT |
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THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 |
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(Unaudited) |
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| Common stock | Paid-in | Accumulated | ||||||||||||||||||
| Shares | Amount | Capital | Deficit | Total | ||||||||||||||||
| Balance, December 31, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||
| Balance, March 31, 2021 | ( | ) | ( | ) | ||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||
| Balance June 30, 2021 | ( | ) | ( | ) | ||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||
| Balance, September 30, 2021 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| Balance, December 31, 2019 | $ | $ | $ | ( | ) | $ | ||||||||||||||
| Shares issued to cover payable | ( | ) | ||||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||
| Balance, March 31, 2020 | ( | ) | ( | ) | ||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||
| Balance, June 30, 2020 | ( | ) | ( | ) | ||||||||||||||||
| Net loss | — | ( | ) | ( | ) | |||||||||||||||
| Balance, September 30, 2020 | $ | $ | $ | ( | ) | $ | ( | ) | ||||||||||||
| See accompanying notes to unaudited financial statements. | ||||||||||||||||||||
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CINTEL CORP. AND SUBSIDIARY |
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
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NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 |
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(Unaudited) |
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| For the Nine Months Ended | ||||||||||||||
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| 2021 | 2020 | |||||||||||||
| Cash flows from operating activities: | ||||||||||||||
| Net income (loss) | $ | ( | ) | $ | ( | ) | ||||||||
| Adjustments to reconcile net loss to net cash | ||||||||||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||||||||||||||
| Increase (decrease) in liabilities: | ||||||||||||||
| Accounts payable | ||||||||||||||
| Accounts payable- related | ||||||||||||||
| Cash provided by (used in) operating activities | ||||||||||||||
| Cash flows from investing activities: | ||||||||||||||
| Cash provided by investing activities | ||||||||||||||
| Cash flows from financing activities: | ||||||||||||||
| Proceeds from notes payable | ||||||||||||||
| Principal payments of notes payable | ||||||||||||||
| Cash used in financing activities | ||||||||||||||
| Net decrease in cash and cash equivalent | ||||||||||||||
| Cash and cash equivalent - beginning of period | ||||||||||||||
| Cash and cash equivalent - end of period | $ | $ | ||||||||||||
| Supplemental Disclosure of Cash Flows Information: | ||||||||||||||
| Cash paid during the year for: | ||||||||||||||
| Interest | $ | $ | ||||||||||||
| Income taxes | $ | $ | ||||||||||||
| Non-cash financing activities: | ||||||||||||||
| Conversion of payables to common stock | $ | $ | ||||||||||||
| See accompanying notes to unaudited financial statements. | ||||||||||||||
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CHUN CAN CAPITAL GROUP
(formerly CINTEL CORP. AND SUBSIDIARY)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 1 – Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Chun Can Capital Group (formerly Cintel Corp.) (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments), necessary to state fairly the financial information included herein.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make judgments, estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ materially from these estimates. In addition, any changes in these estimates or their related assumptions could have a materially adverse effect on the Company's operating results.
These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. While the Company believes that the disclosures are adequate to make the information not misleading, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Going Concern
The Company’s financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company is a non-operating shell company which has experienced recurring operating losses and has.an accumulated deficit. These conditions raise uncertainty about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.
The Company’s ability to continue as a going concern is contingent upon its ability to secure additional financing, increase sales of its product and attain profitable operations. It is the intent of management to continue to raise additional funds to sustain operations and to pursue acquisitions of operating companies in order to generate future profits for the Company. Although the Company plans to pursue additional equity financing, there can be no assurance that the Company will be able to secure financing when needed or obtain such on terms satisfactory to the Company, if at all.
The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.
Note 2 - Income Taxes
The corporate tax rates is 21%. The Company provided a valuation allowance equal to the deferred tax amounts resulting from the tax losses in the United States, as it is not likely that they will be realized.
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CHUN CAN CAPITAL GROUP
(formerly CINTEL CORP. AND SUBSIDIARY)
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
Note 2 - Income Taxes (Continued)
The U.S. tax losses can be carried forward for 15 to 20 years to offset future taxable income and expire beginning in years 2021. The Company had net operating losses of $
The provision for income taxes for the nine months ended September 30, 2021 and 2020 are summarized as follows:
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Income tax – current |
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The Company has deferred tax assets (liabilities) at September 30, 2021 and December 31, 2020 as follows:
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Net operating loss carryforwards |
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Valuation allowance |
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Note 3 – Capital Stock
The Company did not issue any shares of capital stock during the three months ended September 30, 2021.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Forward Looking Statements
This section and other parts of this Form 10-Q quarterly report includes "forward-looking statements", that involves risks and uncertainties. All statements other than statements of historical facts, included in this Form 10-Q that address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future matters, and other such matters are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors that we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks, uncertainties, and other factors, many of which are beyond our control.
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. Moreover, we do not assume responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this report to conform such statements to actual results.
Overview
Chun Can Capital Group (the "Company", "we", or "us") was incorporated under the laws of the State of Nevada on August 16, 1996.
Certain statements contained below are forward-looking statements (rather than historical facts) that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
Our auditors have issued a going concern opinion in the financial statements for the year ended December 31, 2020.
RESULTS OF OPERATIOMS
Working Capital
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Current Assets |
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Current Liabilities |
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| 58,234 |
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Working Capital (Deficit) |
| $ | (69,653 | ) |
| $ | (58,234) |
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Cash Flows
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Cash Flows from (used in) Operating Activities |
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Operating Revenues
We have generated revenues of $ 0 for the three months and nine ended September 30, 2021 and $0 for the three months and nine months ended September 30, 2020.
Operating Expenses and Net Loss
Operating expenses for the three months ended September 30, 2021 were $2,505 compared with $18,482 for the three months ended September 30, 2020. Operating expenses for the three months ended September 30, 2021 consisted of general and administrative expenses of $2,505 compared to $18,482 for the three months ended September 30, 2019.
Operating expenses for the nine months ended September 30, 2021 were $11,419 compared with $48,116 for the nine months ended September 30, 2020. Operating expenses for the nine months ended September 30, 2021 consisted of general and administrative expenses of $11,4190 compared to $48,116 for the nine months ended September 30, 2020.
During the three months ended September 30, 2021, the Company recorded a net loss of ($2,505) compared with net loss of ($18,482) for the three months ended September 30, 2020.
During the nine months ended September 30, 2021, the Company recorded a net loss of ($11,419) compared with net loss of ($48,116) for the nine months ended September 30, 2020.
Liquidity and Capital Resources
As of September 30, 2021, the Company's cash balance was $0 compared to cash balance of $0 at September 30, 2020. As of September 30, 2021, the Company's total assets were $0 compared to total assets of $0 as at September 30, 2020.
As of September 30, 2021, the Company had total liabilities of $69,653 compared with total liabilities of $58,234 as of yearend December 31, 2020. Liabilities for the nine months ended September 30, 2021 consisted of accounts payable of $27,067 compared to $26,361 for the yearend December 31, 2020; and accounts payable – related of $42,586 compared to $31,873 for the yearend December 31, 2020.
Cashflow from Operating Activities
During the nine months ended September 30, 2021 the Company used $0 of cash for operating activities compared to the use of $0 of cash for operating activities during the nine months ended September 30, 2020.
Cashflow from Financing Activities
During the nine months ended September 30, 2021 the Company received cash from financing activities of $0 as compared to $0 for the nine months ended September 30, 2020.
Subsequent Developments
None.
Going Concern
We have not attained profitable operations and are dependent upon the continued financial support from our shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from our future business. These factors raise substantial doubt regarding our ability to continue as a going concern.
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Off-Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.
Future Financing
The Company will consider selling securities in the future to fund operations. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.
Critical Accounting Policies
Our consolidated financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.
We regularly evaluate the accounting policies and estimates that we use to prepare our consolidated financial statements. A complete summary of these policies is included in the notes to our consolidated financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.
Recently Issued Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Market risk is the risk of loss from adverse changes in market prices and rates. The Company's market risk arises primarily from the fact that the area in which we do business is highly competitive and constantly evolving. The market in which we do business is highly competitive and constantly evolving. We face competition from the larger and more established companies, from companies that have greater resources, including but not limited to, more money, and greater ability to expand their markets also cut into our potential customers. Many of our competitors have longer operating histories, significantly greater financial strength, nationwide advertising coverage and other resources that we do not have.
ITEM 4. | CONTROLS AND PROCEDURES |
Evaluation of Disclosure Controls and Procedures
Based on their evaluation of our disclosure controls and procedures(as defined in Rule 13a-15e under the Securities Exchange Act of 1934 the "Exchange Act"), our principal executive officer and principal financial officer have concluded that as of the end of the period covered by this quarterly report on Form 10-Q such disclosure controls and procedures were not effective due to the lack of segregation of duties and lack of a formal review process that includes multiple levels of review to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms because of the identification of a material weakness in our internal control over financial reporting which we view as an integral part of our disclosure controls and procedures. The material weakness relates to the lack of segregation of duties in financial reporting, as our financial reporting and all accounting functions are performed by an external consultant with no oversight by a professional with accounting expertise. Our CEO/CFO does not possess accounting expertise and our company does not have an audit committee. This weakness is due to the company's lack of working capital to hire additional staff. To remedy this material weakness, we intend to engage another accountant to assist with financial reporting as soon as our finances will allow.
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Changes in Internal Control over Financial Reporting
Except as noted above, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during our first quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
PART II - OTHER INFORMATION
ITEM 1. | LEGAL PROCEEDINGS |
None
ITEM 1A. | RISK FACTORS |
Not Applicable
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
None
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES. |
None
ITEM 4. | MINE SAFETY DISCLOSURE. |
/Not Applicable
ITEM 5. | OTHER INFORMATION |
On September 27, 2019, the District Court for Clark County, Nevada Case No. A-19-799485-C, Dept No. XIV grated the Motion to appoint a Custodian of the Company to Investment Reserve Series Chun Can Capital Group LLC, (hereinafter "Investment Reserve") because as of that date, the Company's management had failed to file required reports with the Secretary of State and failed to hold an annual meeting of stockholders all in violation of N.R.S. 78. As Custodian, Investment Reserve was granted the authorization to take any action on behalf of the Company pursuant to NRS 78-347 that was reasonable, prudent or for the benefit of the Company and in fact took such actions as were appropriate and required. After completing its duties, and successfully reinstating the Company in good standing in the State of Nevada, Investment Reserve was granted an Order of Final Discharge and Enter of Final Notice on October 7, 2020.
Item 6. EXHIBITS
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: November 22, 2021 |
| Chun Can Capital Group |
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| By: /s/Zoliwe Macanda Simbodyal |
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| Zoliwe Macanda Simbodyal, Chief Executive Officer |
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Dated: November 22, 2021 |
| Chun Can Capital Group
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| By: /s/Clara I. Gomez |
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| Clara I. Gomez, Chief Financial Officer |
15
Exhibit 31.1
CERTIFICATION PURSUANT TO RULE 13A-14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION
302 OF THE SARBANES OXLEY ACT OF 2002
I, Zoliwe Macandra Simboyal, certify that:
1.I have reviewed this Form 10-Q for the three months ended September 30, 2021 of Chun Can Capital Group.
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.I am 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.I have disclosed, based on my 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 22, 2021/s/Zoliwe Macandra Simboyal
Zoliwe Macandra Simboyal
Certification of Principal Executive Officer
Exhibit 31.2
CERTIFICATION PURSUANT TO RULE 13A-14(a) OF THE SECURITIES
EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION
302 OF THE SARBANES OXLEY ACT OF 2002
I, Clara I. Gomez, certify that:
1.I have reviewed this Form 10-Q for the three months ended September 30, 2021 of Chun Can Capital Group.
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.I am 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.I have disclosed, based on my 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 22. 2021/s/Clara I. Gomez
Clara I. Gomez
Certification of Principal Financial Officer
Exhibit 32.1
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Chun Can Capital Group (the "Company") on Form 10-Q for the three and nine months ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the "report"), I, Zoliwe Macandra Simboyal, Principal Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated this 22nd day of November 2021.
//s/Zoliwe Macandra Simboyal
Zoliwe Macandra Simboyal
Certification of Principal Executive Officer
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 ("Section 906"), or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Chun Can Capital Group, and will be retained Chun Can Capital Group and furnished to the Securities and Exchange Commission or its staff upon request.
Exhibit 32.2
CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Quarterly Report of Chun Can Capital Group (the "Company") on Form 10-Q for the three and nine months ended September 30, 2021 as filed with the Securities and Exchange Commission on the date hereof (the "report"), I, Clara I Gomez, Principal Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Dated this 22nd day of November 2021.
//s/Clara I. Gomez
Clara I. Gomez
Certification of Principal Financial Officer
A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 ("Section 906"), or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Chun Can Capital Group and will be retained Chun Can Capital Group and furnished to the Securities and Exchange Commission or its staff upon request.
Cover - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2021 |
Nov. 22, 2021 |
|
| Cover [Abstract] | ||
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Quarterly Report | true | |
| Document Transition Report | false | |
| Document Period End Date | Sep. 30, 2021 | |
| Document Fiscal Period Focus | Q3 | |
| Document Fiscal Year Focus | 2021 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity File Number | 333-100046 | |
| Entity Registrant Name | CHUN CAN CAPITAL GROUP | |
| Entity Central Index Key | 0001191334 | |
| Entity Tax Identification Number | 52-2360156 | |
| Entity Incorporation, State or Country Code | NV | |
| Entity Address, Address Line One | 7323 Oswego Road | |
| Entity Address, City or Town | Liverpool | |
| Entity Address, State or Province | NY | |
| Entity Address, Postal Zip Code | 13090 | |
| City Area Code | (315) | |
| Local Phone Number | 451-7515 | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Small Business | true | |
| Entity Emerging Growth Company | false | |
| Entity Shell Company | true | |
| Entity Common Stock, Shares Outstanding | 220,033,011 |
Condensed Consolidated Balance Sheets - USD ($) |
Sep. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | ||
| Total current assets | ||
| Current liabilities: | ||
| Accounts payable | 27,067 | 26,361 |
| Accounts payable- related | 42,586 | 31,873 |
| Total current liabilities | 69,653 | 58,234 |
| Total liabilities | 69,653 | 58,234 |
| Stockholders' deficit: | ||
| Preferred stock: par value $0.001 per share, 30,000,000 shares authorized, none issued and outstanding | ||
| Common stock: par value $0.001 per share, 270,000,000 shares authorized, 220,033,011 and 220,033,011 shares issued and outstanding | 220,033 | 220,033 |
| Additional paid-in capital | 20,458,967 | 20,458,967 |
| Accumulated deficit | (20,748,653) | (20,737,234) |
| Total stockholders' deficit | (69,653) | (58,234) |
| Total liabilities and stockholders' deficit |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Sep. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
| Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 |
| Preferred Stock, Shares Outstanding | 0 | 0 |
| Preferred Stock, Shares Issued | 0 | 0 |
| Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
| Common stock, shares authorized | 270,000,000 | 270,000,000 |
| Common stock, shares issued | 220,033,011 | 220,033,011 |
| Common stock, shares issued | 220,033,011 | 220,033,011 |
Condensed Consolidated Statements of Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
| Income Statement [Abstract] | ||||
| Net revenues | ||||
| Operating expenses: | ||||
| General and administrative expenses | 2,505 | 18,482 | 11,419 | 48,116 |
| Total operating expenses | 2,505 | 18,482 | 11,419 | 48,116 |
| Loss from operations | (2,505) | (18,482) | (11,419) | (48,116) |
| Other expenses: | ||||
| Interest expense | ||||
| Total other expenses | ||||
| Income (loss) before income taxes | (2,505) | (18,482) | (11,419) | (48,116) |
| Income tax expense | ||||
| Net loss | $ (2,505) | $ (18,482) | $ (11,419) | $ (48,116) |
| Income (loss) per share – basic and diluted: | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
| Weighted average number of common shares outstanding - basic and diluted | 220,033,011 | 220,033,011 | 220,033,011 | 180,545,832 |
Condensed Consolidated Statements of Cash Flows - USD ($) |
9 Months Ended | |
|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
| Cash flows from operating activities: | ||
| Net income (loss) | $ (2,505) | $ (48,116) |
| Increase (decrease) in liabilities: | ||
| Accounts payable | 706 | 28,456 |
| Accounts payable- related | 1,799 | 19,660 |
| Cash provided by (used in) operating activities | ||
| Cash flows from investing activities: | ||
| Cash provided by investing activities | ||
| Cash flows from financing activities: | ||
| Proceeds from notes payable | ||
| Principal payments of notes payable | ||
| Cash used in financing activities | ||
| Net decrease in cash and cash equivalent | ||
| Cash and cash equivalent - beginning of period | ||
| Cash and cash equivalent - end of period | ||
| Supplemental Disclosure of Cash Flows Information: | ||
| Interest | ||
| Income taxes | ||
| Non-cash financing activities: | ||
| Conversion of payables to common stock | $ 10,000 | |
Note 1 – Basis of Presentation |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Accounting Policies [Abstract] | |
| Note 1 – Basis of Presentation | Note 1 – Basis of Presentation
The accompanying unaudited condensed consolidated financial statements of Chun Can Capital Group (formerly Cintel Corp.) (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these condensed consolidated financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion, the accompanying unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments), necessary to state fairly the financial information included herein.
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make judgments, estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results may differ materially from these estimates. In addition, any changes in these estimates or their related assumptions could have a materially adverse effect on the Company's operating results.
These unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. While the Company believes that the disclosures are adequate to make the information not misleading, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
Going Concern
The Company’s financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company is a non-operating shell company which has experienced recurring operating losses and has.an accumulated deficit. These conditions raise uncertainty about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.
The Company’s ability to continue as a going concern is contingent upon its ability to secure additional financing, increase sales of its product and attain profitable operations. It is the intent of management to continue to raise additional funds to sustain operations and to pursue acquisitions of operating companies in order to generate future profits for the Company. Although the Company plans to pursue additional equity financing, there can be no assurance that the Company will be able to secure financing when needed or obtain such on terms satisfactory to the Company, if at all.
The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.
|
Note 2 - Income Taxes |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Note 2 - Income Taxes | Note 2 - Income Taxes
The corporate tax rates is 21%. The Company provided a valuation allowance equal to the deferred tax amounts resulting from the tax losses in the United States, as it is not likely that they will be realized.
The U.S. tax losses can be carried forward for 15 to 20 years to offset future taxable income and expire beginning in years 2021. The Company had net operating losses of $20,746,148 at September 30, 2021.
The provision for income taxes for the nine months ended September 30, 2021 and 2020 are summarized as follows:
The Company has deferred tax assets (liabilities) at September 30, 2021 and December 31, 2020 as follows:
|
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Note 3 – Capital Stock |
9 Months Ended |
|---|---|
Sep. 30, 2021 | |
| Equity [Abstract] | |
| Note 3 – Capital Stock | Note 3 – Capital Stock
The Company did not issue any shares of capital stock during the three months ended September 30, 2021. |
Note 2 - Income Taxes (Tables) |
9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes - Provision for Income Taxes |
|
|||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes - Deferred Tax Assets (Liabilties) |
|
|||||||||||||||||||||||||||||||||||||||||||||
Income Taxes - Provision for Income Taxes (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
| Income Tax Disclosure [Abstract] | ||||
| Income tax – current | $ (6,237) | $ (6,223) | ||
| Income tax – deferred | 6,237 | 6,223 | ||
Income Taxes - Deferred Tax Assets (Liabilties) (Details) - USD ($) |
Sep. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Income Tax Disclosure [Abstract] | ||
| Net operating loss carryforwards | $ 4,355,000 | $ 4,355,000 |
| Valuation allowance | (4,355,000) | (4,355,000) |
Note 2 - Income Taxes (Details Narrative) |
Sep. 30, 2021
USD ($)
|
|---|---|
| Income Tax Disclosure [Abstract] | |
| Deferred Tax Assets, Operating Loss Carryforwards, Domestic | $ 20,746,148 |