10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q/A

(Amendment No. 1) 

(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, 2012

or

[  ]

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from

to

Commission File Number

000-51693

UAN Cultural & Creative Co., Ltd.

(Exact name of registrant as specified in its charter)

Delaware

20-3303304

(State or other jurisdiction of incorporation or organization)

(IRS Employer Identification No.)

1021 Hill Street, Suite 200, Three Rivers, Michigan

49093

(Address of principal executive offices)

(Zip Code)

(586) 530-5605

(Registrant’s telephone number, including area code)

N/A

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

[X]

YES

[  ]

NO

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).

[X]

YES

[  ]

NO

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

Large accelerated filer

[  ]

Accelerated filer

[  ]

Non-accelerated filer

[  ]

(Do not check if a smaller reporting company)

Smaller reporting company

[X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act

[  ]

YES

[X]

NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS Check whether the registrant has filed all documents and reports required to be filed by Sections 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.

53,672,708 common shares issued and outstanding as of November 21, 2012.

EXPLANATORY NOTE

The purpose of this Amendment Number 1 (the “Amendment No. 1”) to our Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2012, filed with the Securities and Exchange Commission on November 21, 2012 (the “Form 10-Q”), is to furnish the full and complete Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. It was found that Exhibit 101, as filed in the Form 10-Q was incomplete. Exhibit 101 provides the financial statements and related notes from the Form 10-Q in XBRL (eXtensible Business Reporting Language) form. The exhibit index of this Amendment No. 1 has been revised to reflect this fact.

No other changes have been made to the Form 10-Q other than as described above. This Amendment No. 1 does not reflect subsequent events occurring after the original date of the Form 10-Q or modify or update in any way disclosures made in the Form 10-Q, or exhibits filed as part of the Form 10-Q.

Pursuant to Rule 406T of Regulation S-T, the XBRL related information in Exhibit 101 to this Quarterly Report on Form 10-Q/A shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed “filed” with or a part of any registration statement or prospectus into which the Form 10-Q (or this Amendment No. 1 thereto) is incorporated by reference for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, or otherwise subject to the liabilities of any of those sections.

28

Item 6.  Exhibits

Exhibit Number	Description
(3)	Articles of Incorporation; Bylaws
3.1	Certificate of Incorporation (incorporate by reference to our Registration Statement on Form S-1 filed on September 15, 2005)
3.2	Form of Amended and Restated Certificate of Incorporation (incorporate by reference to our Registration Statement on Form S-1 filed on September 15, 2005)
3.3	Bylaws(incorporate by reference to our Registration Statement on Form S-1 filed on September 15, 2005)
3.4	Form of Amended and Restated Bylaws (incorporate by reference to our Registration Statement on Form S-1 filed on September 15, 2005)
3.5	Amendment to Certificate of Incorporation dated January 31, 2008 (incorporated by reference to our Current Report on Form 8-K filed on February 1, 2008)
3.6	Form of Amended and Restated Certificate of Incorporation dated January 31, 2008 (incorporated by reference to our Current Report on Form 8-K filed on February 1, 2008)
3.8	Amendment to Amended and Restated Bylaws (incorporated by reference to our Current Report on Form 8-K filed on June 20, 2008)
	Certificate of Amendment of Certificate of Incorporation (incorporated by reference to our Current Report on Form 8-K filed on October 12, 2010)
(10)	Material Contracts
10.1	Form of Registration Rights Agreement between our company and the Initial Securityholders (incorporate by reference to our Registration Statement on Form S-1 filed on September 15, 2005)
10.2	Form of Warrant Agreement between our company and American Stock Transfer & Trust Company (incorporate by reference to our Registration Statement on Form S-1 filed on September 15, 2005)
10.3	Promissory Note dated May 12, 2009 between our company and Ralph Sheridan (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 15, 2009)
10.4	Promissory Note dated May 12, 2009 between our company and Ira Scott Greenspan (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 15, 2009)
10.5	Promissory Note dated May 12, 2009 between our company and William McClusky (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 15, 2009)
10.6	Promissory Note dated May 12, 2009 between our company and Hummingbird Value Fund, LP (incorporated by reference to our Quarterly Report on Form 10-Q filed on May 15, 2009)
10.7	Repurchase Agreement dated June 18, 2009 between our company and HCFP Brenner Holdings, LLC (incorporated by reference to our Current Report on Form 8-K filed on June 24, 2009)
10.8	Common Stock Purchase Agreement dated June 18, 2009 between our company and The Tarsier Nanocap Value Fund, LP (incorporated by reference to our Current Report on Form 8-K filed on June 24, 2009)
10.9	Form of Common Stock Purchase Agreement dated November 13, 2009 (incorporated by reference to our Quarterly Report on Form 10-Q filed on November 16, 2009)
10.10	Tenancy Agreement dated August 25, 2010 LP (incorporated by reference to our Current Report on Form 8-K filed on October 12, 2010)
10.12	Demand Promissory Note dated July 23, 2010 between our company and David Chen-Te Yen (incorporated by reference to our Registration Statement on Form S-1 filed on October 12, 2010)
10.13	Demand Promissory Note dated July 23, 2010 between our company and Yuan-Hao Chang (incorporated by reference to our Registration Statement on Form S-1 filed on October 12, 2010)
10.14	Tenancy Agreement dated April 5, 2012 between our company and the landlord April 5, 2012 (incorporated by reference to our Annual Report on Form 10-K filed on April 13, 2012)

Exhibit Number	Description
10.15	Contractors Agreement dated January 10, 2012 between our company and ChengbangInteriorDecorationCo.,Ltd. (incorporated by reference to our Annual Report on Form 10-K filed on April 13, 2012)
10.16	Car Lease Agreement dated May 28, 2012 between our company and Taiwan Life Insurance Co., Ltd. (incorporated by reference to our Quarterly Report on Form 10-Q filed on August 20, 2012)
(14)	Code of Ethics
14.1	Code of Ethics (incorporated by reference to our Annual Report on Form 10-K filed on March 7, 2011)
(21)	Subsidiaries of Registrant
21.1	UAN Cultural and Creative Company Limited, a Hong Kong company UAN Yeh Cultural and Creative Company Limited Taiwan, a Taiwan company
(31)	Rule 13a-14(a)/15d-14(a) Certifications
31.1*	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(32)	Section 1350 Certifications
32.1*	Certification of the Chief Executive Officer Pursuant to 18 U.S.C. 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of the Chief Financial Officer Pursuant to 18 U.S.C. 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
(101)**	Interactive Data Files
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document

* Previously filed as an exhibit to UAN Cultural & Creative Co., Ltd.’s Quarterly Report on Form 10-Q for the three-month period ended September 30, 2012.

** Furnished herewith.

29

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.

	UAN Cultural & Creative Co., Ltd.
Dated:  December 14, 2012	By:	/s/ Parashar Patel
		Parashar Patel
		Chief Executive Officer, Secretary and Director
		(Principal Executive Officer)
Dated:  December 14, 2012	By:	/s/ Chung Hua Yang
		Chung Hua Yang
		Chief Financial Officer
		(Principal Financial Officer and Chief Accounting Officer)

30

XML

Commitments and Contingencies (Details Narrative) (USD $)	3 Months Ended		9 Months Ended		3 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Jun. 30, 2012 Solicitation Services Agreement
Consideration for solicitation services					In consideration for solicitation services, the Company will pay HCFP a commission equal to 5% of the exercise price for each Class W Warrant and Class Z Warrant exercised after March 8, 2007 if the exercise is solicited by HCFP. No solicitation services have been provided to date.
Rental expense for gallery	$ 18,567	$ 8,233	$ 48,210	$ 27,190
Lease expense for automobile	$ 21,782		$ 43,763

XML

Income Taxes - Provisions for Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
United States				$ 2,762
Hong Kong
Taiwan			3,424	122,008
Total Tax Expense	$ 2,543	$ 55,313	$ 3,424	$ 124,770

XML

Fixed Assets, Net

3 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Fixed Assets, Net

NOTE 4 – FIXED ASSETS, NET

The balances of fixed assets are as follows:

	September 30, 2012		December 31, 2011
Leasehold Improvements	$	—	$	250,000
Machinery & Equipment		—		534
		—		250,534
Accumulated Depreciation & Amortization		—		(175,634	)
Net Fixed Assets	$	—	$	74,900

The depreciation and amortization expense for the three and nine months ended September 30, 2012 and 2011 were $25,330, $28,405, $95,753 and $102,381, respectively.

On August 31, 2012, the Company disposed its fixed assets and recognized a gain of $77,265. 

XML

Offering (Details Narrative) (USD $)	9 Months Ended	12 Months Ended			12 Months Ended		9 Months Ended
	Sep. 30, 2012	Dec. 31, 2006 Offering	Dec. 31, 2006 Offering Series A Units	Mar. 08, 2006 Offering Series A Units integer	Dec. 31, 2006 Offering Series B Units	Mar. 08, 2006 Offering Series B Units integer	Sep. 30, 2012 Common Stock	Sep. 30, 2012 Class Z Warrant	Sep. 30, 2012 Class Z Warrant Offering	Sep. 30, 2012 Class W Warrant	Sep. 30, 2012 Class W Warrant Offering
Offering (Textual) [Abstract]
Number of units sold (shares)				57,500		529,000
Price per unit, pre reverse split (dollar per unit)				85		101
Proceeds from the initial public offering		$ 54,900,000
Underwriting and other expenses		$ 3,400,000
Description of Series Unit			Each Series A Unit consists of two shares of the Company's common stock, and ten Class Z Warrants (a "Class Z Warrant").		Each Series B Unit consists of two shares of the Company's Class B common stock, and two Class W Warrants (a "Class W Warrant").
Warrants expiration date								2013-03-07	The Class Z Warrants will expire on March 7, 2013 or earlier upon redemption.	2011-03-07	2011-03-07
Description of redemption of warrants									The Company may redeem the outstanding Class Z Warrants with the prior consent of HCFP/Brenner Securities LLC ("HCFP"), the representative of the underwriters of the Offering, in whole and not in part, at a price of $.05 per warrant at any time after the warrants become exercisable, upon a minimum of 30 days' prior written notice of redemption, and if, and only if, the last sale price of the Company's common stock equals or exceeds $87.50 per share for a Class Z Warrant for any 20 trading days within a 30 trading day period ending three business days before the Company sent the notice of redemption.
Underwriter's purchase option, description	At the closing of this offering, the Company sold to HCFP the underwriters for an aggregate of $100, an option (the "Underwriter's Purchase Option" or "UPO") to purchase up to a total of 25,000 additional Series A Units and/or 230,000 additional Series B Units. The UPO expired on March 7, 2011.
Date of reverse split							Aug. 27, 2010
Reverse split description							One-for-ten reverse split of the Company's Common Stock.
Effect of reverse stock split, description							Number of shares of Common Stock purchasable under the Class Z warrants reduced tenfold and the exercise prices increased tenfold.

XML

Organization and Business Operations (Details Narrative)	Sep. 30, 2012 USD ($)	Dec. 31, 2011 USD ($)	Aug. 12, 2012 UAN Yeh CCC HKD
Capital shares authorized	100,000,000	100,000,000	10,000
Par value (in HKD)	$ 0.0001	$ 0.0001	1.00
Shares issued	53,672,708	53,672,708	10,000
Shares outstanding	53,672,708	53,672,708	10,000

XML

Summary of Significant Accounting Policies (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Advertising Costs
Advertising expense	$ 157,657	$ 5,921	$ 264,432	$ 10,698
Foreign Currency Translations
Cumulative translation adjustment	1,347		1,347
Other comprehensive (loss) income	$ 7,882	$ 19,214	$ 13,074	$ 22,077
Art Pieces
Revenues
Pieces of art sold from inventory			393

XML

Fixed Assets, Net (Details Narrative) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Fixed Assets Net Details Narrative
Depreciation and amortization expense	$ 25,330	$ 28,405	$ 95,753	$ 102,381
Gain on disposal of fixed assets	$ 77,265		$ 77,265

XML

Summary of Significant Accounting Policies

3 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 3—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

The Company has prepared the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America.

INTERIM FINANCIAL STATEMENTS

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the Company’s audited financial statements and footnotes thereto for the year ended December 31, 2011, included in the Company’s Form 10-K filed on April 13, 2012. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three and six months ended June 30, 2012 are not necessarily indicative of the results to be expected for any other interim period of a future year.

RECLASSIFICATION

Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses.

USE OF ESTIMATES

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS

Cash and cash equivalents are deposits in financial institutions as well as short-term money market instruments with maturities of three months or less when purchased.

ACCOUNTS AND NOTES RECEIVABLE

These amounts represent sales to customers in the ordinary course of business. Ninety percent of the notes receivable are due within 90 days and the remainder balance within one year.

INVENTORY

Inventory consists principally of finished art pieces held for sale valued at the specific-cost to purchase each piece. The Company accounts for inventory at the lower of the specifically-identified-cost of each piece (or average cost per piece when purchased in lots of two or greater) or net realizable value. As art is sold, amounts removed from inventory are the same specific cost values at the time of purchase.

FIXED ASSETS, NET

Leasehold improvements are recorded at cost and are amortized over the length of lease which is a two-year period beginning in August 2010. Machinery and equipment are amortized on a straight-line basis over a two to five year period.

IMPAIRMENT OF LONG-LIVED ASSETS

The Company evaluates its long-lived assets for impairment by comparison of the carrying amounts to future net undiscounted cash flows expected to be generated by such assets when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Should an impairment exist, the impairment loss would be measured based on the excess carrying value of the asset over the asset’s fair value or estimates of future discounted cash flows. The Company has not identified any such impairment losses to date.

NOTES PAYABLE

Notes payable are amounts due to vendors or service providers which are classified into current and non-current portion based on its maturity date. These notes are non-interest.

CONCENTRATION OF CREDIT RISK

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

COMPREHENSIVE INCOME

The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 220, “Comprehensive Income,” which establishes standards for reporting and presentation of comprehensive income (loss) and its components in a full set of general-purpose financial statements.  The Company has chosen to report comprehensive income (loss) in the statements of income and comprehensive income.  Comprehensive income (loss) is comprised of net income and all changes to stockholders’ equity except those due to investments by owners and distributions to owners.

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average common shares outstanding for the period and Class B common stock outstanding prior to its redemption. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The average market price of the common shares is below the exercise price of the outstanding warrants therefore not included in the calculation for dilutive share.

The computation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2012 and 2011 is as follows:

	For the three months ended					For the nine months ended
	September 30, 2012			September 30, 2011		September 30, 2012			September 30, 2011
Numerator:
Net Income/(Loss)	$	(144,567	)	$	74,028	$	(681,555	)	$	256,127
Denominator
Weighted average common shares outstanding – basic		53,672,708			53,552,708		53,672,708			53,552,708
Dilution associated with W and Z warrants		—			—		—			—
Weighted average common share outstanding – diluted		53,672,708			53,552,708		53,672,708			53,552,708
Basic earnings (loss) per share	$	(0.003	)	$	0.001	$	(0.013	)	$	0.005
Diluted earnings (loss) per share	$	(0.003	)	$	0.001	$	(0.013	)	$	0.005

FAIR VALUE OF FINANCIAL INSTRUMENTS

FASB ASC Topic 820, “Fair Value measurement and Disclosures”, an Accounting Standard Update. In September 2009, the FASB issued this Update to amendments to Subtopic 820-10, “Fair Value Measurements and Disclosures”. Overall, for the fair value measurement of investments in certain entities that calculates net asset value per share (or its equivalent). The amendments in this Update permit, as a practical expedient, a reporting entity to measure the fair value of an investment that is within the scope of the amendments in this Update on the basis of the net asset value per share of the investment (or its equivalent) if the net asset value of the investment (or its equivalent) is calculated in a manner consistent with the measurement principles of Topic 946 as of the reporting entity’s measurement date, including measurement of all or substantially all of the underlying investments of the investee in accordance with Topic 820. The amendments in this Update also require disclosures by major category of investment about the attributes of investments within the scope of the amendments in this Update, such as the nature of any restrictions on the investor’s ability to redeem its investments at the measurement date, any unfunded commitments (for example, a contractual commitment by the investor to invest a specified amount of additional capital at a future date to fund investments that will be made by the investee), and the investment strategies of the investees. The major category of investment is required to be determined on the basis of the nature and risks of the investment in a manner consistent with the guidance for major security types in GAAP on investments in debt and equity securities in paragraph 320-10-50-lB. The disclosures are required for all investments within the scope of the amendments in this Update regardless of whether the fair value of the investment is measured using the practical expedient. The amendments in this Update apply to all reporting entities that hold an investment that is required or permitted to be measured or disclosed at fair value on a recurring or non-recurring basis and, as of the reporting entity’s measurement date, if the investment meets certain criteria The amendments in this Update are effective for the interim and annual periods ending after December 15, 2009. Early application is permitted in financial statements for earlier interim and annual periods that have not been issued.

REVENUES

The Company has two principal sources of revenue. Revenues related to the direct sale of art pieces from inventory and commissions on sale of art pieces sold on a consignment basis. The Company recognizes revenues at the time goods are delivered to the customers.

For the nine months ended September 30, 2012, three hundred ninety three (393) pieces of arts were sold from the inventory.

ADVERTISING COSTS

Advertising costs are expensed as incurred and included in selling, general and administrative expenses. The Company incurred advertising expense of $157,657 and $5,921 for the three months ended September 30, 2012 and 2011, respectively, and $264,432 and $10,698 for the nine months ended September 30, 2012 and 2011, respectively.

SEGMENT REPORTING AND GEOGRAPHIC INFORMATION

The Company reports all operations under one business segment, the sale of works of art. Two customers accounted for 92% of the Company’s revenues for nine months ended September 30, 2012. The Company generated 73% of revenues for the nine months ended September 30, 2011 through one Taiwan distributor. All sales revenues were generated in Taiwan. The following table sets forth information as to the revenue derived from those customers that accounted for more than 10% of our revenue for the nine months ended September 30, 2012 and 2011:

	2012				2011
Largest Customers
Espoir	$	307,331	41	%	$	1,347,492	73	%
Andwin		16,023	2	%		131,428	7	%
Roundex		383,634	51	%		160,000	9	%
Others		51,115	7	%		195,425	11	%
Total revenues	$	758,104	100	%	$	1,834,345	100	%

FOREIGN CURRENCY TRANSLATIONS

The functional currency of UAN CCC is U.S. Dollar (“USD”). 

The functional currency of UAN CCC’s branch operations in Taiwan is New Taiwan Dollar (“TWD”).

The functional currency of UAN CCC HK is Hong Kong Dollar (“HKD”).

The functional currency of UAN Yeh CCC is New Taiwan Dollar (“HKD”).

Transactions denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the date of the transactions. Exchange gains or losses on transactions are included in earnings.

The consolidated financial statements of the Company are translated into U.S. dollars in accordance with the standard, “Foreign Currency Translation,” codified in ASC 830, using rates of exchange at the end of the period for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for equity. Translation adjustments resulting from the process of translating the local currency combining financial statements into U.S. dollars are included in determining comprehensive income.

At September 30, 2012, the cumulative translation adjustments of $1,347, were classified as items of accumulated other comprehensive income in the stockholders’ equity section of the balance sheet. For the three ended September 30, 2012 and 2011, other comprehensive (loss) income was $7,882 and $19,214, respectively. For the nine months ended September 30, 2012 and 2011, other comprehensive income was $13,074 and $22,077 respectively.

The exchange rates used to translate TWD amounts into USD at (1USD=TWD) as follows:

	Balance Sheet Rate		Average Rate
December 31, 2011		30.54		—
September 30, 2011		—		29.21
September 30, 2012		29.17		29.72

The exchange rates used to translate HKD amounts into USD at (1USD=HKD) as follows:

	Balance Sheet Rate		Average  Rate
September 30, 2012		7.75		7.76

INCOME TAXES

The Company accounts for income taxes following the liability method pursuant to FASB ASC 740 “Income Taxes”.  Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized.  The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.

The Company accounts for uncertainty in income taxes in accordance with FASB ASC 740-10 “Income Taxes-Overall”. The Company has elected to classify interest and penalties related to an uncertain position, if and when required, as part of interest expenses and other expenses, respectively, in the consolidated statements of income and comprehensive income. 

NEW ACCOUNTING PRONOUNCEMENTS

In July 2012, the FASB issued ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. Under this standard, entities testing long-lived intangible assets for impairment now have an option of performing a qualitative assessment to determine whether further impairment testing is necessary. If an entity determines, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more-likely-than-not less than the carrying amount, the existing quantitative impairment test is required. Otherwise, no further impairment testing is required. For the Company, this ASU is effective beginning January 1, 2013, with early adoption permitted under certain conditions. The adoption of this standard is not expected to have a material impact on the Company’s consolidated results of operations or financial condition.

In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs." This standard clarifies guidance on how to measure fair value and is largely consistent with existing fair value measurement principles. The ASU also expands existing disclosure requirements for fair value measurements and makes other amendments. For the Company, this ASU is effective prospectively beginning January 1, 2012. The adoption of this standard did not have a material impact on the Company’s consolidated results of operations or financial condition.

In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income.” This standard requires entities to present items of net income and other comprehensive income either in a single continuous statement, or in separate, but consecutive, statements of net income and other comprehensive income. The new requirements do not change which components of comprehensive income are recognized in net income or other comprehensive income, or when an item of other comprehensive income must be reclassified to net income. Also, the earnings-per share computation does not change. However, the current option under existing standards to report other comprehensive income and its components in the statement of changes in equity is eliminated. In addition, the previous option to disclose reclassification adjustments in the notes to the financial statements is also eliminated, as reclassification adjustments will be required to be shown on the face of the statement under the new standard. For the Company, this ASU is effective retrospectively beginning January 1, 2012, with early adoption permitted. Since this standard impacts disclosure requirements only, its adoption did not have a material impact on the Company’s consolidated results of operations or financial condition.

In December 2011, the FASB issued ASU No. 2011-11, “Disclosures About Offsetting Assets and Liabilities,” which creates new disclosure requirements regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. Certain disclosures of the amounts of certain instruments subject to enforceable master netting arrangements or similar agreements would be required, irrespective of whether the entity has elected to offset those instruments in the statement of financial position. The ASU is effective January 1, 2013 with retrospective application required. Since this standard impacts disclosure requirements only, its adoption will not have a material impact on the Company’s results of operations or financial condition.

In December 2011, the FASB released Accounting Standards Update No. 2011-12 (“ASU 2011-12”), “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” ASU 2011-12 defers only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income. The provisions of ASU 2011-12 became effective in fiscal years beginning after December 15, 2011. The adoption of ASU 2011-12 did not materially impact our financial statements.

The Company believes that there were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.

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Income Taxes (Details Narrative) (USD $)	9 Months Ended
	Sep. 30, 2012
Foreign Tax Rate	17.00%
UAN CCC
Cumulative net operating tax loss carryover	2,700,000
Expiration of NOL (in years)	20
Foreign tax credit carryover	37,000
Expiration of FTC	Dec. 31, 2022
NOL reduction allowance	2,700,000
FTC reduction allowance	37,000
UAN CCC Taiwan Branch
Foreign Tax Rate	17.00%
UAN Yeh CCC
Foreign Tax Rate	17.00%
UAN CCC HK
Foreign Tax Rate

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Balance Sheets (USD $)	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Cash and cash equivalents	$ 120,172	$ 441,448
Accounts and notes receivable	260,433	307,793
Inventory	2,194	441,607
Other current assets	81,081	118,933
Total current assets	463,880	1,309,781
Fixed assets, net (Note 4)		74,900
Other assets	105,502	68,268
Total assets	569,382	1,452,949
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts payable	56,372	93,206
Accrued expenses	38,178	123,974
Notes payable	69,855	39,645
Deposit from customers		31,925
Other payables	2,627	6,457
Advances from related parties (Note 10)	25,322	99,991
Income taxes payable (Note 5)	2,591	31,510
Total current liabilities	194,945	426,708
Long Term Notes Payable	75,676	58,998
Total liabilities	270,621	485,706
Commitments & Contingencies
Stockholders' Equity:
Preferred stock, $.0001 par value, 5,000 shares authorized, 0 shares issued
Common stock, $.0001 par value, 100,000,000 shares authorized, 53,672,708 shares issued and outstanding on June 30, 2012 and December 31, 2011	5,367	5,367
Additional paid-in-capital	3,048,134	3,048,134
Accumulated deficit	(2,756,087)	(2,074,530)
Accumulated other comprehensive income (loss)	1,347	(11,728)
Total stockholders' equity	298,761	967,243
Total liabilities and stockholders' equity	569,382	1,452,949
Class B Common Stock
Stockholders' Equity:
Common stock, $.0001 par value, 100,000,000 shares authorized, 53,672,708 shares issued and outstanding on June 30, 2012 and December 31, 2011	$ 0	$ 0

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Organization and Business Operations

3 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Organization and Business Operations

NOTE 1—ORGANIZATION AND BUSINESS OPERATIONS

UAN Cultural & Creative Co., Ltd. (formerly named Good Harbor Partners Acquisition Corp.) (“UAN CCC”) was incorporated in Delaware on August 10, 2005 to serve as a vehicle to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business in the security industry. The registration statement for UAN CCC’s initial public offering (the “Offering”) was declared effective on March 8, 2006. The net proceeds of the offering were segregated in a trust account and the Company was obligated to return the segregated funds to the investors in the event it did not complete a business combination within 18 months (24 months, under certain circumstances). On November 15, 2007, UAN CCC announced the termination of its previously announced letters of intent for business combinations in the security industry. Because UAN CCC had not completed any business combination within the required time period, UAN CCC liquidated the segregated funds held in the trust account, returned the funds to the investors, redeemed the Class B Common Stock the investors acquired in the Offering and reconstituted UAN CCC as an ongoing business corporation. As a result of the foregoing, the Company became a public shell company.

On June 30, 2010, a change of control of UAN CCC occurred when eight purchasers acquired an aggregate of approximately 95.6% of the outstanding voting Common Stock of UAN CCC. In connection with these transactions, UAN CCC’s Board of Directors was reconstituted, and UAN CCC initiated a new business plan involving the sale and appraisal of authentic and high quality works of art, primarily paintings, initially in Taiwan. 

On February 14, 2012, UAN CCC through its director, established UAN Cultural and Creative Company Limited (“UAN HK”) in Hong Kong to take advantage of tax benefits.

On August 9, 2012, UAN CCC though its director and UAN HK, established UAN Yeh Cultural and Creative Company Limited Taiwan Branch (“UAN Yeh”) in Taiwan.

As at August 12, 2012, UAN HK became wholly owned subsidiary of UAN CCC with 10,000 capital shares authorized at HKD1.00 par value and 10,000 shares issued and outstanding.

The operation of the Old Taiwan Branch was ceased and subsequently transferred to UAN Yeh.

UAN CCC and its subsidiaries – UAN HK and UAN Yeh shall be collectively referred throughout as the “Company”.

To summarize the paragraphs above, the organization and ownership structure of the Company is currently as follows:

[GRAPHIC OMITTED] 

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Warrants and Option to Purchase Common Stock (Details Narrative) (USD $)	9 Months Ended	12 Months Ended	9 Months Ended			12 Months Ended		9 Months Ended			12 Months Ended
	Sep. 30, 2012 Common Stock	Dec. 31, 2005 Former Officers and Directors [Member]	Sep. 30, 2012 Class Z Warrant	Sep. 30, 2012 Class Z Warrant Offering	Jun. 30, 2012 Class Z Warrant Common Stock	Dec. 31, 2005 Class Z Warrant Former Officers and Directors [Member] integer	Jun. 30, 2012 Class Z Warrant Former Officers and Directors [Member] Common Stock	Sep. 30, 2012 Class W Warrant	Sep. 30, 2012 Class W Warrant Offering	Jun. 30, 2012 Class W Warrant Common Stock	Dec. 31, 2005 Class W Warrant Former Officers and Directors [Member] integer
Warrants and Option to Purchase Common Stock (Textual) [Abstract]
Common stock available for future issuance	44,150,490		822,500		575,000		247,500
Number of warrant sold						247,500					247,500
Aggregate consideration for warrant sold		$ 247,500
Purchase price (dollar per warrant)		$ 0.50
Number of common shares each warrant entitles the registered holder to purchase					1					1
Exercise price of common stock (dollar per share)					$ 50					$ 50
Warrants expiration date			2013-03-07	The Class Z Warrants will expire on March 7, 2013 or earlier upon redemption.				2011-03-07	2011-03-07
Date of reverse split	Aug. 27, 2010
Reverse split description	One-for-ten reverse split of the Company's Common Stock.
Effect of reverse stock split, description	Number of shares of Common Stock purchasable under the Class Z warrants reduced tenfold and the exercise prices increased tenfold.

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Summary of Significant Accounting Policies - Foreign Currency Translations (Details)	9 Months Ended		12 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Balance Sheet Date Rate | One USD Equals TWD
Foreign Currency Translations
Foreign currency exchange rate, translation	29.17		30.54
Balance Sheet Date Rate | One USD Equals HKD
Foreign Currency Translations
Foreign currency exchange rate, translation	7.75
Average Rate | One USD Equals TWD
Foreign Currency Translations
Average foreign currency exchange rate, translation	29.72	29.21
Average Rate | One USD Equals HKD
Foreign Currency Translations
Average foreign currency exchange rate, translation	7.76

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Related Party Transactions (Details Narrative) (USD $)	1 Months Ended	9 Months Ended
	Mar. 31, 2012	Sep. 30, 2012	Sep. 30, 2011	Jul. 31, 2010
Related Party Transactions (Textual) [Abstract]
Accrued interest repaid		$ 27,317
Yuan-Hao Chang
Related Party Transactions (Textual) [Abstract]
Outstanding payable to the Company		10,374
Amount due to (from) related parties, terms		Amounts are due upon demand and non-interest bearing.
Demand notes payable				200,000
Demand notes interest rate				8.00%
Interest expenses incurred on notes		7,241	11,835
Accrued interest repaid	27,317
Parashar Patel
Related Party Transactions (Textual) [Abstract]
Outstanding receivable from the Company		1,414
Amount due to (from) related parties, terms		Amounts are due upon demand and non-interest bearing.
David Chen-Te Yen
Related Party Transactions (Textual) [Abstract]
Outstanding receivable from the Company		34,283
Amount due to (from) related parties, terms		Amounts are due upon demand and non-interest bearing.
Demand notes payable				300,000
Demand notes interest rate				8.00%
Accrued interest		$ 8,482

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Income Taxes - Income (Loss) Before Income Taxes (Details) (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Notes to Financial Statements
United States	$ (188,947)	$ (336,799)
Hong Kong	(128)
Taiwan	(489,056)	717,696
Total Income (Loss) before Tax	$ (678,131)	$ 380,897

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Offering

3 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Offering

NOTE 2—OFFERING

In the Offering, effective March 8, 2006, the Company sold to the public an aggregate of 57,500 Series A Units and 529,000 Series B Units at a price of $85 and $101 per unit, respectively. Proceeds from the initial public offering totaled approximately $54.9 million, which was net of approximately $3.4 million in underwriting and other expenses. Each Series A Unit consists of two shares of the Company's common stock, and ten Class Z Warrants (a “Class Z Warrant”). Each Series B Unit consists of two shares of the Company's Class B common stock, and two Class W Warrants (a “Class W Warrant”).

The Class Z Warrants will expire on March 7, 2013 or earlier upon redemption. The Class W Warrants expired on March 7, 2011. The Company may redeem the outstanding Class Z Warrants with the prior consent of HCFP/Brenner Securities LLC (“HCFP”), the representative of the underwriters of the Offering, in whole and not in part, at a price of $0.50 per warrant at any time after the warrants become exercisable, upon a minimum of 30 days' prior written notice of redemption, and if, and only if, the last sale price of the Company’s common stock equals or exceeds $87.50 per share for a Class Z Warrant for any 20 trading days within a 30 trading day period ending three business days before the Company sent the notice of redemption.

At the closing of this offering, the Company sold to HCFP the underwriters for an aggregate of $100, an option (the “Underwriter's Purchase Option” or “UPO”) to purchase up to a total of 2,500 additional Series A Units and/or 23,000 additional Series B Units. The UPO expired on March 7, 2011.

The exercise price and number of shares of Common Stock issuable on exercise of the Class W warrants and Class Z warrants may be adjusted in certain circumstances including in the event of a stock dividend, or our recapitalization, reorganization, merger or consolidation. Such adjustment occurred as a result of the one-for-ten reverse split of the Company’s Common Stock effected on August 27, 2010 (the “Reverse Split”) and the number of shares of Common Stock purchasable under the Class Z warrants reduced tenfold and the exercise prices increased tenfold. However, the Class Z warrants will not be adjusted for issuances of Common Stock at a price below their respective exercise prices.

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Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, Shares Authorized	5,000	5,000
Preferred stock, Shares Issued	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	53,672,708	53,672,708
Common stock, shares outstanding	53,672,708	53,672,708
Class B Common Stock
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized	12,000,000	12,000,000
Common stock, shares issued	0	0
Common stock, shares outstanding	0	0

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Fixed Assets, Net (Tables)

3 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Abstract]

Balances of fixed assets

	September 30, 2012		December 31, 2011
Leasehold Improvements	$	—	$	250,000
Machinery & Equipment		—		534
		—		250,534
Accumulated Depreciation & Amortization		—		(175,634	)
Net Fixed Assets	$	—	$	74,900

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Document and Entity Information	3 Months Ended
	Sep. 30, 2012	Nov. 21, 2012
Document And Entity Information
Entity Registrant Name	UAN Cultural & Creative Co., Ltd.
Entity Central Index Key	0001337009
Document Type	10-Q
Document Period End Date	Sep. 30, 2012
Amendment Flag	true
Amendment Description	Amended to provide complete XBRL file set for all footnotes and to correct the Document Period End Date and Document Fiscal Period Focus.
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		53,672,708
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2012

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Income Taxes (Tables)

3 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income (Loss) Before Income Taxes

	For the nine months ended
	September 30, 2012			September 30, 2011
United States	$	(188,947	)	$	(336,799	)
Hong Kong		(128	)		—
Taiwan		(489,056	)		717,696
Total Income (Loss) before Tax	$	(678,131	)	$	380,897

Provisions for Income Taxes

	For the nine months ended
	September 30, 2012		September 30, 2011
United States	$	—	$	2,762
Hong Kong		—		—
Taiwan		3,424		122,008
Total Tax Expense	$	3,424	$	124,770

Reconciliations of statutory rates to effective tax rates

	For the nine months ended
	September 30, 2012
US Statutory Tax Rate		39.0	%
TW Foreign Tax Rate		17.0	%
Hong Kong Foreign Tax Rate		0.0	%
US State Income Tax Rate Effected		0.0	%
Foreign Tax Credit		-17.0	%
Net Operating Loss Carryforward		-39.0	%
Effective Worldwide Tax Rate		0.0	%

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Statement of Operations and Comprehensive Income (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Income Statement [Abstract]
Revenue	$ 183,035	$ 760,769	$ 758,104	$ 1,834,345
Cost Of Sales	66,192	339,523	578,292	747,657
Gross Profit	116,843	421,246	179,812	1,086,688
Operating expenses:
Selling, general and administrative expenses	336,156	288,447	930,839	694,492
Total operating expenses	336,156	288,447	930,839	694,492
Income (Loss) from operations	(219,313)	132,799	(751,027)	392,196
Interest income (expense), net	28	(3,459)	(6,597)	(11,299)
Other gains, net	(4)		2,229
Gain on disposal of fixed assets	77,265		77,265
Total other income/(expenses)	77,289	(3,459)	72,896	(11,299)
Income (Loss) before provision for income taxes	(142,024)	129,340	(678,131)	380,897
Provision for income taxes (Note 5)	2,543	55,313	3,424	124,770
Net Income (Loss)	(144,567)	74,028	(681,555)	256,127
Weighted average number of common shares outstanding, basic	53,672,708	53,552,708	53,672,708	53,552,708
Net Income (Loss) per share, basic	$ (0.003)	$ 0.001	$ (0.013)	$ 0.005
Weighted average number of common shares outstanding, diluted	53,672,708	53,552,708	53,672,708	53,552,708
Net Income (Loss) per share, diluted	$ (0.003)	$ 0.001	$ (0.013)	$ 0.005
Comprehensive Income (Loss)
Net income (loss)	(144,567)	74,028	(681,555)	256,127
Foreign currency translation gain (loss)	7,882	19,214	13,074	22,077
Comprehensive income (loss)	$ (136,684)	$ 93,242	$ (668,481)	$ 278,204

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Capital Stock

3 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Capital Stock

NOTE 7—CAPITAL STOCK

Preferred Stock

The Company is authorized to issue up to 5,000 shares of Preferred Stock with such designations, voting, and other rights and preferences as may be determined from time to time by the Board of Directors.

Common Stock and Class B Common Stock

The Company’s certificate of incorporation was amended to increase the authorization to issue shares of common stock from 80,000,000 to 100,000,000 on August 27, 2010. This amendment also effected a one-for-ten reverse split of the Company’s Common Stock.

On November 1, 2010 the Company completed an “offshore” private offering of its common stock to investors who qualified as “Non U.S. Persons” under Regulation S of the Securities Act of 1933. This offering for 50,000,000 shares of Common Stock at a price of $0.02 per share has generated gross proceeds to the Company of $999,718. David Chen-Te Yen, Director, at the time of this transaction owned approximately 42.0% of our common stock,

As of September 30, 2012, there are 44,150,490 shares of common stock available for future issuance, after appropriate reserves for the issuance of common stock in connection with the Class Z Warrants, the Underwriters Purchase Option and the officer’s and director’s Class Z Warrants. The Company currently has no commitments to issue any shares of common stock.

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Commitments and Contingencies

3 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 6—COMMITMENTS & CONTINGENCIES

Solicitation Services

The Company has engaged HCFP, on a non-exclusive basis, to act as its agent for the solicitation of the exercise of the Company’s Class W Warrants and Class Z Warrants. In consideration for solicitation services, the Company will pay HCFP a commission equal to 5% of the exercise price for each Class W Warrant and Class Z Warrant exercised after March 8, 2007 if the exercise is solicited by HCFP. No solicitation services have been provided to date.

Operating Leases

In August 2010, the Company entered into a two-year real estate operating lease for its initial gallery location in Taiwan which expired in August 2012.

In November 2011, the Company entered into an office space lease agreement for additional space located in Taiwan.

In January 2012, the Company entered into a two year lease for its second gallery location in Tainan, Taiwan.

The leases above were cancelled when the Company disposed its property in August 2012.

In September 2012, the Company entered into an office space lease agreement in Zhongli, Taiwan.

Rent expenses incurred were $18,567 and $8,489 233 for the three months ended September 30, 2012 and 2011, respectively. Rent expenses incurred were $48,210, and $27,925 190 for the nine months ended September 30, 2012 and 2011, respectively.

On October 7, 2011, the Company entered into a three years automobile lease agreement. The lease is cancelled on August 31, 2012.

On June 5, 2012, the Company entered into a three years automobile lease agreement.

Automobile lease expenses incurred were $21,782 and $0 for the three months ended September 30, 2012 and 2011, respectively; and $43,763 and $0 for nine months ended September 30, 2012 and 2011, respectively.  

Future aggregate minimum office lease payments and automobile lease payments will be as follows:

Year		Amounts
	2012	$	20,035
	2013		75,854
	2014		69,855
	2015		29,106
	Total	$	194,850

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Fixed Assets, Net - Balances of fixed assets (Details) (USD $)	Sep. 30, 2012	Dec. 31, 2011
Property, Plant and Equipment [Abstract]
Leasehold Improvements		$ 250,000
Machinery & Equipment		534
Fixed Assets, Gross		250,534
Accumulated Depreciation & Amortization		175,634
Net Fixed Assets		$ 74,900

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Commitments and Contingencies (Tables)

3 Months Ended

Sep. 30, 2012

Commitments and Contingencies Disclosure [Abstract]

Future aggregate minimum office lease payments and automobile lease payments

Year	Amounts
2012	$	36,491
2013		133,449
2014		78,083
2015		29,106
Total	$	277,129

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Summary of Significant Accounting Policies (Policies)

3 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

BASIS OF PRESENTATION

BASIS OF PRESENTATION

The Company has prepared the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America.

INTERIM FINANCIAL STATEMENTS

INTERIM FINANCIAL STATEMENTS

The accompanying unaudited consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the Company’s audited financial statements and footnotes thereto for the year ended December 31, 2011, included in the Company’s Form 10-K filed on April 13, 2012. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. The financial statements reflect all adjustments (consisting primarily of normal recurring adjustments) that are, in the opinion of management necessary for a fair presentation of the Company’s financial position and results of operations. The operating results for the three and six months ended June 30, 2012 are not necessarily indicative of the results to be expected for any other interim period of a future year.

RECLASSIFICATION

RECLASSIFICATION

Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses.

USE OF ESTIMATES

USE OF ESTIMATES

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain 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 revenue and expenses during the reporting period. Actual results could differ from those estimates.

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS

Cash and cash equivalents are deposits in financial institutions as well as short-term money market instruments with maturities of three months or less when purchased.

ACCOUNTS AND NOTES RECEIVABLE

ACCOUNTS AND NOTES RECEIVABLE

These amounts represent sales to customers in the ordinary course of business. Ninety percent of the notes receivable are due within 90 days and the remainder balance within one year.

INVENTORY

INVENTORY

Inventory consists principally of finished art pieces held for sale valued at the specific-cost to purchase each piece. The Company accounts for inventory at the lower of the specifically-identified-cost of each piece (or average cost per piece when purchased in lots of two or greater) or net realizable value. As art is sold, amounts removed from inventory are the same specific cost values at the time of purchase.

FIXED ASSETS, NET

FIXED ASSETS, NET

Leasehold improvements are recorded at cost and are amortized over the length of lease which is a two-year period beginning in August 2010. Machinery and equipment are amortized on a straight-line basis over a two to five year period.

IMPAIRMENT OF LONG-LIVED ASSETS

IMPAIRMENT OF LONG-LIVED ASSETS

The Company evaluates its long-lived assets for impairment by comparison of the carrying amounts to future net undiscounted cash flows expected to be generated by such assets when events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. Should an impairment exist, the impairment loss would be measured based on the excess carrying value of the asset over the asset’s fair value or estimates of future discounted cash flows. The Company has not identified any such impairment losses to date.

NOTES PAYABLE

NOTES PAYABLE

Notes payable are amounts due to vendors or service providers which are classified into current and non-current portion based on its maturity date. These notes are non-interest.

CONCENTRATION OF CREDIT RISK

CONCENTRATION OF CREDIT RISK

Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. However, management believes the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

COMPREHENSIVE INCOME

COMPREHENSIVE INCOME

The Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Codification 220, “Comprehensive Income,” which establishes standards for reporting and presentation of comprehensive income (loss) and its components in a full set of general-purpose financial statements.  The Company has chosen to report comprehensive income (loss) in the statements of income and comprehensive income.  Comprehensive income (loss) is comprised of net income and all changes to stockholders’ equity except those due to investments by owners and distributions to owners.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing income (loss) available to common stockholders by the weighted average common shares outstanding for the period and Class B common stock outstanding prior to its redemption. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the entity. The average market price of the common shares is below the exercise price of the outstanding warrants therefore not included in the calculation for dilutive share.

The computation of basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2012 and 2011 is as follows:

	For the three months ended					For the nine months ended
	September 30, 2012			September 30, 2011		September 30, 2012			September 30, 2011
Numerator:
Net Income/(Loss)	$	(144,567	)	$	74,028	$	(681,555	)	$	256,127
Denominator
Weighted average common shares outstanding – basic		53,672,708			53,552,708		53,672,708			53,552,708
Dilution associated with W and Z warrants		—			—		—			—
Weighted average common share outstanding – diluted		53,672,708			53,552,708		53,672,708			53,552,708
Basic earnings (loss) per share	$	(0.003	)	$	0.001	$	(0.013	)	$	0.005
Diluted earnings (loss) per share	$	(0.003	)	$	0.001	$	(0.013	)	$	0.005

FAIR VALUE OF FINANCIAL INSTRUMENTS

FAIR VALUE OF FINANCIAL INSTRUMENTS

FASB ASC Topic 820, “Fair Value measurement and Disclosures”, an Accounting Standard Update. In September 2009, the FASB issued this Update to amendments to Subtopic 820-10, “Fair Value Measurements and Disclosures”. Overall, for the fair value measurement of investments in certain entities that calculates net asset value per share (or its equivalent). The amendments in this Update permit, as a practical expedient, a reporting entity to measure the fair value of an investment that is within the scope of the amendments in this Update on the basis of the net asset value per share of the investment (or its equivalent) if the net asset value of the investment (or its equivalent) is calculated in a manner consistent with the measurement principles of Topic 946 as of the reporting entity’s measurement date, including measurement of all or substantially all of the underlying investments of the investee in accordance with Topic 820. The amendments in this Update also require disclosures by major category of investment about the attributes of investments within the scope of the amendments in this Update, such as the nature of any restrictions on the investor’s ability to redeem its investments at the measurement date, any unfunded commitments (for example, a contractual commitment by the investor to invest a specified amount of additional capital at a future date to fund investments that will be made by the investee), and the investment strategies of the investees. The major category of investment is required to be determined on the basis of the nature and risks of the investment in a manner consistent with the guidance for major security types in GAAP on investments in debt and equity securities in paragraph 320-10-50-lB. The disclosures are required for all investments within the scope of the amendments in this Update regardless of whether the fair value of the investment is measured using the practical expedient. The amendments in this Update apply to all reporting entities that hold an investment that is required or permitted to be measured or disclosed at fair value on a recurring or non-recurring basis and, as of the reporting entity’s measurement date, if the investment meets certain criteria The amendments in this Update are effective for the interim and annual periods ending after December 15, 2009. Early application is permitted in financial statements for earlier interim and annual periods that have not been issued.

REVENUES

REVENUES

The Company has two principal sources of revenue. Revenues related to the direct sale of art pieces from inventory and commissions on sale of art pieces sold on a consignment basis. The Company recognizes revenues at the time goods are delivered to the customers.

For the nine months ended September 30, 2012, three hundred ninety three (393) pieces of arts were sold from the inventory.

ADVERTISING COSTS

ADVERTISING COSTS

Advertising costs are expensed as incurred and included in selling, general and administrative expenses. The Company incurred advertising expense of $157,527 and $5,925 for the three months ended September 30, 2012 and 2011, respectively, and $264,302 and $10,698 for the nine months ended September 30, 2012 and 2011, respectively.

SEGMENT REPORTING AND GEOGRAPHIC INFORMATION

SEGMENT REPORTING AND GEOGRAPHIC INFORMATION

The Company reports all operations under one business segment, the sale of works of art. Two customers accounted for 92% of the Company’s revenues for nine months ended September 30, 2012. The Company generated 73% of revenues for the nine months ended September 30, 2011 through one Taiwan distributor. All sales revenues were generated in Taiwan. The following table sets forth information as to the revenue derived from those customers that accounted for more than 10% of our revenue for the nine months ended September 30, 2012 and 2011:

	2012				2011
Largest Customers
Espoir	$	307,331	41	%	$	1,347,492	73	%
Andwin		16,023	2	%		131,428	7	%
Roundex		383,634	51	%		160,000	9	%
Others		51,115	7	%		195,425	11	%
Total revenues	$	758,104	100	%	$	1,834,345	100	%

FOREIGN CURRENCY TRANSLATIONS

FOREIGN CURRENCY TRANSLATIONS

The functional currency of UAN CCC is U.S. Dollar (“USD”). 

The functional currency of UAN CCC’s branch operations in Taiwan is New Taiwan Dollar (“TWD”).

The functional currency of UAN CCC HK is Hong Kong Dollar (“HKD”).

The functional currency of UAN Yeh CCC is New Taiwan Dollar (“HKD”).

Transactions denominated in foreign currencies are translated into U.S. dollars at the exchange rate in effect on the date of the transactions. Exchange gains or losses on transactions are included in earnings.

The consolidated financial statements of the Company are translated into U.S. dollars in accordance with the standard, “Foreign Currency Translation,” codified in ASC 830, using rates of exchange at the end of the period for assets and liabilities, and average rates of exchange for the period for revenues, costs, and expenses and historical rates for equity. Translation adjustments resulting from the process of translating the local currency combining financial statements into U.S. dollars are included in determining comprehensive income.

At September 30, 2012, the cumulative translation adjustments of $1,347, were classified as items of accumulated other comprehensive income in the stockholders’ equity section of the balance sheet. For the three ended September 30, 2012 and 2011, other comprehensive (loss) income was $7,882 and $19,214, respectively. For the nine months ended September 30, 2012 and 2011, other comprehensive income was $13,074 and $22,077 respectively.

The exchange rates used to translate TWD amounts into USD at (1USD=TWD) as follows:

	Balance Sheet Rate		Average Rate
December 31, 2011		30.54		—
September 30, 2011		—		29.21
September 30, 2012		29.17		29.72

The exchange rates used to translate HKD amounts into USD at (1USD=HKD) as follows:

	Balance Sheet Rate		Average  Rate
September 30, 2012		7.75		7.76

INCOME TAXES

INCOME TAXES

The Company accounts for income taxes following the liability method pursuant to FASB ASC 740 “Income Taxes”.  Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company records a valuation allowance to offset deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized.  The effect on deferred taxes of a change in tax rate is recognized in income in the period that includes the enactment date.

The Company accounts for uncertainty in income taxes in accordance with FASB ASC 740-10 “Income Taxes-Overall”. The Company has elected to classify interest and penalties related to an uncertain position, if and when required, as part of interest expenses and other expenses, respectively, in the consolidated statements of income and comprehensive income. 

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS

In July 2012, the FASB issued ASU No. 2012-02, Testing Indefinite-Lived Intangible Assets for Impairment. Under this standard, entities testing long-lived intangible assets for impairment now have an option of performing a qualitative assessment to determine whether further impairment testing is necessary. If an entity determines, on the basis of qualitative factors, that the fair value of the indefinite-lived intangible asset is more-likely-than-not less than the carrying amount, the existing quantitative impairment test is required. Otherwise, no further impairment testing is required. For the Company, this ASU is effective beginning January 1, 2013, with early adoption permitted under certain conditions. The adoption of this standard is not expected to have a material impact on the Company’s consolidated results of operations or financial condition.

In May 2011, the FASB issued ASU No. 2011-04, “Fair Value Measurement: Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs." This standard clarifies guidance on how to measure fair value and is largely consistent with existing fair value measurement principles. The ASU also expands existing disclosure requirements for fair value measurements and makes other amendments. For the Company, this ASU is effective prospectively beginning January 1, 2012. The adoption of this standard did not have a material impact on the Company’s consolidated results of operations or financial condition.

In June 2011, the FASB issued ASU No. 2011-05, “Presentation of Comprehensive Income.” This standard requires entities to present items of net income and other comprehensive income either in a single continuous statement, or in separate, but consecutive, statements of net income and other comprehensive income. The new requirements do not change which components of comprehensive income are recognized in net income or other comprehensive income, or when an item of other comprehensive income must be reclassified to net income. Also, the earnings-per share computation does not change. However, the current option under existing standards to report other comprehensive income and its components in the statement of changes in equity is eliminated. In addition, the previous option to disclose reclassification adjustments in the notes to the financial statements is also eliminated, as reclassification adjustments will be required to be shown on the face of the statement under the new standard. For the Company, this ASU is effective retrospectively beginning January 1, 2012, with early adoption permitted. Since this standard impacts disclosure requirements only, its adoption did not have a material impact on the Company’s consolidated results of operations or financial condition.

In December 2011, the FASB issued ASU No. 2011-11, “Disclosures About Offsetting Assets and Liabilities,” which creates new disclosure requirements regarding the nature of an entity’s rights of setoff and related arrangements associated with its financial instruments and derivative instruments. Certain disclosures of the amounts of certain instruments subject to enforceable master netting arrangements or similar agreements would be required, irrespective of whether the entity has elected to offset those instruments in the statement of financial position. The ASU is effective January 1, 2013 with retrospective application required. Since this standard impacts disclosure requirements only, its adoption will not have a material impact on the Company’s results of operations or financial condition.

In December 2011, the FASB released Accounting Standards Update No. 2011-12 (“ASU 2011-12”), “Comprehensive Income (Topic 220): Deferral of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05.” ASU 2011-12 defers only those changes in ASU 2011-05 that relate to the presentation of reclassification adjustments out of accumulated other comprehensive income. The provisions of ASU 2011-12 became effective in fiscal years beginning after December 15, 2011. The adoption of ASU 2011-12 did not materially impact our financial statements.

The Company believes that there were no other accounting standards recently issued that had or are expected to have a material impact on our financial position or results of operations.

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Warrants and Option to Purchase Common Stock

3 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Warrants and Option to Purchase Common Stock

NOTE 8—WARRANTS AND OPTION TO PURCHASE COMMON STOCK

In addition to shares of Common Stock common outstanding as of September 30, 2012, the following shares of Common Stock, which take into account the Reverse Split, are reserved for issuance pursuant to outstanding warrants:

• 575,000 shares of Common Stock underlying the outstanding Class Z warrants sold in the IPO on March 8, 2006. We refer to these warrants as the “IPO Warrants.”

• 247,500 shares of Common Stock underlying the outstanding Class Z warrants issued to former officers and directors of the Company. Specifically, an aggregate of 247,500 Class W warrants and 247,500 Class Z warrants were sold to former officers and directors for an aggregate of $247,500 (or a purchase price of $0.50 per warrant). These warrants have the same terms as the other Class Z and Class W warrants, including an exercise price of $50 per share. We refer to these warrants as the “Affiliate Warrants.”

Class W Warrants

Each Class W warrant entitles the registered holder to purchase one share of our Common Stock at a price of $50 per share. The Class W warrants expired on March 7, 2011.

Class Z Warrants

Each Class Z warrant entitles the registered holder to purchase one share of our Common Stock at a price of $50 per share, subject to adjustment as discussed below, at any time commencing on the later of:

• the completion of a Business Combination as further described in the IPO registration statement; and

• March 8, 2007.

The Class Z warrants will expire on March 7, 2013. There are 822,500 shares of Common Stock underlying the outstanding Class Z warrants as of September 30, 2012.

The exercise price and number of shares of Common Stock issuable on exercise of the Class Z warrants may be adjusted in certain circumstances including in the event of a stock dividend, or our recapitalization, reorganization, merger or consolidation. Such adjustment occurred as a result of the one-for-ten reverse split of the Company’s Common Stock effected on August 27, 2010 (the “Reverse Split”) and the number of shares of Common Stock purchasable under the Class Z warrants reduced tenfold and the exercise prices increased tenfold. However, the Class Z warrants will not be adjusted for issuances of Common Stock at a price below their respective exercise prices.

No warrants will be exercisable unless at the time of exercise a prospectus relating to Common Stock issuable upon exercise of the warrants is current and the Common Stock has been registered or qualified or deemed to be exempt under the securities laws of the state of residence of the holder of the warrants. Under the terms of the warrant agreement, we have agreed to meet these conditions and to maintain a current prospectus relating to Common Stock issuable upon exercise of the warrants until the expiration of the warrants. However we have not done so, since we do not believe it to be likely that the warrants will be exercised given the current price of our Common Stock is significantly below the exercise price of the warrants.

No fractional shares will be issued upon exercise of the Class Z warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round up to the nearest whole number the number of shares of Common Stock to be issued to the warrant holder.

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Related Party Transactions

3 Months Ended

Sep. 30, 2012

Notes to Financial Statements

Related Party Transactions

NOTE 9—RELATED PARTY TRANSACTIONS

At September 30, 2012, David Chen-Te Yen (Chairman, director and shareholder of the Company) has an outstanding receivable of $34,283 from the Company which was advanced to commence the Taiwan operations.

At September 30, 2012, Yuan-Hao Chang (shareholder and consultant to the Company) has an outstanding payable of $10,374 to the Company.

At September 30, 2012, Parashar Patel (shareholder and CEO of the Company) has an outstanding receivable of $1,414 from the Company which Mr. Patel advanced to the Company to pay certain Company’s expenses.

The above related parties’ amounts are due upon demand and non-interest bearing.

In July 2010, Mr. David Chen-Te Yen (Chairman, director, and shareholder of the Company) loaned the Company $300,000 in demand notes bearing interest at 8%. This demand note was repaid on December 3, 2010. The related accrued interest of $8,482 remains unpaid at September 30, 2012.

In July 2010, Mr. Yuan-Ho Chang (shareholder and consultant to the Company) loaned the Company $200,000 in demand notes bearing interest at 8%. This demand note was repaid on November 1, 2011. Interest expenses incurred on the notes were $7,241 and $11,835 for the nine months ended September 30, 2012 and 2011, respectively. The related accrued interest of $27,317 was repaid in March 2012.

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Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2012

Accounting Policies [Abstract]

Computation of basic and diluted earnings (loss) per share

	For the three months ended					For the nine months ended
	September 30, 2012			September 30, 2011		September 30, 2012			September 30, 2011
Numerator:
Net Income/(Loss)	$	(144,567	)	$	74,028	$	(681,555	)	$	256,127
Denominator
Weighted average common shares outstanding – basic		53,672,708			53,552,708		53,672,708			53,552,708
Dilution associated with W and Z warrants		—			—		—			—
Weighted average common share outstanding – diluted		53,672,708			53,552,708		53,672,708			53,552,708
Basic earnings (loss) per share	$	(0.003	)	$	0.001	$	(0.013	)	$	0.005
Diluted earnings (loss) per share	$	(0.003	)	$	0.001	$	(0.013	)	$	0.005

Revenue derived from those customers that accounted for more than 10% of revenue

	2012				2011
Largest Customers
Espoir	$	307,331	41	%	$	1,347,492	73	%
Andwin		16,023	2	%		131,428	7	%
Roundex		383,634	51	%		160,000	9	%
Others		51,115	7	%		195,425	11	%
Total revenues	$	758,104	100	%	$	1,834,345	100	%

Exchange rates used to translate TWD amounts into USD at (1USD=TWD)

	Balance Sheet Rate		Average Rate
December 31, 2011		30.54		—
September 30, 2011		—		29.21
September 30, 2012		29.17		29.72

Exchange rates used to translate HKD amounts into USD at (1USD=HKD)

	Balance Sheet Rate		Average  Rate
September 30, 2012		7.75		7.76

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Capital Stock (Details Narrative) (USD $)			9 Months Ended	12 Months Ended
	Sep. 30, 2012	Dec. 31, 2011	Sep. 30, 2012 Common Stock	Dec. 31, 2010 Common Stock Private Offering	Sep. 30, 2012 Preferred Stock [Member]	Dec. 31, 2010 David Chen-Te Yen Common Stock
Capital Stock (Textual) [Abstract]
Preferred stock, share authorized	5,000	5,000			5,000
Increase in authorized shares			The Company's certificate of incorporation was amended to increase the authorization to issue shares of common stock from 80,000,000 to 100,000,000 on August 27, 2010.
Reverse split description			One-for-ten reverse split of the Company's Common Stock.
Issue of common stock under private offering				50,000,000
Common stock price per unit				$ 0.02
Gross proceeds				$ 999,718
Percentage of interest						42.00%
Common stock available for future issuance			44,150,490

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Summary of Significant Accounting Policies - Segment Reporting and Geographic Information (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Revenues	$ 183,035	$ 760,769	$ 758,104	$ 1,834,345
Percentage			100.00%	100.00%
Taiwan
Percentage			100.00%	100.00%
Espoir
Revenues			307,331	1,347,492
Percentage			41.00%	73.00%
Andwin
Revenues			16,023	131,428
Percentage			2.00%	7.00%
Roundex
Revenues			383,634	160,000
Percentage			51.00%	9.00%
Others
Revenues			$ 51,115	$ 195,425
Percentage			7.00%	11.00%

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Income Taxes - Reconciliations of statutory rates to effective tax rates (Details)	9 Months Ended
	Sep. 30, 2012
Notes to Financial Statements
Statutory US Tax Rate	39.00%
TW Foreign Tax Rate	17.00%
Hong Kong Foreign Tax Rate	0.00%
State Income Tax Rate Effected	0.00%
Foreign Tax Credit	(17.00%)
Net Operating Loss Carryforward	(39.00%)
Effective Worldwide Tax Rate	0.00%

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Statements of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash Flows from Operating Activities
Net income (loss) for the period	$ (681,555)	$ 256,127
Depreciation and amortization expense	95,753	102,381
Gain on disposal of fixed assets	(77,265)
Changes in operating assets and liabilities:
Increase in accounts and notes receivable	47,360	(312,934)
(Increase) Decrease in inventory	439,413	(14,805)
Increase in other assets	618	(88,186)
Increase (Decrease) in accounts payable & accrued expenses	(122,630)	358,746
Increase in notes payable	46,888
Decrease in deposit from customers	(31,925)
Decrease in other payables	(3,830)
Increase in income tax payables	(28,919)
Net cash used in operating activities	(316,092)	301,329
Cash Flows from Investing Activities
Disposal of fixed assets	161,564
Purchase of leasehold improvements	(105,154)
Net cash provided by investing activities	56,410
Cash Flows from Financing Activities
Repayments of advances from shareholders & officers	(74,669)
Net cash provided by financing activities	(74,669)
Effect of exchange rate change on cash	13,075	(22,077)
Net increase (decrease) in cash and cash equivalents	(321,276)	279,252
Cash and cash equivalents
Beginning of period	441,448	377,433
End of period	120,172	656,685
Supplemental disclosure of cash flow information:
Interest paid	27,317
Income taxes paid

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Income Taxes

3 Months Ended

Sep. 30, 2012

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 5 — INCOME TAXES

UAN CCC was established under the laws of the State of Delaware and is subject to U.S. federal income tax and Delaware state income tax.

UAN CCC’s Taiwan Branch operation in Taiwan and is subject to Taiwan tax laws. The income tax rate in Taiwan is 17%

The Company has not made a provision for U.S. income taxes on undistributed earnings of oversea subsidiaries (UAN CCC HK and UAN Yeh CCC) with which the Company intends to continue to reinvest. It is not practicable to estimate the amount of additional tax that might be payable on the foreign earnings if they were remitted as dividends, or lent to the Company, or if the Company should sell its stock in these subsidiaries.

UAN CCC HK was established in Hong Kong and is subject to Hong Kong tax laws. However, there is no Hong Kong based income; therefore, there is no income tax impact from Hong Kong.

UAN Yeh CCC was established in Taiwan and is subject to Taiwan tax laws. The income tax rate in Taiwan is 17%.

UAN CCC has cumulative net operating tax loss carryover (the “NOL”) of approximately $2.7 million at September 30, 2012, which are not likely to be fully realized and consequently a full valuation allowance has been established relating to this deferred tax assets. The final portion of the NOL will expires in 20 years.

UAN CCC has foreign tax credit carryover of approximately (the “FTC”) $37,000 at September, 2012. The final portion of the FTC will expire in 10 years.

Deferred income tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts and are based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred income tax assets to the amount expected to be realized. The deferred income tax asset related to the above noted NOL in the amount of approximately $2.7 million and FTC in the amount of $37,000 has been reduced by a related allowance of equal amount at September 30, 2012.

Income/(Loss) before Income Taxes for the nine months ended September 30 were as follows:

	For the nine months ended
	September 30, 2012			September 30, 2011
United States	$	(188,947	)	$	(336,799	)
Hong Kong		(128	)		—
Taiwan		(489,056	)		717,696
Total Income (Loss) before Tax	$	(678,131	)	$	380,897

Provisions for Income Taxes for the nine months ended September 30 were as follows:

	For the nine months ended
	September 30, 2012		September 30, 2011
United States	$	—	$	2,762
Hong Kong		—		—
Taiwan		3,424		122,008
Total Tax Expense	$	3,424	$	124,770

Reconciliations of statutory rates to effective tax rates for the nine months ended September 30 were as follows:

	For the nine months ended
	September 30, 2012
US Statutory Tax Rate		39.0	%
TW Foreign Tax Rate		17.0	%
Hong Kong Foreign Tax Rate		0.0	%
US State Income Tax Rate Effected		0.0	%
Foreign Tax Credit		-17.0	%
Net Operating Loss Carryforward		-39.0	%
Effective Worldwide Tax Rate		0.0	%

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Future aggregate minimum office lease payments (Details) (USD $)	Dec. 31, 2011
Notes to Financial Statements
2012	$ 20,035
2013	75,854
2014	69,855
2015	29,106
Total	$ 194,850

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Summary of Significant Accounting Policies - Earnings (Loss) Per Share (Details) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Numerator:
Net Income (Loss)	$ (144,567)	$ 74,028	$ (681,555)	$ 256,127
Denominator
Weighted average number of common shares outstanding, basic	53,672,708	53,552,708	53,672,708	53,552,708
Weighted average number of common shares outstanding, diluted	53,672,708	53,552,708	53,672,708	53,552,708
Net Income (Loss) per share, basic	$ (0.003)	$ 0.001	$ (0.013)	$ 0.005
Net Income (Loss) per share, diluted	$ (0.003)	$ 0.001	$ (0.013)	$ 0.005