SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2017

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedule of financial information of consolidate VIEs

	June 30, 2017		December 31, 2016
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	100,101	264,761
Short-term investments	258,325		100,908
Accounts receivable, net	38,399		37,159
Prepayments and other receivables	149,384		283,135
Amount due from holding company	4,500		—
Amounts due from related parties	4,765		98,681

Total current assets	555,474		784,644

NON-CURRENT ASSETS
Property, plant and equipment, net	11,679		6,288
Intangible assets, net	19,011		19,580

Total non-current assets	30,690		25,868

TOTAL ASSETS	$	586,164	$	810,512


CURRENT LIABILITIES
Accounts payable	19,039		37,859
Accruals and other payables	97,034		91,068
Taxation payable	2,050		2,672
Amounts due to shareholders	721,714		—
Amounts due to related parties	1,633,164		1,878,813

TOTAL LIABILITIES	2,473,001		2,010,412

	Three months ended June 30,				Six months ended June 30,
	2017		2016		2017		2016

Net revenue	$	1,347,760	$	—	$	1,484,726	$	—
Net loss	$	403,755	$	26,639	$	686,852	$	28,296

	Six months ended June 30,
	2017			2016

Net cash used in operating activities	$	(529,907	)	$	(25,497	)
Net cash used in investing activities	(63,722		)	(95,402		)
Net cash provided by financing activities	424,987			113,650

Schedule of basic and diluted loss per share

	Three Months Ended June 30,						Six Months Ended June 30,
	2017			2016			2017			2016

Net loss	$	(500,836	)	$	(26,639	)	$	(818,994	)	$	(28,296	)


Weighted average number of common shares outstanding- basic and diluted	508,110,000			8,110,000			480,485,691			8,110,000


Basic and diluted loss per share	$	—		$	—		$	—		$	—

* Less than $0.01 per share

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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