0001213900-18-008500.txt : 20180629 0001213900-18-008500.hdr.sgml : 20180629 20180629140613 ACCESSION NUMBER: 0001213900-18-008500 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 42 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180629 DATE AS OF CHANGE: 20180629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TAXUS PHARMACEUTICALS HOLDINGS, INC. CENTRAL INDEX KEY: 0001622676 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-DRUG STORES AND PROPRIETARY STORES [5912] IRS NUMBER: 030380057 STATE OF INCORPORATION: NY FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-200602 FILM NUMBER: 18928681 BUSINESS ADDRESS: STREET 1: 245-16 HORACE HARDING EXPRESSWAY, CITY: LITTLE NECK STATE: NY ZIP: 11362 BUSINESS PHONE: 7186311522 MAIL ADDRESS: STREET 1: 245-16 HORACE HARDING EXPRESSWAY, CITY: LITTLE NECK STATE: NY ZIP: 11362 10-Q 1 f10q0318_taxuspharmaceutic.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended March 31, 2018

 

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

 

For the transition period from______ to ______

 

Commission File Number 333-200602

 

Taxus Pharmaceuticals Holdings, Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

(Formerly known as “Little Neck Health Connection, Inc”)

 

03-0380057   New York
(I.R.S. employer identification No.)   (State or other jurisdiction of incorporation)

 

23605 Braddock Avenue,

Bellerose, NY 11426

Phone: (718) 631-1522
(Address, including zip code, and telephone number, including area code, of registrant's principal executive offices)

 

Jiayue Zhang

23605 Braddock Avenue,

Bellerose, NY 11426

Phone: (718) 631-1522

(Name, address, including zip code, and telephone number, including area code, of agent for service)

 

Copy of Communications To:

 

Lucosky Brookman, LLP 

Attn: Lawence Metelitsa

101 Wood Avenue South

Woodbridge, New Jersery 08830 
Tel: 732-395-4400 

Direct: 732-395-4405
Fax: 732-395-4401 
(Name, Address and Telephone Number of Person Authorized to Receive Notice and Communications on Behalf of Registrant) 

 

Check whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.   Yes ☒   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).  Yes ☒    No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth 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
  Emerging growth company

 

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): Yes ☐    No ☒

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: as of March 31, 2018, there are 81,500,200 shares of common stock issued and outstanding.

 

 

 

 

 

CHINA FORESTRY, INC.

 

FORM 10-Q FOR THE PERIOD ENDED MARCH 31, 2018

 

TABLE OF CONTENTS

 

PART I. FINANCIAL INFORMATION 1
ITEM 1. FINANCIAL STATEMENTS 1
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 14
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 20
ITEM 4. CONTROLS AND PROCEDURES 20
PART II. OTHER INFORMATION 21
ITEM 1.  LEGAL PROCEEDINGS 21
ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 21
ITEM 3.  DEFAULTS UPON SENIOR SECURITIES 21
ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS 21
ITEM 5.  OTHER INFORMATION 22
ITEM 6. EXHIBITS 23

 

i

 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

BALANCE SHEETS (IN U.S. $)

 

MARCH 31, 2018 AND JUNE 30, 2017 

 

 

ASSETS  March 31, 2018  

June 30,

2017

 
   (Unaudited)     
         
Current assets:          
Cash and cash equivalents  $5,836   $5,856 
           
Total current assets   5,836    5,856 
           
Other assets:          
Security deposit   -    3,000 
           
TOTAL ASSETS  $5,836   $8,856 
           
LIABILITIES AND stockholderS’ (DEFICIT)        
         
Current liabilities:          
Accounts payable and accrued expenses  $22,551   $62,515 
           
Total current liabilities   22,551    62,515 
           
Commitments and contingencies          
           
Stockholders’ (deficit):          
Common stock, $0.00001 par value per share; 1,500,000,000 shares authorized; 81,500,200 shares issued and outstanding as of March 31, 2018 and June 30, 2017   815    815 
Additional paid-in capital   704,365    648,901 
(Deficit)   (721,895)   (703,375)
           
Total stockholders’ (deficit)   (16,715)   (53,659)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ (DEFICIT)  $5,836   $8,856 

 

See accompanying notes to financial statements.

 

1

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

STATEMENTS OF OPERATIONS (IN U.S. $)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2018 AND 2017

(UNAUDITED) 

 

 

   Three Months Ended
March 31,
   Nine Months Ended
March 31,
 
   2018   2017   2018   2017 
                 
Revenues  $-   $-   $500   $5,851 
Cost of revenues   -    -    -    4,389 
                     
Gross profit   -    -    500    1,462 
                     
Operating expenses:                    
Selling, general and administration expenses   3,000    11,885    19,020    85,557 
                     
Net (loss)  $(3,000)  $(11,885)  $(18,520)  $(84,095)
                     
(Loss) per common share, basic and diluted  $(0.00)  $(0.00)  $(0.00)  $(0.00)
                     
Weighted average shares outstanding, Basic and diluted   81,500,200    81,500,200    81,500,200    81,500,200 

 

See accompanying notes to financial statements.

 

2

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ (DEFICIT) (IN U.S. $)

FOR THE NINE MONTHS ENDED MARCH 31, 2018

 

(UNAUDITED) 

 

 

   Common Stock  

Additional

Paid-in

         
   Shares   Amount   Capital   (Deficit)   Total 
                     
Balance, June 30, 2017   81,500,200   $815   $648,901   $(703,375)  $(53,659)
Capital contribution             55,464         55,464 
Net (loss)   -    -    -    (18,520)   (18,520)
                          
Balance, March 31, 2018 - Unaudited   81,500,200   $815   $704,365   $(721,895)  $(16,715)

 

See accompanying notes to financial statements.

 

3

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

STATEMENTS OF CASH FLOWS (IN U.S. $)

FOR THE NINE MONTHS ENDED MARCH 31, 2018 AND 2017

 

(UNAUDITED) 

 

 

  

Nine Months Ended  

March 31,

 
   2018   2017 
         
Cash flows from operating activities:          
Net (loss)  $(18,520)  $(84,095)
Adjustment to reconcile net (loss) to net cash (used in) operating activities          
Inventory obsolescence   -    20,763 
Change in operating assets and liabilities:          
Decrease in inventory   -    3,394 
Decrease in security deposit   3,000    7,488 
(Decrease) increase in accounts payable and accrued expenses   (39,964)   15,099 
           
Net cash (used in) operating activities   (55,484)   (37,351)
           
Cash flows from financing activities:          
Capital contribution from shareholder   55,464    14,000 
           
Net cash provided by financing activities   55,464    14,000 
           
Net change in cash   (20)   (23,351)
Cash, beginning of the period   5,856    29,310 
           
Cash, end of the period  $5,836   $5,959 
           
Supplemental disclosure of cash flow information          
           
Cash paid during the period for:          
           
Income taxes  $-   $- 
           
Interest  $-   $- 

 

See accompanying notes to financial statements.

 

4

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FOR THE three AND NINE months ENDED March 31, 2018 AND 2017

  

1.  ORGANIZATION

 

Taxus Pharmaceuticals Holdings, Inc. (formerly Little Neck Health Connection, Inc.) (the “Company”) is a New York Corporation organized on January 2, 2002. The Company was a specialty retailer, located in Little Neck, New York, selling vitamins, minerals, herbs, supplements, sports nutrition items and other health and wellness products.

 

On August 5, 2014, the sole stockholder (the “Seller”) of the Company entered into an Agreement with an outside individual (the “Buyer”) pursuant to which he sold all of the Company’s outstanding common stock. The purchase price was $105,000.

 

On September 22, 2014, the Company filed an amendment to its Certificate of Incorporation to change its name to Taxus Pharmaceuticals Holdings, Inc. and increase the number of authorized shares to 1,500,000,000, with par value $0.00001 per share. The Company issued 81,500,000 shares at $0.00001 per share during the year ended June 30, 2015.

 

On September 10, 2015, Mr. Jiayue Zhang, the sole officer and director and the largest shareholder of the Company, transferred his 41,619,800 shares of common stock of the Company which represents 51.07% of the total issued and outstanding shares of the Company, to Shanxi Taxus Pharmaceuticals Co., Ltd, a Chinese limited liability company (“Shanxi Taxus”). Mr. Jiayue Zhang is also the general manager, director and controlling equity owner of Shanxi Taxus. Therefore, upon the completion of the share transfer, Mr. Zhang is still the beneficial owner of the 41,619,800 shares of common stock of the Company.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Accounting and Presentation

 

The accompanying financial statements have been prepared on the accrual basis of accounting.

 

The unaudited interim financial statements of the Company as of March 31, 2018 and for the three and nine months ended March 31, 2018 and 2017, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the SEC which apply to interim financial statements. Accordingly, they do not include all of the information and footnotes normally required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented.

  

5

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2018 AND 2017

  

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Basis of Accounting and Presentation (continued)

 

The interim financial information should be read in conjunction with the financial statements and the notes thereto, included in the Company’s Form 10-K filed with the SEC. The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of the results to be expected for future quarters or for the year ending June 30, 2018.

 

Cash and Cash Equivalents

 

The Company considers all liquid investments with an original maturity of three months or less that are readily convertible into cash to be cash equivalents.

 

Revenue Recognition

 

The Company’s revenues were primarily derived from the retail sale of vitamins, minerals, herbs, supplements, sports nutrition items and other health and wellness products. Revenue recognition policies complied with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, when persuasive evidence of arrangement existed, delivery of products had occurred, the fee was fixed or determinable and collectability was reasonably assured.

 

Concentration of Credit Risk

 

The Company maintains its cash accounts at a commercial bank. The Federal Deposit Insurance Corporation (“FDIC”) insures up to $250,000 per bank for substantially all depository accounts. At March 31, 2018, the Company did not have cash balances which were in excess of the FDIC insurance limit.

 

Net Income (Loss) Per Share

 

The Company computes net income (loss) per common share in accordance with FASB ASC 260, Earnings Per Share (“ASC 260”).  Under the provisions of ASC 260, basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the effect of any dilutive shares outstanding during the period.  Potential dilutive shares are not included when the Company has a loss because their inclusion would be antidilutive. Accordingly, the number of weighted average shares outstanding as well as the amount of net (loss) per share are presented for basic and diluted per share calculations for the periods reflected in the accompanying statements of operations.

 

6

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2018 AND 2017

  

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Net Earnings (Loss) Per Share (continued)

 

There were no dilutive shares outstanding during the three and nine months ended March 31, 2018 and 2017.

 

Income Taxes

 

The Company accounts for income taxes in accordance with FASB ASC Section 740, Income Taxes, which requires the recognition of deferred income taxes for differences between the basis of assets and liabilities for financial statement and income tax purposes. Deferred tax assets and liabilities represent the future tax consequences for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets are also recognized for operating losses that are available to offset future taxable income. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

The Company accounts for uncertain tax positions in accordance with ASC Section 740-10, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC also provides guidance on de-recognition of income tax assets and liabilities, classification of deferred income tax assets and liabilities and accounting for interest and penalties in the financial statements and related disclosures. The Company classifies interest and any related penalties related to income tax uncertainties as a component of income tax expense. No interest or penalties have been recognized during the three and nine months ended March 31, 2018 and 2017.

 

Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s financial statements as of March 31, 2018. The Company does not expect any significant changes in unrecognized tax benefits within twelve months of the reporting date.

 

Fair Value

 

FASB ASC 820, Fair Value Measurements, specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy:

 

Level 1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access.

 

7

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2018 AND 2017

 

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Fair Value (continued)

 

Level 2 Inputs – Inputs other than the quoted prices in level 1 that are observable either directly or indirectly.

 

Level 3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurements.

 

FASB ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurements. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

The Company did not identify any assets or liabilities that are required to be presented at fair value on a recurring basis. The carrying value of non-derivative financial instruments including cash, and accounts payable and accrued expenses approximated their fair values due to their short term nature.

 

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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Inventory

 

Inventories are stated at the lower of cost or market using a weighted average method which approximates first-in, first-out (“FIFO”). The Company marks down its inventory for estimated unmarketable inventory equal to the difference between the cost of the inventory and the estimated net realizable value based on assumptions about the age of the inventory, future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory markdowns may be required. There was no inventory as of March 31, 2018 and June 30, 2017, and there were no inventory markdowns for the three and nine months ended March 31, 2018 and 2017.

  

8

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2018 AND 2017

 

2.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

 

Property and Equipment

 

Property and equipment are stated at cost. The cost of property and equipment was depreciated over their estimated useful lives. Depreciation was computed on the straight-line method for both financial reporting and income tax purposes. The estimated useful life for furniture and fixtures was three years. All assets were fully depreciated as of March 31, 2018 and June 30, 2017.

 

3.RECENTLY ISSUED ACCOUNTING STANDARDS

 

In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, "Statement of Cash Flows: Restricted Cash". The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendment is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not anticipate that this adoption will have a significant impact on its financial position, results of operations, or cash flows.

 

In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the classification of certain specific cash flow issues including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of certain insurance claims and distributions received from equity method investees. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company does not anticipate that this adoption will have a significant impact on its financial position, results of operations, or cash flows.

 

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The standard will be effective for the Company beginning January 1, 2020, with early application permitted. The Company does not anticipate that this adoption will have a significant impact on its financial position, results of operations, or cash flows.

  

9

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2018 AND 2017

  

3.RECENTLY ISSUED ACCOUNTING STANDARDS (CONTINUED)

 

In May, 2016, the FASB issued ASU No. 2016-10, Revenue with Contracts with Customers: Narrow-scope Improvements and Practical Expedients, which is an amendment to ASU No. 2014-09 that clarifies the objective of the collectability criterion, to allow entities to exclude amounts collected from customers from all sales taxes from the transaction price, to specify the measurement date for noncash consideration at contract inception, variable consideration guidance applies only to variability resulting from reasons other than the form of the consideration, and clarification on contract modifications at transition. The implementation guidelines follow ASU No. 2014-09.

 

In April, 2016, the FASB issued ASU No. 2016-10, Revenue with Contracts with Customers: Identifying Performance Obligations and Licensing, which is an amendment to ASU No. 2014-09 that clarifies the aspects of identifying performance obligations and the licensing implementing guidance, while retaining the related principles within those areas. The implementation guidelines follow ASU No. 2014-09.

 

In March, 2016, the FASB issued ASU No. 2016-08, Revenue with Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus net), which is an amendment to ASU No. 2014-09 that improved the operability and understandability of implementation guidance versus agent considerations by clarifying the determination of principal versus agent. The implementation guidelines follow ASU No. 2014-09.

 

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect on the financial statements.

  

10

 

 

TAXUS PHARMACEUTICALS HOLDINGS, INC.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2018 AND 2017

 

4.PROPERTY AND EQUIPMENT

 

Property and equipment is as follows:

  

    

March 31,

2018

   June 30,
2017
 
           
  Furniture and fixture  $2,500   $2,500 
  Less: accumulated depreciation   (2,500)   (2,500)
             
     $-   $- 

 

There was no depreciation expense charged to operations for the three and nine months ended March 31, 2018 and 2017.

 

5.ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following:

  

    

March 31,

2018

   June 30,
2017
 
           
  Professional fees  $21,851   $35,851 
  Rent   -    25,964 
  Other   700    700 
             
     $22,551   $62,515 

  

11

 

 

Taxus Pharmaceuticals Holdings, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2018 AND 2017

 

6. INCOME TAXES

 

The provision (benefit) for income taxes consisted of the following:

 

     For The Three Months Ended March 31,  

For The Nine Months

Ended March 31,

 
     2018   2017   2018   2017 
                   
  Current  $-   $-   $-   $- 
  Deferred   (980)   (16,361)   (6,926)   (37,969)
  Change in valuation allowance   980    16,361    6,926    37,969 
                       
  Income tax provision (benefit)  $-   $-   $-   $- 

 

The following table reconciles the effective income tax rates with the statutory rates for the three advance months ended March 31:

 

     2018   2017 
           
  U.S. federal statutory rate   21.0%   34.00%
  State and local taxes- net of federal benefit   11.7    9.75 
  Change in valuation allowance   (32.7)   (43.75)
             
  Effective income tax rate   -%   -%

 

Deferred tax assets are comprised of the following:

 

    

March 31,

2018

  

June 30,

2017

 
     (Unaudited)     
           
  Deferred tax assets  $235,858   $307,726 
  Less: valuation allowance   (235,858)   (307,726)
             
  Net deferred tax assets  $-   $- 

 

At March 31, 2018, the Company had approximately $721,895 of Federal net operating carryforward losses that may be available to offset future taxable income. The net operating loss carryforwards, if not utilized, will expire through 2038. The amount and availability of prior net operating loss carry-forwards may be subject to limitations set forth by the Internal Revenue Code.

 

12

 

 

Taxus Pharmaceuticals Holdings, Inc.

NOTES TO FINANCIAL STATEMENTS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED MARCH 31, 2018 AND 2017

  

6.INCOME TAXES (CONTINUED)

 

The Company assesses the likelihood that deferred tax assets will be realized. To the extent that realization is not likely, a valuation allowance is established. Management believes that it is more likely than not that future benefits of the deferred tax asset will not be realized principally due to its continuing operating losses and limitations under the Internal Revenue Code, and has therefore established a full valuation allowance.

 

7. GOING CONCERN

 

The Company continues to incur net losses from its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

While management is attempting to execute its strategy, the Company does not have the cash to support the Company’s daily operations and requires significant additional capital contributions from one of its major shareholders. While the Company believes in the viability of its strategy to increase sales volume and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to obtain debt or equity financing, further implement its business plan and to eventually generate sufficient revenues and profits to meet its obligations. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

During the next 12 months, the Company plans to:

 

(1) Raise additional funds through equity financing.

 

(2) Renovate the store space to enhance its appearance and attractiveness to customers.

 

(3) Hire a professional store manager to improve store operations.

 

(4) Obtain market research to improve product offerings that meet consumer demand.

 

(5) Create a marketing program to drive and increase traffic to the store.

 

8. SUBSEQUENT EVENTS

 

The Company’s management has performed subsequent events procedures through June 29, 2018, which is the date the financial statements were available to be issued. There were no subsequent events requiring adjustment to the financial statements or disclosures as stated herein.

 

13

 

 

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

 

FORWARD LOOKING STATEMENTS

 

Certain statements in this report, including statements of our expectations, intentions, plans and beliefs, including those contained in or implied by "Management's Discussion and Analysis" and the Notes to Financial Statements, are "forward-looking statements", within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), that are subject to certain events, risks and uncertainties that may be outside our control. The words “believe”, “expect”, “anticipate”, “optimistic”, “intend”, “will”, and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements. These forward-looking statements include statements of management's plans and objectives for our future operations and statements of future economic performance, information regarding our expansion and possible results from expansion, our expected growth, our capital budget and future capital requirements, the availability of funds and our ability to meet future capital needs, the realization of our deferred tax assets, and the assumptions described in this report underlying such forward-looking statements. Actual results and developments could differ materially from those expressed in or implied by such statements due to a number of factors, including, without limitation, those described in the context of such forward-looking statements.

 

GENERAL DESCRIPTION OF BUSINESS

 

 Overview

 

The Company was formed under the name of ‘Little Neck Health Connection Inc” in the state of New York on January 2, 2002. The Company had an operating a retail store, located in Little Neck, New York, selling dietary supplement products such as vitamins, minerals, calcium, fibers, and proteins, etc. However, the store is currently closed.

 

On September 22, 2014, the Company filed an amendment to its Certificate of Incorporation to change its name to Taxus Pharmaceuticals Holdings, Inc. and increase the number of authorized shares to 1,500,000,000, with par value $0.00001 per share. The Company issued 81,500,000 shares at $0.001 per share during the year ended June 30, 2015.

 

The Company filed a registration statement on form S-1 with the Securities and Exchange Commission for the registration and resale of 1,500,000 shares at $0.10 per share. The proceeds from the sale of these shares will go to the selling shareholders. The Company will receive no proceeds.

  

14

 

 

Plan of Operation

 

The Company is currently in the process of researching different product lines with varies vendors in China. Once the company determines the products that it believes will be well received by the market, it plans to update and reopen its store in Little Neck, New York. Should the new products be well received, the Company will consider opening other locations.

 

In order to open new stores, the Company needs to find new locations appropriate for products, negotiate leases with the potential landlords, hire additional managers to operate the new stores, and purchase more merchandise for the new stores’ inventory. The Company has not been able to develop a time frame on when it will recommence operations. Besides, the Company has not made any plans to raise the funds necessary to restart the operations. Therefore, there is the possibility that the Company may not be able to restart open any new stores or at all if the Company cannot find the suitable new locations and cannot raise the necessary funds for the business expansion.

 

Critical Accounting Policies and Estimates

 

Our financial statements and accompanying notes are prepared in accordance with accounting principles generally accepted in the United States of America.  Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. These estimates and assumptions are affected by management's application of accounting policies.  We believe that understanding the basis and nature of the estimates and assumptions involved with the following aspects of our financial statements is critical to an understanding of our financial statements.

 

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.

 

Revenue Recognition

 

The Company’s revenues were primarily derived from the sales of vitamins, minerals, herbs, supplements, sports nutrition items and other health and wellness products. Revenue recognition policies comply with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, when persuasive evidence of an arrangement exists, delivery of services has occurred, the fee is fixed or determinable and collectability is reasonable assured.

 

15

 

 

Income Taxes

 

At March 31, 2018, the Company had approximately $718,895 of Federal net operating carryforward losses that may be available to offset future taxable income. The net operating loss carryforwards, if not utilized, will expire through 2038. The amount and availability of prior net operating loss carry-forwards may be subject to limitations set forth by the Internal Revenue Code.

 

Thus, there is no provision or liability for Federal or state income taxes reflected in the accompanying financial statements. The Company’s 2017, 2016, 2015 and 2014 tax years are open and subject to examination by the taxing authorities.

 

The Company follows the provisions of Financial Accounting Standards Board Accounting Standards Codification (the “FASB ASC”) 740-10-25, “Accounting for Uncertainty in Income Taxes.” Under FASB ASC 740-10-25, an organization must recognize the tax benefits associated with tax positions taken for tax return purposes when it is more likely than not that the position will be sustained. The Company does not believe there are any material uncertain tax positions and, accordingly, it did not recognize any liability for unrecognized tax benefits.

 

Inventory

 

Inventories are stated at the lower of cost or market using a weighted average method which approximates first-in, first-out (“FIFO”). The Company marks down its inventory for estimated unmarketable inventory equal to the difference between the cost of the inventory and the estimated net realizable value based on assumptions about the age of the inventory, future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory markdowns may be required. There was no inventory as of March 31, 2018 and June 30, 2017, and there were no inventory markdowns for the three and nine months ended March 31, 2018 and 2017.

  

16

 

 

Results of Operations

 

Results of Operations for the Three And Nine Months Ended March 31, 2018 and 2017

 

The following table sets forth information from our statements of operations for the three and nine months ended March 31, 2018 and 2017:

  

   Three Months Ended
March 31,
  

Nine Months Ended

March 31,

 
   2018   2017   2018   2017 
                 
Revenues  $-   $-   $500   $5,851 
Cost of revenues   -         -    4,389 
                     
Gross profit   -    -   500    1,462 
                     
Operating expenses:                    
  Selling, general and administration expenses   3,000    11,885    19,020    85,557 
                     
Net (loss)  $(3,000)  $(11,885)  $(18,520)  $(84,095)
                     
(Loss) per common share, basic and diluted  $(0.00)  $(0.00)  $(0.00)  $(0.00)
                     
Weighted average shares outstanding, Basic and diluted   81,500,200    81,500,200    81,500,200    81,500,200 

 

Revenues

 

During the three months ended March 31, 2018 we generated $0 of revenues, significantly flat compared to revenues of $0 during the three months ended March 31, 2017.

 

During the nine months ended March 31, 2018 we generated $500 of revenues, significantly decreased compared to revenues of $5851 during the nine months ended March 31, 2017. Such decrease was mainly due to the close of store

 

17

 

 

Cost of Revenues

 

Our cost of revenues during the three months ended March 31, 2018 was $0, significantly flat compared to $0 for the three months ended March 31, 2017.

 

Our cost of revenues during the nine months ended March 31, 2018 was $0, significantly decreased compared to $4389for the nine months ended March 31, 2017. Such decrease was mainly due to the close of store.

  

Gross Profit

 

As a result of the foregoing, our gross profit decreased is flat from $0 for the three months ended March 31, 2017 to $0 for the three months ended March 31, 2018.

 

As a result of the foregoing, our gross profit decreased from $1462 for the nine months ended March 31, 2017 to $500 for the nine months ended March 31, 2018. The decrease in gross profit was mainly due to the decrease in sales of dietary supplement products.

  

Selling, General and Administrative Expenses

 

During the three months ended March 31, 2018 our total selling, general and administrative expenses were decreased to $3000 as compared to $11,885 for the three months ended March 31, 2017 due to cost-savings strategy.

 

During the nine months ended March 31, 2018 our total selling, general and administrative expenses were decreased to $19,020 as compared to $85,557 for the nine months ended March 31, 2017 due to cost-savings strategy.

 

Net Loss

 

We had a net loss of $3000 for the three months ended March 31, 2018, decreased from a net loss of $11885 for the three months ended March 31, 2017. The decrease in net loss is mainly due to the decrease of our operating expenses.

  

We had a net loss of $18,520 for the nine months ended March 31, 2018, decreased from a net loss of $84,095 for the nine months ended March 31, 2017. The decrease in net loss is mainly due to the decrease of our operating expenses.

  

18

 

  

Liquidity and Capital Resources

 

The following table sets forth a summary of our cash flows for the periods indicated:

  

   Nine Months Ended
March 31,
 
        2018    2017 
         
Cash flows from operating activities:        
Net cash (used in) operating activities   (55,484)   (37,351)
           
Cash flows from financing activities:          
Capital contribution from shareholder   55,464     14,000- 
Net cash provided by financing activities   55,464     14,000- 
           
Net change in cash   (20)   (23,351)
Cash, beginning of the year   5,856    29,310 
           
Cash, end of the year  $5,836   $5,959 

 

As of March 31, 2018 we had cash of $5,836 in our bank accounts and escrow account.

 

During the nine months ended March 31, 2018, we used net cash of $55,484 in operating activities, compared to the net cash of $37,351 used in operating activities during the nine months ended March 31, 2017. The increase in net cash used in the operating activities was mainly due to the increase in our sales and our operating expenses.

 

Our net cash from financing activities increased by $55,464 during the nine months ended March 31, 2018, compared to net cash from financing activities of $14,000 during the nine months ended March 31, 2017. The increase in net cash from financing activities due to an additional capital contribution by a major shareholder. .

 

Our net cash decreased by $20 during the nine months ended March 31, 2018, compared to net cash decrease of $23,351 during the nine months ended March 31, 2017.

 

Due to the Company’s current cash position and no continuing operations, substantial doubt exists regarding the Company’s ability to continue as a going concern. The continuation of the Company is dependent on recommencing operation that can generate adequate cash flow. Until such time, our operations will be significantly limited and reliant on advances from our major shareholder if necessary.

  

19

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not required for Smaller Reporting Company.

  

ITEM 4. CONTROLS AND PROCEDURES

 

Management’s Report on Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”).  Based on the evaluation performed, our management concluded that during the period covered by this report, our internal controls over financial reporting were not effective based on those criteria and due to the deficiency described below.

 

During the three months ended March 31, 2018, our management identified a material weakness in our controls and procedures regarding our failure to timely prevent loan transactions made to related parties in violation of Section 402 of the Sarbanes-Oxley Act of 2002 (“Section 402”).

 

Evaluation of Disclosure Controls and Procedures

 

Our Chief Executive Officer and Chief Financial Officer (the principal executive officer and principal financial officer, respectively) have concluded, based on their evaluation as of March 31, 2018, that the design and operation of our "disclosure controls and procedures" (as defined in Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended ("Exchange Act")) were not effective to ensure that information required to be disclosed in the reports filed or submitted by us under the Exchange Act is accumulated, recorded, processed, summarized and reported to the management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding whether or not disclosure is required due to the deficiency described above.

 

Changes in internal control over financial reporting

 

During the quarter ended March 31, 2018, there were no changes in our internal controls over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting. However, our management is currently seeking resolutions to improve our controls and procedures in an effort to remediate the deficiency described above.

  

20

 

 

PART II - OTHER INFORMATION

 

ITEM  1. LEGAL PROCEEDINGS

 

We are not aware of any legal proceedings to which we are a party or of which our property is the subject. None of our directors, officers, affiliates, any owner of record or beneficially of more than 5% of our voting securities, or any associate of any such director, officer, and affiliate or security holder are (i) a party adverse to us in any legal proceedings, or (ii) have a material interest adverse to us in any legal proceedings. We are not aware of any other legal proceedings that have been threatened against us.

 

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

 

None

  

ITEM  3. DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM  4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

 

None.

  

ITEM  5. OTHER INFORMATION

 

None.

 

21

 

 

ITEM 6. EXHIBITS

 

31.1 Certification of the Chief Executive Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934
   
31.2 Certification of the Chief Financial Officer Pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934
   
32.1 Certification of the Company's Chief Executive Officer Pursuant to 18 U.S.C. SS. 1350 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. SS. 1350 Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
   
101 The following materials from our Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, formatted in XBRL (eXtensible Business Reporting Language): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Cash Flows, and (iv) Notes to Financial Statements.

 

22

 

 

SIGNATURES

 

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

  

  Taxus Pharmaceuticals Holdings, Inc
  (Registrant)
   
June 29, 2018 /s/ Jiayue Zhang
  Jiayue Zhang
  Chief Executive Officer, Chief Financial Officer
  (Principal Executive Officer and
Principal Accounting Officer)

  

 

23

 

 

EX-31.1 2 f10q0318ex31-1_taxuspharm.htm CERTIFICATION

Exhibit 31.1

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO RULES 13a-14 AND 15d-14
OF THE SECURITIES EXCHANGE ACT OF 1934

 

I, Jiayue Zhang, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Taxus Pharmaceuticals Holdings Inc;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect 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. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with generally accepted accounting principles;

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

Date: June 29, 2018  
   
  /s/ Jiayue Zhang
  Jiayue Zhang
  Chief Executive Officer
  (Principal Executive Officer)

 

EX-31.2 3 f10q0318ex31-2_taxuspharm.htm CERTIFICATION

Exhibit 31.2

 

CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER
PURSUANT TO RULES 13a-14 AND 15d-14
OF THE SECURITIES EXCHANGE ACT OF 1934

 

I, Jiayue Zhang, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of Taxus Pharmaceuticals Holdings Inc;

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect 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. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Financial Statements for external purposes in accordance with generally accepted accounting principles;

 

  c. Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d. Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

  a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

  b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

  

Date: June 29, 2018  
 
  /s/ Jiayue Zhang
  Jiayue Zhang
  Chief Financial Officer
  (Principal Financial Officer)

 

EX-32.1 4 f10q0318ex32-1_taxuspharm.htm CERTIFICATION

Exhibit 32.1

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER
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 on Form 10-Q of Taxus Pharmaceuticals Holdings Inc (the “Company”) for the quarter ended March 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Jiayue Zhang, Chief Executive Officer of the Company, certifies that, to the best of my knowledge:

 

  (1) the Report fully complies, in all material respects, with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) all information contained in the Report fairly presents, in all material respects, the Company’s financial condition and results of operations.

 

Pursuant to the rules and regulations of the Securities and Exchange Commission, this certification is being furnished and is not deemed filed.

 

Date: June 29, 2018

 

  /s/ Jiayue Zhang
  Jiayue Zhang
  Chief Executive Officer
  (Principal Esxecutive Officer)

 

EX-32.2 5 f10q0318ex32-2_taxuspharm.htm CERTIFICATION

Exhibit 32.2

 

CERTIFICATION OF CHIEF EXECUTIVE OFFICER
AND CHIEF FINANCIAL OFFICER
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 on Form 10-Q of Taxus Pharmaceuticals Holdings Inc (the “Company”) for the quarter ended March 31, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Jiayue Zhang, Chief Financial Officer of the Company, certifies that, to the best of my knowledge:

 

  (1) the Report fully complies, in all material respects, with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
     
  (2) all information contained in the Report fairly presents, in all material respects, the Company’s financial condition and results of operations.

 

Pursuant to the rules and regulations of the Securities and Exchange Commission, this certification is being furnished and is not deemed filed.

 

Date: June 29, 2018

 

  /s/ Jiayue Zhang
  Jiayue Zhang
  Chief Financial Officer
  (Principal Financial Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Document And Entity Information  
Entity Registrant Name TAXUS PHARMACEUTICALS HOLDINGS, INC.
Entity Central Index Key 0001622676
Trading Symbol TXSP
Amendment Flag false
Current Fiscal Year End Date --06-30
Document Type 10-Q
Document Period End Date Mar. 31, 2018
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Jun. 30, 2017
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Total current assets 5,836 5,856
Other assets:    
Security deposit 3,000
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Current liabilities:    
Accounts payable and accrued expenses 22,551 62,515
Total current liabilities 22,551 62,515
Commitments and contingencies
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(Deficit) (721,895) (703,375)
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Net (loss) (18,520) (18,520)
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Cash, beginning of the period 5,856 29,310
Cash, end of the period 5,836 5,959
Cash paid during the period for:    
Income taxes
Interest
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization
9 Months Ended
Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION

1.  ORGANIZATION

 

Taxus Pharmaceuticals Holdings, Inc. (formerly Little Neck Health Connection, Inc.) (the “Company”) is a New York Corporation organized on January 2, 2002. The Company was a specialty retailer, located in Little Neck, New York, selling vitamins, minerals, herbs, supplements, sports nutrition items and other health and wellness products.

 

On August 5, 2014, the sole stockholder (the “Seller”) of the Company entered into an Agreement with an outside individual (the “Buyer”) pursuant to which he sold all of the Company’s outstanding common stock. The purchase price was $105,000.

 

On September 22, 2014, the Company filed an amendment to its Certificate of Incorporation to change its name to Taxus Pharmaceuticals Holdings, Inc. and increase the number of authorized shares to 1,500,000,000, with par value $0.00001 per share. The Company issued 81,500,000 shares at $0.00001 per share during the year ended June 30, 2015.

 

On September 10, 2015, Mr. Jiayue Zhang, the sole officer and director and the largest shareholder of the Company, transferred his 41,619,800 shares of common stock of the Company which represents 51.07% of the total issued and outstanding shares of the Company, to Shanxi Taxus Pharmaceuticals Co., Ltd, a Chinese limited liability company (“Shanxi Taxus”). Mr. Jiayue Zhang is also the general manager, director and controlling equity owner of Shanxi Taxus. Therefore, upon the completion of the share transfer, Mr. Zhang is still the beneficial owner of the 41,619,800 shares of common stock of the Company.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies
9 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Accounting and Presentation

 

The accompanying financial statements have been prepared on the accrual basis of accounting.

 

The unaudited interim financial statements of the Company as of March 31, 2018 and for the three and nine months ended March 31, 2018 and 2017, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the SEC which apply to interim financial statements. Accordingly, they do not include all of the information and footnotes normally required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented.

  

The interim financial information should be read in conjunction with the financial statements and the notes thereto, included in the Company’s Form 10-K filed with the SEC. The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of the results to be expected for future quarters or for the year ending June 30, 2018.

 

Cash and Cash Equivalents

 

The Company considers all liquid investments with an original maturity of three months or less that are readily convertible into cash to be cash equivalents.

 

Revenue Recognition

 

The Company’s revenues were primarily derived from the retail sale of vitamins, minerals, herbs, supplements, sports nutrition items and other health and wellness products. Revenue recognition policies complied with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, when persuasive evidence of arrangement existed, delivery of products had occurred, the fee was fixed or determinable and collectability was reasonably assured.

 

Concentration of Credit Risk

 

The Company maintains its cash accounts at a commercial bank. The Federal Deposit Insurance Corporation (“FDIC”) insures up to $250,000 per bank for substantially all depository accounts. At March 31, 2018, the Company did not have cash balances which were in excess of the FDIC insurance limit.

 

Net Income (Loss) Per Share

 

The Company computes net income (loss) per common share in accordance with FASB ASC 260, Earnings Per Share (“ASC 260”).  Under the provisions of ASC 260, basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the effect of any dilutive shares outstanding during the period.  Potential dilutive shares are not included when the Company has a loss because their inclusion would be antidilutive. Accordingly, the number of weighted average shares outstanding as well as the amount of net (loss) per share are presented for basic and diluted per share calculations for the periods reflected in the accompanying statements of operations.

 

There were no dilutive shares outstanding during the three and nine months ended March 31, 2018 and 2017.

 

Income Taxes

 

The Company accounts for income taxes in accordance with FASB ASC Section 740, Income Taxes, which requires the recognition of deferred income taxes for differences between the basis of assets and liabilities for financial statement and income tax purposes. Deferred tax assets and liabilities represent the future tax consequences for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets are also recognized for operating losses that are available to offset future taxable income. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

The Company accounts for uncertain tax positions in accordance with ASC Section 740-10, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC also provides guidance on de-recognition of income tax assets and liabilities, classification of deferred income tax assets and liabilities and accounting for interest and penalties in the financial statements and related disclosures. The Company classifies interest and any related penalties related to income tax uncertainties as a component of income tax expense. No interest or penalties have been recognized during the three and nine months ended March 31, 2018 and 2017.

 

Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s financial statements as of March 31, 2018. The Company does not expect any significant changes in unrecognized tax benefits within twelve months of the reporting date.

 

Fair Value

 

FASB ASC 820, Fair Value Measurements, specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy:

 

Level 1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access.

 

Level 2 Inputs – Inputs other than the quoted prices in level 1 that are observable either directly or indirectly.

 

Level 3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurements.

 

FASB ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurements. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

The Company did not identify any assets or liabilities that are required to be presented at fair value on a recurring basis. The carrying value of non-derivative financial instruments including cash, and accounts payable and accrued expenses approximated their fair values due to their short term nature.

 

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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Inventory

 

Inventories are stated at the lower of cost or market using a weighted average method which approximates first-in, first-out (“FIFO”). The Company marks down its inventory for estimated unmarketable inventory equal to the difference between the cost of the inventory and the estimated net realizable value based on assumptions about the age of the inventory, future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory markdowns may be required. There was no inventory as of March 31, 2018 and June 30, 2017, and there were no inventory markdowns for the three and nine months ended March 31, 2018 and 2017.

  

Property and Equipment

 

Property and equipment are stated at cost. The cost of property and equipment was depreciated over their estimated useful lives. Depreciation was computed on the straight-line method for both financial reporting and income tax purposes. The estimated useful life for furniture and fixtures was three years. All assets were fully depreciated as of March 31, 2018 and June 30, 2017.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Recently Issued Accounting Standards
9 Months Ended
Mar. 31, 2018
Accounting Changes and Error Corrections [Abstract]  
RECENTLY ISSUED ACCOUNTING STANDARDS

3.RECENTLY ISSUED ACCOUNTING STANDARDS

 

In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-18, "Statement of Cash Flows: Restricted Cash". The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows. The amendment is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company does not anticipate that this adoption will have a significant impact on its financial position, results of operations, or cash flows.

 

In August 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. This ASU addresses the classification of certain specific cash flow issues including debt prepayment or extinguishment costs, settlement of certain debt instruments, contingent consideration payments made after a business combination, proceeds from the settlement of certain insurance claims and distributions received from equity method investees. This ASU is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. An entity that elects early adoption must adopt all of the amendments in the same period. The Company does not anticipate that this adoption will have a significant impact on its financial position, results of operations, or cash flows.

 

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The standard will be effective for the Company beginning January 1, 2020, with early application permitted. The Company does not anticipate that this adoption will have a significant impact on its financial position, results of operations, or cash flows.

 

In May, 2016, the FASB issued ASU No. 2016-10, Revenue with Contracts with Customers: Narrow-scope Improvements and Practical Expedients, which is an amendment to ASU No. 2014-09 that clarifies the objective of the collectability criterion, to allow entities to exclude amounts collected from customers from all sales taxes from the transaction price, to specify the measurement date for noncash consideration at contract inception, variable consideration guidance applies only to variability resulting from reasons other than the form of the consideration, and clarification on contract modifications at transition. The implementation guidelines follow ASU No. 2014-09.

 

In April, 2016, the FASB issued ASU No. 2016-10, Revenue with Contracts with Customers: Identifying Performance Obligations and Licensing, which is an amendment to ASU No. 2014-09 that clarifies the aspects of identifying performance obligations and the licensing implementing guidance, while retaining the related principles within those areas. The implementation guidelines follow ASU No. 2014-09.

 

In March, 2016, the FASB issued ASU No. 2016-08, Revenue with Contracts with Customers: Principal versus Agent Considerations (Reporting Revenue Gross versus net), which is an amendment to ASU No. 2014-09 that improved the operability and understandability of implementation guidance versus agent considerations by clarifying the determination of principal versus agent. The implementation guidelines follow ASU No. 2014-09.

 

In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases. The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the effect on the financial statements.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment
9 Months Ended
Mar. 31, 2018
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

4.PROPERTY AND EQUIPMENT

 

Property and equipment is as follows:

  

    

March 31,

2018

   June 30,
2017
 
           
  Furniture and fixture  $2,500   $2,500 
  Less: accumulated depreciation   (2,500)   (2,500)
             
     $-   $- 

 

There was no depreciation expense charged to operations for the three and nine months ended March 31, 2018 and 2017.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accounts Payable and Accrued Expenses
9 Months Ended
Mar. 31, 2018
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES

5.ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following:

  

    

March 31,

2018

   June 30,
2017
 
           
  Professional fees  $21,851   $35,851 
  Rent   -    25,964 
  Other   700    700 
             
     $22,551   $62,515

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes
9 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
INCOME TAXES

6. INCOME TAXES

 

The provision (benefit) for income taxes consisted of the following:

 

     For The Three Months Ended March 31,  

For The Nine Months

Ended March 31,

 
     2018   2017   2018   2017 
                   
  Current  $-   $-   $-   $- 
  Deferred   (980)   (16,361)   (6,926)   (37,969)
  Change in valuation allowance   980    16,361    6,926    37,969 
                       
  Income tax provision (benefit)  $-   $-   $-   $- 

 

The following table reconciles the effective income tax rates with the statutory rates for the three advance months ended March 31:

 

     2018   2017 
           
  U.S. federal statutory rate   21.0%   34.00%
  State and local taxes- net of federal benefit   11.7    9.75 
  Change in valuation allowance   (32.7)   (43.75)
             
  Effective income tax rate   -%   -%

 

Deferred tax assets are comprised of the following:

 

    

March 31,

2018

  

June 30,

2017

 
     (Unaudited)     
           
  Deferred tax assets  $235,858   $307,726 
  Less: valuation allowance   (235,858)   (307,726)
             
  Net deferred tax assets  $-   $- 

 

At March 31, 2018, the Company had approximately $721,895 of Federal net operating carryforward losses that may be available to offset future taxable income. The net operating loss carryforwards, if not utilized, will expire through 2038. The amount and availability of prior net operating loss carry-forwards may be subject to limitations set forth by the Internal Revenue Code.

 

The Company assesses the likelihood that deferred tax assets will be realized. To the extent that realization is not likely, a valuation allowance is established. Management believes that it is more likely than not that future benefits of the deferred tax asset will not be realized principally due to its continuing operating losses and limitations under the Internal Revenue Code, and has therefore established a full valuation allowance.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Going Concern
9 Months Ended
Mar. 31, 2018
Going Concern  
GOING CONCERN

7. GOING CONCERN

 

The Company continues to incur net losses from its operations. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

While management is attempting to execute its strategy, the Company does not have the cash to support the Company’s daily operations and requires significant additional capital contributions from one of its major shareholders. While the Company believes in the viability of its strategy to increase sales volume and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to obtain debt or equity financing, further implement its business plan and to eventually generate sufficient revenues and profits to meet its obligations. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

During the next 12 months, the Company plans to:

 

(1) Raise additional funds through equity financing.

 

(2) Renovate the store space to enhance its appearance and attractiveness to customers.

 

(3) Hire a professional store manager to improve store operations.

 

(4) Obtain market research to improve product offerings that meet consumer demand.

 

(5) Create a marketing program to drive and increase traffic to the store.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
9 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

8. SUBSEQUENT EVENTS

 

The Company’s management has performed subsequent events procedures through June 29, 2018, which is the date the financial statements were available to be issued. There were no subsequent events requiring adjustment to the financial statements or disclosures as stated herein. 

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Basis of Accounting and Presentation

Basis of Accounting and Presentation

 

The accompanying financial statements have been prepared on the accrual basis of accounting.

 

The unaudited interim financial statements of the Company as of March 31, 2018 and for the three and nine months ended March 31, 2018 and 2017, have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the SEC which apply to interim financial statements. Accordingly, they do not include all of the information and footnotes normally required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of management, such information contains all adjustments, consisting only of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented.

 

The interim financial information should be read in conjunction with the financial statements and the notes thereto, included in the Company’s Form 10-K filed with the SEC. The results of operations for the three and nine months ended March 31, 2018 are not necessarily indicative of the results to be expected for future quarters or for the year ending June 30, 2018.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all liquid investments with an original maturity of three months or less that are readily convertible into cash to be cash equivalents.

Revenue Recognition

Revenue Recognition

 

The Company’s revenues were primarily derived from the retail sale of vitamins, minerals, herbs, supplements, sports nutrition items and other health and wellness products. Revenue recognition policies complied with the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, Revenue Recognition, when persuasive evidence of arrangement existed, delivery of products had occurred, the fee was fixed or determinable and collectability was reasonably assured.

Concentration of Credit Risk

Concentration of Credit Risk

 

The Company maintains its cash accounts at a commercial bank. The Federal Deposit Insurance Corporation (“FDIC”) insures up to $250,000 per bank for substantially all depository accounts. At March 31, 2018, the Company did not have cash balances which were in excess of the FDIC insurance limit.

Net Income (Loss) Per Share

Net Income (Loss) Per Share

 

The Company computes net income (loss) per common share in accordance with FASB ASC 260, Earnings Per Share (“ASC 260”).  Under the provisions of ASC 260, basic net income (loss) per common share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted income per common share is computed by dividing net income by the weighted average number of shares of common stock outstanding plus the effect of any dilutive shares outstanding during the period.  Potential dilutive shares are not included when the Company has a loss because their inclusion would be antidilutive. Accordingly, the number of weighted average shares outstanding as well as the amount of net (loss) per share are presented for basic and diluted per share calculations for the periods reflected in the accompanying statements of operations.

 

There were no dilutive shares outstanding during the three and nine months ended March 31, 2018 and 2017.

Income Taxes

Income Taxes

 

The Company accounts for income taxes in accordance with FASB ASC Section 740, Income Taxes, which requires the recognition of deferred income taxes for differences between the basis of assets and liabilities for financial statement and income tax purposes. Deferred tax assets and liabilities represent the future tax consequences for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets are also recognized for operating losses that are available to offset future taxable income. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized.

 

The Company accounts for uncertain tax positions in accordance with ASC Section 740-10, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The ASC also provides guidance on de-recognition of income tax assets and liabilities, classification of deferred income tax assets and liabilities and accounting for interest and penalties in the financial statements and related disclosures. The Company classifies interest and any related penalties related to income tax uncertainties as a component of income tax expense. No interest or penalties have been recognized during the three and nine months ended March 31, 2018 and 2017.

 

Management has evaluated and concluded that there were no material uncertain tax positions requiring recognition in the Company’s financial statements as of March 31, 2018. The Company does not expect any significant changes in unrecognized tax benefits within twelve months of the reporting date.

Fair Value

Fair Value

 

FASB ASC 820, Fair Value Measurements, specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs). In accordance with ASC 820, the following summarizes the fair value hierarchy:

 

Level 1 Inputs – Unadjusted quoted market prices for identical assets and liabilities in an active market that the Company has the ability to access.

 

Level 2 Inputs – Inputs other than the quoted prices in level 1 that are observable either directly or indirectly.

 

Level 3 Inputs – Inputs based on prices or valuation techniques that are both unobservable and significant to the overall fair value measurements.

 

FASB ASC 820 requires the use of observable market data, when available, in making fair value measurements. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurements. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

 

The Company did not identify any assets or liabilities that are required to be presented at fair value on a recurring basis. The carrying value of non-derivative financial instruments including cash, and accounts payable and accrued expenses approximated their fair values due to their short term nature.

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 revenues and expenses during the reporting period.  Actual results could differ from those estimates.

Inventory

Inventory

 

Inventories are stated at the lower of cost or market using a weighted average method which approximates first-in, first-out (“FIFO”). The Company marks down its inventory for estimated unmarketable inventory equal to the difference between the cost of the inventory and the estimated net realizable value based on assumptions about the age of the inventory, future demand and market conditions. If actual market conditions are less favorable than those projected by management, additional inventory markdowns may be required. There was no inventory as of March 31, 2018 and June 30, 2017, and there were no inventory markdowns for the three and nine months ended March 31, 2018 and 2017.

Property and Equipment

Property and Equipment

 

Property and equipment are stated at cost. The cost of property and equipment was depreciated over their estimated useful lives. Depreciation was computed on the straight-line method for both financial reporting and income tax purposes. The estimated useful life for furniture and fixtures was three years. All assets were fully depreciated as of March 31, 2018 and June 30, 2017.

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Tables)
9 Months Ended
Mar. 31, 2018
Property, Plant and Equipment [Abstract]  
Schedule of property and equipment

    

March 31,

2018

   June 30,
2017
 
           
  Furniture and fixture  $2,500   $2,500 
  Less: accumulated depreciation   (2,500)   (2,500)
             
     $-   $- 

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accounts Payable and Accrued Expenses (Tables)
9 Months Ended
Mar. 31, 2018
Payables and Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

    

March 31,

2018

   June 30,
2017
 
           
  Professional fees  $21,851   $35,851 
  Rent   -    25,964 
  Other   700    700 
             
     $22,551   $62,515

XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Tables)
9 Months Ended
Mar. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of provision (benefit) for income taxes

     For The Three Months Ended March 31,  

For The Nine Months

Ended March 31,

 
     2018   2017   2018   2017 
                   
  Current  $-   $-   $-   $- 
  Deferred   (980)   (16,361)   (6,926)   (37,969)
  Change in valuation allowance   980    16,361    6,926    37,969 
                       
  Income tax provision (benefit)  $-   $-   $-   $- 

 

Schedule of effective income tax rates reconciles

     2018   2017 
           
  U.S. federal statutory rate   21.0%   34.00%
  State and local taxes- net of federal benefit   11.7    9.75 
  Change in valuation allowance   (32.7)   (43.75)
             
  Effective income tax rate   -%   -%

Schedule of deferred tax assets

    

March 31,

2018

  

June 30,

2017

 
     (Unaudited)     
           
  Deferred tax assets  $235,858   $307,726 
  Less: valuation allowance   (235,858)   (307,726)
             
  Net deferred tax assets  $-   $- 

XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization (Details) - USD ($)
Sep. 10, 2015
Aug. 05, 2014
Mar. 31, 2018
Jun. 30, 2017
Jun. 30, 2015
Sep. 22, 2014
Organization (Textual)            
Sale of common stock purchase price   $ 105,000        
Number of authorized shares     1,500,000,000 1,500,000,000    
Common stock, par value     $ 0.00001 $ 0.00001    
Company issued shares     81,500,200 81,500,200    
Taxus Pharmaceuticals Holdings [Member]            
Organization (Textual)            
Number of authorized shares           1,500,000,000
Common stock, par value         $ 0.00001 $ 0.00001
Company issued shares         81,500,000  
Mr. Jiayue Zhang [Member]            
Organization (Textual)            
Company, transferred shares of common stock 41,619,800          
Sale of stock, percentage of ownership 51.07%          
Description of stock transaction

Therefore, upon the completion of the share transfer, Mr. Zhang is still the beneficial owner of the 41,619,800 shares of common stock of the Company.

         
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Details)
9 Months Ended
Mar. 31, 2018
USD ($)
Summary of Significant Accounting Policies (Textual)  
Federal deposit insurance amount $ 250,000
Estimated useful life of furniture and fixtures 3 years
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Property and Equipment (Details) - USD ($)
Mar. 31, 2018
Jun. 30, 2017
Property, Plant and Equipment [Abstract]    
Furniture and fixture $ 2,500 $ 2,500
Less: accumulated depreciation (2,500) (2,500)
Property and equipment, Net
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accounts Payable and Accrued Expenses (Details) - USD ($)
Mar. 31, 2018
Jun. 30, 2017
Payables and Accruals [Abstract]    
Professional fees $ 21,851 $ 35,851
Rent 25,964
Other 700 700
Accounts payable and accrued expenses $ 22,551 $ 62,515
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details) - USD ($)
3 Months Ended 9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Mar. 31, 2018
Mar. 31, 2017
Income Tax Disclosure [Abstract]        
Current
Deferred (980) (16,361) (6,926) (37,969)
Change in valuation allowance 980 16,361 6,926 37,969
Income tax provision (benefit)
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details 1)
9 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Income Tax Disclosure [Abstract]    
U.S. federal statutory rate 21.00% 34.00%
State and local taxes- net of federal benefit 11.70% 9.75%
Change in valuation allowance (32.70%) (43.75%)
Effective income tax rate
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details 2) - USD ($)
Mar. 31, 2018
Jun. 30, 2017
Income Tax Disclosure [Abstract]    
Deferred tax assets $ 235,858 $ 307,726
Less: valuation allowance (235,858) (307,726)
Net deferred tax assets
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.8.0.1
Income Taxes (Details Textual)
9 Months Ended
Mar. 31, 2018
USD ($)
Income Taxes (Textual)  
Federal net operating carryforward losses $ 721,895
Net operating loss carry forwards expiration date Jun. 30, 2038
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