0001640334-17-002372.txt : 20171114 0001640334-17-002372.hdr.sgml : 20171114 20171114092232 ACCESSION NUMBER: 0001640334-17-002372 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 31 CONFORMED PERIOD OF REPORT: 20170930 FILED AS OF DATE: 20171114 DATE AS OF CHANGE: 20171114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: XINDA INTERNATIONAL CORP. CENTRAL INDEX KEY: 0001624985 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE AGENTS & MANAGERS (FOR OTHERS) [6531] IRS NUMBER: 371758469 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-200344 FILM NUMBER: 171198731 BUSINESS ADDRESS: STREET 1: 319 S. ROBERTSON BLVD. 2ND FLOOR CITY: BEVERLY HILLS STATE: CA ZIP: 90211 BUSINESS PHONE: 310-598-7872 MAIL ADDRESS: STREET 1: 319 S. ROBERTSON BLVD. 2ND FLOOR CITY: BEVERLY HILLS STATE: CA ZIP: 90211 FORMER COMPANY: FORMER CONFORMED NAME: TriMax Consulting, Inc. DATE OF NAME CHANGE: 20141112 10-Q 1 trimax_10q.htm FORM 10-Q trimax_10q.htm

  

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

  

FORM 10-Q

     

x Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934

     

For Quarterly Period Ended September 30, 2017

    

-OR-

     

¨ Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934

         

For the transaction period from ________ to ________

          

Commission File Number

             

Xinda International Corp.

Formerly known as

Trimax Consulting, Inc.

(Exact name of Registrant in its charter)

        

Nevada

37-1758469

(State or Other Jurisdiction

of Incorporation or Organization)

(I.R.S. Employer

Identification Number)

23-07, Tower A, Vertical Business Suite, Avenue 3,

Bangsar South, No. 8, Jalan Kerinchi

Kuala Lumpur, Malaysia.

59200

(Address of Principal Executive Offices

(Zip Code)

   

Registrant’s Telephone Number, Including Area Code: +(603)27201788

   

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨

    

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 (section 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 x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):

 

Large accelerated filer

¨

Non-accelerated filer

¨

Accelerated filer

¨

Smaller reporting company

x

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 x

 

Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date. The number of shares outstanding of the registrant's only class of common stock, as of November 14, 2017 was 25,957,500 shares.

    

XINDA INTERNATIONAL CORP.

(FORMERLY KNOWN AS TRIMAX CONSULTING, INC.)

FORM 10-Q

Period Ended September 30, 2017

 

TABLE OF CONTENTS

    

Page

 

PART I. FINANCIAL INFORMATION

 

Item 1.

Financial Statements

3

Balance Sheets as of September 30, 2017 (Unaudited) and December 31, 2016

3

Statements of Operations for the Three and Nine Months Ended September 30, 2017 and 2016 (Unaudited)

4

Statements of Cash Flows for the Nine Months Ended September 30, 2017 and 2016 (Unaudited)

5

Notes to the Financial Statements (Unaudited)

6

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

10

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

12

Item 4.

Controls and Procedures

12

 

PART II. OTHER INFORMATION

 

Item 1.

Legal Proceedings

13

Item 1A.

Risk Factors

13

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

13

Item 3.

Defaults Upon Senior Securities

13

Item 4.

Mine Safety Disclosures

13

Item 5.

Other Information

13

Item 6.

Exhibits

14

 

SIGNATURES

15

 

2

        

PART I - FINANCIAL INFORMATION

 

ITEM I — FINANCIAL STATEMENTS

 

XINDA INTERNATIONAL CORP.

(FORMERLY KNOWN AS TRIMAX CONSULTING, INC.)

BALANCE SHEETS

 

 

 

September 30,

2017

 

 

December 31,

2016

 

 

 

(Unaudited)

 

 

 

 

Assets

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$ 1,017

 

 

$ 44

 

Investments

 

 

-

 

 

 

3,527

 

Total current assets

 

 

1,017

 

 

 

3,571

 

Total Assets

 

$ 1,017

 

 

$ 3,571

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Deficit

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accrued expenses

 

$ 9,634

 

 

$ 11,500

 

Due to related parties

 

 

41,392

 

 

 

500

 

Total current liabilities

 

 

51,026

 

 

 

12,000

 

 

 

 

 

 

 

 

 

 

Shareholders' Deficit

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value; 50,000,000 shares authorized, 25,957,500 issued and outstanding at 9/30/2017 and 12/31/2016

 

 

2,596

 

 

 

2,596

 

Additional paid in capital

 

 

25,483

 

 

 

17,054

 

Accumulated deficit

 

 

(78,088 )

 

 

(28,079 )

Total Shareholders’ deficit

 

 

(50,009 )

 

 

(8,429 )

Total Liabilities and Shareholders’ Deficit

 

$ 1,017

 

 

$ 3,571

 

     

The accompanying notes are an integral part of these unaudited financial statements.

   

3
Table of Contents

 

XINDA INTERNATIONAL CORP.

(FORMERLY KNOWN AS TRIMAX CONSULTING, INC.)

STATEMENTS OF OPERATIONS

(UNAUDITED)

 

 

 

For the three

months ended

September 30,

2017

 

 

For the three

months ended

September 30,

2016

 

 

For the nine

months ended

September 30,

2017

 

 

For the nine

months ended

September 30,

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$ -

 

 

$ -

 

 

$ -

 

 

$ 339

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

23,791

 

 

 

1,388

 

 

 

50,009

 

 

 

16,968

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss from Operations before Income Taxes

 

 

(23,791 )

 

 

(1,388 )

 

 

(50,009 )

 

 

(16,629 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Tax Expense

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

$ (23,791 )

 

$ (1,388 )

 

$ (50,009 )

 

$ (16,629 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Net Loss Per Common Share

 

$ (0.00 )

 

$ (0.00 )

 

$ (0.00 )

 

$ (0.00 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted Average Number of Shares Outstanding; Basic and Diluted

 

 

25,957,500

 

 

 

25,957,500

 

 

 

25,957,500

 

 

 

25,957,500

 

   

The accompanying notes are an integral part of these unaudited financial statements.

   

4
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XINDA INTERNATIONAL CORP.

(FORMERLY KNOWN AS TRIMAX CONSULTING, INC.)

STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

 

For the nine

months ended

September 30,

2017

 

 

For the nine

months ended

September 30,

2016

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$ (50,009 )

 

$ (16,629 )

Adjustment to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

Accrued expenses

 

 

50,009

 

 

 

(2,500 )

Cash used in operating activities

 

 

-

 

 

 

(19,129 )

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Investment in land

 

 

-

 

 

 

(2,070 )

Cash used in investing activities

 

 

-

 

 

 

(2,070 )

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Proceeds from related party loans

 

 

1,017

 

 

 

550

 

Repayments to related party loans

 

 

(44 )

 

 

(500 )

Cash provided by financing activities

 

 

973

 

 

 

50

 

 

 

 

 

 

 

 

 

 

Increase (Decrease) in cash and cash equivalents

 

 

973

 

 

 

(21,149 )

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

 

44

 

 

 

21,190

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents at end of period

 

$ 1,017

 

 

$ 41

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION

 

 

 

 

 

 

 

 

Income taxes paid

 

$ -

 

 

$ -

 

Interest paid

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

NON-CASH TRANSACTIONS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net effect of assets distributed to and liabilities assumed by the former shareholder

 

$ 8,429

 

 

$ -

 

Operating expenses paid by related party

 

$ 40,375

 

 

$ -

 

 

The accompanying notes are an integral part of these unaudited financial statements.

 

5
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XINDA INTERNATIONAL CORP.

(FORMERLY KNOWN AS TRIMAX CONSULTING, INC.)

Notes to Financial Statements

(Unaudited)

 

Note 1. Nature of Business

 

Nature of Business

 

Trimax Consulting, Inc. (“the Company”) was incorporated in Nevada on May 19, 2014. The Company was established for the purpose of real estate consulting and the purchasing of Tax Liens.

 

On March 16, 2017, pursuant to a stock purchase agreement between Oeshadebie Waterford, the Company's President and Chief Executive Officer (“CEO”), and Newfield Global Holdings Limited (“Newfield”) which is wholly owned by Mr. Jingyu Bai, Newfield acquired 25,000,000 shares of common stock of the Company for cash consideration of $300,000. The shares acquired represent 96.3% of the issued and outstanding shares of common stock of the Company. In connection with the stock purchase, the Company distributed the investment in the amount of $3,527 to Oeshadebie Waterford and Oeshadebie Waterford assumed accrued expenses in the amount of $11,500 and forgave a related party officer demand loan in the amount of $456. On March 16, 2017, Oeshadebie Waterford resigned her official position as President and Chief Executive Officer of the Company, and on the same day the shareholders of the Company voted Eng Wah Kung as Director and Chief Executive Officer of the Company, and Teck Siong Lim as Chief Financial Officer (“CFO”).

 

Upon the election of the new Board, the Company has altered the Company’s business plan to provide end to end HR services including recruitment, executive search, campus recruitment, training and a complete range of HR outsourcing solutions to clients, with the ultimate aim in creating true value for businesses, through the essential core asset of clients.

 

On May 8, 2017, the board of directors adopted an Amendment to its Articles of Incorporation changing the name of the Company to Xinda International Corp., and on June 9, 2017, the Financial Industry Regulatory Authority (“FINRA”) gave final approval for the name change and the ticker Symbol “XNDA”.

 

Note 2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended December 31, 2016, have been omitted.

 

6
Table of Contents

 

XINDA INTERNATIONAL CORP.

(FORMERLY KNOWN AS TRIMAX CONSULTING, INC.)

Notes to Financial Statements

(Unaudited)

Use of Estimates

 

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

 

Fair Value of Financial Instruments

 

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

 

Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows:

 

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

 

Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

 

The Company's financial instruments consist principally of cash and accrued expenses. The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their relatively short-term nature.

 

7
Table of Contents

 

XINDA INTERNATIONAL CORP.

(FORMERLY KNOWN AS TRIMAX CONSULTING, INC.)

Notes to Financial Statements

(Unaudited)

 

It is not, however, practical to determine the fair value of amounts due to related parties because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs.

 

Related Parties

 

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

 

Transactions involving related parties cannot be presumed to be carried out on an arm's- length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

 

Recently Issued Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position and result of operations.

 

Note 3. Going Concern

 

The accompanying unaudited financial statements have been prepared assuming that the Company continues as a going concern. The Company has suffered recurring losses from operations. As shown in the accompanying unaudited financial statements, the Company has working capital deficit of $50,009 as of September 30, 2017, and has not generated any cash flows from operating activities for the nine months ended September 30, 2017. Due to these conditions, it raises substantial doubt about its ability to continue as a going concern.

 

Upon election of the new Board, on March 16, 2017, the Company has undertaken a new business plan, principally providing a wide variety of human resource consulting services by facilitating identified, necessary change within an organization in order to enhance the success of the clients.

 

8
Table of Contents

 

XINDA INTERNATIONAL CORP.

(FORMERLY KNOWN AS TRIMAX CONSULTING, INC.)

Notes to Financial Statements

(Unaudited)

 

The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.

 

Note 4. Related Party Transactions

 

The related parties consist of the following:

 

Oeshadebie Waterford, the Company’s former President and former CEO;

Eng Wah Kung, the Company’s Director and CEO;

Xinda Human Resources Sdn Bhd, 50% owned by Eng Wah Kung and 50% owned by Teck Siong Lim

 

Advances and loans from Related Parties

 

 

 

September 30,

2017

 

 

December 31,

2016

 

 

 

 

 

 

 

 

Eng Wah Kung

 

$ 41,392

 

 

$ -

 

Oeshadebie Waterford

 

 

-

 

 

 

500

 

Total

 

$ 41,392

 

 

$ 500

 

 

The amounts due to related parties represent loans borrowed from related parties. They are unsecured, bear no interest and are repayable on demand. During the nine months ended September 30, 2017, the Company repaid $44 to Oeshadebie Waterford in cash and Oeshadebie Waterford forgave $456 owed by the Company. During the nine months ended September 30, 2017, the Company received advances from Eng Wah Kung in the amount of $1,017 and Eng Wah Kung paid expenses in the amount of $40,375 on behalf of the Company to support the Company’s operations.

 

Office Furnished by Related Party

 

The Company’s executive office is located at 23-07 Tower, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi Kuala Lumpur, Malaysia. This office is furnished to the Company by Xinda Human Resources Sdn Bhd at no charge.

 

Service Provided by Related Party

 

One accounting consultant, who is a friend of CEO, provided non-compensated book keeping and financial reporting services to the Company from March 2017 through September 2017.

 

9
Table of Contents

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Overview and Outlook

 

Xinda International Corp. (formerly known as Trimax Consulting, Inc.) is a US listed Company, formed in the state of Nevada on May 19, 2014 focused on identifying property tax liens for sale and providing a valuation of the underlying properties to determine profit opportunities. The Company was principally engaged in business of marketing an array of property tax lien services including (a) identifying property tax lien auctions and property tax liens for sale; (b) providing valuation services with regards to real property subject to property tax liens; and (c) providing consultative and advisory services to property tax lien investors in regards to purchasing property tax liens, servicing property tax liens and adjudicating property tax liens.

 

Upon the installation of the new Board, the Company had decided to transition the business plan to provide end to end HR services including recruitment, executive search, campus recruitment, training and a complete range of HR outsourcing solutions to clients, with the ultimate aim in creating true value for businesses, through the essential core asset of clients. The business plan targets the modern corporate world, offering integrated consultancy services and strive towards providing total HR services and solutions to its clients with fresh thinking, innovative ideas and value add services. The Company’s business plan primary role is to provide a wide variety of Human Resource Consulting services in all vertical by facilitating identified, necessary change within an organization in order to enhance the success of the company. Our Management, Human Resource, and Training services are intended to improve productivity, efficiency, communication, and employee ethics.

 

We believe that whatever industry it may be, a full complete range of HR Consultant work is able to identify needs, develop an action plan, and assist with implementation, thus adding and retaining values to clients.

 

On May 8, 2017, the board of directors adopted an Amendment to its Articles of Incorporation changing the name of the Company to Xinda International Corp., and on June 9, 2017, the Financial Industry Regulatory Authority (“FINRA”) gave final approval for the name change and the ticker Symbol “XNDA”.

 

Results of Operation for the Three and Nine Months Ended September 30, 2017 and 2016

 

Capital and Sources of Liquidity

 

General and administrative expenses

      

General and administrative expenses were $50,009 for the nine months ended September 30, 2017, compared to $16,968 for the nine months ended September 30, 2016, an increase of $33,041.

 

General and administrative expenses were $23,791 for the three months ended September 30, 2017, compared to $1,388 for the three months ended September 30, 2016, an increase of $22,403.

 

Net loss

Net loss for the nine months ended September 30, 2017 was $50,009. For the nine months ended September 30, 2016, the Company recorded net loss of $16,629.

 

For the three months ended September 30, 2017, net loss was $23,791. Net loss for three months ended September 30, 2016 was $1,388.

 

LIQUIDITY AND CAPITAL RESOURCES

 

We believe that our existing sources of liquidity will be sufficient to fund our operations, anticipated capital expenditures, working capital and other financing requirements for at least the next twelve months.

 

10
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The following table summarizes total assets, accumulated deficit, stockholders' deficit and working capital at September 30, 2017 and December 31, 2016.

 

 

 

September 30,

2017

 

 

December 31,

2016

 

Total Assets

 

 

1,017

 

 

 

3,571

 

Accumulated Deficit

 

 

(78,088 )

 

 

(28,079 )

Shareholders’ Equity (Deficit)

 

 

(50,009 )

 

 

(8,429 )

Working Capital (Deficit)

 

 

(50,009 )

 

 

(8,429 )

 

Net cash used in operating activities was $0 during the nine months ended September 30, 2017, compared with $19,129 during the nine months ended September 30, 2016.

 

Satisfaction of Our Cash Obligations for the Next Twelve Months

 

Our plan for satisfying our cash requirements for the next twelve months is through generating revenue from provide end to end HR services including recruitment, executive search, campus recruitment, training and a complete range of HR outsourcing solutions.

 

Inflation

 

The rate of inflation has had little impact on the Company's results of operations and is not expected to have a significant impact on the continuing operations.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

Critical Accounting Policies

 

We have identified the policies outlined below as critical to our business operations and an understanding of our results of operations. The list is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management's judgment in their application. The impact and any associated risks related to these policies on our business operations is discussed throughout management's Discussion and Analysis or Plan of Operation where such policies affect our reported and expected financial results. Note that our preparation of the financial statements requires us to make estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the date of our financial statements, and the reported amounts of revenue and expenses during the reporting period. There can be no assurance that actual results will not differ from those estimates.

 

Recently Issued Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position and result of operations.

 

11
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Item 3. Quantitative and Qualitative Disclosure About Market Risk.

 

This item is not applicable as we are currently considered a smaller reporting company.

 

Item 4. Controls and Procedures.

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission (SEC) rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required disclosure.

 

Limitations on the Effectiveness of Disclosure Controls

 

In designing and evaluating the Company's disclosure controls and procedures, management recognized that disclosure controls and procedures, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the disclosure controls and procedures are met. Additionally, in designing disclosure controls and procedures, Company management necessarily was required to apply its judgment in evaluating the cost- benefit relationship of possible disclosure controls and procedures. The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions

 

Evaluation of Disclosure Controls and Procedures

 

Our CEO and CFO, has evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a- 15(e) under the Exchange Act) as of the end of the period covered by this report. Based on the evaluation, the CEO and CFO concluded that our disclosure controls and procedures are not effective in timely alerting them to material information relating to us that is required to be included in our periodic SEC filings and ensuring that information required to be disclosed by us in the reports we file or submit under the Act is accumulated and communicated to our management, including our Chief Financial Officer, or person performing similar functions, as appropriate to allow timely decisions regarding required disclosure, for the following reasons:

 

·

The Company does not have an independent board of directors or audit committee;

·

The Company is lack of segregation of duties and well-established procedures to authorize and approve related party transactions.

·

The Company does not have an independent body to oversee our internal controls over financial reporting.

 

We plan to rectify these weaknesses by implementing an independent board of directors.

 

Changes in Internal Control Over Financial Reporting

 

There have been no changes in our internal controls over financial reporting during the quarter ended September 30, 2017 that have materially affected or are reasonably likely to materially affect, such controls.

 

12
Table of Contents

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We know of no material pending legal proceedings to which our company or subsidiary is a party or of which any of their property is the subject. In addition, we do not know of any such proceedings contemplated by any governmental authorities.

 

We know of no material proceedings in which any director, officer or affiliate of our company, or any registered or beneficial stockholder of our company, or any associate of any such director, officer, affiliate, or stockholder is a party adverse to our company or subsidiary or has a material interest adverse to our company or subsidiary.

 

Item 1A. Risk Factors.

 

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

None.

 

Item 5. Other Information.

 

None.

 

13
Table of Contents

 

Item 6. Exhibits.

 

Incorporated by reference

Exhibit

Exhibit Description

Filed

herewith

Period

Form

ending

Filing

Exhibit

date

31.1

Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act

31.2

Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act

32.1

Certification by the Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act

32.2

Certification by the Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act

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XBRL Instance Document

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XBRL Taxonomy Extension Schema Document

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XBRL Taxonomy Extension Calculation Linkbase Document XBRL Taxonomy Extension

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Definition Linkbase Document

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XBRL Taxonomy Extension Label Linkbase Document

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XBRL Taxonomy Extension Presentation Linkbase Document

 

14
Table of Contents

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

         

Date: November 14, 2017

By:

/s/ Eng Wah KUNG

Eng Wah KUNG

Chief Executive Officer

Date: November 14, 2017

By:

/s/ Teck Siong LIM

Teck Siong LIM

Chief Financial Officer

 

 

15

 

EX-31.1 2 trimax_ex311.htm CERTIFICATION trimax_ex311.htm

EXHIBIT 31.1

 

CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Eng Wah KUNG, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of Xinda International Corp. (formerly known as Trimax Consulting, 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 issuer 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 for financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer 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 issuer 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 issuer’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 issuer’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

 

5.

The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the business issuer’s auditors and the audit committee of the issuer’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 issuer’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 issuer’s internal control over financial reporting.

 

 

Date: November 14, 2017

/s/ Eng Wah KUNG

Eng Wah KUNG

Chief Executive Officer

 

EX-31.2 3 trimax_ex312.htm CERTIFICATION trimax_ex312.htm

EXHIBIT 31.2

 

CERTIFICATION BY THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Teck Siong LIM, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of Xinda International Corp. (formerly known as Trimax Consulting, 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 issuer as of, and for, the periods presented in this report;

4.

The issuer’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 for financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer 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 issuer 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 issuer’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 issuer’s internal control over financial reporting that occurred during the issuer’s most recent fiscal quarter (the issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the issuer’s internal control over financial reporting; and

 

5.

The issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer’s auditors and the audit committee of the issuer’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 issuer’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 issuer’s internal control over financial reporting.

 

 

Date: November 14, 2017

/s/ Teck Siong LIM

Teck Siong LIM

Chief Financial Officer

 

EX-32.1 4 trimax_ex321.htm CERTIFICATION trimax_ex321.htm

EXHIBIT 32.1

 

Certification by the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350,

as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Pursuant to 18 U. S. C. Section 1350, I, Eng Wah KUNG, hereby certify that, to the best of my knowledge, the Quarterly Report on Form 10-Q of Xinda International Corp. (formerly known as Trimax Consulting, Inc.)for the fiscal quarter ended September 30, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Xinda International Corp. (formerly known as Trimax Consulting, Inc.).

 

 

Date: November 14, 2017

 

/s/ Eng Wah KUNG

 

Eng Wah KUNG

 

Chief Executive Officer

 

This certification accompanies the Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by Xinda International Corp. (formerly known as Trimax Consulting, Inc.) for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that Xinda International Corp. (formerly known as Trimax Consulting, Inc.) specifically incorporates it by reference.

 

EX-32.2 5 trimax_ex322.htm CERTIFICATION trimax_ex322.htm

EXHIBIT 32.2

 

Certification by the Chief Financial Officer Pursuant to 18 U.S.C. Section 1350,

as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Pursuant to 18 U. S. C. Section 1350, I, Teck Siong LIM, hereby certify that, to the best of my knowledge, the Quarterly Report on Form 10-Q of Xinda International Corp. (formerly known as Trimax Consulting, Inc.) for the fiscal quarter ended September 30, 2017 (the “Report”) fully complies with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Xinda International Corp. (formerly known as Trimax Consulting, Inc.).

 

Date: November 14, 2017

/s/ Teck Siong LIM

Teck Siong LIM

Chief Financial Officer

 

This certification accompanies the Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by Xinda International Corp. (formerly known as Trimax Consulting, Inc.) for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that Xinda International Corp. (formerly known as Trimax Consulting, Inc.) specifically incorporates it by reference.

 

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Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.</font></p> <p style="margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position and result of operations.</font></p> EX-101.SCH 7 trmx-20170930.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 00000002 - Statement - BALANCE SHEETS link:presentationLink link:calculationLink link:definitionLink 00000003 - Statement - BALANCE SHEETS (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 00000004 - Statement - STATEMENTS OF OPERATIONS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000005 - Statement - STATEMENTS OF CASH FLOWS (UNAUDITED) link:presentationLink link:calculationLink link:definitionLink 00000006 - Disclosure - Nature of Business link:presentationLink link:calculationLink link:definitionLink 00000007 - Disclosure - Summary of Significant Accounting Policies link:presentationLink link:calculationLink link:definitionLink 00000008 - Disclosure - Going Concern link:presentationLink link:calculationLink link:definitionLink 00000009 - Disclosure - Related Party Transactions link:presentationLink link:calculationLink link:definitionLink 00000010 - Disclosure - Summary of Significant Accounting Policies (Policies) link:presentationLink link:calculationLink link:definitionLink 00000011 - Disclosure - Related Party Transactions (Tables) link:presentationLink link:calculationLink link:definitionLink 00000012 - Disclosure - Nature of Business (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000013 - Disclosure - Going Concern (Details Narrative) link:presentationLink link:calculationLink link:definitionLink 00000014 - Disclosure - Related Party Transactions (Details) link:presentationLink link:calculationLink link:definitionLink 00000015 - Disclosure - Related Party Transactions (Details Narrative) link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 8 trmx-20170930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 9 trmx-20170930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 10 trmx-20170930_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Eng Wah Kung [Member] Related Party Transaction [Axis] Oeshadebie Waterford [Member] Mr. Jingyu Bai [Member] Teck Siong Lim [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? Is Entity a Voluntary Filer? Is Entity's Reporting Status Current? Entity Filer Category Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] Assets Current assets Cash and cash equivalents Investments Total current assets Total Assets Liabilities and Shareholders' Deficit Current liabilities Accrued expenses Due to related parties Total current liabilities Shareholders' Deficit Common stock, $0.0001 par value; 50,000,000 shares authorized, 25,957,500 issued and outstanding at 9/30/2017 and 12/31/2016 Additional paid in capital Accumulated deficit Total Shareholders' deficit Total Liabilities and Shareholders' Deficit Common stock, par value Common stock, authorized Common stock, issued Common stock, outstanding Statements Of Operations Revenues Operating Expenses Net Loss from Operations before Income Taxes Income Tax Expense Net Loss Basic and Diluted Net Loss Per Common Share Weighted Average Number of Shares Outstanding; Basic and Diluted Statement of Cash Flows [Abstract] Cash flows from operating activities: Net loss Adjustment to reconcile net loss to net cash used in operating activities: Changes in operating assets and liabilities Accrued expenses Cash used in operating activities Cash flows from investing activities: Investment in land Cash used in investing activities Cash flows from financing activities: Proceeds from related party loans Repayments to related party loans Cash provided by (used in) financing activities Increase (Decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Cash and cash equivalents at end of period SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Income taxes paid Interest paid NON-CASH TRANSACTIONS Net effect of assets distributed to and liabilities assumed by the former shareholder Operating expenses paid by related party Notes to Financial Statements Note 1 - Nature of Business Note 2 - Summary of Significant Accounting Policies Note 3 - Going Concern Note 4 - Related Party Transactions Basis of Presentation Use of Estimates Fair Value of Financial Instruments Related Parties Recently Issued Accounting Pronouncements Related Party Transactions Tables Advances and loans from Related Parties Statement [Table] Statement [Line Items] State of incorporation Date of Incorporation Change of control event, description Common stock shares acquire Cash consideration Available for sale debt securities Related party officer demand loan Going Concern Details Narrative Working capital deficit Advances and loans from Related Parties Ownership Percentage Assets, Current Assets [Default Label] Liabilities, Current Stockholders' Equity Attributable to Parent Liabilities and Equity Increase (Decrease) in Accrued Liabilities Net Cash Provided by (Used in) Operating Activities Payments to Acquire Land Net Cash Provided by (Used in) Investing Activities Net Cash Provided by (Used in) Financing Activities Cash and Cash Equivalents, Period Increase (Decrease) Due to Related Parties EX-101.PRE 11 trmx-20170930_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.8.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2017
Nov. 14, 2017
Document And Entity Information    
Entity Registrant Name XINDA INTERNATIONAL CORP.  
Entity Central Index Key 0001624985  
Document Type 10-Q  
Document Period End Date Sep. 30, 2017  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Accelerated Filer  
Entity Common Stock, Shares Outstanding   25,957,500
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.8.0.1
BALANCE SHEETS - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 1,017 $ 44
Investments 3,527
Total current assets 1,017 3,571
Total Assets 1,017 3,571
Current liabilities    
Accrued expenses 9,634 11,500
Due to related parties 41,392 500
Total current liabilities 51,026 12,000
Shareholders' Deficit    
Common stock, $0.0001 par value; 50,000,000 shares authorized, 25,957,500 issued and outstanding at 9/30/2017 and 12/31/2016 2,596 2,596
Additional paid in capital 25,483 17,054
Accumulated deficit (78,088) (28,079)
Total Shareholders' deficit (50,009) (8,429)
Total Liabilities and Shareholders' Deficit $ 1,017 $ 3,517
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.8.0.1
BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2017
Dec. 31, 2016
Shareholders' Deficit    
Common stock, par value $ 0.0001 $ 0.0001
Common stock, authorized 50,000,000 50,000,000
Common stock, issued 25,957,500 25,957,500
Common stock, outstanding 25,957,500 25,957,500
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.8.0.1
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Statements Of Operations        
Revenues $ 339
Operating Expenses 23,791 1,388 50,009 16,968
Net Loss from Operations before Income Taxes (23,791) (1,388) (50,009) (16,629)
Income Tax Expense
Net Loss $ (23,791) $ (1,388) $ (50,009) $ (16,629)
Basic and Diluted Net Loss Per Common Share $ (0.00) $ 0.00 $ 0.00 $ 0.00
Weighted Average Number of Shares Outstanding; Basic and Diluted 25,957,500 25,957,500 25,957,500 25,957,500
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.8.0.1
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Cash flows from operating activities:    
Net loss $ (50,009) $ (16,629)
Changes in operating assets and liabilities    
Accrued expenses 50,009 (2,500)
Cash used in operating activities (19,129)
Cash flows from investing activities:    
Investment in land (2,070)
Cash used in investing activities (2,070)
Cash flows from financing activities:    
Proceeds from related party loans 1,017 550
Repayments to related party loans (44) (500)
Cash provided by (used in) financing activities 973 50
Increase (Decrease) in cash and cash equivalents 973 (21,149)
Cash and cash equivalents at beginning of period 44 21,190
Cash and cash equivalents at end of period 1,017 41
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION    
Income taxes paid
Interest paid
NON-CASH TRANSACTIONS    
Net effect of assets distributed to and liabilities assumed by the former shareholder 8,429
Operating expenses paid by related party $ 40,375
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.8.0.1
Nature of Business
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Note 1 - Nature of Business

Nature of Business

 

Trimax Consulting, Inc. (“the Company”) was incorporated in Nevada on May 19, 2014. The Company was established for the purpose of real estate consulting and the purchasing of Tax Liens.

 

On March 16, 2017, pursuant to a stock purchase agreement between Oeshadebie Waterford, the Company's President and Chief Executive Officer (“CEO”), and Newfield Global Holdings Limited (“Newfield”) which is wholly owned by Mr. Jingyu Bai, Newfield acquired 25,000,000 shares of common stock of the Company for cash consideration of $300,000. The shares acquired represent 96.3% of the issued and outstanding shares of common stock of the Company. In connection with the stock purchase, the Company distributed the investment in the amount of $3,527 to Oeshadebie Waterford and Oeshadebie Waterford assumed accrued expenses in the amount of $11,500 and forgave a related party officer demand loan in the amount of $456. On March 16, 2017, Oeshadebie Waterford resigned her official position as President and Chief Executive Officer of the Company, and on the same day the shareholders of the Company voted Eng Wah Kung as Director and Chief Executive Officer of the Company, and Teck Siong Lim as Chief Financial Officer (“CFO”).

 

Upon the election of the new Board, the Company has altered the Company’s business plan to provide end to end HR services including recruitment, executive search, campus recruitment, training and a complete range of HR outsourcing solutions to clients, with the ultimate aim in creating true value for businesses, through the essential core asset of clients.

 

On May 8, 2017, the board of directors adopted an Amendment to its Articles of Incorporation changing the name of the Company to Xinda International Corp., and on June 9, 2017, the Financial Industry Regulatory Authority (“FINRA”) gave final approval for the name change and the ticker Symbol “XNDA”.

XML 18 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Note 2 - Summary of Significant Accounting Policies

Basis of Presentation

 

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended December 31, 2016, have been omitted. 

 

Use of Estimates

 

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

 

Fair Value of Financial Instruments

 

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

 

Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows:

 

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

 

Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

 

The Company's financial instruments consist principally of cash and accrued expenses. The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their relatively short-term nature.

 

It is not, however, practical to determine the fair value of amounts due to related parties because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs.

 

Related Parties

 

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

 

Transactions involving related parties cannot be presumed to be carried out on an arm's- length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

 

Recently Issued Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position and result of operations.

XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Going Concern
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Note 3 - Going Concern

The accompanying unaudited financial statements have been prepared assuming that the Company continues as a going concern. The Company has suffered recurring losses from operations. As shown in the accompanying unaudited financial statements, the Company has working capital deficit of $50,009 as of September 30, 2017, and has not generated any cash flows from operating activities for the nine months ended September 30, 2017. Due to these conditions, it raises substantial doubt about its ability to continue as a going concern.

 

Upon election of the new Board, on March 16, 2017, the Company has undertaken a new business plan, principally providing a wide variety of human resource consulting services by facilitating identified, necessary change within an organization in order to enhance the success of the clients.

 

The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern.

XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Note 4 - Related Party Transactions

The related parties consist of the following:

 

Oeshadebie Waterford, the Company’s former President and former CEO;

Eng Wah Kung, the Company’s Director and CEO;

Xinda Human Resources Sdn Bhd, 50% owned by Eng Wah Kung and 50% owned by Teck Siong Lim

 

Advances and loans from Related Parties

 

   

September 30,

2017

   

December 31,

2016

 
             
Eng Wah Kung   $ 41,392     $ -  
Oeshadebie Waterford     -       500  
Total   $ 41,392     $ 500  

 

The amounts due to related parties represent loans borrowed from related parties. They are unsecured, bear no interest and are repayable on demand. During the nine months ended September 30, 2017, the Company repaid $44 to Oeshadebie Waterford in cash and Oeshadebie Waterford forgave $456 owed by the Company. During the nine months ended September 30, 2017, the Company received advances from Eng Wah Kung in the amount of $1,017 and Eng Wah Kung paid expenses in the amount of $40,375 on behalf of the Company to support the Company’s operations.

 

Office Furnished by Related Party

 

The Company’s executive office is located at 23-07 Tower, Vertical Business Suite, Avenue 3, Bangsar South, No. 8, Jalan Kerinchi Kuala Lumpur, Malaysia. This office is furnished to the Company by Xinda Human Resources Sdn Bhd at no charge.

 

Service Provided by Related Party

 

One accounting consultant, who is a friend of CEO, provided non-compensated book keeping and financial reporting services to the Company from March 2017 through September 2017.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2017
Notes to Financial Statements  
Basis of Presentation

The accompanying unaudited interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report on Form 10-K filed with the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, as reported in the Form 10-K for the fiscal year ended December 31, 2016, have been omitted.

Use of Estimates

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

Fair Value of Financial Instruments

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.

 

Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows:

 

Level 1 - Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.

 

Level 2 - Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs).

 

Level 3 - Unobservable inputs that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.

 

The Company's financial instruments consist principally of cash and accrued expenses. The carrying amounts of such financial instruments in the accompanying balance sheets approximate their fair values due to their relatively short-term nature.

 

It is not, however, practical to determine the fair value of amounts due to related parties because the transactions cannot be assumed to have been consummated at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments, and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated potential costs.

Related Parties

A party is considered to be related to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests is also a related party.

 

Transactions involving related parties cannot be presumed to be carried out on an arm's- length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

Recently Issued Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position and result of operations.

XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Tables)
9 Months Ended
Sep. 30, 2017
Related Party Transactions Tables  
Advances and loans from Related Parties

   

September 30,

2017

   

December 31,

2016

 
             
Eng Wah Kung   $ 41,392     $ -  
Oeshadebie Waterford     -       500  
Total   $ 41,392     $ 500  

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Nature of Business (Details Narrative) - USD ($)
1 Months Ended 9 Months Ended
Mar. 16, 2017
Sep. 30, 2017
Dec. 31, 2016
State of incorporation   Nevada  
Date of Incorporation   May 19, 2014  
Change of control event, description   The shares acquired represent 96.3% of the issued and outstanding shares of common stock of the Company.  
Accrued expenses   $ 9,634 $ 11,500
Mr. Jingyu Bai [Member]      
Common stock shares acquire 25,000,000    
Oeshadebie Waterford [Member]      
Cash consideration $ 300,000    
Available for sale debt securities   3,527  
Accrued expenses   11,500  
Related party officer demand loan   $ 456  
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Going Concern (Details Narrative)
Sep. 30, 2017
USD ($)
Going Concern Details Narrative  
Working capital deficit $ 50,009
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Details) - USD ($)
Sep. 30, 2017
Dec. 31, 2016
Advances and loans from Related Parties $ 41,392 $ 500
Eng Wah Kung [Member]    
Advances and loans from Related Parties 41,392
Oeshadebie Waterford [Member]    
Advances and loans from Related Parties $ 500
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Related Party Transactions (Details Narrative) - USD ($)
9 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Repayments to related party loans $ (44) $ (500)
Operating expenses paid by related party 40,375
Proceeds from related party loans 1,017 $ 550
Oeshadebie Waterford [Member]    
Repayments to related party loans 44  
Related party officer demand loan 456  
Eng Wah Kung [Member]    
Operating expenses paid by related party 40,375  
Proceeds from related party loans $ 1,017  
Ownership Percentage 50.00%  
Teck Siong Lim [Member]    
Ownership Percentage 50.00%  
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