0001640334-20-001613.txt : 20200629 0001640334-20-001613.hdr.sgml : 20200629 20200629102457 ACCESSION NUMBER: 0001640334-20-001613 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 60 CONFORMED PERIOD OF REPORT: 20200331 FILED AS OF DATE: 20200629 DATE AS OF CHANGE: 20200629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Cosmos Group Holdings Inc. CENTRAL INDEX KEY: 0001706509 STANDARD INDUSTRIAL CLASSIFICATION: TRUCKING & COURIER SERVICES (NO AIR) [4210] IRS NUMBER: 223617931 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-55793 FILM NUMBER: 20996163 BUSINESS ADDRESS: STREET 1: ROOMS 1309-11, 13TH FLOOR STREET 2: TAI YAU BUILDING, NO. 181 JOHNSTON ROAD CITY: WANCHAI STATE: K3 ZIP: 00000 BUSINESS PHONE: 852 3643 1111 MAIL ADDRESS: STREET 1: ROOMS 1309-11, 13TH FLOOR STREET 2: TAI YAU BUILDING, NO. 181 JOHNSTON ROAD CITY: WANCHAI STATE: K3 ZIP: 00000 10-Q 1 cosmos_10q.htm FORM 10-Q cosmos_10q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

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

 

FOR THE QUARTERLY PERIOD ENDED March 31, 2020

 

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

 

Commission File Number 000-55793

 

COSMOS GROUP HOLDINGS INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Nevada

 

90-1177460

(State or Other Jurisdiction

 

(I.R.S. Employer

of Incorporation or Organization)

 

Identification No.)

 

Rooms 1309-11, 13th Floor, Tai Yau Building,

No. 181 Johnston Road

Wanchai, Hong Kong

+852 3188 9363

(Address of Principal Executive Offices and Issuer’s
Telephone Number, including Area Code)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each Class

 

Trading Symbol

 

Name of each exchange on which registered

NA

 

NA

 

N/A

 

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

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes x No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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

¨

Smaller reporting company

x

Emerging growth company

x

 

 

 

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

 

As of June 20, 2020, the issuer had outstanding 21,536,933 shares of common stock.

 

 

 

  

 

TABLE OF CONTENTS

 

 

 

 

Page

 

 

 

 

 

 

PART I

FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

ITEM 1

Financial Statements

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets as of March 31, 2020 (Unaudited) and December 31,2019 (Audited)

 

3

 

 

 

 

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Three Months Ended March 31, 2020 and 2019 (Unaudited)

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2020 and 2019 (Unaudited)

 

5

 

 

 

 

 

 

 

Condensed Consolidated Statement of Changes in Stockholders’ Deficit for the Three and Three Months Ended March 31, 2020 and 2019 (Unaudited)

 

6

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

7

 

 

 

 

 

 

ITEM 2

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

 

22

 

 

 

 

 

 

ITEM 3

Quantitative and Qualitative Disclosures about Market Risk

 

35

 

 

 

 

 

 

ITEM 4

Controls and Procedures

 

35

 

 

 

 

 

 

PART II

OTHER INFORMATION

 

 

 

 

 

 

 

 

ITEM 1

Legal Proceedings

 

37

 

 

 

 

 

 

ITEM 1A

Risk Factors

 

37

 

 

 

 

 

 

ITEM 2

Unregistered Sales of Equity Securities and Use of Proceeds

 

37

 

 

 

 

 

 

ITEM 3

Defaults upon Senior Securities

 

37

 

 

 

 

 

 

ITEM 4

Mine Safety Disclosures

 

37

 

 

 

 

 

 

ITEM 5

Other Information

 

37

 

 

 

 

 

 

ITEM 6

Exhibits

 

38

 

 

 

 

 

 

SIGNATURES

 

 

39

 

 

 
2

Table of Content

 

PART I FINANCIAL INFORMATION

ITEM 1 Financial Statements

 

COSMOS GROUP HOLDINGS INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

 

 

 

 

 

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

(Unaudited)

 

 

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$ 8,774

 

 

$ 28,816

 

Accounts receivable

 

 

4,124

 

 

 

64,570

 

Accounts receivable-related party

 

 

73,082

 

 

 

-

 

Total current assets

 

 

85,980

 

 

 

93,386

 

 

 

 

 

 

 

 

 

 

Property and equipment, net

 

 

44,445

 

 

 

47,508

 

 

 

 

 

 

 

 

 

 

Assets from discontinued operation

 

 

28,910

 

 

 

31,162

 

Total Assets

 

$ 159,335

 

 

$ 172,056

 

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ Deficit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$ 61,477

 

 

$ 71,220

 

Due to related parties

 

 

432,973

 

 

 

416,230

 

Lease liability

 

 

3,353

 

 

 

8,333

 

Income tax payable

 

 

8,355

 

 

 

11,958

 

Total current liabilities

 

 

506,158

 

 

 

507,741

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

 

7,887

 

 

 

7,839

 

 

 

 

 

 

 

 

 

 

Liabilities from discontinued operation

 

 

50,385

 

 

 

46,266

 

Total liabilities

 

 

564,430

 

 

 

561,846

 

 

 

 

 

 

 

 

 

 

Stockholders’ deficit

 

 

 

 

 

 

 

 

Common stock, $0.001 par value; 500,000,000 shares authorized, 21,536,933 shares issued and outstanding as of March 31, 2020 and December 31, 2019

 

 

21,536

 

 

 

21,536

 

Additional paid-in capital

 

 

395,516

 

 

 

395,516

 

Accumulated deficit

 

 

(819,511 )

 

 

(806,842

 

Accumulated other comprehensive loss

 

 

(2,636 )

 

 

-

 

Total stockholders’ deficit

 

 

(405,095 )

 

 

(389,790

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Deficit

 

$ 159,335

 

 

$ 172,056

 

 

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

 

 
3

Table of Content

 

COSMOS GROUP HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE LOSS

(UNAUDITED)

 

 

 

 

 

 

 

 

For the Three Months

  Ended March 31,

 

 

 

2020

 

 

2019

 

Sales revenue

 

$ 90,388

 

 

$ 128,002

 

Sales revenue-related party

 

 

72,912

 

 

 

-

 

Total revenues, net

 

 

163,300

 

 

 

128,002

 

 

 

 

 

 

 

 

 

 

Cost of revenue

 

 

112,966

 

 

 

92,669

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

50,334

 

 

 

35,333

 

 

 

 

 

 

 

 

 

 

General and administrative expenses

 

 

56,153

 

 

 

83,536

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(5,819 )

 

 

(48,203 )

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

Interest income

 

 

1

 

 

 

1

 

Interest expense

 

 

(565 )

 

 

(563 )

Total other expense, net

 

 

(564 )

 

 

(562 )

 

 

 

 

 

 

 

 

 

Loss before income tax provision

 

 

(6,383 )

 

 

(48,765 )

 

 

 

 

 

 

 

 

 

Income tax provision

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Loss from continuing operations

 

 

(6,383 )

 

 

(48,765 )

 

 

 

 

 

 

 

 

 

Loss from discontinued operations, net of tax

 

 

(6,286 )

 

 

-

 

 

 

 

 

 

 

 

 

 

Net loss

 

$ (12,669 )

 

$ (48,765 )

 

 

 

 

 

 

 

 

 

Comprehensive loss:

 

 

 

 

 

 

 

 

Net loss

 

$ (12,669 )

 

$ (48,765 )

Foreign currency translation adjustment, net of tax

 

 

(2,636 )

 

 

-

 

Comprehensive loss

 

$ (15,305 )

 

$ (48,765 )

 

 

 

 

 

 

 

 

 

Net loss per share:

 

 

 

 

 

 

 

 

Continuing operations – basic and diluted

 

$ (0.00 )

 

$ (0.00 )

Discontinued operations – basic and diluted

 

 

(0.00 )

 

 

(0.00 )

Net loss per share - basic and diluted

 

$ (0.00 )

 

$ (0.00 )

 

 

 

 

 

 

 

 

 

Weighted average number of common shares:

 

 

 

 

 

 

 

 

Basic and diluted

 

 

21,536,933

 

 

 

21,492,933

 

 

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

 

 
4

Table of Content

 

COSMOS GROUP HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

 

For the Three Months

Ended March 31,

 

 

 

2020

 

 

2019

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net loss

 

$ (12,669 )

 

$ (48,765 )

Adjustments to reconcile net loss to net cash provided by operating activities

 

 

 

 

 

 

 

 

Depreciation

 

 

3,062

 

 

 

4,958

 

Deferred tax

 

 

48

 

 

 

-

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(12,635 )

 

 

(11,373 )

Accounts payable and accrued liabilities

 

 

(9,743 )

 

 

5,648

 

Income tax payable

 

 

(3,603 )

 

 

-

 

Net cash provided by operating activities from discontinued operations

 

 

1,043

 

 

 

-

 

Net cash used in operating activities

 

 

(34,497 )

 

 

(49,532 )

 

 

 

 

 

 

 

 

 

Cash flows from financing activities

 

 

 

 

 

 

 

 

Advance from related parties

 

 

14,107

 

 

 

45,439

 

Repayment of lease liability

 

 

(4,980 )

 

 

(5,000 )

Net cash provided by financing activities from discontinued operations

 

 

5,328

 

 

 

-

 

Net cash provided by financing activities

 

 

14,455

 

 

 

40,439

 

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(20,042 )

 

 

(9,093 )

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents

 

 

 

 

 

 

 

 

Beginning

 

 

28,816

 

 

 

12,149

 

Ending

 

$ 8,774

 

 

$ 3,056

 

Supplemental Disclosure of Cash Flows

 

 

 

 

 

 

 

 

Cash paid during the periods for:

 

 

 

 

 

 

 

 

Interest

 

$ 565

 

 

$ 563

 

Income taxes

 

$ 3,603

 

 

$ -

 

 

 
5

Table of Content

  

COSMOS GROUP HOLDINGS INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

(UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

Other

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Comprehensive

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Total

 

Balance at December 31, 2019

 

 

21,536,933

 

 

$ 21,536

 

 

$ 395,516

 

 

$ (806,842 )

 

$ -

 

 

$ (389,790 )

Foreign currency translation adjustment

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(2,636 )

 

 

(2,636 )

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(12,669 )

 

 

-

 

 

 

(12,669 )

Balance at March 31, 2020

 

 

21,536,933

 

 

$ 21,536

 

 

$ 395,516

 

 

$ (819,511 )

 

$ (2,636 )

 

$ (405,095 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Accumulated

 

 

Comprehensive

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Total

 

Balance at December 31, 2018

 

 

21,492,933

 

 

$ 21,492

 

 

$ -

 

 

$ (123,305 )

 

$ -

 

 

$ (101,813 )

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(48,765 )

 

 

-

 

 

 

(48,765 )

Balance at March 31, 2019

 

 

21,492,933

 

 

$ 21,492

 

 

$ -

 

 

$ (172,070 )

 

$ -

 

 

$ (150,578 )

 

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

 

 
6

Table of Content

 

COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Note 1. Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

 

In the opinion of management, the consolidated balance sheet as of December 31, 2019 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended March 31, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2020 or for any future period.

 

These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2019.

 

 

Note 2. Organization and Business Background

 

Cosmos Group Holdings Inc. (“we,” “us,” “our,” “the “Company,” or “COSG”) incorporated in the state of Nevada on August 14, 1987.

 

The Company, through its subsidiaries, mainly engages in the provision of truckload transportation service in Hong Kong, in which the Company utilizes its owned trucks or independent contractor owned trucks for the pickup and delivery of freight from port to the designated destination, upon the customers’ request.

 

Description of subsidiaries:

 

Name

Place of incorporation

and kind of legal entity

Principal activities

and place of operation

Particular of issued/

registered share capital

Effective

interest held

Lee Tat International Holdings limited

British Virgin Islands

Investment holding

50,000 ordinary shares at US $1 each

100%

Lee Tat Transportation International Limited

Hong Kong

Logistic and delivery

10,000 ordinary shares at HK $10,000

100%

Cosmos Robotor Holdings Limited

British Virgin Islands

Investment holding

50,000 ordinary shares at US $0,001 each

100%

AiTeach International Limited

Hong Kong

AI Business

10,000 ordinary shares at HK $100

100%

Cosmos Robotor AI Education (Shenzhen) Limited

The People’s Republic of China

Education

N/A

100%

 

COSG and its subsidiaries are hereinafter referred to as the “Company”.

 

 
7

Table of Content

 

COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Note 3. Summary of Significant Accounting Policies

 

The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes.

 

Use of Estimates

 

The preparation of these condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the 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.

 

Basis of consolidation

 

The consolidated financial statements include the accounts of COSG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

 

Reclassification

 

Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit.

 

Discontinued Operation

 

On March 16, 2020, the Company approved to discontinue and exit its AI Education business. As of March 31, 2020 and December 31, 2019, the assets and liabilities related to AI Education business were presented and reported as assets and liabilities from discontinued operations on the consolidated balance sheets. For the three months ended March 31, 2020 and 2019, revenues, expenses, and cash flows related to AI Education business were presented and reported as discontinued operations on the consolidated statements of operations and comprehensive loss and the consolidated statements of cash flows. See note 5 – Discontinued Operations.

 

Cash and Cash Equivalents

 

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments.

 

 
8

Table of Content

 

COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Accounts Receivable

 

Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of March 31, 2020 and December 31, 2019, there was no allowance for doubtful accounts.

 

Plant and Equipment

 

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

 

 

 

Expected useful life

 

Service vehicle

 

8 years

 

 

Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

 

Impairment of Long-Lived Assets

 

In accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. There has been no impairment charge for the three months ended March 31, 2020 and 2019.

 

 
9

Table of Content

 

COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Revenue Recognition

 

The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) using the full retrospective transition method. The Company’s adoption of ASU 2014-09 did not have a material impact on the amount and timing of revenue recognized in its consolidated financial statements.

 

Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

 

The Company derives its revenues from the rendering of transportation services and recognizes in full upon completion of delivery to the receiver’s location. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

 

·

identify the contract with a customer;

 

 

 

 

·

identify the performance obligations in the contract;

 

 

 

 

·

determine the transaction price;

 

 

 

 

·

allocate the transaction price to performance obligations in the contract; and

 

 

 

 

·

recognize revenue as the performance obligation is satisfied.

  

Cost of revenue

  

Cost of revenue consists primarily of direct labor and fuel cost, which are directly attributable to the rendering of transportation services. Shipping and handling costs, associated with the custom clearance are borne by the customers.

 

Comprehensive income

 

ASC Topic 220, ”Comprehensive Income”, establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statement of stockholders’ deficit, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.

 

 
10

Table of Content

  

COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, ”Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

For the three months ended March 31, 2020 and 2019, the Company did not have any interest and penalties associated with tax positions. As of March 31, 2020 and December 31, 2019, the Company did not have any significant unrecognized uncertain tax positions.

 

The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the foreign tax authority.

 

Leases

 

The Company adopted Topic 842, Leases (“ASC 842”), using the modified retrospective approach through a cumulative-effect adjustment and utilizing the effective date of January 1, 2019 as its date of initial application, with prior periods unchanged and presented in accordance with the previous guidance in Topic 840, Leases (“ASC 840”).

 

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain a-djustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.

 

The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component.

 

Net (loss) income per share

 

The Company calculates net income per share in accordance with ASC Topic 260, ”Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the year. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations.

 

The reporting currency of the Company is the United States Dollar (“US$”). The Company’s subsidiaries in Hong Kong maintain their books and records in their local currency, Hong Kong Dollars (“HK$”), which is the functional currency as being the primary currency of the economic environment in which these entities operate.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, ”Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ deficit.

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Retirement plan costs

 

Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying consolidated statements of operation as the related employee service is provided.

 

Stock based compensation

 

The Company accounts for employee and non-employee stock awards under ASC Topic 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

Segment reporting

 

ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company operates in two business segments, which are Transportation business and AI Education business in Hong Kong. AI Education business has generated no revenue during the current year and no such reporting segment is separately disclosed in the accompanying financial statements.

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Fair Value Measurements

 

FASB ASC 820, “Fair Value Measurements” defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows:

 

 

Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available.

 

 

Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

 

Level 3 – Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

 

The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, inventory, advance to suppliers, prepaid expenses, accounts payable, accrued expenses, and due to shareholders, approximate fair value because of to their relatively short maturities.

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Recent Accounting Pronouncements

  

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The Company does not expect the adoption of this standard to have a material impact on our financial position, results of operations or cash flows.

 

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

  

Note 4. Going Concern Uncertainties

 

The accompanying condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

The Company has suffered from an accumulated deficit of $819,511 and working capital deficit of $420,178, at March 31, 2020. In addition, with respect to the ongoing and evolving coronavirus (COVID-19) outbreak, which was designated as a pandemic by the World Health Organization on March 11, 2020, the outbreak has caused substantial disruption in international economies and global trades and if repercussions of the outbreak are prolonged, could have a significant adverse impact on the Company’s business.

 

The continuation of the Company as a going concern through March 31, 2021 is dependent upon the continued financial support from its stockholders. Management believes the Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations.

 

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Note 5. Discontinued Operations

 

On March 16, 2020, the Company approved to discontinue and exit from AI Education business by the end of the first quarter 2020. The results of operations for the Company are presented in the consolidated statements of operations and comprehensive loss as loss from discontinued operations.

 

 

 

For the Three Months

 

 

 

Ended March 31, 2020

 

Net Revenue

 

$ -

 

Cost of Revenue

 

 

-

 

General and administrative expense

 

 

(6,292 )

Other income

 

 

6

 

Loss before income taxes

 

 

(6,286 )

Income taxes

 

 

-

 

Loss from discontinued operations, net of tax

 

$ (6,286 )

 

Net assets of discontinued operations as of March 31, 2020 were as follows:

 

 

 

As of

March 31, 2020

 

Cash & cash equivalents

 

$ 11,189

 

Property and equipment

 

 

17,721

 

Assets from discontinued operations

 

 

28,910

 

 

 

 

 

 

Accrued expenses

 

$ 1,355

 

Due to director

 

 

24,016

 

Due to related parties

 

 

25,014

 

Liabilities from discontinued operations

 

$ 50,385

 

 

Note 6. Plant and Equipment

 

Plant and equipment consisted of the following:

 

 

 

March 31,

2020

 

 

December 31, 2019

 

Service vehicle, at cost

 

$ 111,928

 

 

$ 111,238

 

Less: accumulated depreciation

 

 

(67,483 )

 

 

(63,730 )

 

 

$ 44,445

 

 

$ 47,508

 

 

Depreciation expense for the three months ended March 31, 2020 and 2019 were $3,062 and $4,958, as part of cost of revenue, respectively.

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Note 7. Related Party Transactions

 

Sales to related party

 

The Company had sales to Lee Tat Logistic Holding Limited, a Hong Kong company controlled by Miky Wan, our President, Chief Executive Officer and director. Sales to Lee Tat Logistic Holding Limited amounted to $72,912 and $0 for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020 and December 31, 2019, accounts receivable from Lee Tat Logistic Holding Limited was $73,082 and $0, respectively.

 

Due to related parties

 

As of March 31, 2020 and December 2019, the Company had $85,638 and $85,111 due to Cosmos Links International Holding Limited, respectively. Cosmos Links International Holding Limited is an entity controlled by Miky Wan, President, Chief Executive Officer and director of the Company. Those loans are unsecured, bear no interest, and are due on demand.

 

As of March 31, 2020 and December 2019, the Company had $342,364 and $331,119 due to Asia Cosmos Group Limited, respectively. Asia Cosmos Group Limited is an entity controlled by Miky Wan, President, Chief Executive Officer and director of the Company. Those loans are unsecured, bear no interest, and are due on demand.

 

Koon Wing CHEUNG, a shareholder of the Company and director of Lee Tat International Holdings Limited, has advance the Company funds for working capital purposes. As of March 31, 2020 and December 31, 2019 there were $4,971 and $0 advances outstanding, respectively. Those advances are unsecured, bear no interest, and are due on demand.

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

Note 8. Lease Liability

 

The Company purchased a service vehicle under a finance lease agreement with the effective interest rate of 2.25% per annum, due through May 29, 2020, with principal and interest payable monthly.

 

Right of use assets and lease liability – right of use are as follows:

 

 

 

March 31,

2020

 

 

December 31, 2019

 

Right of use assets

 

$ 44,445

 

 

$ 47,508

 

 

The lease liability – right of use is as follows:

 

 

 

March 31,

2020

 

 

December 31, 2019

 

Lease liability - current

 

$ 3,353

 

 

$ 8,333

 

 

Note 9. Income Taxes

 

The Company generated an operating loss for the three and three months ended March 31, 2020 and 2019 and did not record income tax expense. The Company has operations in various countries and is subject to tax in the jurisdictions in which they operate, as follows:

 

United States of America

 

COSG is registered in the State of Nevada and is subject to the tax laws of United States of America

 

As of March 31, 2020, the operation in the United States of America incurred $2,650,069 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2040, if unutilized. The Company has provided for a full valuation allowance against the deferred tax assets of $556,514 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

BVI

 

Under the current BVI law, the Company is not subject to tax on income.

 

Hong Kong

 

The Company’s subsidiaries operating in Hong Kong are subject to the Hong Kong Profits Tax at the two-tiered income tax rate from 8.25% to 16.5% on the assessable income arising in Hong Kong during its tax year.

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

The following is a reconciliation of the statutory tax rate to the effective tax rate:

 

 

 

For the Three Months

 

 

 

Ended March 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

U.S. statutory tax (benefit)

 

 

(21.0 )%

 

 

(21.0 )%

Hong Kong statutory tax (benefit)

 

 

8.25 %

 

 

(8.25 )%

Permanent and temporary differences

 

 

(8.25 )%

 

 

2.09 %

Change in deferred tax asset valuation allowance

 

 

21.0 %

 

 

27.16 %

Effective income tax rate

 

 

0 %

 

 

0 %

 

Note 10. Stockholders’ Deficit

 

Authorized stock

 

The Company’s has 500,000,000 authorized common shares with a par value of $0.001 per share.

 

Common stock outstanding

 

As of March 31, 2020 and December 31, 2019, the Company had a total of 21,536,933 shares of its common stock issued and outstanding, respectively.

 

 

Note 12. Concentrations of Risk

 

The Company is exposed to the following concentrations of risk

 

(a) Major customers

 

For the three months ended March 31, 2020, three customers accounted for more than 10% of the Company’s total revenues, representing approximately 45%, 37% and 16% of its total revenues, and 94%, 5% and 0% of accounts receivable in aggregate at March 31, 2020.

 

Customer

 

Net sales for

the three

months ended

March 31, 2020

 

 

Accounts receivable

balance as of

March 31, 2020

 

A

 

$ 72,912 *

 

$ 73,082

 

B

 

$ 61,188

 

 

$ 3,969

 

C

 

$ 26,436

 

 

$ -

 

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

For the three months ended March 31, 2019, two customers accounted for more than 10% of the Company’s total revenues, represented approximately 46% and 41% of its total revenues and 23% and 60% of accounts receivable in aggregate at March 31, 2019, respectively.

 

Customer

 

Net sales for the three months ended

March 31, 2019

 

 

Accounts receivable balance as of

March 31, 2019

 

B

 

$ 58,299

 

 

$ 14,886

 

C

 

$ 52,523

 

 

$ 39,300

 

 

*Related party transactions (see Note 7).

 

(b) Major suppliers

 

For the three months ended March 31, 2020, one supplier accounted for more than 10% of the Company’s total net purchase, representing approximately 25% of total net purchase, and 0% of accounts payable in aggregate at March 31, 2020, respectively:

 

Supplier

 

Net purchase for the three months ended

March 31,

2020

 

 

Accounts

payable balance as of

March 31,

2020

 

A

 

$ 27,863

 

 

$ -

 

 

For the three months ended March 31, 2019, one supplier accounted for more than 10% of the Company’s total net purchase, representing approximately 17% of total net purchase, and 0% of accounts payable in aggregate at March 31, 2019, respectively:

 

Supplier

 

Net purchase for the three months ended

March 31,

2019

 

 

Accounts

payable balance as of

March 31,

2019

 

B

 

$ 15,385

 

 

$ -

 

 

(c) Credit risk

 

Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.

 

 
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COSMOS GROUP HOLDINGS INC.

NOTES TO CONDENSED CONSOLIDAED FINANCIAL STATEMENTS
(UNAUDITED)

 

 

(d) Interest rate risk

  

As the Company has no significant interest-bearing assets, the Company’s income and operating cash flows are substantially independent of changes in market interest rates.

 

The Company’s interest-rate risk arises from finance lease. The Company manages interest rate risk by varying the issuance and maturity dates variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of March 31, 2020 and December 31, 2019 borrowing under finance lease was at fixed rate.

 

Note 15. Subsequent Events

 

Management has evaluated subsequent events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of March 31, 2020 have been incorporated into these consolidated financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events”.

 

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

 

Forward-looking statements

 

The following discussion of our financial condition and results of operations should be read in conjunction with the financial statements and the related notes thereto included elsewhere in this quarterly report on Form 10-Q. This quarterly report on Form 10-Q contains certain forward-looking statements and our future operating results could differ materially from those discussed herein. Certain statements contained in this discussion, including, without limitation, statements containing the words “believes,” “anticipates,” “expects” and the like, constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). However, as we issue “penny stock,” as such term is defined in Rule 3a51-1 promulgated under the Exchange Act, we are ineligible to rely on these safe harbor provisions.

 

We caution that the factors described herein and other factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

Unless otherwise noted, all currency figures quoted as “U.S. dollars”, “dollars” or “$” refer to the legal currency of the United States. Throughout this report, assets and liabilities of the Company’s subsidiaries are translated into U.S. dollars using the exchange rate on the balance sheet date. Revenue and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.

 

Overview

 

As of March 31, 2020, we operated one business segment: specialty commercial logistics. Our specialty commercial logistic company operates through Lee Tat Transportation Int’l Limited, our wholly owned Hong Kong subsidiary (“Lee Tat”), and provides timely and reliable logistics and delivery services to commercial clients located in Hong Kong. We offer service to the cable supply industry in Hong Kong, and expect to provide small parcel delivery service in cities near Shanghai in the near future. Lee Tat was organized as a private limited liability company on August 11, 2014, in Hong Kong. We acquired Lee Tat on May 12, 2017.

 

We operated our artificial intelligence educational business through our wholly owned subsidiaries Cosmos Robotor Holdings Limited 環球機械智能集團有限公司, a British Virgin Islands corporation (“Cosmos Robotor”), organized May 7, 2019, AiTeach International Limited, a Hong Kong limited liability company, organized June 3, 2019.

 

 
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We had initially intended to focus on our resources on developing our AI Education business in mainland China. The challenges presented by Hong Kong’s political situation, US-China trade tensions and the effect of the COVID-19 virus, however, have materially and adversely affected our business plan of developing the AI Education business and our logistics business as a whole. As a result, we did not generate any revenue from our AI Education Business during the quarter ended March 31, 2020. In light of the challenges presented by the early stage of development of our AI Education business and the long-term impact of the COVID-19 virus on the education industry and Hong Kong industry in general, we decided to discontinue and exit from the AI Education business by the end of first quarter 2020. As a result:

 

On December 27, 2019, the parties mutually unwound the Company’s acquisition of Hong Kong Healthtech Limited, a Hong Kong limited liability company. As a result, 5,100 Ordinary Shares of HKHL were returned to Wing Lok Jonathan SO and the 6,232,951 shares of our common stock issued in exchange therefor were returned to us for cancellation. On December 30, 2019, Kai Chi WONG resigned from his position as Chief Operating Officer of the Company. Koon Wing Cheung intends to transfer to Kai Chi WONG 215,369 shares of Common Stock of the Company as a token of appreciation of Mr. Wong’s contribution to the Company.

 

 

The Employment Agreement, dated July 19, 2019, by and between Cosmos Group Holdings, Inc. and Wing Lok Jonathan SO was terminated by the parties thereto effective on March 31, 2020.

 

Syndicate Capital (Asia) Limited intends to transfer back to Koon Wing Cheung 1,503,185 of the Company’s common stock (of the 2,149,293, shares previously transferred to Syndicate Capital (Asia) Limited from Koon Wing Cheung), with the balance of the 646,108 shares retained by Syndicate Capital (Asia) Limited as consideration for Mr. Tze Wai Albert YIP’s contributions to the Company.

 

Mr. Tze Wai Albert YIP resigned from his position as the Chief Financial Officer, effective on 30 April 2020.

 

 

 

Wing Lok Johnathan SO resigned his position as Chief Strategic Officer on May 21, 2020

 

 
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Our corporate organization chart is below.

 

 

 

 

History

 

We were incorporated in the state of Nevada on August 14, 1987. Effective July 22, 2010, the Company merged with Safe and Secure TV Channel, LLC, a Delaware limited liability company (the “Merger”). In connection with the Merger, the management of the Company resigned and was replaced by the management and principals of Safe and Secure TV Channel, LLC. The holders of interests in Safe and Secure TV Channel, LLC exchanged their interests for approximately 50.2% of the issued and outstanding stock of the Company. In March 2010, the Company effectuated a 9.85 for one stock split to shareholders of record as of August 23, 2010. After the Merger, the Company became a television network and multimedia information and distribution company focused on serving the homeland security and emergency preparedness industry.

 

On February 15, 2016, the Company sold to Asia Cosmos Group Limited, a private limited liability company incorporated under the laws of British Virgin Islands (“ACOSG”), 10,000,000 shares of its common stock at a per share price of US$0.027. ACOSG’s sole shareholder is Miky Wan. The Company relied on the exemption from registration pursuant to Section 4(2) of, and Regulation D and/or Regulation S promulgated under the Act in selling the Company’s securities to ACOSG.

 

 
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In connection with the private placement to ACOSG, a change of control occurred and Bryan Glass resigned from his position as President, Secretary, Treasurer and Chairman of the Company. Miky Wan was appointed to serve as Chief Executive Officer, Chief Operating Officer, President and Director, effective February 19, 2016. Peter Tong, our Chief Financial Officer, Secretary and director continued in his positions with the Company. Calvin K.W. Lai, Anthony H.H. Chan, Jenher Jeng, Alice K.M. Tang, Connie Y.M. Kwok were appointed to serve on our Board of Directors effective February 19, 2016. Effective February 26, 2016, the Company changed its name to Cosmos Group Holdings Inc. and filed a Certificate of Amendment to such effect with the Nevada Secretary of State. The name change and the related stock symbol change to “COSG” were approved by the Financial Industry Regulatory Authority on March 31, 2016. The Company also increased the number of its authorized common stock, par value US$0.001, from 90,000,0000 shares to 500,000,000 and its preferred stock, par value US$0.001, from 10,000,000 to 30,000,000 shares. After the private placement, the Company shifted its business plan to focus on acquiring undervalued companies including those in the Greater China region.

 

On March 27, 2016, Peter Tong and Calvin Lai resigned from all of their respective positions with the Company. Connie Y.M. Kwok was appointed to serve as the Secretary and Miky Wan, our Chief Executive Officer, was appointed to serve as the interim Chief Financial Officer.

 

On January 13, 2017, the Company sold 200,000,000 shares of its common stock to ACOSG at a per share price of US$0.001 per share for aggregate consideration of US$200,000. The Company relied on the exemption from registration pursuant to Section 4(2) of, and Regulation D and/or Regulation S promulgated under the Act in selling the Company’s securities to ACOSG.

 

Acquisition of Lee Tat, Our Logistics Business

 

On May 12, 2017, we acquired all of the issued and outstanding shares of Lee Tat from Mr. Koon Wing CHEUNG, Lee Tat’s sole shareholder, in exchange for 219,222,938 shares of our issued and outstanding common stock. In connection with the Lee Tat acquisition, Miky WAN resigned from her positions as Chief Executive Officer and Chief Operating Officer and Koon Wing CHEUNG and Yongwei HU were appointed to serve as our Chief Executive Officer and Chief Operating Officer, respectively, and also as our directors. The Company relied on the exemption from registration pursuant to Section 4(2) of, and Regulation D and/or Regulation S promulgated under the Act in selling the Company’s securities to the shareholders of Lee Tat.

 

Termination of Our Vehicle Sales and Leasing Business

 

Our original business plan was to develop an ecosystem to address the entire vehicle purchasing, leasing and maintenance process. Our former cooperation partner, Foshan YY Car Rental Limited (“YY”), was an integral part of our ability to offer future car purchasing services and investment vehicle leasing services. Effective July 15, 2019, our Board of Directors dismissed Huan-Ting Peng, our Chief Operating Officer and the statutory representative of our WFOE, from all of her positions with the Company and its subsidiaries and affiliated entities. Miky Wan, our President, interim Chief Financial Officer and Director, was concurrently appointed to fill the vacancies created by Ms. Peng’s removal and to serve as our Chief Operating Officer and statutory representative of WFOE. Concurrently with the dismissal of Ms. Peng, our Board of Directors also terminated the Car Rental Collaboration Agreement with YY. Ms. Peng owns approximately 51%of YY and is an officer and executive director of YY.

 

On March 31, 2019, we sold all of our interests in COSG International to Lilun Gan, an unaffiliated third party, for cash consideration of United States Dollar Ten Thousand Dollars (US$10,000), which is the stated value of COSG International. COSG International was our wholly owned subsidiary and investment holding company that held all of the issued and outstanding securities of WFOE. We operated our future car purchasing and investment vehicle leasing services and memberships through WFOE. The sale of our interests in COSG International represented the cessation of our future car purchasing and investment vehicle leasing services business.

 

 
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AI Education Segment

 

In light of the challenges presented by the early stage of development of our AI Education business and the long-term impact of the COVID-19 virus on the education industry and Hong Kong industry in general, we decided to discontinue and exit from the AI Education business by the end of first quarter 2020.

 

We remain parties to a binding Memorandum of Understanding with Shenzhen Litang Electronics Company Limited (“Litang”) pursuant to which Litang agreed to market our products and services, recruit students, and operate our AI Classroom in China (the “Litang MOU”). The Litang MOU is terminable upon three months prior written notice by either party. We do not expect to continue the Litang MOU upon our withdrawal from the AI Education business. The foregoing description of the Litang MOU is qualified in its entirety by reference to the Litang MOU which is filed as Exhibit 10.3 to form 8-K Report dated July 19, 2019, and is incorporated herein by reference.

 

Major Customers.

 

All of our major customers are derived from our logistics business segment and are located in Hong Kong. During the Three months ended March 31, 2020 and 2019, the following customers accounted for 10% or more of our total net revenues:

 

 

 

Three Months ended
March 31, 2020

 

 

March 31,
2020

 

 

 

Revenues

 

 

Percentage
of revenues

 

 

Accounts
receivable

 

 

 

 

 

 

 

 

 

 

 

Lee Tat Logistic Holding Limited

 

$ 72,912

 

 

 

45 %

 

 

73,082

 

Hip Tung Cables Company Limited

 

$ 61,188

 

 

 

37 %

 

 

3,969

 

Peaceman Cable Engineering Limited

 

$ 26,436

 

 

 

16 %

 

 

-

 

TOTAL

 

$ 160,536

 

 

 

98 %

 

 

77,051

 

 

 

 

Three Months ended
March 31, 2019

 

 

March 31,
2019

 

 

 

Revenues

 

 

Percentage
of revenues

 

 

Accounts
receivable

 

Hip Tung Cables Company Limited

 

$ 58,299

 

 

 

46 %

 

 

14,886

 

Peaceman Cable Engineering Limited

 

$ 52,523

 

 

 

41 %

 

 

39,300

 

TOTAL

 

$ 110,822

 

 

 

87 %

 

 

54,186

 

 

We have a delivery operations team in Hong Kong consisting of two trucks, two drivers, and three network partners that pick up stocks for us and complete the delivery process. Generally, we are not a party to any long-term agreements with our customers. From time to time, we may enter into long term contracts similar to the Transportation Service with major customers and subcontract the performance of the performance of the contract to corresponding network partner according to the price and area.

 

 
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Major Network Partners.

 

All of our major vendors are located in Hong Kong. For the Three months ended March 31, 2020, one vendor, Po Won Transportation Company Limited, represented more than 10% of the Company’s operating cost. This vendor accounted for 25% of the Company’s operating cost amounting to $27,863.

 

For the Three months ended March 31, 2020, one vendor, Po Won Transportation Company Limited, represented more than 10% of the Company’s operating cost. This vendor accounted for 25% of the Company’s operating cost amounting to $27,863 with $0 of accounts payable.

 

Seasonality.

 

Our logistics business is highly dependent upon the e-commerce industry in Hong Kong and China. In Hong Kong and China, we experience peak demand for our services during the double eleven festival and the Chinese New Year celebrations.

 

Insurance.

 

We maintain certain insurance in accordance customary industry practices in the jurisdiction where we operate. Under Hong Kong law it is a requirement that all employers in the city must purchase Employee’s Compensation Insurance to cover their liability in the event that their staff suffers an injury or illness during the normal course of their work. Lee Tat maintains Employee’s Compensation Insurance, vehicle insurance and third party risks insurance for the business purposes.

 

We reported a net loss of $12,669 and $48,765 for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020, our current assets and current liabilities were $85,980 and $93,386 respectively. As such, we will continue as a going concern. Our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders. Our sources of capital in the past have included the sale of equity securities, which include common stock sold in private transactions and short-term and long-term debts.

 

 
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Results of Operations

 

Comparison of the three months ended March 31, 2020 and March 31, 2019

 

As of March 31, 2020, we suffered from a working capital deficit of $420,178. As a result, our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders or other capital sources. Management believes that the continuing financial support from the existing shareholders and external financing will provide the additional cash to meet our obligations as they become due. Our financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

 

The following table sets forth certain operational data for the three months ended March 31, 2020, compared to the three months ended March 31, 2019:

 

 

 

Three months ended March 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

Revenue

 

$ 163,300

 

 

 

128,002

 

Cost of revenue

 

 

112,966

 

 

 

92,669

 

Gross profit

 

 

50,334

 

 

 

35,333

 

Operating Expenses

 

 

56,153

 

 

 

83,536

 

Income (Loss) from operations

 

 

(5,819 )

 

 

(48,203 )

Total other income (expense)

 

 

(564 )

 

 

(562 )

Income tax expense

 

 

-

 

 

 

-

 

Loss from discontinued operation

 

 

(6,286 )

 

 

-

 

NET (LOSS) INCOME

 

$ (12,669 )

 

 

(48,765 )

 

Revenue. We generated revenues of $163,300 and $128,002 for the three months ended March 31, 2020 and 2019.

 

During the three months ended March 31, 2020 and 2019, the following customers accounted for 10% or more of our total net revenues:

 

Customer

 

Net sales for the

three months ended

 March 31, 2020

 

 

Percentage
of revenues

 

 

Accounts receivable balance as of

March 31, 2020

 

A

 

$ 72,912

 

 

 

45 %

 

$ 73,082

 

B

 

$ 61,188

 

 

 

37 %

 

$ 3,969

 

C

 

$ 26,436

 

 

 

16 %

 

$ -

 

 

Customer

 

Net sales for the

three months ended

March 31, 2019

 

 

Percentage
of revenues

 

 

Accounts receivable balance as of

March 31, 2019

 

B

 

$ 58,299

 

 

 

46 %

 

$ 14,886

 

C

 

$ 52,523

 

 

 

41 %

 

$ 39,300

 

 

All of our major customers are located in Hong Kong.

 

 
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Cost of Revenue. Cost of revenue for the three months ended March 31, 2020, was $112,966, and as a percentage of net revenue, approximately 69%. Cost of revenue for the same period ended March 31, 2019, was $92,669. Cost of revenue as a percentage of net revenue for the three months ended March 31, 2019 was approximately 72%. Cost of revenue increased primarily as a result of the increase in our business volume.

 

Gross Profit. We achieved a gross profit of $50,334 and $35,333 for the three months ended March 31, 2020, and 2019, respectively. The increase in net profit is primarily due to the proportion of income increase is greater than the cost of revenue.

 

General and Administrative Expenses (“G&A”). We incurred G&A expenses of $56,153 and $83,536 for the three months ended March 31, 2020, and 2019, respectively. The decrease in G&A is primarily attributable to decreased professional, administrative and other fees. We expect our G&A to increase if we begin a new business or acquire an operating company.

 

G&A as a percentage of net revenue was approximately 34% and 65% for the three months ended March 31, 2020 and 2019, respectively. The decrease in G&A is attributable to decreased operational cost. We expect our G&A to increase if we begin a new business or acquire an operating company.

 

Other expense, net. We incurred net other expenses of $564 for the three months ended March 31, 2020, as compared to $562 for the three months ended March 31, 2019. Our net other expenses for the three months ended March 31, 2020 and 2019 consisted primarily of interest expenses.

 

Income Tax Provision. Our income tax provision for the quarters ended March 31, 2020 and 2019 was $0.

 

Net Loss. During the three months ended March 31, 2020, we incurred a net loss of $6,383, as compared to $48,765 for the same period ended March 31, 2019. The decrease in net loss is primarily attributable to the increase in gross profit and the decrease in general and administrative expenses.

 

 
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Liquidity and Capital Resources

 

As of March 31, 2020, we had cash and cash equivalents of $8,774, accounts receivable of $77,206 and a net loss from continuing operations of $6,383. As of December 31, 2019, we had cash and cash equivalents of $28,816, accounts receivable of $64,570 and a net loss from continuing operations of $668,433.

 

We expect to incur significantly greater expenses in the near future as we expand our business or enter into strategic partnerships. We also expect our general and administrative expenses to increase as we expand our finance and administrative staff, add infrastructure, and incur additional costs related to being reporting act company, including directors’ and officers’ insurance and increased professional fees.

 

We have never paid dividends on our Common Stock. Our present policy is to apply cash to investments in product development, acquisitions or expansion; consequently, we do not expect to pay dividends on Common Stock in the foreseeable future.

 

Going Concern Uncertainties

 

Our continuation as a going concern is dependent upon improving our profitability and the continuing financial support from our stockholders. Our sources of capital in the past have included the sale of equity securities, which include common stock sold in private transactions and public offerings, lease liability and short-term and long-term debts. In addition, with respect to the ongoing and evolving coronavirus (COVID-19) outbreak, which was designated as a pandemic by the World Health Organization on March 11, 2020, the outbreak has caused substantial disruption in international economies and global trades and if repercussions of the outbreak are prolonged, could have a significant adverse impact on our business. Given the addition political and public health challenges, our ability to obtain external financing or financing from existing shareholders to fund our working capital needs has been materially and adversely impacted, and there can be no assurance that we will be able to raise such additional capital resources on satisfactory terms. We believe that our current cash and other sources of liquidity discussed below are adequate to support general operations for at least the next 12 months.

 

 

 

Three Months Ended March 30,

 

 

 

2020

 

 

2019

 

Net cash used in operating activities

 

$ (34,497 )

 

$ (49,532 )

Net cash used in investing activities

 

 

-

 

 

$ -

 

Net cash provided by (used in) financing activities

 

$ (14,455 )

 

$ 40,439

 

 

Net Cash Used In Operating Activities.

 

For the three months ended March 31, 2020, net cash used in operating activities was $34,497 which consisted primarily of a net loss of $12,669, the increase in accounts receivables of $12,635 and a decrease in accrued expenses of $9,743.

 

For the three months ended March 31, 2019, net cash used in operating activities was $49,532 which consisted primarily of a net loss of $48,765 and an increase in accounts receivables of $11,373 offset by an increase in accounts payables and accrued liabilities of $5,648 and depreciation of property, plant and equipment of $4,958.

 

We expect to continue to rely on cash generated through financing from our existing shareholders and private placements of our securities, however, to finance our operations and future acquisitions.

 

 
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Net Cash Used In Investing Activities.

 

We did not engage in investing activities for the three months ended March 31, 2020 and 2019.

 

Net Cash Provided By Financing Activities.

 

For the three months ended March 31, 2019, net cash generated from financing activities was $14,455 consisting primarily of advances from related parties of $14,107, net cash provided by the discontinued operations of $5,328, offset by the repayment on a finance lease of $4,980.

 

For the three months ended March 31, 2019, net cash generated from financing activities was $40,439 consisting primarily of advances from Koon Wing, CHEUNG, our Chief Executive Officer of $45,439, offset by repayments on a finance lease of $5,000.

 

As a result of the above factors, net decrease in cash and cash equivalents were $20,042 for the three months ended March 31, 2020, as compared to $9,093 for the three months ended March 31, 2019.

 

Off-Balance Sheet Arrangements

 

We are not party to any off-balance sheet transactions. We have no guarantees or obligations other than those which arise out of normal business operations.

 

Contractual Obligations and Commercial Commitments

 

We had the following contractual obligations and commercial commitments as of March 31, 2020:

 

Contractual Obligations

 

Total

 

 

Less than

1 Year

 

 

1-3 Years

 

 

3-5 Years

 

 

More than

5 Years

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts due to related parties

 

$ 14,107

 

 

$ 14,107

 

 

$

 

 

$

 

 

$

 

Commercial commitments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Finance lease obligation

 

 

4,980

 

 

 

4,980

 

 

 

 

 

 

 

 

 

 

Total obligations

 

$ 19,087

 

 

$ 19,087

 

 

$

 

 

$

 

 

$

 

 

Off-Balance Sheet Arrangements

 

We have no outstanding off-balance sheet guarantees, interest rate swap transactions or foreign currency contracts. We do not engage in trading activities involving non-exchange traded contracts.

 

 
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Critical Accounting Policies and Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires our management to make assumptions, estimates and judgments that affect the amounts reported, including the notes thereto, and related disclosures of commitments and contingencies, if any. We have identified certain accounting policies that are significant to the preparation of our financial statements. These accounting policies are important for an understanding of our financial condition and results of operations. Critical accounting policies are those that are most important to the presentation of our financial condition and results of operations and require management’s subjective or complex judgment, often as a result of the need to make estimates about the effect of matters that are inherently uncertain and may change in subsequent periods. Certain accounting estimates are particularly sensitive because of their significance to financial statements and because of the possibility that future events affecting the estimate may differ significantly from management’s current judgments. We believe the following accounting policies are critical in the preparation of our financial statements.

 

·

Basis of consolidation

 

The condensed consolidated financial statements include the financial statements of COSG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

 

·

Accounts receivable

 

Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectability. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers.

 

·

Property, plant and equipment

 

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

 

 

 

Expected useful life

 

Service vehicle

 

8 years

 

 

Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

 

 
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Depreciation expense for the Three months ended March 31, 2020 and 2019 were $3,062 and $4,958, as part of cost of revenue, respectively.

 

·

Impairment of long-lived assets

 

 In accordance with the provisions of ASC Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets.

 

·

Revenue recognition

 

Revenues are recognized when control of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company derives its revenues from the rendering of transportation services and recognizes in full upon completion of delivery to the receiver’s location. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

 

identify the contract with a customer;

 

identify the performance obligations in the contract;

 

determine the transaction price;

 

allocate the transaction price to performance obligations in the contract; and

 

recognize revenue as the performance obligation is satisfied.

 

·

Income taxes

 

 Income taxes are determined in accordance with the provisions of ASC Topic 740, “Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the foreign tax authority.

 

 
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·

Finance leases

 

 Leases that transfer substantially all the rewards and risks of ownership to the lessee, other than legal title, are accounted for as finance leases. Substantially all of the risks or benefits of ownership are deemed to have been transferred if any one of the four criteria is met: (i) transfer of ownership to the lessee at the end of the lease term, (ii) the lease containing a bargain purchase option, (iii) the lease term exceeding 75% of the estimated economic life of the leased asset, (iv) the present value of the minimum lease payments exceeding 90% of the fair value. At the inception of a finance lease, the Company as the lessee records an asset and an obligation at an amount equal to the present value of the minimum lease payments. The leased asset is amortized over the shorter of the lease term or its estimated useful life if title does not transfer to the Company, while the leased asset is depreciated in accordance with the Company’s depreciation policy if the title is to eventually transfer to the Company. The periodic rent payments made during the lease term are allocated between a reduction in the obligation and interest element using the effective interest method in accordance with the provisions of ASC Topic 835-30, “Imputation of Interest”.

 

·

Foreign currencies translation

 

 Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations.

 

The reporting currency of the Company is the United States Dollar (“US$”). The Company’s subsidiaries in Hong Kong and the PRC maintain their books and records in their local currency, Hong Kong Dollars (“HK$”) and Renminbi Yuan (“RMB”), which is the functional currency as being the primary currency of the economic environment in which these entities operate.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.

 

·

Related parties

 

 Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

·

Segment reporting

 

 ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements.

 

·

Fair value of financial instruments

 

 The carrying value of the Company’s financial instruments (excluding short-term bank borrowing and finance lease): cash and cash equivalents, accounts and retention receivable, prepayments and other receivables, accounts payable, income tax payable, amount due to a related party, other payables and accrued liabilities approximate at their fair values because of the short-term nature of these financial instruments.

 

 
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Management believes, based on the current market prices or interest rates for similar debt instruments, the fair value of short-term bank borrowings and note payable approximate the carrying amount.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

Level 1: Inputs are based upon unadjusted quoted prices for identical instruments traded in active markets;

 

Level 2: Inputs are based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques (e.g. Black-Scholes Option-Pricing model) for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs; and

 

Level 3: Inputs are generally unobservable and typically reflect management’s estimates of assumptions that market participants would use in pricing the asset or liability. The fair values are therefore determined using model-based techniques, including option pricing models and discounted cash flow models.

 

Fair value estimates are made at a specific point in time based on relevant market information about the financial instrument. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect the estimates.

 

·

Recent accounting pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

ITEM 3 Quantitative and Qualitative Disclosures about Market Risk

 

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 4 Controls and Procedure

 

Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures

 

We conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (Exchange Act), under the supervision of and with the participation of our management, including the Chief Executive Officer and Chief Financial Officer. Based on that evaluation, our management, including the Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures, subject to limitations as noted below, as of March 31, 2020, and during the period prior to and including the date of this report, were effective to ensure that all information required to be disclosed by us in the reports that we file or submit under the Exchange Act is: (i) recorded, processed, summarized and reported, within the time periods specified in the Commission’s rule and forms; and (ii) accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

 

 
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Inherent Limitations

 

Because of its inherent limitations, our disclosure controls and procedures may not prevent or detect misstatements. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.

 

Changes in Internal Control over Financial Reporting

 

Subject to the foregoing disclosure, there were no changes in our internal control over financial reporting that occurred during our last fiscal quarter ended March 31, 2020, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 
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PART II OTHER INFORMATION

 

ITEM 1 Legal Proceedings

 

We are not a party to any legal or administrative proceedings that we believe, individually or in the aggregate, would be likely to have a material adverse effect on our financial condition or results of operations.

 

ITEM 1A Risk Factors

 

None.

 

ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

ITEM 3 Defaults upon Senior Securities

 

None.

 

ITEM 4 Mine Safety Disclosures

 

Not applicable.

 

ITEM 5 Other Information

 

None.

 

 
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ITEM 6 Exhibits

 

Exhibit No.

 

Description

 

 

 

3.1

 

Articles of Incorporation and Certificate of Amendment to Articles of Incorporation (1)

3.2

 

Amended and Restated Bylaws (2)

4.1

 

Specimen certificate evidencing shares of Common Stock (1)

21

 

Subsidiaries *

31.1

 

Certification of Chief Executive Officer required under Rule 13a-14(a)/15d-14(a) under the Exchange Act.*

31.2

 

Certification of Chief Financial Officer required under Rule 13a-14(a)/15d-14(a) under the Exchange Act.*

32.1

 

Certification of Chief Executive Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

32.2

 

Certification of Chief Financial Officer pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.*

101.INS

 

XBRL Instance Document*

101.SCH

 

XBRL Schema Document*

101.CAL

 

XBRL Calculation Linkbase Document*

101.DEF

 

XBRL Definition Linkbase Document*

101.LAB

 

XBRL Label Linkbase Document*

101.PRE

 

XBRL Presentation Linkbase Document*

 

* Filed herewith

(1) Incorporated by reference from our Registration Statement on Form 10 filed with the Securities and Exchange Commission on May 23, 2017.

(2) Incorporated by reference from our Form 10-SB filed with the Securities and Exchange Commission on January 19, 2000, under the name Interactive Marketing Technology, Inc.

(3) Incorporated by reference from the Amendment No. 2 to our Registration Statement on Form 10 filed with the Securities and Exchange Commission on July 31, 2017.

(4) Incorporated by reference from our Current Report on Form 8-K filed with the Securities and Exchange Commission on July 19, 2019.

 

 
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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.

 

 

COSMOS GROUP HOLDINGS INC.

 

 

 

 

 

By:

/s/ Miky Y.C. Wan                                       

 

 

 

Miky Y.C. Wan

 

 

 

Chief Executive Officer, President

 

 

 

 

 

 

 

 

Date: June 29, 2020

 

 

 

 
39

 

 

 

EX-21 2 cosmos_ex21.htm EXHIBIT 21 cosmos_ex21.htm

EXHIBIT 21

 

 

LIST OF SUBSIDIARIES

 

Name

 

Place of incorporation

and kind of

legal entity

 

Principal activities

and place of operation

 

Particulars of issued/

registered share

capital

 

Effective interest

held

 

 

 

 

 

 

 

 

 

Lee Tat International Holdings Limited

 

British Virgin

Islands

 

Investment holding

 

50,000 shares at US$1 each

 

100%

 

 

 

 

 

 

 

 

 

Lee Tat Transportation International Limited

 

Hong Kong

 

Logistic and delivery

 

10,000 ordinary shares for HK$10,000

 

100%

 

 

 

 

 

 

 

 

 

Cosmos Robotor Holdings Limited

 

British Virgin

Islands

 

Investment holding

 

50,000 shares at US$0.001 each

 

100%

 

 

 

 

 

 

 

 

 

AiTeach International Limited

 

Hong Kong

 

AI Business

 

10,000 ordinary shares for HK$100

 

100%

 

 

 

 

 

 

 

 

 

Cosmos Robotor AI Education (Shenzhen) Limited

 

The People’s Republic of China

 

Education

 

N/A

 

100%

 

 

 

EX-31.1 3 cosmos_ex311.htm EXHIBIT 31.1 cosmos_ex311.htm

EXHIBIT 31.1

 

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Miky Y.C. WAN, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of Cosmos Group 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 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 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, 2020

By:

/s/ Miky Y.C. WAN

 

 

Name:

Yuk Chee WAN

 

 

Title:

Chief Executive Officer

(Principal Executive Officer)

 

 

EX-31.2 4 cosmos_ex312.htm EXHIBIT 31.2 cosmos_ex312.htm

 EXHIBIT 31.2

 

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Miky Y.C. WAN, certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of Cosmos Group 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 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 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, 2020

By:

/s/ Miky Y.C. WAN

 

 

Name:

Miky Y.C. Wan

 

 

Title:

Interim Chief Financial Officer and President

(Principal Financial Officer)

 

EX-32.1 5 cosmos_ex321.htm EXHIBIT 32.1 cosmos_ex321.htm

EXHIBIT 32.1

 

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Cosmos Group Holdings Inc., a Nevada corporation (the “Company”), on Form 10-Q for the quarter ended March 31, 2020, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Miky Y.C. WAN, Chief Executive Officer of the Company, hereby certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: June 29, 2020

By:

/s/ Miky Y.C. WAN

 

 

Name:

Miky Y.C. WAN

 

 

Title:

Chief Executive Officer

(Principal Executive Officer)

 

 

 

EX-32.2 6 cosmos_ex322.htm EXHIBIT 32.2 cosmos_ex322.htm

EXHIBIT 32.2

 

CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER

PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of Cosmos Group Holdings Inc., a Nevada corporation (the “Company”), on Form 10-Q for the quarter ended March 31, 2019, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Miky Y.C. Wan, Chief Financial Officer of the Company, hereby certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to my knowledge:

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: June 29, 2020

By:

/s/ Miky Y.C. WAN

 

 

Name:

Miky Y.C. WAN

 

 

Title:

Interim Chief Financial Officer and President

(Principal Financial Officer)

 

 

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92669 50334 35333 56153 83536 -5819 -48203 1 1 565 563 -564 -562 -6383 -48765 0 0 -6383 -48765 -6286 0 -12669 -48765 -2636 0 -15305 -48765 -0.00 -0.00 -0.00 -0.00 -0.00 -0.00 21536933 21492933 3062 4958 48 0 -12635 -11373 -9743 5648 -3603 0 1043 0 -34497 -49532 14107 45439 -4980 -5000 5328 0 14455 40439 -20042 -9093 12149 3056 565 563 3603 0 21536933 21536 395516 -806842 0 0 0 0 -2636 0 0 -12669 0 21536933 21536 395516 -819511 -2636 21492933 21492 0 -123305 0 -101813 0 0 -48765 0 21492933 21492 0 -172070 0 -150578 <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (&#8220;GAAP&#8221;), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">In the opinion of management, the consolidated balance sheet as of December 31, 2019 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended March 31, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2020 or for any future period.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management&#8217;s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2019.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="margin:0px">Cosmos Group Holdings Inc. (&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; &#8220;the &#8220;Company,&#8221; or &#8220;COSG&#8221;) incorporated in the state of Nevada on August 14, 1987.</p><p style="margin:0px">&nbsp;</p><p style="margin:0px">The Company, through its subsidiaries, mainly engages in the provision of truckload transportation service in Hong Kong, in which the Company utilizes its owned trucks or independent contractor owned trucks for the pickup and delivery of freight from port to the designated destination, upon the customers&#8217; request.</p><p style="margin:0px">&nbsp;</p><p style="margin:0px"><font style="text-decoration:underline">Description of subsidiaries:</font></p><p style="margin:0px">&nbsp;</p><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:25%;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Name</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:20%;vertical-align:top;"> <p style="margin:0px">Place of incorporation</p><p style="margin:0px">and kind of legal entity</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:20%;vertical-align:top;"> <p style="margin:0px">Principal activities </p><p style="margin:0px">and place of operation</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:20%;vertical-align:top;"> <p style="margin:0px">Particular of issued/</p><p style="margin:0px">registered share capital</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:15%;vertical-align:top;"> <p style="margin:0px">Effective</p><p style="margin:0px">interest held</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Lee Tat International Holdings limited</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">British Virgin Islands</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Investment holding</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">50,000 ordinary shares at US $1 each</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Lee Tat Transportation International Limited</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Hong Kong</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Logistic and delivery</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">10,000 ordinary shares at HK $10,000 </p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Cosmos Robotor Holdings Limited</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">British Virgin Islands</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Investment holding</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">50,000 ordinary shares at US $0,001 each</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">AiTeach International Limited</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Hong Kong</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">AI Business</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">10,000 ordinary shares at HK $100 </p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Cosmos Robotor AI Education (Shenzhen) Limited</p></td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">The People&#8217;s Republic of China</p></td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Education</p></td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">N/A</p></td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr></table> <p style="margin:0px">&nbsp;</p><p style="MARGIN: 0px; text-align:center;">COSG and its subsidiaries are hereinafter referred to as the &#8220;Company&#8221;.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Use of Estimates</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The preparation of these condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the 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.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Basis of consolidation</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The consolidated financial statements include the accounts of COSG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Reclassification</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Discontinued Operation</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">On March 16, 2020<strong>,</strong> the Company approved to discontinue and exit its AI Education business. As of March 31, 2020 and December 31, 2019, the assets and liabilities related to AI Education business were presented and reported as assets and liabilities from discontinued operations on the consolidated balance sheets. For the three months ended March 31, 2020 and 2019, revenues, expenses, and cash flows related to AI Education business were presented and reported as discontinued operations on the consolidated statements of operations and comprehensive loss and the consolidated statements of cash flows. See note 5 &#8211; Discontinued Operations.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Cash and Cash Equivalents</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;"><em><strong>Accounts Receivable</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer&#8217;s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. At the end of fiscal year, the Company specifically evaluates individual customer&#8217;s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of March 31, 2020 and December 31, 2019, there was no allowance for doubtful accounts.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Plant and Equipment </strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:15%;vertical-align:top;"> <p style="MARGIN: 0px; text-align:center;"><strong>Expected useful life</strong></p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Service vehicle</strong></p></td> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:center;">8 years</p></td> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Impairment of Long-Lived Assets</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">In accordance with the provisions of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 360, &#8220;<em>Impairment or Disposal of Long-Lived Assets</em>&#8221;, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. There has been no impairment charge for the three months ended March 31, 2020 and 2019.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;"><em><strong>Revenue Recognition</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company adopted Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (&#8220;ASU 2014-09&#8221;) using the full retrospective transition method. The Company&#8217;s adoption of ASU 2014-09 did not have a material impact on the amount and timing of revenue recognized in its consolidated financial statements.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company derives its revenues from the rendering of transportation services and recognizes in full upon completion of delivery to the receiver&#8217;s location. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">identify the contract with a customer;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">identify the performance obligations in the contract;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">determine the transaction price;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">allocate the transaction price to performance obligations in the contract; and</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">recognize revenue as the performance obligation is satisfied.</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Cost of revenue</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Cost of revenue consists primarily of direct labor and fuel cost, which are directly attributable to the rendering of transportation services. Shipping and handling costs, associated with the custom clearance are borne by the customers.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Comprehensive income</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">ASC Topic 220, <em>&#8221;Comprehensive Income&#8221;,</em> establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statement of stockholders&#8217; deficit, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;"><em><strong>Income taxes</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Income taxes are determined in accordance with the provisions of ASC Topic 740, &#8221;Income Taxes&#8221; (&#8220;ASC 740&#8221;). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">For the three months ended March 31, 2020 and 2019, the Company did not have any interest and penalties associated with tax positions. As of March 31, 2020 and December 31, 2019, the Company did not have any significant unrecognized uncertain tax positions.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the foreign tax authority.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Leases</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company adopted Topic 842, <em>Leases </em>(&#8220;ASC 842&#8221;), using the modified retrospective approach through a cumulative-effect adjustment and utilizing the effective date of January 1, 2019 as its date of initial application, with prior periods unchanged and presented in accordance with the previous guidance in Topic 840, <em>Leases</em> (&#8220;ASC 840&#8221;).</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain a-djustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;">In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Net (loss) income per share</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company calculates net income per share in accordance with ASC Topic 260, <em>&#8221;Earnings per Share.&#8221;</em> Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the year. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Foreign currencies translation</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The reporting currency of the Company is the United States Dollar (&#8220;US$&#8221;). The Company&#8217;s subsidiaries in Hong Kong maintain their books and records in their local currency, Hong Kong Dollars (&#8220;HK$&#8221;), which is the functional currency as being the primary currency of the economic environment in which these entities operate.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, <em>&#8221;Translation of Financial Statement</em>&#8221;, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders&#8217; deficit.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;"><em><strong>Retirement plan costs</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying consolidated statements of operation as the related employee service is provided.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Stock based compensation</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company accounts for employee and non-employee stock awards under ASC Topic 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Related parties</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><strong>Segment reporting</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">ASC Topic 280, &#8220;<em>Segment Reporting</em>&#8221; establishes standards for reporting information about operating segments on a basis consistent with the Company&#8217;s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company operates in two business segments, which are Transportation business and AI Education business in Hong Kong. AI Education business has generated no revenue during the current year and no such reporting segment is separately disclosed in the accompanying financial statements.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;"><em><strong>Fair Value Measurements </strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">FASB ASC 820, &#8220;Fair Value Measurements&#8221; defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company&#8217;s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-size:14pt">&#8226;</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Level 1 &#8211; Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-size:14pt">&#8226;</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Level 2 &#8211; Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-size:14pt">&#8226;</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Level 3 &#8211; Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, inventory, advance to suppliers, prepaid expenses, accounts payable, accrued expenses, and due to shareholders, approximate fair value because of to their relatively short maturities. </p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;"><em><strong>Recent Accounting Pronouncements</strong></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">In December 2019, the FASB issued ASU No. 2019-12, <em>Income Taxes: Simplifying the Accounting for Income Taxes</em> (&#8220;ASU 2019-12&#8221;), which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The Company does not expect the adoption of this standard to have a material impact on our financial position, results of operations or cash flows.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company&#8217;s consolidated financial statements upon adoption.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The accompanying condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company has suffered from an accumulated deficit of $819,511 and working capital deficit of $420,178, at March 31, 2020. In addition, with respect to the ongoing and evolving coronavirus (COVID-19) outbreak, which was designated as a pandemic by the World Health Organization on March 11, 2020, the outbreak has caused substantial disruption in international economies and global trades and if repercussions of the outbreak are prolonged, could have a significant adverse impact on the Company&#8217;s business.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The continuation of the Company as a going concern through March 31, 2021 is dependent upon the continued financial support from its stockholders. Management believes the Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">These and other factors raise substantial doubt about the Company&#8217;s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">On March 16, 2020, the Company approved to discontinue and exit from AI Education business by the end of the first quarter 2020. The results of operations for the Company are presented in the consolidated statements of operations and comprehensive loss as loss from discontinued operations.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>For the Three Months</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Ended March 31, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Net Revenue</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:12%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Cost of Revenue</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">General and administrative expense</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(6,292</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Other income</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">6</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Loss before income taxes</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(6,286</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Income taxes</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Loss from discontinued operations, net of tax</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(6,286</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Net assets of discontinued operations as of March 31, 2020 were as follows:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>As of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash &amp; cash equivalents</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">11,189</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Property and equipment</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">17,721</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 33.75pt">Assets from discontinued operations</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">28,910</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Accrued expenses</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,355</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Due to director</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">24,016</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Due to related parties</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">25,014</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt">Liabilities from discontinued operations</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">50,385</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Plant and equipment consisted of the following:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Service vehicle, at cost</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">111,928</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">111,238</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: accumulated depreciation</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(67,483</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(63,730</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">44,445</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">47,508</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Depreciation expense for the three months ended March 31, 2020 and 2019 were $3,062 and $4,958, as part of cost of revenue, respectively.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;"><font style="text-decoration:underline">Sales to related party</font></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company had sales to Lee Tat Logistic Holding Limited, a Hong Kong company controlled by Miky Wan, our President, Chief Executive Officer and director. Sales to Lee Tat Logistic Holding Limited amounted to $72,912 and $0 for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020 and December 31, 2019, accounts receivable from Lee Tat Logistic Holding Limited was $73,082 and $0, respectively.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><font style="text-decoration:underline">Due to related parties</font></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">As of March 31, 2020 and December 2019, the Company had $85,638 and $85,111 due to Cosmos Links International Holding Limited, respectively. Cosmos Links International Holding Limited is an entity controlled by Miky Wan, President, Chief Executive Officer and director of the Company. Those loans are unsecured, bear no interest, and are due on demand.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">As of March 31, 2020 and December 2019, the Company had $342,364 and $331,119 due to Asia Cosmos Group Limited, respectively. Asia Cosmos Group Limited is an entity controlled by Miky Wan, President, Chief Executive Officer and director of the Company. Those loans are unsecured, bear no interest, and are due on demand.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Koon Wing CHEUNG, a shareholder of the Company and director of Lee Tat International Holdings Limited, has advance the Company funds for working capital purposes. As of March 31, 2020 and December 31, 2019 there were $4,971 and $0 advances outstanding, respectively. Those advances are unsecured, bear no interest, and are due on demand.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The Company purchased a service vehicle under a finance lease agreement with the effective interest rate of 2.25% per annum, due through May 29, 2020, with principal and interest payable monthly.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Right of use assets and lease liability &#8211; right of use are as follows:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Right of use assets</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">44,445</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">47,508</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The lease liability &#8211; right of use is as follows:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Lease liability - current</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">3,353</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">8,333</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The Company generated an operating loss for the three and three months ended March 31, 2020 and 2019 and did not record income tax expense. The Company has operations in various countries and is subject to tax in the jurisdictions in which they operate, as follows:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em>United States of America</em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">COSG is registered in the State of Nevada and is subject to the tax laws of United States of America</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">As of March 31, 2020, the operation in the United States of America incurred $2,650,069 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2040, if unutilized. The Company has provided for a full valuation allowance against the deferred tax assets of $556,514 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em>BVI</em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Under the current BVI law, the Company is not subject to tax on income.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em>Hong Kong</em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company&#8217;s subsidiaries operating in Hong Kong are subject to the Hong Kong Profits Tax at the two-tiered income tax rate from 8.25% to 16.5% on the assessable income arising in Hong Kong during its tax year. </p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;">The following is a reconciliation of the statutory tax rate to the effective tax rate:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="6" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>For the Three Months</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Ended March 31,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">U.S. statutory tax (benefit)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Hong Kong statutory tax (benefit)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">8.25</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(8.25</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Permanent and temporary differences</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(8.25</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2.09</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Change in deferred tax asset valuation allowance</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">27.16</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Effective income tax rate</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td></tr></table></div></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;"><em><font style="text-decoration:underline">Authorized stock</font></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company&#8217;s has 500,000,000 authorized common shares with a par value of $0.001 per share.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;"><em><font style="text-decoration:underline">Common stock outstanding</font></em></p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">As of March 31, 2020 and December 31, 2019, the Company had a total of 21,536,933 shares of its common stock issued and outstanding, respectively.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The Company is exposed to the following concentrations of risk</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">(a) Major customers</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">For the three months ended March 31, 2020, three customers accounted for more than 10% of the Company&#8217;s total revenues, representing approximately 45%, 37% and 16% of its total revenues, and 94%, 5% and 0% of accounts receivable in aggregate at March 31, 2020.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Customer</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net sales for</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>the three</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>months ended</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accounts receivable</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>balance as of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">A</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">72,912</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">*</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">73,082</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">B</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">61,188</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">3,969</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">C</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">26,436</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;">For the three months ended March 31, 2019, two customers accounted for more than 10% of the Company&#8217;s total revenues, represented approximately 46% and 41% of its total revenues and 23% and 60% of accounts receivable in aggregate at March 31, 2019, respectively.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Customer</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net sales for the three months ended</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accounts receivable balance as of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">B</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">58,299</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">14,886</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">C</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">52,523</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">39,300</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">*Related party transactions (see Note 7).</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">(b) Major suppliers</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">For the three months ended March 31, 2020, one supplier accounted for more than 10% of the Company&#8217;s total net purchase, representing approximately 25% of total net purchase, and 0% of accounts payable in aggregate at March 31, 2020, respectively:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Supplier</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net purchase for the three months ended</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accounts</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>payable balance as of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">A</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">27,863</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">For the three months ended March 31, 2019, one supplier accounted for more than 10% of the Company&#8217;s total net purchase, representing approximately 17% of total net purchase, and 0% of accounts payable in aggregate at March 31, 2019, respectively:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Supplier</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net purchase for the three months ended</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accounts</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>payable balance as of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">B</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">15,385</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">(c) Credit risk</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;">(d) Interest rate risk</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">As the Company has no significant interest-bearing assets, the Company&#8217;s income and operating cash flows are substantially independent of changes in market interest rates.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company&#8217;s interest-rate risk arises from finance lease. The Company manages interest rate risk by varying the issuance and maturity dates variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of March 31, 2020 and December 31, 2019 borrowing under finance lease was at fixed rate.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Management has evaluated subsequent events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of March 31, 2020 have been incorporated into these consolidated financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, &#8220;Subsequent Events&#8221;.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The preparation of these condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the 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.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The consolidated financial statements include the accounts of COSG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">On March 16, 2020<strong>,</strong> the Company approved to discontinue and exit its AI Education business. As of March 31, 2020 and December 31, 2019, the assets and liabilities related to AI Education business were presented and reported as assets and liabilities from discontinued operations on the consolidated balance sheets. For the three months ended March 31, 2020 and 2019, revenues, expenses, and cash flows related to AI Education business were presented and reported as discontinued operations on the consolidated statements of operations and comprehensive loss and the consolidated statements of cash flows. See note 5 &#8211; Discontinued Operations.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer&#8217;s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. At the end of fiscal year, the Company specifically evaluates individual customer&#8217;s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of March 31, 2020 and December 31, 2019, there was no allowance for doubtful accounts.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:15%;vertical-align:top;"> <p style="MARGIN: 0px; text-align:center;"><strong>Expected useful life</strong></p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Service vehicle</strong></p></td> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:center;">8 years</p></td> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">In accordance with the provisions of Accounting Standards Codification (&#8220;ASC&#8221;) Topic 360, &#8220;<em>Impairment or Disposal of Long-Lived Assets</em>&#8221;, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. There has been no impairment charge for the three months ended March 31, 2020 and 2019.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The Company adopted Accounting Standards Update (&#8220;ASU&#8221;) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (&#8220;ASU 2014-09&#8221;) using the full retrospective transition method. The Company&#8217;s adoption of ASU 2014-09 did not have a material impact on the amount and timing of revenue recognized in its consolidated financial statements.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company derives its revenues from the rendering of transportation services and recognizes in full upon completion of delivery to the receiver&#8217;s location. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">identify the contract with a customer;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">identify the performance obligations in the contract;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">determine the transaction price;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">allocate the transaction price to performance obligations in the contract; and</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="margin:0px"><font style="font-family:Symbol">&#183;</font></p></td> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 0in">recognize revenue as the performance obligation is satisfied.</p></td></tr></table></div></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Cost of revenue consists primarily of direct labor and fuel cost, which are directly attributable to the rendering of transportation services. Shipping and handling costs, associated with the custom clearance are borne by the customers.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">ASC Topic 220, <em>&#8221;Comprehensive Income&#8221;,</em> establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statement of stockholders&#8217; deficit, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Income taxes are determined in accordance with the provisions of ASC Topic 740, &#8221;Income Taxes&#8221; (&#8220;ASC 740&#8221;). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">For the three months ended March 31, 2020 and 2019, the Company did not have any interest and penalties associated with tax positions. As of March 31, 2020 and December 31, 2019, the Company did not have any significant unrecognized uncertain tax positions.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the foreign tax authority.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The Company adopted Topic 842, <em>Leases </em>(&#8220;ASC 842&#8221;), using the modified retrospective approach through a cumulative-effect adjustment and utilizing the effective date of January 1, 2019 as its date of initial application, with prior periods unchanged and presented in accordance with the previous guidance in Topic 840, <em>Leases</em> (&#8220;ASC 840&#8221;).</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain a-djustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> </div> <p style="MARGIN: 0px; text-align:justify;">In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The Company calculates net income per share in accordance with ASC Topic 260, <em>&#8221;Earnings per Share.&#8221;</em> Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the year. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The reporting currency of the Company is the United States Dollar (&#8220;US$&#8221;). The Company&#8217;s subsidiaries in Hong Kong maintain their books and records in their local currency, Hong Kong Dollars (&#8220;HK$&#8221;), which is the functional currency as being the primary currency of the economic environment in which these entities operate.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, <em>&#8221;Translation of Financial Statement</em>&#8221;, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders&#8217; deficit.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying consolidated statements of operation as the related employee service is provided.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">The Company accounts for employee and non-employee stock awards under ASC Topic 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">ASC Topic 280, &#8220;<em>Segment Reporting</em>&#8221; establishes standards for reporting information about operating segments on a basis consistent with the Company&#8217;s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company operates in two business segments, which are Transportation business and AI Education business in Hong Kong. AI Education business has generated no revenue during the current year and no such reporting segment is separately disclosed in the accompanying financial statements.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">FASB ASC 820, &#8220;Fair Value Measurements&#8221; defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company&#8217;s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows:</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><div align="justify"> <table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="width:4%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:4%;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-size:14pt">&#8226;</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Level 1 &#8211; Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-size:14pt">&#8226;</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Level 2 &#8211; Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><font style="font-size:14pt">&#8226;</font></p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Level 3 &#8211; Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.</p></td></tr></table></div> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, inventory, advance to suppliers, prepaid expenses, accounts payable, accrued expenses, and due to shareholders, approximate fair value because of to their relatively short maturities. </p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="MARGIN: 0px; text-align:justify;">In December 2019, the FASB issued ASU No. 2019-12, <em>Income Taxes: Simplifying the Accounting for Income Taxes</em> (&#8220;ASU 2019-12&#8221;), which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The Company does not expect the adoption of this standard to have a material impact on our financial position, results of operations or cash flows.</p><p style="MARGIN: 0px; text-align:justify;">&nbsp;</p><p style="MARGIN: 0px; text-align:justify;">Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company&#8217;s consolidated financial statements upon adoption.</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:25%;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Name</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:20%;vertical-align:top;"> <p style="margin:0px">Place of incorporation</p><p style="margin:0px">and kind of legal entity</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:20%;vertical-align:top;"> <p style="margin:0px">Principal activities </p><p style="margin:0px">and place of operation</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:20%;vertical-align:top;"> <p style="margin:0px">Particular of issued/</p><p style="margin:0px">registered share capital</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;width:15%;vertical-align:top;"> <p style="margin:0px">Effective</p><p style="margin:0px">interest held</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Lee Tat International Holdings limited</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">British Virgin Islands</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Investment holding</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">50,000 ordinary shares at US $1 each</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Lee Tat Transportation International Limited</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Hong Kong</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Logistic and delivery</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">10,000 ordinary shares at HK $10,000 </p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Cosmos Robotor Holdings Limited</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">British Virgin Islands</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Investment holding</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">50,000 ordinary shares at US $0,001 each</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">AiTeach International Limited</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Hong Kong</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">AI Business</p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">10,000 ordinary shares at HK $100 </p></td> <td style="BORDER-BOTTOM: 1px solid; BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Cosmos Robotor AI Education (Shenzhen) Limited</p></td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">The People&#8217;s Republic of China</p></td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">Education</p></td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">N/A</p></td> <td style="BORDER-LEFT: 1px solid;vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;">100%</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:15%;vertical-align:top;"> <p style="MARGIN: 0px; text-align:center;"><strong>Expected useful life</strong></p></td> <td style="width:1%;"> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:justify;"><strong>Service vehicle</strong></p></td> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td> <td style="vertical-align:top;"> <p style="MARGIN: 0px; text-align:center;">8 years</p></td> <td> <p style="MARGIN: 0px; text-align:justify;">&nbsp;</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>For the Three Months</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Ended March 31, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Net Revenue</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:12%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Cost of Revenue</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">General and administrative expense</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(6,292</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Other income</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">6</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Loss before income taxes</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(6,286</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Income taxes</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Loss from discontinued operations, net of tax</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(6,286</p></td> <td style="vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td></tr></table> <p style="margin:0px">&nbsp;</p><p style="margin:0px">Net assets of discontinued operations as of March 31, 2020 were as follows:</p><p style="margin:0px">&nbsp;</p><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>As of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Cash &amp; cash equivalents</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">11,189</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Property and equipment</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">17,721</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 33.75pt">Assets from discontinued operations</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">28,910</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Accrued expenses</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">1,355</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Due to director</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">24,016</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Due to related parties</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">25,014</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px 0px 0px 11.25pt">Liabilities from discontinued operations</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">50,385</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="margin:0px">&nbsp;</p></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Service vehicle, at cost</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">111,928</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">111,238</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Less: accumulated depreciation</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(67,483</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(63,730</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">44,445</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">47,508</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><p style="margin:0px">Right of use assets and lease liability &#8211; right of use are as follows:</p><p style="margin:0px">&nbsp;</p><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Right of use assets</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">44,445</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">47,508</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table> <p style="margin:0px">&nbsp;</p><p style="margin:0px">The lease liability &#8211; right of use is as follows:</p><p style="margin:0px">&nbsp;</p><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>December 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Lease liability - current</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">3,353</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">8,333</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td colspan="6" style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px; text-align:center;"><strong>For the Three Months</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="6"> <p style="MARGIN: 0px; text-align:center;"><strong>Ended March 31,</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px"> <td> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td colspan="2" style="width:9%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">U.S. statutory tax (benefit)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Hong Kong statutory tax (benefit)</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">8.25</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(8.25</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Permanent and temporary differences</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">(8.25</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">)%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">2.09</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">Change in deferred tax asset valuation allowance</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">21.0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">27.16</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">Effective income tax rate</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">0</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">%</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Customer</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net sales for</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>the three</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>months ended</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accounts receivable</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>balance as of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">A</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">72,912</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">*</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">73,082</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">B</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">61,188</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">3,969</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">C</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">26,436</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Customer</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net sales for the three months ended</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accounts receivable balance as of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31, 2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">B</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">58,299</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">14,886</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#ffffff"> <td style="vertical-align:top;"> <p style="margin:0px">C</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">52,523</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">39,300</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Supplier</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net purchase for the three months ended</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accounts</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>payable balance as of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2020</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">A</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">27,863</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> <div style="font: 10pt TIMES NEW ROMAN; text-align: left;"><table style="border-spacing:0;font-size:10pt;width:100%;border-collapse:collapse;" cellpadding="0"> <tr style="height:15px"> <td style="BORDER-BOTTOM: 1px solid;vertical-align:bottom;"> <p style="margin:0px"><strong>Supplier</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Net purchase for the three months ended</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td> <p style="margin:0px">&nbsp;</p></td> <td style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;" colspan="2"> <p style="MARGIN: 0px; text-align:center;"><strong>Accounts</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>payable balance as of</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>March 31,</strong></p><p style="MARGIN: 0px; text-align:center;"><strong>2019</strong></p></td> <td> <p style="margin:0px">&nbsp;</p></td></tr> <tr style="height:15px;background-color:#cceeff"> <td style="vertical-align:top;"> <p style="margin:0px">B</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">15,385</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td> <td style="width:1%;vertical-align:bottom;"> <p style="margin:0px 0px 0px 0in">$</p></td> <td style="width:9%;vertical-align:bottom;"> <p style="MARGIN: 0px 0px 0px 0in; text-align:right;">-</p></td> <td style="width:1%;"> <p style="margin:0px">&nbsp;</p></td></tr></table></div> 1.0 British Virgin Islands Investment holding 50,000 ordinary shares at US$1 each 1.0 Hong Kong Logistic and delivery 10,000 ordinary shares at HK$10,000 1.0 British Virgin Islands Investment Holding 50,000 ordinary shares at US$0.001 each 1.0 Hong Kong AI Business 10,000 ordinary shares at HK$100 1.0 The People's Republic of China Education N/A P8Y -420178 0 0 6292 6 -6286 0 -6286 11189 17721 28910 1355 24016 25014 50385 111928 111238 67483 63730 72912 0 73082 0 85638 85111 342364 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Basis of Presentation NOTE 2. Organization and Business Background Summary of Significant Accounting Policies NOTE 3. Summary of Significant Accounting Policies NOTE 4. Going Concern Uncertainties Discontinued Operations NOTE 5. Discontinued Operations Plant and Equipment NOTE 6. Plant and Equipment NOTE 7. Related Party Transactions Lease Liability NOTE 8. Lease Liability NOTE 9. Income Taxes Stockholders Deficit NOTE 10. Stockholders' Deficit Concentrations of Risk NOTE 11. Concentrations of Risk NOTE 12. Subsequent Events Use of Estimates Basis of consolidation Reclassification Discontinued Operations Discontinued Operations, Policy [Policy Text Block] Cash and Cash Equivalents Cash and Cash Equivalents, Policy [Policy Text Block] Accounts Receivable Plant and Equipment Property, Plant and Equipment, Policy [Policy Text Block] Impairment of Long-Lived Assets Revenue Recognition Cost of revenue Cost of Goods and Service [Policy Text Block] Comprehensive income Income taxes Income Tax, Policy [Policy Text Block] Lease Net (loss) income per share Foreign currencies translation Retirement plan costs Stock based compensation Related parties Segment reporting Fair Value Measurements Recent Accounting Pronouncements Schedule of description of subsidiaries Schedule of Property and equipment useful life Schedule of operatins and net assets of discontinued operations Schedule of plant and equipment Schedule of lease information Income Taxes (Tables) Schedule of Income tax reconciliation Concentration Risk Type [Axis] Major customer [Member] Major Supplier [Member] Schedule of Concentration of risk Consolidated Entities [Axis] Lee Tat International Holdings limited [Member] Lee Tat Transporation International Limited [Member] Cosmos Robotor Holdings Limited [Member] AiTeach International Limited [Member] Cosmos Robotor AI Education (Schenzhen) Limited [Member] Ownership percentage Place of incorporation Principal activities Registered share capital Property Plant And Equipment By Type Axis Service vehicle [Member] Expected useful life of property Accumulated deficit Working capital deficit Operating Activities [Axis] Discontinued Operations [Member] Net Revenue Cost of Revenue General and administrative expense Other income Loss before income taxes Income taxes Loss from discontinued operations, net of tax [Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax] Cash & cash equivalents Property and equipment Assets from discontinued operations Accrued expenses Due to director Due to related parties Liabilities from discontinued operations Plant and Equipment (Details) Service vehicle, at cost Less: accumulated depreciation Property, plant and equipment, net Depreciation Related Party Transactions (Details Narrative) Related Party [Axis] Lee Tat Logistic Holding Limited [Member] Cosmos Links International Holding Limited [Member] Asia Cosmos Group Limited [Member] Koon Wing CHEUNG [Member] Sales to related party Account receivables Due to related party Right of use assets Lease liability - current Service Vehicles [Member] Finance lease agreement, interest rate Finance lease agreement, description Income Taxes (Details) U.S. statutory tax (benefit) Hong Kong statutory tax (benefit) Permanent and temporary differences Change in deferred tax asset valuation allowance Effective income tax rate Income Taxes (Details Narrative) Geographic Distribution [Axis] Range [Axis] Hong Kong [Member] Minimum [Member] Maximum [Member] Operating losses carry forward Deferred tax assets, valuation allowance Operating losses carry forward, expiration period Income tax rate Stockholders Deficit (Details Narrative) Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares, outstanding Customer [Axis] Customer A [Member] Customer B [Member] Customer C [Member] Revenues Accounts receivable [Accounts Receivable, after Allowance for Credit Loss] Supplier B [Member] Net purchase Account payable Concentration Risk Benchmark [Axis] Supplier A [Member] Account payable [Member] Supplier B [Member] Net purchase [Member] Customer A [Member] Revenue [Member] Customer B [Member] Customer C [Member] Accounts Receivable [Member] Concentration of risk, description Concentration of risk, percentage Concentration of risk, description [Concentration Risk, Customer] EX-101.CAL 10 cosm-20200331_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.PRE 11 cosm-20200331_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE EX-101.DEF 12 cosm-20200331_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE GRAPHIC 13 cosmos_10qimg1.jpg begin 644 cosmos_10qimg1.jpg M_]C_X 02D9)1@ ! 0$ 8 !@ #_VP!# 4$! 0$ P4$! 0&!04&" T(" <' M"! +# D-$Q 4$Q(0$A(4%QT9%!8<%A(2&B,:'!X?(2$A%!DD)R0@)AT@(2#_ MVP!# 04&!@@'" \(" \@%1(5(" @(" @(" @(" @(" @(" @(" @(" @(" @ M(" @(" @(" @(" @(" @(" @(" @("#_P 1" %N G # 2( A$! 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Cover - shares
3 Months Ended
Mar. 31, 2020
Jun. 20, 2020
Cover [Abstract]    
Entity Registrant Name COSMOS GROUP HOLDINGS INC.  
Entity Central Index Key 0001706509  
Document Type 10-Q  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Entity Small Business true  
Entity Shell Company false  
Entity Emerging Growth Company true  
Entity Current Reporting Status Yes  
Document Period End Date Mar. 31, 2020  
Entity Filer Category Non-accelerated Filer  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2020  
Entity Ex Transition Period false  
Entity Common Stock Shares Outstanding   21,536,933
Document Quarterly Report true  
Document Transition Report false  
Entity Interactive Data Current Yes  
XML 15 R2.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF BALANCE SHEET - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Current assets    
Cash and cash equivalents $ 8,774 $ 28,816
Accounts receivable 4,124 64,570
Accounts receivable-related party 73,082 0
Total current assets 85,980 93,386
Property and equipment, net 44,445 47,508
Assets from discontinued operation 28,910 31,162
Total Assets 159,335 172,056
Current liabilities    
Accounts payable and accrued liabilities 61,477 71,220
Due to related parties 432,973 416,230
Lease liability 3,353 8,333
Income tax payable 8,355 11,958
Total current liabilities 506,158 507,741
Deferred tax liabilities 7,887 7,839
Liabilities from discontinued operation 50,385 46,266
Total liabilities 564,430 561,846
Stockholders' deficit    
Common stock, $0.001 par value; 500,000,000 shares authorized, 21,536,933 shares issued and outstanding as of March 31, 2020 and December 31, 2019 21,536 21,536
Additional paid-in capital 395,516 395,516
Accumulated deficit (819,511) (806,842)
Accumulated other comprehensive loss (2,636) 0
Total stockholders' deficit (405,095) (389,790)
Total Liabilities and Stockholders' Deficit $ 159,335 $ 172,056
XML 16 R3.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF BALANCE SHEET (Parenthetical) - $ / shares
Mar. 31, 2020
Dec. 31, 2019
Stockholders' deficit    
Common stock, shares par value $ 0.001 $ 0.001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 21,536,933 21,536,933
Common stock, shares outstanding 21,536,933 21,536,933
XML 17 R4.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)    
Sales revenue $ 90,388 $ 128,002
Sales revenue-related party 72,912 0
Total revenues, net 163,300 128,002
Cost of revenue 112,966 92,669
Gross profit 50,334 35,333
General and administrative expenses 56,153 83,536
Loss from operations (5,819) (48,203)
Other income (expense)    
Interest income 1 1
Interest expense (565) (563)
Total other expense, net (564) (562)
Loss before income tax provision (6,383) (48,765)
Income tax provision 0 0
Loss from continuing operations (6,383) (48,765)
Loss from discontinued operations, net of tax (6,286) 0
Net loss (12,669) (48,765)
Comprehensive loss:    
Foreign currency translation adjustment, net of tax (2,636) 0
Comprehensive loss $ (15,305) $ (48,765)
Net loss per share:    
Continuing operations - basic and diluted $ (0.00) $ (0.00)
Discontinued operations - basic and diluted (0.00) (0.00)
Net loss per share - basic and diluted $ (0.00) $ (0.00)
Weighted average number of common shares:    
Basic and diluted 21,536,933 21,492,933
XML 18 R5.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash Flows from Operating Activities    
Net loss $ (12,669) $ (48,765)
Adjustments to reconcile net loss to net cash provided by operating activities    
Depreciation 3,062 4,958
Deferred tax 48 0
Changes in assets and liabilities:    
Accounts receivable (12,635) (11,373)
Accounts payable and accrued liabilities (9,743) 5,648
Income tax payable (3,603) 0
Net cash provided by operating activities from discontinued operations 1,043 0
Net cash used in operating activities (34,497) (49,532)
Cash flows from financing activities    
Advance from related parties 14,107 45,439
Repayment of lease liability (4,980) (5,000)
Net cash provided by financing activities from discontinued operations 5,328 0
Net cash provided by financing activities 14,455 40,439
Net decrease in cash and cash equivalents (20,042) (9,093)
Cash and Cash Equivalents    
Beginning 28,816 12,149
Ending 8,774 3,056
Cash paid during the periods for:    
Interest 565 563
Income taxes $ 3,603 $ 0
XML 19 R6.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY (UNAUDITED) - USD ($)
Total
Common Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Loss
Balance, shares at Dec. 31, 2018   21,492,933      
Balance, amount at Dec. 31, 2018 $ (101,813) $ 21,492 $ 0 $ (123,305) $ 0
Foreign currency translation adjustment 0        
Net loss (48,765) $ 0 0 (48,765) 0
Balance, shares at Mar. 31, 2019   21,492,933      
Balance, amount at Mar. 31, 2019 (150,578) $ 21,492 0 (172,070) 0
Balance, shares at Dec. 31, 2019   21,536,933      
Balance, amount at Dec. 31, 2019 (389,790) $ 21,536 395,516 (806,842) 0
Foreign currency translation adjustment (2,636) 0 0 0 (2,636)
Net loss (12,669) $ 0 0 (12,669) 0
Balance, shares at Mar. 31, 2020   21,536,933      
Balance, amount at Mar. 31, 2020 $ (405,095) $ 21,536 $ 395,516 $ (819,511) $ (2,636)
XML 20 R7.htm IDEA: XBRL DOCUMENT v3.20.2
Basis of Presentation
3 Months Ended
Mar. 31, 2020
Basis of Presentation  
NOTE 1. Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.

 

In the opinion of management, the consolidated balance sheet as of December 31, 2019 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended March 31, 2020 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2020 or for any future period.

 

These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2019.

XML 21 R8.htm IDEA: XBRL DOCUMENT v3.20.2
Organization and Business Background
3 Months Ended
Mar. 31, 2020
Basis of Presentation  
NOTE 2. Organization and Business Background

Cosmos Group Holdings Inc. (“we,” “us,” “our,” “the “Company,” or “COSG”) incorporated in the state of Nevada on August 14, 1987.

 

The Company, through its subsidiaries, mainly engages in the provision of truckload transportation service in Hong Kong, in which the Company utilizes its owned trucks or independent contractor owned trucks for the pickup and delivery of freight from port to the designated destination, upon the customers’ request.

 

Description of subsidiaries:

 

Name

Place of incorporation

and kind of legal entity

Principal activities

and place of operation

Particular of issued/

registered share capital

Effective

interest held

Lee Tat International Holdings limited

British Virgin Islands

Investment holding

50,000 ordinary shares at US $1 each

100%

Lee Tat Transportation International Limited

Hong Kong

Logistic and delivery

10,000 ordinary shares at HK $10,000

100%

Cosmos Robotor Holdings Limited

British Virgin Islands

Investment holding

50,000 ordinary shares at US $0,001 each

100%

AiTeach International Limited

Hong Kong

AI Business

10,000 ordinary shares at HK $100

100%

Cosmos Robotor AI Education (Shenzhen) Limited

The People’s Republic of China

Education

N/A

100%

 

COSG and its subsidiaries are hereinafter referred to as the “Company”.

XML 22 R9.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies
3 Months Ended
Mar. 31, 2020
Summary of Significant Accounting Policies  
NOTE 3. Summary of Significant Accounting Policies

The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes.

 

Use of Estimates

 

The preparation of these condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the 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.

 

Basis of consolidation

 

The consolidated financial statements include the accounts of COSG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

 

Reclassification

 

Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit.

 

Discontinued Operation

 

On March 16, 2020, the Company approved to discontinue and exit its AI Education business. As of March 31, 2020 and December 31, 2019, the assets and liabilities related to AI Education business were presented and reported as assets and liabilities from discontinued operations on the consolidated balance sheets. For the three months ended March 31, 2020 and 2019, revenues, expenses, and cash flows related to AI Education business were presented and reported as discontinued operations on the consolidated statements of operations and comprehensive loss and the consolidated statements of cash flows. See note 5 – Discontinued Operations.

 

Cash and Cash Equivalents

 

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments.

 

Accounts Receivable

 

Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of March 31, 2020 and December 31, 2019, there was no allowance for doubtful accounts.

 

Plant and Equipment

 

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

 

 

 

Expected useful life

 

Service vehicle

 

8 years

 

 

Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

 

Impairment of Long-Lived Assets

 

In accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. There has been no impairment charge for the three months ended March 31, 2020 and 2019.

 

Revenue Recognition

 

The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) using the full retrospective transition method. The Company’s adoption of ASU 2014-09 did not have a material impact on the amount and timing of revenue recognized in its consolidated financial statements.

 

Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

 

The Company derives its revenues from the rendering of transportation services and recognizes in full upon completion of delivery to the receiver’s location. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

 

·

identify the contract with a customer;

 

 

 

 

·

identify the performance obligations in the contract;

 

 

 

 

·

determine the transaction price;

 

 

 

 

·

allocate the transaction price to performance obligations in the contract; and

 

 

 

 

·

recognize revenue as the performance obligation is satisfied.

 

Cost of revenue

 

Cost of revenue consists primarily of direct labor and fuel cost, which are directly attributable to the rendering of transportation services. Shipping and handling costs, associated with the custom clearance are borne by the customers.

 

Comprehensive income

 

ASC Topic 220, ”Comprehensive Income”, establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statement of stockholders’ deficit, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.

 

Income taxes

 

Income taxes are determined in accordance with the provisions of ASC Topic 740, ”Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

For the three months ended March 31, 2020 and 2019, the Company did not have any interest and penalties associated with tax positions. As of March 31, 2020 and December 31, 2019, the Company did not have any significant unrecognized uncertain tax positions.

 

The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the foreign tax authority.

 

Leases

 

The Company adopted Topic 842, Leases (“ASC 842”), using the modified retrospective approach through a cumulative-effect adjustment and utilizing the effective date of January 1, 2019 as its date of initial application, with prior periods unchanged and presented in accordance with the previous guidance in Topic 840, Leases (“ASC 840”).

 

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain a-djustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

 

In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.

 

The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component.

 

Net (loss) income per share

 

The Company calculates net income per share in accordance with ASC Topic 260, ”Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the year. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

 

Foreign currencies translation

 

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations.

 

The reporting currency of the Company is the United States Dollar (“US$”). The Company’s subsidiaries in Hong Kong maintain their books and records in their local currency, Hong Kong Dollars (“HK$”), which is the functional currency as being the primary currency of the economic environment in which these entities operate.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, ”Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ deficit.

 

Retirement plan costs

 

Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying consolidated statements of operation as the related employee service is provided.

 

Stock based compensation

 

The Company accounts for employee and non-employee stock awards under ASC Topic 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

 

Related parties

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

Segment reporting

 

ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company operates in two business segments, which are Transportation business and AI Education business in Hong Kong. AI Education business has generated no revenue during the current year and no such reporting segment is separately disclosed in the accompanying financial statements.

 

Fair Value Measurements

 

FASB ASC 820, “Fair Value Measurements” defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows:

 

 

Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available.

 

 

Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

 

Level 3 – Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

 

The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, inventory, advance to suppliers, prepaid expenses, accounts payable, accrued expenses, and due to shareholders, approximate fair value because of to their relatively short maturities.

 

Recent Accounting Pronouncements

 

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The Company does not expect the adoption of this standard to have a material impact on our financial position, results of operations or cash flows.

 

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

XML 23 R10.htm IDEA: XBRL DOCUMENT v3.20.2
Going Concern Uncertainties
3 Months Ended
Mar. 31, 2020
Summary of Significant Accounting Policies  
NOTE 4. Going Concern Uncertainties

The accompanying condensed consolidated financial statements have been prepared using the going concern basis of accounting, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

 

The Company has suffered from an accumulated deficit of $819,511 and working capital deficit of $420,178, at March 31, 2020. In addition, with respect to the ongoing and evolving coronavirus (COVID-19) outbreak, which was designated as a pandemic by the World Health Organization on March 11, 2020, the outbreak has caused substantial disruption in international economies and global trades and if repercussions of the outbreak are prolonged, could have a significant adverse impact on the Company’s business.

 

The continuation of the Company as a going concern through March 31, 2021 is dependent upon the continued financial support from its stockholders. Management believes the Company is currently pursuing additional financing for its operations. However, there is no assurance that the Company will be successful in securing sufficient funds to sustain the operations.

 

These and other factors raise substantial doubt about the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern.

XML 24 R11.htm IDEA: XBRL DOCUMENT v3.20.2
Discontinued Operations
3 Months Ended
Mar. 31, 2020
Discontinued Operations  
NOTE 5. Discontinued Operations

On March 16, 2020, the Company approved to discontinue and exit from AI Education business by the end of the first quarter 2020. The results of operations for the Company are presented in the consolidated statements of operations and comprehensive loss as loss from discontinued operations.

 

 

 

For the Three Months

 

 

 

Ended March 31, 2020

 

Net Revenue

 

$

-

 

Cost of Revenue

 

 

-

 

General and administrative expense

 

 

(6,292

)

Other income

 

 

6

 

Loss before income taxes

 

 

(6,286

)

Income taxes

 

 

-

 

Loss from discontinued operations, net of tax

 

$

(6,286

)

 

Net assets of discontinued operations as of March 31, 2020 were as follows:

 

 

 

As of

March 31, 2020

 

Cash & cash equivalents

 

$

11,189

 

Property and equipment

 

 

17,721

 

Assets from discontinued operations

 

 

28,910

 

 

 

 

 

 

Accrued expenses

 

$

1,355

 

Due to director

 

 

24,016

 

Due to related parties

 

 

25,014

 

Liabilities from discontinued operations

 

$

50,385

 

XML 25 R12.htm IDEA: XBRL DOCUMENT v3.20.2
Plant and Equipment
3 Months Ended
Mar. 31, 2020
Plant and Equipment  
NOTE 6. Plant and Equipment

Plant and equipment consisted of the following:

 

 

 

March 31,

2020

 

 

December 31, 2019

 

Service vehicle, at cost

 

$

111,928

 

 

$

111,238

 

Less: accumulated depreciation

 

 

(67,483

)

 

 

(63,730

)

 

 

$

44,445

 

 

$

47,508

 

 

Depreciation expense for the three months ended March 31, 2020 and 2019 were $3,062 and $4,958, as part of cost of revenue, respectively.

XML 26 R13.htm IDEA: XBRL DOCUMENT v3.20.2
Related Party Transactions
3 Months Ended
Mar. 31, 2020
Basis of Presentation  
NOTE 7. Related Party Transactions

Sales to related party

 

The Company had sales to Lee Tat Logistic Holding Limited, a Hong Kong company controlled by Miky Wan, our President, Chief Executive Officer and director. Sales to Lee Tat Logistic Holding Limited amounted to $72,912 and $0 for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020 and December 31, 2019, accounts receivable from Lee Tat Logistic Holding Limited was $73,082 and $0, respectively.

 

Due to related parties

 

As of March 31, 2020 and December 2019, the Company had $85,638 and $85,111 due to Cosmos Links International Holding Limited, respectively. Cosmos Links International Holding Limited is an entity controlled by Miky Wan, President, Chief Executive Officer and director of the Company. Those loans are unsecured, bear no interest, and are due on demand.

 

As of March 31, 2020 and December 2019, the Company had $342,364 and $331,119 due to Asia Cosmos Group Limited, respectively. Asia Cosmos Group Limited is an entity controlled by Miky Wan, President, Chief Executive Officer and director of the Company. Those loans are unsecured, bear no interest, and are due on demand.

 

Koon Wing CHEUNG, a shareholder of the Company and director of Lee Tat International Holdings Limited, has advance the Company funds for working capital purposes. As of March 31, 2020 and December 31, 2019 there were $4,971 and $0 advances outstanding, respectively. Those advances are unsecured, bear no interest, and are due on demand.

XML 27 R14.htm IDEA: XBRL DOCUMENT v3.20.2
Lease Liability
3 Months Ended
Mar. 31, 2020
Lease Liability  
NOTE 8. Lease Liability

The Company purchased a service vehicle under a finance lease agreement with the effective interest rate of 2.25% per annum, due through May 29, 2020, with principal and interest payable monthly.

 

Right of use assets and lease liability – right of use are as follows:

 

 

 

March 31,

2020

 

 

December 31, 2019

 

Right of use assets

 

$

44,445

 

 

$

47,508

 

 

The lease liability – right of use is as follows:

 

 

 

March 31,

2020

 

 

December 31, 2019

 

Lease liability - current

 

$

3,353

 

 

$

8,333

 

XML 28 R15.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes
3 Months Ended
Mar. 31, 2020
Plant and Equipment  
NOTE 9. Income Taxes

The Company generated an operating loss for the three and three months ended March 31, 2020 and 2019 and did not record income tax expense. The Company has operations in various countries and is subject to tax in the jurisdictions in which they operate, as follows:

 

United States of America

 

COSG is registered in the State of Nevada and is subject to the tax laws of United States of America

 

As of March 31, 2020, the operation in the United States of America incurred $2,650,069 of cumulative net operating losses which can be carried forward to offset future taxable income. The net operating loss carryforwards begin to expire in 2040, if unutilized. The Company has provided for a full valuation allowance against the deferred tax assets of $556,514 on the expected future tax benefits from the net operating loss carryforwards as the management believes it is more likely than not that these assets will not be realized in the future.

 

BVI

 

Under the current BVI law, the Company is not subject to tax on income.

 

Hong Kong

 

The Company’s subsidiaries operating in Hong Kong are subject to the Hong Kong Profits Tax at the two-tiered income tax rate from 8.25% to 16.5% on the assessable income arising in Hong Kong during its tax year.

 

The following is a reconciliation of the statutory tax rate to the effective tax rate:

 

 

 

For the Three Months

 

 

 

Ended March 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

U.S. statutory tax (benefit)

 

 

(21.0

)%

 

 

(21.0

)%

Hong Kong statutory tax (benefit)

 

 

8.25

%

 

 

(8.25

)%

Permanent and temporary differences

 

 

(8.25

)%

 

 

2.09

%

Change in deferred tax asset valuation allowance

 

 

21.0

%

 

 

27.16

%

Effective income tax rate

 

 

0

%

 

 

0

%

XML 29 R16.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders Deficit
3 Months Ended
Mar. 31, 2020
Stockholders Deficit  
NOTE 10. Stockholders' Deficit

Authorized stock

 

The Company’s has 500,000,000 authorized common shares with a par value of $0.001 per share.

 

Common stock outstanding

 

As of March 31, 2020 and December 31, 2019, the Company had a total of 21,536,933 shares of its common stock issued and outstanding, respectively.

XML 30 R17.htm IDEA: XBRL DOCUMENT v3.20.2
Concentrations of Risk
3 Months Ended
Mar. 31, 2020
Concentrations of Risk  
NOTE 11. Concentrations of Risk

The Company is exposed to the following concentrations of risk

 

(a) Major customers

 

For the three months ended March 31, 2020, three customers accounted for more than 10% of the Company’s total revenues, representing approximately 45%, 37% and 16% of its total revenues, and 94%, 5% and 0% of accounts receivable in aggregate at March 31, 2020.

 

Customer

 

Net sales for

the three

months ended

March 31, 2020

 

 

Accounts receivable

balance as of

March 31, 2020

 

A

 

$

72,912

*

 

$

73,082

 

B

 

$

61,188

 

 

$

3,969

 

C

 

$

26,436

 

 

$

-

 

 

For the three months ended March 31, 2019, two customers accounted for more than 10% of the Company’s total revenues, represented approximately 46% and 41% of its total revenues and 23% and 60% of accounts receivable in aggregate at March 31, 2019, respectively.

 

Customer

 

Net sales for the three months ended

March 31, 2019

 

 

Accounts receivable balance as of

March 31, 2019

 

B

 

$

58,299

 

 

$

14,886

 

C

 

$

52,523

 

 

$

39,300

 

 

*Related party transactions (see Note 7).

 

(b) Major suppliers

 

For the three months ended March 31, 2020, one supplier accounted for more than 10% of the Company’s total net purchase, representing approximately 25% of total net purchase, and 0% of accounts payable in aggregate at March 31, 2020, respectively:

 

Supplier

 

Net purchase for the three months ended

March 31,

2020

 

 

Accounts

payable balance as of

March 31,

2020

 

A

 

$

27,863

 

 

$

-

 

 

For the three months ended March 31, 2019, one supplier accounted for more than 10% of the Company’s total net purchase, representing approximately 17% of total net purchase, and 0% of accounts payable in aggregate at March 31, 2019, respectively:

 

Supplier

 

Net purchase for the three months ended

March 31,

2019

 

 

Accounts

payable balance as of

March 31,

2019

 

B

 

$

15,385

 

 

$

-

 

 

(c) Credit risk

 

Financial instruments that are potentially subject to credit risk consist principally of trade receivables. The Company believes the concentration of credit risk in its trade receivables is substantially mitigated by its ongoing credit evaluation process and relatively short collection terms. The Company does not generally require collateral from customers. The Company evaluates the need for an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends and other information.

 

(d) Interest rate risk

 

As the Company has no significant interest-bearing assets, the Company’s income and operating cash flows are substantially independent of changes in market interest rates.

 

The Company’s interest-rate risk arises from finance lease. The Company manages interest rate risk by varying the issuance and maturity dates variable rate debt, limiting the amount of variable rate debt, and continually monitoring the effects of market changes in interest rates. As of March 31, 2020 and December 31, 2019 borrowing under finance lease was at fixed rate.

XML 31 R18.htm IDEA: XBRL DOCUMENT v3.20.2
Subsequent Events
3 Months Ended
Mar. 31, 2020
Plant and Equipment  
NOTE 12. Subsequent Events

Management has evaluated subsequent events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of March 31, 2020 have been incorporated into these consolidated financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events”.

XML 32 R19.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2020
Summary of Significant Accounting Policies  
Use of Estimates

The preparation of these condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the 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.

Basis of consolidation

The consolidated financial statements include the accounts of COSG and its subsidiaries. All significant inter-company balances and transactions within the Company have been eliminated upon consolidation.

Reclassification

Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. The reclassification had no impact on previously reported net loss or accumulated deficit.

Discontinued Operations

On March 16, 2020, the Company approved to discontinue and exit its AI Education business. As of March 31, 2020 and December 31, 2019, the assets and liabilities related to AI Education business were presented and reported as assets and liabilities from discontinued operations on the consolidated balance sheets. For the three months ended March 31, 2020 and 2019, revenues, expenses, and cash flows related to AI Education business were presented and reported as discontinued operations on the consolidated statements of operations and comprehensive loss and the consolidated statements of cash flows. See note 5 – Discontinued Operations.

Cash and Cash Equivalents

Cash and cash equivalents consist primarily of cash in readily available checking and saving accounts. Cash equivalents consist of highly liquid investments that are readily convertible to cash and that mature within three months or less from the date of purchase. The carrying amounts approximate fair value due to the short maturities of these instruments.

Accounts Receivable

Accounts receivable are recorded at the invoiced amount and do not bear interest, which are due within contractual payment terms, generally 30 to 90 days from completion of service. Credit is extended based on evaluation of a customer’s financial condition, the customer credit-worthiness and their payment history. Accounts receivable outstanding longer than the contractual payment terms are considered past due. Past due balances over 90 days and over a specified amount are reviewed individually for collectibility. At the end of fiscal year, the Company specifically evaluates individual customer’s financial condition, credit history, and the current economic conditions to monitor the progress of the collection of accounts receivables. The Company will consider the allowance for doubtful accounts for any estimated losses resulting from the inability of its customers to make required payments. For the receivables that are past due or not being paid according to payment terms, the appropriate actions are taken to exhaust all means of collection, including seeking legal resolution in a court of law. Account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. The Company does not have any off-balance-sheet credit exposure related to its customers. As of March 31, 2020 and December 31, 2019, there was no allowance for doubtful accounts.

Plant and Equipment

Plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on the straight-line basis over the following expected useful lives from the date on which they become fully operational and after taking into account their estimated residual values:

 

 

 

Expected useful life

 

Service vehicle

 

8 years

 

 

Expenditure for repairs and maintenance is expensed as incurred. When assets have retired or sold, the cost and related accumulated depreciation are removed from the accounts and any resulting gain or loss is recognized in the results of operations.

Impairment of Long-Lived Assets

In accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 360, “Impairment or Disposal of Long-Lived Assets”, all long-lived assets such as property, plant and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is evaluated by a comparison of the carrying amount of an asset to its estimated future undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amounts of the assets exceed the fair value of the assets. There has been no impairment charge for the three months ended March 31, 2020 and 2019.

Revenue Recognition

The Company adopted Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”) using the full retrospective transition method. The Company’s adoption of ASU 2014-09 did not have a material impact on the amount and timing of revenue recognized in its consolidated financial statements.

 

Under ASU 2014-09, the Company recognizes revenue when control of the promised goods or services is transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services.

 

The Company derives its revenues from the rendering of transportation services and recognizes in full upon completion of delivery to the receiver’s location. The Company applies the following five steps in order to determine the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements:

 

 

·

identify the contract with a customer;

 

 

 

 

·

identify the performance obligations in the contract;

 

 

 

 

·

determine the transaction price;

 

 

 

 

·

allocate the transaction price to performance obligations in the contract; and

 

 

 

 

·

recognize revenue as the performance obligation is satisfied.

Cost of revenue

Cost of revenue consists primarily of direct labor and fuel cost, which are directly attributable to the rendering of transportation services. Shipping and handling costs, associated with the custom clearance are borne by the customers.

Comprehensive income

ASC Topic 220, ”Comprehensive Income”, establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Comprehensive income as defined includes all changes in equity during a period from non-owner sources. Accumulated other comprehensive income, as presented in the accompanying consolidated statement of stockholders’ deficit, consists of changes in unrealized gains and losses on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.

Income taxes

Income taxes are determined in accordance with the provisions of ASC Topic 740, ”Income Taxes” (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.

 

For the three months ended March 31, 2020 and 2019, the Company did not have any interest and penalties associated with tax positions. As of March 31, 2020 and December 31, 2019, the Company did not have any significant unrecognized uncertain tax positions.

 

The Company conducts major businesses in Hong Kong and is subject to tax in this jurisdiction. As a result of its business activities, the Company files tax returns that are subject to examination by the foreign tax authority.

Lease

The Company adopted Topic 842, Leases (“ASC 842”), using the modified retrospective approach through a cumulative-effect adjustment and utilizing the effective date of January 1, 2019 as its date of initial application, with prior periods unchanged and presented in accordance with the previous guidance in Topic 840, Leases (“ASC 840”).

 

At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected remaining lease term. However, certain a-djustments to the right-of-use asset may be required for items such as prepaid or accrued lease payments. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rates, which are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

 

In accordance with the guidance in ASC 842, components of a lease should be split into three categories: lease components (e.g. land, building, etc.), non-lease components (e.g. common area maintenance, consumables, etc.), and non-components (e.g. property taxes, insurance, etc.). Subsequently, the fixed and in-substance fixed contract consideration (including any related to non-components) must be allocated based on the respective relative fair values to the lease components and non-lease components.

 

The Company made the policy election to not separate lease and non-lease components. Each lease component and the related non-lease components are accounted for together as a single component.

Net (loss) income per share

The Company calculates net income per share in accordance with ASC Topic 260, ”Earnings per Share.” Basic income per share is computed by dividing the net income by the weighted-average number of common shares outstanding during the year. Diluted income per share is computed similar to basic income per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive.

Foreign currencies translation

Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations.

 

The reporting currency of the Company is the United States Dollar (“US$”). The Company’s subsidiaries in Hong Kong maintain their books and records in their local currency, Hong Kong Dollars (“HK$”), which is the functional currency as being the primary currency of the economic environment in which these entities operate.

 

In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, ”Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the year. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ deficit.

Retirement plan costs

Contributions to retirement plans (which are defined contribution plans) are charged to general and administrative expenses in the accompanying consolidated statements of operation as the related employee service is provided.

Stock based compensation

The Company accounts for employee and non-employee stock awards under ASC Topic 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

Related parties

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operational decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

Segment reporting

ASC Topic 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organization structure as well as information about geographical areas, business segments and major customers in financial statements. The Company operates in two business segments, which are Transportation business and AI Education business in Hong Kong. AI Education business has generated no revenue during the current year and no such reporting segment is separately disclosed in the accompanying financial statements.

Fair Value Measurements

FASB ASC 820, “Fair Value Measurements” defines fair value for certain financial and nonfinancial assets and liabilities that are recorded at fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. It requires that an entity measure its financial instruments to base fair value on exit price, maximize the use of observable units and minimize the use of unobservable inputs to determine the exit price. It establishes a hierarchy which prioritizes the inputs to valuation techniques used to measure fair value. This hierarchy increases the consistency and comparability of fair value measurements and related disclosures by maximizing the use of observable inputs and minimizing the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the assets or liabilities based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy prioritizes the inputs into three broad levels based on the reliability of the inputs as follows:

 

 

Level 1 – Inputs are quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Valuation of these instruments does not require a high degree of judgment as the valuations are based on quoted prices in active markets that are readily and regularly available.

 

 

Level 2 – Inputs other than quoted prices in active markets that are either directly or indirectly observable as of the measurement date, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

 

 

Level 3 – Valuations based on inputs that are unobservable and not corroborated by market data. The fair value for such assets and liabilities is generally determined using pricing models, discounted cash flow methodologies, or similar techniques that incorporate the assumptions a market participant would use in pricing the asset or liability.

 

The carrying values of certain assets and liabilities of the Company, such as cash and cash equivalents, accounts receivable, inventory, advance to suppliers, prepaid expenses, accounts payable, accrued expenses, and due to shareholders, approximate fair value because of to their relatively short maturities.

Recent Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which eliminates certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2020, with early adoption permitted. Adoption of the standard requires certain changes to be made prospectively, with some changes to be made retrospectively. The Company does not expect the adoption of this standard to have a material impact on our financial position, results of operations or cash flows.

 

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s consolidated financial statements upon adoption.

XML 33 R20.htm IDEA: XBRL DOCUMENT v3.20.2
Organization and Business Background (Tables)
3 Months Ended
Mar. 31, 2020
Lease Liability  
Schedule of description of subsidiaries

Name

Place of incorporation

and kind of legal entity

Principal activities

and place of operation

Particular of issued/

registered share capital

Effective

interest held

Lee Tat International Holdings limited

British Virgin Islands

Investment holding

50,000 ordinary shares at US $1 each

100%

Lee Tat Transportation International Limited

Hong Kong

Logistic and delivery

10,000 ordinary shares at HK $10,000

100%

Cosmos Robotor Holdings Limited

British Virgin Islands

Investment holding

50,000 ordinary shares at US $0,001 each

100%

AiTeach International Limited

Hong Kong

AI Business

10,000 ordinary shares at HK $100

100%

Cosmos Robotor AI Education (Shenzhen) Limited

The People’s Republic of China

Education

N/A

100%

XML 34 R21.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2020
Summary of Significant Accounting Policies  
Schedule of Property and equipment useful life

 

 

Expected useful life

 

Service vehicle

 

8 years

 

XML 35 R22.htm IDEA: XBRL DOCUMENT v3.20.2
Discontinued Operations (Tables)
3 Months Ended
Mar. 31, 2020
Discontinued Operations  
Schedule of operatins and net assets of discontinued operations

 

 

For the Three Months

 

 

 

Ended March 31, 2020

 

Net Revenue

 

$

-

 

Cost of Revenue

 

 

-

 

General and administrative expense

 

 

(6,292

)

Other income

 

 

6

 

Loss before income taxes

 

 

(6,286

)

Income taxes

 

 

-

 

Loss from discontinued operations, net of tax

 

$

(6,286

)

 

Net assets of discontinued operations as of March 31, 2020 were as follows:

 

 

 

As of

March 31, 2020

 

Cash & cash equivalents

 

$

11,189

 

Property and equipment

 

 

17,721

 

Assets from discontinued operations

 

 

28,910

 

 

 

 

 

 

Accrued expenses

 

$

1,355

 

Due to director

 

 

24,016

 

Due to related parties

 

 

25,014

 

Liabilities from discontinued operations

 

$

50,385

 

 

XML 36 R23.htm IDEA: XBRL DOCUMENT v3.20.2
Plant and Equipment (Tables)
3 Months Ended
Mar. 31, 2020
Plant and Equipment  
Schedule of plant and equipment

 

 

March 31,

2020

 

 

December 31, 2019

 

Service vehicle, at cost

 

$

111,928

 

 

$

111,238

 

Less: accumulated depreciation

 

 

(67,483

)

 

 

(63,730

)

 

 

$

44,445

 

 

$

47,508

 

XML 37 R24.htm IDEA: XBRL DOCUMENT v3.20.2
Lease Liability (Tables)
3 Months Ended
Mar. 31, 2020
Lease Liability  
Schedule of lease information

Right of use assets and lease liability – right of use are as follows:

 

 

 

March 31,

2020

 

 

December 31, 2019

 

Right of use assets

 

$

44,445

 

 

$

47,508

 

 

The lease liability – right of use is as follows:

 

 

 

March 31,

2020

 

 

December 31, 2019

 

Lease liability - current

 

$

3,353

 

 

$

8,333

 

XML 38 R25.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Tables)
3 Months Ended
Mar. 31, 2020
Income Taxes (Tables)  
Schedule of Income tax reconciliation

 

 

For the Three Months

 

 

 

Ended March 31,

 

 

 

2020

 

 

2019

 

 

 

 

 

 

 

 

U.S. statutory tax (benefit)

 

 

(21.0

)%

 

 

(21.0

)%

Hong Kong statutory tax (benefit)

 

 

8.25

%

 

 

(8.25

)%

Permanent and temporary differences

 

 

(8.25

)%

 

 

2.09

%

Change in deferred tax asset valuation allowance

 

 

21.0

%

 

 

27.16

%

Effective income tax rate

 

 

0

%

 

 

0

%

XML 39 R26.htm IDEA: XBRL DOCUMENT v3.20.2
Concentrations of Risk (Tables)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Major customer [Member]    
Schedule of Concentration of risk

Customer

 

Net sales for

the three

months ended

March 31, 2020

 

 

Accounts receivable

balance as of

March 31, 2020

 

A

 

$

72,912

*

 

$

73,082

 

B

 

$

61,188

 

 

$

3,969

 

C

 

$

26,436

 

 

$

-

 

Customer

 

Net sales for the three months ended

March 31, 2019

 

 

Accounts receivable balance as of

March 31, 2019

 

B

 

$

58,299

 

 

$

14,886

 

C

 

$

52,523

 

 

$

39,300

 

Major Supplier [Member]    
Schedule of Concentration of risk

Supplier

 

Net purchase for the three months ended

March 31,

2020

 

 

Accounts

payable balance as of

March 31,

2020

 

A

 

$

27,863

 

 

$

-

 

Supplier

 

Net purchase for the three months ended

March 31,

2019

 

 

Accounts

payable balance as of

March 31,

2019

 

B

 

$

15,385

 

 

$

-

 

XML 40 R27.htm IDEA: XBRL DOCUMENT v3.20.2
Organization and Business Background (Details)
3 Months Ended
Mar. 31, 2020
Lee Tat International Holdings limited [Member]  
Ownership percentage 100.00%
Place of incorporation British Virgin Islands
Principal activities Investment holding
Registered share capital 50,000 ordinary shares at US$1 each
Lee Tat Transporation International Limited [Member]  
Ownership percentage 100.00%
Place of incorporation Hong Kong
Principal activities Logistic and delivery
Registered share capital 10,000 ordinary shares at HK$10,000
Cosmos Robotor Holdings Limited [Member]  
Ownership percentage 100.00%
Place of incorporation British Virgin Islands
Principal activities Investment Holding
Registered share capital 50,000 ordinary shares at US$0.001 each
AiTeach International Limited [Member]  
Ownership percentage 100.00%
Place of incorporation Hong Kong
Principal activities AI Business
Registered share capital 10,000 ordinary shares at HK$100
Cosmos Robotor AI Education (Schenzhen) Limited [Member]  
Ownership percentage 100.00%
Place of incorporation The People's Republic of China
Principal activities Education
Registered share capital N/A
XML 41 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Summary of Significant Accounting Policies (Details Narrative)
3 Months Ended
Mar. 31, 2020
Service vehicle [Member]  
Expected useful life of property 8 years
XML 42 R29.htm IDEA: XBRL DOCUMENT v3.20.2
Going Concern Uncertainties (Details Narrative) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Basis of Presentation    
Accumulated deficit $ (819,511) $ (806,842)
Working capital deficit $ (420,178)  
XML 43 R30.htm IDEA: XBRL DOCUMENT v3.20.2
Discontinued Operations (Details) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Net Revenue $ 163,300 $ 128,002
Cost of Revenue 112,966 92,669
General and administrative expense (56,153) (83,536)
Income taxes 0 $ 0
Discontinued Operations [Member]    
Net Revenue 0  
Cost of Revenue 0  
General and administrative expense (6,292)  
Other income 6  
Loss before income taxes (6,286)  
Income taxes 0  
Loss from discontinued operations, net of tax $ (6,286)  
XML 44 R31.htm IDEA: XBRL DOCUMENT v3.20.2
Discontinued Operations (Details 1) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Mar. 31, 2019
Dec. 31, 2018
Cash & cash equivalents $ 8,774 $ 28,816 $ 3,056 $ 12,149
Property and equipment 44,445 47,508    
Due to related parties 432,973 416,230    
Liabilities from discontinued operations 50,385 $ 46,266    
Discontinued Operations [Member]        
Cash & cash equivalents 11,189      
Property and equipment 17,721      
Assets from discontinued operations 28,910      
Accrued expenses 1,355      
Due to director 24,016      
Due to related parties 25,014      
Liabilities from discontinued operations $ 50,385      
XML 45 R32.htm IDEA: XBRL DOCUMENT v3.20.2
Plant and Equipment (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Plant and Equipment (Details)    
Service vehicle, at cost $ 111,928 $ 111,238
Less: accumulated depreciation 67,483 63,730
Property, plant and equipment, net $ 44,445 $ 47,508
XML 46 R33.htm IDEA: XBRL DOCUMENT v3.20.2
Plant and Equipment (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Plant and Equipment (Details)    
Depreciation $ 3,062 $ 4,958
XML 47 R34.htm IDEA: XBRL DOCUMENT v3.20.2
Related Party Transactions (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Dec. 31, 2019
Sales to related party $ 72,912 $ 0  
Account receivables 4,124   $ 64,570
Due to related party 432,973   416,230
Lee Tat Logistic Holding Limited [Member]      
Sales to related party 72,912 $ 0  
Account receivables 73,082   0
Cosmos Links International Holding Limited [Member]      
Due to related party 85,638   85,111
Asia Cosmos Group Limited [Member]      
Due to related party 342,364   331,119
Koon Wing CHEUNG [Member]      
Due to related party $ 4,971   $ 0
XML 48 R35.htm IDEA: XBRL DOCUMENT v3.20.2
Lease Liability (Details) - USD ($)
Mar. 31, 2020
Dec. 31, 2019
Lease Liability    
Right of use assets $ 44,445 $ 47,508
Lease liability - current $ 3,353 $ 8,333
XML 49 R36.htm IDEA: XBRL DOCUMENT v3.20.2
Lease Liability (Details Narrative) - Service Vehicles [Member]
3 Months Ended
Mar. 31, 2020
Finance lease agreement, interest rate 2.25%
Finance lease agreement, description Due through May 29, 2020, with principal and interest payable monthly
XML 50 R37.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Details)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Income Taxes (Details)    
U.S. statutory tax (benefit) (21.00%) (21.00%)
Hong Kong statutory tax (benefit) 8.25% (8.25%)
Permanent and temporary differences (8.25%) 2.09%
Change in deferred tax asset valuation allowance 21.00% 27.16%
Effective income tax rate 0.00% 0.00%
XML 51 R38.htm IDEA: XBRL DOCUMENT v3.20.2
Income Taxes (Details Narrative) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Operating losses carry forward $ 2,650,069  
Deferred tax assets, valuation allowance $ 556,514  
Operating losses carry forward, expiration period The net operating loss carryforwards begin to expire in 2040  
Income tax rate 8.25% (8.25%)
Hong Kong [Member] | Minimum [Member]    
Income tax rate 8.25%  
Hong Kong [Member] | Maximum [Member]    
Income tax rate 16.50%  
XML 52 R39.htm IDEA: XBRL DOCUMENT v3.20.2
Stockholders Deficit (Details Narrative) - $ / shares
Mar. 31, 2020
Dec. 31, 2019
Stockholders Deficit (Details Narrative)    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 21,536,933 21,536,933
Common stock, shares, outstanding 21,536,933 21,536,933
XML 53 R40.htm IDEA: XBRL DOCUMENT v3.20.2
Concentrations of Risk (Details) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenues $ 163,300 $ 128,002
Customer A [Member]    
Revenues 72,912  
Accounts receivable 73,082  
Customer B [Member]    
Revenues 61,188 58,299
Accounts receivable 3,969 14,886
Customer C [Member]    
Revenues 26,436 52,523
Accounts receivable $ 0 $ 39,300
XML 54 R41.htm IDEA: XBRL DOCUMENT v3.20.2
Concentrations of Risk (Details 1) - USD ($)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Supplier B [Member]    
Net purchase   $ 15,385
Account payable $ 0 $ 0
Customer A [Member]    
Net purchase 27,863  
Account payable $ 0  
XML 55 R42.htm IDEA: XBRL DOCUMENT v3.20.2
Concentrations of Risk (Details Narrative)
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Revenue [Member] | Customer A [Member]    
Concentration of risk, percentage 45.00%  
Revenue [Member] | Customer B [Member]    
Concentration of risk, percentage 37.00% 46.00%
Revenue [Member] | Customer C [Member]    
Concentration of risk, percentage 16.00% 41.00%
Accounts Receivable [Member] | Customer A [Member]    
Concentration of risk, percentage 94.00%  
Accounts Receivable [Member] | Customer B [Member]    
Concentration of risk, percentage 5.00% 23.00%
Accounts Receivable [Member] | Customer C [Member]    
Concentration of risk, percentage 0.00% 60.00%
Major customer [Member]    
Concentration of risk, description Three customers accounted for more than 10% of the Company’s total revenues Two customers accounted for more than 10% of the Company’s total revenues
Major Supplier [Member]    
Concentration of risk, description One supplier accounted for more than 10% of the Company’s total net purchase One supplier accounted for more than 10% of the Company’s total net purchase
Supplier A [Member] | Account payable [Member]    
Concentration of risk, percentage 0.00%  
Supplier A [Member] | Net purchase [Member]    
Concentration of risk, percentage 25.00%  
Supplier B [Member] | Account payable [Member]    
Concentration of risk, percentage   0.00%
Supplier B [Member] | Net purchase [Member]    
Concentration of risk, percentage   17.00%
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