0001213900-22-026927.txt : 20220516 0001213900-22-026927.hdr.sgml : 20220516 20220516133914 ACCESSION NUMBER: 0001213900-22-026927 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220516 DATE AS OF CHANGE: 20220516 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pony Group Inc. CENTRAL INDEX KEY: 0001784058 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AUTOMOTIVE REPAIR, SERVICES & PARKING [7500] IRS NUMBER: 833532241 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-234358 FILM NUMBER: 22927496 BUSINESS ADDRESS: STREET 1: ENGINEER EXPERIMENT BUILDING, A202 STREET 2: 7 GAOXIN SOUTH AVENUE, NANSHAN DISTRICT CITY: SHENZHEN, GUANGDONG PROVINCE STATE: F4 ZIP: 518000 BUSINESS PHONE: 86-0755-86665622 MAIL ADDRESS: STREET 1: ENGINEER EXPERIMENT BUILDING, A202 STREET 2: 7 GAOXIN SOUTH AVENUE, NANSHAN DISTRICT CITY: SHENZHEN, GUANGDONG PROVINCE STATE: F4 ZIP: 518000 10-Q 1 f10q0322_ponygroupinc.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

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

 

For the quarter ended March 31, 2022

 

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

 

For the transition period from                    to                   

 

Commission file number: [   ]

 

Pony Group Inc.
(Exact Name of Registrant as Specified in Its Charter) 

 

Delaware   83-3532241
(State or other jurisdiction of
incorporation or organization)
  (I.R.S. Employer
Identification No.)

 

Engineer Experiment Building, A202
7 Gaoxin South Avenue
, Nanshan District
Shenzhen, Guangdong Province

People’s Republic of China

(Address of principal executive offices)

 

+86 755 86665622

(Issuer’s telephone number)

 

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

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
None   N/A   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 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 ☒ 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 ☒ 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 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
      Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No 

 

As of May 16, 2022, there were 11,500,000 shares of common stock, par value $0.001 per share, issued and outstanding.

 

 

 

 

 

 

PONY GROUP INC.

 

FORM 10-Q FOR THE QUARTER ENDED MARCH 31, 2022

 

TABLE OF CONTENTS

 

  Page
Part I. Financial Information  
Item 1. Financial Statements (Unaudited) 1
Condensed Balance Sheet as of March 31, 2022 1
Condensed Statement of Operations for the three months ended March 31, 2022 2
Condensed Statement of Changes in Stockholder’s Equity for the three months ended March 31, 2022 3
Condensed Statement of Cash Flows for the three months ended March 31, 2022 4
Notes to Unaudited Condensed Financial Statements 5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 15
Item 4. Controls and Procedures 15
Part II. Other Information  
Item 1. Legal Proceedings 16
Item 1A. Risk Factors 16
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 16
Item 3. Defaults Upon Senior Securities 16
Item 4. Mine Safety Disclosures 16
Item 5. Other Information 16
Item 6. Exhibits 16
Part III. Signatures 17

 

i

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Interim Financial Statements.

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

 

   March 31,
2022
   December 31,
2021
 
         
Assets        
Current assets        
Cash and cash equivalents  $146,460   $266,011 
Accounts receivables   20,104    47,838 
Other receivables   325    301 
Other receivables-related parties   8,998    8,998 
Total current assets   175,887    323,148 
           
Total assets  $175,887   $323,148 
           
Liabilities and Equity          
           
Current liabilities          
Accounts payable  $19,568   $37,052 
Other payable- related parties   283,235    286,150 
Other current liability   92,850    102,930 
Total current liabilities   395,653    426,132 
Total liabilities  $395,653   $426,132 
           
Equity          
Ordinary shares, $0.001 par value, 70,000,000 shares authorized, 11,500,000 shares issued and outstanding as of  March 31, 2022 and December 31, 2021, respectively*   11,500    11,500 
Additional paid-in capital   176,000    176,000 
Accumulated foreign currency exchange loss   (10,600)   (10,158)
Accumulated deficit   (396,666)   (280,326)
Total Pony Group Inc stockholders’ equity   (219,766)   (102,984)
Total equity   (219,766)   (102,984)
Total liabilities and equity  $175,887   $323,148 

 

*The shares are presented on a retroactive basis to reflect the nominal share issuance.

 

The accompanying notes are integral to these consolidated financial statements. 

 

1

 

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

 

  

For The Year Ended

March 31,

 
   2022   2021 
Revenue  $29,868   $12,268 
           
Cost of revenue   24,824    31,450 
           
Gross profit   5,044    (19,182)
           
Operating expenses          
General & administrative expenses   114,348    23,160 
R&D expense   7,070    
-
 
Total operating expenses   121,418    23,160 
           
Income (loss) from operation   (116,374)   (42,342)
           
Other income (expenses)          
Other income (expense)   34    (99)
Total other income   34    (99)
           
Loss before income taxes   (116,340)   (42,441)
Provision for income tax   
 
    
-
 
Net Loss  $(116,340)  $(42,441)
           
Net Loss   (116,340)   (42,441)
           
Other Comprehensive Income   
 
    
-
 
Comprehensive loss  $(116,340)  $(42,441)
Basic and diluted earnings (loss) per common share*  $(0.010)  $(0.004)
Weighted average number of shares outstanding*   11,500,000    11,500,000 

 

The accompanying notes are integral to these consolidated financial statements.

 

2

 

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGE IN EQUITY

 

   Common stock   Additional
Paid-In
   Subscription
received in
   Accumulated
Other
Comprehensive
Income
   Accumulated
Earnings
     
   Shares*   Amount   Capital   advance   (Loss)   (Deficit)   Total 
Balance as of December 31, 2020   11,500,000   $11,500   $176,000   $
                    -
   $(6,323)  $(182,320)  $(1,143)
                                    
Cumulative Foreign currency translation adjustment   -    
-
    
-
    
-
    (1,758)   
-
    (1,758)
                                    
Net (Loss)        
-
    
-
   $
-
    
-
    (42,441)   (42,441)
                                  - 
Balance as of
March 31, 2021
   11,500,000   $11,500   $176,000   $
-
   $(8,081)  $(225,093)  $(45,674)
                                    
Balance as of December 31, 2021   11,500,000   $11,500   $176,000   $
-
   $(10,158)  $(280,326)  $(102,984)
                                    
Cumulative Foreign currency translation adjustment   -    
-
    
-
    
-
    (442)   
-
    (442)
                                    
Net (Loss)   -    
-
    
-
    
-
    
-
    (116,430)   (116,430)
                                    
Balance as of March 31, 2022   11,500,000   $11,500   $176,000   $
-
   $(10,660)  $(396,666)  $(219,766)

 

*The shares are presented on a retroactive basis to reflect the nominal share issuance.

 

The accompanying notes are integral to these consolidated financial statements.

 

3

 

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED STATEMETNS OF CASH FLOWS

 

   For The Three Months Ended
March 31,
 
   2022   2021 
         
Operating activities        
Net Loss  $(116,340)  $(42,441)
           
Changes in operating assets and liabilities:          
Accounts receivable   27,734    15,958 
Other receivable   (24)   1 
Accounts payable   (17,484)   4,793 
Other payable   (10,080)   (11,806)
Cash provided (used) in operating activities   (116,194)   (33,495)
           
Cash flow used in investing activities:          
Cash used in investing activities   
-
    
-
 
           
Cash flow provided (used) by financing activities:          
Pay for deferred offering cost   
-
      
Advance from (repayment to) related party   (2,915)   13,094 
Cash provided by financing activities   (2,915)   13,094 
           
Effects of currency translation on cash   (442)   (1,758)
           
Net increase (decrease) in cash   (119,551)   (22,159)
Cash at beginning of the period   266,011    286,625 
Cash at end of period  $146,460   $264,466 

 

The accompanying notes are integral to these consolidated financial statements.

 

4

 

 

PONY GROUP INC., AND SUBSIDIARIES

NOTES FOR THE CONSOLIDATED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED MARCH 31, 2022

 

NOTE 1 - ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

  

Organization and Operations 

 

PONY GROUP INC, (The “Company” or “PONY”) was incorporated on January 7, 2019 in the state of Delaware.

 

On March 7, 2019, Pony Group Inc (the “Purchaser”), and Wenxian Fan, the sole owner of PONY LIMOUSINE SERVICES LIMITED, entered into a Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which Wenxian Fan (the “Seller”) would sell to the Purchaser, and the Purchaser will purchase from the Seller, 10,000 shares of the PONY LIMOUSINE SERVICES LIMITED, which represented 100% of the shares. On March 7, 2019, this transaction was completed.

 

PONY LIMOUSINE SERVICES LIMITED (“PONYHK”) is a limited corporation formed under the laws of Hong Kong on April 28, 2016, which was formed by FAN WENXIAN. Its registered office is located at FLAT/RM 01 11/F, LUCKY COMM BLDG, 103 DES VOEUX RD WEST, SHEUNG WAN, HONG KONG. The business nature of the Company is to provide cross boarder limousine services to customers. On February 2, 2019, Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK.

 

Details of the Company’s structure as of March 31, 2022 are as follow:

 

 

 

5

 

 

Reverse Merger Accounting – Since Pony HK and Pony US were entities under Ms. Fan’s common control prior to the “Purchase Agreement” was executed, and because of certain other factors, including that the member of the Company’s executive management is from Pony HK, Pony HK is deemed to be the acquiring company for accounting purposes and the Merger was accounted for as a reverse merger and a recapitalization in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited consolidated financial statements reflect the historical results of Pony HK prior to the Merger and that of the combined Company following the Merger, and do not include the historical financial results prior to the completion of the Merger. Common stock and the corresponding capital amounts of the Company pre-Merger have been retroactively restated as capital stock shares.

 

Basis of Accounting and Presentation - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

 

Cash and Cash Equivalents – For purpose of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of 90 days or less to be cash equivalents.

 

Accounts Receivable - The customers are required to make payments when they book the services, otherwise, the services will not be arranged. Sometimes, the Company extends credit to its group clients.

 

As of March 31, 2022 and December 31, 2021, accounts receivable was $20,104 and $47,838, respectively. The company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary.

 

PONY LIMOUSINE SERVICES LIMITED, a 100% subsidiary of the Company, has agreements with its two major clients that the payments for the services rendered be settled every six months. The two major clients account for 100% of the revenue for the three month ended March 31, 2022 and 2021, respectively.

 

Revenue Recognition - The Company recognizes revenue in accordance with ASC 606. The core principle of ASC606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes: (1) identifying contracts with customers, (2) identifying performance obligations within those contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) recognizing revenue when or as each performance obligation is satisfied. Our sales arrangements generally ask customers to pay in advance before any services can be arranged. The company recognizes revenue when each performance obligation is satisfied. Documents and terms and the completion of any customer acceptance requirements, when applicable, are used to verify services rendered. The Company has no returns or sales discounts and allowances because services rendered and accepted by customers are normally not returnable.

 

6

 

 

Cost of revenue – Cost of revenue includes cost of services rendered during the period, net of discounts and sales tax.

  

Income Taxes – Income tax expense represents current tax expense. The income tax payable represents the amounts expected to be paid to the taxation authority. Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profit for the period.

 

Foreign Currency Translation - PONY LIMOUSINE SERVICES LIMITED’s functional currency is the Hong Kong Dollar (HK$) and Universe Travel Culture & Technology Ltd.’s functional currency is the Renminbi (RMB). The reporting currency is that of the US Dollar. Assets, liabilities and owners’ contribution are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the year.

  

The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows:

 

March 31, 2022        
Balance sheet   HK$7.83 to US $1.00   RMB 6.34 to US $1.00
Statement of operation and other comprehensive income   HK$7.81 to US $1.00   RMB 6.35 to US$1.00
December 31, 2021        
Balance sheet   HK$7.80 to US $1.00   RMB 6.37 to US $1.00
March 31, 2021        
Statement of operation and other comprehensive income   HK$7.76 to US $1.00   RMB 6.48 to US$1.00

 

NOTE 2 - GOING CONCERN

  

The Company had operating losses of $116,374 and $42,342 during the three months ended March 31, 2022 and 2021, respectively.

 

The Company has accumulated deficit of $396,666 and $280,326 as of March 31, 2022 and December 31, 2021, respectively. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing, as may be required.

  

The accompanying financial statements have been prepared assuming the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

  

Management’s Plan to Continue as a Going Concern

  

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company’s products, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party (ies) when needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.

  

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

 

7

 

 

NOTE 3 - RELATED PARTY TRANSACTIONS

 

PONY GROUP INC, incorporated on Jan 7, 2019 in the state of Delaware, is the sole owner of PONY LIMOUSINE SERVICES LIMITED (Pony HK), as of March 31, 2022, Pony HK has paid $257,059 on behalf of PONY GROUP INC for the US legal and audit cost incurred relevant to the OTC listing.

 

Amount of receivable from shareholders due to the company declared a 6,000 to 1 stock split. After the stock split, the par value of the commons stocks was $0.001 per share. The shareholders should pay the consideration of $8,998 to the company. For the company use a retroactive basis to present the nominal shares, the considerations and receivable form shareholders also should be represented.

 

  

March 31,

2022

   December 31,
2021
 
Receivable from shareholders  $8,998   $8,998 
Total due from related parties  $8,998   $8,998 

 

Ms. Wenxian Fan, the director, loaned working capital to Pony HK with no interest and paid on behalf of Pony HK for the subcontracted services and employee salaries.

 

The Company has the following payables to Ms. Wenxian Fan:

 

  

March 31,

2022

   December 31,
2021
 
To Wenxian Fan  $283,235   $286,150 
Total due to related parties  $283,235   $286,150 

 

NOTE 4 - MAJOR SUPPLIERS AND CUSTOMERS

 

The Company purchased majority of its subcontracted services from one major supplier during the three months ended March 31, 2022: HK GANGJIANXIANG TRADE CO LTD. for 95.34% of the cost.

 

The Company had one major customer for the three months ended March 31, 2022: HENG TAI WINE LIMITED for 95.08% of revenue. 

 

8

 

 

NOTE 5 - COMMON STOCK

 

On May 23, 2019, PONY GROUP INC sold 1,500 shares of common stock to the following shareholders. On May 24, 2019, these transactions were completed, the consideration received were deposited into the company’s bank account. On June 1, 2020, the company declared a 6,000 to 1 stock split. After the stock split, the par value of the commons stocks was $0.001 per share. The shareholders and the number of shares held after the stock dividend are as following:

 

Name  Shares   Consideration 
Pony Group Ltd.   5,580,000    5,580 
Aller Bonvoyage Inc   360,000    360 
Capital Club Holding Limited   360,000    360 
KERUIDA Investment Limited   900,000    900 
Synionm Investments Limited   900,000    900 
Wisdom travel service investments Limited   900,000    900 

 

In June 2020, the Company announced the closing of its initial public offering of 2,500,000 ordinary shares at a public offering price of $0.1 per share, for total gross proceeds of approximately $250,000 before deducting underwriting discounts, commissions and other related expenses. 

 

NOTE 6 - SUBSEQUENT EVENTS

  

Management has evaluated subsequent events through May 15, 2022, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of March 31, 2022 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

 

9

 

 

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

 

The following discussion and analysis of our results of operations and financial condition should be read together with our consolidated financial statements and the notes thereto and other financial information, which are included elsewhere in this Report. Our financial statements have been prepared in accordance with U.S. GAAP. In addition, our financial statements and the financial information included in this Report reflect our organizational transactions and have been prepared as if our current corporate structure had been in place throughout the relevant periods.

 

Overview

 

We were incorporated in the State of Delaware on January 7, 2019. We are a travel service provider. We currently provide car services to individual and group travelers. We currently offer carpooling, airport pick-up and drop-off, and personal driver services for travelers between Guangdong Province and Hong Kong. We collaborate with car fleet companies and charge a service fee by matching the traveler and the driver. We officially launched our online service through our “Let’s Go” mobile application in December 2019 to provide multi-language services to international travelers coming to visit China. Redefining user experience, we aim to provide our users with comprehensive and convenient service offerings and become a one-stop travel booking resource for travelers. While network scale is important, we recognize that transportation happens locally. We currently operate in two markets – Guangdong Province and Hong Kong and plan to expand our offering in more oversea markets.

 

Plan of Operations

 

In January 2019, we started our Research and Development (“R&D”) project mobile Lets Go App (“App”) designed to have multi-language interface to attract users from the world, focusing on providing one-stop travel services to foreigners traveling in China, for both leisure and business.

 

In April 2019, we rolled out basic version which supports carpooling, car rental, Airport Pick-up and/or Drop-off, etc., ready for download at Apple App store; the basic version has an interface in Chinese language only. In May 2019, we rolled out second version which has an enhanced interface in both Chinese and English language, supporting payment through PayPal. By the end of 2019, we rolled out third version which has multi-language interface to attract users from all-over the world. In January 2020, we official launched App.

 

We intend to attract users from outside of China to use our App and expand our offerings on the App to serve as a one-stop shop to book tickets, reserve hotels, rent a car and hire an English speaking driver.

 

Our goal is to grow to an international player in the travel service market. To accomplish such goal, we will cooperate with other businesses which have capital, marketing and technology resources or products. We expect to recruit more workforce and talents, and develop new technologies and products.

 

10

 

 

Results of Operations

 

For the three months ended March 31, 2022 compared to March 31, 2021

 

Revenue

 

For the three months ended March 31, 2022 and 2021, revenues were $29,868 and $12,268, respectively, with an increase of $17,600 over the same period in 2021. Since January 2022, the company provided car service for HK GANGJIANXIANG TRADE CO LTD. which brings in about RMB 60,000 (about $9,464) revenue per month. The increase in revenue can be explained by the providing services to the foregoing new client.

 

Cost of Revenue

 

Cost of Revenue for the three months ended March 31, 2022 and 2021 were $24,824 and $31,450, respectively, with a decrease of $6,626 over the same period in 2021. The decrease of cost of revenue was mainly due to Universe Travel. In the first quarter of 2021, Universe Travel was developing an active travel planning service. As such, the cost of developing the service increased the cost of revenue for that quarter. There was no such item since 2022, thus the cost of revenue decreased.

 

Gross Profit

 

Gross profits was $5,044 for the three months ended March 31, 2022 when it was a negative $19,182 for the three months ended March 31, 2021. The gross profit margin as a percentage of sales for the three months ended March 31, 2022 was 16.9% when it was negative 156.4% for the three months ended March 31, 2021.

 

Operating Expenses

 

Operating expenses for the three months ended September 30, 2021 and 2020 were $38,638 and $37,588 respectively for an increase of $1,050.

 

11

 

 

Other Income(expense)

 

Other income consists of interest income and exchange gain (loss) for the three months ended March 31, 2022 and 2021, the net other income was $34 for the three months ended March 31, 2022 when it was other expense of $99 for the same period last year. The increase was mainly due to the change of exchange rate and the increase of average cash balance.

 

Liquidity and Capital Resources

 

We suffered recurring losses from operations and have an accumulated deficit of $396,666 as of March 31, 2022. We had a cash balance of $146,460 and working capital of negative $219,766 as of March 31, 2022. The Company has incurred losses of $116,340 and $42,411 for the three months ended March 31, 2022 and 2021, respectively. The Company has not continually generated significant gross margins. Unless our operations generate a significant increase in gross margins and cash flows from operating activities, our continued operations will depend on whether we are able to raise additional funds through various sources, such as equity and debt financing, other collaborative agreements and/or strategic alliances. Our management is actively engaged in seeking additional capital to fund our operations in the short to medium term. Such additional funds may not become available on acceptable terms and there can be no assurance that any additional funding that we do obtain will be sufficient to meet our needs in the long term. As of March 31, 2022, we have enough cash to continue operations for approximately six months.

 

Net cash used in operating activities for the three months ended March 31, 2022, amounted to $116,194, compared to $33,495 net cash used in operating activities for the three months ended March 31, 2021. The increase of net cash used in operating activities mainly due to the increase of net loss.

 

There were $0 cash used by investment activities for the three months ended March 31, 2022 and 2021.

 

Net cash used in financing activities for the three months ended March 31, 2022 amounted to $2,915, compared to net cash provided by financing activities of $13,094 in the same period 2021.

 

12

 

 

COVID-19

 

In January 2020, the World Health Organization declared a global health emergency as the novel coronavirus (“COVID-19”) outbreak continues to spread beyond China. In an effort to contain COVID-19, the Chinese authorities have suspended air, road, and rail travel in the area around Wuhan and placed restrictions on travel and other activities throughout China, including Guangdong Province and Hong Kong, the key market in which we operate. In compliance with the government health emergency rules in place, the Company temporarily closed all offices in China and ceased operations from January 19, 2020 to February 10, 2020. At the end of this period, management reopened our business.

 

As of the date of this prospectus, the Hong Kong government has reported cases of COVID-19 in the city, has upgraded its response level to emergency, its highest response level, and is taking other steps to manage the outbreak. On February 8, 2020, the Hong Kong government began enforcing a compulsory 21-day quarantine for anyone, with reduced quarantine period for vaccinated persons arriving in Hong Kong from overseas depending on their port of embarkation. Moreover, this mandatory quarantine does not apply to individuals transiting Hong Kong International Airport and certain exempted groups such as flight crews. However, health screening measures are in place at all of Hong Kong’s borders and the Hong Kong authorities will quarantine individual travellers, including passengers transiting the Hong Kong International Airport, if the Hong Kong authorities determine the traveller to be a health risk. On January 30, 2020, the Hong Kong government closed certain transportation links and border checkpoints connecting Hong Kong with mainland China (all located in Guangdong Province) until further notice, and on February 3, 2020 suspended ferry services from Macau (which has border checkpoints connecting Macau with Guangdong Province).

 

The effects of the COVID-19 pandemic, including the travel restrictions described above, have resulted in a dramatic reduction in the number of people travelling from Guangdong Province to Hong Kong and a similar reduction in the number of our customers and have, severely impacted our operating results during the first quarter of 2020. For example, compared to the first quarter of 2019, the first quarter of 2020’s revenue, cost of revenue and operating expenses decreased by 33.2%, 43.8% and 76.6%, respectively, and gross profit and other income increased by 19.9% and 240.8%, respectively. We believe the decreases, including the decrease in cost of revenue, are primarily attributable to the fact that we ceased car services for individual and group travellers between Guangdong Province and Hong Kong in the first quarter of 2020, resulting in a decrease of customers. In the same period, we started to provide express, small-package delivery services for customers in the same region in cities including Shenzhen, Guangzhou, Zhuhai and Zhongshan, which brought in an estimated $8,700 of revenue. We expect that after our offices reopened on February 11, 2020 and as the travel restrictions started to ease, our business will gradually return to normal levels, although we are unable to predict as of the date of this prospectus the speed of the recovery.

 

We expect the COVID-19 outbreak may materially affect our financial condition and results of operations going forward. Our business operations and active ties in many regions (including Hong Kong and Guangdong Province) may be subject to quarantines, “shelter-in-place” rules, and various other restrictions for the foreseeable future. Due to the uncertainty of the future impacts of the COVID-19 pandemic, the extent of the financial impact cannot be reasonably estimated at this time. Without limited the generality of the foregoing sentence, any significant disruption to travel, including travel restrictions and other potential protective quarantine measures against COVID-19 by governmental agencies, may increase the difficulty and could make it difficult for the Company to provide its services to its customers. Travel restrictions and protective measures against COVID-19 could cause the Company to incur additional unexpected costs and expenses. The extent to which COVID-19 impacts the Company’s business, sales and results of operations will depend on future developments, which are highly uncertain and cannot be predicted.

 

13

 

 

Going Concern

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company’s services, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party(ies) when needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

 

Critical Accounting Policies

 

The discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. We continually evaluate our estimates, including those related to bad debts, the useful life of property and equipment and intangible assets, and the valuation of equity transactions. We base our estimates on historical experience and on various other assumptions that we believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions. We believe the following critical accounting policies affect our significant judgments and estimates used in the preparation of the financial statements.

 

Accounts Receivable - The customers are required to make payments when they book the services, otherwise, the services will not be arranged. Sometimes, the Company extends credit to its group clients. The company considers accounts receivable to be fully collectible at year-end. Accordingly, no allowance for doubtful accounts has been recorded.

 

Revenue Recognition - The Company recognizes revenue in accordance with ASC 606. The core principle of ASC606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes: (1) identifying contracts with customers, (2) identifying performance obligations within those contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) recognizing revenue when or as each performance obligation is satisfied. Our sales arrangements generally ask customers to pay in advance before any services can be arranged. The company recognizes revenue when each performance obligation is satisfied. Documents and terms and the completion of any customer acceptance requirements, when applicable, are used to verify services rendered. The Company has no returns or sales discounts and allowances because services rendered and accepted by customers are normally not returnable

 

Off-Balance Sheet Arrangements

 

As of March 31, 2022, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

 

14

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

As a smaller reporting company, we are not required to make disclosures under this item.

 

Item 4. Controls and Procedures

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that as of March 31, 2022, our disclosure controls and procedures were effective.

 

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

  

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting during the period ended March 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting

 

15

 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings. 

 

None.

 

Item 1A. Risk Factors 

 

There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

 

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 

 

Item 6. Exhibits

 

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

 

No.   Description of Exhibit
31.1*   Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**   Certification of Principal Executive Officer and Principal 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*   Inline XBRL Instance Document.
101.SCH*   Inline XBRL Taxonomy Extension Schema Document.
101.CAL*   Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*   Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*   Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*   Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

* Filed herewith.

 

** Furnished.

 

16

 

 

SIGNATURES

 

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

 

  PONY GROUP INC.
     
Date: May 16, 2022 By: /s/ Wenxian Fan
  Name:  Wenxian Fan
  Title: Chief Executive Officer
(Principal Executive Officer) and
Chief Financial Officer
(Principal Financial Officer)

 

 

17

 

 

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EX-31.1 2 f10q0322ex31-1_ponygroupinc.htm CERTIFICATION

Exhibit 31.1

CERTIFICATION

 

I, Wenxian Fan, Chief Executive Officer of Pony Group Inc., certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of Pony Group 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 audit committee:

 

  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: May 16, 2022     /s/Wenxian Fan
      Wenxian Fan
      Chief Executive Officer
(Principal Executive Officer and
Chief Financial Officer)
(Principal Financial Officer)

 

 

EX-32.1 3 f10q0322ex32-1_ponygroupinc.htm CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

 EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Pony Group Inc. (the “Company”) on Form 10-Q for the quarter ended March 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Wenxian Fan, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

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

 

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

 

 Date:  May 16, 2022     /s/ Wenxian Fan
      Wenxian Fan
      Chief Executive Officer
(Principal Executive Officer and
Chief Financial Officer)
(Principal Financial Officer)

  

 

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Document And Entity Information - shares
3 Months Ended
Mar. 31, 2022
May 16, 2022
Document Information Line Items    
Entity Registrant Name Pony Group Inc.  
Trading Symbol N/A  
Document Type 10-Q  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   11,500,000
Amendment Flag false  
Entity Central Index Key 0001784058  
Entity Current Reporting Status Yes  
Entity Filer Category Non-accelerated Filer  
Document Period End Date Mar. 31, 2022  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q1  
Entity Small Business true  
Entity Emerging Growth Company true  
Entity Shell Company false  
Entity Ex Transition Period false  
Document Quarterly Report true  
Document Transition Report false  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 83-3532241  
Entity Address, Address Line One Engineer Experiment Building  
Entity Address, Address Line Two A202 7 Gaoxin South Avenue  
Entity Address, Address Line Three Nanshan District  
Entity Address, City or Town Shenzhen  
Entity Address, Country CN  
City Area Code +86  
Local Phone Number 755 86665622  
Title of 12(b) Security None  
Security Exchange Name NONE  
Entity Interactive Data Current Yes  
Entity Address, Postal Zip Code 518000  
Entity File Number 333-234358  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current assets    
Cash and cash equivalents $ 146,460 $ 266,011
Accounts receivables 20,104 47,838
Other receivables 325 301
Other receivables-related parties 8,998 8,998
Total current assets 175,887 323,148
Total assets 175,887 323,148
Current liabilities    
Accounts payable 19,568 37,052
Other payable- related parties 283,235 286,150
Other current liability 92,850 102,930
Total current liabilities 395,653 426,132
Total liabilities 395,653 426,132
Equity    
Ordinary shares, $0.001 par value, 70,000,000 shares authorized, 11,500,000 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively* [1] 11,500 11,500
Additional paid-in capital 176,000 176,000
Accumulated foreign currency exchange loss (10,600) (10,158)
Accumulated deficit (396,666) (280,326)
Total Pony Group Inc stockholders’ equity (219,766) (102,984)
Total equity (219,766) (102,984)
Total liabilities and equity $ 175,887 $ 323,148
[1] The shares are presented on a retroactive basis to reflect the nominal share issuance.
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Balance Sheets (Parentheticals) - $ / shares
Mar. 31, 2022
Dec. 31, 2021
Statement of Financial Position [Abstract]    
Ordinary shares, par value (in Dollars per share) $ 0.001 $ 0.001
Ordinary shares, authorized 70,000,000 70,000,000
Ordinary shares, issued 11,500,000 11,500,000
Ordinary shares, outstanding 11,500,000 11,500,000
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Operations - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Income Statement [Abstract]    
Revenue $ 29,868 $ 12,268
Cost of revenue 24,824 31,450
Gross profit 5,044 (19,182)
Operating expenses    
General & administrative expenses 114,348 23,160
R&D expense 7,070
Total operating expenses 121,418 23,160
Income (loss) from operation (116,374) (42,342)
Other income (expenses)    
Other income (expense) 34 (99)
Total other income 34 (99)
Loss before income taxes (116,340) (42,441)
Provision for income tax
Net Loss (116,340) (42,441)
Net Loss (116,340) (42,441)
Other Comprehensive Income
Comprehensive loss $ (116,340) $ (42,441)
Basic and diluted earnings (loss) per common share (in Dollars per share) $ (0.01) $ (0.004)
Weighted average number of shares outstanding (in Shares) 11,500,000 11,500,000
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statement of Change in Equity - USD ($)
Total
Common stock
Additional Paid-In Capital
Subscription received in advance
Accumulated Other Comprehensive Income (Loss)
Accumulated Earnings (Deficit)
Balance at Dec. 31, 2020 $ (1,143) $ 11,500 $ 176,000 $ (6,323) $ (182,320)
Balance (in Shares) at Dec. 31, 2020 [1]   11,500,000        
Cumulative Foreign currency translation adjustment (1,758) (1,758)
Net (Loss) (42,441) (42,441)
Balance at Mar. 31, 2021 (45,674) $ 11,500 176,000 (8,081) (225,093)
Balance (in Shares) at Mar. 31, 2021 [1]   11,500,000        
Balance at Dec. 31, 2021 (102,984) $ 11,500 176,000 (10,158) (280,326)
Balance (in Shares) at Dec. 31, 2021 [1]   11,500,000        
Cumulative Foreign currency translation adjustment (442) (442)
Net (Loss) (116,430) (116,430)
Balance at Mar. 31, 2022 $ (219,766) $ 11,500 $ 176,000 $ (10,660) $ (396,666)
Balance (in Shares) at Mar. 31, 2022 [1]   11,500,000        
[1] The shares are presented on a retroactive basis to reflect the nominal share issuance.
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Consolidated Statements of Cash Flows - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net Loss $ (116,340) $ (42,441)
Changes in operating assets and liabilities:    
Accounts receivable 27,734 15,958
Other receivable (24) 1
Accounts payable (17,484) 4,793
Other payable (10,080) (11,806)
Cash provided (used) in operating activities (116,194) (33,495)
Cash flow used in investing activities:    
Cash used in investing activities
Cash flow provided (used) by financing activities:    
Pay for deferred offering cost  
Advance from (repayment to) related party (2,915) 13,094
Cash provided by financing activities (2,915) 13,094
Effects of currency translation on cash (442) (1,758)
Net increase (decrease) in cash (119,551) (22,159)
Cash at beginning of the period 266,011 286,625
Cash at end of period $ 146,460 $ 264,466