Notes to the Consolidated Financial Statements
March 31, 2017
(
Unaudited
)
(Except Axiom Holdings, Inc., Horizon Resources Co. Limited and CJC (Hong Kong) Limited, all English names of the companies and natural persons in this report are not their official English names but are stated here for identification purpose only.)
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Axiom Holdings, Inc. (the “Company” or “Axiom”) is a Nevada corporation incorporated on August 7, 2013, as At Play Vacations, Inc. It is based in Kowloon, Hong Kong. The Company incorporated wholly-owned subsidiaries, Quality Resort Hotels, Inc. (“QRH”) in Florida on August 8, 2013 and Horizon Resources Co. Ltd (“Horizon”) in the Cayman Islands on September 7, 2015. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is December 31.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying interim unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ended December 31, 2017. Notes to the unaudited interim consolidated financial statements that would substantially duplicate the disclosures contained in the audited consolidated financial statements for fiscal year 2016 have been omitted. This report should be read in conjunction with the audited consolidated financial statements and the footnotes thereto for the fiscal year ended December 31, 2016 included in the Company’s Form 10-K as filed with the Securities and Exchange Commission on March 31, 2017.
Basis of Consolidation
At March 31, 2017, the Company, through its wholly owned direct and indirect subsidiaries listed below, operates in two industry segments, namely hospitality and power production, and one geographic segment, the People’s Republic of China (“China” or the “PRC”).
Entity Name
|
|
Entity
Owned By
|
|
Nature of
Operation
|
|
Country of Incorporation
|
Horizon Resources Co. Ltd
|
|
Axiom
|
|
Investment
holding
|
|
Cayman
Islands
|
CJC (Hong Kong) Limited
|
|
Horizon
|
|
Investment holding
|
|
Hong Kong, China
|
Jin Tai Hong (Shenzhen) Hotel Management Services Company Limited (“Jin Tai Hong”)
|
|
CJC
|
|
Investment holding
|
|
China
|
Jin Bai Xing (Shenzhen) Clean Energy Technology Services Company Limited (“Jin Bai Xing”)
|
|
CJC
|
|
Investment holding
|
|
China
|
Xiao Jin County En Ze Hotel Management Company Limited ("En Ze")
|
|
Jin Tai Hong
|
|
Hotel management
|
|
China
|
Xiao Jin County Si Gu Niang Mountain Hotel Management Company Limited ("Si Gu Niang")
|
|
Jin Tai Hong
|
|
Hotel operation
(under construction)
|
|
China
|
Xiaojin County Jitai Power Investment Company Limited (“Jitai”)
|
|
Jin Bai Xing
|
|
Hydroelectric power station operation
|
|
China
|
Xiaojin County Xin Hong Electric Power Development Company Limited (“Xin Hong”)
|
|
Jin Bai Xing
|
|
Hydroelectric power station operation (under construction)
|
|
China
|
Sichuan Xing Tie Electric Power Company Limited (“Xing Tie”)
|
|
Jin Bai Xing
|
|
Manufacturing and trading of mechanical and electrical equipment
|
|
China
|
These consolidated financial statements include the accounts of the Company and its subsidiaries. All material intercompany balances and transactions have been eliminated.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted 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. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.
Foreign Currency Translation and Re-measurement
The Company translates its foreign operations to the U.S. dollar in accordance with ASC 830, “
Foreign Currency Matters
”.
The Company’s functional currency and reporting currency is the U.S. dollar, subsidiaries’ functional currency is the Chinese Yuan Renminbi (“CNY”) and Hong Kong Dollar (“HKD”).
The Company's subsidiaries, whose records are not maintained in that company's functional currency, re-measure their records into their functional currency as follows:
|
·
|
Monetary assets and liabilities at exchange rates in effect at the end of each period
|
|
·
|
Nonmonetary assets and liabilities at historical rates
|
|
·
|
Revenue and expense items at the average rate of exchange prevailing during the period
|
Gains and losses from these re-measurements were not significant and have been included in the Company's results of operations.
The Company's subsidiaries, whose functional currency is not the U.S. dollar, translate their records into the U.S. dollar as follows:
|
·
|
Assets and liabilities at the rate of exchange in effect at the balance sheet date
|
|
·
|
Equities at the historical rate
|
|
·
|
Revenue and expense items at the average rate of exchange prevailing during the period
|
Adjustments arising from such translations are included in accumulated other comprehensive income in shareholders’ equity.
|
|
March 31,
|
|
|
December 31,
|
|
|
March 31,
|
|
|
|
2017
|
|
|
2016
|
|
|
2016
|
|
|
|
|
|
|
|
|
|
|
|
Spot CNY: USD exchange rate
|
|
$
|
0.145
|
|
|
$
|
0.144
|
|
|
$
|
0.155
|
|
Average CNY: USD exchange rate
|
|
$
|
0.145
|
|
|
$
|
0.151
|
|
|
$
|
0.153
|
|
Spot HKD: USD exchange rate
|
|
$
|
0.129
|
|
|
$
|
0.129
|
|
|
$
|
0.129
|
|
Average HKD: USD exchange rate
|
|
$
|
0.129
|
|
|
$
|
0.129
|
|
|
$
|
0.129
|
|
Financial Instruments
The Company follows ASC 820
,"Fair Value Measurements and Disclosures,"
which defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
Level 1
Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Level 2
Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
Level 3
Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.
The Company's financial instruments consist principally of cash and cash equivalents, accounts receivable, prepaid expense, due from related parties, accounts payable and accrued liabilities, accrued interest, deposit received, and amounts due to related parties. Pursuant to ASC 820, the fair value of the Company's cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the Company's other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.
Revenue Recognition
The Company pursues opportunities to realize revenues from the provision of electricity by Jitai, to one customer. It is the Company’s policy that revenues will be recognized in accordance with ASC 605,
“Revenue Recognition.”
The Company recognizes revenue only when all of the following criteria have been met:
|
i)
|
power is generated and sold to our customer,
|
|
ii)
|
the customer signs back confirmation on quantity of power generated,
|
|
iii)
|
the unit charge of power is fixed or determinable; and,
|
|
iv)
|
collection is reasonably assured.
|
On the 24
th
of every month, the Company will check the power meter together with our client, and obtain a signed confirmation on power consumption for the prior month. Based on contracted unit pricing, the Company will invoice the customer.
Concentration of Revenue
All revenue of the Company during the periods was earned from provision of electricity to a single customer which was unrelated to the Company.
Commitments and Contingencies
The Company follows ASC 450-20,
"Loss Contingencies,"
to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.
An unrelated company (the “Guarantor”) has provided a guarantee for a related company of CJC (the “Related Company”) to secure a bank loan of $1,449,900 which matured in 2014. Jitai has in turn provided a guarantee to the Guarantor. Upon maturity of the loan, the Related Company failed to repay the loan. Hence, the Guarantor repaid the amount to the bank for the Related Company, but Jitai failed to fulfill its obligation for the guarantee to the Guarantor. By a court order, an agreement (the “Jitai Agreement”) between the Guarantor and Jitai was reached whereby the revenue of Jitai from June 2016 will be paid directly from the customer of Jitai to the Guarantor until a total of $1,364,620 has been repaid to the Guarantor.
Except for this commitment, there were no other commitments or contingencies at March 31, 2017 and December 31, 2016.
Recent Accounting Pronouncements
Management has considered all other recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements.
Reclassification
Certain amounts from prior periods have been reclassified to conform to the current period presentation.
NOTE 3 - GOING CONCERN
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. The Company has a net loss from operations of $174,040 and a net cash used in operating activities of $3,751,929 for the three months ended March 31, 2017, and an accumulated deficit of $3,522,262 as of March 31, 2017. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ended December 31, 2017.
The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings.
These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
NOTE 4 - PREPAID EXPENSES
The Company's prepaid expenses consist of the followings:
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
Prepaid expenses:
|
|
|
|
|
|
|
Third party suppliers for construction materials
|
|
$
|
261,376
|
|
|
$
|
258,676
|
|
Third party service providers for construction services
|
|
|
12,084,206
|
|
|
|
9,776,582
|
|
Third party suppliers for construction equipment
|
|
|
127,776
|
|
|
|
126,456
|
|
Other prepaid
|
|
|
2,823
|
|
|
|
5,323
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
12,476,181
|
|
|
$
|
10,167,037
|
|
NOTE 5 - PROPERTY AND EQUIPMENT
Property and equipment at March 31, 2017 and December 31, 2016 consist of the following:
|
|
March 31,
|
|
|
December 31,
|
|
|
|
2017
|
|
|
2016
|
|
Cost:
|
|
|
|
|
|
|
Power station
|
|
$
|
71,710,710
|
|
|
$
|
34,356,510
|
|
Office equipment
|
|
|
17,986
|
|
|
|
17,800
|
|
Mechanical equipment
|
|
|
12,399
|
|
|
|
12,271
|
|
Transportation
|
|
|
92,241
|
|
|
|
91,288
|
|
Construction in progress
|
|
|
4,707,038
|
|
|
|
41,104,502
|
|
|
|
|
76,540,374
|
|
|
|
75,582,371
|
|
Less: accumulated depreciation
|
|
|
(5,894,844
|
)
|
|
|
(5,384,543
|
)
|
Property and Equipment, net
|
|
$
|
70,645,530
|
|
|
$
|
70,197,828
|
|
Depreciation expense, included in cost of goods sold, for the three months ended March 31, 2017 and 2016 amounted to $453,971 and $255,270, respectively.
Part of power station and construction in progress has been pledged to banks to secure the bank loans (Note 6) provided to the Company.
During the three months ended March 31, 2017 and 2016, construction in progress of $36,985,391 and $0, respectively, had been re-classified to power station upon completion of construction when the facility reached the stage of completion for its intended use.
NOTE 6- LOANS PAYABLE AND ACCRUED INTEREST
The components of our long-term debt from Bank and Credit Union, including the current portion, and the associated interest rates, were as follows as of March 31, 2017 and December 31, 2016:
|
|
March 31,
|
|
|
December 31,
|
|
|
Interest
|
|
|
|
2017
|
|
|
2016
|
|
|
rate
|
|
|
|
|
|
|
|
|
|
|
|
Note payable - December 29, 2011 - December 28, 2017
|
|
$
|
333,960
|
|
|
$
|
330,510
|
|
|
0.94% per month
|
|
Note payable - November 23, 2011 - November 23, 2017
|
|
|
798,600
|
|
|
|
790,350
|
|
|
0.94% per month
|
|
Note payable - August 31, 2011 - August 30, 2017
|
|
|
624,360
|
|
|
|
617,910
|
|
|
0.94% per month
|
|
Note payable - June 16, 2014 - June 15, 2020
|
|
|
7,260,000
|
|
|
|
7,185,000
|
|
|
Best lending interest rate of the People's Bank of China plus 20% per annum
|
|
Note payable - January 22, 2015 - January 21, 2020
|
|
|
2,432,100
|
|
|
|
2,406,975
|
|
|
11.40% per annum
|
|
Note payable - November 24, 2014 - November 25, 2024
|
|
|
4,791,600
|
|
|
|
4,742,100
|
|
|
9.23% per annum
|
|
Note payable - January 10, 2014 - December 20, 2032
|
|
|
16,843,200
|
|
|
|
16,669,200
|
|
|
Best lending interest rate of the People's Bank of China plus 4% per annum
|
|
Note payable - June 27, 2016 - June 28, 2021
|
|
|
4,356,000
|
|
|
|
4,311,000
|
|
|
7.6% per annum
|
|
Note payable - January 22, 2017 - January 21, 2019
|
|
|
2,323,200
|
|
|
|
-
|
|
|
8.04% annum
|
|
|
|
$
|
39,763,020
|
|
|
$
|
37,053,045
|
|
|
|
|
Current portion of loans payable
|
|
|
3,208,920
|
|
|
|
3,175,770
|
|
|
|
|
Long-term loans payable
|
|
$
|
36,554,100
|
|
|
$
|
33,877,275
|
|
|
|
|
Interest expenses for the three months ended March 31, 2017, and 2016 amounted to $466,203 and $295,360, respectively. As of March 31, 2017, and December 31, 2016, the Company recorded accrued interest related to the loans of $2,004,925 and $2,147,424, respectively.
The bank loans are secured by construction in progress (March 31, 2017: $4,707,038; December 31, 2016: $4,579,467; Note 5), power station (March 31, 2017: $29,093,287; December 31, 2016: $29,028,673; Note 5) and intangible assets (March 31, 2017: $126,179; December 31, 2016: $124,875) from part of the balances of those items shown in the balance sheet.
NOTE 7 - RELATED PARTY TRANSACTIONS
Due from Related Parties
Due from related parties at March 31, 2017 and December 31, 2016 consist of as follows:
|
|
March 31,
|
|
|
December 31,
|
|
|
Relationship with
|
|
Related Party Name
|
|
2017
|
|
|
2016
|
|
|
the Company
|
|
Due from related parties
|
|
|
|
|
|
|
|
|
|
Sichuan Jiuyuen Property Development Company Limited
|
|
$
|
489,239
|
|
|
$
|
484,184
|
|
|
Under the same ultimate common control with CJC
|
|
Chengdu Yongtian Machinery Company Limited
|
|
|
375,082
|
|
|
|
371,207
|
|
|
Under the same ultimate common control with CJC
|
|
Chengdu Weijing Liquor Store Management Co., Ltd.
|
|
|
29,040
|
|
|
|
-
|
|
|
Under the same ultimate common control with CJC
|
|
|
|
$
|
893,361
|
|
|
$
|
855,391
|
|
|
|
|
The amounts were non-interest bearing, unsecured and had no fixed terms of repayment.
Due to Related Parties
As of March 31, 2017, and December 31, 2016, the Company was obligated to the following related parties:
|
|
March 31,
|
|
|
December 31,
|
|
|
Relationship with
|
|
Related Party Name
|
|
2017
|
|
|
2016
|
|
|
the Company
|
|
Due to related parties
|
|
|
|
|
|
|
|
|
|
Yeung Baigui
|
|
$
|
3,212,866
|
|
|
$
|
3,179,676
|
|
|
Current director and former stockholder of Si Gu Niang
|
|
Wu Hongguang
|
|
|
7,572,781
|
|
|
|
7,423,561
|
|
|
Current director of Jitai and former stockholder of Jitai and Xing Tie
|
|
Chen Juan
|
|
|
1,217,066
|
|
|
|
1,204,493
|
|
|
Current director of and former stockholder of En Ze
|
|
Hu Dengyang
|
|
|
1,137,352
|
|
|
|
1,125,602
|
|
|
Current director of Jin Bai Xing and former stockholder of En Ze
|
|
Wu Ling Electrical Engineering Company Limited
|
|
|
3,583,536
|
|
|
|
3,550,252
|
|
|
Former stockholder of Xing Tie, currently under the same ultimate common control with CJC
|
|
Sichuan Jiuyuen Electrical Engineering Company Limited
|
|
|
10,292,338
|
|
|
|
9,754,913
|
|
|
Under the same ultimate common control with CJC
|
|
Xinlong Xi Da Electrical Engineering Company Limited
|
|
|
272,898
|
|
|
|
270,078
|
|
|
Under the same ultimate common control with CJC
|
|
Li Yuen Huacheng Electrical Engineering Company Limited
|
|
|
2,999,211
|
|
|
|
2,375,344
|
|
|
Under the same ultimate common control with CJC
|
|
Sichuan Red Leaf Electrical Engineering Company Limited
|
|
|
391,895
|
|
|
|
387,846
|
|
|
Under the same ultimate common control with CJC
|
|
Xiaojin County Hongtai Leasing Co., Ltd
|
|
|
560,983
|
|
|
|
-
|
|
|
Under the same ultimate common control with CJC
|
|
Chengdu Jinyan Investment Management Co., Ltd
|
|
|
502
|
|
|
|
-
|
|
|
Under the same ultimate common control with CJC
|
|
NYJJ Investments Ltd
|
|
|
404,512
|
|
|
|
-
|
|
|
Shareholder of Axiom
|
|
|
|
$
|
31,645,940
|
|
|
$
|
29,271,765
|
|
|
|
|
Debt Forgiveness
During the three months ended March 31, 2017, related parties, who are shareholders of the Company, forgave debt, in the amount of $16,680 for payments made on behalf of the Company for operating expenses. The amount has been recognized as a contribution to capital.
During the three months ended March 31, 2017, the Company agreed with a related party, who is a shareholder of the Company, that $285,542 advanced and forgiven by the related party during the year ended December 31, 2016, would now be owed by the Company. As a result, the Company reclassified the amount of $285,542 from additional paid in capital to amount due to related parties during the period ended March 31, 2017.
Directors Compensation
During the three months ended March 31, 2017 and 2016, directors of our subsidiaries were paid salaries totaling $41,582 and $43,125, respectively.
NOTE 8 - INDUSTRY SEGMENTS
At March 31, 2017 and December 31, 2016, the Company operates in two industry segments, namely hospitality and power production, and in one geographic segment, China, where all assets and liabilities were located.
Hospitality
The Company provides catering and hospitality services.
Power production
The Company produces hydroelectric power.
Segment revenue and net loss for the three months ended March 31, 2017 and 2016 were as follows:
March 31, 2017
|
|
Holding
Company
|
|
|
Hospitality
|
|
|
Power
production
|
|
|
Total
Consolidated
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
$
|
13,802
|
|
|
$
|
9,598,117
|
|
|
$
|
4,271,600
|
|
|
$
|
13,883,519
|
|
Property and Equipment
|
|
|
-
|
|
|
|
4,707,038
|
|
|
|
65,938,492
|
|
|
|
70,645,530
|
|
Other non-current assets
|
|
|
-
|
|
|
|
126,179
|
|
|
|
145,200
|
|
|
|
271,379
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
523,253
|
|
|
|
9,152,155
|
|
|
|
30,183,789
|
|
|
|
39,859,197
|
|
Long term liabilities
|
|
|
-
|
|
|
|
5,227,200
|
|
|
|
31,326,900
|
|
|
|
36,554,100
|
|
Net assets (liabilities)
|
|
$
|
(509,451
|
)
|
|
$
|
51,979
|
|
|
$
|
8,844,603
|
|
|
$
|
8,387,131
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2016
|
|
Holding
Company
|
|
|
Hospitality
|
|
|
Power
production
|
|
|
Total
Consolidated
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current assets
|
|
$
|
15,408
|
|
|
$
|
7,117,791
|
|
|
$
|
3,955,374
|
|
|
$
|
11,088,573
|
|
Property and Equipment
|
|
|
-
|
|
|
|
4,579,467
|
|
|
|
65,618,361
|
|
|
|
70,197,828
|
|
Other non-current assets
|
|
|
-
|
|
|
|
124,875
|
|
|
|
143,700
|
|
|
|
268,575
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities
|
|
|
141,796
|
|
|
|
7,459,691
|
|
|
|
30,877,175
|
|
|
|
38,478,662
|
|
Long term liabilities
|
|
|
-
|
|
|
|
4,311,000
|
|
|
|
29,566,275
|
|
|
|
33,877,275
|
|
Net assets (liabilities)
|
|
$
|
(126,388
|
)
|
|
$
|
51,442
|
|
|
$
|
9,273,985
|
|
|
$
|
9,199,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017
|
|
Holding
Company
|
|
|
Hospitality
|
|
|
Power
production
|
|
|
Total
Consolidated
|
|
Revenue
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
446,572
|
|
|
$
|
446,572
|
|
Cost of goods sold
|
|
|
-
|
|
|
|
-
|
|
|
|
(464,024
|
)
|
|
|
(464,024
|
)
|
Operating expenses
|
|
|
(114,201
|
)
|
|
|
-
|
|
|
|
(42,387
|
)
|
|
|
(156,588
|
)
|
Other expenses, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(466,203
|
)
|
|
|
(466,203
|
)
|
Net loss
|
|
$
|
(114,201
|
)
|
|
$
|
-
|
|
|
$
|
(526,042
|
)
|
|
$
|
(640,243
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2016
|
|
Holding
Company
|
|
|
Hospitality
|
|
|
Power
production
|
|
|
Total
Consolidated
|
|
Revenue
|
|
$
|
-
|
|
|
$
|
-
|
|
|
$
|
319,456
|
|
|
$
|
319,456
|
|
Cost of goods sold
|
|
|
-
|
|
|
|
-
|
|
|
|
(251,069
|
)
|
|
|
(251,069
|
)
|
Operating expenses
|
|
|
(2,387
|
)
|
|
|
-
|
|
|
|
(34,455
|
)
|
|
|
(36,842
|
)
|
Other expenses, net
|
|
|
-
|
|
|
|
-
|
|
|
|
(295,360
|
)
|
|
|
(295,360
|
)
|
Net loss
|
|
$
|
(2,387
|
)
|
|
$
|
-
|
|
|
$
|
(261,428
|
)
|
|
$
|
(263,815
|
)
|
NOTE 9 - SUBSEQUENT EVENTS
Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no other events have occurred that require disclosure.