Quarterly Report (10-q)

Date : 11/21/2018 @ 5:02PM
Source : Edgar (US Regulatory)
Stock : Resort Savers, Inc. (QB) (RSSV)
Quote : 3.1  0.1 (3.33%) @ 9:05PM

Quarterly Report (10-q)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

 

 

x

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

 

 

For the quarterly period ended September 30, 2018

 

or

 

¨

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

 

For the transition period from __________ to __________

 

Commission File Number 000-55319

 

Resort Savers, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada

 

46-1993448

(State or other jurisdiction

of incorporation or organization)

 

(IRS Employer

Identification No.)

 

No. 10-2-4B, Jin Di Shang Tang Garden,

Long Hua Xin Qu Shang Tang Road

Shenzhen, Guangdong Province,

the People’s Republic of China

 

518000

(Address of principal executive offices)

 

(Zip Code)

 

0086-0755-23106825

(Registrant’s telephone number, including area code)

 

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

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. x YES    o NO

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). x YES     o NO

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

o

 

Accelerated filer

o

Non-accelerated filer

o

(Do not check if a smaller reporting company)

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. o

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) o YES    x NO

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

As of November 19, 2018, there were 520,976,241 shares of the issuer’s common stock, par value $0.0001 per share, outstanding.

 

 
 
 
 

 

TABLE OF CONTENTS

 

PART I - FINANCIAL INFORMATION

 

Item 1.

Financial Statements

3

 

Item 2.

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

15

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

20

 

Item 4.

Controls and Procedures

20

 

PART II - OTHER INFORMATION

 

Item 1.

Legal Proceedings

21

 

Item 1A.

Risk Factors

21

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

21

 

Item 3.

Defaults Upon Senior Securities

21

 

Item 4.

Mine Safety Disclosures

21

 

Item 5.

Other Information

21

 

Item 6.

Exhibits

23

 

SIGNATURES

24

 

 
2
 
Table of Contents

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

RESORT SAVERS, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

    

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash and cash equivalents

 

$ 47,546

 

 

$ 2,301

 

Accounts receivable

 

 

1,109,480

 

 

 

129,435

 

Inventory

 

 

94,238

 

 

 

124,343

 

Prepaid and Other current assets

 

 

41,706

 

 

 

76,103

 

Amount due from related parties

 

 

19,353,466

 

 

 

157,863

 

Assets held for sale

 

 

86,096

 

 

 

-

 

Total Current Assets

 

 

20,732,532

 

 

 

490,045

 

Plant and Equipment, net

 

 

575,555

 

 

 

760,278

 

Goodwill

 

 

3,199,594

 

 

 

-

 

TOTAL ASSETS

 

$ 24,507,681

 

 

$ 1,250,323

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$ 1,042,486

 

 

$ 22,517

 

Accrued liabilities and other payable

 

 

96,090

 

 

 

58,388

 

Deferred revenue

 

 

141,625

 

 

 

163,418

 

Due to related parties

 

 

14,054,400

 

 

 

136,070

 

Tax payable

 

 

173,976

 

 

 

34,191

 

Liabilities held for sale

 

 

505,485

 

 

 

-

 

Total Current Liabilities

 

 

16,014,062

 

 

 

414,584

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities

 

 

57,224

 

 

 

78,414

 

TOTAL LIABILITIES

 

 

16,071,286

 

 

 

492,998

 

 

 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

-

 

 

 

-

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 15,000,000 shares authorized; no shares issued and outstanding

 

 

-

 

 

 

 

 

Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 520,976,241 and 74,976,241 shares issued and outstanding

 

 

52,098

 

 

 

40,000

 

Additional paid-in capital

 

 

8,941,210

 

 

 

1,166,475

 

Accumulated deficit

 

 

(194,858 )

 

 

(464,343 )

Accumulated other comprehensive income (loss)

 

 

(374,445 )

 

 

15,193

 

Total Resort Savers, Inc. stockholders’ equity

 

 

8,424,005

 

 

 

757,325

 

Non-controlling interest

 

 

12,390

 

 

 

-

 

Total equity

 

 

8,436,395

 

 

 

757,325

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$ 24,507,681

 

 

$ 1,250,323

 

 

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

 

 
3
 
Table of Contents

 

RESORT SAVERS, INC.

Consolidated Statements of Operations and Other Comprehensive Income (Loss)

( Unaudited )

 

 

 

Three months ended

 

 

Nine months ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$ 3,800

 

 

$ 27,258

 

 

$ 299,200

 

 

$ 621,552

 

Revenue from related party

 

 

10,227,279

 

 

 

-

 

 

 

14,714,437

 

 

 

-

 

Cost of goods sold

 

 

9,518,335

 

 

 

1,984

 

 

 

13,999,521

 

 

 

192,007

 

Gross Profit

 

 

712,744

 

 

 

25,274

 

 

 

1,014,116

 

 

 

429,545

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

90,638

 

 

 

91,117

 

 

 

400,806

 

 

 

796,123

 

Professional fees

 

 

22,214

 

 

 

26,053

 

 

 

45,051

 

 

 

26,053

 

Loss on disposal and impairment of plant and equipment

 

 

95,955

 

 

 

6,928

 

 

 

95,955

 

 

 

6,928

 

Total Operating Expenses

 

 

208,807

 

 

 

124,098

 

 

 

541,812

 

 

 

829,104

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) From Operations

 

 

503,937

 

 

 

(98,824 )

 

 

472,304

 

 

 

(399,559 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income

 

 

1,352

 

 

 

39,352

 

 

 

4,024

 

 

 

97,540

 

Other loss

 

 

(458 )

 

 

-

 

 

 

(14,212 )

 

 

-

 

Interest expense

 

 

-

 

 

 

-

 

 

 

(88,315 )

 

 

-

 

Total Other Income Expenses

 

 

894

 

 

 

39,352

 

 

 

(98,503 )

 

 

97,540

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (Loss) Before Income Taxes

 

 

504,831

 

 

 

(59,472 )

 

 

373,801

 

 

 

(302,019 )

Provision for income taxes

 

 

(103,345 )

 

 

(2,266 )

 

 

(101,553 )

 

 

21,027

 

Loss from continuing operations

 

 

401,486

 

 

 

(61,738 )

 

 

272,248

 

 

 

(280,992 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Discontinued operations, net of income taxes

 

 

(3,615 )

 

 

-

 

 

 

(4,559 )

 

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Income (Loss)

 

 

397,871

 

 

 

(61,738 )

 

 

267,689

 

 

 

(280,992 )

Net (income) loss attributable to the non-controlling interest

 

 

1,418

 

 

 

-

 

 

 

1,796

 

 

 

-

 

Net Income (Loss) Attributable To The Shareholders Of Resort Savers, Inc.

 

$ 399,289

 

 

$ (61,738 )

 

$ 269,485

 

 

$ (280,992 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(184,252 )

 

 

17,999

 

 

$ (375,452 )

 

$ 43,459

 

Total Comprehensive Income (Loss)

 

 

213,619

 

 

 

(43,739 )

 

 

(107,763 )

 

 

(237,533 )

Comprehensive (income) loss attributable to the non-controlling interest

 

 

(12,768 )

 

 

-

 

 

 

(12,390 )

 

 

-

 

Total Comprehensive Income (Loss) Attributable to the Shareholders Of Resort Savers, Inc.

 

$ 200,851

 

 

$ (43,739 )

 

$ (120,153 )

 

$ (237,533 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted Loss per Common Share

 

$ 0.00

 

 

$ (0.00 )

 

$ 0.00

 

 

$ (0.00 )

Basic and Diluted Weighted Average Common Shares Outstanding

 

 

520,976,241

 

 

 

400,000,000

 

 

 

459,614,364

 

 

 

400,000,000

 

 

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

 

 
4
 
Table of Contents

 

RESORT SAVERS, INC.

Consolidated Statements of Cash Flows

( Unaudited )

  

 

 

Nine months ended

 

 

 

September 30,

 

 

 

2018

 

 

2017

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net income (loss)

 

$ 267,689

 

 

$ (280,992 )

Adjustments to reconcile net income (loss) to net cash from operating activities:

 

 

 

 

 

 

 

 

Depreciation

 

 

80,091

 

 

 

75,055

 

Bad debt

 

 

7,755

 

 

 

-

 

Loss on disposal of plant and equipment

 

 

31,392

 

 

 

6,928

 

Impairment loss on plant and equipment

 

 

64,563

 

 

 

-

 

Amortization of discount

 

 

100,000

 

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Amount due from related parties

 

 

(20,005,085 )

 

 

6,776

 

Accounts receivable

 

 

23,502,328

 

 

 

(334 )

Inventories

 

 

28,096

 

 

 

128,448

 

Prepaid and Other current assets

 

 

60,862

 

 

 

(114,816 )

Accounts payable

 

 

(109,291 )

 

 

13,780

 

Deferred revenue

 

 

(41,243 )

 

 

20,397

 

Amount due to related parties

 

 

(3,434,881 )

 

 

-

 

Tax payable

 

 

114,614

 

 

 

(23,872 )

Accrued liabilities and other payable

 

 

32,984

 

 

 

(87,238 )

Net cash provided by (used in) operating activities

 

 

699,874

 

 

 

(255,868 )

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Cash received through business acquisition

 

 

88,738

 

 

 

-

 

Purchase of plant and equipment

 

 

(550 )

 

 

(2,263 )

Proceeds from disposal of plant and equipment

 

 

4,596

 

 

 

8,923

 

Loans to related party

 

 

(21,009 )

 

 

-

 

Net cash provided by investing activities

 

 

71,775

 

 

 

6,660

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Bank overdraft

 

 

-

 

 

 

-

 

Repayment of short-term loan

 

 

(934,800 )

 

 

-

 

Loans from related parties

 

 

163,587

 

 

 

242,839

 

Repayments of loans from related parties

 

 

(120,402 )

 

 

(33,106 )

Net cash (used in) provided by financing activities

 

 

(891,615 )

 

 

209,733

 

 

 

 

 

 

 

 

 

 

Effects on changes in foreign exchange rate

 

 

202,228

 

 

 

2,058

 

 

 

 

 

 

 

 

 

 

Net change in cash and cash equivalents

 

 

82,262

 

 

 

(37,417 )

Cash and cash equivalents - beginning of period

 

 

2,301

 

 

 

51,492

 

Cash and cash equivalents - end of period

 

$ 84,563

 

 

$ 14,075

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents - end of period consists of:

 

 

 

 

 

 

 

 

Cash for continuing operations

 

$ 47,546

 

 

$ -

 

Cash for assets held for sale

 

$ 37,017

 

 

$ -

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Disclosures

 

 

 

 

 

 

 

 

Cash paid for interest

 

$ -

 

 

$ -

 

Cash paid for income taxes

 

$ -

 

 

$ -

 

 

 

 

 

 

 

 

 

 

Non-Cash Investing and Financing Activity:

 

 

 

 

 

 

 

 

Debt forgiveness by related party

 

$ 104,949

 

 

$ -

 

Common stock issued for conversion of debt

 

$ 100,000

 

 

$ -

 

Beneficial conversion feature

 

$ 100,000

 

 

$ -

 

 

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

 

 
5
 
Table of Contents

 

RESORT SAVERS, INC.

Notes to the Consolidated Financial Statements

September 30, 2018

Expressed in United States Dollars

( Unaudited )

 

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

 

Resort Savers, Inc. (“we,” “us,” “our,” the “Company,” “Resort Savers” or “RSSV”) is a Nevada corporation incorporated on June 25, 2012. It is based in Shenzhen, the People’s Republic of China (the “PRC”). 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.

 

The Company makes investments and acquisitions into sound, transparent markets and industries throughout the world. The Company is principally engaged in the trading of oil, gas and lubricant, as well as an agricultural business and provides nutrition consultancy services and training as well as selling health products through an online store.

 

Admall Share Exchange and Recapitalization

 

Admall Sdn. Bhd.

 

On May 16, 2018, the Company closed the acquisition of Admall Sdn. Bhd., a limited liability company incorporated in Malaysia (“Admall”) by way of share exchange (the “Admall Acquisition”). The Company effected the Admall Acquisition pursuant to the terms of that certain Share Exchange Agreement (the “Admall Agreement”), dated February 9, 2018, by and between the Company, Admall, and Mr. Boon Jin “Patrick” Tan, an individual who prior to the closing of the Admall Acquisition held 100% of the outstanding equity interests of Admall. See Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities Exchange Commission on February 9, 2018, which is incorporated herein by reference, for a detailed description of the Admall Agreement.

 

At the closing of the Admall Acquisition, the Company acquired 100% of the outstanding equity interests of Admall from Mr. Tan, and the Company issued 400,000,000 shares of its common stock, par value $0.0001 per share (“Common Stock”) to Mr. Tan, which at the time of closing represented approximately 81.47% of the Company’s issued and outstanding Common Stock. As a result, Mr. Tan became a stockholder of the Company and Admall became a wholly-owned subsidiary of the Company. For federal income tax purposes, the Admall Acquisition was intended to qualify as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended.

 

For financial accounting purposes, the Admall Agreement has been accounted for as a reverse acquisition by Admall and resulted in a recapitalization of the Company, with Admall being the accounting acquirer and the Company as the acquired entity. The consummation of the Admall Agreement resulted in a change of control of RSSV. Accordingly, the historical financial statements prior to the acquisition are those of the accounting acquirer, Admall, and have been prepared to give retroactive effect to the reverse acquisition completed on May 16, 2018 and represent the operations of Admall.

 

As a result of the above, these consolidated financial statements represent Admall as the accounting acquirer (legal acquiree) and RSSV, from May 16, 2018 forward, as the accounting acquiree (legal acquirer), and the legal capital stock (number and type of equity interests issued) is that of RSSV, the legal parent, in accordance with guidance on reverse acquisitions accounted for as a business combination. Therefore, the Company recognized goodwill of $3,199,594.

 

Change in Fiscal Year

 

On July 3, 2018, our Board of Directors approved a change in our Fiscal Year End from January 31 to December 31, and the Company’s bylaws were immediately amended subsequent to the decision. The Company now operates on a fiscal year ending on December 31.

 

Reverse Stock Split

 

On July 3, 2018, our Board of Directors approved a reverse one-for-thirty (1-for-30) stock split (the “Reverse Split”) of the Company’s issued and outstanding Common Stock. The Reverse Split will have no effect on the number of authorized Common Stock of the Company, nor will it effect the authorized or issued and outstanding shares of preferred stock, par value $0.0001 per share (“Preferred Stock”), since the Company has no shares of Preferred Stock issued or outstanding. The Reverse Split will take effect upon approval by the Financial Industry Regulatory Authority (“FINRA”). No adjustments have been made to the financial statements as a result of the Reverse Split.

  

Name Change

  

On July 3, 2018, our Board of Directors approved a change in corporate name of the Company from Resort Savers, Inc. to SGCI Group Holding, Inc. (the “Name Change”). The Name Change will be effective upon approval by FINRA.

 

 
6
 
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NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation

 

The Company prepares its financial statements in accordance with rules and regulations of the U.S. Securities and Exchange Commission (SEC) and generally accepted accounting principles (“GAAP”) in the United States of America. The accompanying interim financial statements have been prepared in accordance with GAAP for interim financial information in accordance with Article 8 of Regulation S-X and presented in United States dollars.

 

The amounts shown in these financial statements for periods prior to May 16, 2018 are those of Admall. For the period from May 16, 2018 through September 30, 2018, the amounts shown in these financial statements are the consolidated results of the Company including its wholly owned subsidiary, Admall.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s Form 8-K/A filed on November 11, 2018. The results of operations for the periods ended September 30, 2018 and the same period last year are not necessarily indicative of the operating results for the full years. In the opinion of management, the unaudited consolidated financial statements include all adjustments necessary for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented, all such adjustments were of a normal and recurring nature, with the exception of the recapitalization related to the reverse acquisition transaction that occurred on May 16, 2018 which of a non-recurring nature.

 

Principles of Consolidation

 

At September 30, 2018, the principal subsidiaries of the Company were listed as follows:

 

Entity Name

 

Acquisition

Date

 

Ownership

 

Jurisdiction

 

Investments

Held By

 

Nature of

Operation

 

Fiscal

Year

 

Admall Sdn. Bhd.

 

May 16,

2018

 

100

%

 

Malaysia

 

RSSV

 

Nutritional

Services

 

December

31

 

Xing Rui International Investment Holding Group Co., Ltd. (“Xing Rui”)

 

December 22,

2014

 

100

%

 

Seychelles

 

RSSV

 

Holding

Company

 

January

31

 

Xing Rui International Investment Group Ltd. (“Xing Rui HK”)

 

December 22,

2014

 

100

%

 

Hong Kong,

the PRC

 

Xing Rui

 

Holding

Company

 

January

31

 

Huaxin Changrong (Shenzhen) Technology Service Co., Ltd. (“Huaxin”) *

 

August 27,

2015

 

100

%

 

the PRC

 

Xing Rui

 

Holding

Company

 

December

31

 

Shenzhen Amuli Industrial Development Company Limited (“Amuli”) * (1)

 

October 1,

2015

 

60

%

 

the PRC

 

Huaxin

 

Beverage

Producer

 

December

31

 

Beijing Yandong Tieshan Oil Products Co., Ltd. (“Tieshan Oil”) *

 

January 29,

2016

May 16, 2018

 

51

49

%

%

 

the PRC

 

Huaxin

 

Trading of oil

products

 

December

31

__________

*

The English names used are translated only.

(1)

Please see Part II, Item 5 (Other Information) in this Quarterly Report on Form 10-Q for a description of the November 19, 2018 disposition of Amuli.

 

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 GAAP 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 U.S. dollars in accordance with ASC 830, “ Foreign Currency Matters ”.

 

The Company’s functional currency and reporting currency is the U.S. dollar, and our subsidiaries’ functional currency is the Chinese Yuan Renminbi (“CNY”), Malaysian Ringgit (“MYR”) and Hong Kong Dollar (“HKD”).

 

The translate its records into U.S. dollar as follows:

 

 
7
 
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· Assets and liabilities at the rate of exchange in effect at the balance sheet date

 

 

 

 

· Equities at historical rate

 

 

 

 

· Revenue and expense items at the average rate of exchange prevailing during the period

 

Concentrations of Credit Risk

 

The Company’s financial instruments that are exposed to concentrations of credit risk primarily consist of its cash and cash equivalents, and accounts receivable. The Company places its cash and cash equivalents with financial institutions of high credit worthiness. At times, its cash and cash equivalents with a particular financial institution may exceed any applicable government insurance limits. The Company also reviews its accounts receivable in a timely manner. The Company’s management plans to assess the financial strength and credit worthiness of any parties to which it extends funds, and as such, it believes that any associated credit risk exposures are limited.

 

Tieshan Oil

 

During the nine months ended September 30, 2018, one customer, who is a related party, accounted for 98% of revenues from related party.

 

As of September 30, 2018, one customer accounted for approximately 81% of accounts receivable, one customer accounted for 98% of accounts receivable – related party, two vendors account for approximately 96% of accounts payable, two vendors account for approximately 98% of accounts payable – related parties.

 

Financial Instruments

 

The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable, prepaid expenses and deposits, amount due from related parties, accounts payable and accrued liabilities, short-term loan, deferred revenue and due to related parties. The carrying amounts of such financial instruments approximate their respective estimated fair value due to the short-term maturities and approximate market interest rates of these instruments.

 

Inventory

 

Inventories, consisting of raw material, are primarily accounted for using the first-in-first-out (“FIFO”) method of accounting. Inventories are measured at the lower of cost and net realizable value. The Company estimates the net realizable value of inventories based on an assessment of expected sales prices. Demand levels and pricing competition could change from time to time. If such factors result in an adverse effect on the Company’s products, the Company might be required to reduce the value of its inventories.

 

Property and equipment

 

Fixed assets are recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The useful lives are as follows:

 

Computer and software

3 years

Furniture and fittings

6 years

Office equipment

4 years

Plant and machinery

5 ~ 10 years

Renovation

3.3 years

 

Maintenance and repairs are charged to operations as incurred. Expenditures which substantially increase the useful lives of the related assets are capitalized. When properties are disposed of, the related costs and accumulated depreciation are removed from the accounts and any gain or loss is reported in the period the transaction takes place.

 

Accounting for the impairment of long-lived assets

 

The long-lived assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable. It is reasonably possible that these assets could become impaired as a result of technology or other industry changes. Determination of recoverability of assets to be held and used is by comparing the carrying amount of an asset to future net undiscounted cash flows to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the nine months ended September 30, 2018 and 2017, the Company did not impair any long-lived assets.

 

 
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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 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 and Deferred Taxes

 

Tax expense in profit or loss comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination or items recognized directly in equity or other comprehensive income.

 

Deferred tax is recognized using the liability method for all temporary differences between the carrying amounts of assets and liabilities in the statement of financial position and their tax bases. Deferred tax is not recognized for the temporary differences arising from the initial recognition of goodwill, the initial recognition of assets and liabilities in a transaction which is not a business combination and that affects neither accounting nor taxable profit or loss. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the end of the reporting period.

 

Recent Accounting Pronouncements

 

Management has considered all 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.

 

NOTE 3 - GOING CONCERN

 

The Company’s financial statements are prepared using GAAP applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet had sufficient revenues to cover its operating cost, and requires additional capital to commence its operating plan. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations. These factors raise substantial doubt about its ability 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 plan to obtain such resources for the Company include: sales of equity instruments; traditional financing, such as loans; and obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.

 

There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations. However, there is no assurance that the Company will attain profitability. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

 

NOTE 4 – ACCOUNTS RECEIVABLE

 

The Company has performed an analysis on all of its accounts receivable and determined that all amounts are collectible by the Company. As such, all accounts receivable are reflected as a current asset and no allowance for bad debt has been recorded as of September 30, 2018 and December 31, 2017. For the nine months ended September 30, 2018 and 2017, the Company recorded bad debt of $7,755 and $0, respectively. The Company’s accounts receivable consists of only trade receivables from customers which are unrelated to the Company. Trade receivables from customers which are related to the Company are categorized in amount due from related parties (Note 11). As at September 30, 2018 and December 31, 2017, the Company had accounts receivable of $1,109,480 and $129,435, respectively.

 

NOTE 5 – INVENTORIES

 

Inventories at September 30, 2018 and December 31, 2017 consist of the following:

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

Finished goods

 

$ 94,238

 

 

$ 124,343

 

 

NOTE 6 - PREPAID AND OTHER CURRENT ASSETS

 

Prepaid expense and other current assets at September 30, 2018 and December 31, 2017 consist of the following

 

 
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September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

 

 

 

 

 

Other receivables

 

$ 2,659

 

 

$ 3,250

 

Deposits

 

 

433

 

 

 

13,961

 

Prepaid expenses

 

 

38,614

 

 

 

58,892

 

 

 

$ 41,706

 

 

$ 76,103

 

 

NOTE 7 – PLANT AND EQUIPMENT

 

Plant and equipment at September 30, 2018 and December 31, 2017 consist of the following:

   

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Cost:

 

 

 

 

 

 

Computer and software

 

$ 77,102

 

 

$ 93,893

 

Furniture and fittings

 

 

4,289

 

 

 

39,969

 

Office equipment

 

 

5,159

 

 

 

42,799

 

Plant and machinery

 

 

962,081

 

 

 

738,662

 

Renovation

 

 

-

 

 

 

48,978

 

 

 

 

1,048,631

 

 

 

964,301

 

Less: accumulated depreciation

 

 

(473,076 )

 

 

(204,023 )

Equipment, net

 

$ 575,555

 

 

$ 760,278

 

 

During the nine months ended September 30, 2018 and 2017, the Company recorded depreciation of $80,091 and $75,055, respectively.

 

During the nine months ended September 30, 2018 and 2017, the Company acquired assets of $550 and $2,263, respectively, and sold assets for $4,596 and $8,923, respectively and recorded loss on sales of assets of $31,392 and $6,928, respectively.

 

During the nine months ended September 30, 2018 and 2017, the Company recorded an impairment loss of $64,563 and $0, respectively.

 

NOTE 8 –ACCRUED LIABILITIES AND OTHER PAYABLE

 

The Company’s accounts payable and accrued liabilities consist of the followings:

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Accrued expenses

 

$ 43,652

 

 

$ 35,121

 

Deposit received

 

 

242

 

 

 

308

 

Other payables

 

 

52,196

 

 

 

22,959

 

 

 

$

96,090

 

 

$ 58,388

 

 

NOTE 9 – SHORT-TERM LOAN

 

There are no provisions in the Company’s bank borrowings that would accelerate repayment of debt as a result of a change in credit ratings or a material adverse change in the Company’s business.

 

The interest rate is 0.5% per month. The loan is secured by 48.83% shares of Tieshan Oil held by Mr. Yang Baojin (“Mr. Yang”). The Loan was due on October 7, 2017 and the outstanding amount of $789,500 (RMB 5,000,000) is currently in default. The Company believes that the carrying value of the equity interest in Tieshan Oil, which is a financial instrument, and which has been pledged by Mr. Yang as collateral for the loan is sufficient to underlie the loan, and the Company has not been requested to add any additional credit enhancements.

 

During the nine months ended September 30, 2018, the Company repaid $934,800 (RMB 6,000,000). On September 30, 2018 and December 31, 2017, the Company had a short-term loan balance of $0.

 

NOTE 10 – CONVERTIBLE NOTE

 

Onn May 21, 2018, the Company issued the convertible note of $100,000 with a conversion price of one-third of one cent to the related party to repay related party contribution. The convertible note is non-bearing interest and due on May 21, 2019. The Company recorded a discount on the convertible note due to a beneficial conversion feature of $100,000.

 

On May 30, 2018, the note was fully converted into 30,000,000 shares of common stock.

 

 
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During the nine months ended September 30, 2018, the Company recognized amortization of discount of $100,000.

 

NOTE 11 - STOCKHOLDERS’ EQUITY

 

The capitalization of the Company consists of the following classes of capital stock as of September 30, 2018:

 

Preferred Stock

 

The Company has authorized 15,000,000 shares of preferred stock with a par value of $0.0001 per share. The Board of Directors are authorized to divide the authorized shares of Preferred Stock into one or more series, each of which shall be so designated as to distinguish the shares thereof from the shares of all other series and classes. No shares of preferred stock have been issued.

 

Common Stock

 

The Company has authorized 1,000,000,000 shares of common stock with a par value of $0.0001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

 

During the nine months ended September 30, 2018, the Company issued 30,000,000 shares of common stock for conversion of debt of $100,000.

 

As at September 30, 2018 and December 31, 2017, the Company had 520,976,241 and 400,000,000 common shares issued and outstanding.

 

The Company has no stock option plan, warrants or other dilutive securities.

 

Additional Paid-In Capital

 

During the nine months ended September 30, 2018, related parties contributed additional paid-in capital in the amount of $104,494, to fund operating expenses and related party contribution of $100,000 was cancelled (see Note 9).

 

NOTE 12 – RELATED PARTY TRANSACTIONS

 

Revenue and receivable

 

During the nine months ended September 30, 2018, the Company generated revenue from related parties of $14,714,437, which were related company under common control with the Company.

 

The Company’s amount due from related parties consist of the followings:

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Accounts receivable

 

$ 19,177,766

 

 

$ -

 

Loan to related parties

 

 

175,700

 

 

 

157,863

 

 

 

$ 19,353,466

 

 

$ 157,863

 

 

Accounts payable, other liabilities and loans

 

As of September 30, 2018, and December 31, 2017, Due to related parties consist of the follows;

 

 

 

September 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

Accounts payable

 

$ 13,755,131

 

 

$ -

 

Accrued liabilities and other

 

 

16,469

 

 

 

-

 

Loan from related parties

 

 

282,800

 

 

 

136,070

 

 

 

$ 14,054,400

 

 

$

136,070

 

 

 
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Contribution

 

During the nine months ended September 30, 2018, related parties, who are shareholders of the Company, forgave debt, in the amount of $104,494 for payments made on behalf of the Company for operating expenses. The amount has been recognized as a contribution to capital.

 

During the nine months ended September 30, 2018, $100,000 recorded as a contribution to capital was cancelled (see Note 9)

 

NOTE 13 – COMMITMENTS AND CONTINGENCIES

 

On August 23, 2016, Amuli entered into a lease agreement for office space in Shenzhen city, Guangdong Province, P.R.C. commencing on August 23, 2016 for a three-year lease term. The monthly rental expense is approximately $6,762 (RMB 42,526).

 

As of December 31, 2017, the outstanding lease commitments are:

 

Year 1

 

$ 81,140

 

Year 2

 

 

47,332

 

 

 

$ 128,472

 

 

NOTE 14 - SEGMENTED INFORMATION

 

At September 30, 2018, the Company operates in two industry segments, health beverage and oil and gas, and two geographic segments, Malaysia and China, where majority current assets and equipment are located.

 

Segment assets and liabilities as of September 30, 2018 and December 31, 2017 were as follows:

 

September 30, 2018

 

Holding Company

 

 

Oil and gas

 

 

Nutritional Services

 

 

Health beverage – Assets and liabilities held for sale

 

 

Total Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

$ 4,860

 

 

$ 19,817,523

 

 

$

824,053

 

 

$ 86,096

 

 

$

20,732,532

 

Non-current assets

 

 

1,219,807

 

 

 

1,983,442

 

 

 

571,900

 

 

 

-

 

 

 

3,775,149

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

91,762

 

 

 

14,914,942

 

 

 

501,873

 

 

 

505,485

 

 

 

16,014,062

 

Long term liabilities

 

 

-

 

 

 

-

 

 

 

57,224

 

 

 

-

 

 

 

57,224

 

Net assets (liabilities)

 

$ 1,132,905

 

 

$ 6,886,023

 

 

$ 836,856

 

 

$ (419,389 )

 

$ 8,436,395

 

 

December 31, 2017

 

Holding

Company

 

 

Health

beverage

 

 

Oil and

gas

 

 

Nutritional

Services

 

 

Total

Consolidated

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets

 

$ -

 

 

$ -

 

 

$ -

 

 

$

490,045

 

 

$

490,045

 

Non-current assets

 

 

-

 

 

 

-

 

 

 

-

 

 

 

760,278

 

 

 

760,278

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

414,584

 

 

 

414,584

 

Long term liabilities

 

 

-

 

 

 

-

 

 

 

-

 

 

 

78,414

 

 

 

78,414

 

Net assets (liabilities)

 

$ -

 

 

$ -

 

 

$ -

 

 

$ 757,325

 

 

$ 757,325

 

 

Segment revenue and net loss for the three and nine months ended September 30, 2018 and 2017 were as follows:

 

Nine Months Ended September 30, 2018

 

Holding

Company

 

 

Oil and gas

 

 

Nutritional

Services

 

 

Health beverage – discontinued operations

 

 

Total

Consolidated

 

Revenue

 

$ -

 

 

$ -

 

 

$ 299,200

 

 

$ -

 

 

$ 299,200

 

Revenue from related parties

 

 

-

 

 

 

14,411,155

 

 

 

303,282

 

 

 

-

 

 

 

14,714,437

 

Cost of goods sold

 

 

-

 

 

 

(13,940,996 )

 

 

(58,525 )

 

 

-

 

 

 

(13,999,521 )

Operating expenses

 

 

(37,811 )

 

 

(31,706

)

 

 

(472,295 )

 

 

-

 

 

 

(541,812 )

Other income (expenses)

 

 

(100,000 )

 

 

(1,572 )

 

 

3,069

 

 

 

-

 

 

 

(98,503 )

Provision for income taxes

 

 

(1,653 )

 

 

(120,697 )

 

 

20,797

 

 

 

-

 

 

 

(101,553 )

Loss from discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(4,559 )

 

 

(4,559 )

Net income (loss)

 

$ (139,464 )

 

$ 316,184

 

 

$ 95,528

 

 

$ (4,559 )

 

$ 267,689

 

 

 
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Nine Months Ended September 30, 2017

 

Holding

Company

 

 

Oil and gas

 

 

Nutritional

Services

 

 

Health beverage – discontinued operations

 

 

Total

Consolidated

 

Revenue

 

$ -

 

 

$ -

 

 

$ 621,552

 

 

$ -

 

 

$ 621,552

 

Cost of goods sold

 

 

-

 

 

 

-

 

 

 

(192,007 )

 

 

-

 

 

 

(192,007 )

Operating expenses

 

 

-

 

 

 

-

 

 

 

(829,104 )

 

 

-

 

 

 

(829,104 )

Other income (expenses)

 

 

-

 

 

 

-

 

 

 

97,540

 

 

 

-

 

 

 

97,540

 

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

21,027

 

 

 

-

 

 

 

21,027

 

Net loss

 

$ -

 

 

$ -

 

 

$ (280,992 )

 

$ -

 

 

$ (280,992 )

 

Three Months Ended September 30, 2018

 

Holding

Company

 

 

Oil and gas

 

 

Nutritional Services

 

 

Health beverage – discontinued operations

 

 

Total Consolidated

 

Revenue

 

$ -

 

 

$ -

 

 

$ 3,800

 

 

$ -

 

 

$ 3,800

 

Revenue from related parties

 

 

-

 

 

 

9,923,997

 

 

 

303,282

 

 

 

-

 

 

 

10,227,279

 

Cost of goods sold

 

 

-

 

 

 

(9,516,994 )

 

 

(1,341 )

 

 

-

 

 

 

(9,518,335 )

Operating expenses

 

 

(14,027 )

 

 

(19,579 )

 

 

(175,201 )

 

 

-

 

 

 

(208,807 )

Other income (expenses)

 

 

-

 

 

 

497

 

 

 

397

 

 

 

-

 

 

 

894

 

Provision for income taxes

 

 

(1,653 )

 

 

(101,692 )

 

 

-

 

 

 

-

 

 

 

(103,345 )

Loss from discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,615 )

 

 

(3,615 )

Net income (loss)

 

$ (15,680 )

 

$ 286,229

 

 

$ 130,937

 

 

$ (3,615 )

 

$ 397,871

 

 

Three Months Ended September 30, 2017

 

Holding

Company

 

 

Oil and gas

 

 

Nutritional

Services

 

 

Health beverage – discontinued operations

 

 

Total

Consolidated

 

Revenue

 

$ -

 

 

$ -

 

 

$ 27,258

 

 

$ -

 

 

$ 27,258

 

Cost of goods sold

 

 

-

 

 

 

-

 

 

 

(1,984 )

 

 

-

 

 

 

(1,984 )

Operating expenses

 

 

-

 

 

 

-

 

 

 

(124,098 )

 

 

-

 

 

 

(124,098 )

Other income (expenses)

 

 

-

 

 

 

-

 

 

 

39,352

 

 

 

-

 

 

 

39,352

 

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

(2,266 )

 

 

-

 

 

 

(2,266 )

Net loss

 

$ -

 

 

$ -

 

 

$ (61,738 )

 

$ -

 

 

$ (61,738 )

 

NOTE 15 – ASSETS/LIABILITIES HELD FOR SALE

 

On November 19, 2018, the Company entered into the share purchase agreement to sell 60% of the total issued and outstanding equity of Amuli. In exchange for the shares, the Company will receive a purchase price of seven (7) Chinese Yuan. The Purchaser shall become the majority equity owner of the Amuli and the Company shall have no further interest in Amuli.

 

The following table shows the results of operations of Amuli for the three and nine months ended September 30, 2018 and 2017 which are included in the loss from discontinued operations:

 

 

 

Three months ended

 

 

 

September 30,

 

 

 

2018

 

 

2017

 

Revenue

 

$ -

 

 

$ -

 

General and administrative

 

 

(3,615 )

 

 

-

 

Total Other Income Expenses

 

 

-

 

 

 

-

 

Loss from discontinued operations

 

$ (3,615 )

 

$ -

 

 

 
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Nine months ended

 

 

 

September 30,

 

 

 

2018

 

 

2017

 

Revenue

 

$ -

 

 

$ -

 

General and administrative

 

 

(4,559 )

 

 

-

 

Total Other Income Expenses

 

 

-

 

 

 

-

 

Loss from discontinued operations

 

$ (4,559 )

 

$ -

 

 

The following table summarizes the carrying amounts of the assets and liabilities held for sale,

 

 

 

September 30,

 

 

December 31,

 

Assets held for sale

 

2018

 

 

2017

 

Cash and cash equivalents

 

$ 37,107

 

 

$ -

 

Accounts receivable

 

 

1,217

 

 

 

-

 

Prepaid and Other current assets

 

 

47,772

 

 

 

-

 

Total

 

$ 86,096

 

 

$ -

 

 

 

 

September 30,

 

 

December 31,

 

Liabilities held for sale

 

2018

 

 

2017

 

Accounts payable

 

$ 24,735

 

 

$ -

 

Accrued liabilities and other payable

 

 

42,688

 

 

 

-

 

Deferred revenue

 

 

261,512

 

 

 

-

 

Due to related parties

 

 

176,550

 

 

 

-

 

Total

 

$ 505,485

 

 

$ -

 

 

NOTE 16 - SUBSEQUENT EVENTS

 

Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no material events have occurred that require disclosure

 

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

 

FORWARD-LOOKING STATEMENTS

 

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Because they discuss future events or conditions, forward-looking statements may include words such as “anticipate,” “believe,” “estimate,” “intend,” “could,” “should,” “would,” “may,” “seek,” “plan,” “might,” “will,” “pursue,” “expect,” “anticipate,” “predict,” “project,” “goals,” “strategy,” “future,” “likely,” “forecast,” “potential,” “continue,” negatives thereof or similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding future acquisition or merger targets, business strategies, macro-economic and sector-specific trends, future cash flows, financing plans, plans and objectives of management and any other statements which are not statements of historical facts.

 

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual future results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, legal and regulatory changes in the jurisdictions in which we operate, volatility or decline in our stock price, potential fluctuation of our quarterly results, rapid adverse changes in markets, decline in demand for our goods and services, insufficient revenues to cover our operating costs and such other factors as discussed throughout this Part I, Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations of this Quarterly Report on Form 10-Q.

 

Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

 

Overview

 

Resort Savers, Inc. (“we,” “us,” “our,” the “Company,” “Resort Savers” or “RSSV”) was incorporated in the State of Nevada on June 25, 2012. At formation, the Company was authorized to issue 100,000,000 shares of common stock, par value $0.0001 per share (“Common Stock”), and 15,000,000 shares of preferred stock, par value $0.0001 per share (“Preferred Stock”). Our fiscal year end is December 31. Resort Savers has limited cash on hand. We have sustained losses since inception and have relied solely upon the sale of our securities for funding. Resort Savers has never declared bankruptcy, been in receivership, or been involved in any kind of legal proceeding.

 

On August 1, 2014, a change of control of the Company occurred, whereby a controlling interest in the Company was sold by Michelle LaCour, our former President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director and a former 5% stockholder, and James LaCour, our former Secretary and Director and a former 5% stockholder, to the following: (1) Zhou Gui Bin (236,733 shares at a purchase price of $0.20 per share); (2) Zhou Wei (236,733 shares at a purchase price of $0.20 per share); and (3) Zong Xin International Investment Holdings Co. LTD (1,636,734 shares at a purchase price of $0.20 per share). On August 11, 2014, in connection with the transfer of shares described in this paragraph, Ms. LaCour and Mr. LaCour resigned from each of their roles as officers and Directors of the Company, and they were replaced by Zhou Gui Bin as President, CEO and Director, and Zhou Wei as Treasurer, CFO, Secretary and Director.

 

On September 25, 2014 the Company effected a forward stock split of 10 shares of Common Stock for each share held, or an additional nine shares were issued for each common share held. All share and per share information has been retroactively restated for financial presentation of prior periods.

 

 
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Worx America, Inc.

 

From January 2015 through March 2015, the Company, by and through its wholly owned subsidiary, Xing Rui International Investment Holding Group Co., Ltd. (“Xing Rui”), acquired 20,068,750 shares of common stock (representing 20% of the issued and outstanding common stock) of Worx America, Inc. (“Worx”), a private company based in Houston, Texas, in exchange for $1,650,000 cash and 1,000,000 shares of common stock of Borneo Resource Investments Ltd. (“BRNE”) with a value of $350,000. Specifically, on January 28, 2015, the Company paid $350,000 cash in exchange for 5,403,728 common shares of Worx, on March 20, 2015, the Company paid $1,300,000 cash and transferred 1,000,000 shares of common stock of BRNE in exchange for 14,665,022 common shares of Worx. The Company accounted for this investment using the equity method, with an initial cost of $2,000,000.

 

Worx designs automated solutions for industrial, environmental and energy industries to improve efficiency and systems output. The Worx automated robotic tank cleaning system reduces tank cleaning time, reduces or eliminates the need for personnel to enter tanks, and may reduce the volume of solvents used to clean a tank.

 

Shenzhen Amuli Industrial Development Co. Ltd.

 

On October 1, 2015, the Company issued 3,033,926 shares of its Common Stock to Xu Xiao Yun in exchange for sixty percent (60%) of Shenzhen Amuli Industrial Development Co. Ltd., a PRC corporation (“Amuli”). The equity of Amuli that was transferred by Xu Xiao Yun is held by Huaxin Changrong (Shenzhen) Technology Service Co., Ltd. (“Huaxin”), which was formed by Xing Rui for the purpose of holding the equity of Amuli and other PRC subsidiaries. The purchase price was valued $2,400,000.

 

Effective as of November 19, 2018, Huaxin disposed of its entire ownership stake in Amuli. Please see Part II, Item 5. Other Information, for a more complete description of the Amuli disposal.

 

Amendment to Articles of Incorporation

 

On October 9, 2015, we amended our articles of incorporation to increase the maximum number of authorized shares of Common Stock to 1,000,000,000 shares. We did not amend the number of authorized shares of Preferred Stock or par values for Common Stock or Preferred Stock.

 

Beijing Yandong Tieshan Oil Products Co., Ltd.

 

On January 29, 2016, the Company entered into an exchange agreement (the “Tieshan Oil Exchange Agreement”) with Mr. Yang Baojin (“Mr. Yang”), a citizen of the PRC, and the Company’s subsidiary Huaxin. Mr. Yang was the president and majority owner of Beijing Yandong Tieshan Oil Products Co., Ltd. (“Tieshan Oil”). Pursuant to the Tieshan Oil Exchange Agreement, the Company issued 4,800,000 shares of its Common Stock to Mr. Yang, who delivered to Huaxin an ownership interest in Tieshan Oil such that Huaxin at the time of closing owned 51% of all ownership interests in Tieshan Oil (the “Tieshan Oil Exchange”). The Company held 1,200,000 shares of its Common Stock in escrow (the “Escrow Shares”) to issue to Mr. Yang twelve months following the closing of the Tieshan Oil Exchange, in connection with the successful performance of certain covenants by Mr. Yang. The Company did not issue the Escrow Shares to Mr. Yang in connection with the Tieshan Oil Exchange.

 

On May 16, 2018, the Company completed its acquisition of Tieshan Oil by entering into a second share exchange agreement (the “Second Tieshan Oil Exchange Agreement”) with Mr. Yang. Pursuant to the Second Tieshan Oil Exchange Agreement, the Company, through Huaxin, agreed to acquire the remaining 49% of Tieshan Oil held by Mr. Yang, in exchange for the issuance to Mr. Yang of 16,000,000 shares of the Company’s Common Stock (the “Tieshan Oil Acquisition”). The Tieshan Oil Acquisition closed simultaneously with the execution of the Second Tieshan Oil Exchange Agreement.

 

Tieshan Oil is principally engaged in the trading of oil, gas and lubricant products within the PRC.

 

 
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Admall Sdn. Bhd.

 

On February 9, 2018, the Company entered into a Share Exchange Agreement (the “Admall Exchange Agreement”) with Admall Sdn. Bhd., a limited liability company incorporated in Malaysia (“Admall”), and Boon Jin “Patrick” Tan (“Mr. Tan”), the owner of 100% of the equity interests in Admall. Pursuant to the Admall Exchange Agreement, the Company acquired from Mr. Tan all outstanding equity interests of Admall in exchange for 400,000,000 shares of Common Stock of the Company (the “Admall Acquisition”). On May 16, 2018, the Company closed the Admall Acquisition.

 

Admall engages in the business of providing nutrition consultancy services and training as well as selling health products through an online store.

 

Change of Management

 

On February 9, 2018, concurrently with the execution of the Admall Exchange Agreement, Zhou Gui Bin resigned from his positions as President, CEO, Secretary and Director of the Company, and Zhou Wei resigned from his positions as Treasurer, CFO and Director of the Company. The departing Directors approved, by written consent in lieu of special meeting of the Company’s board of directors (the “Board”), the appointment of Mr. Ding-Shin “DS” Chang (“Mr. DS Chang”) and Mr. Tan as the new Directors of the Company and submitted such appointment for approval and ratification by the Company’s stockholders. The Company’s departing Directors also appointed Mr. DS Chang as the Company’s President and CEO, Mr. Tan as the Company’s Treasurer and CFO, and Mr. Liang-Yu “Jacky” Chang as the Company’s Secretary, all of whom are to serve on an at-will basis until their resignation or removal by the Board.

 

Change in Fiscal Year End; Change to Bylaws; Reverse Stock Split; Corporate Name Change

 

On July 3, 2018, our Board approved a change in our Fiscal Year End from January 31 to December 31. The Company now operates on a fiscal year ending on December 31. The Company changed its bylaws to reflect the change in Fiscal Year End.

 

Contemporaneously with the change in Fiscal Year End, our Board approved a reverse one-for-thirty (1-for-30) stock split (the “Reverse Split”) of the Company’s issued and outstanding Common Stock and a change of corporate name from “Resort Savers, Inc.” to “SCGI Group Holding, Inc.” (the “Name Change”). The Reverse Split will have no effect on the number of authorized Common Stock of the Company, nor will it affect the authorized or issued and outstanding shares of Preferred Stock, since the Company has no shares of Preferred Stock issued or outstanding. The Reverse Split and Name Change will be effective upon approval by FINRA. No adjustments have been made to the financial statements.

 

Results of Operations

 

Our operations for the three and nine months ended September 30, 2018 are outlined below:

 

Due to reverse acquisition accounting (see Note 1 of the interim financial statements), the Results of operations are not comparable for 2017. Due to acquisition accounting, Admall is the accounting acquirer on May 16, 2018 (“acquisition date”), and all operating results prior to May 16, 2018, are those of Admall only. For periods after the acquisition date, results of operations are those of the Company on a consolidated basis.

 

Three months ended September 30, 2018 compared to three months ended September 30, 2017

 

 

 

Three months ended

 

 

 

 

 

September 30,

 

 

Change

 

 

 

2018

 

 

2017

 

 

Amount

 

Revenue

 

$ 3,800

 

 

$ 27,258

 

 

$ (23,458 )

Revenue from related parties

 

$ 10,227,279

 

 

$ -

 

 

$ 10,227,279

 

Cost of Goods Sold

 

$ 9,518,335

 

 

$ 1,984

 

 

$ 9,516,351

 

Gross Profit

 

$ 712,744

 

 

$ 25,274

 

 

$ 687,470

 

Operating expenses

 

$ 208,807

 

 

$ 124,098

 

 

$ 84,709

 

Net income (loss)

 

$ 397,871

 

 

$ (61,738 )

 

$ 459,609

 

 

 
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For the three months ended September 30, 2018 and 2017 our results of operations segment, are as follows:

 

Three Months Ended September 30, 2018

 

Holding Company

 

 

Oil and gas

 

 

Nutritional Services

 

 

Health beverage - discontinued operations

 

 

Total Consolidated

 

Revenue

 

$ -

 

 

$ -

 

 

$ 3,800

 

 

$ -

 

 

$ 3,800

 

Revenue from related parties

 

 

-

 

 

 

9,923,997

 

 

 

303,282

 

 

 

-

 

 

 

10,227,279

 

Cost of goods sold

 

 

-

 

 

 

(9,516,994 )

 

 

(1,341 )

 

 

-

 

 

 

(9,518,335 )

Operating expenses

 

 

(14,027 )

 

 

(19,579 )

 

 

(175,201 )

 

 

-

 

 

 

(208,807 )

Other income (expenses)

 

 

-

 

 

 

497

 

 

 

397

 

 

 

-

 

 

 

894

 

Provision for income taxes

 

 

(1,653 )

 

 

(101,692 )

 

 

-

 

 

 

-

 

 

 

(103,345 )

Loss from discontinued operations

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(3,615 )

 

 

(3,615 )

Net income (loss)

 

$ (15,680 )

 

$ 286,229

 

 

$ 130,937

 

 

$ (3,615 )

 

$ 397,871

 

 

Three Months Ended September 30, 2017

 

Holding Company

 

 

Oil and gas

 

 

Nutritional Services

 

 

Health beverage - discontinued operations

 

 

Total

Consolidated

 

Revenue

 

$ -

 

 

$ -

 

 

$ 27,258

 

 

$ -

 

 

$ 27,258

 

Cost of goods sold

 

 

-

 

 

 

-

 

 

 

(1,984 )

 

 

-

 

 

 

(1,984 )

Operating expenses

 

 

-

 

 

 

-

 

 

 

(124,098 )

 

 

-

 

 

 

(124,098 )

Other income (expenses)

 

 

-

 

 

 

-

 

 

 

39,352

 

 

 

-

 

 

 

39,352

 

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

(2,266 )

 

 

-

 

 

 

(2,266 )

Net loss

 

$ -

 

 

$ -

 

 

$ (61,738 )

 

$ -

 

 

$ (61,738 )

 

Nine months ended September 30, 2018 compared to Nine months ended September 30, 2017

 

 

 

Nine months ended

 

 

 

 

 

September 30,

 

 

Change

 

 

 

2018

 

 

2017

 

 

Amount

 

Revenue

 

$ 299,200

 

 

$ 621,552

 

 

$ (322,352 )

Revenue from related parties

 

$ 14,714,437

 

 

$ -

 

 

$ 14,714,437

 

Cost of Goods Sold

 

$ 13,999,521

 

 

$ 192,007

 

 

$ 13,807,514

 

Gross Profit

 

$ 1,014,116

 

 

$ 429,545

 

 

$ 584,571

 

Operating expenses

 

$ 541,812

 

 

$ 829,104

 

 

$ (287,292 )

Net income (loss)

 

$ 267,689

 

 

$ (280,992 )

 

$ 548,681

 

 

 
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For the nine months ended September 30, 2018 and 2017 our results of operations segment, are as follows:

 

Nine Months Ended September 30, 2018

 

Holding Company

 

 

Oil and gas

 

 

Nutritional
Services

 

 

Health beverage - discontinued operations

 

 

Total Consolidated

 

Revenue

 

$ -

 

 

$ -

 

 

$ 299,200

 

 

$ -

 

 

$ 299,200

 

Revenue from related parties

 

 

-

 

 

 

14,411,155

 

 

 

303,282

 

 

 

-

 

 

 

14,714,437

 

Cost of goods sold

 

 

-

 

 

 

(13,940,996 )

 

 

(58,525 )

 

 

-

 

 

 

(13,999,521 )

Operating expenses

 

 

(37,811 )

 

 

(31,706 )

 

 

(472,295 )

 

 

-

 

 

 

(541,812 )

Other income (expenses)

 

 

(100,000 )

 

 

(1,572 )

 

 

3,069

 

 

 

-

 

 

 

(98,503 )

Provision for income taxes

 

 

(1,653 )

 

 

(120,697 )

 

 

20,797

 

 

 

-

 

 

 

(101,553 )

Loss from discontinued operations

 

 

-

 

 

 

 

 

 

 

-

 

 

 

(4,559 )

 

 

(4,559 )

Net income (loss)

 

$ (139,464 )

 

$ 316,184

 

 

$ 95,528

 

 

$ (4,559 )

 

$ 267,689

 

 

Nine Months Ended September 30, 2017

 

Holding Company

 

 

Oil and gas

 

 

Nutritional
Services

 

 

Health beverage - discontinued operations

 

 

Total Consolidated

 

Revenue

 

$ -

 

 

$ -

 

 

$ 621,552

 

 

$ -

 

 

$ 621,552

 

Cost of goods sold

 

 

-

 

 

 

-

 

 

 

(192,007 )

 

 

-

 

 

 

(192,007 )

Operating expenses

 

 

-

 

 

 

-

 

 

 

(829,104 )

 

 

-

 

 

 

(829,104 )

Other income (expenses)

 

 

-

 

 

 

-

 

 

 

97,540

 

 

 

-

 

 

 

97,540

 

Provision for income taxes

 

 

-

 

 

 

-

 

 

 

21,027

 

 

 

-

 

 

 

21,027

 

Net loss

 

$ -

 

 

$ -

 

 

$ (280,992 )

 

$ -

 

 

$ (280,992 )

 

Liquidity and Capital Resources

 

The following table provides selected financial data about our company as of September 30, 2018 and December 31, 2017, respectively.

 

Working Capital

 

The following table provides selected financial data about our company as of September 30, 2018 and December 31, 2017, respectively.

 

 

 

 

September 30,

 

 

December 31,

 

 

Change

 

 

 

2018

 

 

2017

 

 

Amount

 

Cash

 

$ 47,546

 

 

$ 2,301

 

 

$ 45,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

$ 20,732,532

 

 

$ 490,045

 

 

$ 20,242,487

 

Current Liabilities

 

$ 16,014,062

 

 

$ 414,584

 

 

$ 15,599,478

 

Working Capital

 

$ 4,718,470

 

 

$ 75,461

 

 

$ 4,643,009

 

  

As of December 31, 2017, the working capital is only that of Admall and for September 30, 2018 it is for the consolidated Company.

 

Cash Flow

  

 

 

Nine months ended

 

 

 

 

 

 

September 30,

 

 

Change

 

 

 

2018

 

 

2017

 

 

Amount

 

Cash Flow provided by (used in) operating activities

 

$ 699,874

 

 

$ (255,868 )

 

$ 955,742

 

Cash Flow provided by investing activities

 

$ 71,775

 

 

$ 6,660

 

 

$ 65,115

 

Cash Flow provided by (used in) financing activities

 

$ (891,615 )

 

$ 209,733

 

 

$ (1,101,348 )

Effects on changes in foreign exchange rate

 

$ 202,228

 

 

$ 2,058

 

 

$ 201,572

 

Net change in cash during period

 

$ 82,262

 

 

$ (37,417 )

 

$ 121,081

 

 

 
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Cash Flow from Operating Activities

 

During the nine months ended September 30, 2018, our Company generated $699,874 in operating activities, compared to $255,868 used in operating activities during the nine months ended September 30, 2017. The increase in cash provided by operation activities is primarily due to net income from the acquisition.

 

Cash Flow from Investing Activities

 

During the nine months ended September 30, 2018 and 2017, we had cash from investing activities of $71,775 and $6,660, respectively. For the nine months ended September 30, 2018, the Company received $88,738 from the business acquisition and $4,596 from disposal of property and equipment and used $550 for the purchase of property and equipment and $21,009 for lending to related party. For the nine months ended September 30, 2017, the Company received $8,923 from disposal of property and equipment and used $2,263 for the purchase of property.

 

Cash Flow from Financing Activities

 

During the nine months ended September 30, 2018 and 2017, our Company used $891,615 in financing activities and received $209,733 from financing activities, respectively. For the nine months ended September 30, 2018, the Company received $163,587 from loans from related parties and repaid short-term loan for $934,800 and loans from related parties for $120,402. For the nine months ended September 30, 2017, the Company received $242,839 from loans from related parties and repaid loans from related parties for $33,106.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

As a “smaller reporting company,” we are not required to provide the information required by this Item.

 

Item 4. Controls and Procedures

 

Management’s Report on Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer and principal financial officer) to allow for timely decisions regarding required disclosure.

 

As of the end of the quarter covered by this Quarterly Report on Form 10-Q, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer, principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Our management’s communication with staff and outside professional advisors has improved substantially. However, considering all components of our assessment, our president (our principal executive officer and principal financial officer) concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this Quarterly Report on Form 10-Q.

 

Changes in Internal Controls

 

There have been no changes in our internal controls over financial reporting that occurred during the quarter ended September 30, 2018, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

 

 
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PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings

 

We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

 

Item 1A. Risk Factors

 

As a “smaller reporting company,” we are not required to provide the information required by this Item.

 

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

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

Not Applicable.

 

Item 5. Other Information

 

The following information is disclosed in this Quarterly Report on Form 10-Q and replaces the disclosures that we would otherwise be required to file in a Current Report on Form 8-K:

 

Entry into a Material Definitive Agreement. (Item 1.01 on Form 8-K)

 

On November 19, 2018, the Company disposed of its partial ownership interest in Amuli by causing Huaxin and Amuli to enter into a Share Purchase Agreement (the “Amuli Agreement”) with Ms. An Wenhui, a citizen of the PRC and minority shareholder of Amuli (the “Purchaser”), pursuant to which, among other things and subject to the terms and conditions contained therein, Huaxin sold its sixty percent (60%) Amuli equity stake (the “Amuli Shares”) to the Purchaser (the “Disposition”).

 

Pursuant to the Amuli Agreement, in exchange for the Amuli Shares, the Purchaser paid to Huaxin a cash price of $1 or the equivalent thereof in Chinese Yuan (the “Purchase Price”). The Company’s Board approved the Amuli Agreement, the Disposition and the Purchase Price, because among other reasons the Board believed that Amuli would not produce significant future income or cash flow.

 

The Amuli Agreement contains substantially fewer representations and warranties in comparison to other agreements entered into by the Company and its subsidiaries. Additionally, the closing of the Disposition occurred contemporaneously with the signing of the agreement, which resulted in little or no covenants or closing conditions imposed on the parties.

 

A copy of the Amuli Agreement is filed with this Quarterly Report on Form 10-Q as Exhibit 10.1 and is incorporated herein by reference, and the foregoing description of the Amuli Agreement is qualified in its entirety by reference thereto.

 

 
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Completion of Acquisition or Disposition of Assets. (Item 2.01 on Form 8-K)

 

On November 19, 2018, the Company closed the Disposition pursuant to the terms of the Amuli Agreement. Prior to the Disposition, the Purchaser owned approximately twenty-five percent of Amuli. For a more detailed description of the Amuli Agreement and the Disposition, see the preceding item within this Part II, Item 5. Other Information of this Quarterly Report on Form 10-Q.

 

At the closing of the Disposition, Huaxin sold the Amuli Shares to the Purchaser, resulting in Huaxin owning zero percent of Amuli. As a result, Amuli is no longer a partially-owned subsidiary of the Company.

 

Costs Associated with Exit or Disposal Activities. (Item 2.05 on Form 8-K)

 

The Company’s management does not believe that the Disposition will cause material charges to the Company’s financial statements under accounting principles generally accepted in the United States of America (“GAAP”), however we choose to disclose under this item for the purpose of providing capital markets with full disclosure of the Company’s business and decision making process.

 

On or about November 1, the Company’s board of directors held informal conversations within the Company’s management and the management of Huaxin and Amuli. The result of these conversations resulted in substantial consensus to dispose of the Amuli assets within the near future. The decision was informed by Amuli’s poor historic record of performance and the reduced focus of the Company’s management on the business of Amuli. The Purchase Price reflects the determination by the Company’s management and Board to effect the Disposition on an accelerated timeline, which would allow the Company to disclose the Disposition within this Quarterly Report on Form 10-Q and reduce expenses related to the Company’s ongoing reporting obligations. On the date of, but prior to, filing this Quarterly Report on Form 10-Q, the parties executed the Amuli Agreement and the board of directors of each of the Company, Huaxin, Xing Rui and Amuli approved the Disposition.

 

The Company incurred legal expenses of approximately $4,000 and incurred no other financial charges in connection with the Disposition. The Company does not anticipate incurring additional expenses or financial charges in connection with the Disposition.

 

 
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Item 6. Exhibits

 

Exhibit

Number

 

Description

10.1

 

Share Purchase Agreement dated November 19, 2018, by and between Huaxin Changrong (Shenzhen) Technology Service Co., Ltd., Shenzhen Amuli Industrial Development Company Limited, and Ms. An Wen Hui.

31.1*

 

Certification of the Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2*

 

Certification of the Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1**

 

Certification of the Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**

 

Certification of the Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS**

 

XBRL Instance Document

101.SCH**

 

XBRL Taxonomy Extension Schema Document

101.CAL**

 

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**

 

XBRL Taxonomy Extension Label Linkbase Document

101.PRE**

 

XBRL Taxonomy Extension Presentation Linkbase Document

_________

* Filed herewith.

**

Deemed furnished and not filed.

 

 
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SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

RESORT SAVERS, INC.

 

(Registrant)

 

Dated: November 21, 2018

/s/ DS Chang

 

Ding-Shin “DS” Chang

 

President, Chief Executive Officer and Director

 

(Principal Executive Officer)

 

 

24

 

Resort Savers, Inc. (USOTC:RSSV)
Historical Stock Chart

1 Year : From Dec 2018 to Dec 2019

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Resort Savers, Inc. (USOTC:RSSV)
Intraday Stock Chart

Today : Sunday 8 December 2019

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