UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
  
Form 10-Q
  
☒     QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended September 30, 2017
 
or
 
☐     TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the Transition Period from                 to                .
 
Commission File Number 000-54485
 
IONIX TECHNOLOGY, INC.
(Exact name of registrant as specified in its charter)
 
Nevada
 
45-0713638
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
 
 
4F, Tea Tree B Building, Guwu Sanwei Industrial Park, Xixiang Street, Baoan District, Shenzhen, Guangdong Province, China 518000
 (Address of principal executive offices) (Zip Code)

  +86-138 8954 0873
(Registrant’s telephone number, including area code)

___________________________
(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. Yes ☒  No ☐ .
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, 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). Yes ☒  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. (Check one)
 
 
Large accelerated filer  ☐
Accelerated filer  ☐
 
Non-accelerated filer  ☐
Smaller reporting company  ☒
 
Emerging growth company  ☐
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
   
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐  No ☒ .
 
As of November 16, 2017, there were 99,003,000 shares of common stock issued and outstanding, par value $0.0001 per share.
 
As of November 16, 2017 , there were 5,000,000 shares of preferred stock issued and outstanding, par value $0.0001 per share.

 
 
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
 
Certain information included in this Quarterly Report on Form 10-Q and other filings of the Registrant under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as well as information communicated orally or in writing between the dates of such filings, contains or may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements in this Quarterly Report on Form 10-Q, including without limitation, statements related to our plans, strategies, objectives, expectations, intentions and adequacy of resources, are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from expected results. Among these risks, trends and uncertainties are the availability of working capital to fund our operations, the competitive market in which we operate, the efficient and uninterrupted operation of our computer and communications systems, our ability to generate a profit and execute our business plan, the retention of key personnel, our ability to protect and defend our intellectual property, the effects of governmental regulation, and other risks identified in the Registrant’s filings with the Securities and Exchange Commission from time to time.
 
In some cases, forward-looking statements can be identified by terminology such as “may,” “will,” “should,” “could,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms or other comparable terminology. Although the Registrant believes that the expectations reflected in the forward-looking statements contained herein are reasonable, the Registrant cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Registrant, nor any other person, assumes responsibility for the accuracy and completeness of such statements. The Registrant is under no duty to update any of the forward-looking statements contained herein after the date of this Quarterly Report on Form 10-Q.
 
 
IONIX TECHNOLOGY, INC.
FORM 10-Q
SEPTEMBER 30, 2017
 
 
INDEX
 
 
 
Page
Part I – Financial Information
F-1
 
 
 
Item 1.
Financial Statements
F-1
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operation
15
Item 3.
Quantitative and Qualitative Disclosures about Market Risk
17
Item 4.
Controls and Procedures
17
 
 
 
Part II – Other Information
18
 
 
 
Item 1.
Legal Proceedings
18
Item 1A.
Risk Factors
18
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
18
Item 3.
Defaults Upon Senior Securities
19
Item 4.
Mine Safety Disclosures
19
Item 5.
Other Information
19
Item 6.
Exhibits
19
 
 
 
Signatures
20
 
 
 
Certifications
 
 
 
PART I – FINANCIAL INFORMATION
 
Item 1. Financial Statements .
 
 
INDEX
F-1
Consolidated Balance Sheets as of September 30, 2017 and June 30, 2017 (Unaudited)
F-2
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended September 30, 2017 and 2016 (Unaudited)
F-3
Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2017 and 2016 (Unaudited)
F-4
Notes to Consolidated Financial Statements (Unaudited)
F-5
 
F-1
 
IONIX TECHNOLOGY,  INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)

 
 
September 30, 2017
   
June 30, 2017
 
ASSETS
           
Current Assets:
           
Cash
 
$
75,484
   
$
186,767
 
Accounts receivable
   
919
     
292,265
 
Inventory
   
278,070
     
53,163
 
Advances to suppliers - non-related parties
   
2,391
     
118,647
 
                                 - related parties
   
89,180
     
-
 
Other receivables
   
-
     
147,615
 
Prepaid expenses and other current assets
   
18,422
     
10,755
 
Total Current Assets
   
464,466
     
809,212
 
Total Assets
 
$
464,466
   
$
809,212
 
 
               
LIABILITIES AND STOCKHOLDERS’ EQUITY
               
Current Liabilities:
               
Accounts payable - non-related parties
 
$
110,382
   
$
96,378
 
                           - related parties
   
5,828
     
159,861
 
Advance from customers
   
68,721
     
72,476
 
Due to related parties
   
188,951
     
323,599
 
Accrued expenses and other current liabilities
   
35,046
     
94,844
 
Total Current Liabilities
   
408,928
     
747,158
 
 
               
COMMITMENT AND CONTINGENCIES
               
 
               
Stockholders’ Equity:
               
Preferred stock, $.0001 par value, 5,000,000 shares
authorized, 5,000,000 shares issued and outstanding
   
500
     
500
 
Common stock, $.0001 par value, 195,000,000 shares
authorized, 99,003,000 shares issued and outstanding
   
9,900
     
9,900
 
Additional paid in capital
   
237,246
     
237,246
 
Accumulated deficit
   
(193,645
)
   
(183,441
)
Accumulated other comprehensive income (loss)
   
1,537
     
(2,151
)
Total Stockholders’ Equity
   
55,538
     
62,054
 
Total Liabilities and Stockholders’ Equity
 
$
464,466
   
$
809,212
 

 
  The accompanying notes are an integral part of these consolidated financial statements.
 
F-2
 
IONIX TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(UNAUDITED)

 
 
 
For the Three Months Ended
 
 
 
September 30,
 
 
 
2017
   
2016
 
 
           
Revenues
 
$
381,541
   
$
43,150
 
 
               
  Cost of revenues - Non-related parties
   
48,932
     
-
 
                           - Related parties
   
271,651
     
38,563
 
  Total Cost of Revenues
   
320,583
     
38,563
 
 
               
  Gross profit
   
60,958
     
4,587
 
 
               
Operating expenses
               
  Selling, general and administrative expense
   
69,553
     
43,741
 
Total operating expenses
   
69,553
     
43,741
 
 
               
Loss from continuing operations before income tax
   
(8,595
)
   
(39,154
)
                 
Income tax
   
1,609
     
182
 
 
               
Net loss from continuing operations
   
(10,204
)
   
(39,336
)
 
               
Discontinued operations
               
  Income from discontinued operations, net of tax
   
-
     
65,444
 
  Loss from disposal of discontinued operations
   
-
     
(18,890
)
Total income from discontinued operations
   
-
     
46,554
 
                 
Net income (loss)
   
(10,204
)
   
7,218
 
 
               
Other comprehensive income
               
  Foreign currency translation adjustment
   
3,688
     
492
 
 
               
Comprehensive income (loss)
 
$
(6,516
)
 
$
7,710
 
 
               
Income (Loss) Per Share
               
  Basic and Diluted - continuing operation
 
$
(0.00
)
 
$
(0.00
)
                             - discontinued operation
 
$
0.00
   
$
0.00
 
  Total
 
$
(0.00
)
 
$
0.00
 
 
               
Weighted average number of common shares
outstanding - Basic and Diluted
   
99,003,000
     
99,003,000
 
 
 
The accompanying notes are an integral part of these consolidated financial statements.
 
F-3
 
IONIX TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)

 
 
For the Three Months Ended
 
 
 
September 30,
 
 
 
2017
   
2016
 
CASH FLOWS FROM OPERATING ACTIVITIES
           
Net income (loss)
 
$
(10,204
)
 
$
7,218
 
Net income from discontinued operation
   
-
     
46,554
 
Net loss from continuing operation
   
(10,204
)
   
(39,336
)
Adjustments required to reconcile net income (loss) to net cash
provided by (used in) operating activities:
               
Changes in operating assets and liabilities:
               
  Accounts receivable
   
293,992
     
(34,826
)
  Inventory
   
(221,917
)
   
(333,642
)
  Advances to suppliers - non-related parties
   
117,348
     
(234,919
)
  Advances to suppliers - related parties
   
(88,375
)
   
-
 
  Prepaid expenses
   
(7,501
)
   
(62,317
)
  Accounts payable - non-related parties
   
12,137
     
130,122
 
  Accounts payable - related parties
   
(155,528
)
   
109,755
 
  Advance from customers
   
(5,029
)
   
179,326
 
  Accrued expenses and other current liabilities
   
(60,514
)
   
9,104
 
Net cash used in continuing operation
   
(125,591
)
   
(276,733
)
Net cash provided by discontinued operation
   
-
     
916,014
 
Net cash provided by (used in) operating activities
   
(125,591
)
   
639,281
 
 
               
CASH FLOWS FROM INVESTING ACTIVITIES
               
  Other receivables
   
148,947
     
-
 
  Proceeds from disposal of subsidiary
   
-
     
5,000
 
Net cash provided by continuing operation
   
148,947
     
5,000
 
Net cash used in discontinued operation
   
-
     
(916,044
)
Net cash provided by (used in) investing activities
   
148,947
     
(911,044
)
 
               
CASH FLOWS FROM FINANCING ACTIVITIES
               
  Proceeds from (repayment of) loans from related parties
   
(136,600
)
   
418,043
 
Net cash provided by (used in) continuing operation
   
(136,600
)
   
418,043
 
Net cash provided by discontinued operation
   
-
     
-
 
Net cash provided by (used in) financing activities
   
(136,600
)
   
418,043
 
 
               
Effect of exchange rate changes on cash
   
1,961
     
(782
)
 
               
Net increase (decrease) in cash
   
(111,283
)
   
145,498
 
 
               
Cash, beginning of period
   
186,767
     
59,758
 
 
               
Cash, end of period
 
$
75,484
   
$
205,256
 
 
               
Supplemental disclosure of cash flow information:
               
 
               
  Cash paid for income tax
 
$
1,951
   
$
-
 
  Cash paid for interests
 
$
-
   
$
-
 
 
 
The accompanying notes are an integral part of these consolidated financial statements.
 
F-4
 
IONIX TECHNOLOGY, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER 30, 2017
(UNAUDITED)

 
NOTE 1 - NATURE OF OPERATIONS
 
  Ionix Technology, Inc. (the “Company” or “Ionix”), formerly known as Cambridge Projects Inc., is a Nevada corporation that was formed on March 11, 2011.  By and through its wholly owned subsidiaries in China, the Company sells the high-end intelligent electronic equipment, which includes portable power banks for electronic devices and LCD screens in China.
 
  On February 17, 2016, the Board ratified, approved, and authorized the Company, as the sole member of Well Best International Investment Limited (“Well Best”), on the formation of Taizhou Ionix Technology Company Limited (“Taizhou Ionix”), a company formed under the laws of China on December 17, 2015, and a wholly-owned subsidiary of Well Best. As a result, Taizhou Ionix is an indirect wholly-owned subsidiary of the Company. Taizhou Ionix conducted no business between its date of incorporation and date approved by the Board.  Taizhou Ionix was formed to (i) develop, design, and manufacture lithium-ion batteries for electric vehicles, and (ii) act as an investment holding company that may acquire other businesses located in China. On August 19, 2016, Well Best sold 100% ownership of Taizhou Ionix to one of its directors. (See Note 4)
 
  On May 19, 2016, the Company, as the sole member of Well Best, formed Xinyu Ionix Technology Company Limited (“Xinyu Ionix”), a company formed under the laws of China. As a result Xinyu Ionix is a wholly-owned subsidiary of Well Best and an indirect wholly-owned subsidiary of the Company. Xinyu Ionix started operation in August 2016 and focused on developing and designing lithium batteries as well as to act as an investment company that may acquire other businesses located in China. On April 30, 2017, Well Best sold 100% ownership of Xinyu Ionix to one of its directors. (See Note 4)
 
 On November 7, 2016, the Company’s Board of Directors approved and ratified the incorporation of Lisite Science Technology (Shenzhen) Co., Ltd (“Lisite Science”), a limited liability company formed in China on June 20, 2016. Well Best is the sole shareholder of Lisite Science. As a result, Lisite Science is an indirect, wholly-owned subsidiary of the Company. Lisite Science will act as a manufacturing base for the Company and has been focused on developing, producing and selling high-end intelligent electronic equipment, such as portable power banks.
 
 On November 7, 2016, the Company’s Board of Directors approved and ratified the incorporation of Shenzhen Baileqi Electronic Technology Co., Ltd. (“Baileqi Electronic”), a limited liability company formed in China on August 8, 2016. Well Best is the sole shareholder of Baileqi Electronic. As a result, Baileqi Electronic is an indirect, wholly-owned subsidiary of the Company. Baileqi Electronic will act as a manufacturing base for the Company and has been focused on development and production of the LCD monitors.
 
 On December 29, 2016, the Company’s Board of Directors approved and ratified to invest 99,999 HK dollars for 99.999% of the issued and outstanding stock of Welly Surplus International Limited (“Welly Surplus”), a limited company formed under the laws of Hong Kong on January 18, 2016. As a result of the investment, the Company became the majority shareholder of Welly Surplus, owning 99.999% of the outstanding stock of Welly Surplus, Mr Xin Sui, a director, owns 0.001% of the outstanding stock of Welly Surplus. Welly Surplus will act as the accounting and financial base for the Company and shall focus on assisting the Company with all of the Company’s financial affairs. Welly Surplus had no operating activities from inception until the date of acquisition.
 
F-5
 
  NOTE 2 - GOING CONCERN
 
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The Company had an accumulated deficit of $193,645 at September 30, 2017 and has not generated sufficient cash flow from its continuing operations for the past two years. These circumstances, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
 
 The Company may need to raise additional capital from external sources or obtain loans from officers and shareholders in order to continue the long-term efforts contemplated under its business plan. The Company is pursuing other revenue streams which could include strategic acquisitions or possible joint ventures of other business segments.
 
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Basis of presentation
 
The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. In the opinion of management, the unaudited financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of September 30, 2017 and the results of operations and cash flows for the periods ended September 30, 2017 and 2016. The financial data and other information disclosed in these notes to the interim financial statements related to these periods are unaudited. The results for the three months ended September 30, 2017 are not necessarily indicative of the results to be expected for any subsequent periods or for the entire year ending June 30, 2018 or for any subsequent periods. The balance sheet at June 30, 2017 has been derived from the audited financial statements at that date.
 
 Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States have been condensed or omitted pursuant to the Securities and Exchange Commission's rules and regulations. These unaudited financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended June 30, 2017 as included in our Annual Report on Form 10-K as filed with the SEC on October 13, 2017.
 
 Certain amounts have been reclassified to conform to current year presentation
 
  Basis of consolidation
 
 The consolidated financial statements include the accounts of Ionix Technology Inc. and its subsidiaries. All significant inter-company balances and transactions have been eliminated upon consolidation.
 
  Foreign currencies translation
 
 Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of comprehensive income (loss).
 
F-6
 
 The reporting currency of the Company is the United States Dollar (“US$”). The Company’s subsidiaries in the People’s Republic of China (“PRC”) maintain their books and records in their local currency, the Renminbi Yuan (“RMB”), which is the functional currency as being the primary currency of the economic environment in which these entities operate.
 
 In general, for consolidation purposes, assets and liabilities of its subsidiaries whose functional currency is not the US$ are translated into US$, in accordance with ASC Topic 830-30, “Translation of Financial Statement”, using the exchange rate on the balance sheet date. Revenues and expenses are translated at average rates prevailing during the period. Stockholders’ equity is translated at historical rates. The gains and losses resulting from translation of financial statements of foreign subsidiaries are recorded as a separate component of accumulated other comprehensive income within the statement of stockholders’ equity.
 
The exchange rates used to translate amounts in RMB into U.S. Dollars for the purposes of preparing the consolidated financial statements are as follows:
 

 
 
 
September 30,
2017
   
June 30, 2017
 
             
Balance sheet items, except for equity accounts
   
6.6532
     
6.7744
 
 
 
 
   
Three Months Ended
September 30,
 
       
     
2017
     
2016
 
                 
Items in statements of comprehensive income (loss)
and cash flows
   
6.7138
     
6.6506
 
 
 
 
Recent accounting pronouncements
 
From time to time, new accounting pronouncements are issues by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company’s accounting and reporting. The Company believes that any recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented.
 
F-7

NOTE 4 - DISCONTINUED OPERATIONS
 
Taizhou Ionix
 
On August 19, 2016, Well Best entered into a share transfer agreement whereby Well Best sold 100% of its equity interest in Taizhou Ionix to Mr. GuoEn Li, the sole director and officer of Taizhou Ionix for approximately RMB 30,000 (approximately $5,000USD). Well Best was the sole shareholder of Taizhou Ionix. The Company believed that the manufacturing contract between Taizhou Ionix and Taizhou Jiunuojie Electronic Technology Limited regarding the production of lithium batteries was not beneficial to the Company. As a result, (i) Taizhou Ionix is no longer an indirect, wholly-owned subsidiary of the Company, and (ii) Mr. Li is no longer affiliated with the Company. Well Best recorded a loss of $18,890 on disposal of Taizhou Ionix which was included in the loss from disposal of discontinued operations on statements of comprehensive income (loss).

 
The following table shows the results of operations of Taizhou Ionix for the three months ended September 30, 2017 and 2016 which are included in the income from discontinued operations:
 
 
 
For the three months
ended on
September 30,2017
   
For the period from
July 1 to August 19,
2016
 
Revenue
 
$
-
   
$
173,005
 
Cost of revenue
   
-
     
152,465
 
Gross profit
   
-
     
20,540
 
 
               
Selling, general and administrative expenses
   
-
     
8,917
 
                 
Income before income taxes
   
-
     
11,623
 
Provision for income taxes
   
-
     
2,906
 
Net income
 
$
-
   
$
8,717
 
 
 
Xinyu Ionix
 
On April 30, 2017, Well Best, a wholly-owned subsidiary of the Company, sold 100% of its equity interest in Xinyu Ionix to Zhengfu Nan for RMB 100 (approximately $14USD) pursuant to a Share Transfer Agreement dated April 30, 2017 (the “Agreement”). The Company believed that the manufacturing contract between Xinyu Ionix and Jiangxi Huanming Technology Co., Ltd. regarding the production of lithium batteries was not beneficial to the Company. As a result, (i) Xinyu Ionix is no longer an indirect, wholly-owned subsidiary of the Company, and (ii) Mr. Nan is no longer affiliated with the Company.
 
 The following table shows the results of operations of Xinyu Ionix for the three months ended September 30, 2017 and 2016 which are included in the income from discontinued operations:
 
 
 
For the three months
ended
September 30,2017
   
For the three months
ended
September 30,2016
 
Revenue
 
$
-
   
$
844,109
 
Cost of revenue
   
-
     
756,570
 
 Gross profit
   
-
     
87,539
 
                 
Selling, general and administrative
expenses
   
-
     
11,902
 
                 
Income  before income taxes
   
-
     
75,637
 
Provision for income taxes
   
-
     
18,910
 
Net income
 
$
-
   
$
56,727
 
 
F-8
 
NOTE 5 - INVENTORIES
 
Inventories are stated at the lower of cost (determined using the weighted average cost) or market value and are composed of the raw materials and finished goods.
 
Inventories consist of the following:
 
 
 
September 30,
2017
   
June 30,
2017
 
 
           
Raw materials
 
$
-
   
$
53,163
 
 
               
Finished goods
   
278,070
     
-
 
 
               
 Total inventories
 
$
278,070
   
$
53,163
 
 

 
NOTE 6 - OTHER RECEIVABLES
 
Other receivables represent short term advances to third parties. They are interest free, unsecured and repayable on demand. The balance of the other receivables as of June 30, 2017 was repaid in full in September 2017.
 
NOTE 7 - DUE TO RELATED PARTIES
 
  Manufacture – related party
 
 On September 1, 2016, Baileqi entered into a manufacturing agreement with Shenzhen Baileqi Science and Technology Co., Ltd. (“Shenzhen Baileqi S&T”) to manufacture products for Baileqi. The owner of Shenzhen Baileqi S&T is also a shareholder of the Company who owns approximately 1.5% of the Company’s outstanding common stock as of September 30, 2017.  Baileqi made payments to Shenzhen Baileqi S&T for manufacturing cost. The manufacturing costs incurred with Shenzhen Baileqi S&T was $192,103 and $0 for the three months ended September 30, 2017 and 2016, respectively, and the amount of $44,167 and $0 respectively were included in cost of revenue.
 
  Purchase from related party
 
 During the three months ended September 30, 2017, the Company purchased $63,645 and $174,465 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s shareholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock as of September 30, 2017. The amount of $63,645 and $163,839 were included in the cost of revenue. 
 
During the three months ended September 30, 2016, the Company purchased $93,808 and $43,247 from Keenest and Shenzhen Baileqi S&T which were owned by the Company’s shareholders who own approximately 2% and 1.5% respectively of the Company’s outstanding common stock. The amount of $27,386 and $11,177 were included in the cost of revenue. 
 
F-9
 
 The Company made advances of $89,180 to Keenest for future purchases as of September 30, 2017.  The balance payable to Shenzhen Baileqi S&T were $5,828 and $159,861 respectively as of September 30, 2017 and June 30, 2017.
 
  Due to related parties
 
 Due to related parties represents certain advances to the Company or its subsidiaries by related parties. The amounts are non-interest bearing, unsecured and due on demand.
 
 Due to related parties consists of the following:
 
 
 
 
 
September 30,
2017
   
June 30,
2017
 
 
           
Ben Wong         (1)
 
$
143,792
   
$
143,792
 
                 
Changyong Yang    (2)
   
-
     
122,820
 
 
               
Xin Sui            (3)
   
1,992
     
6,992
 
                 
Baozhen Deng       (4)
   
8,746
     
8,590
 
 
               
Shenzhen Baileqi S&T (5)
   
34,421
     
41,405
 
                 
 
 
$
188,951
   
$
323,599
 
 
 
(1) Ben Wong was the controlling shareholder of Shinning Glory until April 20, 2017, which holds majority shares in Ionix Technology, Inc.
 
(2) Changyong Yang is a stockholder of the Company, who owns approximately 2% of the Company’s outstanding common stock, and the owner of Keenest.
 
(3) Xin Sui is a member of the board of directors of Welly Surplus.
 
(4) Baozhen Deng is a stockholder of the Company, who owns approximately 1.5% of the Company’s outstanding common stock, and the owner of Shenzhen Baileqi S&T.
 
F-10
 
(5) Shenzhen Baileqi S&T is a company established in China and 100% owned by Baozhen Deng, a stockholder of the Company.
 
 During the three months ended September 30, 2017, Welly Surplus refunded $5,000 to Xin Sui.  Baileqi Electronic refunded $7,671 to Shenzhen Baileqi S&T.  Lisite Science refunded $122,820 to Changyong Yang.
 
 During the three months ended September 30, 2016, Ben Wong advanced $577 to Well Best and he received the proceeds of $5,000 from sales of Taizhou Ionix on behalf of the Company.  Changyong Yang (a stockholder of the Company) advanced $358,156 to Lisite Science.  Baozhen Deng (a stockholder of the Company) advanced $63,080 to Baileqi Electronic.
 
  NOTE 8 - CONCENTRATION
 
Major customers
 
Customers who accounted for 10% or more of the Company’s revenues for the three months ended September 30, 2017 and 2016 respectively and its outstanding balance of accounts receivable as of September 30, 2017 and 2016 respectively are presented as follows:
 
 
 
For the three months
ended
September 30, 2017
   
As of September 30, 2017
 
 
 
Revenue
   
Percentage
of
revenue
   
Accounts
receivable
   
Percentage of
accounts
receivable
 
Customer A
 
$
65,637
     
17
%
 
$
-
     
-
%
Customer B
   
91,692
     
24
%
   
-
     
-
%
Customer C
   
45,514
     
12
%
   
-
     
-
%
Total
 
$
202,843
     
53
%
 
$
-
     
-
%
  
 
 
 
For the three months
ended
September 30, 2016
   
As of September 30, 2016
 
 
 
Revenue
 
Percentage
of
revenue
   
Accounts
receivable
   
Percentage of
accounts
receivable
 
Customer A
 
$
29,765
   
69
%
 
$
34,725
     
100
%
Customer B
   
13,385
   
31
%
   
-
     
-
%
Total
 
$
43,150
   
100
%
 
$
34,725
     
100
%

 
All customers are located in the PRC.
 
F-11
 
Major suppliers
 
The supplier who accounted for 10% or more of the Company’s total purchases (materials and services) for the three months ended September 30, 2017 and 2016 respectively and its outstanding balance of accounts payable as of September 30, 2017 and 2016 respectively are presented as follows:
 
 
 
For the three months ended
September 30, 2017
   
As of September 30, 2017
 
 
 
Total
Purchase
   
Percentage of
total purchase
   
Accounts
payable
   
Percentage of
accounts
payable
 
 
                       
Supplier A-related party
 
$
63,645
     
12
%
 
$
-
     
-
%
Supplier B-related party
   
366,568
     
68
%
   
5,828
     
5
%
Total
 
$
430,213
     
80
%
 
$
5,828
     
5
%
 
  

 
 
For the three months ended
September 30, 2016
   
As of September 30, 2016
 
 
 
Total
Purchase
   
Percentage of
total purchase
   
Accounts
payable
   
Percentage of
accounts
payable
 
 
                       
Supplier A-related party
 
$
93,808
     
25
%
 
$
109,436
     
46
%
Supplier B-related party
   
43,247
     
12
%
   
-
     
-
%
Total
 
$
137,055
     
37
%
 
$
109,436
     
46
%

 
All suppliers of the Company are located in the PRC.
 
NOTE 9 - INCOME TAXES
 
 The effective tax rate in the periods presented is the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rate. The Company operates in various countries: United States of America, Hong Kong and the PRC that are subject to taxes in the jurisdictions in which they operate, as follows:
 
United States of America
 
The Company is registered in the State of Nevada and is subject to the tax laws of United States of America.
 
The Company has shown losses since inception.  As a result it has incurred no income tax. Under normal circumstances, the Internal Revenue Service is authorized to audit income tax returns during a three year period after the returns are filed.  In unusual circumstances, the period may be longer.  Tax returns for the years ended June 30, 2011 and after were still open to audit as of September 30, 2017.
 
The Company received a penalty assessment from the IRS in the amount of $10,000 for failure to provide information with respect to certain foreign owned US Corporations on Form 5472 - Information Return of a 25% Foreign Owned US Corporation for the tax period ended June 30, 2013. The Company disputed this claim and is working to reverse the penalty. The Company believes that the payment of this penalty is remote and did not accrue this liability as of September 30, 2017.
 
F-12
 
Hong Kong
 
The Well Best and Welly Surplus are registered in Hong Kong. For the three months ended September 30, 2017 and 2016, there is no assessable income chargeable to profit tax in Hong Kong.
 
  The PRC
 
Lisite Science and Baileqi Electronic are operating in the PRC and is subject to the Corporate Income Tax Law of the People’s Republic of China at a unified income tax rate of 25%.
 
 The reconciliation of income tax expense at the U.S. statutory rate of 35% to the Company’s effective tax rate is as follows:
 
   
For the three months ended September 30
 
   
2017
   
2016
 
             
U.S. Statutory rate
 
$
(3,008
)
 
$
(13,704
)
Tax rate difference between China and U.S.
   
1,125
     
9,016
 
Change in Valuation Allowance
   
3,492
     
4,870
 
Effective tax rate
 
$
1,609
   
$
182
 

The provisions for income taxes are summarized as follows:
  
   
For the three months ended September 30,
 
   
2017
   
2016
 
Current
 
$
1,609
   
$
182
 
Deferred
   
-
     
-
 
Total
 
$
1,609
   
$
182
 


 
As of September 30, 2017, the Company has approximately $260,000 net operating loss carryforwards available in the U.S. and Hong Kong to reduce future taxable income which will begin to expire from 2035. It is more likely than not that the deferred tax assets cannot be utilized in the future because there will not be significant future earnings from the entity which generated the net operating loss. Therefore, the Company recorded a full valuation allowance on its deferred tax assets.
 
 The Company has not provided deferred taxes on unremitted earnings attributable to international companies that have been considered to be reinvested indefinitely. Because of the availability of U.S. foreign tax credits, it is not practicable to determine the income tax liability that would be payable if such earnings were not indefinitely reinvested. In accordance with ASC Topic 740, interest associated with unrecognized tax benefits is classified as income tax and penalties are classified in selling, general and administrative expenses in the statements of operations.
 
F-13
 
 The extent of the Company’s operations involves dealing with uncertainties and judgments in the application of complex tax regulations in a multitude of jurisdictions. The final taxes paid are dependent upon many factors, including negotiations with taxing authorities in various jurisdictions and resolution of disputes arising from federal, state and international tax audits. The Company recognizes potential liabilities and records tax liabilities for anticipated tax audit issues in the United States and other tax jurisdictions based on its estimate of whether, and the extent to which, additional taxes will be due.
 
   NOTE 10 - SUBSEQUENT EVENTS
 
 The Company has evaluated the existence of significant events subsequent to the balance sheet date through the date the financial statements were issued and has determined that there were no subsequent events or transactions which would require recognition or disclosure in the financial statements.
 


 
END NOTES TO FINANCIAL STATEMENTS
 
F-14
   
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.
 
The following Management's Discussion and Analysis should be read in conjunction with Ionix Technology, Inc.’s. financial statements and the related notes thereto. The Management's Discussion and Analysis contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,” “plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,” and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,” etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements in this Report on Form 10-Q. The Company’s actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of several factors. The Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this Report on Form 10-Q.
 
The following discussion should be read in conjunction with our unaudited consolidated financial statements and related notes and other financial data included elsewhere in this report. See also the notes to our consolidated financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended June 30, 2017, filed with the Commission on October 13, 2017.

Results of Operations for the three months ended September 30, 2017 and 2016

Revenue
During the three months ended September 30, 2017 and 2016, revenue was $381,541 and $43,150 respectively. The difference can be attributed to the expanded our operations in the fields of portable power banks and LCD screens in the PRC during the three months ended September 30, 2017 .

Cost of Revenue
During the three months ended September 30, 2017, cost of revenue was $48,932 for non-related parties, and $271,651 for related parties. In the three months ended September 30, 2017, cost of revenue included the cost of raw materials and finished products purchased and the sub- contracting processing fee paid to the processing factories which were owned by our shareholders, pursuant to the manufacturing agreement between the Company’s subsidiaries in PRC and processing factories. In comparison, during the three months ended September 30, 2016, the cost of revenues was $38,563, for related parties and Nil for non-related parties. The difference can be attributed to the expanded our operations in the fields of portable power banks and LCD screens in the PRC during the three months ended September 30, 2017 .

Gross Profit
During the three months ended September 30, 2017 and 2016, gross profit was $60,958 and $4,587, respectively. Our gross profit margin maintained at 16% during the three months ended September 30, 2017.

Selling, General and Administrative Expenses
During the three months ended September 30, 2017, and 2016, general and administrative expenses were $69,553, and $43,741, respectively. Our general and administrative expenses mainly comprised of payroll expenses, transportation, office expense, professional fees, freight and shipping costs, rent, and other miscellaneous expenses. The expenses were significantly more in 2017 as we have expanded our operations in the PRC during this period and the operating expenses from Taizhou Ionix and Xinyu Ionix were included in the income from discontinued operation during the three months ended September 30, 2016.

Income (Loss) from Discontinued Operations
The Company disposed of the ownership in Taizhou Ionix and Xinyu Ionix in August 2016 and April 2017 respectively.

Hence the Company has presented results of Taizhou Ionix and Xinyu Ionix operations as the discontinued operations in the consolidated statements of comprehensive income (loss).

During the three months ended September 30, 2017 and 2016, income from discontinued operation was $Nil and $46,554, respectively, all of which were revenue offset by cost of sales and general and administrative expenses.
 
15
 
Net Income (Loss )
During the three months ended September 30, 2017 and 2016, our net loss was $10,204 compared with an income of $7,218, respectively, which included net loss from continuing operation of $10,204 and $39,336, respectively, and net income from discontinued operation of $NIL and $46,554, respectively. The difference can be attributed to the expanded our operations in the fields of portable power banks and LCD screens in the PRC during the three months ended September 30, 2017 .

  Liquidity and Capital Resources

  Cash Flow from Operating Activities
During the three months ended September 30, 2017 and 2016, the Company used cash of $125,591 from operating activities compared with cash provided by operating activities of $639,281, respectively. The change was mainly due to less loss incurred from continuing operation and an increase in accounts payable outflows which were partially offset by an increase in accounts receivables inflows .

Cash Flow from Investing Activities
During the three months ended September 30, 2017 and 2016, net cash provided by (used in) investing activities was $148,947 and $(911,044), respectively.

Cash Flow from Financing Activities
During the three months ended September 30 , 2017, the Company used $136,600 in cash for financing activities, which was all due to repayment of related party loans. In comparison, during the three months ended September 30 , 2016, the Company received $418,043 in cash from financing activities, all of which was attributable to proceeds from related party loans.

As of September 30, 2017, we have a working capital of $55,538.

Our total current liabilities for the three months ended September 30, 2017 was $408,928 and consists primarily of accounts payables for related and non-related parties of $116,210, advances from customers of $68,721, amount due to related parties of $188,951, and accrued expenses and other current liabilities of $35,046. Our Company’s President is committed to providing for our minimum working capital needs for the next 12 months, and we do not expect previous loan amounts to be payable for the next 12 months. However, we do not have a formal agreement that states any of these facts.  The remaining balance of our current liabilities relates to audit and consulting fees and such payments are due on demand and we expect to settle such amounts on a timely basis based upon shareholder loans to be granted to us in the next 12 months.

We will require approximately $150,000 to fund our working capital needs as follows:

Audit and accounting
   
30,000
 
Legal Consulting fees
   
50,000
 
Salary and wages
   
30,000
 
Edgar/XBRL filing, transfer agent and miscellaneous
   
40,000
 
Total
 
$
150,000
 

Future Financings

We will not consider taking on any long-term or short-term debt from financial institutions in the immediate future.   We are dependent upon our director and the major shareholder to provide continued funding and capital resources. If continued funding and capital resources are unavailable at reasonable terms, we may not be able to implement our plan of operations.  The financial statements do not include any adjustments related to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company’s financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.  
 
16
 
  Critical Accounting Policies

Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.
 
We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.
 

Recently Issued Accounting Pronouncements

  In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers: Topic 606. This Update affects any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of nonfinancial assets, unless those contracts are within the scope of other standards. The guidance in this Update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition and most industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to illustrate the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The new guidance also includes a cohesive set of disclosure requirements that will provide users of financial statements with comprehensive information about the nature, amount, timing, and uncertainty of revenue and cash flows arising from a reporting organization’s contracts with customers. This ASU is effective for fiscal years, and interim periods within those years beginning after December 15, 2016 for public companies and 2017 for non-public entities. Management is evaluating the effect, if any, on the Company’s financial position and results of operations. 
 
  The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
 
Contractual Obligations
 
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
 
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 
ITEM 4.
CONTROLS AND PROCEDURES

 
Evaluation of Disclosure Controls and Procedures
 
Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act"). Based upon that evaluation, our Principal Executive Officer and Principal Financial Officer have concluded that our disclosure controls and procedures were not effective as of September 30, 2017.
 
17
 
Changes in Internal Control over Financial Reporting
 
There have been no changes in our internal control over financial reporting subsequent to the fiscal year ended June 30, 2017, which were identified in connection with our management’s evaluation required by paragraph (d) of rules 13a-15 and 15d-15 under the Exchange Act, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
 
The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.

Limitations of the Effectiveness of Disclosure Controls and Internal Controls
 
Our management, including our Principal Executive Officer and Principal Financial Officer, does not expect that our disclosure controls and internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control.
 
The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving our stated goals under all potential future conditions; over time, a control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

 
PART II - OTHER INFORMATION
 
ITEM 1.
LEGAL PROCEEDINGS
 
From time to time, the Company may become subject to various legal proceedings that are incidental to the ordinary conduct of its business. Although the Company cannot accurately predict the amount of any liability that may ultimately arise with respect to any of these matters, it makes provision for potential liabilities when it deems them probable and reasonably estimable. These provisions are based on current information and legal advice and may be adjusted from time to time according to developments.

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 or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.  

ITEM 1A.
RISK FACTORS
 
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 2.
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

  None.
 
18
 
ITEM 3.
DEFAULTS UPON SENIOR SECURITIES
 
None.
 
ITEM 4.
MINE SAFETY DISCLOSURES
 
N/A.
 
ITEM 5.
OTHER INFORMATION
 
On November 15, 2017 Deng Baozhu was appointed as the new legal representative of Shenzhen Baileqi Electronic Technology Co., Ltd., an indirect wholly owned subsidiary of the Company. Deng Baozhu, 31,was born on May 1, 1986. She received a Bachelor Degree from Shenzhen University in International Trade and English. In March 2010, she began work for Shenzhen Baileqi Science and Technology Co., Ltd.as a Marketing Manager and in October 2014, she left Shenzhen Baileqi Science and Technology Co., Ltd. for Shenzhen Guoxian Technology Co., Ltd. where she employed as a Purchasing Manager. Now she is the Marketing Director for Shenzhen Baileqi Electronic Technology Co., Ltd. since March 2016.
 
ITEM 6.
EXHIBITS

Exhibit
 
 
 
Number
Description of Exhibit
 
 
3.01a
 
Filed with the SEC on October 13, 2017 as part of our Annual Report on Form 10-K
3.01b
 
Filed with the SEC on September 3, 2014 as part of our Current Report on Form 8-K
3.01c
 
Filed with the SEC on December 10, 2015 as part of our Current Report on Form 8-K
3.02a
 
Filed with the SEC on August 23, 2011 as an exhibit to our Registration Statement on Form 10.
3.02b
 
Filed with the SEC on September 3, 2014 as part of our Current Report on Form 8-K
10.01
 
Filed with the SEC on November 23, 2015 as part of our Current Report on Form 8-K
10.02
 
Filed with the SEC on August 24, 2016 as part of our Current Report on Form 8-K
10.03
 
Filed with the SEC on August 24, 2016 as part of our Current Report on Form 8-K
21.1
 
Filed with the SEC on May 22, 2017 as Exhibit 21.1 to Form 10-Q.
31.01
 
Filed herewith.
31.02
 
Filed herewith.
32.01
 
Filed herewith.
32.02
 
Filed herewith.
 101.INS*
XBRL Instance Document
 
Filed herewith.
101.SCH*
XBRL Taxonomy Extension Schema Document
 
Filed herewith.
101.CAL*
XBRL Taxonomy Extension Calculation Linkbase Document
 
Filed herewith.
101.LAB*
XBRL Taxonomy Extension Labels Linkbase Document
 
Filed herewith.
101.PRE*
XBRL Taxonomy Extension Presentation Linkbase Document
 
Filed herewith.
101.DEF*
XBRL Taxonomy Extension Definition Linkbase Document
 
Filed herewith.


*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.
 
19
 
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.
 
 
Ionix Technology, Inc.
 
 
 Date: November 20, 2017
By:
/s/ Doris Zhou
 
 
Name:  Doris Zhou
Title:    Chief Executive Officer and Director
(Principal Executive Officer)
 
 Date: November 20, 2017
By:
/ s/ Yue Kou
 
 
Name:  Yue Kou
Title:    Chief Financial Officer
(Principal Financial Officer)
 
  In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
 
 
 
 Date: November 20, 2017
By:
/s/ Doris Zhou
 
 
Name:  Doris Zhou
Title:    Chief (Principal) Executive Officer, Secretary, Treasurer and Sole Director
 
 Date: November 20, 2017
By:
/ s/ Yue Kou
 
 
Name:  Yue Kou
Title:    Chief (Principal) Financial Officer
 
 
20
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