The accompanying notes are an integral
part of these unaudited financial statements.
The accompanying notes are an integral
part of these unaudited financial statements.
The accompanying notes are an integral
part of these unaudited financial statements.
Notes to Financial Statements
(Unaudited)
Note 1. Nature of Business
Nature of Business
Trimax Consulting, Inc.
(“the Company”) was incorporated in Nevada on May 19, 2014. The Company was established for the purpose of real estate
consulting and the purchasing of Tax Liens.
On March 16, 2017, pursuant
to a stock purchase agreement between Oeshadebie Waterford, the Company's President and Chief Executive Officer (“CEO”),
and Newfield Global Holdings Limited (“Newfield”) which is wholly owned by Mr. Jingyu Bai, Newfield acquired 25,000,000
shares of common stock of the Company for cash consideration of $300,000. The shares acquired represent 96.3% of the issued and
outstanding shares of common stock of the Company. In connection with the stock purchase, the Company distributed the investment
in the amount of $3,527 to Oeshadebie Waterford and Oeshadebie Waterford assumed accrued expenses in the amount of $11,500 and
forgave a related party officer demand loan in the amount of $456. On March 16, 2017, Oeshadebie Waterford resigned her official
position as President and Chief Executive Officer of the Company, and on the same day the shareholders of the Company voted Eng
Wah Kung as Director and Chief Executive Officer of the Company, and Teck Siong Lim as Chief Financial Officer (“CFO”).
Upon the election of the
new Board, the Company has altered the Company’s business plan to provide end to end HR services including recruitment, executive
search, campus recruitment, training and a complete range of HR outsourcing solutions to clients, with the ultimate aim in creating
true value for businesses, through the essential core asset of clients.
On May 8, 2017, the board of directors adopted
an Amendment to its Articles of Incorporation changing the name of the Company to Xinda International Corp., and on June 9, 2017,
the Financial Industry Regulatory Authority (“FINRA”) gave final approval for the name change and the ticker Symbol
“XNDA”.
On May 17, 2018, the Company entered into a
Purchase and Sale Agreement with Millrock Alaska LLC, an Alaska corporation (“Millrock”), pursuant to which the Company
will acquire a 100% interest (subject to a royalty provision) in federal mining rights in the Lordsburg lithium project (the “Assets”).
In consideration for acquisition of the Assets the Company has agreed to pay Millrock cash consideration of $50,000 as well as
19.9% of the Company’s issued and outstanding stock. The Company will execute and deliver to Millrock at closing a Royalty
Deed pursuant to which the Company will pay Millrock a royalty of 3% of gross final sales (as defined in the Royalty Deed). The
Company also will enter into and deliver to Millrock a Milestone Payment Agreement the parties have agreed to future share payments
in the event that the Company makes exploration expenditures of US$5.0 million dollars on the claims or in a surrounding Area of
Interest. Under this milestone the Company will issue to Millrock that number of Company shares of Common Stock that will result
in Millrock owning 19.9% of the issued and outstanding shares of Company at that time. Further on September 30st of each calendar
year, the Company will pay to Franklin Bain a finder’s fee equal to 2.5% of Exploration Expenditures incurred in the prior
calendar year or $25,000, whichever is more. The requirement to pay the annual third milestone payment will end after $250,000
has been paid to Franklin Bain. The Purchase and Sale Agreement, the Royalty Deed and the Milestone Payment Agreement are attached
hereto as exhibits and incorporated herein by reference.
Effective May 24, 2018 the Company completed
delivery of the stock to Millrock by the delivery from Newfield Global Holdings Limited a total of 1,100,000 shares to Millrock.
In addition, Newfield Global Holdings transferred 950,000 shares each to LWH Advisory Limited and LWH Consulting Sdn Bhd as part
of the transaction. Subsequent to the acquisition, the Company intends to complete a 14 to 1 forward stock dividend of its stock.
XINDA INTERNATIONAL CORP.
(FORMERLY KNOWN AS TRIMAX CONSULTING,
INC.)
Notes to Financial Statements
(Unaudited)
On May 17, 2018, Dr. Amit Tripathi was elected
and Eng Wah Kung resigned as a director and an officer. In connection with the resignation of Mr. Kung, Dr. Tripathi was appointed
as our Chief Executive Officer and Director.
Mr. Kung’s resignation was not the result
of any disagreements with the operations, policies or practices of our company.
Dr. Amit Tripathi, age 50, President, Chief
Executive Officer, Secretary and Director
Dr. Tripathi is an exploration manager with
technical specialization in structural geology, working with both private and public companies in the past. His professional experience
covers successful exploration of gold, copper, diamond, iron ore, tantalite, and uranium. Dr. Tripathi has managed successful exploration
projects from reconnaissance to resource evaluation stages in a variety of different occurrences including porphyry and lode gold;
kimberlite and alluvial diamonds; enriched BIF, ironstones and lateritic iron ore; alluvial tantalite; sandstone hosted Uranium.
No family relationships exist between Dr. Tripathi
and any of our other directors or executive officers.
There are no arrangements between Dr. Tripathi
and any other person pursuant to which Dr. Tripathi was nominated as a director, nor are there any transactions to which our company
is or was a participant and in which Dr. Tripathi has a material interest subject to disclosure under Item 404(a) of Regulation
S-K.
Note 2. Summary of Significant Accounting Policies
Basis of Presentation
The accompanying unaudited
interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction
with the audited financial statements and notes thereto contained in the Company's latest Annual Report on Form 10-K filed with
the SEC. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation
of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim
periods are not necessarily indicative of operations for the full year. Notes to the financial statements which would substantially
duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, as reported in the Form
10-K for the fiscal year ended December 31, 2018, have been omitted.
Use of Estimates
The preparation of financial
statements that conform with accounting principles generally accepted in the United States requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities, and the disclosure of contingent assets and liabilities
at the date of the financial statements, and the reported amounts of expenses during the reporting period. Management makes these
estimates using the best information available at the time, however, actual results could differ materially from those estimates.
XINDA INTERNATIONAL CORP.
(FORMERLY KNOWN AS TRIMAX CONSULTING,
INC.)
Notes to Financial Statements
(Unaudited)
Fair Value of Financial Instruments
Fair value is the price that would be received
from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value,
the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market
participants would use when pricing the asset or liability.
Authoritative literature provides
a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level
of input that is significant to the fair value measurement as follows:
Level 1 - Inputs are unadjusted
quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement
date.
Level 2 - Inputs include
quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities
in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (e.g., interest
rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation
or other means (market corroborated inputs).
Level 3 - Unobservable inputs
that reflect our assumptions about the assumptions that market participants would use in pricing the asset or liability.
The Company's financial
instruments consist principally of cash and accrued expenses. The carrying amounts of such financial instruments in the accompanying
balance sheets approximate their fair values due to their relatively short-term nature.
It is not, however, practical
to determine the fair value of amounts due to related parties because the transactions cannot be assumed to have been consummated
at arm’s length, the terms are not deemed to be market terms, there are no quoted values available for these instruments,
and an independent valuation would not be practical due to the lack of data regarding similar instruments, if any, and the associated
potential costs.
Related Parties
A party is considered to be related
to the Company if the party directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under
common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate
families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls
or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties
might be prevented from fully pursuing its own separate interests. A party which can significantly influence the management or
operating policies of the transacting parties or if it has an ownership interest in one of the transacting parties and can significantly
influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate
interests is also a related party.
Transactions involving related
parties cannot be presumed to be carried out on an arm's- length basis, as the requisite conditions of competitive, free-market
dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party
transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations
can be substantiated.
XINDA INTERNATIONAL CORP.
(FORMERLY KNOWN AS TRIMAX CONSULTING,
INC.)
Notes to Financial Statements
(Unaudited)
Recently Issued Accounting
Pronouncements
The Company has implemented
all new accounting pronouncements that are in effect and that may impact its financial statements and 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 and
result of operations.
Note 3. Going Concern
The accompanying unaudited
financial statements have been prepared assuming that the Company continues as a going concern. The Company has suffered recurring
losses from operations. As shown in the accompanying unaudited financial statements, the Company has working capital deficit of
$116,312 as of September 30, 2020, and has not generated any cash flows from operating activities for the three months ended September
30, 2020. Due to these conditions, it raises substantial doubt about its ability to continue as a going concern.
Upon election of the new
Board, on March 16, 2017, the Company has undertaken a new business plan, principally providing a wide variety of human resource
consulting services by facilitating identified, necessary change within an organization in order to enhance the success of the
clients.
The financial statements
do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification
of liabilities that may result should the Company be unable to continue as a going concern.
Note 4. Related Party Transactions
Due to related
parties consist of the following:
Advances and loans from Related Parties
|
|
|
September 30,
2020
|
|
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
|
|
Joe Grimes
|
|
$
|
58,141
|
|
|
$
|
–
|
|
Total
|
|
$
|
58,141
|
|
|
$
|
–
|
|
The amounts due to related
parties represent loans borrowed from related parties. They are unsecured, bear no interest and are repayable on demand. During
the three months ended September 30, 2020, the Company repaid no loans to related parties.
XINDA INTERNATIONAL CORP.
(FORMERLY KNOWN AS TRIMAX CONSULTING,
INC.)
Notes to Financial Statements
(Unaudited)
Office Furnished by Related
Party
The Company’s executive office is located 9190
W. Olympic Blvd, #324, Beverly Hills, CA 90212. This office is furnished to the Company by Xinda Human Resources Sdn Bhd at no
charge.
Service Provided by Related Party
One accounting consultant,
who is a friend of former CEO, provided non-compensated book keeping and financial reporting services to the Company from March
2017 through September 2020.