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 June 30, 2021
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: 000-26347
NextMart, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Delaware |
|
41-0985135 |
State or Other
Jurisdiction of
Incorporation or Organization |
|
I.R.S. Employer
Identification No. |
10119 E Winter Sun Drive
Scottsdale, AZ
|
|
85262 |
Address of Principal
Executive Offices |
|
Zip Code |
Registrant’s telephone number, including area code
(602) 499 6992
Securities registered pursuant to Section 12(b) of the
Act:
Title
of each Class |
Trading Symbol |
Name of each exchange on which registered |
Common and Preferred |
NXMR |
OTC MARKETS |
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 every Interactive Data File required to be submitted
pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter)
during the preceding 12 months (or for such shorter period that the
registrant was required to submit such files). Yes ☐
No ☒
Indicate by check mark whether the registrant is a large
accelerated filer, an accelerated filer, a non-accelerated filer, a
smaller reporting company, or an emerging growth company. See 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
☐ |
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 Act). Yes ☐ No ☒
As of September 26, 2021, the Registrant had 374,126,367 shares of
common stock outstanding.
Explanatory Note
In accordance with the new 15c211 requirements the company is
providing these interim statements until the matter is heard by the
Nevada courts in the custodianship hearing. New 15c211 coming into
effect September 28, 2021.
Next Mart Inc.
Balance Sheet
As at June 30, 2021 (Unaudited)
|
|
Notes |
|
As at
June 30, 2021
(Unaudited) |
|
|
|
|
|
($) |
|
ASSETS |
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash
and cash equivalents |
|
4 |
|
|
10,639 |
|
Accounts
receivable , net |
|
5 |
|
|
– |
|
Current assets
held for sale |
|
6 |
|
|
– |
|
|
|
|
|
|
|
|
Total Current
Assets |
|
|
|
|
10,639 |
|
|
|
|
|
|
|
|
Long term assets
held for sale |
|
7 |
|
|
– |
|
Property, plant
and equipment, net |
|
8 |
|
|
– |
|
|
|
|
|
|
|
|
Total
Assets |
|
|
|
|
10,639 |
|
|
|
|
|
|
|
|
EQUITY &
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
Other payables and
accrued expense |
|
9 |
|
|
14,246 |
|
Amount due to
Stockholders |
|
10 |
|
|
– |
|
Amount due to
related parties |
|
11 |
|
|
18,182 |
|
Current
liabilities held for sale |
|
12 |
|
|
213,436 |
|
|
|
|
|
|
|
|
Total Current
Liabilities |
|
|
|
|
245,864 |
|
|
|
|
|
|
|
|
Convertible
notes |
|
18 |
|
|
– |
|
Long term loan -
convertible |
|
|
|
|
180,000 |
|
Long term
loan |
|
|
|
|
– |
|
|
|
|
|
|
|
|
Total
Liabilities |
|
|
|
|
425,864 |
|
|
|
|
|
|
|
|
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock; authorized
250,000,000 shares, par value US$0.01; none issued |
|
|
|
|
10,000 |
|
Common stock; authorized
750,000,000 shares, par value US$0.01; |
|
|
|
|
3,741,264 |
|
Reserved to be issued 53,029
shares |
|
|
|
|
530 |
|
Subscription receivable |
|
|
|
|
(750,000 |
) |
Additional paid in capital |
|
|
|
|
99,208,680 |
|
Accumulated deficit |
|
|
|
|
(102,649,858 |
) |
Accumulated other comprehensive loss -
Other |
|
|
|
|
24,159 |
|
|
|
|
|
|
|
|
Total Shareholders’
Deficit |
|
|
|
|
(415,225 |
) |
|
|
|
|
|
|
|
Total
Liabilities and Shareholders’ Equity |
|
|
|
|
10,639 |
|
Next Mart Inc.
Statement of Profit and Loss
For the nine months ended June 30, 2021
|
|
Notes |
|
For the nine months
ended June 30, 2021 |
|
|
|
|
|
|
|
|
|
|
|
(Amount in $) |
|
|
|
|
|
|
|
Revenue |
|
|
|
|
– |
|
Cost of sales |
|
|
|
|
– |
|
Gross profit |
|
|
|
|
– |
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
General and
administrative |
|
|
|
|
(32,690 |
) |
Depreciation and
amortization |
|
|
|
|
– |
|
Consulting and professional fees |
|
|
|
|
(21,655 |
) |
|
|
|
|
|
|
|
Income / (Loss)
from operations |
|
|
|
|
(54,345 |
) |
|
|
|
|
|
|
|
Other
Income / (expense) |
|
|
|
|
|
|
Amortization of
discount on convertible notes |
|
|
|
|
– |
|
Assets
write-off |
|
|
|
|
– |
|
Interest income |
|
|
|
|
(33,742 |
) |
|
|
|
|
|
|
|
Loss from
continuing operations before tax |
|
|
|
|
(88,087 |
) |
|
|
|
|
|
|
|
Income tax |
|
|
|
|
– |
|
|
|
|
|
|
|
|
Loss from
continuing operations |
|
|
|
|
(88,087 |
) |
Loss from held for
sale operations |
|
|
|
|
– |
|
|
|
|
|
|
|
|
Net Loss |
|
|
|
|
(88,087 |
) |
|
|
|
|
|
|
|
Other
Comprehensive income / (loss): |
|
|
|
|
|
|
Foreign currency
translation adjustment |
|
|
|
|
13,739 |
|
Unrealized gain (loss) |
|
|
|
|
– |
|
|
|
|
|
|
|
|
Total
Comprehensive income / (loss) |
|
|
|
|
(74,348 |
) |
Next Mart Inc.
Statement of Shareholders' Equity
As at June 30, 2021 (Unaudited)
|
|
Series A -
Preferred Stock |
|
|
Common
Stock |
|
|
Reserves |
|
|
Subscription Receivable |
|
|
Additional
Paid in capital |
|
|
Accumulated
Profit / (Deficit) |
|
|
Total
Stockholders' Equity |
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Par |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount in $ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at December 31, 2020
(Unaudited) |
|
|
1,000,000 |
|
|
|
10,000 |
|
|
|
374,126,367 |
|
|
|
3,741,264 |
|
|
|
530 |
|
|
|
(750,000 |
) |
|
|
99,208,680 |
|
|
|
(102,575,510 |
) |
|
|
(365,037 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit / (loss) for the period |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(74,348 |
) |
|
|
(74,348 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As at June 30, 2021
(Unaudited) |
|
|
1,000,000 |
|
|
|
10,000 |
|
|
|
374,126,367 |
|
|
|
3,741,264 |
|
|
|
530 |
|
|
|
(750,000 |
) |
|
|
99,208,680 |
|
|
|
(102,649,858 |
) |
|
|
(439,385 |
) |
Next Mart Inc.
Statement of Cash Flows
As at June 30, 2021 (Unaudited)
|
|
2021 |
|
|
|
($) |
|
Cash flow from
operating activities |
|
|
|
|
|
|
|
|
|
(Loss) / profit before
income tax |
|
|
(74,348 |
) |
|
|
|
|
|
Adjustment for non
cash charges and other items: |
|
|
|
|
|
|
|
|
|
Amortization of discount on convertible notes |
|
|
– |
|
Amortization and
depreciation |
|
|
– |
|
Assets write
off |
|
|
– |
|
|
|
|
|
|
|
|
|
(74,348 |
) |
Changes in working capital |
|
|
|
|
|
|
|
|
|
Decrease /
(increase) in accounts receivables |
|
|
– |
|
(Decrease) /
increase in Other payables and accrued expenses |
|
|
215 |
|
(Decrease) /
increase in amount due to Stockholders |
|
|
– |
|
(Decrease) /
increase in liabilities held for sale |
|
|
81,468 |
|
(Decrease) / increase in amount due to related parties |
|
|
1,601 |
|
|
|
|
83,284 |
|
|
|
|
|
|
|
|
|
|
|
Cash flow from
operating activities |
|
|
8,936 |
|
|
|
|
|
|
Cash flow from
investing activities |
|
|
|
|
|
|
|
|
|
Net additions in assets Held for
sale |
|
|
– |
|
Additions in
property, plant and equipment |
|
|
– |
|
|
|
|
|
|
Cash flow from /
(used) in investing activities |
|
|
– |
|
|
|
|
|
|
Cash flow from
financing activities |
|
|
|
|
|
|
|
|
|
Repayment of convertible notes
issued |
|
|
– |
|
Proceeds from issuance of common
stock |
|
|
– |
|
Repayment of long
term loan |
|
|
– |
|
|
|
|
|
|
Cash flow from
financing activities |
|
|
– |
|
|
|
|
|
|
Increase/(decrease)
in cash and cash equivalents |
|
|
8,936 |
|
|
|
|
|
|
Foreign currency translation
adjustment |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning
of the year |
|
|
1,703 |
|
|
|
|
|
|
Cash
and cash equivalents at end of the year |
|
|
10,639 |
|
Next Mart Inc.
Notes to the Financial Statements
For the nine months ended June 30, 2021
1. LEGAL STATUS AND OPERATIONS
"NextMart, Inc. (the Company) was originally incorporated under the
laws of Minnesota in 1972 and was previously known as SE Global
Equity. In September 2005, the Company acquired 100% share capital
of Sun New Media Group Limited and changed its name to Sun New
Media, Inc. In May 2007, the Company reincorporated into the State
of Delaware and changed its name to NextMart, Inc.
On March 31, 2010, the Company entered into an asset exchange and
subscription agreement with Ms. Wang Yihan (“Ms. Wang”) and Beijing
Chinese Art Exposition's Media Co., Ltd. (“CIGE”), a leading
Chinese art services, events media company located in Beijing,
China. In exchange for the Transferred Assets, Ms. Wang agreed to
transfer to NextMart certain land use rights for commercial real
estate property within 24 months from date of the amended
agreement.
On June 22, 2010, the Company entered into an asset acquisition
agreement (the “Acquisition Agreement”) with CIGE and its sole
owner and director Ms. Wang, who is also NextMart’s Chairman and
CEO. Under the terms of the Acquisition Agreement, NextMart is
going to acquire from CIGE the below described Assets for an agreed
price of $750,000 (the “Consideration”). NextMart paid the
Consideration by issuing 75,000,000 shares of its common stock to
Ms. Wang. As a result of this transaction, Ms. Wang became
NextMart’s second largest shareholder with a 27.96% ownership of
the Company.
Under the terms of the Acquisition Agreement, NextMart acquired the
following assets:
1) ownership of CIGE’s 10,000 member consumer database,
2) exclusive ownership of all advertising space for every art
exhibition event held by CIGE in greater China (including Hong Kong
and Macao, and Taiwan) for the next 30 years, and
3) exclusive ownership of the ""Gallery Guide"" magazine brand name
and all gross revenues generated by the magazine publication for
the next 30 years, including but not limited to advertising revenue
and sponsorship revenue."
2. BASIS OF PREPARATION
2.1 Statement of compliance
The accompanying financial statements have been prepared in
conformity with accounting principles generally accepted in the
United States of America and pursuant to the rules and regulations
of the Securities and Exchange Commission ("SEC") on a going
concern.
2.2 Accounting Convention
These financial statements have been prepared on the basis of
'historical cost convention using accrual basis of accounting
except as otherwise stated in the respective accounting policies
notes.
Going concern
"The accompanying unaudited financial statements have been prepared
on the assumption that the Company will continue as a going
concern. The Company historically has experienced significant
losses and negative cash flows from operations. Further, the
Company does not have a revolving credit facility with any
financial institution. These factors raise substantial doubt about
the Company’s ability to continue as a going concern.
The ability of the Company to continue as a going concern is
dependent on raising additional capital, negotiating adequate
financing arrangements and on achieving sufficiently profitable
operations. The financial statements do not include any adjustments
relating to the recoverability and classification of assets or the
amounts and classification of liabilities that might be necessary
should the Company be unable to continue as a going concern."
2.3 Critical accounting estimates and judgements
The preparation of financial statements in conformity with the
approved accounting standards require management to make
judgements, estimates and assumptions that affect the application
of policies and reported amounts of assets and liabilities, income
and expenses. The estimates and associated assumptions are based on
historical experience and various other factors that are believed
to be reasonable under the circumstances, the results of which form
the basis of making the judgments about carrying values of assets
and liabilities that are not readily apparent from other sources.
Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the
period in which the estimates are revised if the revision affects
only that period, or in the period of the revision and future
periods.
The areas involving higher degree of judgment and complexity, or
areas where assumptions and estimates made by the management are
significant to the financial statements are as follows:
i) Equipment - estimated useful life of property, plant and
equipment (note - 3.8)
ii) Provision for doubtful debts (note - 3.4)
iii) Provision for income tax (note - 3.1)
3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.1 Income tax
The tax expense for the year comprises of income tax, and is
recognized in the statement of earnings. The income tax charge is
calculated on the basis of the tax laws enacted or substantively
enacted at the balance sheet date. Management periodically
evaluates positions taken in tax returns with respect to situations
in which applicable tax regulation is subject to interpretation and
establishes provisions where appropriate on the basis of amounts
expected to be paid to the tax authorities.
Deferred income tax is accounted for using the balance sheet
liability method in respect of all temporary differences arising
from differences between the carrying amount of assets and
liabilities in the financial statements and the corresponding tax
bases used in the computation of taxable profit. Deferred income
tax liabilities are recognised for all taxable temporary
differences and deferred income tax assets are recognised to the
extent that it is probable that taxable profits will be available
against which the deductible temporary differences and unused tax
losses can be utilized. Deferred income tax is calculated at the
rates that are expected to apply to the period when the differences
are expected to be reversed.
3.2 Trade and other payables
Liabilities for trade and other amounts payable are carried at
cost, which is the fair value of the consideration to be paid in
future for goods and services received, whether or not billed to
the Company.
3.3 Provisions
A provision is recognized in the financial statements when the
Company has a legal or constructive obligation as a result of past
events and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of obligation.
3.4 Accounts Receivable
Accounts receivable are non-interest bearing obligations due under
normal course of business. The management reviews accounts
receivable on a monthly basis to determine if any receivables will
be potentially uncollectible. Historical bad debts and current
economic trends are used in evaluating the allowance for doubtful
accounts. The Company includes any accounts receivable balances
that are determined to be uncollectible in its overall allowance
for doubtful accounts. After all attempts to collect a receivable
have failed, the receivable is written off against the allowance.
Based on the information available, the Company believes its
allowance for doubtful accounts as of period ended is adequate.
3.5 Contingent liabilities
A contingent liability is disclosed when the Company has a possible
obligation as a result of past events, the existence of which will
be confirmed only by the occurrence or non-occurrence, of one or
more uncertain future events, not wholly within the control of the
Company; or when the Company has a present legal or constructive
obligation, that arises from past events, but it is not probable
that an outflow of resources embodying economic benefits will be
required to settle the obligation, or the amount of the obligation
cannot be measured with sufficient reliability.
3.6 Financial liabilities
Financial liabilities are recognized when the Company becomes party
to the contractual provision of the instruments and the Company
loses control of the contractual right that comprise the financial
liability when the obligation specified in the contract is
discharged, cancelled or expired. The Company classifies its
financial liabilities in two categories: at fair value through
profit or loss and financial liabilities measured at amortized
cost. The classification depends on the purpose for which the
financial liabilities were incurred. Management determines the
classification of its financial liabilities at initial
recognition.
(a) Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss are
financial liabilities held for trading. A financial liability is
classified in this category if incurred principally for the purpose
of trading or payment in the short-term. Derivatives (if any) are
also categorized as held for trading unless they are designated as
hedges.
(b) Financial liabilities measured at amortized cost
These are non-derivative financial liabilities with fixed or
determinable payments that are not quoted in an active market.
These are recognized initially at fair value, net of transaction
costs incurred and are subsequently stated at amortized cost; any
difference between the proceeds (net of transaction costs) and the
redemption value is recognized in the profit and loss account.
3.6.1 "Derivative financial instruments and hedge accounting "
"Derivatives are recognised initially at fair value, any directly
attributable transaction costs are recognised in profit or loss as
they are incurred. Subsequent to initial recognition, derivatives
are measured at fair value, and changes therein are generally
recognised in profit and loss account. The Company also holds
derivative financial instruments to hedge its foreign currency
exposures. Embedded derivatives are separated from the host
contract and accounted for separately if certain criteria are
met."
(a) Fair value hedge
Derivatives which are designated and qualify as fair value hedge,
changes in the fair value of such derivatives are recorded in the
profit and loss account, together with any changes in the fair
value of the hedged asset or liability that are attributable to the
hedged risk.
(b) Cash flow hedges
When a derivative is designated as cash flow hedging instrument,
the effective portion of changes in the fair value of the
derivative is recognised in other comprehensive income and
accumulated in the hedging reserve. Any ineffective portion of
changes in the fair value of the derivative is recognised
immediately in profit or loss.
"The amount accumulated in equity is retained in other
comprehensive income and reclassified to profit or loss in the same
period or periods during which the hedged item affects profit or
loss.
If the hedging instrument no longer meets the criteria for hedge
accounting, expires or is sold, terminated or exercised, or the
designation is revoked, then hedge accounting is discontinued
prospectively. If the forecast transaction is no longer expected to
occur, then the amount accumulated in equity is reclassified to
profit or loss."
3.7 Property, plant and equipment
All equipments are stated at cost less accumulated depreciation and
impairment loss. The cost of fixed assets includes its purchase
price, import duties and non-refundable purchase taxes and any
directly attributable costs of bringing the asset to its working
condition and location for its intended use.
Depreciation on additions to property, plant and equipment is
charged, using straight line method, on pro rata basis from the
month in which the relevant asset is acquired or capitalized, up to
the month in which the asset is disposed off. Impairment loss, if
any, or its reversal, is also charged to income for the year. Where
an impairment loss is recognized, the depreciation charge is
adjusted in future periods to allocate the asset’s revised carrying
amount, less its residual value, over its estimated useful
life.
Maintenance and normal repair costs are expensed out as and when
incurred. Major renewals and improvements are capitalized and
assets so replaced, if any are retired.
Gains and losses on disposal of fixed assets, if any, are
recognized in statement of profit and loss.
3.8 Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at
call with banks. For the purpose of the statement of cash flows,
cash and cash equivalents bank balances and short term highly
liquid investments subject to an insignificant risk of changes in
value and with maturities of less than three months.
3.9 Revenue recognition
"The Company’s revenues are derived principally from utilizing new
technology in the medical alarm industry to provide 24-hour
personal response monitoring services and related products to
subscribers with medical or age-related conditions. The Company
recognizes revenue when it is realized or realizable and earned.
The Company considers revenue realized or realizable and earned
when it has persuasive evidence of an arrangement that the services
have been rendered to the customer, the sales price is fixed or
determinable, and collectability is reasonably assured. All
revenues from subscription arrangements are recognized ratably over
the term of such arrangements. The excess of amounts received over
the income recognized is recorded as deferred revenue on the
consolidated balance sheet."
3.10 Functional and presentation currency
Items included in the financial statements are measured using the
currency of the primary economic environment in which the Company
operates. The financial statements are presented in US (Dollars)
which is the Company's presentation currency. All financial
information presented in US Dollars has been rounded to the nearest
dollar unless otherwise stated.
3.11 Foreign currency transactions
Foreign currency transactions are translated into the functional
currency using the exchange rate prevailing on the date of the
transaction. Monetary assets and liabilities denominated in foreign
currencies are translated into functional currency using the
exchange rate prevailing at the statement of financial position
date. Foreign exchange gains and losses resulting from the
settlement of such transactions and from the translation at
year-end exchange rates are recognized in the profit and loss
account.
3.12 Contingencies
"The assessment of the contingencies inherently involves the
exercise of significant judgment as the outcome of the future
events cannot be predicted with certainty. The Company, based on
the availability of the latest information, estimates the value of
contingent assets and liabilities, which may differ on the
occurrence / non-occurrence of the uncertain future event(s). "
4 Cash
This represent cash in hand and cash deposited in bank accounts
(current) by the Company.
5 Accounts Receivables
|
|
Amount in $ |
|
Opening balance |
|
|
– |
|
Net
movement during the period |
|
|
– |
|
|
|
|
|
|
|
|
|
– |
|
Less : Provision |
|
|
– |
|
Account Receivable - Net |
|
|
– |
|
6 Current assets held for Sale
|
|
Amount in $ |
|
Opening balance |
|
|
– |
|
Net
movement during the period |
|
|
– |
|
Assets
written off |
|
|
– |
|
|
|
|
|
|
|
|
|
– |
|
7 Long term assets held for Sale
|
|
Amount in $ |
|
Opening balance |
|
|
– |
|
Net
movement during the period |
|
|
– |
|
Assets
written off |
|
|
– |
|
|
|
|
|
|
Closing balance |
|
|
– |
|
|
|
|
|
|
8 Property, plant and equipment
|
|
Amount in $ |
|
Cost |
|
|
|
|
|
|
|
|
|
Opening balance |
|
|
– |
|
Net movement during the period |
|
|
– |
|
|
|
|
|
|
Closing balance |
|
|
– |
|
|
|
|
|
|
Accumulated Depreciation |
|
|
|
|
|
|
|
|
|
Opening balance |
|
|
– |
|
Net movement during the period |
|
|
– |
|
|
|
|
|
|
Closing balance |
|
|
– |
|
|
|
|
|
|
Closing Book value |
|
|
– |
|
9 Other payables and accrued expenses
|
|
Amount in $ |
|
Opening balance |
|
|
14,031 |
|
Net
movement during the period |
|
|
215 |
|
|
|
|
|
|
Closing balance |
|
|
14,246 |
|
10 Amount due to Stockholders
|
|
Amount in $ |
|
Opening balance |
|
|
– |
|
Net
movement during the period |
|
|
– |
|
|
|
|
|
|
Closing balance |
|
|
– |
|
10.1 The includes amount due to Redrock Capital Venture Limited
repayable on demand and bear no interest.
11 Amount due to related parties
|
|
Amount in $ |
|
Opening balance |
|
|
16,581 |
|
Net
movement during the period |
|
|
1,601 |
|
|
|
|
|
|
Closing balance |
|
|
18,182 |
|
11.1 The includes amount due to Redrock Thinktank (Group) Limited
and Mr. Wu, repayable on demand after one-year from the loan date
and bear a free interest. The amounts were mainly used to make
payments to investors who originally held convertible notes of the
Company.
12 Current liabilities held for sale
|
|
Amount in $ |
|
Opening balance |
|
|
131,968 |
|
Net
movement during the period |
|
|
81,468 |
|
|
|
|
|
|
Closing balance |
|
|
213,436 |
|
13 Convertible notes - net of discount
|
|
Amount in $ |
|
Opening balance |
|
|
– |
|
Net
movement during the period |
|
|
– |
|
Repaid
during the period |
|
|
– |
|
|
|
|
|
|
Closing balance |
|
|
– |
|
13.1 On March 26, 2010, we completed a Convertible Debt Settlement
Agreement with Hua Hui to convert RMB 2,255,000 (approximately
$330,000) outstanding loans due to Hua Hui into a convertible
promissory note with a principal amount of RMB 2,255,000
(approximately $341,000 as of December 31, 2010).
14 Long term loan - convertible
This represents convertible debt amounting to $ 180,000 extended by
Axiom Industries to the Company. During the year ended 2018, the
debt has been purchased by Emry Capital.
15 Assets and Liabilities - Held for sale
In connection with the CIGE and Ms. Wang Yihan transaction
effective on March 31, 2010, which was subsequently amended on May
10, 2010, NextMart agreed to transfer to CIGE certain assets and
liabilities. These have been segregated and included in assets and
liabilities of held for sale operations, as appropriate, in the
balance sheet:
16 Contingencies and Commitments
From time to time, the Company may be involved in litigation
relating to claims arising out of operations in the normal course
of business. As at the end of current reporting period, there were
no pending or threatened lawsuits that could reasonably be expected
to have a material effect on the results of operations and there
are no proceedings in which any directors, officers or affiliates,
or any registered or beneficial stockholder, is an adverse party or
has a material interest adverse to the Company’s interest.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
NextMart, Inc. |
|
|
|
By: |
/s/ Kathryn Gavin |
|
|
Kathryn Gavin
Chief Executive Officer |
Date: September 28, 2021
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