Nevada
|
|
52-2360156
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
Costa Rica Street, Yesiana, Alma Rosa 1
Santo Domingo Este 11506
|
|
11506
|
(Address of principal executive offices)
|
|
(Zip Code)
|
☐
|
Large accelerated filer
|
☐
|
Accelerated filer
|
|
|
|
|
☐
|
Non-accelerated filer
|
☑
|
Smaller reporting company
|
☐ | Emerging growth company |
|
|
|
|
|
PART I
|
|
|
|
|
|
|
|
|
|
Item 1.
|
Business
|
|
4
|
|
Item 1A.
|
Risk Factors
|
|
6
|
|
Item 1B.
|
Unresolved Staff Comments
|
|
6
|
|
Item 2.
|
Properties
|
|
6
|
|
Item 3.
|
Legal Proceedings
|
|
6
|
|
Item 4.
|
Mine Safety Disclosures
|
|
6
|
|
|
|
|
|
|
PART II
|
|
|
|
|
|
|
|
|
|
Item 5.
|
Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
6
|
|
Item 6.
|
Selected Financial Data
|
|
8
|
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
|
8
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk`
|
|
11
|
|
Item 8.
|
Financial Statements and Supplementary Data
|
|
11
|
|
Item 9.
|
Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
|
|
25
|
|
Item 9A.
|
Controls and Procedures
|
|
25
|
|
Item 9B.
|
Other Information
|
|
26
|
|
|
|
|
|
|
PART III
|
|
|
|
|
|
|
|
|
|
Item 10.
|
Directors, Executive Officers and Corporate Governance
|
|
26
|
|
Item 11.
|
Executive Compensation
|
|
28
|
|
Item 12.
|
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
|
|
29
|
|
Item 13.
|
Certain Relationships and Related Transactions, and Director Independence
|
|
30
|
|
Item 14.
|
Principal Accounting Fees and Services
|
|
30
|
|
|
|
|
|
|
PART IV
|
|
|
|
|
|
|
|
|
|
Item 15.
|
Exhibits, Financial Statement Schedules
|
|
31
|
|
|
|
|
|
|
SIGNATURES
|
|
31
|
|
EMPLOYEES
FISCAL YEAR ENDED DECEMBER 31, 2012:
|
|
High
|
|
|
Low
|
|
||
December 31, 2012
|
|
$
|
12.00
|
|
|
$
|
12.00
|
|
September 30. 2012
|
|
$
|
12.00
|
|
|
$
|
12.00
|
|
June 30, 2012
|
|
$
|
12.00
|
|
|
$
|
12.00
|
|
March 31, 2012
|
|
$
|
12.00
|
|
|
$
|
12.00
|
|
|
|
|
|
|
|
|
|
|
FISCAL YEAR ENDED DECEMBER 31, 2011:
|
|
|
|
|
|
|
|
|
December 31, 2011
|
|
$
|
12.00
|
|
|
`
|
12.00
|
|
September 30, 2011
|
|
$
|
12.00
|
|
|
$
|
12.00
|
|
June 30, 2011
|
|
$
|
16.00
|
|
|
$
|
16.00
|
|
March 31, 2011
|
|
$
|
28.40
|
|
|
$
|
28.40
|
|
Plan Category
|
|
Number of
securities to be issued
upon exercise
of outstanding
options,
warrants and rights
|
|
|
Weighted-
average exercise
price of
outstanding
options, warrants
and rights
|
|
|
Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a))
|
|
|||
Equity compensation plans approved by security holders
|
|
|
None
|
|
|
|
-
|
|
|
|
None
|
|
Equity compensation plans not approved by security holders
|
|
|
None
|
|
|
|
-
|
|
|
|
None |
|
Total
|
|
|
None
|
|
|
|
-
|
|
|
|
None
|
|
During the year ended December 31, 2012, the Registrant had the following sale of unregistered securities:
None
December 31, | December 31, | |||||||
2012 | 2011 | |||||||
Current Assets | $ | - | $ | - | ||||
Current Liabilities | - | - | ||||||
Working Capital (Deficit) | - | - |
December 31, | December 31, | |||||||
2012 | 2011 | |||||||
Cash Flows from (used in) Operating Activities | $ | - | $ | - | ||||
Cash Provided by Investing Activities | - | - | ||||||
Cash Flows from (used in) Financing Activities | - | - | ||||||
Net Increase (decrease) in Cash During Period | - | - |
YEAR ENDED DECEMBER 31, 2012 COMPARED TO YEAR ENDED DECEMBER 31, 2011
REVENUES
We have generated revenues of $0 and $0 for the years ended December 31, 2012 and 2011.
OPERATION AND ADMINISTATIVE EXPENSES
LIQUIDITY AND CAPITAL RESOURCES
Cashflow from Operating Activities
|
Cashflow from Financing Activities
|
During the years ended December 31, 2012 and 2011
the Company did not provide cash provided from financing activities.
|
Subsequent Developments
|
Going Concern
|
Reports of Independent Registered Public Accounting Firms
|
|
|
13
|
|
|
|
|
|
|
Balance Sheets
|
|
|
14
|
|
|
|
|
|
|
Statements of Operations
|
|
|
15
|
|
|
|
|
|
|
Statements of Stockholders' Deficit
|
|
|
16
|
|
|
|
|
|
|
Statements of Cash Flows
|
|
|
17
|
|
|
|
|
|
|
Notes to the Financial Statements
|
|
|
18
|
|
361 Hopedale Drive SE
|
|
|
P (732) 822-4427
|
|
Bayville, NJ 08721 | F (732) 510-0665 |
CHUN CAN CAPITAL GROUP
|
||||||||
(formerly CINTEL CORP. AND SUBSIDIARY)
|
||||||||
CONSOLIDATED BALANCE SHEETS
|
||||||||
DECEMBER 31, 2012 AND 2011
|
||||||||
(In thousands, except share and per share amounts)
|
||||||||
December 31,
|
||||||||
2012
|
2011
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
-
|
$
|
-
|
||||
Loans receivable
|
-
|
-
|
||||||
Total current assets
|
-
|
-
|
||||||
Long-term investments
|
-
|
-
|
||||||
Property and equipment, net
|
-
|
-
|
||||||
Equity method investments
|
-
|
-
|
||||||
Deposits and other assets
|
-
|
-
|
||||||
Total assets
|
$
|
-
|
$
|
-
|
||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
-
|
-
|
||||||
Accrued liabilities
|
-
|
-
|
||||||
Other current liabilities
|
-
|
-
|
||||||
Total current liabilities
|
-
|
-
|
||||||
Accrued severance benefits
|
-
|
-
|
||||||
Convertible debt
|
-
|
-
|
||||||
Total liabilities
|
-
|
-
|
||||||
Commitments
|
-
|
-
|
||||||
Stockholders' deficit:
|
||||||||
Preferred stock: par value $0.001 per share, 30,000,000
|
||||||||
shares authorized, none issued and outstanding
|
-
|
-
|
||||||
Common stock: par value $0.001 per share, 270,000,000
|
||||||||
shares authorized, 33,011 and 33,011 shares issued and
|
||||||||
outstanding
|
3
|
3
|
||||||
Additional paid-in capital
|
20,666
|
20,666
|
||||||
Accumulated deficit
|
(20,669
|
)
|
(20,669
|
)
|
||||
Accumulated other comprehensive loss
|
-
|
-
|
||||||
Total stockholders' deficit
|
-
|
-
|
||||||
Total liabilities and stockholders' deficit
|
-
|
-
|
||||||
See accompanying notes to financial statements.
|
CHUN CAN CAPITAL GROUP
|
||||||||
(formerly CINTEL CORP. AND SUBSIDIARY)
|
||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
||||||||
YEARS ENDED DECEMBER 31, 2012 AND 2011
|
||||||||
(In thousands, except per share amounts)
|
||||||||
For the Years Ended
|
||||||||
December 31,
|
||||||||
2012
|
2011
|
|||||||
Net revenues
|
$
|
-
|
$
|
-
|
||||
Operating expenses:
|
||||||||
General and administrative expenses
|
-
|
278
|
||||||
Total operating expenses
|
-
|
278
|
||||||
Loss from operations
|
-
|
(278
|
)
|
|||||
Other income (expenses):
|
||||||||
Other income (expense)
|
-
|
-
|
||||||
Impairment loss on investment
|
-
|
-
|
||||||
Share of loss from equity investment
|
-
|
-
|
||||||
Foreign currency transactions, net
|
-
|
-
|
||||||
Gain on debt settlement
|
-
|
-
|
||||||
Other income (expenses), net
|
-
|
-
|
||||||
Income (loss) before income taxes
|
-
|
(278
|
) | |||||
Income tax expense
|
-
|
-
|
||||||
Net income (loss)
|
$ |
-
|
$ |
(278
|
) | |||
Income (loss) per share – basic and diluted:
|
$
|
-
|
$
|
(0.01
|
) | |||
Weighted average number of
|
||||||||
common shares outstanding - basic and diluted
|
33,011
|
26,930
|
||||||
See accompanying notes to financial statements.
|
CINTEL CORP. AND SUBSIDIARY
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
YEARS ENDED DECEMBER 31, 2012 AND 2011
|
||||||||
(In thousands)
|
||||||||
For the year ended
|
||||||||
December 31,
|
||||||||
2012
|
2011
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
-
|
$
|
(278
|
)
|
|||
Adjustments to reconcile net loss to net cash
|
||||||||
provided by (used in) operating activities:
|
||||||||
Shares issued for services
|
-
|
278
|
||||||
(Increase) decrease in assets:
|
||||||||
Prepaid expenses and other assets
|
-
|
-
|
||||||
Increase (decrease) in liabilities:
|
||||||||
Accrued liabilities
|
-
|
-
|
||||||
Cash provided by (used in) operating activities
|
-
|
-
|
||||||
Cash flows from investing activities:
|
||||||||
Payments on loan receivable
|
-
|
-
|
||||||
Proceeds from loan receivable
|
-
|
-
|
||||||
Cash provided by investing activities
|
-
|
-
|
||||||
Cash flows from financing activities:
|
||||||||
Proceeds from notes payable
|
-
|
-
|
||||||
Principal payments of notes payable
|
-
|
-
|
||||||
Cash used in financing activities
|
-
|
-
|
||||||
Net decrease in cash and cash equivalent
|
-
|
-
|
||||||
Cash and cash equivalent - beginning of year
|
-
|
-
|
||||||
Cash and cash equivalent - end of year
|
$
|
-
|
$
|
-
|
||||
Supplemental Disclosure of Cash Flows Information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes
|
$
|
-
|
$
|
-
|
||||
See accompanying notes to financial statements.
|
CHUN CAN CAPITAL GROUP
|
||||||||||||||||||||
(formerly CINTEL CORP. AND SUBSIDIARY)
|
||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
|
||||||||||||||||||||
YEARS ENDED DECEMBER 31, 2012 AND 2011
|
||||||||||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||||||
Additional
|
||||||||||||||||||||
Common stock
|
Paid-in
|
Accumulated
|
||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Total
|
||||||||||||||||
Balance, December 31, 2010
|
23,825
|
$
|
2
|
$
|
20,389
|
$
|
(20,391
|
)
|
$
|
-
|
||||||||||
Shares issued for services
|
9,186
|
1
|
277
|
-
|
278
|
|||||||||||||||
Net income (loss)
|
-
|
-
|
-
|
(278
|
)
|
(278
|
)
|
|||||||||||||
Balance, December 31, 2011
|
33,011
|
3
|
20,666
|
(20,669
|
)
|
-
|
||||||||||||||
Net income (loss)
|
-
|
-
|
-
|
-
|
-
|
|||||||||||||||
Balance, December 31, 2012
|
33,011
|
$
|
3
|
$
|
20,666
|
$
|
(20,669
|
)
|
$
|
-
|
The accompanying notes are an integral part of these financial statements
|
||||||||||||||||||||||||||||
F-5 |
Machinery and equipment
|
5 - 10 years
|
Furniture and fixtures
|
5 years
|
Vehicles
|
5 years
|
Software
|
5 years
|
·
|
Level 1 inputs are quoted prices in active markets for identical asset or liability that the reporting entity has the ability to access
at the measurement date.
|
·
|
Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or
indirectly.
|
·
|
Level 3 inputs are unobservable inputs for the asset or liability that supported by little or no market activity and that are significant
to the fair value of the underlying asset or liability.
|
|
2012
|
2011
|
||||||
|
(In thousands)
|
|||||||
|
||||||||
Income tax – current
|
$
|
-
|
$
|
-
|
||||
Income tax – deferred
|
-
|
-
|
||||||
|
$
|
-
|
$
|
-
|
|
2012
|
2011
|
||||||
|
(In thousands)
|
|||||||
|
||||||||
Net operating loss carryforwards
|
$
|
-
|
$
|
-
|
||||
Valuation allowance
|
(-
|
)
|
(-
|
)
|
||||
|
$
|
-
|
$
|
-
|
(1)
|
pertain to the maintenance of records that in reasonable detail accurately and fairy reflect our transactions .
|
(2)
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorization of our management and directors; and
|
(3)
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could
have a material effect on our financial statements.
|
(1)
|
We do not have an Audit Committee –
While not being legally obligated to have an audit committee, it is the management's view that such a committee, including a financial expert member, is an utmost important entity level control over the Company's financial
statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management's
activities
|
(2)
|
We did not maintain enough skilled
accounting resources supporting the financial close and reporting processes to ensure (i) changes and entry to spreadsheets utilized in the financial reporting process were properly reviewed, (ii) significant estimates and
judgments were adequately supported, reviewed, approved and evaluated against actual experiences, (iii) effective and timely analysis and reconciliation of significant accounts, and (iv) a proper review of period close entries and
procedures
|
|
|
|
|
|
|
|
|
NAME
|
|
AGE
|
|
POSITION
|
|
DIRECTOR SINCE
|
|
|
|
|
|
|
|
|
|
Clara J. Gomez
|
|
26
|
|
Chief Executive Officer, Chief Financial Officer and Director
|
|
2019
|
|
Dave Kyung Han | 59 | Former President, Chief Executive Officer and Director | 2009 | ||||
Joo Chan Lee | 56 | Former Chief Financial Officer | 2009 | ||||
Kwang Hee Lee | 54 | Former Director | 2009 | ||||
Jung Ho Kim | 50 | Former Director | 2009 | ||||
Gye Heun Kwak | 71 | Former Director | 2009 |
Name
|
|
Salary
|
|
Position
|
||||
|
|
|
|
|
|
|
|
|
Clara J. Gomez
|
|
$
|
0
|
|
|
|
As Chief Executive & Chief Financial Officer and Director
|
|
Dave Kyung Han | $ | 0 | Former President, Chief Executive Officer and Director | |||||
Joo Chan Lee | $ | 0 | Former Chief Financial Officer | |||||
Kwang Hee Lee | $ | 0 | Former Director | |||||
Jung Ho Kim | $ | 0 | Former Director | |||||
Gye Heun Kwak | $ | 0 | Former Director |
Name and Principal Position
|
Fiscal
Year
|
|
Salary
($)
|
|
Bonus
($)
|
|
Stock
Awards
($)
|
|
Option
Awards
($)
|
|
Nonequity
Incentive
Plan
Compen-
sation ($)
|
|
Non-
Qualified
Deferred
Compen-
sation
Earnings
($)
|
|
All
Other
Compen-
sation
($)
|
|
Total
($)
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Clara J. Gomez
|
2012
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
Chief Executive & Chief Financial Officer and Director
|
2011
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
Dave Kyung Han |
2012
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | $ | 0 | $ | 0 | |||||||||
former Presient, Chief Executive Officer and Director | 2011 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | $ | 0 | $ | 0 | |||||||||
Joo Chan Lee | 2012 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | $ | 0 | $ | 0 | |||||||||
former Director | 2011 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | $ | 0 | $ | 0 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Kwang Hee Lee
|
2012
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
former Director
|
2011
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
|
$
|
0
|
Jung Ho Kim |
2012
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | $ | 0 | $ | 0 | |||||||||
former Director | 2011 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | $ | 0 | $ | 0 | |||||||||
Gye Heun Kwak | 2012 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | $ | 0 | $ | 0 | |||||||||
former Director | 2011 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | $ | 0 | $ | 0 | |||||||||
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NUMBER OF
SHARES |
|
PERCENT OF
SHARES |
||||||||
NAME AND ADDRESS OF
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TITLE
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BENEFICIALLY
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BENEFICIALLY
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||||||
BENEFICIAL OWNER
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OF CLASS
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OWNED
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OWNED
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Clara J. Gomez
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Common
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0
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0
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%
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Costa Rica Street, Yesiana, Alma Rosa I
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Santo Domingo Este 11506
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All Directors and officers as a group (1 member)
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Common
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0
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0
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%
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2012
|
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2011
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Audit fees
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$
|
5,000
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|
|
$
|
10,500
|
|
Audit related fees
|
|
|
0
|
|
|
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0
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Tax fees
|
|
|
0
|
|
|
|
0
|
|
All other fees
|
|
|
0
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|
|
|
0
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31.1
|
Rule 13a-15(e)/15d-15(e) Certification by the Chief Executive Officer *
|
|
|
31.2
|
Rule 13a-15(e)/15d-15(e) Certification by the Chief Financial Office *
|
|
|
32.1
|
Certification by the Chief Executive Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *
|
|
|
32.2
|
Certification by the Chief Financial Officer pursuant to 18 U.S.C.
Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 *
|
|
|
|
View Systems, Inc.
|
|
|
|
|
|
|
|
By:
|
/s/ Clara J. Gomez
|
|
|
|
Clara J. Gomez
|
|
|
|
Chief Executive Officer
|
|
|
|
(Principal executive officer)
|
|
1.
|
I have reviewed this Form 10-K for the year ended December 31, 2012 of Chun Can Capital Corp
(formerly Cintel Corp.)
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
I am responsible for establishing and maintaining disclosure controls and procedures (as defined
in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the
period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and,
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial
reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and
|
5.
|
I have disclosed, based on my most recent evaluation of internal control over financial
reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal
control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a
significant role in the registrant's internal control over financial reporting.
|
1.
|
I have reviewed this Form 10-K for the year ended December 31, 2012 of Chun Can Capital Corp (formerly
Cintel Corp.)
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
I am responsible for establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this
report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and,
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal
control over financial reporting; and
|
5.
|
I have disclosed, based on my most recent evaluation of internal control over financial reporting, to
the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and
|
(2)
|
The information contained in this Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934; and
|
(2)
|
The information contained in this Report fairly presents, in all material respects, the financial
condition and results of operations of the Company.
|
Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for Income Taxes |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Tax Assets (Liabilties) |
|
Income Taxes - Provision for Income Taxes (Details) - USD ($) |
9 Months Ended | 12 Months Ended | |
---|---|---|---|
Sep. 30, 2011 |
Dec. 31, 2012 |
Dec. 31, 2011 |
|
Income Tax Disclosure [Abstract] | |||
Income tax current | |||
Income tax deferred | |||
Income Tax Benefit |
Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2012 |
Dec. 31, 2011 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 270,000,000 | 270,000,000 |
Common stock, shares issued | 33,011 | 33,011 |
Common stock, shares outstanding | 33,011 | 33,011 |
Organization and Nature of Business |
12 Months Ended |
---|---|
Dec. 31, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business | Note 1 – Organization and Nature of the Business
Chun Can Capital Group (formerly Cintel Corp.), formerly Link2 Technologies, Inc. (the "Company") incorporated in Nevada in August 1996, is currently a non-operating shell company. The Company previously primarily owned and managed subsidiaries
On September 30, 2003, the Company acquired 100% of the outstanding voting stocks of Cintel Co. Ltd. ("Cintel Korea") and in return, the shareholders of Cintel Korea received 16,683,300 shares (approximately 82%) of the Company's common stock. This transaction was a reverse-takeover by Cintel Korea whereby Cintel Korea's shareholders acquired the control of the Company. Cintel Korea, located in Seoul, Korea, was in the business of developing network solutions to improve technical limitations to the internet traffic.
On October 30, 2006, the Company acquired 51% of the outstanding voting stocks of Phoenix Semiconductor Telecommunication Co., Ltd. ("PSTS") in China for $16.5 million. In March 2008, the Company contributed $4.9 million of additional capital to PSTS to proportionately match the additional investments made by the minority shareholders of PSTS. PSTS was in the business of semiconductor packaging and manufacturing.
On May 18, 2007, the Company acquired 100% of the outstanding voting stocks of Bluecomm Korea, Co. Ltd. ("Bluecomm") in Korea for $6.5 million. Bluecomm was engaged in the business of Customer Relationship Management (CRM) solution and consulting, call-center operation, and database marketing.
On August 27, 2007, the Company acquired 50.1% of the outstanding voting stocks of Phoenix Digital Tech Co. Ltd. ("PDT") in Korea for $34.7 million. PDT was in the business of designing, manufacturing and installing automated assembly line for Flat Panel Displays, and manufacturing and testing of PCB related equipment based on customers' specification.
Acquisitions of these subsidiaries were financed by issuing convertible debts to various parties. In October 2009, the convertible debts issued to Woori PEF was called, and in December 2009, to satisfy the debts, the Company transferred to the creditor (1) 100% ownership in Bluecomm, (2) 48% ownership in PDT and (3) 32% ownership interest in PSTS. As a result, the Company had only one wholly-owned subsidiary, Cintel Korea as of December 31, 2010. In 2011, the Company abandoned its' investment in Cintel Korea.
Going Concern
The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The Company is a non-operating shell company which has experienced recurring operating losses and has.an accumulated deficit. These conditions raise uncertainty about the Company's ability to continue as a going concern for a period of one year from the issuance of these financial statements.
The Company's ability to continue as a going concern is contingent upon its ability to secure additional financing and find a merger candidate. It is the intent of management to continue to raise additional funds and to pursue acquisitions of operating companies in order to generate future profits for the Company. Although the Company plans to pursue additional equity financing and acquisitions, there can be no assurance that the Company will be able to secure financing or acquisition targets when needed or obtain such on terms satisfactory to the Company, if at all.
The accompanying 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 might result from the outcome of this uncertainty.
|
Consolidated Statement of Stockholders Equity - USD ($) $ in Thousands |
Common Stock |
Additional Paid-In Capital |
Accumulated Deficit |
Total |
---|---|---|---|---|
Beginning Balance (in shares) at Dec. 31, 2010 | 23,825 | |||
Beginning Balance at Dec. 31, 2010 | $ 2 | $ 20,389 | $ (20,391) | |
Shares issued for services (in shares) | 9,186 | |||
Shares issued for services | $ 1 | 277 | 278 | |
Net Loss | (278) | (278) | ||
Ending Balance (in shares) at Dec. 31, 2011 | 33,011 | |||
Ending Balance at Dec. 31, 2011 | $ 3 | 20,666 | (20,669) | |
Net Loss | ||||
Ending Balance (in shares) at Dec. 31, 2012 | 33,011 | |||
Ending Balance at Dec. 31, 2012 | $ 3 | $ 20,666 | $ (20,669) |
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Organization and Nature of Business (Details Narrative) - USD ($) |
3 Months Ended | 5 Months Ended | 8 Months Ended | 9 Months Ended | 10 Months Ended |
---|---|---|---|---|---|
Mar. 30, 2008 |
May 18, 2007 |
Aug. 27, 2007 |
Sep. 30, 2003 |
Oct. 30, 2006 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Name of Acquisition | PSTS | Bluecomm | PDT | Cintel Korea | PSTS |
Acquisiition of Subsidiary | 100.00% | 50.10% | 100.00% | 51.00% | |
Consideration | $ 4,900,000 | $ 6,500,000 | $ 34,700,000 | $ 16,500,000 | |
Shares issued for acquistion | 16,683,300 | ||||
Ownership by subsidiary | 82% | ||||
Transfer of ownership | 100.00% | 48.00% | 32.00% |
Income Taxes - Deferred Tax Assets (Liabilties) (Details) - USD ($) |
Dec. 31, 2012 |
Sep. 30, 2011 |
---|---|---|
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | ||
Valuation allowance | ||
Operating loss carryforwards |
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2012 |
Dec. 31, 2011 |
|
Income Statement [Abstract] | ||
Net revenues | ||
Operating expenses: | ||
General and administrative expenses | 278 | |
Total operating expenses | 278 | |
Loss from operations | (278) | |
Other income (expenses): | ||
Impairment loss on investment | ||
Share of loss from equity investment | ||
Foreign currency transactions, net | ||
Gain on debt settlement | ||
Other income (expenses), net | ||
Income (loss) before income taxes | (278) | |
Income tax expense | ||
Net income (loss) | $ (278) | |
Other comprehensive income (loss) | ||
Income (loss) per share- basic and diluted | $ (0.01) | |
Weighted average number of common shares outstanding - basic and diluted | 33,011 | 26,930 |
Summary of Significant Accounting Principles |
12 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012 | |||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||
Summary of Significant Accounting Principles | Note 2 – Summary of Significant Accounting Policies:
The following summary of significant accounting policies of the Company is presented to assist in understanding the Company's financial statements. The financial statements and notes are representations of the Company's management, who is responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America and have been consistently applied in the preparation of the financial statements.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results may differ materially from these estimates. In addition, any changes in these estimates or their related assumptions could have a materially adverse effect on the Company's operating results.
Basis of Presentation and Consolidation
The accompanying consolidated financial statements previously includee the accounts of Chun Can Capital Group (formerly Cintel Corp.) and its wholly owned subsidiary, Cintel Korea, (collectively, the Company). Intercompany transactions and balances were eliminated in consolidation. When the Company did not have a controlling interest in an entity, but exerts significant influence over the entity, the Company applied the equity method of accounting.
Where the functional currency of the Company's foreign subsidiaries is the local currency, all assets and liabilities are translated into U.S. dollars, in accordance with FASB ASC 830, Foreign Currency Translation, using the exchange rate on the consolidated balance sheet date, and revenues and expenses are translated at average rates prevailing during the period. Accounts and transactions denominated in foreign currencies have been re-measured into functional currencies before translated into U.S. dollars. Foreign currency transaction gains and losses are included as a component of other income and expense. Gains and losses from foreign currency translation are included as a separate component of comprehensive income. At December 31, 2012 and 2011, the Company no longer had foreign subsidiaries denominated in local currencies.
On March 16, 2017, the Company effected a 1 for 4,000 reverse stock split. All share and per share information have been retroactively adjusted for this reverse stock split.
Revenue Recognition
The Company recognizes revenue upon shipment of products, or upon acceptance of products by customers, when pervasive evidence of a sales arrangement exists, the price is fixed or determinable, the title has transferred and collection of resulting receivables is reasonably assured. The Company had no revenues during periods presented.
Cash
and Cash Equivalents
Cash includes currency, checks issued by others, other currency equivalents, current deposits and passbook deposits held by financial institutions. Cash equivalents consist primarily of cash deposits in money market funds that are available for withdrawal without restriction. The investments that mature within three months from the investment date are also included as cash equivalents.
Investments Securities
Investments are accounted in accordance with the provisions of FASB ASC 320, Accounting for Certain Investments in Debt and Equity Securities. The Company classifies its debt securities in one of three categories: trading, available-for-sale (AFS), or held-to-maturity (HTM) and its equity securities that have readily determinable fair values into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. Held-to-maturity debt securities are those debt securities in which the Company has the ability and intent to hold the security until maturity. All securities not included in trading or held-to-maturity are classified as available-for-sale.
Trading and available-for-sale securities are recorded at fair value. Held-to-maturity debt securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. Unrealized holding gains and losses on trading securities are included in earnings. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis.
A decline in the market value of any available-for-sale or held-to-maturity security below cost that is deemed to be other than temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other-than-temporary, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts when developing estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.
Investments in long-term non-marketable equity securities are recorded at cost and consist primarily of non-marketable common and preferred stock of private companies with less than 20% of the voting rights. Gains and losses on securities sold are included in the statement of operations. Investments subject to significant influence have been recorded using the equity method.
At December 31, 2011, all investments were fully impaired.
Property and Equipment
Property and equipment, including renewals and betterments, are stated at cost. Cost of renewals and betterment that extend the economic useful lives of the related assets are capitalized. Expenditures for ordinary repairs and maintenance are charged to expense as incurred. Gain or loss on sale or disposition of assets is included in the statement of operations.
Depreciation is provided using the straight-line method over the following estimated useful lives of the assets.
Long-Lived Assets Impairment
The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount, an impairment loss would be measured based on the discounted cash flows compared to the carrying amount.
Goodwill and Other Intangible Assets
The Company accounts for goodwill and other intangible assets under FASB ASC 350, Goodwill and Other Intangible Assets. Under this standard, goodwill is tested for impairment annually or more frequently if certain events or changes in circumstances indicate that the carrying amount of goodwill exceeds its implied fair value. The two-step impairment test identifies potential goodwill impairment and measures the amount of a goodwill impairment loss to be recognized (if any). Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit's goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed.
The Company performs its annual impairment review of goodwill at December 1, and when a triggering event occurs between annual impairment tests.
FASB ASC also requires that intangible assets with definitive lives be amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate an asset's carrying value may not be recoverable. Currently the Company amortizes acquired intangible assets with definite lives over periods ranging primarily from five to ten years.
Fair Value Measurements
The Company follows the provisions of FASB ASC Topic 820, Fair Value Measurements, included in ASC Topic 820, Fair Value Measurements and Disclosures, for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a nonrecurring basis. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements.
Fair Value of Financial Instruments
In accordance with ASC 820, the Company to determines the fair value of financial assets and liabilities using a specified fair-value hierarchy. The objective of the fair value measurement of our financial instruments is to reflect the hypothetical amounts at which we could sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (exit price). ASC 820 describes three levels of inputs that may be used to measure fair value, as follows:
The fair values of securities available-for-sale are generally determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2 inputs).
Concentration of Credit Risk
Financial instruments that potentially subject the Company to credit risk consist of cash equivalents and loan receivables. Cash equivalents are maintained with high quality institutions, the composition and maturities of which are regularly monitored by management. The Company diversifies its investments to reduce the exposure to loss from any single issuer, sector or bank.
For loan receivables, the Company determines, on a continuing basis, the probable losses and sets up a provision for losses based on the estimated realizable value. Concentration of credit risk arises when a group of customers having similar characteristics such that their ability to meet their obligations is expected to be affected similarly by changes in economic conditions.
Income Taxes
The Company accounts for income taxes in accordance with FASB ASC 740, Accounting for Income Taxes, which requires that deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company is required to evaluate the realizability of the deferred tax assets by assessing the valuation allowance and, if necessary, adjusting the amount of such allowance. The factors used to assess the likelihood of realization includes the Company's forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. The Company continued to record a full valuation allowance against the deferred tax assets because it was more likely than not that the Company would not be able to realize these deferred tax assets based upon forecast of future taxable income and other relevant factors. The Company maintains a full valuation allowance against the deferred tax assets.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.
|
Capital Stock (Details Narrative) - $ / shares |
2 Months Ended | 3 Months Ended |
---|---|---|
Mar. 12, 2011 |
Dec. 31, 2011 |
|
Equity [Abstract] | ||
Share purchase agreement, shares | 1,391 | |
Stock price per share | $ 0.03 | $ 0.03 |
Shares issued for services, shares | 7,795 |
Summary of Significant Accounting Principles (Policies) |
12 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2012 | |||||||||
Accounting Policies [Abstract] | |||||||||
Use of Estimates | Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. These estimates are often based on complex judgments and assumptions that management believes to be reasonable but are inherently uncertain and unpredictable. Actual results may differ materially from these estimates. In addition, any changes in these estimates or their related assumptions could have a materially adverse effect on the Company's operating results. |
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Basis of Presentation and Consolidation | Basis of Presentation and Consolidation
The accompanying consolidated financial statements previously includee the accounts of Chun Can Capital Group (formerly Cintel Corp.) and its wholly owned subsidiary, Cintel Korea, (collectively, the Company). Intercompany transactions and balances were eliminated in consolidation. When the Company did not have a controlling interest in an entity, but exerts significant influence over the entity, the Company applied the equity method of accounting.
Where the functional currency of the Company's foreign subsidiaries is the local currency, all assets and liabilities are translated into U.S. dollars, in accordance with FASB ASC 830, Foreign Currency Translation, using the exchange rate on the consolidated balance sheet date, and revenues and expenses are translated at average rates prevailing during the period. Accounts and transactions denominated in foreign currencies have been re-measured into functional currencies before translated into U.S. dollars. Foreign currency transaction gains and losses are included as a component of other income and expense. Gains and losses from foreign currency translation are included as a separate component of comprehensive income. At December 31, 2012 and 2011, the Company no longer had foreign subsidiaries denominated in local currencies.
On March 16, 2017, the Company effected a 1 for 4,000 reverse stock split. All share and per share information have been retroactively adjusted for this reverse stock split. |
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Revenue Recognition | Revenue Recognition
The Company recognizes revenue upon shipment of products, or upon acceptance of products by customers, when pervasive evidence of a sales arrangement exists, the price is fixed or determinable, the title has transferred and collection of resulting receivables is reasonably assured. The Company had no revenues during periods presented. |
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Cash and cash equivalents | Cash
and Cash Equivalents
Cash includes currency, checks issued by others, other currency equivalents, current deposits and passbook deposits held by financial institutions. Cash equivalents consist primarily of cash deposits in money market funds that are available for withdrawal without restriction. The investments that mature within three months from the investment date are also included as cash equivalents. |
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Investments Securities | Investments Securities
Investments are accounted in accordance with the provisions of FASB ASC 320, Accounting for Certain Investments in Debt and Equity Securities. The Company classifies its debt securities in one of three categories: trading, available-for-sale (AFS), or held-to-maturity (HTM) and its equity securities that have readily determinable fair values into trading or available-for-sale. Trading securities are bought and held principally for the purpose of selling them in the near term. Held-to-maturity debt securities are those debt securities in which the Company has the ability and intent to hold the security until maturity. All securities not included in trading or held-to-maturity are classified as available-for-sale.
Trading and available-for-sale securities are recorded at fair value. Held-to-maturity debt securities are recorded at amortized cost, adjusted for the amortization or accretion of premiums or discounts. Unrealized holding gains and losses on trading securities are included in earnings. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are excluded from earnings and are reported as a separate component of accumulated other comprehensive income until realized. Realized gains and losses from the sale of available-for-sale securities are determined on a specific-identification basis.
A decline in the market value of any available-for-sale or held-to-maturity security below cost that is deemed to be other than temporary results in an impairment to reduce the carrying amount to fair value. To determine whether an impairment is other-than-temporary, the Company considers all available information relevant to the collectability of the security, including past events, current conditions, and reasonable and supportable forecasts when developing estimate of cash flows expected to be collected. Evidence considered in this assessment includes the reasons for the impairment, the severity and duration of the impairment, changes in value subsequent to year-end, forecasted performance of the investee, and the general market condition in the geographic area or industry the investee operates in.
Investments in long-term non-marketable equity securities are recorded at cost and consist primarily of non-marketable common and preferred stock of private companies with less than 20% of the voting rights. Gains and losses on securities sold are included in the statement of operations. Investments subject to significant influence have been recorded using the equity method.
At December 31, 2011, all investments were fully impaired. |
||||||||
Property and Equipment | Property and Equipment
Property and equipment, including renewals and betterments, are stated at cost. Cost of renewals and betterment that extend the economic useful lives of the related assets are capitalized. Expenditures for ordinary repairs and maintenance are charged to expense as incurred. Gain or loss on sale or disposition of assets is included in the statement of operations.
Depreciation is provided using the straight-line method over the following estimated useful lives of the assets.
|
||||||||
Long-Lived Assets Impairment | Long-Lived Assets Impairment
The Company evaluates its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. When the sum of the undiscounted future net cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount, an impairment loss would be measured based on the discounted cash flows compared to the carrying amount. |
||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets
The Company accounts for goodwill and other intangible assets under FASB ASC 350, Goodwill and Other Intangible Assets. Under this standard, goodwill is tested for impairment annually or more frequently if certain events or changes in circumstances indicate that the carrying amount of goodwill exceeds its implied fair value. The two-step impairment test identifies potential goodwill impairment and measures the amount of a goodwill impairment loss to be recognized (if any). Under the first step, the fair value of the reporting unit is compared with its carrying value (including goodwill). If the fair value of the reporting unit is less than its carrying value, an indication of goodwill impairment exists for the reporting unit and the enterprise must perform step two of the impairment test (measurement). Under step two, an impairment loss is recognized for any excess of the carrying amount of the reporting unit's goodwill over the implied fair value of that goodwill. The implied fair value of goodwill is determined by allocating the fair value of the reporting unit in a manner similar to a purchase price allocation and the residual fair value after this allocation is the implied fair value of the reporting unit goodwill. Fair value of the reporting unit is determined using a discounted cash flow analysis. If the fair value of the reporting unit exceeds its carrying value, step two does not need to be performed.
The Company performs its annual impairment review of goodwill at December 1, and when a triggering event occurs between annual impairment tests.
FASB ASC also requires that intangible assets with definitive lives be amortized over their estimated useful lives and reviewed for impairment whenever events or changes in circumstances indicate an asset's carrying value may not be recoverable. Currently the Company amortizes acquired intangible assets with definite lives over periods ranging primarily from five to ten years. |
||||||||
Fair Value Measurements | Fair Value Measurements
The Company follows the provisions of FASB ASC Topic 820, Fair Value Measurements, included in ASC Topic 820, Fair Value Measurements and Disclosures, for fair value measurements of financial assets and financial liabilities and for fair value measurements of nonfinancial items that are recognized or disclosed at fair value in the financial statements on a nonrecurring basis. ASC Topic 820 also establishes a framework for measuring fair value and expands disclosures about fair value measurements. |
||||||||
Fair Value of Financial Instruments |
Fair Value of Financial Instruments
In accordance with ASC 820, the Company to determines the fair value of financial assets and liabilities using a specified fair-value hierarchy. The objective of the fair value measurement of our financial instruments is to reflect the hypothetical amounts at which we could sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date (exit price). ASC 820 describes three levels of inputs that may be used to measure fair value, as follows:
The fair values of securities available-for-sale are generally determined by matrix pricing, which is a mathematical technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities' relationship to other benchmark quoted securities (Level 2 inputs). |
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Concentration of Credit Risk | Concentration of Credit Risk
Financial instruments that potentially subject the Company to credit risk consist of cash equivalents and loan receivables. Cash equivalents are maintained with high quality institutions, the composition and maturities of which are regularly monitored by management. The Company diversifies its investments to reduce the exposure to loss from any single issuer, sector or bank.
For loan receivables, the Company determines, on a continuing basis, the probable losses and sets up a provision for losses based on the estimated realizable value. Concentration of credit risk arises when a group of customers having similar characteristics such that their ability to meet their obligations is expected to be affected similarly by changes in economic conditions. |
||||||||
Income Taxes | Income Taxes
The Company accounts for income taxes in accordance with FASB ASC 740, Accounting for Income Taxes, which requires that deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. ASC 740 also requires that deferred tax assets be reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company is required to evaluate the realizability of the deferred tax assets by assessing the valuation allowance and, if necessary, adjusting the amount of such allowance. The factors used to assess the likelihood of realization includes the Company's forecast of future taxable income and available tax planning strategies that could be implemented to realize the net deferred tax assets. The Company continued to record a full valuation allowance against the deferred tax assets because it was more likely than not that the Company would not be able to realize these deferred tax assets based upon forecast of future taxable income and other relevant factors. The Company maintains a full valuation allowance against the deferred tax assets.
The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. |
Summary of Significant Accounting Principles (Details 2) |
12 Months Ended |
---|---|
Dec. 31, 2012 | |
Machinery and Equipment (Member) | |
Useful Life | 5 years |
Machinery and Equipment (Member) | |
Useful Life | 10 years |
Furniture and Fixtures (Member) | |
Useful Life | 5 years |
Vehicles (Member) | |
Useful Life | 5 years |
Software (Member) | |
Useful Life | 5 years |
Capital Stock |
12 Months Ended |
---|---|
Dec. 31, 2012 | |
Equity [Abstract] | |
Capital Stock | Note 3 – Capital Stock
On March 12, 2011, the Company entered into a share purchase agreement with an officer of the Company, for the sale and issuance of 1,391 shares of common stock at a price of $0.03 per share.
In the 4th quarter of 2011, the Company issued 7,795 shares of common stock for services at a price of $0.03 per share.
|
Summary of Significant Accounting Principles (Details 1) |
1 Months Ended |
---|---|
Mar. 16, 2017 | |
Accounting Policies [Abstract] | |
Reverse stock split | 1 for 4,000 |
Income Taxes (Details Narrative) |
12 Months Ended |
---|---|
Dec. 31, 2012 | |
Minimum [Member] | |
Corporate tax rate | 10.00% |
Maximum [Member] | |
Corporate tax rate | 34.00% |
Income Taxes |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Note 2 - Income Taxes
Corporate tax rates range from 10% to 34%. The Company provided a valuation allowance equal to the deferred tax amounts resulting from the tax losses in the United States, as it is not likely that they will be realized.
The U.S. tax losses can be carried forward for 15 to 20 years to offset future taxable income and expire in years 2020 to 2029.
The provision for
income taxes for the three months ended December 31, 2012 and 2011 are summarized as follows:
The Company has deferred tax assets (liabilities) at December 31, 2012 and December 31, 2011 as follows:
|
Cover - USD ($) |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2012 |
Feb. 03, 2020 |
Jan. 06, 2020 |
|
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2012 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2012 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | CHUN CAN CAPITAL GROUP | ||
Entity Central Index Key | 0001191334 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 75,295 | ||
Entity Common Stock, Shares Outstanding | 33,011 |