Nevada
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47-5567250
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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Large accelerated filer [ ]
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Accelerated filer [ ]
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Non-accelerated filer [ ]
(Do not check if a smaller reporting company)
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Smaller reporting company [X]
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Page
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PART I – FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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3
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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4
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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7
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Item 4.
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Controls and Procedures
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7
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PART II – OTHER INFORMATION
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Item 1.
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Legal Proceedings
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8
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Item 1A.
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Risk Factors
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8
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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8
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Item 3.
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Defaults Upon Senior Securities
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8
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Item 4.
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Mine Safety Disclosures
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8
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Item 5.
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Other Information
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8
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Item 6.
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Exhibits
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9
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SIGNATURES
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10
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Page
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Unaudited Consolidated Balance Sheets as of March 31, 2015 and December 31, 2014
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F-1
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Unaudited Consolidated Statements of Operations for the three months ended March 31, 2015 and 2014
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F-2
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Unaudited Consolidated Statements of Cash Flows for the three months ended March 31, 2015 and 2014
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F-3
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Unaudited Statements of Stockholders' Deficit for the period ended March 31, 2015 | F-4 |
Notes to the Unaudited Consolidated Financial Statements
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F-5 to F-10
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March 31,
2015
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December 31,
2014
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|||||||
ASSETS
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||||||||
Current Assets
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||||||||
Cash
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$ | 17,110 | $ | 13,297 | ||||
Prepaid expenses and deposits
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10,367 | 5,003 | ||||||
Amounts due from related parties
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19,775 | 20,969 | ||||||
Total Current Assets
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47,252 | 39,269 | ||||||
Plant and equipment
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87,861 | 98,480 | ||||||
TOTAL ASSETS
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$ | 135,113 | $ | 137,749 | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
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||||||||
Current Liabilities
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||||||||
Accounts Payable and accrued liabilities
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$ | 400,702 | $ | 342,876 | ||||
Convertible notes
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195,000 | - | ||||||
Advances payable, related party
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71,508 | 28,952 | ||||||
Total Current Liabilities
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667,210 | 371,828 | ||||||
Total Liabilities
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667,210 | 371,828 | ||||||
Stockholders' Deficit
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||||||||
Common stock - $0.001 par value; 4,000,000,000 shares authorized, 500,802,346 and 500,000,000 issued and outstanding at March 31, 2015 and December 31, 2014
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500,802 | 500,000 | ||||||
Preferred Stock - $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014
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- | - | ||||||
Additional Paid in Capital
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(531,878 | ) | (285,620 | ) | ||||
Other comprehensive income (loss)
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2,722 | (12,319 | ) | |||||
Accumulated deficit
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(503,743 | ) | (436,140 | ) | ||||
Total Stockholders' Deficit
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(532,097 | ) | (234,079 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
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$ | 135,113 | $ | 137,749 |
Three Months
Ended
March 31,
2015
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Three Months
Ended
March 31,
2014
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|||||||
Revenue
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$ | - | $ | - | ||||
Operating Expenses
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||||||||
Mining exploration expenses
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- | 57,729 | ||||||
General and administrative
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67,603 | 53,660 | ||||||
Total Operating Expenses
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67,603 | 111,389 | ||||||
Loss before taxation
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(67,603 | ) | (111,389 | ) | ||||
Taxation
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- | (174 | ) | |||||
Net Loss
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$ | (67,603 | ) | $ | (111,563 | ) | ||
Net Loss Per Share: Basic and Diluted
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$ | (0.00 | ) | $ | (0.00 | ) | ||
Weighted Average Shares Outstanding: Basic and Diluted
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500,044,575 | 500,000,000 | ||||||
Comprehensive Income (Loss):
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||||||||
Net loss
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$ | (67,603 | ) | $ | (111,563 | ) | ||
Effect of foreign currency translation
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15,041 | 1,374 | ||||||
Comprehensive Loss
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$ | (52,562 | ) | $ | (110,189 | ) | ||
Accumulated | ||||||||||||||||||||||||
Common Stock | Additional | Other Comprehensive | Accumulated | Total | ||||||||||||||||||||
Shares | Par Value | Paid in Capital | Income (Loss) | Deficit | Equity | |||||||||||||||||||
Balance, December 31, 2014
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500,000,000 | $ | 500,000 | $ | (285,620 | ) | $ | (12,319 | ) | $ | (436,140 | ) | $ | (234,079 | ) | |||||||||
Recapitalization/shares issued as part of reverse merger (Notes 3, 8)
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802,346 | 802 | (246,258 | ) | - | - | (245,456 | ) | ||||||||||||||||
Foreign currency translation adjustments
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15,041 | 15,041 | ||||||||||||||||||||||
Loss for the period
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(67,603 | ) | (67,603 | ) | ||||||||||||||||||||
Balance, March 31, 2015
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500,802,346 | 500,802 | (531,878 | ) | 2,722 | (503,743 | ) | (532,097 | ) |
Three Months Ended March 31,
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||||||||
2015
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2014
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CASH FLOW FROM OPERATING ACTIVITIES:
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Net Loss
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$ | (67,603 | ) | $ | (111,563 | ) | ||
Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities:
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Depreciation
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6,190 | - | ||||||
Changes in operating assets and liabilities:
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Other receivable and deposits
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360 | (607 | ) | |||||
Accounts Payable and accrued liabilities
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69,665 | (33,188 | ) | |||||
Advances, related parties
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(2,913 | ) | 15,974 | |||||
NET CASH USED IN OPERATING ACTIVITIES
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5,699 | (129,384 | ) | |||||
CASH FLOWS FROM INVESTING ACTIVITIES:
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Plant and equipment
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(1,019 | ) | (5,904 | ) | ||||
NET CASH USED IN INVESTING ACTIVITIES
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(1,019 | ) | (5,904 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES:
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Cash acquired via reverse acquisition
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35 | - | ||||||
NET CASH PROVIDED BY FINANCING ACTIVITIES
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35 | - | ||||||
Effects of changes in foreign exchange rate
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(902 | ) | 306 | |||||
NET CHANGE IN CASH
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3,813 | (134,982 | ) | |||||
CASH AT BEGINNING OF PERIOD
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13,297 | 194,632 | ||||||
CASH AT END OF PERIOD
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$ | 17,110 | $ | 59,650 | ||||
Cash Paid during the year for:
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||||||||
Interest
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$ | - | $ | - | ||||
Income Taxes
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$ | - | $ | - | ||||
Non-Cash financing and investing activities:
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Other receivable and deposits acquired per reverse merger
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$ | (6,000 | ) | $ | - | |||
Accounts payable and accrued liabilities acquired per reverse merger
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9,448 | - | ||||||
Convertible notes acquired per reverse merger
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195,000 | - | ||||||
Amounts due to related parties acquired per reverse merger
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47,043 | - | ||||||
$ | 245,491 | $ | - |
Motor Vehicles
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20 | % | ||
Office equipment
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10 | % | ||
Tools and equipment
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10 | % | ||
Computer and software
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20 | % |
Cash and bank balance
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$
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35
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Other receivable and deposits
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6,000
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|||
Total identifiable assets
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$
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6,035
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Other payables and accruals
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$
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9,448
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Amounts due to related parties
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47,043
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Convertible notes
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195,000
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Total identifiable liabilities
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$
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251,490
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Net identifiable assets
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$
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(245,456
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)
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December 31, 2014
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Additions
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FX changes
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March 31, 2015
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|||||||||||||
Cost
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||||||||||||||||
Motor Vehicles
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$ | 118,294 | $ | (6,733 | ) | $ | 111,561 | |||||||||
Office equipment
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7,156 | (407 | ) | 6,749 | ||||||||||||
Computers and software
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4,695 | 1,019 | (267 | ) | 5,447 | |||||||||||
Tools and equipment
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606 | (35 | ) | 571 | ||||||||||||
$ | 130,751 | $ | 1,019 | $ | (7,442 | ) | $ | 124,328 |
December 31, 2014
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Additions
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FX changes
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March 31, 2015
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Accumulated depreciation
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Motor Vehicles
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$ | 30,589 | $ | 5,723 | $ | (1,886 | ) | $ | 34,426 | |||||||
Office equipment
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932 | 173 | (58 | ) | 1,048 | |||||||||||
Computers and software
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699 | 280 | (47 | ) | 931 | |||||||||||
Tools and equipment
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51 | 14 | (3 | ) | 62 | |||||||||||
$ | 32,271 | $ | 6,190 | $ | (1,994 | ) | $ | 36,468 |
March 31, 2015
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December 31, 2014
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Carrying Value
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||||||||
Motor Vehicles
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$ | 77,135 | $ | 87,705 | ||||
Office equipment
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5,701 | 6,224 | ||||||
Computers and software
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4,516 | 3,996 | ||||||
Tools and equipment
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509 | 555 | ||||||
$ | 87,861 | $ | 98,480 |
March 31, 2015
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December 31, 2014
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Sundry receivables
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$ | 8,615 | $ | 3,145 | ||||
Deposits
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1,752 | 1,858 | ||||||
$ | 10,367 | $ | 5,003 |
March 31,
2015
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December 31,
2014
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|||||||
Expenses paid on behalf of the Company by its Directors
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$ | 71,508 | $ | 28,952 |
NO
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Mining Land
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Mining Area
(Hectares)
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1
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Sungai Bekil, Mukim Of Batu Talam, State Of Pahang Darul Makmur, Malaysia
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50
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2
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Sungai Semeriang, Mukim Of Batu Talam, State Of Pahang Darul Makmur, Malaysia
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50
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Item No. | Description |
3.1
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Articles of Incorporation of the Registrant incorporated by reference to Exhibit 3.01 to the Registrant’s Form 10-12g, filed on March 27, 2012.
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3.2
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Articles of Merger dated March 16, 2015, changing the Registrant’s name to GMCI Corp
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3.3
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Certificate of Amendment dated January 2, 2015, increasing the Registrant’s authorized share capital to 4 billion shares and decreasing its issued and outstanding shares at a ratio of 25:1.
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3.3
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Bylaws of Registrant incorporated by reference to Exhibit 3.02 to the Registrant’s Form 10-12g, filed March 27, 2012.
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10.1
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Promissory note from Pacific Gold Corp incorporated by reference to Exhibit 10.1 to the Registrant’s Form 10-12g, filed on March 27, 2012.
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10.2
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Share Exchange Agreement, dated March 26, 2015, incorporated by reference to Exhibit 2.1 to the Registrant’s Form 8-K, filed on April 29, 2015, file number 000-54629.
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31.1
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Certification of the Chief Executive Officer and Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (1)
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32.1
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Certification of the Chief Executive Officer Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350). (1)
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase (1)
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase (1)
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101.INS
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XBRL Instance Document (1)
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101.LAB
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XBRL Taxonomy Extension Label Linkbase (1)
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase (1)
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101.SCH
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XBRL Taxonomy Extension Schema (1)
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(1)
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Filed herewith electronically
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GMCI CORP.
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(the "Registratnt")
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/s/ LOK KHING MING
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Name: Lok Khing Ming
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Title: Chief Executive Officer
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Date: September 23, 2016
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/s/ CALVIN CHIN
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Name: Calvin Chin
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Title: Chief Financial Officer
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Date: September 23, 2016
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Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2015 |
Jul. 15, 2016 |
|
Document and Entity Information | ||
Entity Registrant Name | GMCI Corp. | |
Entity Central Index Key | 0001545312 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | gmci | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 720,802,346 |
Balance Sheets (Parenthetical) (Unaudited) - $ / shares |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 500,802,346 | 500,000,000 |
Common stock, shares outstanding | 500,802,346 | 500,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding |
Statements of Operations (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Income Statement [Abstract] | ||
Revenue | ||
Operating Expenses | ||
Mining exploration expenses | 57,729 | |
General and administrative | 67,603 | 53,660 |
Total Operating Expenses | 67,603 | 111,389 |
Loss before taxation | (67,603) | (111,389) |
Taxation | (174) | |
Net Loss | $ (67,603) | $ (111,563) |
Net Loss Per Share: Basic and Diluted | $ 0.00 | $ 0.00 |
Weighted Average Shares Outstanding: Basic and Diluted | 500,044,575 | 500,000,000 |
Comprehensive Income (Loss): | ||
Net Loss | $ (67,603) | $ (111,563) |
Effect of foreign currency translation | 15,041 | 1,374 |
Comprehensive Loss | $ (52,562) | $ (110,189) |
Statements of Changes in Stockholders' Deficit (Unaudited) - 3 months ended Mar. 31, 2015 - USD ($) |
Total |
Common Stock |
Additional Paid in Capital |
Accumulated Other Comprehensive Income (Loss) |
Accumulated Deficit |
---|---|---|---|---|---|
Balance at Dec. 31, 2014 | $ (234,079) | $ 500,000 | $ (285,620) | $ (12,319) | $ (436,140) |
Balance (in shares) at Dec. 31, 2014 | 500,000,000 | ||||
Recapitalization/shares issued as part of reverse merger (Notes 3, 8) | (245,456) | $ 802 | (246,258) | ||
Recapitalization/shares issued as part of reverse merger (Notes 3, 8), shares | 802,346 | ||||
Foreign currency translation adjustments | 15,041 | 15,041 | |||
Loss for the period | (67,603) | (67,603) | |||
Balance at Mar. 31, 2015 | $ (532,097) | $ 500,802 | $ (531,878) | $ 2,722 | $ (503,743) |
Balance (in shares) at Mar. 31, 2015 | 500,802,346 |
Organization and Summary of Significant Accounting Policies |
3 Months Ended | ||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015 | |||||||||||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||
Organization and Summary of Significant Accounting Policies | Note 1 – Organization and Summary of Significant Accounting Policies GMCI Corp., formerly Pacific Metals Corp. (“GMCI” or the “Company”) was incorporated in Nevada on June 28, 2006. On March 17, 2015, the Company filed Articles of Merger with the Nevada Secretary of State whereby it entered into a statutory merger with its wholly-owned subsidiary, GMCI Corp., pursuant to Nevada Revised Statutes 92A.200 et. seq. The effect of such merger is that the Company was the surviving entity and changed its name to "GMCI Corp." On March 19, 2015, the Company filed an Issuer Company-Related Action Notification Form with FINRA requesting that the aforementioned name change be effected in the market. The Company also requested that its ticker symbol be changed to "GMCI". On April 16, 2015, FINRA granted approval for the name change and the ticker symbol change. On March 26, 2015, GMCI entered into and closed a Share Exchange Agreement (the "Agreement") with all of the shareholders of SBS Mining Corp. Malaysia Sd. Bhd., ("SBS") a Malaysian corporation whose primary business is mining and exploration of properties located in Malaysia. Pursuant to the Share Exchange Agreement, the Company acquired 600,000 shares of capital stock of SBS from the SBS Shareholders and in exchange issued 500,000,000 restricted shares of its common stock to the SBS Shareholders. As a result of the completion of the aforementioned acquisition, SBS is now the Company's wholly-owned subsidiary. The aforementioned business combination was accounted for as a reverse acquisition and recapitalization using accounting principles applicable to reverse acquisitions whereby the financial statements subsequent to the date of the transaction are presented as a continuation of SBS. Under reverse acquisition accounting SBS (subsidiary) is treated as the accounting parent (acquirer) and the Company (parent) is treated as the accounting
subsidiary (acquiree). All outstanding shares have been restated to reflect the effect of the business combination. As a result of the aforementioned transactions a total of 802,346 shares of the Company’s common stock issued and outstanding at December 31, 2014 are reflected as part of the recapitalization transactions impacted March 26, 2015, in our Statements of Stockholder’s Equity (Deficit). SBS Mining Corp. Malaysia Sdn. Bhd. is a producer of metal ore and is focused on producing iron ore, bauxite and tin ore. Currently SBS is principally engaged in the prospecting of minerals and ultimately the mining of minerals upon successful exploration. As at the date of this report SBS is not yet generating revenues as a result of its mineral exploration and ore acquisition efforts. Principals of Consolidation The consolidated financial statements include the accounts of GMCI and its wholly-owned subsidiary SBS. All significant intercompany balances and transactions have been eliminated. Basis of Presentation The unaudited interim consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2014, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The interim unaudited consolidated financial statements should be read in conjunction with those audited financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Reclassification Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. Significant Accounting Principles Use of Estimates and Assumptions. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results when ultimately realized could differ from these estimates. Cash and Cash Equivalents The company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At March 31, 2015, cash includes cash on hand and cash in the bank. Fair Value of Financial Instruments The carrying value of financial instruments including cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses, approximates their fair value due to the relatively short-term nature of these instruments. Foreign Currencies Functional and presentation currency - Items included in the consolidated financial statements of each of the Company and its subsidiary are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in US Dollars, which is the Company’s functional and presentation currency. Transactions and balances - Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at quarter end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations. Subsidiaries The results and financial position of the subsidiary that has a functional currency different from the presentation currency are translated into the presentation currency as follows: i) assets and liabilities are translated at the closing rate at the date of the balance sheet; ii) income and expenses are translated at average exchange rates; iii) all resulting exchange differences are recognized as other comprehensive income, a separate component of equity. Plant and equipment and depreciation Plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation is. calculated on straight line basis to write off the cost of plant and equipment over their expected useful lives at the following annual rates:
Mineral Properties The Company is primarily engaged in the business of the acquisition, exploration, development, mining, and production of mineral properties and or resources,
with a current emphasis on iron ore, bauxite and tin. Mineral claims and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development costs, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period. Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. During the years ended December 31, 2015and 2014, there was no impairment of long-lived assets. Income Taxes The company accounts for income taxes in accordance with ASC Topic 740, IncomeTaxes. This statement prescribes the use of the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Loss Per Share The company follows the provisions of ASC Topic 260, Earnings per Share. Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Basic and diluted losses per share are the same as all potentially dilutive securities are anti-dilutive. Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the company’s common stock that could increase the number of shares outstanding and lower the earnings per share of the company’s common stock. This calculation is not done for periods in a loss position as this would be antidilutive. As of December 31, 2014, there were no stock options or stock awards that would have been included in the computation of diluted earnings per share that could potentially dilute basic earnings per share in the future. 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 or results of operations. |
Going Concern |
3 Months Ended |
---|---|
Mar. 31, 2015 | |
Going Concern [Abstract] | |
Going Concern | Note 2 – Going Concern At March 31, 2015 and March 31, 2014, the Company reported a net loss of $67,603 and $111,563 respectively. The Company believes that its existing capital resources may not be adequate to enable it to execute its business plan. These conditions raise substantial doubt as to the Company’s ability to continue as a going concern. The Company estimates that it will require additional cash resources during 2015 and beyond based on its current operating plan and condition. The Company expects cash flows from operating activities to improve, primarily as a result of an increase in revenue and a decrease in certain operating expenses, although there can be no assurance thereof. The accompanying consolidated financial statements do not include any adjustments that might be necessary should we be unable to continue as a going concern. If we fail to generate positive cash flow or obtain additional financing, when required, we may have to modify, delay, or abandon some or all of our business and expansion plans. |
Business Combination |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination | Note 3 – Business Combination On March 17, 2015, the Company filed Articles of Merger with the Nevada SOS whereby it entered into a statutory merger with its wholly-owned subsidiary, GMCI Corp., pursuant to Nevada Revised Statutes 92A.200 et. seq. The effect of such merger is that the Company was the surviving entity and changed its name to "GMCI Corp." On March 19, 2015, the Company filed an Issuer Company-Related Action Notification Form with FINRA requesting that the aforementioned name change be effected in the market. The Company also requested that its ticker symbol be changed to "GMCI". On April 16, 2015, FINRA granted approval for the name change and the ticker symbol change. On March 26, 2015, GMCI entered into a Share Exchange Agreement (the "Agreement") with all of the shareholders of SBS Mining Corp. Malaysia Sd. Bhd., ("SBS") a Malaysian corporation whose primary business is mining and exploration of properties located in Malaysia. Pursuant to the Share Exchange Agreement, the Company acquired 600,000 shares of capital stock of SBS from the SBS Shareholders and in exchange issued 500,000,000 restricted shares of its common stock to the SBS Shareholders. As a result of the aforementioned transactions a total of 802,346 shares of the Company’s common stock issued and outstanding at December 31, 2014 are reflected as part of the recapitalization transactions impacted March 26, 2015, in our Statements of Stockholder’s Equity (Deficit). As a result of the completion of this acquisition, SBS is now the Company's wholly-owned subsidiary. Pursuant to the terms and conditions of the acquisition agreement, we acquired 100% of the issued capital stock (600,000 common shares) of SBS in exchange for 500,000,000 shares of common stock of the Company. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed relative to the Parent company operations, at the business combination transaction date:
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Plant and Equipment |
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Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Plant and Equipment | Note 4 – Plant and Equipment
]
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Other Receivables and Deposits |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Other Receivables and Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Other Receivables and Deposits | Note 5 – Other Receivables and Deposits
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Convertible Note |
3 Months Ended |
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Mar. 31, 2015 | |
Convertible Note [Abstract] | |
Convertible Note | Note 6 – Convertible Note During the fiscal year ended December 31, 2014 the Company’s former parent company, Pacific Gold Corp. advanced a further $42,335 to fund our ongoing operations. On November 20, 2014, the Company entered a Debt Swap agreement with Pacific Gold Corp, whereby the company indebtedness to the parent company totaling $204,932 as of November 20, 2014 was converted to $195,000 in convertible notes bearing interest at a rate of 10% per annum, with a conversion price of $0.05 per share, due and payable on November 20, 2016. The convertible note is payable to the brother of our former officer and director. |
Advances from Related Parties / Related Parties Transactions |
3 Months Ended | ||||||||||||||||||||||||||
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Mar. 31, 2015 | |||||||||||||||||||||||||||
Advances from Related Parties / Related Parties Transactions [Abstract] | |||||||||||||||||||||||||||
Advances from Related Parties / Related Parties Transactions | Note 7 – Advances from Related Parties / Related Parties Transactions
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Common Stock |
3 Months Ended |
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Mar. 31, 2015 | |
Common Stock [Abstract] | |
Common Stock | Note 8 – Common Stock
The Company’s authorized common stock consists of 4,000,000,000 common shares with par value of $0.001 and 10,000,000 shares of preferred stock with par value of $0.001 per share.
The Company had 500,000,000 common shares issued and outstanding as of December 31, 2014 as a result of the recapitalization and reverse merger transaction described above in Note 3. In addition, as of the transaction date, there were 802,346 common shares issued and outstanding which are reflects as part of the recapitalization.
As of March 31, 2015 and December 31, 2014, the Company has 500,802,346 and 500,000,000 shares of common stock issued and outstanding.
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Subsequent Events |
3 Months Ended |
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Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 9- Subsequent Events On June 15, 2015, the Company entered into Subscription Agreements with its President and CEO, Mr. Lok Khing Ming, and Mr. Liew Kin Sing, a resident of Malaysia, whereby the Company sold to Mr. Lok 120 million shares of its common stock and sold to Mr. Liew 100 million shares of common stock. Both sales were priced at the par value of $0.001. Mr. Lok and Mr. Liew paid cash for these shares. |
Organization and Summary of Significant Accounting Policies (Policies) |
3 Months Ended | ||||||||||||||||||||
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Mar. 31, 2015 | |||||||||||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||
Basis of Presentation | Basis of Presentation The unaudited interim consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (“SEC”). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended December 31, 2014, included in the Company’s Annual Report on Form 10-K, filed with the SEC. The interim unaudited consolidated financial statements should be read in conjunction with those audited financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. |
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Reclassification | Reclassification Certain reclassifications have been made to the prior period’s financial statements to conform to the current period’s presentation. |
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Use of Estimates and Assumptions | Use of Estimates and Assumptions. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results when ultimately realized could differ from these estimates. |
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Cash and Cash Equivalents | Cash and Cash Equivalents The company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At March 31, 2015, cash includes cash on hand and cash in the bank. |
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Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying value of financial instruments including cash and cash equivalents, receivables, prepaid expenses, accounts payable and accrued expenses, approximates their fair value due to the relatively short-term nature of these instruments. |
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Foreign Currencies | Foreign Currencies Functional and presentation currency - Items included in the consolidated financial statements of each of the Company and its subsidiary are measured using the currency of the primary economic environment in which the entity operates (the ‘functional currency’). The consolidated financial statements are presented in US Dollars, which is the Company’s functional and presentation currency. Transactions and balances - Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at quarter end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statement of operations. Subsidiaries The results and financial position of the subsidiary that has a functional currency different from the presentation currency are translated into the presentation currency as follows: i) assets and liabilities are translated at the closing rate at the date of the balance sheet; ii) income and expenses are translated at average exchange rates; iii) all resulting exchange differences are recognized as other comprehensive income, a separate component of equity. |
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Plant and equipment and depreciation | Plant and equipment and depreciation Plant and equipment are stated at cost less accumulated depreciation and impairment loss, if any. Depreciation is. calculated on straight line basis to write off the cost of plant and equipment over their expected useful lives at the following annual rates:
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Mineral Properties | Mineral Properties The Company is primarily engaged in the business of the acquisition, exploration, development, mining, and production of mineral properties and or resources, with a current emphasis on iron ore, bauxite and tin. Mineral claims and other property acquisition costs are capitalized as incurred. Such costs are carried as an asset of the Company until it becomes apparent through exploration activities that the cost of such properties will not be realized through mining operations. Mineral exploration costs are expensed as incurred, and when it becomes apparent that a mineral property can be economically developed as a result of establishing proven or probable reserve, the exploration costs, along with mine development costs, are capitalized. The costs of acquiring mineral claims, capitalized exploration costs, and mine development costs are recognized for depletion and amortization purposes under the units-of-production method over the estimated life of the probable and proven reserves. If mineral properties, exploration, or mine development activities are subsequently abandoned or impaired, any capitalized costs are charged to operations in the current period. |
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Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable through the estimated undiscounted cash flows expected to result from the use and eventual disposition of the assets. Whenever any such impairment exists, an impairment loss will be recognized for the amount by which the carrying value exceeds the fair value. During the years ended December 31, 2015and 2014, there was no impairment of long-lived assets. |
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Income Taxes | Income Taxes The company accounts for income taxes in accordance with ASC Topic 740, IncomeTaxes. This statement prescribes the use of the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. |
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Loss Per Share | Loss Per Share The company follows the provisions of ASC Topic 260, Earnings per Share. Basic net loss per share is computed by dividing net loss available to common stockholders by the weighted average number of common shares outstanding during the period. Basic and diluted losses per share are the same as all potentially dilutive securities are anti-dilutive. Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflects the potential dilution that could occur if stock options and other commitments to issue common stock were exercised or equity awards vest resulting in the issuance of common stock or conversion of notes into shares of the company’s common stock that could increase the number of shares outstanding and lower the earnings per share of the company’s common stock. This calculation is not done for periods in a loss position as this would be antidilutive. As of December 31, 2014, there were no stock options or stock awards that would have been included in the computation of diluted earnings per share that could potentially dilute basic earnings per share in the future. |
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Recently issued accounting pronouncements | 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 or results of operations. |
Organization and Summary of Significant Accounting Policies (Tables) |
3 Months Ended | ||||||||||||||||||||
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Mar. 31, 2015 | |||||||||||||||||||||
Organization and Summary of Significant Accounting Policies [Abstract] | |||||||||||||||||||||
Schedule of plant and equipment expected useful lives |
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Business Combination (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of business combination |
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Plant and Equipment (Tables) |
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Plant and Equipment [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of plant and equipment and depreciation |
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Other Receivables and Deposits (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2015 | ||||||||||||||||||||||||||||||||||||||||||||||
Other Receivables and Deposits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other receivables and deposits |
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Advances from Related Parties / Related Parties Transactions (Tables) |
3 Months Ended | ||||||||||||||||||||||||||
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Mar. 31, 2015 | |||||||||||||||||||||||||||
Advances from Related Parties / Related Parties Transactions [Abstract] | |||||||||||||||||||||||||||
Schedule of advances from related parties / related parties transactions |
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Organization and Summary of Significant Accounting Policies (Details) |
Mar. 31, 2015 |
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Motor Vehicles [Member] | |
Property plant and equipment (Textual) | |
Depreciation rates of plant and equipment | 20.00% |
Office equipment [Member] | |
Property plant and equipment (Textual) | |
Depreciation rates of plant and equipment | 10.00% |
Tools and equipment [Member] | |
Property plant and equipment (Textual) | |
Depreciation rates of plant and equipment | 10.00% |
Computer and software [Member] | |
Property plant and equipment (Textual) | |
Depreciation rates of plant and equipment | 20.00% |
Organization and Summary of Significant Accounting Policies (Details Textual) - shares |
1 Months Ended | 3 Months Ended |
---|---|---|
Mar. 26, 2015 |
Mar. 31, 2015 |
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Organization and summary of significant accounting policies [Textual] | ||
Entity Incorporation, Date of Incorporation | Jun. 28, 2006 | |
Share Exchange Agreement | SBS Mining Corp. Malaysia Sd. Bhd., ("SBS") [Member] | ||
Organization and summary of significant accounting policies [Textual] | ||
Capital stock issued for acquisition, shares | 600,000 | |
Common stock issued as part of recapitalization | 802,346 | |
Restricted shares of common stock | 500,000,000 |
Going Concern (Details) - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2015 |
Mar. 31, 2014 |
|
Going Concern (Textual) | ||
Net loss | $ (67,603) | $ (111,563) |
Business Combination (Details) |
Mar. 31, 2015
USD ($)
|
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Business Combination [Abstract] | |
Cash and bank balance | $ 35 |
Other receivable and deposits | 6,000 |
Total identifiable assets | 6,035 |
Other payables and accruals | 9,448 |
Amounts due to related parties | 47,043 |
Convertible notes | 195,000 |
Total identifiable liabilities | 251,490 |
Net identifiable assets | $ (245,456) |
Business Combination (Details Textual) - SBS Mining Corp. Malaysia Sd. Bhd., ("SBS") [Member] - shares |
1 Months Ended | |
---|---|---|
Mar. 26, 2015 |
Mar. 31, 2015 |
|
Business Acquisition [Line Items] | ||
Percentage of acquisition | 100.00% | |
Share Exchange Agreement [Member] | ||
Business Acquisition [Line Items] | ||
Capital stock issued for acquisition, shares | 600,000 | |
Common stock issued as part of recapitalization | 802,346 | |
Restricted shares of common stock | 500,000,000 |
Other Receivables and Deposits (Details) - USD ($) |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Other Receivables and Deposits [Abstract] | ||
Sundry receivables | $ 8,615 | $ 3,145 |
Deposits | 1,752 | 1,858 |
Total | $ 10,367 | $ 5,003 |
Convertible Note (Details) - Pacific Gold Corp. [Member] - USD ($) |
1 Months Ended | |
---|---|---|
Nov. 20, 2014 |
Dec. 31, 2014 |
|
Convertible Note (Textual) | ||
Advanced fund on ongoing operations | $ 42,335 | |
Debt Swap Agreement [Member] | ||
Convertible Note (Textual) | ||
Amount of indebtedness | $ 204,932 | |
Interest rate | 10.00% | |
Converted into convertible notes | $ 195,000 | |
Conversion price | $ 0.05 | |
Maturity date | Nov. 20, 2016 |
Advances from Related Parties / Related Parties Transactions (Details) - USD ($) |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|
Advances from Related Parties / Related Parties Transactions [Abstract] | ||
Expenses paid on behalf of the Company by its Directors | $ 71,508 | $ 28,952 |
Common Stock (Details) - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2015 |
Dec. 31, 2014 |
|
Common Stock (Textual) | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 4,000,000,000 | 4,000,000,000 |
Common stock, shares issued | 500,802,346 | 500,000,000 |
Common stock, shares outstanding | 500,802,346 | 500,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common Stock [Member] | ||
Common Stock (Textual) | ||
Common stock issued as part of recapitalization | 802,346 |
Subsequent Events (Details) - $ / shares shares in Millions |
Jun. 15, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
---|---|---|---|
Subsequent Event [Line Items] | |||
Common stock, par value | $ 0.001 | $ 0.001 | |
Subsequent Event [Member] | Subscription Arrangement [Member] | Mr. Lok Khing Ming | |||
Subsequent Event [Line Items] | |||
Issuance of common stock, shares | 120 | ||
Common stock, par value | $ 0.001 | ||
Subsequent Event [Member] | Subscription Arrangement [Member] | Mr. Liew Kin Sing | |||
Subsequent Event [Line Items] | |||
Issuance of common stock, shares | 100 | ||
Common stock, par value | $ 0.001 |
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