0001213900-18-015730.txt : 20181114 0001213900-18-015730.hdr.sgml : 20181114 20181114141754 ACCESSION NUMBER: 0001213900-18-015730 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 37 CONFORMED PERIOD OF REPORT: 20180930 FILED AS OF DATE: 20181114 DATE AS OF CHANGE: 20181114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PUNTO GROUP, CORP. CENTRAL INDEX KEY: 0001622244 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 611744826 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-200529 FILM NUMBER: 181182653 BUSINESS ADDRESS: STREET 1: 2360 CORPORATE CIRCLE STE 400 CITY: HENDERSON STATE: NV ZIP: 89074-7739 BUSINESS PHONE: 7026050605 MAIL ADDRESS: STREET 1: 2360 CORPORATE CIRCLE STE 400 CITY: HENDERSON STATE: NV ZIP: 89074-7739 10-Q 1 f10q0918_puntogroupcorp.htm QUARTERLY REPORT

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the quarterly period ended September 30, 2018

 

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.

 

For the transition period from ________ to ________.

 

Commission file number: 333-200529

 

PUNTO GROUP, CORP.

(Exact name of registrant as specified in its charter)

 

Nevada   61-1744826
(State or other jurisdiction   (IRS Employer Identification No.)
of incorporation or organization)    
     

819 Cowan Road, Suite E

Burlingame, CA

  94010
(Address of principal executive offices)   (Zip Code)

 

(212) 370-1300

(Registrant’s Telephone Number, Including Area Code)

 

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☐ No ☒

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer or a smaller reporting company. See definition of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer   Accelerated filer
Non-accelerated filer   Smaller reporting company
(Do not check if a smaller reporting company)  
Emerging growth company      

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☒ No ☐

 

As of November 1, 2018, there were 5,290,000 shares of the issuer’s common stock, par value $0.001 per share, outstanding.

 

 

 

 

 

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION 1
   
Item 1. Financial Statements 1
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 12
Item 3. Quantitative and Qualitative Disclosures About Market Risk 13
Item 4. Controls and Procedures 13
   
PART II – OTHER INFORMATION 14
   
Item 1. Legal Proceedings 14
Item 1A. Risk Factors 14
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 14
Item 3. Defaults Upon Senior Securities 14
Item 4. Mine Safety Disclosures 14
Item 5. Other Information 14
Item 6. Exhibits 14
   
SIGNATURES 15

 

 

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

Punto Group, Corp.

Condensed Financial Statements

As of and for the period and year ended September 30, 2018 and December 31, 2017

 

Content   Page
     
Report of Independent Registered Public Accounting Firm    2
     
Unaudited Condensed Balance Sheets    3
     
Unaudited Condensed Statements of Operations and Comprehensive Loss    4
     
Unaudited Condensed Statements of Stockholders’ Deficiency    5
     
Unaudited Condensed Statements of Cash Flows    6
     
Notes to Condensed Financial Statements    7

 

 1 

 

 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To: The Board of Directors and Stockholders of

Punto Group, Corp.

 

Results of Review of Interim Financial Information

 

We have reviewed the condensed balance sheet of Punto Group, Corp. (the “Company”) as of September 30, 2018, and the related condensed statements of operations and comprehensive loss for the three-month and nine month periods ended September 30, 2018 and 2017, and condensed statements of cash flows for the nine month periods then ended, and the related notes (collectively referred to as the interim financial statements). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

 

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the balance sheet of the Company as of December 31, 2017, and the related statements of operations and comprehensive loss, stockholders’ deficiency, and cash flows for the year then ended (not presented herein); and in our report dated March 30, 2018, we expressed an unqualified opinion on those financial statements. In our opinion, the information set forth in the accompanying condensed balance sheet as of December 31, 2017, is fairly stated, in all material respects, in relation to the balance sheet from which it has been derived.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company had incurred substantial losses in previous years, which raises substantial doubt about its ability to continue as a going concern. Management’s plans in regards to these matters are also described in Note 2. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Basis for Review Results

 

These interim financial statements are the responsibility of the Company’s management. We conducted our review in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

 

November 13, 2018 WWC, P.C.
San Mateo, California Certified Public Accountants

 

 

 2 

 

 

Punto Group, Corp.

Unaudited Condensed Balance Sheets

As of September 30, 2018 and December 31, 2017

(Stated in U.S. Dollars)

 

   September 30,   December 31, 
   2018   2017 
       (Audited) 
         
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY        
         
Current liabilities        
Accounts payable and accrued liabilities  $11,123   $10,429 
Related party payable   113,121    87,916 
Total liabilities   124,244    98,345 
           
Commitments and Contingencies          
           
Stockholders’ deficiency          
Common stock, $0.001 par value, 75,000,000 shares authorized, 5,290,000 shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively.   5,290    5,290 
Additional paid-in capital   24,510    24,510 
Accumulated deficit   (154,044)   (128,145)
Total stockholders’ deficiency   (124,244)   (98,345)
           
Total liabilities and stockholders’ deficiency  $-   $- 

 

The accompanying notes are an integral part of these financial statements

 

 3 

 

 

Punto Group, Corp.

Unaudited Condensed Statements of Operations and Comprehensive Loss

For the three-month and nine-month periods ended September 30, 2018 and 2017

(Stated in U.S. Dollars)

 

   For the three month
periods ended
September 30,
   For the nine month
periods ended
September 30,
 
   2018   2017   2018   2017 
                 
Revenue  $-   $-   $-   $- 
                     
General and administrative expenses   12,409    6,796    25,900    26,276 
Loss from operation   (12,409)   (6,796)   (25,900)   (26,276)
                     
Loss before income tax   (12,409)   (6,796)   (25,900)   (26,276)
                     
Income tax   -    -    -    - 
                     
Net loss  $(12,409)  $(6,796)  $(25,900)  $(26,276)
                     
Comprehensive loss  $(12,409)  $(6,796)  $(25,900)  $(26,276)
                     
Basic and diluted income/(loss) per common share  $(0.00)  $(0.00)  $(0.00)  $(0.00)
                     
Weighted average number of common shares used in per share
calculations – basic and diluted
   5,290,000    5,290,000    5,290,000    5,290,000 

 

The accompanying notes are an integral part of these financial statements

  

 4 

 

 

Punto Group, Corp.

Unaudited Condensed Statements of Stockholders’ Deficiency

For the six month period and year ended September 30, 2018 and December 31, 2017

(Stated in U.S. Dollars)

 

   Number of       Additional       Total 
   Shares   Common   Paid-in   Accumulated   Stockholders’ 
   Outstanding   Stock   Capital   Deficit   Deficiency 
                          
Balance, January 1, 2017   5,290,000   $5,290   $24,510   $(71,265)  $(41,465)
                          
Net loss for the year   -    -    -    (56,880)   (56,880)
                          
Balance, December 31, 2017   5,290,000   $5,290   $24,510   $(128,145)  $(98,345)
                          
Balance, January 1, 2018   5,290,000   $5,290   $24,510   $(128,145)  $(98,345)
                          
Net loss for the period   -    -    -    (25,900)   (25,900)
                          
Balance, September 30, 2018   5,290,000   $5,290   $24,510   $(154,044)  $(124,244)

 

The accompanying notes are an integral part of these financial statements

 

 5 

 

 

Punto Group, Corp.

Unaudited Condensed Statements of Cash Flows

For the nine month periods ended September 30, 2018 and 2017

(Stated in U.S. Dollars)

 

   For the nine month
periods ended
September 30,
 
   2018   2017 
         
Cash flows used in operating activities        
Net loss  $(25,900)  $(26,276)
           
Adjustment to reconcile net loss to net cash provided by operations:          
Increase/(decrease) accounts payable and accrued liabilities   695    (3,801)
Net cash used in operating activities   (25,205)   (30,077)
           
Cash flows from financing activities          
Advances from stockholders   25,205    30,077 
Net cash provided by financing activities   25,205    30,077 
           
Change in cash and cash equivalents   -    - 
           
Cash and cash equivalents – Beginning of period   -    - 
           
Cash and cash equivalents – End of period  $-   $- 
           
Interest paid  $-   $- 
Income tax paid  $-   $- 

 

The accompanying notes are an integral part of these financial statements

  

 6 

 

 

 

Punto Group, Corp.

Notes to Condensed Financial Statements

As of and for the period and year ended September 30, 2018 and December 31, 2017

 

1.NATURE OF OPERATIONS

 

Punto Group, Corp. (the “Company”) is a for profit corporation established under the corporation laws in the State of Nevada, United States of America on September 2, 2014.

 

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The financial statements and related disclosures as of December 31, 2017 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”).

 

Unless the context otherwise requires, all references to “Punto Group, Corp.,” “we,” “us,” “our” or the “company” are to Punto Group, Corp. and any subsidiaries.

 

2.BASIS OF PRESENTATION AND GOING CONCERN

 

Basis of Presentation

 

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

The statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC.

 

Going Concern

 

The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. As of September 30, 2018, the Company had accumulated deficits of $154,044. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock.

 

Management plans to fund operations of the Company through the proceeds from an offering pursuant to a Registration Statement on Form S-1 or private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. If we do not raise all of the money we need from public offerings, we will have to find alternative sources, such as loans or advances from our officers, directors or others. Such additional financing may not become available on acceptable terms and there can be no assurance that any additional financing that the Company does obtain will be sufficient to meet its needs in the long term. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern.

 

The failure to achieve the necessary levels of profitability or obtain the additional funding would be detrimental to the Company.

 

 7 

 

 

3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

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 revenues and expenses during the period. Actual results could differ from those estimates.

 

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

 

Fair Value of Financial Instruments

 

ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2018.

 

The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

 

Revenue Recognition

 

The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” (“ASC-605”). ASC-605 requires that four basic criteria must be met before revenue can be recognized:

 

  1. Persuasive evidence of an arrangement exists
     
  2. Delivery has occurred
     
  3. The selling price is fixed and determinable
     
  4. Collectability is reasonably assured.

 

 8 

 

 

Determination of criteria 3. and 4. are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, or other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.

 

Basic and Diluted Net Loss Per Share

 

Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. In computing diluted income (loss) per share, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

 

Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted (loss) per common share is the same for periods in which the company reported an operating loss because all warrants and stock options outstanding are anti-dilutive.

There were no adjustments to net loss required for purposes of computing diluted earnings per share.

 

For the three-month and nine-month periods ended September 30, 2018 and 2017, there were no potential dilutive securities.

 

Comprehensive Income (Loss)

 

The Company follows the provisions of the Financial Accounting Standards Board (the “FASB”) ASC 220 Reporting Comprehensive Income, and establishes standards for the reporting and display of comprehensive income, its components and accumulated balances in a full set of general purpose financial statements. The Company’s comprehensive income (loss) consists of net income (loss) and foreign currency translation adjustments.

 

 9 

 

 

Recently Issued Accounting Pronouncements

 

As of September 30, 2018, there are no recently issued accounting standards not yet adopted that would have a material effect on the Company’s financial statements.

 

4.ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consisted of the followings as of September 30, 2018 and December 31, 2017:

 

     9/30/2018   12/31/2017 
  Review expense  $10,000   $8,000 
  Legal expense   -    933 
  Filing fee   -    1,296 
  Other   1,123    200 
     $11,123   $10,429 

 

5.RELATED PARTY TRANSACTIONS

 

The director of the Company provides services free of charge. The Company’s sole officer and director is involved in other business activities and may in the future, become involved in other business opportunities as they become available.

 

As of September 30, 2018 and December 31, 2017, the current director, Mr. Lei Wang, provided net advances of $25,205 and $57,349 for the purpose of operating the Company.

 

Advances from related party are unsecured, due on demand, and non-interest bearing. The outstanding advances from related party was $130,407 and $81,767 as of September 30, 2018 and December 31, 2017, respectively.

 

The Company’s registration address is free of charge as it is provided by a related party. The Company is not able to estimate fair market value for using a registered address; therefore, there is no rent expenses for the nine months ended September 30, 2018.

 

6.INCOME TAX

 

The Company was established in the State of Nevada in United States and is subject to Nevada State and US Federal tax laws. The Company has not recognized an income tax benefit for its operating losses based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the periods presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses and other temporary differences, the realization of which could not be considered more likely than not. Further, the benefit from utilization of NOL carry forwards could be subject to limitations due to material ownership changes that could occur in the Company as it continues to raise additional capital. Based on such limitations, the Company has significant NOLs for which realization of tax benefits is uncertain. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.

 

As of September 30, 2018, the Company has accumulated net operating losses of $154,044 which carryovers as a deferred tax asset that begins to expire in 2025.

 

 10 

 

 

The net losses before income taxes and its provision for income taxes as follows:

 

     9/30/2018   9/30/2017 
  Net loss before income taxes  $(25,900)  $(26,277)
             
  Tax expenses (benefit) at the statutory tax rate   (5,439)   (8,671)
             
  Tax effects of:          
  Valuation allowance   5,439    8,671 
             
  Income tax benefit   -    - 

 

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company has considered the accounting impact of the effects of the Act during the nine-month period ended September 30, 2018 including a reduction in the corporate tax rate from 34% to 21% among other changes.

 

7. SUBSEQUENT EVENTS

 

The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. The Company has evaluated subsequent events from September 30, 2018 through the date the financial statements were available to be issued. There was no subsequent event at the report date.

 

 

 11 

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

 

This Quarterly Report on Form 10-Q includes forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions. The following discussion should be read in conjunction with our Financial Statements and related Notes thereto included elsewhere in this report. The terms “we,” “our” and “the Company” used throughout this report refer to Punto Group, Corp., a Nevada corporation.

 

Overview

 

We were incorporated in the State of Nevada on September 2, 2014. The Company intends to investigate and, if such investigation warrants, acquire a target company or business seeking the perceived advantages of being a publicly held corporation. Our principal business objective will be to achieve long-term growth potential through a combination with a business rather than immediate, short-term earnings. There can be no assurance that the Company will ever consummate a business combination and achieve long-term growth potential or immediate, short-term earnings from any business combination the Company enters into.

 

Results of Operations

 

We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

 

Our net loss for the three-month period ended September 30, 2018 was $12,409 compared to a net loss of $6,796 during the three-month period ended September 30, 2017. Our net loss for the nine-month period ended September 30, 2018 was $25,900 compared to a net loss of $26,276 during the nine-month period ended September 30, 2017. Our general and administrative expenses represent fees paid for legal and accounting services in connection with our public company reporting obligations. We did not generate any revenue during these periods and do not expect to generate revenue for the foreseeable future until we acquire a target company or business. 

 

Liquidity and Capital Resources

 

We expect we will require additional capital to meet our long term operating requirements. We expect to finance our operations through advances from shareholders, the sale of equity or debt securities until we consummate a business combination. We currently have a limited amount of cash, and will need additional capital in order to continue operating and to acquire an operating business. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. 

 

The financial statements have been prepared assuming that we will continue as a going concern, which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

 

As of September 30, 2018, our total assets were $0 compared to $0 in total assets at December 31, 2017. As of September 30, 2018, our total liabilities were $124,244 compared to $98,345 in total liabilities at December 31, 2017. As of September 30, 2018, total liabilities were comprised of $11,123 in accounts payable and accrued liabilities and $113,121 in related party payables. As of December 31, 2017, total liabilities were comprised of $10,429 in accounts payable and accrued liabilities and $87,916 in related party payables.

 

Stockholders’ deficiency was $124,244 as of September 30, 2018 compared to $98,345 as of December 31, 2017.

 

Off-Balance Sheet Arrangements

 

We have not entered into any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources and would be considered material to investors.

 

 12 

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

 

Not applicable.

 

Item 4. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

Based on an evaluation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended), as of September 30, 2018, the Company’s Chief Executive Officer and Chief Financial Officer (its principal executive officer and principal financial and accounting officer) has concluded that the Company’s disclosure controls and procedures were not effective.

 

Changes in Internal Control over Financial Reporting

 

There have not been any changes in the Company’s internal controls over financial reporting that occurred during the Company’s fiscal quarter ended September 30, 2018 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

 

 13 

 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

We are a smaller reporting company and accordingly not required to provide information required by this Item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

Item 6. Exhibits.

 

Number   Description
     
31.1*   Certification Pursuant to Sarbanes-Oxley Section 302
     
32.1**   Certification Pursuant to 18 U.S.C. Section 1350, as adopted to Section 906 of the Sarbanes-Oxley Act of 2002
     
101.INS*   XBRL Instance Document
101.SCH*   XBRL Taxonomy Extension Schema Document
101.CAL*   XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*   XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*   XBRL Taxonomy Extension Label Linkbase Document
101.PRE*   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Filed herewith.

** Furnished herewith.

 

 14 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  PUNTO GROUP, CORP.
     
Dated: November 13, 2018 By: /s/ Lei Wang
    Name: Lei Wang
   

Title: Chief Executive Officer and

Chief Financial Officer

 

 15 

 

 

 

 

EX-31.1 2 f10q0918ex31-1_puntogroup.htm CERTIFICATION

EXHIBIT 31.1

 

CERTIFICATION

 

I, Lei Wang, certify that:

 

1.I have reviewed this Quarterly Report on Form 10-Q of Punto Group, 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 our 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.

 

Date: November 13, 2018 /s/ Lei Wang
  Lei Wang
  Chief Executive Officer and
  Chief Financial Officer
  (Principal Executive Officer and
  Principal Financial and Accounting Officer)

 

EX-32.1 3 f10q0918ex32-1_puntogroup.htm CERTIFICATION

EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO

18 U.S.C. 1350

(SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002)

 

I, Lei Wang, Chief Executive Officer and Chief Financial Officer of Punto Group, Corp. (the “Company”), certify, pursuant to 18 U.S.C. Section 1350, that, to the best of my knowledge:

 

1.The Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2018 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

 

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Dated: November 13, 2018 By: /s/ Lei Wang
    Lei Wang
    Chief Executive Officer and
    Chief Financial Officer
    (Principal Executive Officer and
    Principal Financial and Accounting Officer)

 

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

 

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Document and Entity Information [Abstract]    
Entity Registrant Name PUNTO GROUP, CORP.  
Entity Central Index Key 0001622244  
Trading Symbol PNTT  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Type 10-Q  
Document Period End Date Sep. 30, 2018  
Document Fiscal Year Focus 2018  
Document Fiscal Period Focus Q3  
Entity Filer Category Non-accelerated Filer  
Entity Small Business true  
Entity Emerging Growth Company false  
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Entity Common Stock, Shares Outstanding   5,290,000
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Dec. 31, 2017
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Commitments and Contingencies
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Revenue
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Loss from operation (12,409) (6,796) (25,900) (26,276)
Loss before income tax (12,409) (6,796) (25,900) (26,276)
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Nature of Operations
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Organization, Consolidation and Presentation of Financial Statements [Abstract]  
NATURE OF OPERATIONS
1.NATURE OF OPERATIONS

 

Punto Group, Corp. (the “Company”) is a for profit corporation established under the corporation laws in the State of Nevada, United States of America on September 2, 2014.

 

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. The financial statements and related disclosures as of December 31, 2017 are audited pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”).

 

Unless the context otherwise requires, all references to “Punto Group, Corp.,” “we,” “us,” “our” or the “company” are to Punto Group, Corp. and any subsidiaries.

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Basis of Presentation and Going Concern
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Basis of Presentation and Going Concern [Abstract]  
BASIS OF PRESENTATION AND GOING CONCERN
2.BASIS OF PRESENTATION AND GOING CONCERN

 

Basis of Presentation

 

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

The statements and related notes have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the financial statements and other information included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 as filed with the SEC.

 

Going Concern

 

The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern. As of September 30, 2018, the Company had accumulated deficits of $154,044. The Company’s ability to continue as a going concern is dependent upon the Company’s ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock.

 

Management plans to fund operations of the Company through the proceeds from an offering pursuant to a Registration Statement on Form S-1 or private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. If we do not raise all of the money we need from public offerings, we will have to find alternative sources, such as loans or advances from our officers, directors or others. Such additional financing may not become available on acceptable terms and there can be no assurance that any additional financing that the Company does obtain will be sufficient to meet its needs in the long term. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern.

 

The failure to achieve the necessary levels of profitability or obtain the additional funding would be detrimental to the Company.

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Summary of Significant Accounting Policies
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

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 revenues and expenses during the period. Actual results could differ from those estimates.

 

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

 

Fair Value of Financial Instruments

 

ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2018.

 

The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

 

Revenue Recognition

 

The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” (“ASC-605”). ASC-605 requires that four basic criteria must be met before revenue can be recognized:

 

  1. Persuasive evidence of an arrangement exists
     
  2. Delivery has occurred
     
  3. The selling price is fixed and determinable
     
  4. Collectability is reasonably assured.

 

Determination of criteria 3. and 4. are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, or other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.

 

Basic and Diluted Net Loss Per Share

 

Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. In computing diluted income (loss) per share, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

 

Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted (loss) per common share is the same for periods in which the company reported an operating loss because all warrants and stock options outstanding are anti-dilutive.

There were no adjustments to net loss required for purposes of computing diluted earnings per share.

 

For the three-month and nine-month periods ended September 30, 2018 and 2017, there were no potential dilutive securities.

 

Comprehensive Income (Loss)

 

The Company follows the provisions of the Financial Accounting Standards Board (the “FASB”) ASC 220 Reporting Comprehensive Income, and establishes standards for the reporting and display of comprehensive income, its components and accumulated balances in a full set of general purpose financial statements. The Company’s comprehensive income (loss) consists of net income (loss) and foreign currency translation adjustments.

 

Recently Issued Accounting Pronouncements

 

As of September 30, 2018, there are no recently issued accounting standards not yet adopted that would have a material effect on the Company’s financial statements.

XML 21 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accounts Payable and Accrued Expenses
9 Months Ended
Sep. 30, 2018
Payables and Accruals [Abstract]  
ACCOUNTS PAYABLE AND ACCRUED EXPENSES
4.ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consisted of the followings as of September 30, 2018 and December 31, 2017:

 

     9/30/2018   12/31/2017 
  Review expense  $10,000   $8,000 
  Legal expense   -    933 
  Filing fee   -    1,296 
  Other   1,123    200 
     $11,123   $10,429 
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
5.RELATED PARTY TRANSACTIONS

 

The director of the Company provides services free of charge. The Company’s sole officer and director is involved in other business activities and may in the future, become involved in other business opportunities as they become available.

 

As of September 30, 2018 and December 31, 2017, the current director, Mr. Lei Wang, provided net advances of $25,205 and $57,349 for the purpose of operating the Company.

 

Advances from related party are unsecured, due on demand, and non-interest bearing. The outstanding advances from related party was $130,407 and $81,767 as of September 30, 2018 and December 31, 2017, respectively.

 

The Company’s registration address is free of charge as it is provided by a related party. The Company is not able to estimate fair market value for using a registered address; therefore, there is no rent expenses for the nine months ended September 30, 2018.

XML 23 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Tax
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
INCOME TAX
6.INCOME TAX

 

The Company was established in the State of Nevada in United States and is subject to Nevada State and US Federal tax laws. The Company has not recognized an income tax benefit for its operating losses based on uncertainties concerning its ability to generate taxable income in future periods. The tax benefit for the periods presented is offset by a valuation allowance established against deferred tax assets arising from the net operating losses and other temporary differences, the realization of which could not be considered more likely than not. Further, the benefit from utilization of NOL carry forwards could be subject to limitations due to material ownership changes that could occur in the Company as it continues to raise additional capital. Based on such limitations, the Company has significant NOLs for which realization of tax benefits is uncertain. In future periods, tax benefits and related deferred tax assets will be recognized when management considers realization of such amounts to be more likely than not.

 

As of September 30, 2018, the Company has accumulated net operating losses of $154,044 which carryovers as a deferred tax asset that begins to expire in 2025.

 

The net losses before income taxes and its provision for income taxes as follows:

 

     9/30/2018   9/30/2017 
  Net loss before income taxes  $(25,900)  $(26,277)
             
  Tax expenses (benefit) at the statutory tax rate   (5,439)   (8,671)
             
  Tax effects of:          
  Valuation allowance   5,439    8,671 
             
  Income tax benefit   -    - 

 

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “Act”) resulting in significant modifications to existing law. The Company has considered the accounting impact of the effects of the Act during the nine-month period ended September 30, 2018 including a reduction in the corporate tax rate from 34% to 21% among other changes.

XML 24 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
7. SUBSEQUENT EVENTS

 

The Company evaluates subsequent events that have occurred after the balance sheet date but before the financial statements are issued. There are two types of subsequent events: (1) recognized, or those that provide additional evidence with respect to conditions that existed at the date of the balance sheet, including the estimates inherent in the process of preparing financial statements, and (2) non-recognized, or those that provide evidence with respect to conditions that did not exist at the date of the balance sheet but arose subsequent to that date. The Company has evaluated subsequent events from September 30, 2018 through the date the financial statements were available to be issued. There was no subsequent event at the report date.

XML 25 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Summary of Significant Accounting Policies (Policies)
9 Months Ended
Sep. 30, 2018
Accounting Policies [Abstract]  
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 revenues and expenses during the period. Actual results could differ from those estimates.

 

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

Fair Value of Financial Instruments

Fair Value of Financial Instruments

 

ASC 825, “Disclosures about Fair Value of Financial Instruments”, requires disclosure of fair value information about financial instruments. ASC 820, “Fair Value Measurements” defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of September 30, 2018.

 

The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

Revenue Recognition

Revenue Recognition

 

The Company will recognize revenue in accordance with Accounting Standards Codification No. 605, “Revenue Recognition” (“ASC-605”). ASC-605 requires that four basic criteria must be met before revenue can be recognized:

 

  1. Persuasive evidence of an arrangement exists
     
  2. Delivery has occurred
     
  3. The selling price is fixed and determinable
     
  4. Collectability is reasonably assured.

 

Determination of criteria 3. and 4. are based on management’s judgment regarding the fixed nature of the selling prices of the products delivered and the collectability of those amounts. Provisions for discounts and rebates to customers, estimated returns and allowances, or other adjustments are provided for in the same period the related sales are recorded. The Company will defer any revenue for which the product has not been delivered or is subject to refund until such time that the Company and the customer jointly determine that the product has been delivered or no refund will be required.

Basic and Diluted Net Loss Per Share

Basic and Diluted Net Loss Per Share

 

Our computation of earnings per share (“EPS”) includes basic and diluted EPS. Basic EPS is measured as the income (loss) available to common stockholders divided by the weighted average common shares outstanding for the period. Diluted income (loss) per share reflects the potential dilution, using the treasury stock method, that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the income (loss) of the Company as if they had been converted at the beginning of the periods presented, or issuance date, if later. In computing diluted income (loss) per share, the treasury stock method assumes that outstanding options and warrants are exercised and the proceeds are used to purchase common stock at the average market price during the period. Options and warrants may have a dilutive effect under the treasury stock method only when the average market price of the common stock during the period exceeds the exercise price of the options and warrants. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

 

Income (loss) per common share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the respective periods. Basic and diluted (loss) per common share is the same for periods in which the company reported an operating loss because all warrants and stock options outstanding are anti-dilutive.

There were no adjustments to net loss required for purposes of computing diluted earnings per share.

 

For the three-month and nine-month periods ended September 30, 2018 and 2017, there were no potential dilutive securities.

Comprehensive income (loss)

Comprehensive Income (Loss)

 

The Company follows the provisions of the Financial Accounting Standards Board (the “FASB”) ASC 220 Reporting Comprehensive Income, and establishes standards for the reporting and display of comprehensive income, its components and accumulated balances in a full set of general purpose financial statements. The Company’s comprehensive income (loss) consists of net income (loss) and foreign currency translation adjustments.

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

As of September 30, 2018, there are no recently issued accounting standards not yet adopted that would have a material effect on the Company’s financial statements.

XML 26 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accounts Payable and Accrued Expenses (Tables)
9 Months Ended
Sep. 30, 2018
Payables and Accruals [Abstract]  
Schedule of accounts payable and accrued expenses

 

     9/30/2018   12/31/2017 
  Review expense  $10,000   $8,000 
  Legal expense   -    933 
  Filing fee   -    1,296 
  Other   1,123    200 
     $11,123   $10,429 

XML 27 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Tax (Tables)
9 Months Ended
Sep. 30, 2018
Income Tax Disclosure [Abstract]  
Schedule of net losses before income taxes and its provision for income taxes

 

     9/30/2018   9/30/2017 
  Net loss before income taxes  $(25,900)  $(26,277)
             
  Tax expenses (benefit) at the statutory tax rate   (5,439)   (8,671)
             
  Tax effects of:          
  Valuation allowance   5,439    8,671 
             
  Income tax benefit   -    - 

XML 28 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation and Going Concern (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Basis of Presentation and Going Concern (Textual)    
Accumulated deficits $ (154,044) $ (128,145)
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accounts Payable and Accrued Expenses (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Payables and Accruals [Abstract]    
Review expense $ 10,000 $ 8,000
Legal expense 933
Filing fee 1,296
Other 1,123 200
Accounts payable and accrued expenses, Total $ 11,123 $ 10,429
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Related Party Transactions (Details) - USD ($)
Sep. 30, 2018
Dec. 31, 2017
Related Party Transactions (Textual)    
Advances from related party $ 130,407 $ 81,767
Mr. Lei Wang [Member]    
Related Party Transactions (Textual)    
Advances from related party $ 25,205 $ 57,349
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Tax (Details) - USD ($)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Sep. 30, 2018
Sep. 30, 2017
Dec. 31, 2017
Income Tax Disclosure [Abstract]          
Net loss before income taxes $ (12,409) $ (6,796) $ (25,900) $ (26,276) $ (56,880)
Tax expenses (benefit) at the statutory tax rate     (5,439) (8,671)  
Tax effects of:          
Valuation allowance     5,439 8,671  
Income tax benefit  
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Income Tax (Details Textual) - USD ($)
9 Months Ended
Sep. 30, 2018
Dec. 31, 2017
Income Tax (Textual)    
Accumulated net operating losses $ (154,044) $ (128,145)
Deferred tax asset, description Carryovers as a deferred tax asset that begins to expire in 2025.  
Reduction of corporate tax, description The corporate tax rate from 34% to 21% among other changes.  
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