WEB NEWS Comments & Business Outlook
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Three months ended March 31 ,
Note
2016
2015
U.S.$
U.S.$
Administrative and general expenses
(4,684)
(1,000
)
LOSS BEFORE INCOME TAXES
(4,684)
(1,000
)
Income tax expense
-
-
NET LOSS
(4,684)
(1,000
)
OTHER COMPREHENSIVE INCOME
Foreign currency translation
-
-
TOTAL COMPREHENSIVE LOSS
(4,684)
(1,000
)
Basic and diluted loss per share of common stock
(0.000
)
(0.000
)
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
Comments & Business Outlook
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Year ended December 31,
2015
2014
U.S.$
U.S.$
Administrative and general expenses
(18,721
)
(18,544
)
LOSS FROM OPERATIONS
(18,721
)
(18,544
)
NON-OPERATING INCOME
Gain on disposal of a subsidiary
636
—
LOSS BEFORE INCOME TAXES
(18,085
)
(18,544
)
Income tax expense
—
—
NET LOSS
(18,085
)
(18,544
)
OTHER COMPREHENSIVE INCOME
Foreign currency translation
—
—
TOTAL COMPREHENSIVE LOSS
(18,085
)
(18,544
)
Basic and diluted loss per share of common stock
0.000
0.000
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
Auditor trail
Item 4.01 Changes in Registrant’s Certifying Accountant.
Parker's audit report on the Company’s consolidated financial statements for each of the past two fiscal years did not contain an adverse opinion or disclaimer of opinion and was not qualified or modified as to uncertainty, audit scope or accounting principles, except that Parker’s reports on the Company’s consolidated financial statements for the fiscal years ended December 31, 2014 and December 31, 2013 included an explanatory paragraph describing the uncertainty as to the Company’s ability to continue as a going concern.
During the Company’s two most recent fiscal years and through the subsequent interim period on or prior to March 18, 2016, (a) there were no disagreements between the Company and Parker on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of Parker, would have caused Parker to make reference to the subject matter of the disagreement in connection with its report; and (b) no reportable events as set forth in Item 304(a)(1)(v)(A) through (D) of Regulation S-K have occurred.
The Company has provided Parker with a copy of the disclosures in this Current Report on Form 8-K prior to its filing with the Securities and Exchange Commission (the “SEC”) and has requested that Parker furnish it with a letter addressed to the SEC stating whether Parker agrees with the above statements and if not, stating the respects in which it does not agree. A copy of such letter, dated March 18, 2016, is filed as Exhibit 16.1 hereto and is incorporated by reference herein.
The Board of Directors of the Company appointed Moore Stephens CPA Limited (“Moore Stephens”), an independent member firm of Moore Stephens International Limited, as the Company’s new independent registered public accounting firm, effective from March 18, 2016.
During the Company’s two most recent fiscal years and subsequent interim period on or prior to March 18, 2016, the Company did not consult with Moore Stephens regarding any of the matters or events set forth in Item 304(a)(2) of Regulation S-K.
Comments & Business Outlook
CHINAWE.COM INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Nine months ended
Note
2015
2014
U.S.$
U.S.$
Depreciation
—
—
Administrative and general expenses
(8,000
)
(15,844
)
LOSS FROM OPERATIONS
(8,000
)
(15,844
)
NON-OPERATING INCOME (EXPENSE)
Interest
—
—
Other income
—
—
LOSS BEFORE INCOME TAXES
(8,000
)
(15,844
)
Income tax expense
5
—
—
NET LOSS
(8,000
)
(15,844
)
OTHER COMPREHENSIVE INCOME
Foreign currency translation
—
—
COMPREHENSIVE LOSS
(8,000
)
(15,844
)
Basic and diluted net income per share of common stock
(0.0002
)
(0.0004
)
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
Management Discussion and Analysis
The Company’s operating expenses totaled U.S.$8,000 for the nine months ended September 30, 2015, compared to U.S. $15,844 for the nine months ended September 30, 2014. The decrease in operating expenses is attributable to the Company delaying payment of certain outstanding invoices for the nine months ended September 30, 2015.
Comments & Business Outlook
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Six months ended June 30,
Note
2015
2014
U.S.$
U.S.$
Depreciation
—
—
Administrative and general expenses
(7,000
)
(8,417
)
LOSS FROM OPERATIONS
(7,000
)
(8,417
)
NON-OPERATING INCOME (EXPENSE)
Interest
—
—
Other income
—
—
LOSS BEFORE INCOME TAXES
(7,000
)
(8,417
)
Income tax expense
5
—
—
NET LOSS
(7,000
)
(8,417
)
OTHER COMPREHENSIVE INCOME
Foreign currency translation
—
—
COMPREHENSIVE LOSS
(7,000
)
(8,417
)
Basic and diluted net income per share of common stock
(0.00016
)
(0.000019
)
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
Management Discussion and Analysis
Effective March 27, 2009, the Company ceased providing professional management services relating to non-performing loans in the People’s Republic of China. The Company has terminated its employees and closed down its offices. The Company has not identified a specific line of business or territory for any new business. There can be no assurance that the Company will be successful in identifying a new line of business that it can enter into or that if such new line of business is identified, that the Company will have adequate funding to commence operations of a new line of business. The principal stockholders of the Company have indicated their intention to finance the Company for a reasonable period of time to enable the Company to continue as a going concern, assuming that in such a period of time the Company would not be able to raise additional capital to support its continuation. However, it is uncertain for how long or to what extent such a period of time would be “reasonable” and there can be no assurance that financing from these stockholders will be continued.
Comments & Business Outlook
CHINAWE.COM INC. AND SUBSIDIARIES
(Unaudited)
For the Three months
2015
2014
U.S.$
U.S.$
Depreciation
—
—
Administrative and general expenses
(1,000
)
(2,704
)
LOSS FROM OPERATIONS
(1,000
)
(2,704
)
NON-OPERATING INCOME (EXPENSE)
Interest
—
—
Other income
—
—
LOSS BEFORE INCOME TAXES
(1,000
)
(2,704
)
Income tax expense
—
—
NET LOSS
(1,000
)
(2,704
)
OTHER COMPREHENSIVE INCOME
Foreign currency translation
—
—
COMPREHENSIVE LOSS
(1,000
)
(2,704
)
Basic and diluted net income per share of common stock
(0.00002
)
(0.00006
)
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
Management Discussion and Analysis
Effective March 27, 2009, the Company ceased providing professional management services relating to non-performing loans in the People’s Republic of China. The Company has terminated its employees and closed down its offices. The Company has not identified a specific line of business or territory for any new business. There can be no assurance that the Company will be successful in identifying a new line of business that it can enter into or that if such new line of business is identified, that the Company will have adequate funding to commence operations of a new line of business. The principal stockholders of the Company have indicated their intention to finance the Company for a reasonable period of time to enable the Company to continue as a going concern, assuming that in such a period of time the Company would not be able to raise additional capital to support its continuation. However, it is uncertain for how long or to what extent such a period of time would be “reasonable” and there can be no assurance that financing from these stockholders will be continued.
The Company’s operating expenses totaled U.S.$1,000 for the three months ended March 31, 2015, compared to U.S. $2,704 for the three months ended March 31, 2014.
Comments & Business Outlook
CONSOLIDATED INCOME STATEMENTS
Year ended December 31,
NOTE
2014
2013
US$
US$
OPERATING REVENUES
Administrative and general expenses
(18,544
)
(15,669
)
LOSS FROM OPERATIONS AND BEFORE INCOME TAXES
(18,544
)
(15,669
)
Income tax expense
—
—
NET LOSS
(18,544
)
(15,669
)
OTHER COMPREHENSIVE INCOME
Foreign currency translation
—
—
COMPREHENSIVE INCOME/(LOSS)
(18,544
)
(15,669
)
Basic and diluted net income/(loss) per share of common stock
0.000
0.000
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
CONSOLIDATED INCOME STATEMENTS
Year ended December 31,
NOTE
2014
2013
US$
US$
OPERATING REVENUES
Administrative and general expenses
(18,544
)
(15,669
)
LOSS FROM OPERATIONS AND BEFORE INCOME TAXES
(18,544
)
(15,669
)
Income tax expense
—
—
NET LOSS
(18,544
)
(15,669
)
OTHER COMPREHENSIVE INCOME
Foreign currency translation
—
—
COMPREHENSIVE INCOME/(LOSS)
(18,544
)
(15,669
)
Basic and diluted net income/(loss) per share of common stock
0.000
0.000
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
Management Discussion and Analysis
Revenues. Revenues for the year ended December 31, 2014 were US$0 as compared to US$0 for the year ended December 31, 2013. The Company discontinued its sole business with HOL in March 2009 and has not generated new business in this or any other field.
Comments & Business Outlook
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
For the Nine months ended
Note
2014
2013
U.S.$
U.S.$
Administrative and general expenses
(15,844
)
(9, 241
)
INCOME/(LOSS) FROM OPERATIONS
(15,844
)
(9, 241
)
INCOME/(LOSS) BEFORE INCOME TAXES
(15,844
)
(9, 241
)
Income tax expense
5
—
—
NET INCOME/(LOSS)
(15,844
)
(9, 241
)
OTHER COMPREHENSIVE INCOME/(LOSS)
Foreign currency translation
—
—
COMPREHENSIVE INCOME/(LOSS)
(15,844
)
(9, 241
)
Basic and diluted net income per share of common stock
(0.0004
)
(0.0002
)
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
Management Discussion and Analysis
Effective March 27, 2009, the Company ceased providing professional management services relating to non-performing loans in the People’s Republic of China. The Company has terminated its employees and closed down its offices. The Company has not identified a specific line of business or territory for any new business. There can be no assurance that the Company will be successful in identifying a new line of business that it can enter into or that if such new line of business is identified, that the Company will have adequate funding to commence operations of a new line of business. The principal stockholders of the Company have indicated their intention to finance the Company for a reasonable period of time to enable the Company to continue as a going concern, assuming that in such a period of time the Company would not be able to raise additional capital to support its continuation. However, it is uncertain for how long or to what extent such a period of time would be “reasonable” and there can be no assurance that financing from these stockholders will be continued.
Comments & Business Outlook
CHINAWE.COM INC. AND SUBSIDIARIES
(Unaudited)
For the six months ended June 30,
Note
2014
2013
U.S.$
U.S.$
Depreciation
—
—
Administrative and general expenses
(8,417
)
(3, 580
)
LOSS FROM OPERATIONS
(8,417
)
(3, 580
)
NON-OPERATING INCOME (EXPENSE)
Interest
—
—
Other income
—
—
LOSS BEFORE INCOME TAXES
(8,417
)
(3, 580
)
Income tax expense
5
—
—
NET LOSS
(8,417
)
(3, 580
)
OTHER COMPREHENSIVE INCOME/(LOSS)
Foreign currency translation
—
—
COMPREHENSIVE LOSS
(8,417
)
(3, 580
)
Basic and diluted net income per share of common stock
(0.00019
)
(0.00008
)
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
Management Discussion and Analysis
Effective March 27, 2009, the Company ceased providing professional management services relating to non-performing loans in the People’s Republic of China. The Company has terminated its employees and closed down its offices. The Company has not identified a specific line of business or territory for any new business. There can be no assurance that the Company will be successful in identifying a new line of business that it can enter into or that if such new line of business is identified, that the Company will have adequate funding to commence operations of a new line of business. The principal stockholders of the Company have indicated their intention to finance the Company for a reasonable period of time to enable the Company to continue as a going concern, assuming that in such a period of time the Company would not be able to raise additional capital to support its continuation. However, it is uncertain for how long or to what extent such a period of time would be “reasonable” and there can be no assurance that financing from these stockholders will be continued.
Comments & Business Outlook
CHINAWE.COM INC. AND SUBSIDIARIES
Year ended December 31,
NOTE
2013
2012
US$
US$
OPERATING REVENUES
Asset management and related services
—
—
Depreciation of property, plant and equipment
—
—
Administrative and general expenses
(15,669
)
(19,632
)
LOSS FROM OPERATIONS
(15,669
)
(19,632
)
NON-OPERATING INCOME (EXPENSE)
Non operating expense
—
—
LOSS BEFORE INCOME TAXES
(15,669
)
(19,632
)
Income tax expense
—
—
NET LOSS
(15,669
)
(19,632
)
OTHER COMPREHENSIVE INCOME
Foreign currency translation
—
—
COMPREHENSIVE INCOME/(LOSS)
(15,669
)
(19,632
)
Basic and diluted net income/(loss) per share of common stock
0.000
0.000
Weighted average number of shares of common stock outstanding
43,800,000
43,800,000
Management Discussion and Analysis
Results of Operations
The Company’s financial statements for the year ended December 31, 2013 have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. For the year ended December 31, 2013, the Company reported a net loss of US$15,669 and as of December 31, 2013 had a negative working capital and stockholders’ deficit of US$388,111 and US$388,111, respectively. Effective March 27, 2009, the Company ceased providing professional management services relating to NPLs in the PRC. The Company has terminated its employees and closed down its offices. The Company has not identified a specific line of business or territory for any new business. There can be no assurance that the Company will be successful in identifying a new line of business that it can enter into or that if such new line of business is identified, the Company will have adequate funding to commence operations of a new line of business. The principal stockholders of the Company have indicated their intention to finance the Company for a reasonable period of time to enable the Company to continue as a going concern, assuming that in such a period of time the Company would not be able to raise additional capital to support its continuation. However, it is uncertain for how long or to what extent such a period of time would be “reasonable” and there can be no assurance that the financing from these stockholders will be continued. The Company is also considering de-registering its Common Stock with the SEC with the result that its shares would be traded on the OTC Pink market of the OTC Markets.
Revenues
Revenues for the year ended December 31, 2013 were US$0 as compared to US$0 for the year ended December 31, 2012. The Company discontinued its sole business with HOL in March 2009 and has not generated new business in this or any other field.
CFO Trail
On August 26, 2010, Vivian Chu submitted notice of her resignation as (i) a member of the Board of Directors and (ii) Chief Financial Officer of Chinawe.com Inc. (the “Company”), effective immediately. Ms. Chu has not expressed any disagreement with the Company’s operations, policies or practices.
The Company’s Board of Directors elected on August 26, 2010 Alan Wai, Chairman of the Board of Directors and the President and Chief Executive Officer of the Company, to serve as the Chief Financial Officer of the Company.
