WEB NEWS Comments & Business Outlook
YUS INTERNATIONAL GROUP LIMITED CONDENSEDSTATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
Three months
Three months
March 31,
March 31,
Revenue
$
-
$
-
Cost of sales
-
-
Gross profit
-
-
Expenses
General & administrative
5,000
5,000
Total operating expenses
5,000
5,000
Loss from operations
(5,000
)
(5,000
)
Other income
-
-
Loss before provision for income taxes
(5,000
)
(5,000
)
Provision for income taxes
-
-
L oss for the period
(5,000
)
(5,000
)
Other comprehensive income
-
-
Total comprehensive loss for the period
$
(5,000
)
$
(5,000
)
Losses per share, basic and diluted
(0.00
)
(0.00
)
Weighted average number of shares outstanding, basic and diluted
6,819,120
6,819,120
Comments & Business Outlook
Three months ended
September 30,
Nine months ended
September 30,
2015
2014
2015
2014
REVENUES
$
-
$
-
$
-
$
-
COST OF SALES
-
-
-
-
GROSS PROFIT
-
-
-
-
OTHER REVENUE
-
-
-
-
EXPENSES
General and administrative
5,000
5,000
15,000
13,450
TOTAL OPERATING EXPENSES
5,000
5,000
15,000
13,450
LOSS BEFORE TAXES
(5,000
)
(5,000
)
(15,000
)
(13,450
)
PROVISION FOR INCOME TAXES
-
-
-
-
LOSS FOR THE PERIOD
$
(5,000
)
$
(5,000
)
$
(15,000
)
$
(13,450
)
OTHER COMPREHENSIVE INCOME
-
-
-
-
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
$
(5,000
)
$
(5,000
)
$
(15,000
)
$
(13,450
)
LOSS P ER SHARE, BASIC AND DILUTED
$
(0.0007
)
$
(0.0007
)
$
(0.002
)
$
(0.002
)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED
6,819,120
6,819,120
6,819,120
6,819,120
Management Discussion and Analysis
Net loss was $5,000 for the three months ended September 30, 2015 which was the same as the three months ended September 30, 2014.
Comments & Business Outlook
Three months ended
Six months ended
2015
2014
2015
2014
REVENUES
$
-
$
-
$
-
$
-
COST OF SALES
-
-
-
-
GROSS PROFIT
-
-
-
-
OTHER REVENUE
-
-
-
-
EXPENSES
General and administrative
5,000
5,000
10,000
8,450
TOTAL OPERATING EXPENSES
5,000
5,000
10,000
8,450
LOSS BEFORE TAXES
(5,000
)
(5,000
)
(10,000
)
(8,450
)
PROVISION FOR INCOME TAXES
-
-
-
-
LOSS FOR THE PERIOD
$
(5,000
)
(5,000
)
(10,000
)
(8,450
)
OTHER COMPREHENSIVE INCOME
-
-
-
-
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD
$
(5,000
)
(5,000
)
(10,000
)
(8,450
)
LOSS P ER SHARE, BASIC AND DILUTED
$
(0.0007
)
(0.0007
)
$
(0.001
)
(0.001
)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC AND DILUTED
6,819,120
6,819,120
6,819,120
6,819,120
Management Discussion and Analysis
Net loss
Net loss was $5,000 for the three months ended June 30, 2015 which was the same as the three months ended June 30, 2014.
Comments & Business Outlook
YUS INTERNATIONAL GROUP LIMITED
CONDENSED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (UNAUDITED)
Three months ended
Three months ended
March 31,
March 31,
Revenue
$
-
$
-
Cost of sales
-
-
Gross profit
-
-
Expenses
General & administrative
5,000
3,450
Total operating expenses
5,000
3,450
Loss from operations
(5,000
)
(3,450
)
Other income
-
-
Loss before provision for income taxes
(5,000
)
(3,450
)
Provision for income taxes
-
-
Loss for the period
(5,000
)
(3,450
)
Other comprehensive income
-
-
Total comprehensive (loss)/profit for the period
$
(5,000
)
$
(3,450
)
Earnings per share, basic and diluted
(0.00
)
(0.00
)
Weighted average number of shares outstanding, basic and diluted
6,819,120
6,819,120
Management Discussion and Analysis
Net loss
Net loss was $5,000 for the three months ended March 31, 2015 as compared to net loss of $3,450 for the same period 2014. The increase of net loss was attributable to the increase in professional fees.
Comments & Business Outlook
YUS INTERNATIONAL GROUP LIMITED
STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 201 4 AND 201 3
2014
2013
Revenue
$
-
$
-
Cost of sales
-
-
Gross profit
-
-
Expenses
General & administrative
23,450
17,349
Total operating expenses
23,450
17,349
Loss from operations
(23,450
)
(17,349
)
Other income
-
42,441
Profit/(loss) before provision for income taxes
(23,450
)
25,092
Provision for income taxes
-
-
Net income/( loss ) for the year
(23,450
)
25,092
Other comprehensive income
-
-
Total comprehensive income/(loss) for the Year
$
(23,450
)
$
25,092
Earnings/(loss) per share, basic and diluted
$
(0.003
)
$
0.004
Weighted average number of shares outstanding - basic and diluted
6,819,120
6,819,120
Management Discussion and Analysis
Revenues
There was no revenue for both years ended December 31, 2014 and 2013. Despite the change of control in May 2013, the Company remained dormant. Originally, the new management had no intention to change the principal activity of the Company. However, towards the end of 2013, it was realized that the new management was not in a position to continue the old line of business. As of date of this report, the new management is actively seeking other profitable business opportunities for the company. In addition, in 2014, there was no other income resulting from the change of control which was a one-off corporate action in 2013.
Loss before tax
As a result of the above reasons, loss for the year ended December 31, 2014 was $23,450.
Comments & Business Outlook
YUS INTERNATIONAL GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (UNAUDITED)
Three months ended September 30,
Nine months ended September 30,
2014
2013
2014
2013
Revenues
$
-
$
-
$
-
$
-
Cost of Sales
-
-
-
-
Gross Profit
-
-
-
-
Other Revenue – Wavier of payables
-
-
-
42,441
Expenses
General and administrative
5,000
3,000
13,450
9,299
Total Operating Expenses
(5,000
)
(3,000
)
(13,450
)
(9,299
)
(Loss)/Profit Before Taxes
(5,000
)
(3,000
)
(13,450
)
33,142
Provision For Income Taxes
-
-
-
-
Net ( Loss )/Profit for the Period
$
(5,000
)
(3,000
)
(13,450
)
33,142
Other Comprehensive Income
-
-
-
-
Total Comprehensive Income / (Loss) for the Period
$
(5,000
)
(3,000
)
(13,450
)
33,142
Earning/(Loss) per share, basic and diluted
$
(0.0007
)
(0.0004
)
$
(0.002
)
0.005
Weighted average number of shares outstanding, basic and diluted
6,819,120
6,819,120*
6,819,120
6,819,120*
Management Discussion and Analysis
Net profit/(loss)
Net loss was $5,000 for the quarter ended September 30, 2014 as compared to net loss of $3,000 for the comparative quarter of 2013. The increase of loss was mainly attributable to the increase of professional fees.
Comments & Business Outlook
YUS INTERNATIONAL GROUP LIMITED
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (UNAUDITED)
Three months ended June 30,
Six months ended June 30,
2014
2013
2014
2013
Revenues
$
-
$
-
$
-
$
-
Cost of Sales
-
-
-
-
Gross Profit
-
-
-
-
Other Revenue – Wavier of payables
-
42,441
-
42,441
Expenses
General and administrative
5,000
2,550
8,450
6,299
Total Operating Expenses
5,000
2,550
8,450
6,299
(Loss)/Profit Before Taxes
(5,000
)
39,891
(8,450
)
36,142
Provision For Income Taxes
-
-
-
-
Net ( Loss )/Profit for the Period
$
(5,000
)
39,891
(8,450
)
36,142
Other Comprehensive Income
-
-
-
-
Total Comprehensive Income / (Loss) for the Period
$
(5,000
)
39,891
(8,450
)
36,142
Earning/(Loss) per share, basic and diluted
$
(0.0007
)
0.005
$
(0.001
)
0.005
Weighted average number of shares outstanding, basic and diluted
6,819,120
6,819,120*
6,819,120
6,819,120*
Managment Discussion and Analysis
Other Revenue
Other revenue for the comparative quarter ended June 30, 2013 represented wavier of accounts payable, accruals and other payable resulted from a change of controlling interests in the issued share capital of the Company. For the current quarter ended June 30, 2014, there is no such one-off revenue item.
Net loss was $5,000 for the quarter ended June 30, 2014 as compared to net profit of 39,891 for the comparative quarter of 2013. The decrease of profit was mainly attributable to the absence of the one-off wavier income as mentioned in “Other Revenue” paragraph.
CFO Trail
Item 5.02 Departure of Principal Officer; Appointment of Principal Officer
resigned as the Chief Financial Officer of the Company. The Company accepted her resignation on the same date. She did not have any disputes against the Company.
On July 31, 2014, Ms. Chan Fuk Yu was appointed as Chief Financial Officer of the Company. Brief biography of Ms. Chan Fuk Yu is as follows:
Ms. Chan Fuk Yu
Comments & Business Outlook
CONDENSED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE INCOME (UNAUDITED)
2014
2013
Revenue
$ -
$ -
Cost of sales
-
-
Gross profit
-
-
Expenses
General & administrative
3,450
3,749
Total operating expenses
3,450
3,749
Loss from operations
(3,450 )
(3,749 )
Other income
-
-
Loss before provision for income taxes
(3,450 )
(3,749 )
Provision for income taxes
-
-
Loss for the period
(3,450 )
(3,749 )
Other comprehensive income
-
-
Total comprehensive (loss)/profit for the period/year
$ (3,450 )
$ (3,749 )
Earnings per share, basic and diluted
(0.00 )
(0.00 )
Weighted average number of shares outstanding, basic and diluted
6,819,120
*6,819,120
Management Discussion and Analysis
Net loss
Net loss was $3,450 for the three months ended March 31, 2014 as compared to net loss of $3,749 for the same period 2013. The decrease of net loss was attributable to the decrease in professional fees.
Comments & Business Outlook
COMPREHENSIVE INCOME
FOR THE YEARS ENDED DECEMBER 31, 2013 AND 2012
2013
2012
Revenue
$ -
$ 64
Cost of sales
-
-
Gross profit
-
64
Expenses
General & administrative
17,349
4,997
Impairment of property, plant and equipment
-
19,821
Total operating expenses
17,349
24,818
Lossfrom operations
(17,349 )
(24,754 )
Other income
42,441
-
Profit/(Loss) before provision for income taxes
25,092
(24,754 )
Provision for income taxes
-
-
Net income/(loss) for the year
25,092
(24,754 )
Other comprehensive income
-
-
Total comprehensive income/(loss) for the period
$ 25,092
$ (24,754 )
Earnings/(loss) per share, basic and diluted
$ 0.004
$ (0.03 )*
Weighted averagember of shares outstanding - basic and diluted
6,819,120
819,12,0 *
Management Discussion and Analysis
RevenuesNil, representing a 100% decrease when compared to $64 for the same period last year. There was a change of control in May 2013. Originally, the new management had no intention to change the principal activity of the Company. However, towards the end of 2013, it was realized that the new management was not in a position to continue the old line of business. As of date of this report, the management is actively seeking other profitable business opportunities for the company.
Auditor trail
Item 4.01 Changes in Registrant’s Certifying Accountant
Dismissal of Previous Independent Auditors
On April 8, 2014, Albert Wong & Co. (“Wong”) resigned from the position of the independent registered accounting firm of YUS International Group Limited (the “Company” or “we”, “us”).
Wong's report on the financial statements for the years ended December 31, 2012 contained no adverse opinion or disclaimer of opinion and was not qualified or modified as to audit scope or accounting, except that the report contained an explanatory paragraph stating that there was substantial doubt about the Company’s ability to continue as a going concern.
Our Board of Directors participated in and approved the decision to change independent accountants. Through the period covered by the financial audit for the year ended December 31, 2012 and including Wong’s review of financial statements of the quarterly periods through September 30, 2013, there have been no disagreements with Wong 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 Wong would have caused them to make reference thereto in their report on the financial statements. Through the interim period from September 30, 2013 to the date of the board decision, there have been no disagreements with Wong 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 Wong would have caused them to make reference thereto in their report on the financial statements.
We have authorized Wong to respond fully to the inquiries of the successor accountant
During the year ended December 31, 2012 and the interim period through date, there have been no reportable events with us as set forth in Item 304(a)(1)(iv) of Regulation S-K.
The Company provided a copy of the foregoing disclosures to Wong prior to the date of the filing of this Report and requested that Wong furnish it with a letter addressed to the Securities & Exchange Commission stating whether or not it agrees with the statements in this Report. A copy of such letter is filed as Exhibit 16.1 to this Form 8-K.
On April 8, 2014, the Company engaged Anthony Kam & Associates Limited, Certified Public Accountants of Hong Kong SAR, China (“AKAL”), as its new registered independent public accountant. During the years ended December 31, 2012 and prior to date (the date of the new engagement), we did not consult with AKAL regarding (i) the application of accounting principles to a specified transaction, (ii) the type of audit opinion that might be rendered on the Company’s financial statements by AKAL, in either case where written or oral advice provided by AKAL would be an important factor considered by us in reaching a decision as to any accounting, auditing or financial reporting issues or (iii) any other matter that was the subject of a disagreement between us and our former auditor or was a reportable event (as described in Items 304(a)(1)(iv) or Item 304(a)(1)(v) of Regulation S-K, respectively).
Investor Alert
Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers
On May 16, 2013 , Zhi Jian Zeng resigned as the Chief Executive Officer of the Company and Huang Jian Nan resigned as the Chief Financial Officer of the Company. The Company accepted their resignations on the same date. Neither individual has any disputes against the Company.
On May 16, 2013 , Mr. Ho Kam Hang was appointed as the Chief Executive Officer of the Company and Dr. Chong Cheuk Man Yuki was appointed as the Chief Financial Officer of the Company. On that same date, the company appointed Ms. Chan Fuk Yu, Mr. Yu Cheung Fai Alex, Mr. Yu Man Lok and Mr. Yu Ka Wai as Directors of the Company. Brief professional biographies of each new appointee follow:
Investor Alert
Asian Trends Taps Out
On January 21, 2011, the Registrant entered into an Asset Sale, Purchase and Transfer Agreement (the "Sale Agreement") with the collective former shareholders of Global Mania Empire Management Ltd. (“Global Mania”), a Hong Kong company, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, and Wong Wing Fung Charlie, each an individual resident of Hong Kong (collectively referred to as “Buyers").
Reverse Merger Activity
On January 21, 2011, the Company entered into an Asset Sale, Purchase and Transfer Agreement (the "Sale Agreement") with the collective former shareholders of GME, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, and Wong Wing Fung Charlie, each an individual resident of Hong Kong (collectively referred to as “Buyers").
Liquidity Requirements
The Company will need additional working capital to carry out its planned activity, which raises substantial doubt about its ability to continue as a going concern. Continuation of the Company as a going concern is dependent upon obtaining additional working capital through loans, equity financing or merger with another entity.
Deal Flow
On January 21, 2011 , the Registrant entered into an Asset Sale, Purchase and Transfer Agreement with the collective former shareholders of Global Mania Empire Management Ltd., a Hong Kong company, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, and Wong Wing Fung Charlie, each an individual resident of Hong Kong (collectively referred to as “Buyers").
According to the terms of the Sale Agreement, the Registrant shall sell its subsidiary Asian Trends Broadcasting Inc., a British Virgin Islands company and its subsidiaries Global Mania Empire Management Ltd, a Hong Kong company, Great China Media Limited, a Hong Kong company and Great China Game Limited, a Hong Kong company to Buyers. The consideration for the transaction shall consist of the return by the Buyers and surrender to the Registrant of a total of 22,147,810 shares of the Registrant’s common stock.
Investor Alert
On December 17, 2010, the Company
entered into a Cancellation Agreement wherein the Agreement for Share Exchange with China Culture Limited, a Hong Kong company (“China Culture”) and Chan Wing Hing, the owner and shareholder of China Culture (the “Shareholder”) was cancelled. The parties determined it was in the best interest of the Company to cancel the original Acquisition Agreement.
Reverse Merger Activity
On June 25, 2010, the Company entered into an
Agreement for a Share Exchange with Global Mania Empire Management Ltd., a Hong Kong company (“Global”) and the owners and shareholders of Global, namely Kwong Kwan Yin Roy, Dragon Billion International Limited, Lam Wai Hon Johnson, and Wong Wing Fung Charlie (the “Shareholders”).
Global specializes in projects and artistes management, and has a vast and highly diversified background in show business and related industries . Global delivers the highest levels of professionalism and experience and provides strategic counsel, creative solutions and timely, responsive services. On August 31, 2010, the parties closed the Agreement as described herein. Upon the closing of the transactions contemplated in the Agreement, the Company acquired 100% ownership of Global. Consideration to be paid by the Company was a total of
22,147,810 shares of its common stock (the “Exchange Shares”) in exchange for 100% ownership of Global (such share exchange shall be referred to herein as the “Exchange”).
