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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-K
☒
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended December 31, 2023
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 333-229830
GUOCHUN
INTERNATIONAL INC.
(FORMER NAME: CHARMT, INC.) |
(Exact
name of registrant issuer as specified in its charter) |
Nevada |
|
7370 |
|
32-0575017 |
(State
or Other jurisdiction of
incorporation
or organization) |
|
(Primary
Standard Industrial
Classification
Number) |
|
(I.R.S.
Employer
Identification
No.) |
66 West Flagler Street, Suite 900 - #3040, Miami,
FL 33130
(Address, including zip code, and telephone number,
including area code, of registrant’s principal executive offices)
Tel: +125-12629446
(Registrant’s phone number, including area code)
Securities registered
pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange
on
which registered |
Common
stock |
|
GCGJ |
|
OTC
Markets |
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
Yes
☐ No ☒
Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes
☐ No ☒
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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not
be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in
Part III of this Form 10-K or any amendment to this Form 10-K.
Yes
☐ No ☒
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting
company. See the definitions 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 |
[X] |
|
|
Smaller reporting company
|
[X] |
|
|
|
|
|
Emerging growth company |
[X] |
|
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 has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
The
aggregate market value of the voting stock and non-voting common equity held by non-affiliates of the registrant as of April 15,
2024 ,
was approximately 3,870,600 common
shares issued and outstanding.
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Class |
|
Outstanding
at April 15, 2024 |
Common
Stock, $.001 par value |
|
3,870,600 |
GUOCHUN
INTERNATIONAL INC. (FORMER NAME: CHARMT, INC.)
FORM
10-K
For
the fiscal year ended December 31, 2023
Index
|
|
|
Page
# |
|
PART
I |
|
|
|
|
|
|
|
|
|
Item
1. |
Business |
|
4 |
|
Item
1A. |
Risk
Factors |
|
4 |
|
Item
1B. |
Unresolved
Staff Comments |
|
20 |
|
Item
2. |
Properties |
|
20 |
|
Item
3. |
Legal
Proceedings |
|
20 |
|
Item
4. |
Mine
Safety Disclosures |
|
20 |
|
|
|
|
|
|
PART
II |
|
|
|
|
|
|
|
|
|
Item
5. |
Market for Registrant’s
Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
|
20 |
|
Item
6. |
Selected
Financial Data |
|
20 |
|
Item
7. |
Management’s
Discussion and Analysis of Financial Condition and Results of Operations |
|
21 |
|
Item
7A. |
Quantitative
and Qualitative Disclosures About Market Risk |
|
23 |
|
Item
8. |
Financial
Statements and Supplementary Data |
|
23 |
|
Item
9. |
Changes
in and Disagreements with Accountants on Accounting and Financial Disclosures |
|
23 |
|
Item
9A. |
Controls
and Procedure |
|
24 |
|
Item
9B. |
Other
Information |
|
25 |
|
|
|
|
|
|
PART
III |
|
|
|
|
|
|
|
|
|
Item
10. |
Directors,
Executive Officers and Corporate Governance |
|
25 |
|
Item
11. |
Executive
Compensation |
|
27 |
|
Item
12. |
Security
Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
|
28 |
|
Item
13. |
Certain
Relationships and Related Transactions, and Director Independence |
|
28 |
|
Item
14. |
Principal
Accounting Fees and Services |
|
29 |
|
|
|
|
|
|
PART
IV |
|
|
|
|
|
|
|
|
|
Item
15. |
Exhibits,
Financial Statement Schedules |
|
30 |
|
|
|
|
|
|
SIGNATURES |
|
31 |
|
CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This
Annual Report on Form 10-K contains forward-looking statements. These forward-looking statements are not historical facts but rather
are based on current expectations, estimates and projections. We may use words such as “anticipate,” “expect,”
“intend,” “plan,” “believe,” “foresee,” “estimate” and variations of these
words and similar expressions to identify forward-looking statements. These statements are not guarantees of future performance and are
subject to certain risks, uncertainties and other factors, some of which are beyond our control, are difficult to predict and could cause
actual results to differ materially from those expressed or forecasted.
This
report should be read completely and with the understanding that actual future results may be materially different from what we expect.
The forward-looking statements included in this report are made as of the date of this report and should be evaluated with consideration
of any changes occurring after the date of this Report. We will not update forward-looking statements even though our situation may change
in the future and we assume no obligation to update any forward-looking statements, whether as a result of new information, future events
or otherwise.
Use
of Defined Terms
Except
as otherwise indicated by the context, references in this Report to:
|
● |
The “Company,”
“we,” “us,” or “our,” “GCGJ” are references to GUOCHUN INTERNATIONAL INC. (FORMER
NAME: CHARMT, INC.) a Nevada corporation. |
|
|
|
|
● |
“Common Stock”
refers to the common stock, par value $.001, of the Company; |
|
|
|
|
● |
“U.S. dollar,”
“$” and “US$” refer to the legal currency of the United States; |
|
|
|
|
● |
“Securities Act”
refers to the Securities Act of 1933, as amended; and |
|
|
|
|
● |
“Exchange Act”
refers to the Securities Exchange Act of 1934, as amended. |
PART
I
ITEM
1. BUSINESS
Business
Overview
Guochun
International Inc. (Former name: Charmt, Inc.), a Nevada corporation (“the Company”) was incorporated under the laws of the
State of Nevada in 2018.
Guochun
International Inc. (Former name: Charmt, Inc.) (the “Company”) was incorporated in the State of Nevada on August 2, 2018.
To June 27, 2022, the Company was developing a messenger application. On June 27, 2022, Gediminas Knyzelis, the Company’s former
sole officer and director and majority stockholder, sold 3,000,000 shares of Company common stock (representing 77.5% of the 3,870,600
shares of common stock issued and outstanding at June 27, 2022) to Zhou Xuan. In connection therewith, Gediminas Knyzelis resigned as
officer and director of the Company and Zhou Xuan consented to act as the Company’s chief executive officer, chief financial officer,
and director. Also, Gediminas Knyzelis agreed to waive the $76,535 amount due to him at June 27, 2022 and the Company agreed to assign
the software acquired by the Company on March 17, 2022 to Gediminas Knyzelis.
As
a result of the ownership and management change described above, the Company ceased its former business plans and is now searching for
business opportunities to acquire.
Competition
and Market Conditions
We
will face substantial competition in our efforts to identify and pursue a business venture. The primary source of competition is expected
to be from other companies organized and funded for similar purposes, including small venture capital firms, blank check companies, and
wealthy investors, many of which may have substantially greater financial and other resources than we do. In light of our limited financial
and human resources, we are at a competitive disadvantage compared to many of our competitors in our efforts to obtain an operating business
or assets necessary to commence our operations in a new field. Additionally, with the economic downturn caused by the coronavirus pandemic,
many venture capital firms and similar firms and individuals have been seeking to acquire businesses at discounted rates, and we therefore
currently face additional competition and resultant difficulty obtaining a business. We expect these conditions to persist at least until
such time as the economy recovers. Further, even if we are successful in obtaining a business or assets for new operations, we expect
there to be enhanced barriers to entry in the marketplace in which we decide to operate as a result of reduced demand and/or increased
raw material costs caused
by
the pandemic and other economic forces that are beyond our control.
Government
regulation
As
of the date of this Report, we are required to file reports with the Securities and Exchange Commission (the “SEC”) by Section
13 of the Securities Exchange Act of 1934 (the “Exchange Act”).
Depending
on the direction management decides to take and a business or businesses we may acquire in the future, we may become subject to other
laws or regulations that require us to make material expenditures on compliance including the increasing state level regulation of privacy.
Any such requirements could require us to divert significant human and capital resources on compliance, which could have an adverse effect
on our future operating results.
Employees
As of the date
of this Report, we have no employees. However, an entity controlled by our Chief Executive Officer provides part-time consulting services
to us without compensation.
ITEM 1A. RISK
FACTORS
You
should carefully consider the risks described below and elsewhere in this Annual Report, which could materially and adversely affect
our business, results of operations or financial condition. Our business faces significant risks and the risks described below may not
be the only risks we face. Additional risks not presently known to us or that we currently believe are immaterial may materially affect
our business, results of operations, or financial condition. If any of these risks occur, the trading price of our common stock could
be decline and you may lose all or part of your investment.
COVID-19
Pandemic
COVID-19
pandemic has had, and may continue to have, an adverse effect on our business and our financial results.
In December 2019, a novel strain of coronavirus was discovered in China,
which has and is continuing to spread throughout the world. On January 30, 2020, the World Health Organization declared the outbreak
of the COVID-19 disease a “Public Health Emergency of International Concern.” On March 11, 2020, the World Health Organization
characterized the outbreak as a “pandemic.” The COVID-19 outbreak has resulted in, and a significant outbreak of other infectious
diseases could result in, a widespread health crisis that could materially and adversely affect the economies and financial markets worldwide,
and the operations and financial position of any potential target business with which we consummate a business combination could be materially
and adversely affected. In 2022, the sporadic outbreaks of COVID-19 had material impact on the industry in China. The government’s
“zero-COVID” policy required, from time to time, quarantines, rolling lockdowns, office closures and travel restrictions
to control outbreaks in affected local areas. As a result of the COVID control measures, we were unable to implement some of our business
and marketing plans, and our operating results were negatively affected by the sporadic COVID outbreaks and strict government response
measures. In December 2022, the PRC government ended the implementation of the “zero-COVID” policy and the overall market
condition has shown improvement since then. However, COVID-19 could adversely affect our business and results of operations in the future
if any COVID resurgence causes significant disruptions to our operations or the business of our supply chain, logistics and service providers.
We cannot predict the severity and duration of the impact from such resurgence, if any. If any new outbreak of COVID-19 is not effectively
and timely controlled, or if government responses to outbreaks or potential outbreaks are severe or long-lasting, our business operations
and financial condition may be materially and adversely affected as a result of the deteriorating market outlook, the slowdown in regional
and national economic growth, weakened liquidity and financial condition of our customers or other factors that we cannot foresee. Any
of these factors and other factors beyond our control could have an adverse effect on the overall business environment, cause uncertainties
in the regions where we conduct business, and could materially and adversely impact our business, financial condition and results of
operations.
In
addition, our ability to consummate a business combination may be dependent on the ability to raise equity and debt financing which may
be impacted by COVID-19 and other events, including as a result of increased market volatility, decreased market liquidity and third-party
financing being unavailable on terms acceptable to us or at all.
As
a result, COVID-19 may also materially adversely affect our operating and financial results in a manner that is not currently known to
us or that we do not currently consider may present significant risks to our operations.
Risks
Relating to Our Business and Financial Condition
We
currently have no operations, and investors therefore have no basis on which to evaluate the Company’s future prospects.
We
currently have no operations and will be reliant upon a merger with or acquisition of an operating business to commence operations and
generate revenue. Because we have no operations and have not generated revenues, investors have no basis upon which to evaluate our ability
to achieve our business objective of locating and completing a business combination with a target business. We have no current arrangements
or understandings with any prospective target business concerning a business combination and may be unable to complete a business combination
in a reasonable timeframe, on reasonable terms or at all. If we fail to complete a business combination as planned, we will never generate
any operating revenues.
We
may face difficulties or delays in our search for a business combination, and we may not have access to sufficient capital to consummate
a business combination.
We may face difficulty identifying a viable business opportunity or negotiating or paying for any resulting
business combination. Economic factors that are beyond our control, including the COVID-19 pandemic and consequent economic downturn
, as well as increased competition for acquisitions of operating entities that we expect to encounter as a result thereof, may hinder
our efforts to locate and/or obtain a business that is suitable for our business goals at a price we can afford and on terms that will
enable us to sufficiently grow our business to generate value to our shareholders. We have limited capital, and we may not be able to
take advantage of any available business opportunities on favorable terms or at all due to the limited availability of capital. There
can be no assurance that we will have sufficient capital to provide us with the necessary funds to successfully develop and implement
our plan of operation or acquire a business we deem to be appropriate or necessary to accomplish our objectives, in which case we may
be forced to terminate our business plan and your investment in the Company could become worthless.
If
we are not successful in acquiring a new business and generating material revenues, investors will likely lose their investment.
If
we are not successful in developing a viable business plan and acquiring a new business through which to implement it, our investors’
entire investment in the Company could become worthless. Even if we are successful in combining with or acquiring the assets of an operating
entity, we can provide no assurances that the Company will be able to generate significant revenue therefrom in the short-term or at
all or that investors will derive a profit from their investment. If we are not successful, our investors will likely lose their entire
investment.
If we cannot
manage our growth effectively, we may not become profitable.
Businesses,
including development stage companies such as ours and/or any operating business or businesses we may acquire, often grow rapidly, and
tend to have difficulty managing their growth. If we are able to acquire an operating business, we will likely need to expand our management
team and other key personnel by recruiting and employing experienced executives and key employees and/or consultants capable of providing
the necessary support.
We
cannot assure you that our management will be able to manage our growth effectively or successfully. Our failure to meet these challenges
could cause us to lose money, and your investment could be lost.
Because
we have limited capital, we may need to raise additional capital in the future by issuing debt or equity securities, the terms of which
may dilute our current investors and/or reduce or limit their liquidation or other rights.
We
may require additional capital to acquire a business. We may not be able to obtain additional capital when required. Future business
development activities, as well as administrative expenses such as salaries, insurance, general overhead, legal and compliance expenses,
and accounting expenses will require a substantial amount of additional capital.
The
terms of securities we issue in future capital raising transactions may be more favorable to new investors, and may include liquidation
preferences, superior voting rights or the issuance of other derivative securities, which could have a further dilutive effect on or
subordinate the rights of our current investors. Any additional capital raised through the sale of equity securities will likely dilute
the ownership percentage of our shareholders. Additionally, any debt securities we issue would likely create a liquidation preference
superior that of our current investors and, if convertible into shares of Common Stock, would also pose the risk of dilution.
We
may be unable to obtain necessary financing if and when required.
Our ability to obtain financing, if and when necessary, may be impaired
by such factors as the capital markets (both in general and in the particular industry or industries in which we may choose to operate),
our limited operating history and current lack of operations, the national and global economies, and the condition of the market for
microcap securities. Further, economic downturns such as the current global depression caused by the COVID-19 pandemic may increase our
requirements for capital, particularly if such economic downturn persists for an extended period of time or after we have acquired an
operating entity, and may limit or hinder our ability to obtain the funding we require. If the amount of capital we are able to raise
from financing activities , together with any revenues we may generate from future operations, is not sufficient to satisfy our capital
needs, we may be required to discontinue our development or implementation of a business plan, cancel our search for business opportunities,
cease our operations, divest our assets at unattractive prices or obtain financing on unattractive terms. If any of the foregoing should
happen, our shareholders could lose some or all of their investment.
Because
we are still developing our business plan, we do not have any agreement for a business combination.
We
have no current arrangement, agreement or understanding with respect to engaging in a business combination with any specific entity.
We may not be successful in identifying and evaluating a suitable acquisition candidate or in consummating a business combination. We
are neutral as to what industry or segment for any target company. We have not established specific metrics and criteria we will look
for in a target company, and if and when we do we may face difficulty reaching a mutual agreement with any such entity, including in
light of market trends and forces beyond our control. Given our early-stage status, there is considerable uncertainty and therefore inherent
risk to investors that we will not succeed in developing and implementing a viable business plan.
Because
we are dependent upon Mr. Zhou Xuan, our Chief Executive Officer and sole director to manage and oversee our Company, the loss of him
could adversely affect our plan and results of operations.
We
currently have a sole director and officer, Mr. Zhou Xuan, who manages the Company and is presently evaluating a viable plan for our
future operations. We will rely solely on his judgment in connection with selecting a target company and the terms and structure of any
resulting business combination. The loss of our Chief Executive Officer, could delay or prevent the achievement of our business objectives,
which could have a material adverse effect upon our results of operations and financial position.
Further,
because Mr. Zhou serves as Chief Executive Officer and sole director and also holds a controlling interest in the Company’s Common
Stock, our other shareholders will have limited ability to influence the Company’s direction or management.
In
addition, although not likely, the officers and directors of an acquisition candidate may resign upon completion of a combination with
their business. The departure of a target’s key personnel could negatively impact the operations and prospects of our post-combination
business. The role of a target’s key personnel upon the completion of the transaction cannot be ascertained at this time. Although
we contemplate that certain or all members of a target’s management team may remain associated with the target following a change
of control thereof, there can be no assurance that all of such target’s management team will decide to remain in place. The loss
of key personnel, either before or after a business combination and including management of either us or a combined entity could negatively
impact the operations and profitability of our business.
Risks
Related to a Potential Business Acquisition
We
may encounter difficulty locating and consummating a business combination, including as a result of the competitive disadvantages we
have.
We
expect to face intense competition in our search for a revenue-producing business to combine with or acquire. Given the current economic
climate, venture capital firms, larger companies, blank check companies such as special purpose acquisition companies and other investors
are purchasing operating entities or the assets thereof in high volumes and at relatively discounted prices. These parties may have greater
capital or human resources than we do and/or more experience in a particular industry within which we choose to search. Most of these
competitors have a certain amount of liquid cash available to take advantage of favorable market conditions for prospective business
purchaser such as those caused by the recent pandemic. Any delay or inability to locate, negotiate and enter into a business combination
as a result of the relative illiquidity of our current asset or other disadvantages we have relative to our competitors could cause us
to lose valuable business opportunities to our competitors, which would have a material adverse effect on our business.
We
may expend significant time and capital on a prospective business combination that is not ultimately consummated.
The
investigation of each specific target business and any subsequent negotiation and drafting of related agreements, SEC disclosure and
other documents will require substantial amounts of management’s time and attention and material additional costs in connection
with outsourced services from accountants, attorneys, and other professionals. We will likely expend significant time and resources searching
for, conducting due diligence on, and negotiating transaction terms in connection with a proposed business combination that may not ultimately
come to fruition. In such event, all of the time and capital resources expended by the Company in such a pursuit may be lost and unrecoverable
by the Company or its shareholders. Unanticipated issues which may be beyond our control or that of the seller of the applicable business
may arise that force us to terminate discussions with a target company, such as the target’s failure or inability to provide adequate
documentation to assist in our investigation, a party’s failure to obtain required waivers or consents to consummate the transaction
as required by the inability to obtain the required audits, applicable laws, charter documents and agreements, the appearance of a competitive
bid from another prospective purchaser, or the seller’s inability to maintain its operations for a sufficient time to allow the
transaction to close. Such risks are inherent in any search for a new business and investors should be aware of them before investing
in an enterprise such as ours.
Conflicts
of interest may arise between us and our shareholders, directors, or management, which may have a negative impact on our ability to consummate
a business combination or favorable terms or generate revenue.
Our
Chief Executive Officer, Mr. Zhou, is not required to commit his full time to our affairs, which may result in a conflict of interest
in allocating his time between managing the Company and other businesses in which he is or may be involved. We do not intend to have
any employees prior to the consummation of a business combination. Mr. Zhou is not obligated to contribute any specific number of hours
to our affairs, and he may engage in other business endeavors while he provides consulting services to the Company. If any of his other
business affairs require him to devote substantial amounts of time to such matters, it could materially limit his ability to devote his
time and attention to our business which could have a negative impact on our ability to consummate a business combination or generate
revenue.
It
is possible that we obtain an operating company in which a director or officer of the Company has an ownership interest in or that he
or she is an officer, director, or employee of. If we do obtain any business affiliated with an officer or director, such business combination
may be on terms other than what would be arrived at in an arms-length transaction. If any conflict of interest arises, it could adversely
affect a business combination or subsequent operations of the Company, in which case our shareholders may see diminished value relative
to what would have been available through a transaction with an independent third party.
We
may engage in a business combination that causes tax consequences to us and our shareholders.
Federal
and state tax consequences will, in all likelihood, be a significant factor in considering any business combination that we may undertake.
Under current federal law, such transactions may be subject to significant taxation to the buyer and its shareholders under applicable
federal and state tax laws. While we intend to structure any business combination so as to minimize the federal and state tax consequences
to the extent practicable in accordance with our business objectives, there can be no assurance that any business combination we undertake
will meet the statutory or regulatory requirements of a tax-free reorganization or similar favorable treatment or that the parties to
such a transaction will obtain the tax treatment intended or expected upon a transfer of equity interests or assets. A non-qualifying
reorganization, combination or similar transaction could result in the imposition of significant taxation, both at the federal and state
levels, which may have an adverse effect on both parties to the transaction, including our shareholders.
It
is unlikely that our shareholders will be afforded any opportunity to evaluate or approve a business combination.
It
is unlikely that our shareholders will be afforded the opportunity to evaluate and approve a proposed business combination. In most cases,
business combinations do not require shareholder approval under applicable law, and our Articles of Incorporation and Bylaws do not afford
our shareholders with the right to approve such a transaction. Further, Mr. Zhou, our Chief Executive Officer and sole director, owns
the vast majority of our outstanding Common Stock. Accordingly, our shareholders will be relying almost exclusively on the judgement
of our board of directors (“Board”) and Chief Executive Officer and any persons on whom they may rely with respect to a potential
business combination. In order to develop and implement our business plan, may in the future hire lawyers, accountants, technical experts,
appraisers, or other consultants to assist with determining the Company’s direction and consummating any transactions contemplated
thereby. We may rely on such persons in making difficult decisions in connection with the Company’s future business and prospects.
The selection of any such persons will be made by our Board, and any expenses incurred or decisions made based on any of the foregoing
could prove to be adverse to the Company in hindsight, the result of which could be diminished value to our shareholders.
Because our
search for a business combination is not presently limited to a particular industry, sector or any specific target businesses, prospective
investors will be unable to evaluate the merits or risks of any particular target business’ operations until such time as they
are identified and disclosed.
We
are still determining the Company’s business plan, and we may seek to complete a business combination with an operating entity
in any number of industries or sectors. Because we have not yet entered into any letter of intent or agreement to acquire a particular
business, prospective investors currently have no basis to evaluate the possible merits or risks of any particular target business’s
operations, results of operations, cash flows, liquidity, financial condition, prospects or other metrics or qualities they deem appropriate
in considering to invest in the Company. Further, if we complete a business combination, we may be affected by numerous risks inherent
in the operations of the business we acquire. For example, if we acquire a financially unstable business or an entity lacking an established
operating history, we may be affected by the risks inherent in the business and operations of a new business or a development stage entity.
Although our management intends to evaluate and weigh the merits and risks inherent in a particular target business and make a decision
based on the Company and its shareholders’ interests, there can be no assurance that we will properly ascertain or assess all the
significant risks inherent in a target business, that we will have adequate time to complete due diligence or that we will ultimately
acquire a viable business and generate material revenue therefrom. Furthermore, some of these risks may be outside of our control and
leave us with no ability to reduce the likelihood that those risks will adversely impact a target business or mitigate any harm to the
Company caused thereby. Should we select a course of action, or fail to select a course of action, that ultimately exposes us to unknown
or unidentified risks, our business will be harmed and you could lose some or all of your investment.
Past
performance by our management and their affiliates may not be indicative of future performance of an investment in us.
While
our Chief Executive Officer has prior experience in advising businesses, his past performance, the performance of other entities or persons
with which he is involved, or the performance of any other personnel we may retain in the future will not necessarily be an indication
of either (i) that we will be able to locate a suitable candidate for our initial business combination or (ii) the future operating results
of the Company including with respect to any business combination we may consummate. You should not rely on the historical record of
him or any other of our personnel or their affiliates’ performance as indicative of our future performance or that an investment
in us will be profitable. In addition, an investment in the Company is not an investment in any entities affiliated with our management
or other personnel. While management intends to endeavor to locate a viable business opportunity and generate shareholder value, there
can be no assurance that we will succeed in this endeavor.
We
may seek business combination opportunities in industries or sectors that are outside of our management’s area of expertise.
We
will consider a business combination outside of our management’s area of expertise if a business combination candidate is presented
to us and we determine that such candidate offers an attractive opportunity for the Company. Although management intends to endeavor
to evaluate the risks inherent in any particular business combination candidate, we cannot assure you that we will adequately ascertain
or assess all the significant risks, or that we will accurately determine the actual value of a prospective operating entity to acquire.
In the event we elect to pursue an acquisition outside of the areas of our management’s expertise, our management’s ability
to evaluate and make decisions on behalf of the Company may be limited, or we may make material expenditures on additional personnel
or consultants to assist management in the Company’s operations. Investors should be aware that the information contained herein
regarding the areas of our management’s expertise will not necessarily be relevant to an understanding of the business that we
ultimately elect to acquire. As a result, our management may not be able to adequately ascertain or assess all the significant risks
or strategic opportunities that may arise. Accordingly, any shareholders in the Company following a business combination could suffer
a reduction in the value of their shares, and any resulting loss will likely not be recoverable.
We
may attempt to complete a business combination with a private target company about which little information is available, and such target
entity may not generate revenue as expected or otherwise by compatible with us as expected.
In
pursuing our search for a business to acquire, we will likely seek to complete a business combination with a privately held company.
Very little public information generally exists about private companies, and the only information available to us prior to making a decision
may be from documents and information provided directly to us by the target company in connection with the transaction. Such documents
or information or the conclusions we draw therefrom could prove to be inaccurate or misleading. As such, we may be required to make our
decision on whether to pursue a potential business combination based on limited, incomplete, or faulty information, which may result
in our subsequent operations generating less revenue than expected, which could materially harm our financial condition and results of
operations.
Our
ability to assess the management of a prospective target business may be limited and, as a result, we may acquire a target business whose
management does not have the skills, qualifications, or abilities to enable a seamless transition, which could, in turn, negatively impact
our results of operations.
When
evaluating the desirability of a potential business combination, our ability to assess the target business’s management may be
limited due to a lack of time, resources, or information. Our management’s assessment of the capabilities of the target’s
management, therefore, may prove to be incorrect and such management may lack the skills, qualifications or abilities expected. Further,
in most cases the target’s management may be expected to want to manage us and replace our Chief Executive Officer. Should the
target’s management not possess the skills, qualifications, or abilities necessary to manage a public company or assist with their
former entity’s merger or combination into ours, the operations and profitability of the post-acquisition business may be negatively
impacted and our shareholders could suffer a reduction in the value of their shares.
Any
business we acquire will likely lack diversity of operations or geographical reach, and in such case we will be subject to risks associated
with dependence on a single industry or region.
Our
search for a business will likely be focused on entities with a single or limited business activity and/or that operate in a limited
geographic area. While larger companies have the ability to manage their risk by diversifying their operations among different industries
and regions, smaller companies such as ours and the entities we anticipate reviewing for a potential business combination generally lack
diversification, in terms of both the nature and geographic scope of their business. As a result, we will likely be impacted more acutely
by risks affecting the industry or the region in which we operate than we would if our business were more diversified. In addition to
general economic risks, we could be exposed to natural disasters, civil unrest, technological advances, and other uncontrollable developments
that will threaten our viability if and to the extent our future operations are limited to a single industry or region. If we do not
diversify our operations, our financial condition and results of operations will be at risk.
Changes
in laws or regulations, or a failure to comply with the laws and regulations applicable to us, may adversely affect our business, ability
to negotiate and complete a business combination, and results of operations.
We
are subject to laws and regulations enacted by federal, state, and local governments. In addition to SEC regulations, any business we
acquire in the future may be subject to substantial legal or regulatory oversight and restrictions, which could hinder our growth and
expend material amounts on compliance. Compliance with, and monitoring of, applicable laws and regulations may be difficult, time consuming
and costly. Those laws and regulations and their interpretation and application by courts and administrative judges may also change from
time to time, and any such changes could be unfavorable to us and could have a material adverse effect on our business, investments,
and results of operations. In addition, a failure to comply with applicable laws or regulations, as interpreted and applied, could result
in material defense or remedial costs and/or damages have a material adverse effect on our financial condition.
Risks associated
with doing business in China
Trading
in our securities may be prohibited under the Holding Foreign Companies Accountable Act if the PCAOB determines that it cannot inspect
or investigate completed our auditors for three consecutive years beginning in 2021, or for two consecutive years if the Accelerating
Holding Foreign Companies Accountable Act or the America COMPETES Act becomes law.
In
recent years, U.S. regulatory authorities have continued to express their concerns about challenges in their oversight of financial statement
audits of U.S.-listed companies with significant operations in China. As part of a continued regulatory focus in the United States on
access to audit and other information, the Holding Foreign Companies Accountable Act, or the HFCAA, was enacted on December 18, 2020.
The HFCAA includes requirements for the SEC to identify issuers whose audit work is performed by auditors that the PCAOB is unable to
inspect or investigate completely because of a restriction imposed by a non-U.S. authority in the auditor’s local jurisdiction.
The HFCAA also requires that, to the extent that the PCAOB has been unable to inspect an issuer’s auditor for three consecutive
years since 2021, the SEC shall prohibit its securities registered in the United States from being traded on any national securities
exchange or over-the-counter markets in the United States.
On
March 24, 2021, the SEC adopted interim final rules relating to the implementation of certain disclosure and documentation requirements
of the HFCAA. The interim final rule applies to registrants that the SEC identifies as having filed an annual report with an audit report
issued by a registered public accounting firm that is located in a foreign jurisdiction that the PCAOB is unable to inspect or investigate
completely because of a position taken by an authority in that jurisdiction. Consistent with the HFCAA, the interim final rule requires
the submission of documentation to the SEC establishing that such a registrant is not owned or controlled by a government entity in that
foreign jurisdiction and also requires disclosure in a foreign issuer’s annual report regarding the audit arrangements of, and
government influence on, such registrants. On May 13, 2021, the PCAOB issued proposed PCAOB Rule 6100, Board Determinations Under the
Holding Foreign Companies Accountable Act for public comment. The proposed rule provides a framework for making determinations as to
whether PCAOB is unable to inspect an audit firm in a foreign jurisdiction, including the timing, factors, bases, publication and revocation
or modification of such determinations, and such determinations will be made on a jurisdiction-wide basis in a consistent manner applicable
to all firms headquartered in the jurisdiction. In November 2021, the SEC approved PCAOB Rule 6100. On December 2, 2021, the SEC adopted
amendments to final rules implementing the disclosure and submission requirements of the HFCAA.
On
June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act or AHFCAA, and on February 4, 2022,
the U.S. House of Representatives passed the America Creating Opportunities for Manufacturing Pre-Eminence in Technology and Economic
Strength (COMPETES) Act of 2022, or the COMPETES Act. If either bill is enacted into law, it would amend the HFCAA and require the SEC
to prohibit an issuer’s securities from trading on any U.S. stock exchanges if its auditor is not subject to PCAOB inspections
or complete investigations for two consecutive years instead of three. As a result, our securities may be prohibited from trading on
Nasdaq or over-the-counter markets if our auditor is not inspected by the PCAOB for three consecutive years as specified in the HFCAA
or two years if the AHFCAA or the COMPETES Act becomes law, and would reduce the time before our securities may be prohibited from trading
or delisted.
On
December 2, 2021, the SEC issued amendments to finalize rules implementing the submission and disclosure requirements in the HFCAA. The
rules apply to registrants that the SEC identifies as having filed an annual report with an audit report issued by a registered public
accounting firm that is located in a foreign jurisdiction and that PCAOB is unable to inspect or investigate completely because of a
position taken by an authority in foreign jurisdictions.
On
December 16, 2021, the PCAOB announced the PCAOB Holding Foreign Companies Accountable Act determinations (the “PCAOB determinations”)
relating to the PCAOB’s inability to inspect or investigate completely registered public accounting firms headquartered in mainland
China of the PRC or Hong Kong, a Special Administrative Region and dependency of the PRC, because of a position taken by one or more
authorities in the PRC or Hong Kong.
The
lack of access to the PCAOB inspection or investigation in China prevents the PCAOB from fully evaluating audits and quality control
procedures of the auditors based in China. As a result, the investors may be deprived of the benefits of such PCAOB inspections. The
inability of the PCAOB to conduct inspections or investigation of auditors in China makes it more difficult to evaluate the effectiveness
of these accounting firms’ audit procedures or quality control procedures as compared to auditors outside of China that are subject
to the PCAOB inspections and investigation, which could cause existing and potential investors in our stock to lose confidence in our
audit procedures and reported financial information and the quality of our financial statements.
Our current auditor, Kirtane & Pandit LLP, an independent
registered public accounting firm that is headquartered in the Pune, India, is a firm registered with the U.S. Public Company
Accounting Oversight Board (the “PCAOB”), and is required by the laws of the U.S. to undergo regular inspections by the
PCAOB to assess its compliance with the laws of the U.S. and professional standards. Kirtane & Pandit LLP has been subject to
PCAOB inspections, and is not among the PCAOB-registered public accounting firms headquartered in the PRC or Hong Kong that are
subject to PCAOB’s determination on December 16, 2021 of having been unable to inspect or investigate completely.
Notwithstanding the foregoing, if it is later determined that the PCAOB
is unable to inspect or investigate our auditor completely, or if there is any regulatory change or step taken by PRC regulators that
does not permit Kirtane & Pandit LLP to provide audit documentations located in China or Hong Kong to the
PCAOB for inspection or investigation, or the PCAOB expands the scope of the Determination so that we are subject to the HFCAA, as the
same may be amended, you may be deprived of the benefits of such inspection. Any audit reports not issued by auditors that are completely
inspected or investigated by the PCAOB, or a lack of PCAOB inspections or investigations of audit work undertaken in China that prevents
the PCAOB from regularly evaluating our auditors’ audits and their quality control procedures, could result in a lack of assurance
that our financial statements and disclosures are adequate and accurate.
China’s
political climate and economic conditions, as well as changes in government policies, laws and regulations which may be quick with little
advance notice, could have a material adverse effect on our business, financial condition and results of operations.
Our
officers and director are the resident of and is physically located in and has significant ties to China. Our business, financial condition,
results of operations and prospects are subject, to a significant extent, to economic, political and legal developments in China. For
example, as a result of recent proposed changes in the cybersecurity regulations in China that would require certain Chinese technology
firms to undergo a cybersecurity review before being allowed to list on foreign exchanges, this may have the effect of further narrowing
the list of potential businesses in China’s consumer, technology and mobility sectors that we intend to focus on for our business
combination or the ability of the combined entity to list in the United States.
China’s
economy differs from the economies of most developed countries in many respects, including the amount of government involvement, level
of development, growth rate, control of foreign exchange and allocation of resources. While the PRC economy has experienced significant
growth in the past two to three decades, growth has been uneven, both geographically and among various sectors of the economy. Demand
for target services and products depends, in large part, on economic conditions in China. Any slowdown in China’s economic growth
may cause our potential customers to delay or cancel their plans to purchase our services and products, which in turn could reduce our
net revenues.
Although
China’s economy has been transitioning from a planned economy to a more market-oriented economy since the late 1970s, the PRC government
continues to play a significant role in regulating industry development by imposing industrial policies. The PRC government also exercises
significant control over China’s economic growth through allocating resources, controlling the incurrence and payment of foreign
currency-denominated obligations, setting monetary policy and providing preferential treatment to particular industries or companies.
Changes in any of these policies, laws and regulations may be quick with little advance notice and could adversely affect the economy
in China and could have a material adverse effect on our business and the value of our common stock.
The
PRC government has implemented various measures to encourage foreign investment and sustainable economic growth and to guide the allocation
of financial and other resources. However, we cannot assure you that the PRC government will not repeal or alter these measures or introduce
new measures that will have a negative effect on us, or more specifically, we cannot assure you that the PRC government will not initiate
possible governmental actions or scrutiny to us, which could substantially affect our operation and the value of our common stock may
depreciate quickly. China’s social and political conditions may change and become unstable. Any sudden changes to China’s
political system or the occurrence of widespread social unrest could have a material adverse effect on our business and results of operations.
Any
failure or perceived failure by our PRC subsidiaries to comply with the Anti-Monopoly Guidelines for Internet Platforms Economy Sector
and other PRC anti-monopoly laws and regulations may result in governmental investigations or enforcement actions, litigation or claims
against us and could have an adverse effect on our business, financial condition and results of operations.
The
PRC anti-monopoly enforcement agencies have strengthened enforcement under the PRC Anti-Monopoly Law in the recent years. On December
28, 2018, the SAMR issued the Notice on Anti-monopoly Enforcement Authorization, pursuant to which its province-level branches are authorized
to conduct anti-monopoly enforcement within their respective jurisdictions. On September 11, 2020, the Anti-Monopoly Commission of the
State Council issued Anti-monopoly Compliance Guideline for Operators, which requires operators to establish anti-monopoly compliance
management systems under the PRC Anti-Monopoly Law to manage anti-monopoly compliance risks. On February 7, 2021, the Anti-Monopoly Commission
of the State Council published Anti-Monopoly Guidelines for the Internet Platform Economy Sector that specified circumstances under which
an activity of an internet platform will be identified as monopolistic act as well as concentration filing procedures for business operators.
According to the PRC Anti-Monopoly Law, if a business operator carries out a concentration in violation of the law, the relevant authority
shall order the business operator to terminate the concentration, dispose of the shares or assets or transfer the business within a specified
time limit, or take other measures to restore the pre-concentration status, and impose a fine of up to RMB500,000. On March 12, 2021,
the SAMR published several administrative penalty cases in connection with concentration of business operators that violated PRC Anti-Monopoly
Law in the internet sector.
On
October 23, 2021, the Standing Committee of the National People’s Congress issued a discussion draft of the amended Anti-Monopoly
Law, which proposes to increase the fines for illegal concentration of business operators to “no more than ten percent of its
last year’s sales revenue if the concentration of business operator has or may have an effect of excluding or limiting competition;
or a fine of up to RMB5 million if the concentration of business operator does not have an effect of excluding or limiting competition.”
The draft also proposes for the relevant authority to investigate transaction where there is evidence that the concentration has
or may have the effect of eliminating or restricting competition, even if such concentration does not reach the filing threshold.
On December 24, 2021, nine government agencies, including the NDRC, jointly issued the Opinions on Promoting the Healthy and Sustainable
Development of Platform Economy, which provides that, among others, monopolistic agreements, abuse of dominant market position and
illegal concentration of business operators in the field of platform economy will be strictly investigated and punished in accordance
with the relevant laws.
At
the present time, we have a relatively small-scale supply chain platform operations based on our market share in our product markets
and other factors. We are not an operator with a dominant market position, and our operating activity cannot constitute an anti-monopoly
behavior that abuses our dominant market position. We have not entered into monopoly agreements prohibited by the Anti-Monopoly Law
with competing business operators. As of the date of the prospectus, we have not received a notification from the anti-monopoly regulatory
authority requiring us to file the concentration of undertakings or received any related administrative penalties. We believe that
we are in compliance with the currently effective PRC anti-monopoly laws in all material aspects. Nevertheless, if the PRC regulatory
authorities identify any of our activities as monopolistic under the PRC Anti-Monopoly Law or the Anti-Monopoly Guidelines for the
Internet Platform Economy Sector, we may be subject to investigations and administrative penalties, and therefore materially and
adversely affect our financial conditions, operations and business prospects. If we are required to take any rectifying or remedial
measures or are subject to any penalties, our reputation and business operations may be materially and adversely affected.
Recent
regulatory developments in China, including greater oversight and control by the CAC over data security, may subject us to additional
regulatory review, and any actions by the Chinese government to exert more oversight and control over foreign investment in China-based
issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors and cause
the value of such securities to significantly decline or be worthless.
On
December 28, 2021, the CAC, NDRC, and several other agencies jointly issued the final version of the Revised Measures for Cybersecurity
Review ,
or the Revised Cybersecurity Measures, which took effect on February 15, 2022 and replaced the previously issued Revised Measures
for Cybersecurity Review. Under the Revised Cybersecurity Measures, an “online platform operator” in possession of personal
data of more than one million users must apply for a cybersecurity review if it intends to list its securities on a foreign stock
exchange. The operators of critical information infrastructure purchasing network products and services, and the online platform
operators (together with the operators of critical information infrastructure, the “Operators”) carrying out data processing
activities that affect or may affect national security, shall conduct a cybersecurity review, and any online platform operator who
controls more than one million users’ personal information must go through a cybersecurity review by the cybersecurity review
office if it seeks to be listed in a foreign country. Pursuant to the Revised Cybersecurity Measures, we don’t believe we will
be subject to the cybersecurity review by the CAC, given that (i) our online platform business just start up, we possess personal
information of a very small number of users (less than 100 users) in our business operations as of the date of this report, significantly
less than the one million user threshold set for a data processing operator applying for listing on a foreign exchange that is required
to pass such cybersecurity review; and (ii) data processed in our business does not have a bearing on national security and thus
shall not be classified as core or important data by the authorities. We don’t believe that we are an Operator within the meaning
of the Revised Cybersecurity Measures, nor do we control more than one million users’ personal information, and as such, we
should not be required to apply for a cybersecurity review under the Revised Cybersecurity Measures.
However,
there remains uncertainty as to how the Revised Measures for Cybersecurity Review, may
be interpreted or implemented and whether the PRC regulatory agencies, including the CAC, may adopt new rules and regulations
related to the Revised Cybersecurity Measures. For example, there is still no clear definition of “online platform
operator”. Whether the data processing activities carried out by traditional enterprises (such as food, medicine, automobile
and other production enterprises) are subject to such review and the scope of the review remain to be further clarified by the
regulatory authorities in the subsequent implementation process. If any new laws, regulations, implementation measures or
interpretation are adopted, we may need to take further actions and invest resources to comply with such new rules and to minimize
any potential negative effects on us. In addition, if the number of our online platform users increases to a level close to one
million, we would expect to prepare for the required cybersecurity review procedure and approval from the PRC government. |
10 |
|
Governmental
control of currency conversion may affect the value of your investment.
The PRC government imposes controls on the convertibility of the RMB into
foreign currencies and, in certain cases, the remittance of currency out of China. We shall receive substantially all of our revenues
in RMB after we have successfully merge and/or acquire a potential business. Under that corporate structure, our income will
currently only be derived from dividend payments from our PRC subsidiaries. Shortages in the availability of foreign currency may restrict
the ability of a potential PRC subsidiary to remit sufficient foreign currency to pay dividends or other payments to us, or otherwise
satisfy their foreign currency denominated obligations. Under existing PRC foreign exchange regulations, payments of current account
items, including profit distributions, interest payments and expenditures from trade-related transactions can be made in foreign currencies
without prior approval from SAFE by complying with certain procedural requirements. However, approval from appropriate government authorities
is required where RMB is to be converted into foreign currency and remitted out of China to pay capital expenses such as the repayment
of loans denominated in foreign currencies. The PRC government may also at its discretion restrict access in the future to foreign currencies
for current account transactions. If the foreign exchange control system prevents us from obtaining sufficient foreign currency to satisfy
our currency demands, we may not be able to pay dividends in foreign currencies to our security-holders.
Failure to
comply with the Individual Foreign Exchange Rules relating to the overseas direct investment or the engagement in the issuance or trading
of securities overseas by our PRC resident stockholders may subject such stockholders to fines or other liabilities.
Our
ability to conduct foreign exchange activities in the PRC may be subject to the interpretation and enforcement of the Implementation
Rules of the Administrative Measures for Individual Foreign Exchange promulgated by SAFE in January 2007 (as amended and supplemented,
the “Individual Foreign Exchange Rules”). Under the Individual Foreign Exchange Rules, any PRC individual seeking to make
a direct investment overseas or engage in the issuance or trading of negotiable securities or derivatives overseas must make the appropriate
registrations in accordance with SAFE provisions. PRC individuals who fail to make such registrations may be subject to warnings, fines
or other liabilities.
SAFE
promulgated the Notice on Relevant Issues Relating to Domestic Resident’s Investment and Financing and Roundtrip Investment through
Special Purpose Vehicles, or Notice 37, in July 2014 that requires PRC residents or entities to register with SAFE or its local branch
in connection with their establishment or control of an offshore entity established for the purpose of overseas investment or financing.
In addition, such PRC residents or entities must update their SAFE registrations when the offshore special purpose vehicle undergoes
material events relating to material change of capitalization or structure of the PRC resident itself (such as capital increase, capital
reduction, share transfer or exchange, merger or spin off).
We
may not be fully informed of the identities of all our beneficial owners who are PRC residents. For example, because the investment in
or trading of our shares will happen in an overseas public or secondary market where shares are often held with brokers in brokerage
accounts, it is unlikely that we will know the identity of all of our beneficial owners who are PRC residents. Furthermore, we have no
control over any of our future beneficial owners and we cannot assure you that such PRC residents will be able to complete the necessary
approval and registration procedures required by the Individual Foreign Exchange Rules.
To
our knowledge, our beneficial owners, who are PRC residents, have not completed the Notice 37 registration. And we cannot guarantee that
all or any of the shareholders will complete the Notice 37 registration prior to the closing of this Offering. Failure by any such shareholders
or beneficial owners to comply with Notice 37 could restrict our overseas or cross-border investment activities, limit our PRC subsidiaries’
ability to make distributions or pay dividends or affect our ownership structure, which could adversely affect our business and prospects.
In addition, the PRC resident shareholders who fail to complete Notice 37 registration may subject to fines less than RMB50,000.
As
these foreign exchange and outbound investment related regulations are relatively new and their interpretation and implementation has
been constantly evolving, it is unclear how these regulations, and any future regulation concerning offshore or cross-border investments
and transactions, will be interpreted, amended and implemented by the relevant government authorities.
It
is uncertain how the Individual Foreign Exchange Rules will be interpreted or enforced and whether such interpretation or enforcement
will affect our ability to conduct foreign exchange transactions. Because of this uncertainty, we cannot be sure whether the failure
by any of our PRC resident stockholders to make the required registration will subject our PRC subsidiaries to fines or legal sanctions
on their operations, delay or restriction on repatriation of proceeds of our securities offerings into the PRC, restriction on remittance
of dividends or other punitive actions that would have a material adverse effect on our business, results of operations and financial
condition.
Under
the Enterprise Income Tax Law, we may be classified as a “Resident Enterprise” of China. Such classification will likely
result in unfavorable tax consequences to us and our non-PRC stockholders.
China
passed an Enterprise Income Tax Law (the “EIT Law”), as most recently amended and effective on December 29, 2018, and the
related Implementation Regulations, as amended and effective on April 23 2019. Under the EIT Law, an enterprise established outside of
China with “de facto management bodies” within China is considered a “resident enterprise,” meaning that it can
be treated in a manner similar to a Chinese enterprise for enterprise income tax purposes. The implementing rules of the EIT Law define
de facto management as “substantial and overall management and control over the production and operations, personnel, accounting,
and properties” of the enterprise.
On
April 22, 2009, the State Administration of Taxation of China issued the Notice Concerning Relevant Issues Regarding Cognizance of Chinese
Investment Controlled Enterprises Incorporated Offshore as Resident Enterprises pursuant to Criteria of de facto Management Bodies, or
the Notice, further interpreting the application of the EIT Law and its implementation to offshore entities controlled by a Chinese enterprise
or group. Pursuant to the Notice, an enterprise incorporated in an offshore jurisdiction and controlled by a Chinese enterprise or group
will be classified as a “non-domestically incorporated resident enterprise” if (i) its senior management in charge of daily
operations reside or perform their duties mainly in China; (ii) its financial or personnel decisions are made or approved by bodies or
persons in China; (iii) its substantial assets and properties, accounting books, corporate stamps, board and stockholder minutes are
kept in China; and (iv) at least half of its directors with voting rights or senior management are often resident in China. A resident
enterprise would be subject to an enterprise income tax rate of 25% on its worldwide income and must pay a withholding tax at a rate
of 10% when paying dividends to its non-PRC stockholders.
Uncertainties
with respect to the PRC legal system could adversely affect us, including risks and uncertainties regarding the enforcement of laws and
that rules and regulations in China can change quickly with little advance notice.
We
conduct substantially all of our business through our subsidiaries in China. Our operations in China are governed by PRC laws and regulations.
Our PRC subsidiaries are generally subject to laws and regulations applicable to foreign investments in China and, in particular, laws
and regulations applicable to wholly foreign-owned enterprises. The PRC legal system is based on statutes. Prior court decisions may
be cited for reference but have limited precedential value.
Since
1979, PRC legislation and regulations have significantly enhanced the protections afforded to various forms of foreign investments in
China. However, China has not developed a fully integrated legal system and recently enacted laws and regulations may not sufficiently
cover all aspects of economic activities in China. In particular, the interpretation and enforcement of these laws and regulations involve
uncertainties. Since PRC administrative and court authorities have significant discretion in interpreting and implementing statutory
provisions and contractual terms, it may be difficult to evaluate the outcome of administrative and court proceedings and the level of
legal protection we enjoy. These uncertainties may affect our judgment on the relevance of legal requirements and our ability to enforce
our contractual rights or tort claims. In addition, these regulatory uncertainties may be exploited through unmerited or frivolous legal
actions or threats in attempts to extract payments or benefits from us.
In
addition, the PRC legal system is based in part on government policies and internal rules (some of which are not published on a timely
basis or at all) that may change quickly with little advance notice or have a retroactive effect. As a result, we may not be aware of
our violation of these policies and rules until sometime after the violation. On July 6, 2021, the General Office of the Communist Party
of China Central Committee and the General Office of the State Council jointly issued a document to enhance its enforcement against illegal
activities in the securities markets and promote the high-quality development of capital markets, which, among other things, requires
the relevant governmental authorities to strengthen cross-border oversight of law-enforcement and judicial cooperation, to enhance supervision
over Chinese companies listed overseas, and to establish and improve the system of extraterritorial application of the Chinese securities
laws. Since this document is relatively new, uncertainties exist in relation to how soon legislative or administrative regulation-making
bodies will respond and what existing or new laws or regulations or detailed implementations and interpretations will be modified or
promulgated, if any, and the potential impact such modified or new laws and regulations will have on companies like us. It is especially
difficult for us to accurately predict the potential impact on us of new legal requirements in mainland China because the Chinese legal
system is a civil law system based on written statutes. Unlike the common law system, prior court decisions under the civil law system
may be cited for reference but have limited precedential value.
Such
uncertainties, including any inability to enforce our contracts, together with any development or interpretation of PRC law that is adverse
to us, could materially and adversely affect our business and operations. Furthermore, intellectual property rights and confidentiality
protections in China may not be as effective as in the United States or other more developed countries. We cannot predict the effect
of future developments in the PRC legal system, including the promulgation of new laws, changes to existing laws or the interpretation
or enforcement thereof, or the preemption of local regulations by national laws. These uncertainties could limit the legal protections
available to us and our investors.
The
Chinese government may intervene or influence the operation of our PRC subsidiaries and exercise significant oversight and discretion
over the conduct of their business and may intervene in or influence their operations at any time, or may exert more control over securities
offerings conducted overseas and/or foreign investment in China-based issuers, which could result in a material change in operations
of our PRC subsidiaries and/or the value of our common stock.
The
Chinese government has exercised and continues to exercise substantial control over virtually every sector of the Chinese economy through
regulation and state ownership. Our ability to operate in China may be harmed by changes in its laws and regulations, including those
relating to securities regulation, data protection, cybersecurity and mergers and acquisitions and other matters. The central or local
governments of these jurisdictions may impose new, stricter regulations or interpretations of existing regulations that would require
additional expenditures and efforts on our part to ensure our compliance with such regulations or interpretations.
Government
actions in the future could significantly affect economic conditions in China or particular regions thereof, and could require us to
materially change our operating activities or divest ourselves of any interests we hold in Chinese assets. Our business may be subject
to various government and regulatory interference in the areas in which we operate. We may incur increased costs necessary to comply
with existing and newly adopted laws and regulations or penalties for any failure to comply. Our operations could be adversely affected,
directly or indirectly, by existing or future laws and regulations relating to our business or industry.
Given
recent statements by the Chinese government indicating an intent to exert more oversight and control over offerings that are conducted
overseas and/or foreign investment in China-based issuers, any such action could significantly limit or completely hinder our ability
to offer or continue to offer securities to investors and cause the value of such securities to significantly decline or become worthless.
Recently,
the General Office of the Central Committee of the Communist Party of China and the General Office of the State Council jointly issued
the Opinions on Severely Cracking Down on Illegal Securities Activities According to Law, or the Opinions, which was made available to
the public on July 6, 2021. The Opinions emphasized the need to strengthen the administration over illegal securities activities, and
the need to strengthen the supervision over overseas listings by Chinese companies. Effective measures, such as promoting the construction
of relevant regulatory systems, will be taken to deal with the risks and incidents of China-based overseas listed companies. As of the
date of this report, we have not received any inquiry, notice, warning, or sanctions from PRC government authorities in connection with
the Opinions.
On
June 10, 2021, the Standing Committee of the National People’s Congress of China, or the SCNPC, promulgated the, Data Security Law,
which took effect in September 2021. The PRC Data Security Law imposes data security and privacy obligations on entities and individuals
carrying out data activities, and introduces a data classification and hierarchical protection system based on the importance of data
in economic and social development, and the degree of harm it will cause to national security, public interests, or legitimate rights
and interests of individuals or organizations when such data is tampered with, destroyed, leaked, illegally acquired or used. The PRC
Data Security Law also provides for a national security review procedure for data activities that may affect national security and imposes
export restrictions on certain data an information. The law provides for privacy obligations of entities and individuals carrying out
data activities, prohibits entities and individuals in China from providing any foreign judicial or law enforcement authority with any
data stored in China without approval from the competent PRC authority, and sets forth the legal liabilities of entities and individuals
found to be in violation of their data protection obligations, including rectification order, warning, fines of up to RMB10 million,
suspension of relevant business, and revocation of business permits or licenses.
In
early July 2021, regulatory authorities in China launched cybersecurity investigations with regard to several China-based companies that
are listed in the United States. The Chinese cybersecurity regulator announced on July 2 that it had begun an investigation of Didi Global
Inc. (NYSE: DIDI) and two days later ordered that the company’s app be removed from smartphone app stores. On July 5, 2021, the
Chinese cybersecurity regulator launched the same investigation on two other Internet platforms, China’s Full Truck Alliance of
Full Truck Alliance Co. Ltd. (NYSE: YMM) and Boss of KANZHUN LIMITED (Nasdaq: BZ). On July 24, 2021, the General Office of the Communist
Party of China Central Committee and the General Office of the State Council jointly released the Guidelines for Further Easing the Burden
of Excessive Homework and Off-campus Tutoring for Students at the Stage of Compulsory Education, pursuant to which foreign investment
in such firms via mergers and acquisitions, franchise development, and variable interest entities are banned from that sector.
On
July 10, 2021, the CAC released the Cybersecurity Review Measures (Revised Draft for Solicitation of Comments), or the Revised Cybersecurity
Measures, pursuant to which operator holding more than one million users/users’ (which is to be further specified) individual information
shall be subject to cybersecurity review before listing abroad. The cybersecurity review will evaluate, among others, the risk of critical
information infrastructure, core data, important data, or a large amount of personal information being influenced, controlled or maliciously
used by foreign governments after going public overseas. The procurement of network products and services, data processing activities
and overseas listing should also be subject to cybersecurity review if they concern or potentially pose risks to national security. According
to the effective Cybersecurity Review Measures, online platform/website operators of certain industries may be identified as critical
information infrastructure operators by the CAC, once they meet standard as stated in the National Cybersecurity Inspection Operation
Guide, and such operators may be subject to cybersecurity review. The scope of business operations and financing activities that are
subject to the Revised Cybersecurity Measures and the implementation thereof is not yet clear. As of the date of this report, we have
not been informed by any PRC governmental authority of any requirement that we file for approval in connection with an offering of our
common stock.
On
August 17, 2021, the State Council promulgated the Regulations on the Protection of the Security of Critical Information Infrastructure,
or the Regulations, which took effect on September 1, 2021. The Regulations supplement and specify the provisions on the security of
critical information infrastructure as stated in the Cybersecurity Review Measures. The Regulations provide, among others, that protection
department of certain industry or sector shall notify the operator of the critical information infrastructure in time after the identification
of certain critical information infrastructure.
On
August 20, 2021, the SCNPC adopted the Personal Information Security Law, which took effect on November 1, 2021. The Personal Information
Protection Law includes the basic rules for personal information processing, the rules for cross-border provision of personal information,
the rights of individuals in personal information processing activities, the obligations of personal information processors, and the
legal responsibilities for illegal collection, processing, and use of personal information. As the first systematic and comprehensive
law specifically for the protection of personal information in the PRC, the Personal Information Protection Law provides, among others,
that (i) an individual’s consent shall be obtained to use sensitive personal information, such as biometric characteristics and
individual location tracking, (ii) personal information operators using sensitive personal information shall notify individuals of the
necessity of such use and impact on the individual’s rights, and (iii) where personal information operators reject an individual’s
request to exercise his or her rights, the individual may file a lawsuit with a People’s Court.
On
December 28, 2021, the CAC, NDRC, and other regulatory agencies jointly issued the final version of the Revised Cybersecurity Review
Measures, or the Measures, which took effect and replace the previously issued Revised Measures
for Cybersecurity Review on February 15, 2022. Under the Revised Review Measures,
an “online platform operator” in possession of personal data of more than one million users must apply for a cybersecurity
review if it intends to list its securities on a foreign stock exchange. The operators of critical information infrastructure purchasing
network products and services, and the online platform operators (together with the operators of critical information infrastructure,
the “Operators”) carrying out data processing activities that affect or may affect national security, shall conduct a cybersecurity
review, and any online platform operator who controls more than one million users’ personal information must go through a cybersecurity
review by the cybersecurity review office if it seeks to be listed in a foreign country.
With
regard to the current effective data security management regulations, we don’t believe that we are required to conduct data security
review for listing overseas. However, according to the Regulations on Network Data Security Management (Draft for Comment), as an overseas
listed company, we will be required to conduct an annual data security review and to comply with the relevant reporting obligations.
We have been closely monitoring the development in the regulatory landscape in China, particularly regarding the requirement of approvals,
including on a retrospective basis, from the CSRC, the CAC or other PRC authorities with respect to this offering, as well as regarding
any annual data security review or other procedures that may be imposed on us. If any approval, review or other procedure is in fact
required, we cannot assure you that we will be able to obtain such approval or complete such review or other procedure timely or at all.
For any approval that we may be able to obtain, it could nevertheless be revoked and the terms of its issuance may impose restrictions
on our operations and offerings relating to our securities. The regulatory requirements with respect to cybersecurity and data privacy
are constantly evolving and can be subject to varying interpretations, and significant changes, resulting in uncertainties about the
scope of our responsibilities in that regard. Failure to comply with the cybersecurity and data privacy requirements in a timely manner,
or at all, may subject us to government enforcement actions and investigations, fines, penalties, suspension or disruption of our operations,
among other things.
Given
that the above referenced laws, regulations and policies were recently promulgated or publicly released, their interpretation, application
and enforcement are subject to substantial uncertainties.
If
the Chinese government determines that our corporate structure does not comply with Chinese regulations, or if Chinese regulations change
or are interpreted differently in the future, Chinese regulatory authorities could disallow our current operating structure, which would
likely result in a material change in our operations and/or cause the value of such securities to significantly decline or become worthless.
In
July 2021, the Chinese government provided new guidance on Chinese companies raising capital outside of mainland China, including through
arrangements called variable interest entities, or VIEs. Currently, our corporate structure contains no variable interest entities and
we are not in an industry that is subject to foreign ownership limitations in mainland China. However, there are uncertainties with respect
to the Chinese legal system and there may be changes in laws, regulations and policies, including how those laws, regulations and policies
will be interpreted or implemented. If in the future the Chinese government determines that our corporate structure does not comply with
Chinese regulations, or if Chinese regulations change or are interpreted differently, the value of our securities may decline or become
worthless.
The
Chinese government may intervene or influence our operations at any time, or may exert more control over offerings conducted overseas
and/or foreign investment in China-based issuers, which could result in a material change in our operations and/or cause the value of
our securities to significantly decline or be worthless.
The
Chinese government has significant oversight and discretion over the conduct of our business and may intervene or influence our operations
as the government deems appropriate to further regulatory, political and societal goals. The Chinese government has recently published
new policies that significantly affected certain industries such as the education and internet industries, and we cannot rule out the
possibility that it will in the future release regulations or policies regarding the food and beverage industry or the supply china industry
that could require us to seek permission from Chinese authorities to continue to operate our business, which may adversely affect our
business, financial condition and results of operations. Furthermore, recent statements made by the Chinese government have indicated
an intent to increase the government’s oversight and control over offerings of companies with significant operations in mainland
China that are to be conducted in foreign markets, as well as foreign investment in China-based issuers like us. Any future action by
the Chinese government expanding the categories of industries and companies whose foreign securities offerings are subject to government
review could significantly limit or completely hinder our ability to offer or continue to offer securities to investors or could disallow
our current operating structure, which would likely result in a material change in our operations and/or a material change in the value
of our securities, including causing the value of such securities to significantly decline or become worthless.
On
July 6, 2021, the General Office of the Communist Party of China Central Committee and the General Office of the State Council jointly
issued a document to crack down on illegal activities in the securities market and promote the high-quality development of the capital
market, which, among other things, requires the relevant governmental authorities to strengthen cross-border oversight of law enforcement
and judicial cooperation, to enhance supervision over China-based companies listed overseas, and to establish and improve the system
of extraterritorial application of the PRC securities laws. Since this document is still relatively new, uncertainties still exist in
relation to how soon legislative or administrative regulation making bodies will respond and what existing or new laws or regulations
or detailed implementations and interpretations will be modified or promulgated, if any, and the potential impact such modified or new
laws and regulations will have on our future business combination with a company with major operation in China.
Further,
Chinese government continues to exert more oversight and control over Chinese technology firms. On July 2, 2021, Chinese cybersecurity
regulator announced, that it had begun an investigation of Didi Global Inc. (NYSE: DIDI) and two days later ordered that the company’s
application be removed from smartphone application stores. On July 5, 2021, the Chinese cybersecurity regulator launched the same investigation
on two other Internet platforms, China’s Full Truck Alliance of Full Truck Alliance Co. Ltd. (NYSE: YMM) and Boss of KANZHUN LIMITED
(Nasdaq: BZ).
On
December 24, 2021, the CSRC issued the Administrative Provisions of the State Council Regarding the Overseas Issuance and Listing of
Securities by Domestic Enterprises (the “Draft Administrative Provisions”) and the Measures for the Overseas Issuance of
Securities and Listing Record-Filings by Domestic Enterprises (Draft for Comments) (the “Draft Filing Measures”), collectively,
the Draft Overseas Listing Rules, which are currently published for public comments only. According to the Draft Overseas Listing Rules,
among other things, all China-based companies applying for overseas securities issuance, listing and post-listing capital operations
shall be subject to statutory procedures, such as filing and information reporting requirement. After making initial applications with
overseas stock markets for offerings or listings, all China-based companies shall file with the CSRC within three business days. In addition,
overseas offerings and listings may be prohibited for such China-based companies when any of the following applies: (a) if the securities
offerings and listings are prohibited by applicable PRC laws and rules; (b) if securities offerings and listings may constitute a threat
to, or endanger national security as reviewed and determined by PRC authorities; (c) if there are material ownership disputes over applicants’
equity interests, major assets, core technologies or other items; (d) if a PRC company or its controlling shareholders or de facto controllers
have committed certain crimes, under investigation for suspicion of major violations in the prior three years; (e) if any directors,
supervisors, or senior executives of applicants have been subject to administrative punishments for severe violations, or are under investigations
for crimes or major violations; or (f) other circumstances as provided. The Draft Administrative Provisions further provide that a fine
between RMB 1 million and RMB 10 million may be imposed if a company fails to fulfill the filing requirements with the CSRC or conducts
an overseas offering or listing in violation of the Draft Overseas Listing Rules. In the case of severe violations, an order to suspend
relevant businesses or halt operations for rectification may be issued, and relevant business permits or operational license revoked.
Overseas issuance and listings subject to the Draft Overseas Listing Rules include direct and indirect issuance and listings. We believe
that our future securities offerings and proposed listing of our shares on Nasdaq Capital Market would be deemed an Indirect Overseas
Issuance and Listing under the Draft Overseas Listing Rules and will be required to complete the filing procedures and submit the relevant
information to CSRC after the Draft Overseas Listing Rules become effective. As of the date of this report, such rules have not become
effective and we are not required to complete the filing procedures if we complete this offering and begin the trading of our common
stock on the Nasdaq before the rules take effect. In addition, after the rules take effect, we would only need to submit the filing materials
and no CSRC approval would be required under the rules. Because we are relying on an opinion of counsel, there is uncertainty inherent
in relying on an opinion of counsel in connection with whether we are required to obtain permissions from a governmental agency that
is required to approve of our operations and/or listings. In the event that an government approval is required, we cannot assure you
that we will be able to receive clearance in a timely manner, or at all. Any failure of us to fully comply with new regulatory requirements
may significantly limit or completely hinder our ability to offer or continue to offer our common stock, cause significant disruption
to our business operations, severely damage our reputation, materially and adversely affect our financial condition and results of operations
and cause our shares to significantly decline in value or become worthless.
China
Securities Regulatory Commission and other Chinese government agencies may exert more oversight and control over offerings that are conducted
overseas and/or foreign investment in China-based issuers. Additional compliance procedures may be required in connection with the offering
of our securities and our business operations, and, if required, we cannot predict whether we will be able to obtain such approval. As
a result, we face uncertainty about future actions by the PRC government that could significantly affect our ability to offer or continue
to offer securities to investors and/or conduct our operations and cause the value of our shares to significantly decline or be worthless.
We
may be exposed to liabilities under the Foreign Corrupt Practices Act, and any determination that we violated the foreign corrupt practices
act could have a material adverse effect on our business.
We
are subject to the Foreign Corrupt Practice Act, or FCPA, and other laws that prohibit improper payments or offers of payments to foreign
governments and their officials and political parties by U.S. persons and issuers as defined by the statute for the purpose of obtaining
or retaining business. We will have operations, agreements with third parties and make sales in the PRC, which may experience corruption.
Our proposed activities in the PRC create the risk of unauthorized payments or offers of payments by one of the employees, consultants,
or sales agents of our Company, because these parties are not always subject to our control. It is our policy to implement safeguards
to discourage these practices by our employees. Also, our existing safeguards and any future improvements may prove to be less than effective,
and the employees, consultants, or sales agents of our Company may engage in conduct for which we might be held responsible. Violations
of the FCPA may result in severe criminal or civil sanctions, and we may be subject to other liabilities, which could negatively affect
our business, operating results and financial condition. In addition, the government may seek to hold our Company liable for successor
liability FCPA violations committed by companies in which we invest or that we acquire.
You
may have difficulty enforcing judgments against us.
We
are a Nevada corporation but most of our assets are and will be located outside of the United States. Almost all our operations
are conducted in the PRC. In addition, all our officers and directors are the nationals and residents of a country other than the United
States. Almost all of their assets are located outside the United States. As a result, it may be difficult
for you to effect service of process within the United States upon them. It may also be difficult for you to enforce in U.S. courts judgments
on the civil liability provisions of the U.S. federal securities laws against us and our officers and directors, since he or she is not
a resident in the United States. In addition, there is uncertainty as to whether the courts of the PRC or other jurisdictions would recognize
or enforce judgments of U.S. courts.
Chinese
economic growth slowdown may have a negative effect on our business.
Since 2014, Chinese economic growth has been slowing down from double-digit
GDP speed. The annual rate of growth declined from 7.3% in 2014 to 6.9% in 2015, to 6.7% in 2016, to 6.9% in 2017, to 6.6% in 2018, and
to 6.1% in 2019, 2.3% in 2020, 8.45% in 2021, 3% in 2022 and 5.2% in 2023. Due to the impact of COVID-19, China’s economic growth
rate in 2020 has slowed to 2.3%, its lowest level in years. While technology-based financial
services companies have not been affected by the pandemic on the same level as companies in certain other industries, nevertheless a
slow economic growth could adversely affect many of our customers and partners, which in turn may materially adversely affect our financial
condition and results of operations.
PRC
regulation of loans and direct investment by offshore holding companies in PRC entities may delay or prevent us from using the proceeds
of our securities offerings to make loans or additional capital contributions to our PRC operating subsidiaries, which could materially
and adversely affect our liquidity and our ability to fund and expand our business.
In
the normal course of our business, we may make loans to our PRC subsidiaries or may make additional capital contributions to our PRC
subsidiaries. Any loans to our wholly foreign-owned or holding subsidiaries in China, which are treated as foreign-invested enterprises
(“FIEs”) under PRC law, are subject to PRC regulations and foreign exchange loan registrations. For example, loans by us
to our FIE subsidiaries in China to finance their activities cannot exceed statutory limits and must be registered with SAFE. In addition,
a foreign invested enterprise shall use its capital pursuant to the principle of authenticity and self-use within its business scope.
The capital of a foreign invested enterprise shall not be used for the following purposes: (i) directly or indirectly used for payment
beyond the business scope of the enterprises or the payment prohibited by relevant laws and regulations; (ii) directly or indirectly
used for investment in securities or investments other than banks’ principal-secured products unless otherwise provided by relevant
laws and regulations; (iii) granting of loans to non-affiliated enterprises, except where it is expressly permitted in the business license;
and (iv) paying the expenses related to the purchase of real estate that is not for self-use (except for the foreign-invested real estate
enterprises).
SAFE promulgated the Notice of the State Administration of Foreign Exchange
on Reforming the Administration of Foreign Exchange Settlement of Capital of Foreign-invested Enterprises , or SAFE Circular 19, effective
June 2015, in replacement of the Circular on the Relevant Operating Issues Concerning the Improvement of the Administration of the Payment
and Settlement of Foreign Currency Capital of Foreign-Invested Enterprises, the Notice from the State Administration of Foreign Exchange
on Relevant Issues Concerning Strengthening the Administration of Foreign Exchange Businesses, and the Circular on Further Clarification
and Regulation of the Issues Concerning the Administration of Certain Capital Account Foreign Exchange Businesses. According to SAFE
Circular 19, the flow and use of the RMB capital converted from foreign currency-denominated registered capital of a foreign-invested
company is regulated such that RMB capital may not be used for the issuance of RMB entrusted loans, the repayment of inter-enterprise
loans or the repayment of banks loans that have been transferred to a third party. Although SAFE Circular 19 allows RMB capital converted
from foreign currency-denominated registered capital of a foreign-invested enterprise to be used for equity investments within China,
it also reiterates the principle that RMB converted from the foreign currency-denominated capital of a foreign-invested company may not
be directly or indirectly used for purposes beyond its business scope. SAFE promulgated the Notice of the State Administration of Foreign
Exchange on Reforming and Standardizing the Foreign Exchange Settlement Management Policy of Capital Account, or SAFE Circular 16, effective
on June 9, 2016, which reiterates some of the rules set forth in SAFE Circular 19, but changes the prohibition against using RMB capital
converted from foreign currency-denominated registered capital of a foreign-invested company to issue RMB entrusted loans to a prohibition
against using such capital to issue loans to non-associated enterprises. Violations of SAFE Circular 19 and SAFE Circular 16 could result
in administrative penalties. SAFE Circular 19 and SAFE Circular 16 may significantly limit our ability to transfer any foreign currency
we hold, including the net proceeds from this offering, to our PRC subsidiaries, which may adversely affect our liquidity and our ability
to fund and expand our business in China. On October 23, 2019, the SAFE promulgated the Notice of the State Administration of Foreign
Exchange on Further Promoting the Convenience of Cross-border Trade and Investment, or the SAFE Circular 28, which, among other things,
allows all foreign-invested companies to use Renminbi converted from foreign currency-denominated capital for equity investments in China,
as long as the equity investment is genuine, does not violate applicable laws, and complies with the negative list on foreign investment.
However, since the SAFE Circular 28 is newly promulgated, it is unclear how SAFE and competent banks will implement the relevant rules
in practice.
In
light of the various requirements imposed by PRC regulations on loans to and direct investment in PRC entities by offshore holding companies,
we cannot be certain that we will be able to complete the necessary government registrations or obtain the necessary government approvals
on a timely basis, if at all, with respect to future loans to our PRC subsidiaries or future capital contributions by us to our subsidiaries
in China. As a result, uncertainties exist as to our ability to provide prompt funding to our PRC subsidiaries when needed. If we fail
to complete such registrations or obtain such approvals, our ability to use the proceeds we expect to receive from this offering and
to capitalize or otherwise fund our PRC operations may be negatively affected, which could materially and adversely affect our financial
condition and operating results.
Fluctuations
in exchange rates could adversely affect our business and the value of our securities.
Changes
in the value of the RMB against the U.S. dollar, Euro and other foreign currencies are affected by, among other things, changes in China’s
political and economic conditions. Any significant revaluation of the RMB may have a material adverse effect on our revenues and financial
condition, and the value of, and any dividends payable on our shares in U.S. dollar terms. For example, to the extent that we need to
convert U.S. dollars we receive from our securities offerings into RMB for our operations, appreciation of the RMB against the U.S. dollar
would have an adverse effect on RMB amount we would receive from the conversion. Conversely, if we decide to convert our RMB into U.S.
dollars for the purpose of paying dividends on our common stock or for other business purposes, appreciation of the U.S. dollar against
the RMB would have a negative effect on the U.S. dollar amount available to us. In addition, fluctuations of the RMB against other currencies
may increase or decrease the cost of imports and exports, and thus affect the price-competitiveness of our products against products
of foreign manufacturers or products relying on foreign inputs.
Since
July 2005, the RMB is no longer pegged to the U.S. dollar. Although the People’s Bank of China regularly intervenes in the foreign
exchange market to prevent significant short-term fluctuations in the exchange rate, the RMB may appreciate or depreciate significantly
in value against the U.S. dollar in the medium to long term. Moreover, it is possible that in the future PRC authorities may lift restrictions
on fluctuations in the RMB exchange rate and lessen intervention in the foreign exchange market.
We
will reflect the impact of currency translation adjustments in our financial statements under the heading “accumulated other comprehensive
income (loss).” Very limited hedging transactions are available in China to reduce our exposure to exchange rate fluctuations.
To date, we have not entered into any hedging transactions. While we may enter into hedging transactions in the future, the availability
and effectiveness of these transactions may be limited, and we may not be able to successfully hedge our exposure at all. In addition,
our foreign currency exchange gains and losses may be magnified by PRC exchange control regulations that restrict our ability to convert
RMB into foreign currencies.
There are
uncertainties under the PRC laws relating to the procedures for U.S. regulators to investigate and collect evidence from companies located
in the PRC.
Shareholder
claims that are common in the U.S., including securities law class actions and fraud claims, among other matters, generally are difficult
to pursue as a matter of law or practicality in China. For example, in China, there are significant legal and other obstacles to obtaining
information needed for shareholder investigations or litigation outside China or otherwise with respect to foreign entities. Although
the local authorities in China may establish a regulatory cooperation mechanism with the securities regulatory authorities of another
country or region to implement cross-border supervision and administration, such regulatory cooperation with the securities regulatory
authorities in the Unities States have not been efficient in the absence of mutual and practical cooperation mechanism. According to
Article 177 of the PRC Securities Law, which became effective in March 2020, or Article 177, the securities regulatory authority of the
State Council may collaborate with securities regulatory authorities of other countries or regions in order to monitor and oversee cross
border securities activities. Article 177 further provides that overseas securities regulatory authorities are not permitted to carry
out investigation and evidence collection directly within the territory of the PRC, and that any Chinese entities and individuals are
not allowed to provide documents or materials related to securities business activities to overseas agencies without prior consent of
the securities regulatory authority of the State Council and the competent departments of the State Council.
Our
principal business operations will be conducted in the PRC. In the event that the U.S. regulators carry out investigations with respect
to our business and need to conduct investigation or collect evidence within the territory of the PRC, the U.S. regulators may not be
able to carry out such investigation or evidence collection directly in the PRC under the PRC laws. The U.S. regulators may consider
cross-border cooperation with securities regulatory authority of the PRC by way of judicial assistance, diplomatic channels or regulatory
cooperation mechanism established with the securities regulatory authority of the PRC. However, there can be no assurance that the U.S.
regulators could succeed in establishing such cross-border cooperation in a specific case or could establish the cooperation in a timely
manner. If U.S. regulators are unable to conduct such investigations, such U.S. regulators may determine to suspend and ultimately delist
our common stock from the Nasdaq Capital Market or choose to suspend or de-register our SEC registration.
Failure
to comply with laws and regulations applicable to our business in China could subject us to fines and penalties and could also cause
us to lose customers or otherwise harm our business.
Our
business is subject to regulation by various governmental agencies in China, including agencies responsible for monitoring and enforcing
compliance with various legal obligations, such as privacy and data protection-related laws and regulations, intellectual property laws,
employment and labor laws, workplace safety, environmental laws, consumer protection laws, governmental trade laws, import and export
controls, anti-corruption and anti-bribery laws, and tax laws and regulations. These laws and regulations impose added costs on our business.
Noncompliance with applicable regulations or requirements could subject us to:
|
● |
investigations,
enforcement actions, and sanctions; |
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mandatory
changes to our supply chain system and products; |
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disgorgement
of profits, fines, and damages; |
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civil
and criminal penalties or injunctions; |
|
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claims
for damages by our customers or partners; |
|
● |
termination
of contracts; |
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loss
of intellectual property rights; |
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failure
to obtain, maintain or renew certain licenses, approvals, permits, registrations or filings |
|
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necessary
to conduct our operations; and |
|
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temporary
or permanent debarment from sales to public service organizations. |
If
any governmental sanctions are imposed, or if we do not prevail in any possible civil or criminal litigation, our business, results of
operations, and financial condition could be adversely affected. In addition, responding to any action will likely result in a significant
diversion of our management’s attention and resources and an increase in professional fees. Enforcement actions and sanctions could
materially harm our business, results of operations, and financial condition.
We
are exposed to the risk of misconduct, errors and failure to functions by our management, employees and parties that we collaborate with,
who may from time to time be subject to litigation and regulatory investigations and proceedings or otherwise face potential liability
and penalties in relation to noncompliance with applicable laws and regulations, which could harm our reputation and business.
Payment
of dividends is subject to restrictions under Nevada and the PRC laws.
Under
Nevada law, we may only pay dividends subject to our ability to service our debts as they become due and provided that our assets will
exceed our liabilities after the payment of such dividends. Our ability to pay dividends will therefore depend on our ability to generate
adequate profits. In addition, because of a variety of rules applicable to our operations in the PRC and the regulations on foreign investments
as well as the applicable tax law, we may be subject to further limitations on our ability to declare and pay dividends to our shareholders.
As
a holding company, we may rely on dividends and other distributions from our potential PRC subsidiaries and WFOEs for cash requirements.
If a WFOE incurs any debts, the instruments governing such debts may restrict its ability to pay dividends to us. In order for
us to pay dividends or other distributions to our shareholders, including investors in this offering, we will rely on payments from our
subsidiaries. Cash or other assets may be transferred to us from our subsidiaries in the following manner: (i) funds from our operating
subsidiaries to WFOEs may be remitted as services fees, dividends or other distributions; and (ii) WFOEs may make dividends or other
distributions to us through our Hong Kong subsidiaries.
Current
PRC regulations permit Chinese operating subsidiaries to pay dividends to foreign parent companies only out of their accumulated profits,
if any, determined in accordance with Chinese accounting standards and regulations. In addition, each of our subsidiaries in China is
required to set aside at least 10% of its after-tax profits each year, if any, to fund a statutory reserve until such reserve reaches
50% of its registered capital. Each of our subsidiaries in China is also required to further set aside a portion of its after-tax profits
to fund the employee welfare fund, although the amount to be set aside, if any, is determined at the discretion of its board of directors.
While the statutory reserves can be used, among other ways, to increase the registered capital and eliminate future losses in excess
of retained earnings of the respective companies, the reserve funds are not distributable as cash dividends except in the event of liquidation.
Cash
dividends, if any, on our common stock will be paid in U.S. dollars. The PRC government also imposes restrictions on the conversion of
RMB into foreign currencies and the remittance of currencies out of the PRC. As such, we may experience difficulties in completing the
administrative procedures necessary to obtain and remit foreign currency for the payment of dividends from our profits, if any. Furthermore,
if our subsidiaries in the PRC incur any debts, the existence of debts evidenced by the debt instruments may significantly limit their
ability to pay dividends or make other payments. If we are unable to receive earnings distributions from our operating subsidiaries in
China, we would be unable to pay dividends on our shares.
If
we are deemed by the PRC tax authorities as a PRC tax resident enterprise for tax purposes, any dividends we pay to our non-PRC resident
shareholders may be regarded as China-sourced income and as a result, may be subject to PRC withholding tax at a rate of up to 10.0%.
Pursuant to the Arrangement between Mainland China and the Hong Kong Special Administrative Region for the Avoidance of Double Taxation
and Tax Evasion on Income, or the Double Tax Avoidance Arrangement, the 10% withholding tax rate may be reduced to 5% if a Hong Kong
resident enterprise owns no less than 25% of a PRC entity. However, the 5% withholding tax rate does not automatically apply and certain
requirements must be satisfied, including, without limitation, that (a) the Hong Kong entity must be the beneficial owner of the relevant
dividends; and (b) the Hong Kong entity must directly hold no less than 25% share ownership in the PRC entity during the 12 consecutive
months preceding its receipt of the dividends. In practice, a Hong Kong entity must obtain a tax resident certificate from the Hong Kong
tax authority to apply for the 5% lower PRC withholding tax rate. As the Hong Kong tax authority will issue such a tax resident certificate
on a case-by-case basis, we cannot be certain that we will be able to obtain the tax resident certificate from the relevant Hong Kong
tax authority and enjoy the preferential withholding tax rate of 5% under the Double Taxation Arrangement with respect to any dividends
to be paid by our subsidiary in mainland China, to our Hong Kong subsidiary.
As
of the date of this report, we have not paid, and do not anticipate paying in the foreseeable future, dividends or other distributions
to our shareholders. We presently intend to retain all earnings to fund our operations and business expansions.
We
can give no assurance that we will declare dividends of any amounts, at any rate or at all in the future. The declaration of future dividends,
if any, will be at the discretion of our board of directors and will depend upon our future operations and earnings, capital requirements,
general financial conditions, legal and contractual restrictions and other factors that our board of directors may deem relevant.
Risks
Related to Our Common Stock
Due
to factors beyond our control, our stock price may be volatile.
There
is currently a limited market for our Common Stock, and there can be no guarantee that an active market for our Common Stock will develop,
even if we are successful in consummating a business combination. Recently, the price of our Common Stock has been volatile for no reason.
Further, even if an active market for our Common Stock develops, it will likely be subject to by significant price volatility when compared
to more seasoned issuers. We expect that the price of our Common Stock will continue to be more volatile than more seasoned issuers for
the foreseeable future. Fluctuations in the price of our Common Stock can be based on various factors in addition to those otherwise
described in this Report, including:
|
● |
General
speculative fever; |
|
● |
A
prospective business combination and the terms and conditions thereof; |
|
● |
The
operating performance of any business we acquire, including any failure to achieve material revenues therefrom; |
|
● |
The
performance of our competitors in the marketplace, both pre- and post-combination; |
|
● |
The
public’s reaction to our press releases, SEC filings, website content and other public announcements and information; |
|
● |
Changes
in earnings estimates of any business that we acquire or recommendations by any research analysts who may follow us or other companies
in the industry of a business that we acquire; |
|
● |
Variations
in general economic conditions, including as may be caused by uncontrollable events such as the COVID-19 pandemic and the resulting
decline in the economy; |
|
● |
The
public disclosure of the terms of any financing we disclose in the future; |
|
● |
The
number of shares of our Common Stock that are publicly traded in the future; |
|
● |
Actions
of our existing shareholders, including sales of Common Stock by our then directors and then executive officers or by significant
investors; and |
|
● |
The
employment or termination of key personnel. |
Many of these
factors are beyond our control and may decrease the market price of our Common Stock, regardless of whether we can consummate a business
combination and of our current or subsequent operating performance and financial condition. In the past, following periods of volatility
in the market price of a company’s securities, securities class action litigation has often been instituted. A securities class
action suit against us could result in substantial costs and divert our management’s time and attention, which would otherwise
be used to benefit our business.
Our common
stock may not develop an active trading market and the price and trading volume of our shares may fluctuate significantly.
Shares
of common stock are currently quoted on the OTC marketplace. We cannot predict whether investor interest in us will lead to the development
of an active and liquid trading market. If an active trading market does not develop, holders of our shares of common stock may have
difficulty selling our shares that may now be owned or may be purchased later. In addition, until we are able to be listed on a national
exchange, the number of investors willing to hold or acquire our shares may be reduced, we may receive decreased news and analyst coverage,
and we may be limited in our ability to issue additional securities or obtain additional financing in the future on terms acceptable
to us, or at all. Even if an active trading market develops for our shares, the market price of our shares may be highly volatile and
could be subject to wide fluctuations. In addition, the trading volume of our shares may fluctuate and cause significant price variations
to occur.
In
case that our shares trade under $5.00 per share they will be considered penny stock. Trading in penny stocks has many restrictions and
these restrictions could severely affect the price and liquidity of our common stock.
If
our stock trades below $5.00 per share, our stock would be known as a “penny stock”, which is subject to various regulations
involving disclosures to be given to you prior to the purchase of any penny stock. The U.S. Securities and Exchange Commission (the “SEC”)
has adopted regulations which generally define a “penny stock” to be any equity security that has a market price of less
than $5.00 per share, subject to certain exceptions. Depending on market fluctuations, our Common Stock would be considered as a “penny
stock”. A penny stock is subject to rules that impose additional sales practice requirements on broker/dealers who sell these securities
to persons other than established Members and accredited investors. For transactions covered by these rules, the broker/dealer must make
a special suitability determination for the purchase of these securities. In addition, he must receive the purchaser’s written
consent to the transaction prior to the purchase. He must also provide certain written disclosures to the purchaser. Consequently, the
“penny stock” rules may restrict the ability of broker/dealers to sell our securities and may negatively affect the ability
of holders of shares of our Common Stock to resell them. These disclosures require you to acknowledge that you understand the risks associated
with buying penny stocks and that you can absorb the loss of your entire investment. Penny stocks are low priced securities that do not
have a very high trading volume. Consequently, the price of the stocks is often volatile, and you may not be able to buy or sell the
stock when you want to.
We
do not anticipate paying cash dividends on our Common Stock in the foreseeable future.
We
do not anticipate paying cash dividends in the foreseeable future. Presently, we intend to retain all our earnings, if any, to finance
development and expansion of our business. Consequently, your only opportunity to achieve a positive return on your investment in us
will be if the market price of our Common Stock appreciates.
Our Chief
Executive Officer, Mr. Zhou, own a majority of our outstanding shares of common stock and could significantly influence the outcome of
our corporate matters.
Mr.
Zhou Xuan, our CEO, beneficially owns 77.5% of our outstanding shares of Common Stock. As a result, Mr. Zhou is collectively able to
exercise significant influence over all matters that require us to obtain shareholder approval, including the election of directors to
our board and approval of significant corporate transactions that we may consider, such as a merger or other sale of our company or its
assets. This concentration of ownership in our shares by executive officers will limit other shareholders’ ability to influence
corporate matters and may have the effect of delaying or preventing a third party from acquiring control over us.
The
price of our common stock may be volatile or may decline regardless of our operating performance, and stockholders may not be able to
resell their shares.
The
trading price for our common stock has fluctuated since our common stock was first quoted on the OTC marketplace. The market price of
our stock may fluctuate significantly in response to numerous factors, many of which are beyond our control, including:
|
● |
actual
or anticipated fluctuations in our revenue and other operating results; |
|
● |
the
financial projections we may provide to the public, any changes in these projections or our failure to meet these projections; |
|
● |
actions
of securities analysts who initiate or maintain coverage of us, changes in financial estimates by any securities analysts who follow
our company, or our failure to meet these estimates or the expectations of investors; |
|
● |
announcements
by us or our competitors of significant products, acquisitions, strategic partnerships, joint ventures, or capital commitments; |
|
● |
price
and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole; |
|
● |
lawsuits
threatened or filed against us; and |
|
● |
other
events or factors, including those resulting from health pandemics, war or incidents of terrorism, or responses to these events. |
In
addition, the stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market
prices of securities of many companies. Stock prices of many companies have fluctuated in a manner unrelated or disproportionate to the
operating performance of those companies.
Future
sales of substantial amounts of the shares of our Common Stock by existing shareholders could adversely affect the price of our Common
Stock.
If
our existing shareholders sell substantial amounts of the shares, then the market price of our Common Stock could fall. Such sales by
our existing shareholders might make it more difficult for us to issue new equity or equity-related securities in the future at a time
and place we deem appropriate. If any existing shareholders sell substantial amounts of shares, the prevailing market price for our shares
could be adversely affected.
ITEM
1B. UNRESOLVED STAFF COMMENTS
We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information
under this item.
ITEM
2. PROPERTIES
We
currently maintain our principal executive office at 66 West Flagler Street, Suite 900 - #3040, Miami, FL 33130.
As
of December 31, 2023, we do not own any real estate or other properties.
ITEM
3. LEGAL PROCEEDINGS
From
time to time, we maybe involve in various lawsuits and legal proceedings which arise in the ordinary course of business. Litigation is
subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business.
Currently there are no pending legal proceedings or claims that we believe will have a material adverse effect on our business, financial
condition or operating results. We know of no legal proceedings to which we are a party or to which any of our property is the subject
which are pending, threatened or contemplated or any unsatisfied judgments against us.
ITEM
4. MINE SAFETY DISCLOSURES
Not
applicable.
PART
II
ITEM
5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
We
are planning to get our securities quoted on the OTC Markets. OTC securities are not listed or traded on the floor of an organized national
or regional stock exchange. Instead, OTC securities transactions are conducted through a telephone and computer network connecting
dealers in stocks. OTC issuers are traditionally smaller companies that do not meet the financial and other listing requirements
of a regional or national stock exchange.
As
of December 31, 2023, no shares of our common stock have traded.
Holders
As
of December 31, 2023, the 3,870,600 issued and outstanding shares of common stock were held by 11 shareholders.
Recent
Sales of Unregistered Securities
The
Company has 75,000,000 $0.001 par value shares of common stock authorized.
On
August 2, 2018 the Company issued 3,000,000 shares of common stock to a director for cash proceeds of $3,000 at $0.001 per share par
value. Par value was used because the Company had just begun and the stock had no value beyond par value at this stage.
Purchase
of our Equity Securities by Officers and Directors
On August 2, 2018 , the Company offered and sold 3,000,000 restricted
shares of common stock to the former president and director, Gediminas Knyzelis, for a purchase price of $0.001 per share, for
aggregate offering proceeds of $3,000, pursuant to Section 4(2) of the Securities Act of 1933 as of all material information
relating to the Company. Further, no commissions were paid to anyone in connection with the sale of these shares and general
solicitation was not made to anyone.
On
June 27, 2022, Gediminas Knyzelis, the Company’s former sole officer and director and majority stockholder, sold 3,000,000 shares
of Company common stock (representing 77.5% of the 3,870,600 shares of common stock issued and outstanding at June 27, 2022) to Zhou
Xuan. In connection therewith, Gediminas Knyzelis resigned as officer and director of the Company and Zhou Xuan consented to act as the
Company’s chief executive officer, chief financial officer, and director. Also, Gediminas Knyzelis agreed to waive the $76,535
amount due to him at June 27, 2022 and the Company agreed to assign the software acquired by the Company on March 17, 2022 to Gediminas
Knyzelis.
Dividend
Policy
No
cash dividends were paid on our shares of common stock during the fiscal year ended December 31, 2023.
Other
Stockholder Matters
None.
ITEM
6. SELECTED FINANCIAL DATA
We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information
under this item.
ITEM
7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The
following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in
this Annual Report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual
results could differ materially from those discussed in the forward- looking statements. Factors that could cause or contribute to such
differences include, but are not limited to those discussed below and elsewhere in this Report. Our audited financial statements are
stated in U.S. Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.
Company
Overview
Guochun
International Inc. (Former name: Charmt, Inc.) (the “Company”) was incorporated in the State of Nevada on August 2, 2018.
To June 27, 2022, the Company was developing a messenger application. On June 27, 2022, Gediminas Knyzelis, the Company’s former
sole officer and director and majority stockholder, sold 3,000,000 shares of Company common stock (representing 77.5% of the 3,870,600
shares of common stock issued and outstanding at June 27, 2022) to ZHOU XUAN. In connection therewith, Gediminas Knyzelis resigned as
officer and director of the Company and ZHOU XUAN consented to act as the Company’s chief executive officer, chief financial officer,
and director. Also, Gediminas Knyzelis agreed to waive the $76,535 amount due to him at June 27, 2022 and the Company agreed to assign
the software acquired by the Company on March 17, 2022 to Gediminas Knyzelis.
As
a result of the ownership and management change described above, the Company ceased its former business plans and is now searching for
business opportunities to acquire.
Results
of Operations
For
the year ended December 31, 2023 compared with the year ended December 31, 2022
Revenue
The
Company generated revenue of $0 for the year ended December 31, 2023 and 2022, respectively. Now the management intends to explore and
identify business opportunities within the U.S., including a potential acquisition of an operating entity through a reverse merger, asset
purchase or similar transaction. Our Chief Executive Officer has experience in business consulting, although no assurances can be given
that he can identify and implement a viable business strategy or that any such strategy will result in profits. Our ability to effectively
identify, develop and implement a viable plan for our business may be hindered by risks and uncertainties which are beyond our control,
including without limitation, the continued negative effects of the coronavirus pandemic on the U.S. and global economies. For more information
about the risk of coronavirus on our business, see Item 1A “Risk Factors.”
Cost
of revenues
Cost
of revenues of $0 for the year ended December 31, 2023 and 2022, respectively.
Operating
Expenses
Operating
expenses of $22,947 and $16,619 for the year ended December 31, 2023 and 2022, respectively. There were mainly consist of professional
fees such as audit fee, edgar filing fee and stock agency’s maintenance fee. Such increase was mainly derived from professional
fees.
Net
Loss
The
net loss of $22,947 and $16,619 for the year ended December 31, 2023 and 2022, respectively. The increase was mainly derived from the
Operating expenses of professional fees.
Liquidity
and Capital Resources
As
of December 31, 2023 and 2022, we cash and cash equivalents of $0. The Company expects to obtain financing to meet our basic operating
requirements for the next twelve months.
Cash
Flow from Operating Activities
Net
cash used in operating activities for the year ended December 31, 2023 was $23,675 as compared to net cash used in operating activities
of $13,740 for the year ended December 31, 2022, reflecting an increase of $9,935. Such increase
was primarily due to higher professional fees.
Cash
Flow from Investing Activities
Net
cash provided by investing activities for the year ended December 31, 2023 and 2022, was $0 and $0, respectively.
Cash
Flow from Financing Activities
Net
cash generated from financing activities for the year ended December 31, 2023 was $23,675 as compared to net cash generated from financing
activities of $12,665 for the year ended December 31, 2022, reflecting a increase of $11,010. Such
increase was due to a higher number of advances from our sole officer and director, Zhou Xuan.
We do not currently
engage in any business activities that provide revenue or cash flow. During the next 12-month period we anticipate incurring costs in
connection with investigating, evaluating, and negotiating potential business combinations, filing SEC reports, and consummating an acquisition
of an operating business.
Given
our limited capital resources, we may consider a business combination with an entity which has recently commenced operations, is a developing
company or is otherwise in need of additional funds for the development of new products or services or expansion into new markets, or
is an established business experiencing financial or operating difficulties and needs additional capital. Alternatively, a business combination
may involve the acquisition of, or merger with, an entity which desires access to the U.S. capital markets.
As
of the date of this Report, our management has not had any discussions with any representative of any other entity regarding a potential
business combination. Any target business that is selected may be financially unstable or in the early stages of development. In such
event, we expect to be subject to numerous risks inherent in the business and operations of a financially unstable or early-stage entity.
In addition, we may affect a business combination with an entity in an industry characterized by a high level of risk or in which our
management has limited experience, and, although our management will endeavor to evaluate the risks inherent in a particular target business,
there can be no assurance that we will properly ascertain or assess all significant risks.
Critical
accounting estimates
Use
of estimates
In
preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities
in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates.
Cash
and cash equivalents
The
Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.
Revenue
recognition
The
Company will assess and follow the guidance of ASC 606, Revenue from Contracts with Customers, and Revenue will be recognized using the
following five steps:
|
1. |
Identify
the contract(s) with a customer; |
|
2. |
Identify
the performance obligations in the contract; |
|
3. |
Determine
the transaction price; |
|
4. |
Allocate
the transaction price to the performance obligations in the contract; and |
|
5. |
Recognize
revenue when (or as) the entity satisfies a performance obligation. |
The
Company had generated zero revenue during the year ended December 31, 2023.
Income
taxes
The
Company followed the liability method of accounting for income taxes in accordance with ASC 740, Income Taxes, or ASC 740. Under this
method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets
and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. The Company
recorded a valuation allowance to offset deferred tax assets if based on the weight of available evidence, it is more-likely-than-not
that some portion, or all, of the deferred tax assets will not be realized. The effect on deferred taxes of a change in tax rate is recognized
in tax expense in the period that includes the enactment date of the change in tax rate.
The
Company accounted for uncertainties in income taxes in accordance with ASC 740. Interest and penalties related to unrecognizable tax
benefit recognized in accordance with ASC 740 are classified in the statements of comprehensive loss as income tax expense.
Earnings
per share
The
Company computes earnings per share (“EPS”) in accordance with ASC Topic 260, “Earnings per share”. Basic
EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for
the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares
(e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or
issuance date, if later. Any potential common shares in 2023 and 2022 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.
Related
party transaction
A
related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families,
(ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control
with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction
is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Transactions
involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations
can be substantiated.
Recent
accounting pronouncements
The
Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of
any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
Going
Concern
The
independent registered public accounting firm auditors’ report accompanying our December 31, 2023 financial statements contained
an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. 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.
Off-Balance
Sheet Arrangements
As
of December 31, 2023, we have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future
effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital
expenditures or capital resources that are material to our stockholders.
ITEM
7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
We
are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information
under this item.
ITEM
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
The
financial statements required by this item are in PART IV of this Annual Report.
ITEM
9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
The disclosure with respect to the change in our independent accountants
required under this section was previously reported as such term is defined in Rule 12b-2 under the Securities Exchange Act of 1934,
as amended, on a Current Report on Form 8-K filed with the Securities and Exchange Commission on February 8, 2024. As previously reported,
there were no disagreements or any reportable events to disclose.
ITEM
9A. CONTROLS AND PROCEDURES
Disclosure
Controls and Procedures
Disclosures
Control and Procedures
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over
financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the
supervision of, the Company’s principal executive and principal financial officers and effected by the Company’s board of
directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America
and includes those policies and procedures that:
|
● |
Pertain
to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets
of the Company; |
|
|
|
|
● |
Provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with
accounting principles generally accepted in the United States of America and that receipts and expenditures of the Company are being
made only in accordance with authorizations of management and directors of the Company; and |
|
|
|
|
● |
Provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s
assets that could have a material effect on the financial statements. |
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect
to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material
misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent
limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to
reduce, though not eliminate, this risk.
As
of December 31, 2023, management assessed the effectiveness of our internal control over financial reporting based on the criteria for
effective internal control over financial reporting established in Internal Control—Integrated Framework issued by the Committee
of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments. Based on
such evaluation, the Company’s management concluded that, during the period covered by this Report, internal controls and procedures
over financial reporting were not effective. This was due to deficiencies that existed in the design or operation of our internal controls
over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.
Identified
Material Weaknesses
A
material weakness in internal control over financial reporting is a control deficiency, or combination of control deficiencies, that
results in more than a remote likelihood that a material misstatement of the financial statements will not be prevented or detected.
Management
identified the following material weaknesses during its assessment of internal controls over financial reporting as of December 31, 2023.
1. |
We do not have an Audit
Committee – While not being legally obligated to have an audit committee, it is the management’s view that such a
committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement.
Currently the Chief Executive Officer and Director act in the capacity of the Audit Committee and does not include a member that
is considered to be independent of management to provide the necessary oversight over management’s activities. |
|
|
2. |
We do not have Written
Policies & Procedures – Due to lack of written policies and procedures for accounting and financial reporting, the
Company did not establish a formal process to close our books monthly and account for all transactions and thus failed to properly
record the Private Placement or disclose such transactions in its SEC filings in a timely manner. |
|
|
3. |
We did not implement
appropriate information technology controls – As at December 31, 2023, the Company retains copies of all financial data
and material agreements; however, there is no formal procedure or evidence of normal backup of the Company’s data or off-site
storage of the data in the event of theft, misplacement, or loss due to unmitigated factors. |
Accordingly,
the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual
or interim financial statements will not be prevented or detected on a timely basis by the Company’s internal controls.
As
a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control
over financial reporting as of December 31, 2023 based on criteria established in Internal Control—Integrated Framework issued
by COSO.
Management’s
Remediation Initiatives
In
an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we have initiated,
or plan to initiate, the following series of measures:
1. |
We plan to create a position
to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise
within the accounting function when funds are available to us. The accounting personnel is responsible for reviewing the financing
activities, facilitate the approval of the financing, record the information regarding the financing, and submit SEC filing related
documents to our legal counsel in order to comply with the filing requirements of SEC. |
|
|
2. |
We plan to prepare written
policies and procedures for accounting and financial reporting to establish a formal process to close our books monthly on an accrual
basis and account for all transactions, including equity and debt transactions. |
|
|
3. |
We intend to add staff
members to our management team for making sure that information required to be disclosed in our reports filed and submitted under
the Exchange Act is recorded, processed, summarized and reported as and when required and the staff members will have segregated
responsibilities with regard to these responsibilities. |
We
anticipate that these initiatives will be at least partially, if not fully, implemented by the end of fiscal year 2023.
Changes
in internal controls over financial reporting
There
was no change in our internal controls over financial reporting that occurred during the period covered by this Report, which has materially
affected or is reasonably likely to materially affect, our internal controls over financial reporting, except that we have hired outside
consultant to remediate our material weakness in lack of accounting and finance personnel with technical knowledge in SEC rules and regulations.
ITEM
9B. OTHER INFORMATION
None.
PART
III
ITEM
10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
Our
executive officer’s and director’s and their respective ages as of the date hereof are as follows:
NAME |
|
AGE |
|
POSITION |
Zhou Xuan |
|
49 |
|
Chief Executive Officer,
Chief Financial Officer, Director |
Set
forth below is a brief description of the background and business experience of our executive officer and director for the past five
years.
Zhou
Xuan – Chief Executive Officer, Chief Financial Officer, Director
Mr.
Zhou Xuan, who is 49 years old, graduated from a secondary school in China in July 1993.
He is the president, Chief Executive Officer and chairman of the Board of Directors of the Company.
Mr.
Zhou founded his own company called Guangdong Guochun International Trade Limited focusing on commodity
trading in China from September 2016 to April 2022. He served as the Chairman of the company and was responsible for the leadership,
the formulation of marketing strategy and resource integration, while also participated in the company’s financial and accounting
works.
Starting
from April 2022, he founded Guochun Internet Technology Holding (Hangzhou) Limited, focusing on e-commercial and offline product sales.
He served as the Chairman of the company is responsible for the company management, financial and accounting, marketing strategy and
daily operation.
Family
Relationships
There
are no family relationships, or other arrangements or understandings between or among any of the director or executive officer.
Board
Committees
Our
Company currently does not have nominating, compensation, or audit committees or committees performing similar functions nor does our
Company have a written nominating, compensation or audit committee charter. Our Directors believes that it is not necessary to have such
committees, at this time, because the Directors can adequately perform the functions of such committees.
Audit Committee
Financial Expert
Our
Board of Directors has determined that we do not have a board member that qualifies as an “audit committee financial expert”
as defined in Item 407(D)(5) of Regulation S-K, nor do we have a Board member that qualifies as “independent” as the term
is used in Item 7(d)(3)(iv)(B) of Schedule 14A under the Securities Exchange Act of 1934, as amended, and as defined by Rule 4200(a)(14)
of the FINRA Rules.
Audit
committee financial expert means a person who has the following attributes:
1. |
An understanding of generally
accepted accounting principles and financial statements; |
|
|
2. |
Experience applying such
generally accepted accounting principles in connection with the accounting for estimates, accruals, and reserves that are generally
comparable to the estimates, accruals and reserves, if any, used in the registrant’s financial statements; |
|
|
3. |
Experience preparing or
auditing financial statements that present accounting issues that are generally comparable to those raised by the registrant’s
financial statements; |
|
|
4. |
Experience with internal
controls and procedures for financial reporting; and |
|
|
5. |
An understanding of audit
committee functions. |
Currently,
our Company does not have an audit committee or an audit committee financial expert (as defined in Item 407 of Regulation S-K) serving
on its Board of Directors because given the early stage of our business development, it is costly to retain an independent Director who
qualify as an audit committee financial expert. However, we expect, in the foreseeable future, to form such a committee composed of our
non-employee directors. We may in the future attempt to add a qualified board member to serve as an audit committee financial expert
in the future, subject to our ability to locate and compensate such a person. The audit committee’s duties will be to recommend
to our Company’s Board of Directors the engagement of an independent registered public accounting firm to audit our Company’s
financial statements and to review our Company’s accounting and auditing principles.
Corporate
Governance
The
Company promotes accountability for adherence to honest and ethical conduct; endeavours to provide full, fair, accurate, timely and understandable
disclosure in reports and documents that the Company files with the Securities and Exchange Commission (the “SEC”) and in
other public communications made by the Company; and strives to be compliant with applicable governmental laws, rules and regulations.
The Company has not formally adopted a written code of business conduct and ethics that governs the Company’s employees, officers
and Directors as the Company is not required to do so.
In
lieu of an Audit Committee, the Company’s Board of Directors, is responsible for reviewing and making recommendations concerning
the selection of outside auditors, reviewing the scope, results and effectiveness of the annual audit of the Company’s financial
statements and other services provided by the Company’s independent public accountants. The Board of Directors, the Chief Executive
Officer and the Chief Financial Officer of the Company review the Company’s internal accounting controls, practices and policies.
Code
of Ethics
We
have not adopted a formal Code of Ethics. The Director evaluated the business of the Company and the number of employees and determined
that since the business has not operated, general rules of fiduciary duty and federal and state criminal, business conduct and securities
laws are adequate ethical guidelines. In the event our operations, employees and/or Directors expand in the future, we may take actions
to adopt a formal Code of Ethics.
Involvement
in Certain Legal Proceedings
To
our knowledge, there are no material proceedings to which any of our directors, officers or affiliates of the Company is a party adverse
to the Company or has a material interest adverse to the Company.
Shareholder
Proposals
Our
Company does not have any defined policy or procedural requirements for shareholders to submit recommendations or nominations for Board
of Directors. The Board of Directors believes that, given the stage of our development, a specific nominating policy would be premature
and of little assistance until our business operations develop to a more advanced level. Our Company does not currently have any specific
or minimum criteria for the election of nominees to the Board of Directors and we do not have any specific process or procedure for evaluating
such nominees. The Board of Directors will assess all candidates, whether submitted by management or shareholders, and make recommendations
for election or appointment.
A
shareholder who wishes to communicate with our Director may do so by directing a written request addressed to our President, at the address
appearing on the first page of this Information Statement.
SECTION
16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Section
16(a) of the Securities Exchange Act requires our executive officers and directors, and persons who own more than 10% of our common stock,
to file reports regarding ownership of, and transactions in, our securities with the Securities and Exchange Commission and to provide
us with copies of those filings. Based solely on our review of the copies of such forms furnished to us and written representations by
our officers and directors regarding their compliance with applicable reporting requirements under Section 16(a) of the Exchange Act,
we believe that all Section 16(a) filing requirements for our executive officers, directors and 10% stockholders were met during the
year ended December 31, 2023.
ITEM 11. COMPENSATION
OF EXECUTIVE AND DIRECTOR
The
following table sets forth information concerning the compensation of our Chief Executive Officer, and the executive officers who served
at the end of the year December 31, 2023, for services rendered in all capacities to us.
Summary
Compensation Table |
|
Name
and Principle Position |
|
Period |
|
Salary
($) |
|
|
Bonus
($) |
|
|
Stock
Awards ($) |
|
|
Option
Awards
($) |
|
|
Non-
Equity Incentive Plan Compensation ($) |
|
|
Non-qualified
Deferred Compensation Earnings
($) |
|
|
All
Other Compensation ($) |
|
|
Total
($) |
|
Zhou Xuan, Chief Executive
Officer, Chief Financial Officer, Director |
|
For the year ended December 31,
2023 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Zhou Xuan, Chief Executive Officer, Chief Financial
Officer, Director |
|
For the year ended December 31, 2022 |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
We
do not pay our directors any fees or other compensation for acting as director. We have not paid any fees or other compensation to any
of our directors for acting as directors to date.
Narrative
Disclosure to Summary Compensation Table
There
are no arrangements or plans in which we provide pension, retirement or similar benefits for directors or executive officers. Our Directors
and executive officers may receive stock options at the discretion of our Board of Directors in the future. We do not have any material
bonus or profit sharing plans pursuant to which cash or non-cash compensation is or may be paid to our directors or executive officers,
except that stock options may be granted at the discretion of our Board of Directors from time to time. We have no plans or arrangements
in respect of remuneration received or that may be received by our executive officers to compensate such officers in the event of termination
of employment (as a result of resignation, retirement, change of control) or a change of responsibilities following a change of control.
Stock
Option Grants
We
have not granted any stock options to our executive officers since our incorporation.
Employment
Agreements
We
do not have an employment or consulting agreement with any officers or Directors.
Compensation
Discussion and Analysis
Director
Compensation
Our
Board of Directors does not currently receive any consideration for their services as members of the Board of Directors. The Board of
Directors reserves the right in the future to award the members of the Board of Directors cash or stock-based consideration for their
services to the Company, which awards, if granted shall be in the sole determination of the Board of Directors.
Executive
Compensation Philosophy
Our
Board of Directors determines the compensation given to our executive officers in their sole determination. Our Board of Directors reserves
the right to pay our executive or any future executives a salary, and/or issue them shares of common stock in consideration for services
rendered and/or to award incentive bonuses which are linked to our performance, as well as to the individual executive officer’s
performance. This package may also include long-term stock-based compensation to certain executives, which is intended to align the performance
of our executives with our long-term business strategies. Additionally, while our Board of Directors has not granted any performance
base stock options to date, the Board of Directors reserves the right to grant such options in the future, if the Board in its sole determination
believes such grants would be in the best interests of the Company.
Incentive
Bonus
The
Board of Directors may grant incentive bonuses to our executive officer and/or future executive officers in its sole discretion, if the
Board of Directors believes such bonuses are in the Company’s best interest, after analyzing our current business objectives and
growth, if any, and the amount of revenue we are able to generate each month, which revenue is a direct result of the actions and ability
of such executives.
Long-term,
Stock Based Compensation
In
order to attract, retain and motivate executive talent necessary to support the Company’s long-term business strategy we may award
our executive and any future executives with long-term, stock-based compensation in the future, at the sole discretion of our Board of
Directors, which we do not currently have any immediate plans to award.
ITEM
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
As
of December 31, 2023, the Company has 3,870,600 shares of common stock issued and outstanding, which number of issued and outstanding
shares of common stock have been used throughout this report.
The
following table sets forth, as of December 31, 2023 certain information with regard to the record and beneficial ownership of the Company’s
common stock by (i) each person known to the Company to be the record or beneficial owner of more than 5% of the Company’s common
stock, (ii) each director of the Company, (iii) each of the named executive officers, and (iv) all executive officers and directors of
the Company as a group:
Title
of Class |
|
Name
and Address of
Shareholders |
|
Amount
and
Nature
of
Shareholders
Ownership |
|
|
Percent
of
Class |
|
|
Common Stock |
|
Zhou Xuan (i), (ii), (iii) |
|
|
3,000,000 |
|
|
|
77.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
(1) |
Beneficial ownership is
determined in accordance with the rules of the Securities and Exchange Commission and generally includes voting or investment power
with respect to securities. Beneficial ownership also includes shares of stock subject to options and warrants currently exercisable
or exercisable within 60 days of the date of this table. In determining the percent of common stock owned by a person or entity as
of the date of this Report, (a) the numerator is the number of shares of the class beneficially owned by such person or entity, including
shares which may be acquired within 60 days on exercise of warrants or options and conversion of convertible securities, and (b)
the denominator is the sum of (i) the total shares of common stock outstanding on as of December 31, 2023 (3,870,600 shares), and
(ii) the total number of shares that the beneficial owner may acquire upon exercise of the derivative securities. Unless otherwise
stated, each beneficial owner has sole power to vote and dispose of its shares. |
|
|
(2) |
Based on the total issued
and outstanding shares of 3,870,600 as of December 31, 2023. |
ITEM
13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, DIRECTOR INDEPENDENCE
On
June 27, 2022, as a result of a private transactions, 3,000,000 shares of common stock, $0.001 par value per share (the "Shares")
of Guochun International Inc. (Former name: Charmt, Inc.), a Nevada corporation (the "Company"), were transferred from Gediminas
Knyzelis to Zhou Xuan (the “Purchaser”). As a result, the Purchaser became holders of approximately 77.5% of the voting rights
of the issued and outstanding share capital of the Company and became the controlling shareholder. The consideration paid for the Shares
was $350,000. The source of the cash consideration for the Shares was personal funds of the Purchaser. In connection with the transaction,
Gediminas Knyzelis released the Company from all debts owed to him.
Due
to our sole director mainly consists of borrowings for working capital purpose, the balances are unsecured, non-interest bearing and
due on demand. During the year ended December 31, 2023 and 2022, the Company borrowed $27,033 and $3,358, respectively, from our sole
director, Zhou Xuan.
Review, Approval
and Ratification of Related Party Transactions
Given
our small size and limited financial resources, we have not adopted formal policies and procedures for the review, approval or ratification
of transactions, such as those described above, with our executive officer(s), Director(s) and significant stockholders. We intend to
establish formal policies and procedures in the future, once we have sufficient resources and have appointed additional Directors, so
that such transactions will be subject to the review, approval or ratification of our Board of Directors, or an appropriate committee
thereof. On a moving forward basis, our Directors will continue to approve any related party transaction.
Director
Independence
Our
board of director is currently composed of one member, Zhou Xuan, who do not qualify as an independent director in accordance with the
published listing requirements of the NASDAQ Global Market. The NASDAQ independence definition includes a series of objective tests,
such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor
any of his family members has engaged in various types of business dealings with us. In addition, our board of directors has not made
a subjective determination as to each director that no relationships exist which, in the opinion of our board of directors, would interfere
with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is
required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed
information provided by the directors and us with regard to each director’s business and personal activities and relationships
as they may relate to us and our management.
ITEM
14. PRINCIPAL ACCOUNTING FEES AND SERVICES
The
following table sets forth the aggregate fees billed to the Company by its independent registered public accounting firm, for the fiscal
years indicated.
ACCOUNTING
FEES AND SERVICES |
|
For
the year ended December 31, |
|
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
Audit Fees (1) |
|
$ |
10,500 |
|
|
$ |
9,750 |
|
Audit-Related Fees(2) |
|
|
- |
|
|
|
- |
|
Tax Fees(3) |
|
|
1,000 |
|
|
|
- |
|
All Other Fees(4) |
|
|
- |
|
|
|
- |
|
Total |
|
$ |
11,500 |
|
|
$ |
9,750 |
|
(1) |
This category consists
of fees for professional services rendered by our principal independent registered public accountants for the audit of our annual
financial statements, review of financial statements included in our quarterly reports and services that are normally provided by
the independent registered public accounting firms in connection with statutory and regulatory filings or engagements for those fiscal
years. |
|
|
(2) |
This category consists
of fees for assurance and related services by our independent registered public accountant that are reasonably related to the performance
of the audit or review of our financial statements and are not reported above under “Audit Fees.” The services for the
fees disclosed under this category include consultations concerning financial accounting and reporting standards. |
|
|
(3) |
This category consists
of fees for professional services rendered by our independent registered public accountant for tax compliance, tax advice, and tax
planning. |
|
|
(4) |
This category consists
of fees for services provided by our independent registered public accountants other than the services described above. |
All
of the professional services rendered by principal accountants for the audit of our annual financial statements that are normally provided
by the accountant in connection with statutory and regulatory filings or engagements for last two fiscal years were approved by our board
of directors.
All
above audit services were pre-approved by the Board of Directors for the fiscal years ended December 31, 2023 and 2022.
Holding
Foreign Companies Accountable Act (HFCAA)
Our
common stock may be prohibited from trading on a national exchange or “over-the-counter” markets under the HFCAA if the PCAOB
determines it is unable to inspect or investigate completely our auditors for three consecutive years beginning in 2021. Furthermore,
on June 22, 2021, the U.S. Senate passed the Accelerating Holding Foreign Companies Accountable Act (“AHFCAA”), which, if
signed into law, would amend the HFCAA and require the SEC to prohibit an issuer’s securities from trading on any U.S. stock exchanges
if its auditor is not subject to PCAOB inspections for two consecutive years instead of three consecutive years.
Pursuant
to the HFCAA, the PCAOB issued a Determination Report on December 16, 2021 which found that the PCAOB is unable to inspect or investigate
completely registered public accounting firms headquartered in: (1) mainland China and (2) Hong Kong. In addition, the PCAOB’s
report identified the specific registered public accounting firms which are subject to these determinations.
Our auditor, Kirtane & Pandit LLP, an independent registered public
accounting firm that is headquartered in Pune, India, and Kirtane & Pandit LLP is a firm registered with the PCAOB and is required
by the laws of the U.S. to undergo regular inspections by the PCAOB to assess its compliance with the laws of the U.S. and professional
standards. Kirtane & Pandit LLP has been subject to PCAOB inspections, and is not among the PCAOB-registered public accounting firms
headquartered in the PRC or Hong Kong that are subject to PCAOB’s determination on December 16, 2021 of having been unable to inspect
or investigate completely.
Notwithstanding
the foregoing, in the future, if it is determined that the PCAOB is unable to inspect or investigate our auditor completely, or if there
is any regulatory change or step taken by PRC regulators that does not permit Kirtane & Pandit LLP to provide audit documentations
located in China or Hong Kong to the PCAOB for inspection or investigation, or the PCAOB expands the scope of the Determination so that
we are subject to the HFCAA, as the same may be amended, you may be deprived of the benefits of such inspection. Any audit reports not
issued by auditors that are completely inspected or investigated by the PCAOB, or a lack of PCAOB inspections of audit work undertaken
in China that prevents the PCAOB from regularly evaluating our auditors’ audits and their quality control procedures, could result
in a lack of assurance that our financial statements and disclosures are adequate and accurate. which could result in limitation or restriction
to our access to the U.S. capital markets and trading of our securities, including trading on the national exchange and trading on “over-the-counter”
markets, may be prohibited under the HFCAA. See “Risk Factors — Our shares may be delisted under the Holding Foreign Companies
Accountable Act if the PCAOB is unable to inspect our auditors for three consecutive years beginning in 2021, or for two consecutive
years if the Accelerating Holding Foreign Companies Accountable Act becomes law; and the delisting of our shares, or the threat of their
being delisted, may materially and adversely affect the value of your investment” and “Risk Factors — Newly
enacted Holding Foreign Companies Accountable Act, recent regulatory actions taken by the SEC and the Public Company Accounting Oversight
Board, and proposed rule changes submitted by Nasdaq calling for additional and more stringent criteria to be applied to China-based
public companies could add uncertainties to our capital raising activities and compliance costs” for more information.
PART
IV
ITEM
15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
| (a) | Documents
filed as part of this Annual Report |
(1)
All Financial Statements
The
financial statements as listed in the accompanying “Index to Financial Statements” are filed as part of this Annual Report
on Form 10-K.
(2)
Financial Statement Schedules
All
financial statement schedules have been omitted, since the required information is not applicable or is not present in amounts sufficient
to require submission of the schedule, or because the information required is included in the financial statements and notes thereto
included in this Form 10-K.
(b)
Exhibits
The
following exhibits are filed or “furnished” herewith:
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.
|
GUOCHUN INTERNATIONAL
INC.
(FORMER NAME:
CHARMT, INC) |
|
|
(Name of Registrant) |
|
|
|
|
|
Date: April 16, 2024 |
By: |
/s/
Zhou Xuan |
|
|
|
Zhou Xuan |
|
|
Title: |
Chief Executive Officer,
Chief Financial Officer, and Director |
|
INDEX
TO FINANCIAL STATEMENTS
|
|
Page |
|
Financial Statements |
|
|
|
|
|
|
|
Report of Independent Registered
Public Accounting Firm (PCAOB ID: 5686) |
|
F-2 |
|
|
|
|
|
Report of Independent Registered
Public Accounting Firm (PCAOB ID: 0822) |
|
F-3 |
|
|
|
|
|
Balance Sheets |
|
F-4 |
|
|
|
|
|
Statements of Operations
|
|
F-5 |
|
|
|
|
|
Statements of Changes in
Stockholders’ Equity (Deficit) |
|
F-6 |
|
|
|
|
|
Statements of Cash Flows |
|
F-7 |
|
|
|
|
|
Notes to Financial Statements |
|
F-8 |
|
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To:
The Board of Directors and Stockholders of Guochun International Inc. (Former name: Charmt, Inc.)
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of Guochun International Inc. (Former name: Charmt, Inc.) (the “Company”) as
of December 31, 2023 and the related statements of operations, changes in stockholders’ equity (deficit), and cash flows for the
years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial
statements present fairly, in all material respects, the financial position of Guochun International Inc. (Former name: Charmt, Inc.)
as of December 31, 2023 and the results of its operations and cash flows for the years then ended in conformity with accounting principles
generally accepted in the United States.
Explanatory
Paragraph – Going Concern
The
accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern. As
discussed in Note 2 to the financial statements, the Company’s present financial situation raises substantial doubt about its ability
to continue as a going concern. Management’s plans in regard to this matter are also described in Note 2. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audit. 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.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.
/s/
Kirtane & Pandit LLP
Kirtane
& Pandit LLP
Chartered Accountants
Firm Registration No. 105215W/W100057
Anand Jog
Partner
Membership No. 108177
We have been appointed as statutory auditors of the Company from the fiscal year 2023. This is an initial audit engagement for us. The
financial statements of the Company for the previous fiscal year were audited by Michael T. Studer CPA, PC who has expressed an unqualified
opinion on the financial statements.
Pune,
Republic of India
April 16, 2024
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To:
The Board of Directors and Stockholders of Guochun International Inc. (Former name: Charmt, Inc.)
Opinion
on the Financial Statements
We
have audited the accompanying balance sheets of Guochun International Inc. (Former name: Charmt, Inc.) (the “Company”) as
of December 31, 2022 and the related statements of operations, changes in stockholders’ equity (deficit), and cash flows
for the years then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion,
the financial statements present fairly, in all material respects, the financial position of Guochun International Inc. (Former name:
Charmt, Inc.) as of December 31, 2022 and the results of its operations and cash flows for the years then ended in conformity
with accounting principles generally accepted in the United States.
Explanatory
Paragraph – Going Concern
The
accompanying financial statements referred to above have been prepared assuming that the Company will continue as a going concern. As
discussed in Note 2 to the financial statements, the Company’s present financial situation raises substantial doubt about its ability
to continue as a going concern. Management’s plans in regard to this matter are also described in Note 2. The financial statements
do not include any adjustments that might result from the outcome of this uncertainty.
Basis
for Opinion
These
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s
financial statements based on our audit. 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.
We
conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our
audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or
fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides
a reasonable basis for our opinion.
Critical
Audit Matters
Critical
audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be
communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and
(2) involved our especially challenging, subjective, or complex judgments. We determined that there were no critical audit matters.
/s/
Michael T. Studer CPA P.C.
Michael
T. Studer CPA P.C.
We
served as the Company’s auditor from 2019 to 2023.
Freeport,
New York
March 27, 2023
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT, INC.)
BALANCE
SHEETS
AS
OF DECEMBER 31, 2023 AND 2022
Expressed
in United States Dollars)
|
|
As
of December 31, 2023 |
|
|
As
of December 31, 2022 |
|
ASSETS |
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’
EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
$ |
994 |
|
|
$ |
1,722 |
|
Amount
due to the sole officer and director |
|
|
27,033 |
|
|
|
3,358 |
|
Total
Current Liabilities |
|
|
28,027 |
|
|
|
5,080 |
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES |
|
|
28,027 |
|
|
|
5,080 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’
EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
Common
stock, $0.001 par value, 75,000,000 shares authorized; 3,870,600 shares issued and outstanding as of December 31, 2023 and 2022 respectively |
|
|
3,871 |
|
|
|
3,871 |
|
Additional
paid-in capital |
|
|
76,646 |
|
|
|
76,646 |
|
Accumulated
deficit |
|
|
(108,544)
|
|
|
|
(85,597)
|
|
TOTAL STOCKHOLDERS’
DEFICIT |
|
|
(28,027) |
|
|
|
(5,080)
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS’ DEFICIT |
|
$ |
- |
|
|
$ |
- |
|
See
accompanying notes to the financial statements.
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT, INC.)
STATEMENTS
OF OPERATIONS
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed
in United States Dollars)
|
|
For
the year ended December 31, 2023 |
|
|
For
the year ended December 31, 2022 |
|
REVENUE |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
OPERATING EXPENSES |
|
|
|
|
|
|
|
|
Professional
fees |
|
|
22,926 |
|
|
|
15,126 |
|
Amortization
of software asset |
|
|
- |
|
|
|
1,257 |
|
Other
general and administrative expenses |
|
|
21 |
|
|
|
236 |
|
TOTAL
OPERATING EXPENSES |
|
|
22,947
|
|
|
|
16,619
|
|
|
|
|
|
|
|
|
|
|
OPERATING LOSS |
|
|
(22,947)
|
|
|
|
(16,619)
|
|
|
|
|
|
|
|
|
|
|
OTHER INCOME (EXPENSES) |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX EXPENSE |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
NET LOSS |
|
$ |
(22,947) |
|
|
$ |
(16,619) |
|
|
|
|
|
|
|
|
|
|
Net loss per common share
- Basic and diluted |
|
$ |
(0.01) |
|
|
$ |
(0.00) |
|
|
|
|
|
|
|
|
|
|
Weighted average number
of common shares outstanding – Basic and diluted |
|
|
3,870,600 |
|
|
|
3,870,600 |
|
See
accompanying notes to the financial statements.
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT, INC.)
STATEMENTS
OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed
in United States Dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMMON
STOCK |
|
|
ADDITIONAL |
|
|
|
|
|
TOTAL |
|
|
|
Number
of
shares |
|
|
Amount |
|
|
PAID-IN
CAPITAL |
|
|
ACCUMULATED
DEFICIT |
|
|
STOCKHOLDERS’
EQUITY (DEFICIT) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance as of December
31, 2021 |
|
|
3,870,600 |
|
|
$ |
3,871 |
|
|
$ |
20,854 |
|
|
$ |
(68,978)
|
|
|
$ |
(44,253) |
|
Satisfaction of amount
due to former shareholder in connection with June 27, 2022 change in control transaction |
|
|
- |
|
|
|
- |
|
|
|
76,535 |
|
|
|
- |
|
|
|
76,535 |
|
Assignment of software acquired March 17, 2022 to former
sole officer and director in connection with June 27, 2022 change in control transaction |
|
|
- |
|
|
|
- |
|
|
|
(20,743) |
|
|
|
- |
|
|
|
(20,743) |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(16,619)
|
|
|
|
(16,619)
|
|
Balance as of December
31, 2022 |
|
|
3,870,600 |
|
|
$ |
3,871 |
|
|
$ |
76,646 |
|
|
$ |
(85,597)
|
|
|
$ |
(5,080)
|
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(22,947) |
|
|
|
(22,947) |
|
Balance as of December
31, 2023 |
|
|
3,870,600 |
|
|
$ |
3,871 |
|
|
$ |
76,646 |
|
|
$ |
(108,544)
|
|
|
$ |
(28,027) |
|
See
accompanying notes to financial statements
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT. INC.)
STATEMENTS
OF CASH FLOWS
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed
in United States Dollars)
|
|
For
the year ended December 31, 2023 |
|
|
For
the year ended December 31, 2022 |
|
CASH FLOWS FROM OPERATING
ACTIVITIES: |
|
|
|
|
|
|
Net loss |
|
$ |
(22,947)
|
|
|
$ |
(16,619)
|
|
Adjustments to reconcile
net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
Amortization
of software asset |
|
|
- |
|
|
|
1,257 |
|
|
|
|
|
|
|
|
|
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
|
|
(728) |
|
|
|
1,622 |
|
Net
cash used in operating activities |
|
|
(23,675) |
|
|
|
(13,740)
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING
ACTIVITIES: |
|
|
|
|
|
|
|
|
Advances
from the current sole officer and director |
|
|
- |
|
|
|
3,358 |
|
Advances
from the former sole officer and director |
|
|
23,675 |
|
|
|
9,307 |
|
Net
cash provided by financing activities |
|
|
23,675 |
|
|
|
12,665 |
|
|
|
|
|
|
|
|
|
|
Net change in cash and
cash equivalents |
|
|
-
|
|
|
|
(1,075)
|
|
Cash and cash equivalents,
beginning of year |
|
|
|
|
|
|
1,075 |
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS,
END OF YEAR |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL CASH FLOWS
INFORMATION |
|
|
|
|
|
|
|
|
Income
taxes paid |
|
$ |
- |
|
|
$ |
- |
|
Interest
paid |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
NON-CASH INVESTMENT AND
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Software
acquired March 17, 2022 using funds transferred from former sole officer and director (and credited to amount due to former sole
officer and director) to vendor of software |
|
$ |
- |
|
|
$ |
22,000 |
|
Satisfaction
of amount due to former sole officer and director in connection with June 27, 2022 change in control transaction |
|
$ |
- |
|
|
$ |
76,535 |
|
Software
assigned to former sole officer and director in connection with June 27, 2022 change in control transaction |
|
$ |
- |
|
|
$ |
20,743 |
|
See
accompanying notes to the financial statements
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT, INC.)
NOTES
TO FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed
in United States Dollars)
1.
ORGANIZATION AND BUSINESS BACKGROUND
Guochun
International Inc. (Former name: Charmt, Inc.) (the “Company”) was incorporated in the State of Nevada on August 2, 2018.
To June 27, 2022, the Company was developing a messenger application. It was being designed to provide a chance to alter the speaker’s
voice while talking with other people and full functionality of similar messaging apps. The Company intended to develop and publish mobile
applications on the iOS, Google Play, Amazon and Ethereum platforms. The Company intended to generate revenues through the sale of branded
advertisements and via consumer transactions, including in-app purchases. The management of the Company planned to distribute the application
all over the world using various platforms.
On
June 27, 2022, Gediminas Knyzelis, the Company’s former sole officer and director and majority stockholder, sold 3,000,000 shares
of Company common stock (representing 77.5% of the 3,870,600 shares of common stock issued and outstanding at June 27, 2022) to ZHOU
XUAN. In connection therewith, Gediminas Knyzelis resigned as officer and director of the Company and ZHOU XUAN consented to act as the
Company’s chief executive officer, chief financial officer, and director. Also, Gediminas Knyzelis agreed to waive the $76,535
amount due to him at June 27, 2022 and the Company agreed to assign the software acquired by the Company on March 17, 2022 to Gediminas
Knyzelis.
As
a result of the ownership and management change described above, the Company ceased its former business plans and is now searching for
business opportunities to acquire.
2.
GOING CONCERN UNCERTAINTY
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the
realization of assets and satisfaction of liabilities in the normal course of business. As of December 31, 2023, the Company had cash
of $0 and negative working capital of $28,027. For the year ended December 31, 2023, the Company had no revenues and generated a net
loss of $22,947. These factors raise substantial doubt regarding the Company`s ability to
continue as a going concern.
Management
anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There
is no assurance that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going
concern.
The
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The
accompanying audited financial statements reflect the application of certain significant accounting policies as described in this note
and elsewhere in the accompanying financial statements and notes.
Basis
of presentation
The
financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States
of America. The Company’s fiscal year end is December 31. The Company’s financial statements are presented in U.S. dollars.
Use
of estimates
In
preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities
in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates.
Cash
and cash equivalents
The
Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.
Software
On
March 17, 2022 the Company acquired certain quality assurance software and related intellectual property rights for $22,000 cash (which
was paid for by the Company's sole officer and director). To June 27, 2022, the cost of the software was amortized using the straight-line
method over the estimated 5 years economic life of the software. On June 27, 2022, the Company assigned the software to Gediminas Knyzelis
as part of the change in control transaction.
Net
Income (Loss) per Common Share
Net
income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings
Per Share”. Basic net 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 period. Diluted net income (loss) per common share is computed by dividing net
income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during
the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock
options and warrants.
There
were no potentially dilutive common shares outstanding for the periods presented.
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT, INC.)
NOTES
TO FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed
in United States Dollars)
Revenue
recognition
The
Company will assess and follow the guidance of ASC 606, Revenue from Contracts with Customers, and revenue will be recognized using the
following five steps:
|
1. |
Identify
the contract(s) with a customer; |
|
2. |
Identify
the performance obligations in the contract; |
|
3. |
Determine
the transaction price; |
|
4. |
Allocate
the transaction price to the performance obligations in the contract; and |
|
5. |
Recognize
revenue when (or as) the entity satisfies a performance obligation. |
The
Company has not recognized any operating revenues during the year ended December 31, 2023.
Income
taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred
tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial
statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
Foreign
Currency
The
Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management follows
ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated
using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies
are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses.
Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the Statement
of Operations.
Related
party transaction
A
related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families,
(ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control
with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction
is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Transactions
involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations
can be substantiated.
Recent
accounting pronouncements
Certain
accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore
have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these
standards is not expected to be material.
4.
COMMON STOCK
The
Company has 75,000,000, $0.001 par value shares of common stock authorized. On August 2, 2018, the Company issued 3,000,000 shares of
common stock to Gediminas Knyzelis (sole officer and director of the Company) at $0.001 per share for $3,000. The payment for the shares,
which was due within 180 days upon the execution of the respective agreement, was collected on January 15, 2019.
From
February 6, 2020 to June 30, 2020, the Company sold a total of 870,600 shares of its common stock in its public offering to 29 investors
at a price of $0.025 per share for proceeds of $21,725.
On
June 27, 2022, as a result of a private transaction, 3,000,000 shares of common stock, $0.001 par value per share (the "Shares")
of Guochun International Inc. (Former name: Charmt, Inc.), a Nevada corporation (the "Company"), were transferred from Gediminas
Knyzelis to Zhou Xuan (the “Purchaser”). As a result, the Purchaser became a holder of approximately 77.5% of the voting
rights of the issued and outstanding share capital of the Company and became the controlling shareholder. The consideration paid for
the Shares was $350,000. The source of the cash consideration for the Shares was personal funds of the Purchaser. In connection with
the transaction, Gediminas Knyzelis released the Company from all debts owed to him.
There
were 3,870,600 shares of common stock issued and outstanding as of December 31, 2023.
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT, INC.)
NOTES
TO FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed
in United States Dollars)
5.
INCOME TAXES
For
the years ended December 31, 2023 and 2022, the income (loss) before income taxes was comprised of the following:
|
|
For
the year ended December 31, 2023 |
|
|
For
the year ended December 31, 2022 |
|
Tax jurisdictions
from: |
|
|
|
|
|
|
|
|
- United States |
|
$ |
(22,947) |
|
|
$ |
(16,619)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
tax |
|
$ |
(22,947) |
|
|
$ |
(16,619)
|
|
The
provision for income taxes consisted of the following:
|
|
For
the year ended December 31, 2023 |
|
|
For
the year ended December 31, 2022 |
|
Current: |
|
$ |
|
|
|
$ |
|
|
- United States |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
|
|
|
- United States |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
$ |
- |
|
|
$ |
- |
|
The
Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. The United States income
tax rate is 21%. As of December 31, 2023, the Company has a United States net operating loss carryforward of $108,544 which can be carried
forward to offset future taxable income. Based on management’s present assessment, the Company has not yet determined it to be
more likely than not that a deferred tax asset of $22,794 attributable to the future utilization of the $108,544 net operating loss carryforward
will be realized. Accordingly, the Company has recorded a 100% valuation allowance against the deferred tax asset at December 31, 2023.
At
December 31, 2023 and 2022, deferred tax assets consist of:
|
|
|
As
of December 31, 2023
|
|
|
|
As
of December 31, 2022 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
|
|
|
|
|
|
|
- United States of America |
|
$ |
22,794 |
|
|
$ |
17,975 |
|
|
|
|
|
|
|
|
|
|
Less: valuation allowance |
|
|
(22,794) |
|
|
|
(17,975) |
|
Deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
All
tax periods are subject to examination by taxing authorities.
Current
United States income tax laws limit the amount of loss available to be offset against future taxable income when a substantial change
in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.
The
Company has had no tax positions since inception.
|
EXHIBIT
31.1
CERTIFICATION
I, Zhou Xuan, certify that:
1. |
I have reviewed this annual report on Form 10-K of GUOCHUN INTERNATIONAL INC. (FORMER NAME: CHARMT, INC.) (the “Company”) for the year ended December 31, 2023; |
|
|
2. |
Based on my knowledge, this annual 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. |
The registrant’s other certifying officer and I are 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, 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 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. |
The registrant’s other certifying officer and 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: April 16, 2024 |
By: |
/s/ Zhou Xuan |
|
|
Zhou Xuan |
|
|
Chief Executive Officer, President, Secretary,
Treasurer, Director |
EXHIBIT
32.1
CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Annual Report of GUOCHUN INTERNATIONAL
INC. (FORMER NAME: CHARMT, INC.) (the “Company”) on Form 10-K for the year ended December 31, 2023 as filed with the Securities
and Exchange Commission on the date hereof (the “Report”), The undersigned hereby certifies, pursuant to 18 U.S.C. §
1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
|
(1) |
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2) |
The information contained in the Report fairly presents,
in all material respects, the financial condition and result of operations of the Company.
|
Date: April 16, 2024 |
By: |
/s/ Zhou Xuan |
|
|
|
Zhou Xuan |
|
|
|
Chief Executive Officer, President, Secretary,
Treasurer, Director |
|
A signed original of this written statement required
by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within
the electronic version of this written statement has been provided to the Company and will be retained by 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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v3.24.1.u1
BALANCE SHEETS - USD ($)
|
Dec. 31, 2023 |
Dec. 31, 2022 |
ASSETS |
|
|
TOTAL ASSETS |
|
|
CURRENT LIABILITIES |
|
|
Accounts payable and accrued liabilities |
994
|
1,722
|
Amount due to the sole officer and director |
27,033
|
3,358
|
Total Current Liabilities |
28,027
|
5,080
|
TOTAL LIABILITIES |
28,027
|
5,080
|
STOCKHOLDERS’ EQUITY (DEFICIT) |
|
|
Common stock, $0.001 par value, 75,000,000 shares authorized; 3,870,600 shares issued and outstanding as of December 31, 2023 and 2022 respectively |
3,871
|
3,871
|
Additional paid-in capital |
76,646
|
76,646
|
Accumulated deficit |
(108,544)
|
(85,597)
|
TOTAL STOCKHOLDERS’ DEFICIT |
(28,027)
|
(5,080)
|
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
|
|
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v3.24.1.u1
BALANCE SHEETS (Parenthetical) - $ / shares
|
Dec. 31, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Stated Value Per Share |
$ 0.001
|
$ 0.001
|
Common Stock Shares Authorized |
75,000,000
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75,000,000
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v3.24.1.u1
STATEMENTS OF OPERATIONS - USD ($)
|
12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
Income Statement [Abstract] |
|
|
REVENUE |
|
|
OPERATING EXPENSES |
|
|
Professional fees |
22,926
|
15,126
|
Amortization of software asset |
|
1,257
|
Other general and administrative expenses |
21
|
236
|
TOTAL OPERATING EXPENSES |
22,947
|
16,619
|
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(22,947)
|
(16,619)
|
OTHER INCOME (EXPENSES) |
|
|
LOSS BEFORE INCOME TAX |
(22,947)
|
(16,619)
|
INCOME TAX EXPENSE |
|
|
NET LOSS |
$ (22,947)
|
$ (16,619)
|
Net loss per common share - Basic and diluted |
$ (0.01)
|
$ (0.00)
|
Weighted average number of common shares outstanding – Basic and diluted |
3,870,600
|
3,870,600
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v3.24.1.u1
Statements of Changes in Stockholders Equity - USD ($)
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Total |
Balance, shares |
|
|
|
3,870,600
|
Beginning balance, value at Dec. 31, 2021 |
$ 3,871
|
$ 20,854
|
$ (68,978)
|
$ (44,253)
|
Satisfaction of amount due to former shareholder in connection with June 27, 2022 change in control transaction |
|
76,535
|
|
76,535
|
Assignment of software acquired March 17, 2022 to former sole officer and director in connection with June 27, 2022 change in control transaction |
|
(20,743)
|
|
(20,743)
|
Net loss |
|
|
(16,619)
|
(16,619)
|
Ending balance, value at Dec. 31, 2022 |
3,871
|
76,646
|
(85,597)
|
$ (5,080)
|
Balance, shares |
|
|
|
3,870,600
|
Net loss |
|
|
(22,947)
|
$ (22,947)
|
Ending balance, value at Dec. 31, 2023 |
$ 3,871
|
$ 76,646
|
$ (108,544)
|
$ (28,027)
|
Balance, shares |
|
|
|
3,870,600
|
X |
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v3.24.1.u1
STATEMENTS OF CASH FLOWS - USD ($)
|
12 Months Ended |
Dec. 31, 2023 |
Dec. 31, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (22,947)
|
$ (16,619)
|
Amortization of software asset |
|
1,257
|
Accounts payable and accrued liabilities |
(728)
|
1,622
|
Net cash used in operating activities |
(23,675)
|
(13,740)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Advances from the current sole officer and director |
|
3,358
|
Advances from the former sole officer and director |
23,675
|
9,307
|
Net cash provided by financing activities |
23,675
|
12,665
|
Net change in cash and cash equivalents |
|
(1,075)
|
Cash and cash equivalents, beginning of year |
|
1,075
|
CASH AND CASH EQUIVALENTS, END OF YEAR |
|
|
Income taxes paid |
|
|
Interest paid |
|
|
Software acquired March 17, 2022 using funds transferred from former sole officer and director (and credited to amount due to former sole officer and director) to vendor of software |
|
$ 22,000
|
Satisfaction of amount due to former sole officer and director in connection with June 27, 2022 change in control transaction |
$
|
$
|
Software assigned to former sole officer and director in connection with June 27, 2022 change in control transaction |
|
$ 20,743
|
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v3.24.1.u1
ORGANIZATION AND BUSINESS BACKGROUND
|
12 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND BUSINESS BACKGROUND |
1.
ORGANIZATION AND BUSINESS BACKGROUND
Guochun
International Inc. (Former name: Charmt, Inc.) (the “Company”) was incorporated in the State of Nevada on August 2, 2018.
To June 27, 2022, the Company was developing a messenger application. It was being designed to provide a chance to alter the speaker’s
voice while talking with other people and full functionality of similar messaging apps. The Company intended to develop and publish mobile
applications on the iOS, Google Play, Amazon and Ethereum platforms. The Company intended to generate revenues through the sale of branded
advertisements and via consumer transactions, including in-app purchases. The management of the Company planned to distribute the application
all over the world using various platforms.
On
June 27, 2022, Gediminas Knyzelis, the Company’s former sole officer and director and majority stockholder, sold 3,000,000 shares
of Company common stock (representing 77.5% of the 3,870,600 shares of common stock issued and outstanding at June 27, 2022) to ZHOU
XUAN. In connection therewith, Gediminas Knyzelis resigned as officer and director of the Company and ZHOU XUAN consented to act as the
Company’s chief executive officer, chief financial officer, and director. Also, Gediminas Knyzelis agreed to waive the $76,535
amount due to him at June 27, 2022 and the Company agreed to assign the software acquired by the Company on March 17, 2022 to Gediminas
Knyzelis.
As
a result of the ownership and management change described above, the Company ceased its former business plans and is now searching for
business opportunities to acquire.
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v3.24.1.u1
GOING CONCERN UNCERTAINTY
|
12 Months Ended |
Dec. 31, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
GOING CONCERN UNCERTAINTY |
2.
GOING CONCERN UNCERTAINTY
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the
realization of assets and satisfaction of liabilities in the normal course of business. As of December 31, 2023, the Company had cash
of $0 and negative working capital of $28,027. For the year ended December 31, 2023, the Company had no revenues and generated a net
loss of $22,947. These factors raise substantial doubt regarding the Company`s ability to
continue as a going concern.
Management
anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There
is no assurance that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going
concern.
The
financial statements do not include any adjustments that might result from the outcome of this uncertainty.
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v3.24.1.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The
accompanying audited financial statements reflect the application of certain significant accounting policies as described in this note
and elsewhere in the accompanying financial statements and notes.
Basis
of presentation
The
financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States
of America. The Company’s fiscal year end is December 31. The Company’s financial statements are presented in U.S. dollars.
Use
of estimates
In
preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities
in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates.
Cash
and cash equivalents
The
Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.
Software
On
March 17, 2022 the Company acquired certain quality assurance software and related intellectual property rights for $22,000 cash (which
was paid for by the Company's sole officer and director). To June 27, 2022, the cost of the software was amortized using the straight-line
method over the estimated 5 years economic life of the software. On June 27, 2022, the Company assigned the software to Gediminas Knyzelis
as part of the change in control transaction.
Net
Income (Loss) per Common Share
Net
income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings
Per Share”. Basic net 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 period. Diluted net income (loss) per common share is computed by dividing net
income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during
the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock
options and warrants.
There
were no potentially dilutive common shares outstanding for the periods presented.
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT, INC.)
NOTES
TO FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed
in United States Dollars)
Revenue
recognition
The
Company will assess and follow the guidance of ASC 606, Revenue from Contracts with Customers, and revenue will be recognized using the
following five steps:
|
1. |
Identify
the contract(s) with a customer; |
|
2. |
Identify
the performance obligations in the contract; |
|
3. |
Determine
the transaction price; |
|
4. |
Allocate
the transaction price to the performance obligations in the contract; and |
|
5. |
Recognize
revenue when (or as) the entity satisfies a performance obligation. |
The
Company has not recognized any operating revenues during the year ended December 31, 2023.
Income
taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred
tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial
statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
Foreign
Currency
The
Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management follows
ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated
using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies
are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses.
Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the Statement
of Operations.
Related
party transaction
A
related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families,
(ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control
with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction
is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Transactions
involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations
can be substantiated.
Recent
accounting pronouncements
Certain
accounting pronouncements have been issued by the FASB and other standard setting organizations which are not yet effective and therefore
have not yet been adopted by the Company. The impact on the Company`s financial position and results of operations from adoption of these
standards is not expected to be material.
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v3.24.1.u1
COMMON STOCK
|
12 Months Ended |
Dec. 31, 2023 |
Equity [Abstract] |
|
COMMON STOCK |
4.
COMMON STOCK
The
Company has 75,000,000, $0.001 par value shares of common stock authorized. On August 2, 2018, the Company issued 3,000,000 shares of
common stock to Gediminas Knyzelis (sole officer and director of the Company) at $0.001 per share for $3,000. The payment for the shares,
which was due within 180 days upon the execution of the respective agreement, was collected on January 15, 2019.
From
February 6, 2020 to June 30, 2020, the Company sold a total of 870,600 shares of its common stock in its public offering to 29 investors
at a price of $0.025 per share for proceeds of $21,725.
On
June 27, 2022, as a result of a private transaction, 3,000,000 shares of common stock, $0.001 par value per share (the "Shares")
of Guochun International Inc. (Former name: Charmt, Inc.), a Nevada corporation (the "Company"), were transferred from Gediminas
Knyzelis to Zhou Xuan (the “Purchaser”). As a result, the Purchaser became a holder of approximately 77.5% of the voting
rights of the issued and outstanding share capital of the Company and became the controlling shareholder. The consideration paid for
the Shares was $350,000. The source of the cash consideration for the Shares was personal funds of the Purchaser. In connection with
the transaction, Gediminas Knyzelis released the Company from all debts owed to him.
There
were 3,870,600 shares of common stock issued and outstanding as of December 31, 2023.
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT, INC.)
NOTES
TO FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed
in United States Dollars)
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v3.24.1.u1
INCOME TAXES
|
12 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
INCOME TAXES |
5.
INCOME TAXES
For
the years ended December 31, 2023 and 2022, the income (loss) before income taxes was comprised of the following:
|
|
For
the year ended December 31, 2023 |
|
|
For
the year ended December 31, 2022 |
|
Tax jurisdictions
from: |
|
|
|
|
|
|
|
|
- United States |
|
$ |
(22,947) |
|
|
$ |
(16,619)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
tax |
|
$ |
(22,947) |
|
|
$ |
(16,619)
|
|
The
provision for income taxes consisted of the following:
|
|
For
the year ended December 31, 2023 |
|
|
For
the year ended December 31, 2022 |
|
Current: |
|
$ |
|
|
|
$ |
|
|
- United States |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
|
|
|
- United States |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
$ |
- |
|
|
$ |
- |
|
The
Company is registered in the State of Nevada and is subject to the tax laws of the United States of America. The United States income
tax rate is 21%. As of December 31, 2023, the Company has a United States net operating loss carryforward of $108,544 which can be carried
forward to offset future taxable income. Based on management’s present assessment, the Company has not yet determined it to be
more likely than not that a deferred tax asset of $22,794 attributable to the future utilization of the $108,544 net operating loss carryforward
will be realized. Accordingly, the Company has recorded a 100% valuation allowance against the deferred tax asset at December 31, 2023.
At
December 31, 2023 and 2022, deferred tax assets consist of:
|
|
|
As
of December 31, 2023
|
|
|
|
As
of December 31, 2022 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
|
|
|
|
|
|
|
- United States of America |
|
$ |
22,794 |
|
|
$ |
17,975 |
|
|
|
|
|
|
|
|
|
|
Less: valuation allowance |
|
|
(22,794) |
|
|
|
(17,975) |
|
Deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
All
tax periods are subject to examination by taxing authorities.
Current
United States income tax laws limit the amount of loss available to be offset against future taxable income when a substantial change
in ownership occurs. Therefore, the amount available to offset future taxable income may be limited.
The
Company has had no tax positions since inception.
|
|
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v3.24.1.u1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
12 Months Ended |
Dec. 31, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis
of presentation
The
financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States
of America. The Company’s fiscal year end is December 31. The Company’s financial statements are presented in U.S. dollars.
|
Use of estimates |
Use
of estimates
In
preparing these financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities
in the balance sheets and revenues and expenses during the periods reported. Actual results may differ from these estimates.
|
Cash and cash equivalents |
Cash
and cash equivalents
The
Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.
|
Software |
Software
On
March 17, 2022 the Company acquired certain quality assurance software and related intellectual property rights for $22,000 cash (which
was paid for by the Company's sole officer and director). To June 27, 2022, the cost of the software was amortized using the straight-line
method over the estimated 5 years economic life of the software. On June 27, 2022, the Company assigned the software to Gediminas Knyzelis
as part of the change in control transaction.
|
Net Income (Loss) per Common Share |
Net
Income (Loss) per Common Share
Net
income (loss) per common share is computed pursuant to FASB Accounting Standards Codification (“ASC”) 260, “Earnings
Per Share”. Basic net 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 period. Diluted net income (loss) per common share is computed by dividing net
income (loss) by the weighted average number of shares of common stock and potentially dilutive outstanding shares of common stock during
the period to reflect the potential dilution that could occur from common shares issuable through contingent share arrangements, stock
options and warrants.
There
were no potentially dilutive common shares outstanding for the periods presented.
GUOCHUN
INTERNATIONAL INC.
(FORMER
NAME: CHARMT, INC.)
NOTES
TO FINANCIAL STATEMENTS
FOR
THE YEARS ENDED DECEMBER 31, 2023 AND 2022
(Expressed
in United States Dollars)
|
Revenue recognition |
Revenue
recognition
The
Company will assess and follow the guidance of ASC 606, Revenue from Contracts with Customers, and revenue will be recognized using the
following five steps:
|
1. |
Identify
the contract(s) with a customer; |
|
2. |
Identify
the performance obligations in the contract; |
|
3. |
Determine
the transaction price; |
|
4. |
Allocate
the transaction price to the performance obligations in the contract; and |
|
5. |
Recognize
revenue when (or as) the entity satisfies a performance obligation. |
The
Company has not recognized any operating revenues during the year ended December 31, 2023.
|
Income taxes |
Income
taxes
The
Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred
tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial
statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are
measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to
be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period
that includes the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected
to be realized.
|
Foreign Currency |
Foreign
Currency
The
Company’s functional and reporting currency is the U.S. dollar. Transactions may occur in foreign currencies and management follows
ASC 830, “Foreign Currency Matters”. Monetary assets and liabilities denominated in foreign currencies are translated
using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies
are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate revenues and expenses.
Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the Statement
of Operations.
|
Related party transaction |
Related
party transaction
A
related party is generally defined as (i) any person that holds 10% or more of the Company’s securities and their immediate families,
(ii) the Company’s management, (iii) someone that directly or indirectly controls, is controlled by or is under common control
with the Company, or (iv) anyone who can significantly influence the financial and operating decisions of the Company. A transaction
is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.
Transactions
involving related parties cannot be presumed to be carried out on an arm’s-length basis, as the requisite conditions of competitive,
free market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related
party transactions were consummated on terms equivalent to those that prevail in arm’s-length transactions unless such representations
can be substantiated.
|
Recent accounting pronouncements |
Recent
accounting pronouncements
|
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v3.24.1.u1
INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
Income Tax Disclosure [Abstract] |
|
income taxes |
For
the years ended December 31, 2023 and 2022, the income (loss) before income taxes was comprised of the following:
|
|
For
the year ended December 31, 2023 |
|
|
For
the year ended December 31, 2022 |
|
Tax jurisdictions
from: |
|
|
|
|
|
|
|
|
- United States |
|
$ |
(22,947) |
|
|
$ |
(16,619)
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
tax |
|
$ |
(22,947) |
|
|
$ |
(16,619)
|
|
|
income taxes consisted |
The
provision for income taxes consisted of the following:
|
|
For
the year ended December 31, 2023 |
|
|
For
the year ended December 31, 2022 |
|
Current: |
|
$ |
|
|
|
$ |
|
|
- United States |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
|
|
|
- United States |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Income tax expense |
|
$ |
- |
|
|
$ |
- |
|
|
deferred tax assets |
At
December 31, 2023 and 2022, deferred tax assets consist of:
|
|
|
As
of December 31, 2023
|
|
|
|
As
of December 31, 2022 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Net operating loss carryforwards |
|
|
|
|
|
|
|
|
- United States of America |
|
$ |
22,794 |
|
|
$ |
17,975 |
|
|
|
|
|
|
|
|
|
|
Less: valuation allowance |
|
|
(22,794) |
|
|
|
(17,975) |
|
Deferred tax assets |
|
$ |
- |
|
|
$ |
- |
|
|
X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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Charmt (PK) (USOTC:CHMT)
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