NOTES
TO CONDENSED FINANCIAL STATEMENTS
For
the six months ended June 30, 2022
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
1.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of preparation
The
reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed
in US$.
The
accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted
in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information.
Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of
operations.
It
is management’s opinion however, that all material adjustments (consisting of normal recurring adjustments) have been made, which
are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the
results to be expected for the year.
Nuts
and Bolts International, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on August 21, 2013 to
create and publish electronic non-fiction multimedia books for the hobby and do-it-yourself consumer markets (“eBooks”) through
the internet. Its eBook publishing operations were conducted through its wholly-owned subsidiary, Nuts and Bolts Publishing, LLC, which
was organized under the laws of the State of North Carolina on August 22, 2013.
Effective
as of February 29, 2016, the Company had a change of control as a result of the sale of its previous controlling shareholder of 5,000,000
shares of its common stock, representing approximately 76.5% of the Company’s issued and outstanding common stock. Following the
change of control, the Company has discontinued the eBook publishing operations previously carried on through the previous company’s
subsidiary.
Also,
following the change of control, the Company is now engaged in the business of providing management and consulting services to Trendmaker
Private Limited. Effective as of April 14, 2016, the Company amended its Articles of Incorporation to change its name to Trendmaker,
Inc., Limited.
Use
of estimates
In
preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates
and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at
the date of the financial statements and revenues and expenses during the reported period. Significant estimates include valuation of
in kind contribution of services, valuation of deferred tax assets. Actual results could differ from those estimates.
Revenue
recognition
The
Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model
that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or
agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction
price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance
obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect
the consideration it is entitled to in exchange for the services it transfers to its clients.
TRENDMAKER,
INC. LIMITED
NOTES
TO CONDENSED FINANCIAL STATEMENTS
For
the six months ended June 30, 2022
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
Cash
and cash equivalents
The
Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents.
At June 30, 2022, the Company had no cash and cash equivalents.
Income
taxes
The
Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred
tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement
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. Under ASC 740-10-25, 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.
Related
party
Parties,
which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control
the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also
considered to be related if they are subject to common control or common significant influence.
TRENDMAKER,
INC. LIMITED
NOTES
TO CONDENSED FINANCIAL STATEMENTS
For
the six months ended June 30, 2022
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
Fair
value of financial instruments
The
carrying value of the Company’s financial instruments: cash and cash equivalents, and accounts payable and approximate their fair
values because of the short-term nature of these financial instruments.
The
Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”),
with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy
that prioritizes the inputs used in measuring fair value as follows:
|
Level
1: Observable inputs such as quoted prices in active markets; |
|
|
|
Level
2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and |
|
|
|
Level
3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. |
Recent
accounting pronouncements
The
Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of
such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
TRENDMAKER,
INC. LIMITED
NOTES
TO CONDENSED FINANCIAL STATEMENTS
For
the six months ended June 30, 2022
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
2.
SHAREHOLDERS’ EQUITY
(A)
Preferred Stock
The
Company was incorporated on August 21, 2013. The Company is authorized to issue 10,000,000 shares of preferred stock with a par value
of $0.0001 per share. Preferred stock may be issued in one or more series with rights and preferences are to be determined by the board
of directors. As of June 30, 2022, no shares of preferred stock have been issued.
(B)
Common Stock
The
Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001 per share.
As
of June 30, 2022, the Company has 13,537,000 shares of common stock outstanding.
3.
COMMITMENTS AND CONTINGENCIES
As
of June 30, 2022, the Company has no commitment or contingency involved.
4.
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
| | | |
| | |
| |
June 30, 2022 | | |
December 31, 2021 | |
| |
(Unaudited) | | |
(Audited) | |
| |
$ | | |
$ | |
Accounts payable and accrued liabilities generated from: | |
| | | |
| | |
Accounts payable | |
| 214,842 | | |
| 214,842 | |
Accrued expenses | |
| 5,910 | | |
| 9,800 | |
Accounts payable and
accrued liabilities | |
| 220,752 | | |
| 224,642 | |
Accounts
payable and accrued liabilities at June 30, 2022 were a total US$220,752 consisting of US$5,910 from accrued expenses and US$214,842
from accounts payable. Accounts payable and accrued liabilities at December 31, 2021 were a total US$224,642 consisting of US$9,800 from
accrued expenses and US$214,842 from accounts payable.
5.
RELATED PARTY TRANSACTIONS
As
of June 30, 2022, the Company has no related party transactions.
TRENDMAKER,
INC. LIMITED
NOTES
TO CONDENSED FINANCIAL STATEMENTS
For
the six months ended June 30, 2022
(Currency
expressed in United States Dollars (“US$”), except for number of shares)
(Unaudited)
6.
RELATED PARTY BALANCES
SCHEDULE OF RELATED PARTY TRANSACTIONS
| |
June 30, 2022 | | |
December 31, 2021 | |
| |
(Unaudited) | | |
(Audited) | |
| |
$ | | |
$ | |
Due from related party: | |
| | | |
| | |
Related Party A | |
| 204,696 | | |
| 224,505 | |
As
of June 30, 2022, the balance US$204,696 represented an outstanding amount due from Related
Party A. Related Party A is having common director with the Company. The amount due is unsecured,
interest-free with no fixed repayment term.
7.
GOING CONCERN
As
of June 30, 2022, the Company has an accumulated deficit of $842,576 and a stockholders’ liabilities of $16,056, and for the six
months ended June 30, 2022 had a net loss of $15,919. This raises substantial doubt about its ability to continue as a going concern.
The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and
implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable
to continue as a going concern. Management is taking various steps to provide the Company with the opportunity to continue as a going
concern.
8.
SUBSEQUENT EVENTS
The
Company has evaluated subsequent events from the balance sheet date through June 30, 2022 the date the Company issued unaudited consolidated
financial statements in accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting
for and disclosure of events that occur after the balance sheet date but before financial statements are issued. During this period,
there was no subsequent event that required recognition or disclosure