Chang-On International, Inc.

CIK:0000042136|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		6 Months Ended		115 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Net sales	$ 0	$ 0	$ 0	$ 0	$ 93,776
Cost of sales	0	0	0	0	(60,324)
Gross profit	0	0	0	0	33,452
Expenses
Salaries	3,850	3,899	7,783	7,754	193,663
Transportation	0	0	0	0	13,354
Office equipment	0	0	0	0	6,879
Water, electricity and gas	4,812	0	9,729	0	203,217
Other expenses	0	0	0	0	36,895
Advertisement	0	0	0	0	556
Rent expense	0	0	0	0	3,811
Depreciation	179	182	362	361	204,929
R & D expense	0	0	0	0	22,578
Repairs and maintenance	0	0	0	0	1,043
Gain on disposal of fixed assets	0	0	0	0	(7,730)
Stock compensation	0	0	0	0	2,400,000
Professional fees	7,189	7,125	14,322	14,490	270,222
Fixed assets impairment	0	0	0	0	669,813
Intangibles writedown	0	0	0	0	241,639
Inventory obsolescence	0	0	0	0	107,484
Total Expenses	16,030	11,206	32,196	22,605	4,368,353
Other income	0	0	0	0	7,195
Loss before provision for income tax	(16,030)	(11,206)	(32,196)	(22,605)	(4,327,706)
Income tax provision	0	0	0	0	0
Net loss	(16,030)	(11,206)	(32,196)	(22,605)	(4,327,706)
Less: Net loss attributable to the noncontrolling interest	3,448	1,591	6,971	3,165	537,883
Net loss attributable to Chang-On International, Inc common Stockholders	$ (12,582)	$ (9,615)	$ (25,225)	$ (19,440)	$ (3,789,823)
Net loss per share-basic and diluted	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted average shares outstanding-basic and diluted	97,307,366	97,307,366	97,307,366	97,307,366

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended		115 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014
Operating Activities:
Net loss	$ (32,196)	$ (22,605)	$ (4,327,706)
Adjustments to reconcile net loss to net cash used by operations
Depreciation (cost and expense)	362	361	214,391
Provision for obsolete inventories	0	0	107,484
Impairment loss on intangible assets	0	0	241,639
Impairment loss on fixed assets	0	0	669,813
Gain on disposal of fixed assets	0	0	(7,730)
Stock compensation	0	0	2,400,000
Changes in operating assets and liabilities:
(Increase)/decrease in prepaid and other receivables	0	0	(293)
(Increase)/decrease in inventory	0	0	(107,151)
Increase/(decrease) in accounts payable	0	0	695
Increase/(decrease) in accrued expenses	(24,760)	(822)	46,097
Increase/(decrease) in deferred income-government grants	0	0	110,787
Net cash used in operating activities	(56,594)	(23,066)	(651,974)
Investing Activities
Purchase of fixed assets	0	0	(710,118)
Loan to shareholders	0	0	(24,659)
Repay of loan from shareholders	0	0	24,659
Net cash used in investing activities	0	0	(710,118)
Financing Activities
Distribution to shareholders	0	0	(24,994)
Capital contribution	0	0	274,103
Proceeds from issuance of common stock	0	0	30,000
Proceeds from shareholder loans	47,602	28,067	1,159,231
Repayment of loan to shareholders	0	0	(70,844)
Net cash provided by financing activities	47,602	28,067	1,367,496
Effect of exchange rate changes on cash	8,991	(5,000)	(4,685)
Increase(decrease) in cash	(1)	1	719
Cash at beginning of period	720	718	0
Cash at end of period	719	719	719
Interest received (paid) during the year	0	0	260
Contribution of patent for equity	0	0	241,639
Contribution of fixed assets for equity	0	0	125,497
Stock issued in exchange for consulting services	0	0	2,400,000
Conversion of shareholder's loan to paid in capital	$ 0	$ 0	$ 359,357

CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current Assets
Cash	$ 719	$ 720
Prepaid and other receivables	322	330
Total Current Assets	1,041	1,050
Property, plant and equipment, net	1,878	2,294
Total Assets	2,919	3,344
Current Liabilities
Trade accounts payable	766	785
Accrued expenses	46,097	70,857
Deferred income-government grants	119,776	122,750
Due to shareholders	575,816	528,214
Total Current Liabilities	742,455	722,606
Total Liabilities	742,455	722,606
EQUITY(DEFICIT)
Chang-On International, Inc Stockholders' Equity(Deficit): Common stock, par value $0.001, authorized 100,000,000 shares, issued and outstanding 97,307,366 shares	97,307	97,307
Additional paid in capital	3,067,959	3,067,959
Deficit	(3,683,458)	(3,658,233)
Accumulated comprehensive loss	(34,810)	(42,082)
Total Chang-On International, Inc Stockholders' equity(deficit)	(553,002)	(535,049)
Noncontrolling interest	(186,534)	(184,213)
Total Equity(Deficit)	(739,536)	(719,262)
Total Liabilities and Equity(Deficit)	$ 2,919	$ 3,344