WINGS & THINGS INC

CIK:0001110482|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
REVENUES	$ 4,124,537	$ 4,178,192	$ 10,350,964	$ 9,887,325
COST OF SALES	3,473,476	3,497,983	8,965,224	8,414,572
GROSS PROFIT	651,061	680,209	1,385,740	1,472,753
OPERATING EXPENSES
General & administrative	36,701	91,480	192,270	256,113
Research & development	5,756	5,750	60,222	87,118
Selling expense	12,042	12,999	46,558	25,871
TOTAL OPERATING EXPENSES	54,499	110,229	299,050	369,102
INCOME (LOSS) FROM OPERATIONS	596,562	569,980	1,086,690	1,103,651
OTHER INCOME (EXPENSE)
Interest income	24	30	82	99
Other income			10,746
Interest expense	(63,556)	(58,881)	(198,242)	(176,218)
TOTAL OTHER EXPENSE	(63,532)	(58,851)	(187,414)	(176,119)
INCOME BEFORE INCOME TAXES	533,030	511,129	899,276	927,532
PROVISION FOR INCOME TAXES				(100)
NET INCOME	533,030	511,129	899,276	927,432
OTHER COMPREHENSIVE INCOME (LOSS)	(118,099)	55,145	(165,075)	107,285
COMPREHENSIVE INCOME (LOSS)	$ 414,931	$ 566,274	$ 734,201	$ 1,034,717
Basic and diluted net loss per share	$ 0.03	$ 0.03	$ 0.05	$ 0.05
Weighted average shares outstanding	18,000,000	18,000,000	18,000,000	18,000,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES
Net Income	$ 899,276	$ 927,432
Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization expense	45,105	42,858
Changes in operating assets and liabilities, net of acquisition:
(Increase) decrease in accounts receivables	(1,216,259)	(215,563)
(Increase) decrease in prepayments and other receivables	(1,399,596)	513,689
(Increase) decrease in inventories	2,927,346	(2,510,704)
Increase (decrease) in taxes payable	328,249	228,962
Increase (decrease) in prepayments from customers	(1,131,799)	538,420
Increase (decrease) in accounts payable and accrued expenses	183,112	129,034
Net Cash Used in Operating Activities	635,434	(345,863)
CASH FLOWS FROM INVESTING ACTIVITiES
Cash acquired in acquisition		563
Purchases of property and equipment	(1,512)
Net Cash Used in Investing Activities	(1,512)	563
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment to related party	(1,399,244)	(573,161)
Proceeds from related parties	792,150	796,717
Net Cash Provided by Financing Activities	(607,094)	223,556
Effect of exchange rate changes on cash	(4,815)	6,976
NET DECREASE IN CASH AND CASH EQUIVALENTS	22,013	(114,768)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	64,955	225,539
CASH AND CASH EQUIVALENTS, END OF PERIOD	86,968	110,771
SUPPLEMENTAL DISCLOSURES:
Cash paid for interest		58,767
Cash paid for income taxes		$ 100

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash and cash equivalents	$ 86,968	$ 64,955
Accounts receivable, net	1,617,384	491,186
Inventory, net	4,184,795	7,342,039
Prepayments and other current assets	1,524,661	210,092
Total Current Assets	7,413,808	8,108,272
PROPERTY AND EQUIPMENT, NET	423,098	487,891
OTHER ASSETS
Land use rights, net	102,153	109,975
Deposits	3,635	3,836
TOTAL ASSETS	7,942,694	8,709,974
CURRENT LIABILITIES
Accounts payable and accrued expenses	404,562	250,726
Accounts payable and accrued expenses - related party	62,998	53,944
Customer prepayments	20,203	1,152,537
Taxes payable	1,837,869	1,611,416
Other payables	200	200
Advance from related parties	639,271	1,281,182
Notes payable - related party	150,900	150,900
Notes payable	84,500	84,500
Short term loans	2,108,274	2,224,853
Total Current Liabilities	5,308,777	6,810,258
TOTAL LIABILITIES	5,308,777	6,810,258
STOCKHOLDERS' EQUITY
Common stock, $.001 par value; 20,000,000 shares authorized; 18,000,000 shares issued and outstanding	18,000	18,000
Additional paid-in capital	2,761,908	2,761,908
PRC statutory reserve	82,484	82,484
Other accumulated comprehensive income	(144,241)	20,834
Accumulated deficit	(84,234)	(983,510)
Total Stockholders' Equity	2,633,917	1,899,716
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 7,942,694	$ 8,709,974