ColorStars Group

CIK:0001418780|SEC Filings

Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Net sales			$ 6,706	$ 1,167
Cost of goods sold				588
Gross profit			6,706	579
Operating expenses
Selling, general and administrative	19,899	19,450	54,087	80,262
Professional fees	11,201	61,175	51,240	114,528
Rent	11,563		34,866	16,860
Depreciation & Amortization	388	395	1,170	1,311
Total operating expenses	43,051	81,020	141,363	212,961
Loss from operations	(43,051)	(81,020)	(134,657)	(212,382)
Other expenses
Interest expense (net)			4	(11,165)
Loss on foreign exchange, net	(54)		(1)	(3,935)
Gain on forgiveness of debt			14,848
Loss before income tax	(43,105)	(81,020)	(119,806)	(227,482)
Income tax provision			(800)	(800)
Net loss	(43,105)	(81,020)	(120,606)	(228,282)
Other comprehensive gain/(loss):
Foreign currency translation gain/(loss)	463	(755)	3,758	6,620
Comprehensive loss	$ (42,642)	$ (81,775)	$ (116,848)	$ (221,662)
Earnings per share attributable to common stockholders:
Basic and diluted per share	$ 0.00	$ 0.00	$ 0.00	$ 0.00
Weighted average shares outstanding:
Basic and diluted	102,274,515	102,274,515	102,274,515	100,941,182

Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net (loss)	$ (43,105)	$ (81,020)	$ (120,606)	$ (228,282)
Depreciation	388	395	1,170	1,311
Gain on forgiveness of debt			(14,848)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets			695	26,047
Accounts payable			(1,741)	49,579
Accrued expenses			(52)	778
Receipts in advance and other current liabilities			(10)	(199,911)
Cash flows provided by (used for) operating activities			(135,392)	(350,478)
Cash flows from financing activities
Advance from shareholder			124,697	91,919
Repay advance from shareholder				(267,678)
Increase (decrease) in long-term loans				(87,538)
Increase (decrease) in capital				410,258
Cash flows provided by financing activities			124,697	146,961
Effect of exchange rate changes on cash and cash equivalents			306	7,614
Net increase (decrease) in cash and cash equivalents			(10,389)	(195,903)
Beginning cash and cash equivalents			18,054	359,403
Ending cash and cash equivalents	$ 7,665	$ 163,500	7,665	163,500
Supplemental disclosure of cash flow information cash paid during the period for:
Interest
Tax paid			$ 800	$ 800

Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and equivalents	$ 7,665	$ 18,054
Accounts receivable, net of allowance for doubtful accounts of $146,088 at September 30, 2019 and $148,336 at December 31, 2018
Prepaid expenses and other current assets	3,313	3,025
Total current assets	10,978	21,079
Equipment, net of accumulated depreciation	39,757	41,554
Right-of-use lease asset	50,266
Other assets		982
Total assets	101,001	63,615
Current liabilities:
Accounts payable	3,950	20,537
Advance from shareholder	389,815	269,198
Accrued expenses- related party	5,562	5,614
Lease liabilities, current	46,399	0
Other current liabilities	149	159
Total current liabilities	445,875	295,508
Lease liability	3,867
Total liabilities	449,742	295,508
Commitments & Contingencies
Stockholders equity
Common Stock -Par Value $0.001 102,274,515 shares issued and outstanding, 450,000,000 shares are authorized at September 30, 2019 and December 31, 2018	102,275	102,275
Additional paid in capital	4,157,518	4,157,518
Accumulated other comprehensive income	150,943	147,185
Accumulated deficit	(4,759,477)	(4,638,871)
Total stockholders' equity	(348,741)	(231,893)
Total liabilities and stockholders' equity	$ 101,001	$ 63,615