Spirit International, Inc.

CIK:0001610607|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Statement [Abstract]
Revenue	$ 870,590	$ 333,794	$ 1,642,604	$ 629,539
Operating expenses:
Selling expenses	85,302	35,112	116,907	65,877
General and administrative expenses	467,058	204,500	874,192	499,248
Total operating expenses	552,360	239,612	991,099	565,125
Income from operations	318,230	94,182	651,505	64,414
Other income (expense):
Other income	2,880	21,611	19,519	43,121
Other income- related party	19,348		19,348
Other expense	(52,090)	(274)	(106,149)	(1,638)
Gain from extinguishment of liability	3		14,302
Total other income (expense), net	(29,859)	21,337	(52,980)	41,483
Income before taxes	288,371	115,519	598,525	105,897
Net income	288,371	115,519	598,525	105,897
Comprehensive Income:
Net income	288,371	115,519	598,525	105,897
Foreign currency translation adjustment	(127,382)	23,886	(55,801)	160,344
Comprehensive income	$ 160,989	$ 139,405	$ 542,724	$ 266,241
Earnings per common share - basic and diluted	$ 0.02	$ 0.02	$ 0.06	$ 0.03
Weighted average number of common shares outstanding - basic and diluted	9,110,111	8,000,000	9,110,111	8,000,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income	$ 598,525	$ 105,897
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expenses	18,244	27,838
Gain from extinguishment of liability	(14,302)
Changes in operating assets and liabilities:
Accounts receivable	(55,463)
Other receivable	18,800	372
Prepaid expense	32,988	(39,312)
Advances to suppliers	(25,682)	5,818
Security deposit		(68,756)
Due from related parties	(147,535)	554,662
Due to related parties		63,498
Advance from customers	170,072
Accrued liabilities		13,208
Other payables	393,719	4,522
VAT payable	(183,350)	38,066
Net cash provided by operating activities	806,016	705,813
Cash flows from investing activities:
Short-term borrowings to related party	(2,703,764)
Repayment of short-term borrowings from related party	175,507
Working capital advances to related parties		(9,318,854)
Repayments from related parties		6,474,695
Net cash used in investing activities	(2,528,257)	(2,844,159)
Cash flows from financing activities:
Working capital advances from related parties		4,004,754
Repayments of working capital advances received from related parties	(7,849)	(389,450)
Net cash (used in) provided by financing activities	(7,849)	3,615,304
Effect of exchange rate change	28,834	20,727
Net change in cash, cash equivalents and restricted cash	(1,701,256)	1,497,685
Cash, cash equivalents and restricted cash - beginning of period	2,125,587	12,924
Cash, cash equivalents and restricted cash - end of period	424,331	1,510,609
Supplemental disclosure of cash flow information
Interest paid
Income tax paid
Non-cash investing and financing activities
Security deposit returned and paid directly to related party by landlord		160,013
Reconciliation to amounts on consolidated balance sheets
Cash and cash equivalents	243,048	1,510,609
Restricted cash	181,283
Total cash, cash equivalents, and restricted cash	$ 424,331	$ 1,510,609

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 243,048	$ 1,941,150
Restricted cash	181,283	184,437
Accounts receivable	53,887	522
Other receivable	905	19,327
Prepaid expenses		32,298
Advances to suppliers	73,538	49,672
Security Deposit	71,407
Loans receivable - related party	2,433,001
Due from related parties	215,989	75,301
Total current assets	3,273,058	2,302,707
Non-current assets
Security Deposit		72,649
Property, plant and equipment, net	17,172	35,333
Total non-current assets	17,172	107,982
Total assets	3,290,230	2,410,689
Current liabilities
Other payable	495,939	133,093
Due to related parties	15,723	23,682
Advance from customers	275,903	114,191
VAT payable	15,526	195,308
Total current liabilities	803,091	466,274
Total liabilities	803,091	466,274
Commitments and contingencies
STOCKHOLDERS' EQUITY
Common Stock, $0.0001 par value, 75,000,000 shares authorized; 9,110,000 and 9,110,000 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	911	911
Additional paid-in capital	4,358,269	4,358,269
Accumulated deficit	(616,420)	(1,214,945)
Accumulated other comprehensive loss	(1,255,621)	(1,199,820)
Total stockholders' equity	2,487,139	1,944,415
Total liabilities and stockholders' equity	$ 3,290,230	$ 2,410,689