Adveco Group Inc.

CIK:0001698519|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (UNAUDITED)
Revenue	$ 752,528	$ 583,745	$ 1,742,655	$ 818,242
Cost of revenues	613,199	492,054	1,496,095	655,459
Gross loss	139,329	91,691	246,560	162,783
Selling and marketing expenses	234,872	146,169	711,296	330,576
General and administrative expenses	1,327,155	698,643	3,377,560	3,017,613
Total operating expenses	1,562,027	844,812	4,088,856	3,348,189
Operating loss	(1,422,698)	(753,121)	(3,842,296)	(3,185,406)
Other income (expenses):
Interest income	1	1	3	26
Interest expenses	(16,413)	(24,210)	(9,428)	(38,188)
Other income	16,017	10	226,163	468
Other expenses	67,005	(186,755)	59,540	(186,755)
Total other income and (expenses)	66,610	(210,954)	276,278	(224,449)
Provision for income taxes
Net loss	(1,356,088)	(964,075)	(3,566,018)	(3,409,855)
Other comprehensive income:
Foreign currency translation income	446,928	311,899	457,825	280,680
Comprehensive loss	$ (909,160)	$ (652,176)	$ (3,108,193)	$ (3,129,175)
Loss per share-Basicanddiluted	$ (0.00)	$ (0.00)	$ (0.01)	$ (0.01)
Basic and diluted weighted average shares outstanding	434,073,648	434,073,648	434,073,648	434,073,648

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net loss	$ (3,566,018)	$ (3,409,855)
Amortization	50,710	51,064
Depreciation	121,527	138,280
Decrease/(Increase) in accounts and other receivables	(84,088)	426,388
Increase in inventory	(316,404)	(105,906)
Decrease/(increase) in prepayments and other current assets	(207,135)	(171,076)
Increase in payables and other current liabilities	556,104	130,853
Net cash used in operating activities	(3,445,304)	(2,940,252)
Cash flows from investing activities
Changes in plant and equipment and construction in progress	293,399	(878,491)
Changes in intangible assets	(46,750)
Net cash provided by (used in) investing activities	246,649	(878,491)
Cash flows from financing activities
Repayment of borrowings	(116,762)	(448,730)
Changes in related party balances, net	3,311,570	4,131,695
Net cash provided by financing activities	3,194,808	3,682,965
Net decrease of cash and cash equivalents	(3,848)	(135,778)
Effect of foreign currency translation on cash and cash equivalents	(1,052)	(3,564)
Cash and cash equivalents-beginning of year	33,340	155,244
Cash and cash equivalents-end of year	28,441	15,902
Supplementary cash flow information:
Interest received	3	26
Interest paid	9,428	38,188
Income taxes paid

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Current Assets
Cash and cash equivalents	$ 28,441	$ 33,340
Accounts receivable	31,057	5,991
Other receivables	66,318	11,274
Inventory	975,030	696,570
Advances and prepayments to suppliers	302,333	143,411
Prepaid expenses, taxes and other current assets	189,503	160,602
Related party receivable	54,798	76,460
Total current assets	1,647,480	1,127,648
Non-current Assets
Property, plant and equipment, net	624,272	895,273
Construction in progress, net	4,668,551	5,010,721
Intangible assets, net	2,282,746	2,413,826
Other assets and goodwill	43,699	4,363
Total assets	9,266,748	9,451,831
Current Liabilities
Short term bank loans	140,135	261,763
Accounts payable	1,457,923	943,756
Taxes payable	84,499	49,475
Other payable	86,432	127,614
Accrued liabilities and expenses	61,914	116,535
Customer advances and deposits	61,757	24,905
Related party payable	19,589,346	17,034,755
Total current liabilities	21,482,006	18,558,803
Total Liabilities	$ 21,482,006	$ 18,558,803
Stockholders' Deficit
Common stock, $0.001 par value, 2,000,000,000 shares authorized; 434,073,648 shares issued and outstanding	$ 434,074	$ 434,074
Additional paid in capital	$ 2,869,890	$ 2,869,890
Accumulated deficit	(16,209,852)	(12,648,527)
Accumulated other comprehensive income	713,361	255,629
Non-controlling interest	(22,731)	(18,038)
Total Stockholders' Deficit	(12,215,258)	(9,106,972)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 9,266,748	$ 9,451,831