Jinxuan Coking Coal Ltd

CIK:0001715194|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue
Total revenue	$ 154,490	$ 1,239,829	$ 6,385,992
Cost of revenue
Total cost of revenue	30,240	1,187,953	3,984,493
Gross profit	124,250	51,876	2,401,499
Operating expenses
Selling and marketing expenses	56,840	127,265	497,198
General and administrative expenses	794,226	680,657	652,667
Total operating expenses	851,066	807,922	1,149,865
(Loss) profit from operations	(726,816)	(756,046)	1,251,634
Other income (expenses)
Total other income (expenses), net	55,742	(24,554)	(12,143)
(Loss) income before income tax	(671,074)	(780,600)	1,239,491
Income tax expense	0	0	292,956
Net (loss) income	(671,074)	(780,600)	946,535
Other comprehensive income (loss)
Foreign currency translation gain (loss)	17,430	59,707	(21,436)
Comprehensive (loss) income	$ (653,644)	$ (720,893)	$ 925,099
Weighted average number of shares, basic	14,333,334	14,333,334	14,333,334
Weighted average number of shares, diluted	14,333,334	14,333,334	14,333,334
Basic (loss) earnings per share	$ (0.05)	$ (0.05)	$ 0.07
Diluted (loss) earnings per share	$ (0.050)	$ (0.050)	$ 0.070
Product [Member]
Revenue
Revenue	$ 0	$ 1,239,829	$ 5,219,063
Cost of revenue
Total cost of revenue	0	1,187,953	3,984,493
Service [Member]
Revenue
Revenue	154,490	0	1,166,929
Cost of revenue
Total cost of revenue	$ 30,240	$ 0	$ 0

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (671,074)	$ (780,600)	$ 946,535
Adjustment to reconcile net (loss) income to net cash provided by operating activities:
Depreciation	59,358	87,717	93,009
Bad debt recoveries provision	0	0	(72,480)
Disposal loss of long-lived assets	0	0	5,484
Impairment loss on equipment	0	5,942	0
Right-of-use asset amortization	96,464	85,697	81,368
Changes in operating assets and liabilities
Accounts receivable	0	6,361,068	(6,132,590)
Notes receivable	0	2,421,132	105,500
Other receivables	1,894	155,544	(77,218)
Income taxes payable	0	(199,587)	134,220
Prepayments and other current assets	1,203,097	(1,022,510)	(138,547)
Lease payment liability- current	(104,572)	4,529	4,318
Lease payment liability-non current	0	(97,809)	(93,269)
Accounts payable	0	(4,481,006)	4,198,587
Notes payable	0	(1,833,971)	1,833,744
Other payable and accrued expenses	3,815	(187,945)	(33,664)
Due to a related party	0	0	(9,132)
Long-term deposits	0	0	(18,845)
Net cash provided by operating activities	588,982	518,201	827,020
Cash flows from investing activities:
Purchase of property and equipment	(7,691)	0	(134,635)
Net cash used in investing activities	(7,691)	0	(134,635)
Cash flows from financing activities:
Repayment to a related party	0	(869,868)	(50,736)
Repayment to a third party	0	0	(2,174,399)
Proceeds from share issuance	0	0	80,000
Receipt of loan from a related party	0	2,899,559	724,800
Net cash provided by (used in) financing activities	0	2,029,691	(1,420,335)
Effect of exchange rate changes on cash and cash equivalents	76,181	143,287	(5,132)
Net increase (decrease) in cash and cash equivalents	657,472	2,691,179	(733,082)
Cash and cash equivalents at beginning of year	2,806,619	115,440	848,522
Cash and cash equivalents at end of year	3,464,091	2,806,619	115,440
Supplemental disclosure of cash flow information
Cash paid for interest	0	0	86,975
Cash paid for income taxes	0	157,234	165,647
Supplemental disclosure of non-cash activities
Recognition of Right-of-use and Lease payment liability	$ 0	$ 0	$ 280,017

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 3,464,091	$ 2,806,619
Other receivables	5,622	7,356
Prepayments and other current assets	55,964	1,224,324
Total Current Assets	3,525,677	4,038,299
Non-current assets
Property and equipment, net	183,324	230,218
Long-term deposits	0	19,924
Right-of-use asset	24,613	119,429
Total Assets	3,733,614	4,407,870
Current liabilities
Other payable and accrued expenses	101,164	95,077
Amount due to related parties	3,354,168	3,277,471
Lease payment liability- current	0	103,396
Total Current Liabilities	3,455,332	3,475,944
Non-current liabilities
Total Liabilities	3,455,332	3,475,944
Commitments and contingencies
Shareholders' equity
Ordinary shares (0.001 par value, 100,000,000 shares authorized, 14,333,334 and 14,333,334 shares issued and outstanding as of December 31, 2021 and 2020, respectively)	14,333	14,333
Additional paid-in capital	861,301	861,301
Statutory reserve	154,451	154,451
Accumulated deficit	(730,606)	(59,532)
Accumulated other comprehensive loss	(21,197)	(38,627)
Total Shareholders' Equity	278,282	931,926
Total Liabilities and Shareholders' Equity	$ 3,733,614	$ 4,407,870