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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/13/20 Chun Can Capital Group 10-Q 6/30/12 28:1.4M Synrgy Corp. |
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Page | (sequential) | (alphabetic) | ↑Top | ||
---|---|---|---|---|---|
1 | 1st Page – Filing Submission | ||||
" | Table of Content |
UNITED STATES | ||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||
Washington, D. C. 20549 | ||||||
Form 10-Q | ||||||
[X] QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
||||||
For the quarterly period ended June 30, 2012 | ||||||
or | ||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
||||||
For the transition period from _____ to _____ | ||||||
Commission File Number: 333-1000046 | ||||||
Chun Can Capital Group | ||||||
(Exact name of registrant as specified in its charter) | ||||||
Nevada | 52-2360156 | |||||
(State or other jurisdiction of incorporation) | (IRS Employer Identification Number) | |||||
7325 Oswego Road | ||||||
Liverpool, New York | 13090 | |||||
(Address of principal executive offices and Zip Code) | (Zip Code) | |||||
(315) 451-7515 | ||||||
(Registrant's telephone number, including area code) | ||||||
Large Accelerated Filer
|
[ ]
|
Accelerated Filer
|
[ ]
|
Non-accelerated Filer
|
[ ]
|
Smaller Reporting Company
|
[X]
|
(Do not check if smaller reporting company)
|
Emerging growth company | [ ] |
APPLICABLE ONLY TO CORPORATE ISSUERS: | ||
As of January 13, 2020, there were 33,011 shares of the registrant's $0.001 par value common stock issued and outstanding. |
Chun Can Capital Group | |||
Form 10-Q | |||
For the Fiscal Quarter Ended June 30, 2012 | |||
TABLE OF CONTENTS | |||
Page | |||
Part I | |||
Item 1 | Financial Statements | 3 | |
Item 2 | Management Discussion and Analysis of Financial Condition and Results of Operations | 10 | |
Item 3 | Quantitave and Qualitative Disclosures About Market Risk | 13 | |
Item 4 | Controls and Procedures | 13 | |
Part II | |||
Item 1 | Legal Proceedings | 14 | |
Item 1A | Risk Factors | 14 | |
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 14 | |
Item 3 | Defaults Upon Senior Securities | 14 | |
Item 4 | Mine Safety Disclosures | 14 | |
Item 5 | Other Information | 14 | |
Item 6 | Exhibits | 15 | |
Signatures | 16 |
PART I - FINANCIAL INFORMATION | |||
Item 1 | Financial Statements | ||
Chun Can Capital Group | |||
(Formerly Cintel Corp. and Sunsidiary) | |||
Financial Statements | |||
For the Fiscal Quarter Ended June 30, 2012 | |||
TABLE OF CONTENTS | |||
Page | |||
Condensed Consolidated Balance Sheets (unaudited) | F-2 | ||
Condensed Consolidated Statements of Operations and Comprehensive Income (unaudited) | F-3 | ||
Condensed Consolidated Statements of Cash Flows (unaudited) | F-4 | ||
Condenses Consolidated Statements if Stockholders Deficit (Unaudited) | F-5 | ||
Notes to the Financial Statements (unaudited) | F-6 | ||
F-1 |
CHUN CAN CAPITAL GROUP
|
||||||||
(formerly CINTEL CORP. AND SUBSIDIARY)
|
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS
|
||||||||
(In thousands, except share and per share amounts)
|
||||||||
June 30,
|
||||||||
2011
|
||||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
-
|
$
|
-
|
||||
Loans receivable
|
-
|
-
|
||||||
Total current assets
|
-
|
-
|
||||||
Long-term investments
|
-
|
-
|
||||||
Property and equipment, net
|
-
|
-
|
||||||
Equity method investments
|
-
|
-
|
||||||
Deposits and other assets
|
-
|
-
|
||||||
Total assets
|
$
|
-
|
$
|
-
|
||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
-
|
-
|
||||||
Accrued liabilities
|
-
|
-
|
||||||
Other current liabilities
|
-
|
-
|
||||||
Total current liabilities
|
-
|
-
|
||||||
Accrued severance benefits
|
-
|
-
|
||||||
Convertible debt
|
-
|
-
|
||||||
Total liabilities
|
-
|
-
|
||||||
Commitments
|
-
|
-
|
||||||
Stockholders' deficit:
|
||||||||
Preferred stock: par value $0.001 per share, 30,000,000
|
||||||||
shares authorized, none issued and outstanding
|
-
|
-
|
||||||
Common stock: par value $0.001 per share, 270,000,000
|
||||||||
shares authorized, 33,011 and 33,011 shares issued and
|
||||||||
outstanding
|
3
|
3
|
||||||
Additional paid-in capital
|
20,666
|
20,666
|
||||||
Accumulated deficit
|
(20,669
|
)
|
(20,669
|
)
|
||||
Accumulated other comprehensive loss
|
-
|
-
|
||||||
Total stockholders' deficit
|
-
|
-
|
||||||
Total liabilities and stockholders' deficit
|
-
|
-
|
||||||
See accompanying notes to financial statements.
|
CHUN CAN CAPITAL GROUP
|
||||||||||||||||
(formerly CINTEL CORP. AND SUBSIDIARY)
|
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
|
||||||||||||||||
THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011
|
||||||||||||||||
(Unaudited, in thousands, except per share amounts)
|
||||||||||||||||
For the Three Months Ended
|
For the Six Months Ended
|
|||||||||||||||
June 30,
|
||||||||||||||||
2011
|
2012
|
2011
|
||||||||||||||
Net revenues
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Operating expenses:
|
||||||||||||||||
General and administrative expenses
|
-
|
-
|
-
|
29
|
||||||||||||
Depreciation and amortization
|
-
|
2
|
-
|
2
|
||||||||||||
Goodwill impairment loss
|
-
|
-
|
-
|
-
|
||||||||||||
Total operating expenses
|
-
|
2
|
-
|
31
|
||||||||||||
Loss from operations
|
-
|
(2
|
)
|
-
|
(31
|
)
|
||||||||||
Other income (expenses):
|
||||||||||||||||
Net loss on sale of property and equipment
|
-
|
-
|
-
|
-
|
||||||||||||
Interest expense
|
-
|
(51
|
)
|
-
|
(103
|
)
|
||||||||||
Impairment loss on investment
|
-
|
(66
|
)
|
-
|
(131
|
)
|
||||||||||
Share of loss from equity investment
|
-
|
(239
|
)
|
-
|
(737
|
)
|
||||||||||
Foreign currency transactions, net
|
-
|
85
|
-
|
168
|
||||||||||||
Gain on debt settlement
|
-
|
-
|
-
|
-
|
||||||||||||
Other income (expenses), net
|
-
|
(271
|
)
|
-
|
(803
|
)
|
||||||||||
Income (loss) before income taxes
|
-
|
(273
|
)
|
-
|
(834
|
)
|
||||||||||
Income tax expense
|
-
|
-
|
-
|
-
|
||||||||||||
Net income (loss)
|
-
|
(273
|
)
|
-
|
(834
|
)
|
||||||||||
Other comprehensive income (loss)
|
||||||||||||||||
Foreign currency translation adjustment
|
-
|
(453
|
)
|
-
|
(900
|
)
|
||||||||||
-
|
(453
|
)
|
-
|
(900
|
)
|
|||||||||||
Total comprehensive income (loss)
|
$
|
-
|
$
|
(726
|
)
|
$
|
-
|
$
|
(1,734
|
)
|
||||||
Income (loss) per share – basic and diluted:
|
$
|
-
|
$
|
(0.01
|
)
|
$
|
-
|
$
|
(0.04
|
)
|
||||||
Weighted average number of
|
||||||||||||||||
common shares outstanding - basic and diluted
|
33,011
|
23,825
|
33,011
|
23,825
|
||||||||||||
See accompanying notes to financial statements.
|
CINTEL CORP. AND SUBSIDIARY
|
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
||||||||
THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011
|
||||||||
(Unaudited, in thousands)
|
||||||||
For the Six Months Ended
|
||||||||
2011
|
||||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
-
|
$
|
(834
|
)
|
|||
Adjustments to reconcile net loss to net cash
|
||||||||
provided by (used in) operating activities:
|
||||||||
Investment impairment
|
-
|
131
|
||||||
Impairment of goodwill
|
-
|
-
|
||||||
Depreciation expense
|
-
|
2
|
||||||
Share of loss from equity investment
|
-
|
737
|
||||||
Net loss on sale of property
|
-
|
-
|
||||||
Foreign currency transaction (gain) loss
|
-
|
(168
|
)
|
|||||
Shares issued for services
|
-
|
-
|
||||||
Gain on debt settlement
|
-
|
-
|
||||||
(Increase) decrease in assets:
|
||||||||
Prepaid expenses and other assets
|
-
|
1
|
||||||
Security deposits
|
-
|
-
|
||||||
Increase (decrease) in liabilities:
|
||||||||
Accounts payable
|
-
|
-
|
||||||
Accrued liabilities
|
-
|
103
|
||||||
Cash provided by (used in) operating activities
|
-
|
(28
|
)
|
|||||
Cash flows from investing activities:
|
||||||||
Payments on loan receivable
|
-
|
(56
|
)
|
|||||
Proceeds from loan receivable
|
-
|
39
|
||||||
Cash provided by investing activities
|
-
|
(17
|
)
|
|||||
Cash flows from financing activities:
|
||||||||
Proceeds from notes payable
|
-
|
45
|
||||||
Principal payments of notes payable
|
-
|
-
|
||||||
Cash used in financing activities
|
-
|
45
|
||||||
Net decrease in cash and cash equivalent
|
-
|
-
|
||||||
Effect of foreign currency translation
|
-
|
-
|
||||||
Cash and cash equivalent - beginning of period
|
-
|
4
|
||||||
Cash and cash equivalent - end of period
|
$
|
-
|
$
|
4
|
||||
Supplemental Disclosure of Cash Flows Information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes
|
$
|
-
|
$
|
-
|
||||
See accompanying notes to financial statements.
|
CHUN CAN CAPITAL GROUP
|
||||||||||||||||||||||||
(formerly CINTEL CORP. AND SUBSIDIARY)
|
||||||||||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
|
||||||||||||||||||||||||
THREE AND SIX MONTHS ENDED JUNE 30, 2012 AND 2011
|
||||||||||||||||||||||||
(Unaudited, in thousands, except per share amounts)
|
||||||||||||||||||||||||
Additional
|
||||||||||||||||||||||||
Common stock
|
Paid-in
|
Accumulated
|
Accumulated Other
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Comprehsive Loss
|
Total
|
|||||||||||||||||||
Balance, December 31, 2011
|
33,011
|
$
|
3
|
$
|
20,666
|
$
|
(20,669
|
)
|
$
|
-
|
$
|
-
|
||||||||||||
Net income (loss)
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other compehensive loss
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Balance, March 31, 2012
|
33,011
|
3
|
20,666
|
(20,669
|
)
|
-
|
-
|
|||||||||||||||||
Net income (loss)
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Other compehensive loss
|
-
|
-
|
-
|
-
|
-
|
-
|
||||||||||||||||||
Balance, June 30, 2012
|
33,011
|
$
|
3
|
$
|
20,666
|
$
|
(20,669
|
)
|
$
|
-
|
$
|
-
|
||||||||||||
Balance, December 31, 2010
|
23,825
|
$
|
2
|
$
|
20,389
|
$
|
(20,391
|
)
|
$
|
-
|
$
|
-
|
||||||||||||
Shares issued for services
|
9,186
|
1
|
277
|
-
|
-
|
278
|
||||||||||||||||||
Net income (loss)
|
-
|
-
|
-
|
(561
|
)
|
-
|
(561
|
)
|
||||||||||||||||
Other compehensive loss
|
-
|
-
|
-
|
-
|
(447
|
)
|
(447
|
)
|
||||||||||||||||
Balance, March 31, 2011
|
33,011
|
$
|
3
|
$
|
20,666
|
$
|
(20,952
|
)
|
$
|
(447
|
)
|
$
|
(730
|
)
|
||||||||||
Net income (loss)
|
-
|
-
|
-
|
(273
|
)
|
-
|
(273
|
)
|
||||||||||||||||
Other compehensive loss
|
-
|
-
|
-
|
453
|
(453
|
)
|
-
|
|||||||||||||||||
Balance, June 30, 2011
|
33,011
|
$
|
3
|
$
|
20,666
|
$
|
(20,772
|
)
|
$
|
(900
|
)
|
$
|
(1,003
|
)
|
||||||||||
See accompanying notes to financial statements.
|
|
2012
|
2011
|
||||||
|
(In thousands)
|
|||||||
|
||||||||
Income tax – current
|
$
|
-
|
$
|
-
|
||||
Income tax – deferred
|
-
|
-
|
||||||
|
$
|
-
|
$
|
-
|
|
2012
|
2011
|
||||||
|
(In thousands)
|
|||||||
|
||||||||
Net operating loss carryforwards
|
$
|
-
|
$
|
-
|
||||
Valuation allowance
|
(-
|
)
|
(-
|
)
|
||||
|
$
|
-
|
$
|
-
|
June 30, | December 31, | |||||||
2012 | 2011 | |||||||
Current Assets | $ | - | $ | - | ||||
Current Liabilities | - | - | ||||||
Working Capital (Deficit) | $ | - | $ | - |
June 30, | June 30, | |||||||
2012 | 2011 | |||||||
Cash Flows from (used in) Operating Activities | $ | - | $ | (28 | ) | |||
Cash Flows provided by Investing Activities | - | (17 | ) | |||||
Cash Flows from (used in) Financing Activities | - | 45 | ) | |||||
Net Increase (decrease) in Cash During Period | - | - |
During the six months ended June 30, 2012 the Company did not receive any cash from financing activities as compared to $17 in thousands for the six months ended June 30, 2011. The decreases in cash used in operations was a result of the Company's prior operations.
|
Exhibit Number | Form | Date | Number | Filed Herewith | |
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | X | |||
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | X | |||
32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | |||
32.2
|
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
X
|
|||
101.INS | XBRL Instance Document. | X | |||
101.SCH | XBRL Taxonomy Extension – Schema. | X | |||
101.CAL | XBRL Taxonomy Extension – Calculations. | X | |||
101.LAB | XBRL Taxonomy Extension – Labels. | X | |||
101.PRE | XBRL Taxonomy Extension – Presentation. | X | |||
101.DEF | XBRL Taxonomy Extension – Definition. | X | |||
Reports on Form 8-K: | |||||
CHUN CAN CAPITAL GROUP | ||
(the "Registrant") | ||
BY: | /s/Clara I. Gomez | |
Clara I Gomez | ||
Chief Executive Officer, | ||
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on: | 1/13/20 | 10-Q | ||
3/16/17 | ||||
12/31/12 | 10-K | |||
For Period end: | 6/30/12 | |||
3/31/12 | 10-Q, NT 10-Q | |||
12/31/11 | 10-K, NT 10-K | |||
6/30/11 | 10-Q, NT 10-Q | |||
3/31/11 | 10-Q, NT 10-K, NT 10-Q | |||
3/12/11 | 8-K | |||
12/31/10 | 10-K, NT 10-K | |||
List all Filings |