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Trendmaker Inc. Ltd. – ‘10-Q’ for 9/30/23

On:  Tuesday, 11/7/23, at 6:02am ET   ·   For:  9/30/23   ·   Accession #:  1493152-23-39626   ·   File #:  333-200624

Previous ‘10-Q’:  ‘10-Q’ on 8/4/23 for 6/30/23   ·   Latest ‘10-Q’:  This Filing

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/07/23  Trendmaker Inc. Ltd.              10-Q        9/30/23   36:1.5M                                   M2 Compliance LLC/FA

Quarterly Report   —   Form 10-Q

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    296K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     18K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     14K 
 9: R1          Cover                                               HTML     64K 
10: R2          Condensed Balance Sheets                            HTML     77K 
11: R3          Condensed Balance Sheets (Parenthetical)            HTML     32K 
12: R4          Condensed Statements of Operations and              HTML     73K 
                Comprehensive Income (Unaudited)                                 
13: R5          Condensed Statements of Changes in Stockholders'    HTML     44K 
                Equity (Unaudited)                                               
14: R6          Condensed Statements of Cash Flows (Unaudited)      HTML     41K 
15: R7          Summary of Significant Accounting Policies          HTML     35K 
16: R8          Shareholders? Equity                                HTML     23K 
17: R9          Commitments and Contingencies                       HTML     16K 
18: R10         Accrued Liabilities                                 HTML     19K 
19: R11         Related Party Balances                              HTML     25K 
20: R12         Going Concern                                       HTML     16K 
21: R13         Subsequent Events                                   HTML     15K 
22: R14         Summary of Significant Accounting Policies          HTML     52K 
                (Policies)                                                       
23: R15         Accrued Liabilities (Tables)                        HTML     18K 
24: R16         Related Party Balances (Tables)                     HTML     20K 
25: R17         Summary of Significant Accounting Policies          HTML     22K 
                (Details Narrative)                                              
26: R18         Shareholders? Equity (Details Narrative)            HTML     27K 
27: R19         Commitments and Contingencies (Details Narrative)   HTML     15K 
28: R20         Schedule of Accrued Liabilities (Details)           HTML     16K 
29: R21         Schedule of Related Party Transactions (Details)    HTML     20K 
30: R22         Related Party Balances (Details Narrative)          HTML     20K 
31: R23         Going Concern (Details Narrative)                   HTML     36K 
34: XML         IDEA XML File -- Filing Summary                      XML     56K 
32: XML         XBRL Instance -- form10-q_htm                        XML    267K 
33: EXCEL       IDEA Workbook of Financial Report Info              XLSX     41K 
 5: EX-101.CAL  XBRL Calculations -- tmin-20230930_cal               XML     58K 
 6: EX-101.DEF  XBRL Definitions -- tmin-20230930_def                XML     86K 
 7: EX-101.LAB  XBRL Labels -- tmin-20230930_lab                     XML    281K 
 8: EX-101.PRE  XBRL Presentations -- tmin-20230930_pre              XML    221K 
 4: EX-101.SCH  XBRL Schema -- tmin-20230930                         XSD     46K 
35: JSON        XBRL Instance as JSON Data -- MetaLinks              156±   219K 
36: ZIP         XBRL Zipped Folder -- 0001493152-23-039626-xbrl      Zip     69K 


‘10-Q’   —   Quarterly Report

Document Table of Contents

Page (sequential)   (alphabetic) Top
 
11st Page  –  Filing Submission
"Financial Information
"Unaudited Condensed Financial Statements
"Condensed Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022 (Audited)
"Condensed Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited)
"Condensed Statements of Changes in Stockholders' Equity for the Nine Months Ended September 30, 2023 and 2022 (Unaudited)
"Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (Unaudited)
"Notes to the Condensed Financial Statements
"Management's Discussion and Analysis of Financial Condition and Results of Operations
"Quantitative and Qualitative Disclosures About Market Risk
"Controls and Procedures
"Other Information
"Legal Proceedings
"Risk Factors
"Unregistered Sales of Equity Securities and Use of Proceeds
"Defaults Upon Senior Securities
"Mine Safety Disclosures
"Exhibits
"Signatures

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM  i 10-Q

 

 i  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended  i September 30,  i 2023 / 

 

or

 

 i  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  i 333-200624

 

 i TRENDMAKER, INC. LIMITED

(Exact name of registrant issuer as specified in its charter)

 

 i Nevada    i 80-0979537

(State or other jurisdiction

of incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 i Lot 56935 Jalan 9/8,  i Seksyen 9,

 i Bandar Baru Bangi,

Selangor Darul Ehsan,  i Malaysia

   i 43650
(Address of principal executive offices)   (Zip Code)

 

Registrant’s phone number, including area code

 i +603  i 8923 1880

 

Securities registered pursuant to Section 12(b) of the Securities Exchange Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered:
 i Common Stock    i TMIN   The OTC Market – Pink Sheets

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 

YES ☐ NO

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

 

YES ☐ NO

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large Accelerated Filer ☐ Accelerated Filer ☐  i Non-accelerated Filer ☒ Smaller reporting company  i  Emerging growth company  i 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 

 i Yes ☒ No ☐

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

 

Class   Outstanding at November 7, 2023
Common Stock, $0.0001 par value    i 13,537,000

 

 

 

   

 

 

TABLE OF CONTENTS

 

    Page
PART I FINANCIAL INFORMATION  
ITEM 1. UNAUDITED CONDENSED FINANCIAL STATEMENTS:  
  Condensed Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022 (Audited) F-2
  Condensed Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited) F-3
  Condensed Statements of Changes in Stockholders’ Equity for the Nine Months Ended September 30, 2023 and 2022 (Unaudited) F-4
  Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (Unaudited) F-5
  Notes to the Condensed Financial Statements F-6 - F-8
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 3
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 4
ITEM 4. CONTROLS AND PROCEDURES 4
     
PART II OTHER INFORMATION  
ITEM 1 LEGAL PROCEEDINGS 5
ITEM 1A RISK FACTORS 5
ITEM 2 UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 5
ITEM 3 DEFAULTS UPON SENIOR SECURITIES 5
ITEM 4 MINE SAFETY DISCLOSURES 5
ITEM 5 OTHER INFORMATION 5
ITEM 6 EXHIBITS 5
  SIGNATURES 6

 

2
 

 

PART I – FINANCIAL INFORMATION

 

ITEM 1. UNAUDITED CONDENSED FINANCIAL STATEMENTS

 

TRENDMAKER, INC. LIMITED

CONDENSED FINANCIAL STATEMENTS

 

  Page
Condensed Financial Statements  
   
Condensed Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022 (Audited) F-2
Condensed Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2023 and 2022 (Unaudited) F-3
Condensed Statements of Changes in Stockholders’ Equity for the Nine Months Ended September 30, 2023 and 2022 (Unaudited) F-4
Condensed Statements of Cash Flows for the Nine Months Ended September 30, 2023 and 2022 (Unaudited) F-5
Notes to the Condensed Financial Statements F-6 - F-8

 

CERTAIN TERMS USED IN THIS REPORT

 

When this report uses the words “we,” “us,” “our,” and the “Company,” they refer to Trendmaker, Inc. Limited. “SEC” refers to the Securities and Exchange Commission.

 

F-1
 

 

TRENDMAKER, INC. LIMITED

CONDENSED BALANCE SHEETS

As of September 30, 2023 (Unaudited) and December 31, 2022 (Audited)

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 

   September 30, 2023   December 31, 2022 
   (Unaudited)   (Audited) 
   $   $ 
ASSET          
CURRENT ASSET        
Due from related party   i 154,574    i 185,013 
Total Current Asset    i 154,574     i 185,013 
           
TOTAL ASSET    i 154,574     i 185,013 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
CURRENT LIABILITIES          
Accrued liabilities    i 5,596     i 10,298 
Due to related party    i 214,842     i 214,842 
Total Current Liabilities    i 220,438     i 225,140 
           
TOTAL LIABILITIES    i 220,438     i 225,140 
           
STOCKHOLDERS’ EQUITY          
Preferred stock, $ i  i 0.0001 /  par value;  i  i 10,000,000 /  shares authorized,  i  i  i  i none /  /  /  issued and outstanding   -    - 
Common stock, $ i  i 0.0001 /  par value;  i  i 100,000,000 /  shares authorized,  i  i 13,537,000 /  and  i  i 13,537,000 /  issued and outstanding as of September 30, 2023 and December 31, 2022    i 1,354     i 1,354 
Additional paid in capital    i 825,166     i 825,166 
Accumulated deficits   ( i 892,384)   ( i 866,647)
TOTAL STOCKHOLDERS’ EQUITY   ( i 65,864)   ( i 40,127)
           
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY    i 154,574     i 185,013 

 

See accompanying notes to condensed financial statements.

 

F-2
 

 

TRENDMAKER, INC. LIMITED

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

For the three and nine months ended September 30, 2023 and 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

   2023   2022   2023   2022 
  

Three months ended

September 30

  

Nine months ended

September 30

 
   2023   2022   2023   2022 
   $   $   $   $ 
REVENUE  -   -   -   - 
                     
OTHER SERVICE FEES   -    -    -    - 
                     
COST OF REVENUE   -    -    -    - 
                     
GROSS PROFIT   -    -    -    - 
                     
PROFESSIONAL FEES   -    -    -    - 
                     
GENERAL AND ADMINISTRATIVE EXPENSES  ( i 10,950)  ( i 10,488)  ( i 25,737)  ( i 26,407)
                     
LOSS BEFORE INCOME TAX   ( i 10,950)   ( i 10,488)   ( i 25,737)   ( i 26,407)
                     
INCOME TAX PROVISION   -    -    -    - 
                     
NET LOSS   ( i 10,950)   ( i 10,488)   ( i 25,737)   ( i 26,407)
                     
Net loss per share, basic and diluted:   ( i  i 0.0008 / )   ( i  i 0.0008 / )   ( i  i 0.0019 / )   ( i  i 0.0019 / )
                     
 Weighted average number of shares outstanding – Basic and diluted    i  i 13,537,000 /      i  i 13,537,000 /      i  i 13,537,000 /      i  i 13,537,000 /  

 

See accompanying notes to condensed financial statements.

 

F-3
 

 

TRENDMAKER, INC. LIMITED

CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

For the nine months ended September 30, 2023 and 2022

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

 

Nine months ended September 30, 2023

 

   Number of Shares   Amount   PAID-IN CAPITAL   ACCUMULATED
DEFICITS
   TOTAL EQUITY 
   COMMON STOCK   ADDITIONAL         
   Number of Shares   Amount   PAID-IN CAPITAL   ACCUMULATED
DEFICITS
   TOTAL EQUITY 
                     
Balance as of December 31, 2022 (Audited)   i 13,537,000   $ i 1,354   $ i 825,166   $( i 866,647)  $( i 40,127)
Net loss for the period   -    -    -    ( i 8,637)   ( i 8,637)
Balance as of March 31, 2023 (Unaudited)    i 13,537,000     i 1,354     i 825,166    ( i 875,284)   ( i 48,764)
Net loss for the period   -    -    -    ( i 6,150)   ( i 6,150)
Balance as of June 30, 2023 (Unaudited)    i 13,537,000     i 1,354     i 825,166    ( i 881,434)   ( i 54,914)
Net loss for the period   -    -    -    ( i 10,950)   ( i 10,950)
Balance as of September 30, 2023 (Unaudited)    i 13,537,000     i 1,354     i 825,166    ( i 892,384)   ( i 65,864)

 

Nine months ended September 30, 2022

 

   COMMON STOCK   ADDITIONAL         
   Number of
Shares
   Amount   PAID-IN CAPITAL   ACCUMULATED
DEFICITS
   TOTAL EQUITY 
                     
Balance as of December 31, 2021 (Audited)   i 13,537,000   $ i 1,354   $ i 825,166   $( i 826,657)  $( i 137)
Net loss for the period   -    -    -    ( i 9,333)   ( i 9,333)
Balance as of March 31, 2022 (Unaudited)    i 13,537,000     i 1,354     i 825,166    ( i 835,990)   ( i 9,470)
Net loss for the period   -    -    -    ( i 6,586)   ( i 6,586)
Balance as of June 30, 2022 (Unaudited)    i 13,537,000     i 1,354     i 825,166    ( i 842,576)   ( i 16,056)
Balance, value    i 13,537,000     i 1,354     i 825,166    ( i 842,576)   ( i 16,056)
Net loss for the period   -    -    -    ( i 10,488)   ( i 10,488)
Balance as of September 30, 2022 (Unaudited)    i 13,537,000     i 1,354     i 825,166    ( i 853,064)   ( i 26,544)
Balance, value    i 13,537,000     i 1,354     i 825,166    ( i 853,064)   ( i 26,544)

 

See accompanying notes to condensed financial statements.

 

F-4
 

 

TRENDMAKER, INC. LIMITED

CONDENSED STATEMENTS OF CASH FLOWS

For the nine months ended September 30, 2023 and 2022

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

   2023   2022 
   Nine months ended September 30 
   2023   2022 
    $    $ 
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net loss  ( i 25,737)  ( i 26,407)
           
Changes in operating assets and liabilities:          
Due from related party    i 30,439     i 30,309 
Accrued liabilities   ( i 4,702)   ( i 3,902)
Net cash generated from operating activities   -    - 
           
Net increase/ (decrease) in cash and cash equivalents   -    - 
Cash and cash equivalents, beginning of period   -    - 
CASH AND CASH EQUIVALENTS, END OF PERIOD   -    - 

 

See accompanying notes to condensed financial statements.

 

F-5
 

 

TRENDMAKER, INC. LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

 i 

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

 i 

Basis of preparation

 

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$.

 

The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.

 

It is management’s opinion however, that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

 

Nuts and Bolts International, Inc. (the “Company”) was incorporated under the laws of the State of  i Nevada on  i August 21, 2013 to create and publish electronic non-fiction multimedia books for the hobby and do-it-yourself consumer markets (“eBooks”) through the internet. Its eBook publishing operations were conducted through its wholly-owned subsidiary, Nuts and Bolts Publishing, LLC, which was organized under the laws of the State of North Carolina on August 22, 2013.

 

Effective as of February 29, 2016, the Company had a change of control as a result of the sale of its previous controlling shareholder of  i 5,000,000 shares of its common stock, representing approximately  i 76.5% of the Company’s issued and outstanding common stock. Following the change of control, the Company has discontinued the eBook publishing operations previously carried on through the previous company’s subsidiary.

 

Also, following the change of control, the Company is now engaged in the business of providing management and consulting services to Trendmaker Private Limited. Effective as of April 14, 2016, the Company amended its Articles of Incorporation to change its name to Trendmaker, Inc. Limited.

 

 / 
 i 

Use of estimates

 

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Significant estimates include valuation of in kind contribution of services, valuation of deferred tax assets. Actual results could differ from those estimates.

 

 i 

Revenue recognition

 

The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.

 

F-6
 

 

TRENDMAKER, INC. LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

 i 

Cash and cash equivalents

 

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At September 30, 2023, the Company had  i no cash and cash equivalents.

 

 / 
 i 

Income taxes

 

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

 i 

Related party

 

Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.

 

 i 

Fair value of financial instruments

 

The carrying value of the Company’s financial instruments: cash and cash equivalents, and accounts payable and approximate their fair values because of the short-term nature of these financial instruments.

 

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

 

  Level 1: Observable inputs such as quoted prices in active markets;
   
  Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
   
  Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

 

 i 

Recent accounting pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 / 

 

F-7
 

 

TRENDMAKER, INC. LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the nine months ended September 30, 2023

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

 

 i 

2. SHAREHOLDERS’ EQUITY

 

(A) Preferred Stock

 

The Company was incorporated on August 21, 2013. The Company is authorized to issue  i 10,000,000 shares of preferred stock with a par value of $ i 0.0001 per share. Preferred stock may be issued in one or more series with rights and preferences are to be determined by the board of directors. As of September 30, 2023,  i no shares of preferred stock have been issued.

 

(B) Common Stock

 

The Company is authorized to issue  i 100,000,000 shares of common stock with a par value of $ i 0.0001 per share.

 

As of September 30, 2023, the Company has  i 13,537,000 shares of common stock outstanding.

 

 / 
 i 

3. COMMITMENTS AND CONTINGENCIES

 

As of September 30, 2023, the Company has  i no commitment or contingency involved.

 

 / 
 i 

4. ACCRUED LIABILITIES

 

 i 

Accrued liabilities consisted of the followings at September 30, 2023 and December 31, 2022.

 SCHEDULE OF ACCRUED LIABILITIES

   September 30, 2023   December 31, 2022 
   (Unaudited)   (Audited) 
    $    $ 
Accrued expenses    i 5,596     i 10,298 
Total accrued liabilities    i 5,596     i 10,298 
 / 

  

 / 
 i 

5. RELATED PARTY BALANCES

 i 

 SCHEDULE OF RELATED PARTY TRANSACTIONS

   September 30, 2023   December 31, 2022 
   (Unaudited)   (Audited) 
    $    $ 
Due from related party:          
Related Party A    i 154,574     i 185,013 
           
Due to related party:          
Related Party B    i 214,842     i 214,842 
 / 

 

As of September 30, 2023, the balance $ i 154,574 represented an outstanding amount due from Related Party A and $ i 214,842 represented an outstanding amount due to Related Party B. Related Party A and Related Party B respectively are having common director with the Company. The amount due are unsecured, interest-free with no fixed repayment term.

 

 / 
 i 

6. GOING CONCERN

 

As of September 30, 2023, the Company has an accumulated deficit of $ i 892,384, stockholders’ liabilities of $ i 65,864 and a net loss of $ i 25,737 for the nine months ended September 30, 2023. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management is taking various steps to provide the Company with the opportunity to continue as a going concern.

 

 / 
 i 

7. SUBSEQUENT EVENTS

 

The Company has evaluated subsequent events from the balance sheet date through September 30, 2023 the date the Company issued unaudited consolidated financial statements in accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. During this period, there was no subsequent event that required recognition or disclosure.

 

F-8
 

 

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Going Concern

 

As of September 30, 2023, the Company has an accumulated deficit of $892,384, stockholders’ liabilities of $65,864 and a net loss of $25,737 for the nine months ended September 30, 2023. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management is taking various steps to provide the Company with the opportunity to continue as a going concern.

 

Results of Operations

 

For the three months ended September 30, 2023 and 2022

 

For the three months period ended September 30, 2023 and 2022, the Company has generated no profit but loss of $10,950 and $10,488 respectively.

 

For the nine months ended September 30, 2023 and 2022

 

For the nine months period ended September 30, 2023 and 2022, the Company has generated no profit but loss of $25,737 and $26,407 respectively.

 

Liquidity and Capital Resources

 

As of September 30, 2023 and December 31, 2022, the Company has no cash on hand, but has a total asset entirely consisting due from related party of $154,574 and $185,013 of which is the amount due from Phyto Science Sdn. Bhd.

 

As of September 30, 2023 and December 31, 2022 the Company has total liabilities of $220,438 and $225,140 consisting accrued liabilities and amount due to Trendmaker Pte. Ltd.

 

The Company has a stockholders’ liabilities of $65,864 and $40,127 as at September 30, 2023 and December 31, 2022 respectively.

 

Net cash used in operating activities for the period ended September 30, 2023 and 2022 was $0 and $0 respectively. The cash used in operating activities are mainly for professional fees, legal fees, and general expenses.

 

Critical Accounting Policies

 

We have identified the policies outlined below as critical to our business operations and an understanding of our results of operations. The list is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application.

 

The Company accounts for income taxes under FASB ASC Topic 740 income taxes (“ASC Topic 740”). Under ASC Topic 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC Topic 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

3
 

 

Recent Accounting Pronouncements

 

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

 

All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.

 

Off Balance Sheet Transactions

 

None

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure as a result of continuing material weaknesses in its internal control over financial reporting.

 

During the assessment of the effectiveness of internal control over financial reporting, our management identified material weaknesses related to the lack of requisite U.S. generally accepted accounting principles (GAAP) expertise of our Chief Financial Officer and our internal bookkeeper. This lack of expertise to prepare our financial statements in accordance with U.S. GAAP without the assistance of the outside accounting consultant hired to ensure that our financial statements are prepared in accordance with U.S. GAAP constitutes a material weakness in our internal control over financial reporting. In order to mitigate the material weakness, we engaged an outside accounting consultant to assist us in the preparation of our financial statements to ensure that these financial statements are prepared in conformity to U.S. GAAP. This outside accounting consultant has significant experience in the preparation of financial statements in conformity with U.S. GAAP. We believe that the engagement of this consultant will lessen the possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis, and we will continue to monitor the effectiveness of this action and make any changes that our management deems appropriate. We expect to continue to rely on this outside consulting arrangement to supplement our internal accounting staff for the foreseeable future. Until such time as we hire the proper internal accounting staff with the requisite U.S. GAAP experience, however, it is unlikely we will be able to remediate the material weakness in our internal control over financial reporting.

 

Changes in Internal Controls over Financial Reporting

 

There were no changes that occurred to our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

4
 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

None.

 

Item 1A. Risk Factors.

 

Smaller reporting companies are not required to provide the information required by this item.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

None.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Mine Safety Disclosures.

 

Not applicable.

 

Item 5. Other Information.

 

None.

 

ITEM 6. Exhibits.

 

Exhibit

No.

  Description
31.1*   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*   Inline XBRL Instance Document
101.SCH*   Inline XBRL Schema Document
101.CAL*   Inline XBRL Calculation Linkbase Document
101.DEF*   Inline XBRL Definition Linkbase Document
101.LAB*   Inline XBRL Label Linkbase Document
101.PRE*   Inline XBRL Presentation Linkbase Document
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

* Filed herewith.

 

5
 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  TRENDMAKER, INC. LIMITED
  (Name of Registrant)
     
Date: November 7, 2023    
     
  By: /s/ Puan Sri Datin Sri Tan Chin Yee
    Puan Sri Datin Sri Tan Chin Yee, CEO and CFO
    (Principal Executive Officer)
    (Principal Financial Officer)

 

6

 


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