What changed in this filing

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Item 1. Financial Statements

2021-08-10 compared with 2021-05-17 · 169 added, 171 removed, 298 unchanged (53% of the section changed)

Financial Statements

YUAN HOLDING GROUP

Current Assets

Notes receivable

Total Current Assets

LIABILITIES AND STOCKHOLDERS’

Current Liabilities

Accounts payable and accrued liabilities

Due to related parties

Accounts payable

and accrued liabilities

to related parties

Total Current Liabilities

TOTAL LIABILITIES

Stockholders’

Stockholders’ Deficit

Preferred Stock:

5,000,000 shares authorized;

$0.001 par value 5,000,000 issued and outstanding at March 31, 2021 and December 31, 2020

$ 0.001 par value 5,000,000 issued and outstanding at June 30, 2021 and December 31, 2020

Common stock:

shares authorized;

$0.001 par value 74,641,276 shares issued and outstanding at March 31, 2021 and December 31, 2020

$ 0.001 par value 74,640,766 shares issued and outstanding at June, 2021 and December 31, 2020

Capital deficiency

Accumulated deficit during development stage

Accumulated deficit

during development stage

( 97,303,234 )

( 97,272,577 )

Total Stockholders’

TOTAL LIABILITIES AND STOCKHOLDERS’

Total Stockholders’

LIABILITIES AND STOCKHOLDERS’ DEFICIT

accompanying notes are an integral part of these financial statements.

YUAN HOLDING GROUP

OF OPERATIONS

Three Months Ended

Six Months Ended

Operating Expenses

General and administrative

Professional fees

Total Operating Expenses

administrative

Operating Expenses

Operating Loss

Other Income and Expense

Interest income

Total other income

Provision for income taxes

Basic and dilutive net loss per common share

Weighted average number of common shares outstanding - basic and diluted

Other Income and Expenses

other income (expenses)

Basic and dilutive net

loss per common share

Weighted average common shares outstanding

– basic and diluted

accompanying notes are an integral part of these financial statements.

OF STOCKHOLDERS’

Comprehensive

Balance –

YUAN HOLDING GROUP

OF STOCKHOLDERS’ EQUITY

Paid-in Capital

Other Comprehensive Income

Balance – December 31.

$ ( 97,272,577 )

Balance –

March 31, 2021

Cancellation of common stock

Cancellation of common stock, shares

Conversion of preferred stock

Conversion of preferred stock, shares

Issuance of preferred stock

Issuance of preferred stock, shares

Balance – March 31, 2021

$ ( 97,293,337 )

Comprehensive

Balance –

December 31, 2019

Cancellation of common stock

Balance – June

$ ( 97,303,234 )

Balance –

March 31, 2020

Paid-in Capital

Other Comprehensive Income

Balance – December 31.

$ ( 97,254,935 )

Balance – March

$ ( 97,259,777 )

Beginning balance

$ ( 97,259,777 )

Conversion of preferred stock

Issuance of preferred stock

Balance – June

$ ( 97,260,759 )

Ending balance

$ ( 97,260,759 )

accompanying notes are an integral part of these financial statements.

YUAN HOLDING GROUP

OF CASH FLOWS

Three Months Ended

CASH FLOWS FROM OPERATING ACTIVITIES

Adjustments to reconcile net loss to net cash used in operating activities:

Interest income

Changes in operating assets and liabilities:

Accounts payable and accrued liabilities

Loan payable - related party

Net Cash Used in Operating Activities

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

Net change in cash and cash equivalents for the year

Cash and cash equivalents at beginning of the year

Cash and cash equivalents at end of the year

CASH FLOWS FROM OPERATING

Adjustments to reconcile

net loss to net cash used in operating activities:

Changes in operating assets

and liabilities:

Accounts payable and accrued

payable - related party

Net Cash Used in Operating

CASH FLOWS FROM INVESTING

CASH FLOWS FROM FINANCING

Net change in cash and cash equivalents for

Cash and cash equivalents

at beginning of the year

Cash and cash equivalents

at end of the year

SUPPLEMENTAL CASH FLOW INFORMATION:

Cash paid for income taxes

Cash paid for interest

paid for income taxes

paid for interest

accompanying notes are an integral part of these financial statements.

YUAN HOLDING GROUP

TO FINANCIAL STATEMENTS

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of Presentation and Organization

summary of significant accounting policies of CEREPLAST, INC.

(a development stage company) (“the Company”) is presented

to assist in understanding the Company’s financial statements.

These accounting policies conform to accounting principles generally accepted

in the United States of America and have been consistently applied in the preparation of the accompanying financial statements.

has realized minimal revenues from its planned principal business purpose and, accordingly, is considered to be in its development stage

in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic

summary of significant accounting policies of Hong Yuan Holding Group (a development stage company) (“the Company”) is presented

to assist in understanding the Company’s financial statements.

These accounting policies conform to accounting principles generally

accepted in the United States of America and have been consistently applied in the preparation of the accompanying financial statements.

The Company has realized minimal revenues from its planned principal business purpose and, accordingly, is considered to be in its development

stage in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”)

915 (SFAS No.

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were incorporated on September 29, 2001 in the State of Nevada under the name of Biocorp North America Inc.

On March 18, 2005,

we filed an amendment to our certificate of incorporation to change our name to Cereplast, Inc.

We have developed and are commercializing

proprietary bio-based resins through two complementary product families:

Cereplast Compostables ®

resins which are

compostable, renewable, ecologically sound substitutes for petroleum-based plastics, and Cereplast Sustainables™

resins (including

the Cereplast Hybrid Resins product line), which replaces up to 90% of the petroleum-based content of traditional plastics with materials

from renewable resources.

On March 18, 2005, we filed

an amendment to our certificate of incorporation to change our name to Cereplast, Inc.

We have developed and are commercializing proprietary

bio-based resins through two complementary product families:

Cereplast Compostables ® resins which are compostable, renewable,

ecologically sound substitutes for petroleum-based plastics, and Cereplast Sustainables™ resins (including the Cereplast Hybrid

Resins product line), which replaces up to 90 % of the petroleum-based content of traditional plastics with materials from renewable resources.

February 10, 2014, the Company, filed a voluntary petition for relief under Chapter 11 of Title 11 of the United States Bankruptcy Code

in the United States Bankruptcy Court for the Southern District of Indiana (the “Bankruptcy Court”).

in the United States Bankruptcy Court for the Southern District of Indiana (the “ Bankruptcy Court “).

On February 14, 2014,

the Company filed a motion in the Bankruptcy Court seeking to convert the Company’s Chapter 11 Case to a Chapter 7 bankruptcy case.

On March 27, 2014, the court granted the Company’s motion and on that date the Company’s Chapter 11 Case was converted to

the Company filed a motion in the Bankruptcy Court seeking to convert the Company’s Chapter 11 Case to a Chapter 7 bankruptcy case.

On March 27, 2014, the court granted the Company’s motion and on that date the Company’s Chapter 11 Case was converted to

a Chapter 7 case.

As a result, the Company adopted liquidation basis of accounting on the discontinued operations according to ASC 205-30

“Presentation of Financial Statements –

Liquidation Basis of Accounting”, accordingly the accumulated deficit generated

“Presentation of Financial Statements – Liquidation Basis of Accounting”, accordingly the accumulated deficit generated

prior to bankruptcy proceedings remained unadjusted.

January 31, 2014 the Board of Directors of Cereplast, Inc.

(the “Company”) approved a 1-for-50 reverse split (the “Reverse

Split) which was previously approved by the shareholders on April 5, 2013 and previously disclosed on Current Report Form 8-K filed on

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February 3, 2014, Cereplast, Inc.

(the “Company”) filed a Certificate of Amendment to its Articles of Incorporation to effect

the reverse split (the “Reverse Split”), effective as of February 21, 2014.

(the “Company”) filed a Certificate of Amendment to its Articles of Incorporation to effect

the reverse split (the “Reverse Split”), effective as of February 21, 2014.

March 22, 2019, the eight judicial District Court of Nevada appointed Custodian Ventures, LLC as custodian for Cereplast, Inc., proper

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5,000,00 shares of the Series A-1 Preferred stock valued at $ 5,000 to Custodian Ventures LLC as repayment funds loaned to the Company.

change of control of the Company was completed on November 3, 2020, control was obtained by the sale of 50,000,000 common shares

and $5,000,000 Series A-1 Preferred Shares from Custodian Ventures, LLC to Xudong Li.

After November 3, 2020, the Company’s operations

change of control of the Company was completed on November 3, 2020, control was obtained by the sale of 50,000,000 common shares and

$ 5,000,000 Series A-1 Preferred Shares from Custodian Ventures, LLC to Xudong Li.

After November 3, 2020, the Company’s operations

are determined and structured by the new major shareholder.

On November 18, 2020, the Company filed an amendment to its certificate of incorporation to change its name to Hong Yuan Holding Group

accompanying financial statements are prepared on the basis of accounting principles generally accepted in the United States of America

(“GAAP”).

The Company is a development stage enterprise devoting substantial efforts to establishing a new business, financial

planning, raising capital, and research into products which may become part of the Company’s product portfolio.

The Company has

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balance sheets and certain comparative information as of December 31, 2020 are derived from the audited financial statements and related

notes for the year ended December 31, 2020, included in the Company’s Form 10.

These unaudited interim financial statements should

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Stock-Based Compensation

Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”).

718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans

Company accounts for stock-based compensation in accordance with ASC 718 Compensation - Stock Compensation (“ASC 718”).

718 addresses all forms of share-based payment (“SBP”) awards including shares issued under employee stock purchase plans

and stock incentive shares.

Under ASC 718 awards result in a cost that is measured at fair value on the awards’

grant date, based

Under ASC 718 awards result in a cost that is measured at fair value on the awards’ grant date, based

on the estimated number of awards that are expected to vest and will result in a charge to operations.

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if the additional common shares were dilutive.

The Company’s diluted loss per share is the same as the basic loss per share for

the three months ended September 30, 2018 and 2017, as there are no potential shares outstanding that would have a dilutive effect.

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The Company recorded a valuation allowance against

its deferred tax assets as of March 31, 2021 and December 31, 2020.

its deferred tax assets as of June 30, 2021 and December 31, 2020.

Company accounts for uncertainty in income taxes using a two-step approach to recognizing and measuring uncertain tax positions.

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of cash within one year .

Interest and penalties related to uncertain tax positions are recognized in the provision for income

Interest and penalties related to uncertain tax positions are recognized in the provision for income taxes.

Accounting Pronouncements

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of funds loaned to the Company.

the three months ended March 31, 2021, the Company’s current majority shareholder advanced $20,944 to the Company as working capital.

As of March 31, 2021 and December 31, 2020, the Company owed its current majority shareholders of $27,244, and $6,300, respectively.

The advances are non-interest bearing and are due on demand.

February 3, 2014, Cereplast, Inc.

(the “Company”) filed a Certificate of Amendment to its Articles of Incorporation to effect

the reverse split (the “Reverse Split”), effective as of February 21, 2014.

the six months ended June 30, 2021, the Company’s current majority shareholder advanced $ 28,602 to the Company as working capital.

As of June 30, 2021 and December 31, 2020, the Company owed its current majority shareholders of $ 34,902 , and $ 6,300 , respectively.

advances are non-interest bearing and are due on demand.

5 – Common stock

October 4, 2019, the Company issued 50,000,000 shares of common stock to Custodian Ventures, LLC at par for shares valued at $ 50,000

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of common stock.

of March 31, 2021, a total of 74,641,276 shares of common stock with par value $0.001 remain outstanding.

May 27, 2021, the 510 shares of common stock issued to Custodian Ventures were cancelled.

of June 30, 2021, a total of 74,640,766 shares of common stock with par value $ 0.001 remain outstanding.

6 – Preferred stock

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5,000,000 shares of the Series A-1 Preferred stock valued at $ 5,000 to Custodian Ventures LLC as repayment funds loaned to the Company.

of March 31, 2021, a total of 5,000,000 shares of Series A-1 preferred stock with par value $0.001 remain outstanding.

of June 30, 2021, a total of 5,000,000 shares of Series A-1 preferred stock with par value $ 0.001 remain outstanding.

7 – Income Taxes

taxes represent the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial

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Temporary differences result primarily from the recording of tax benefits of net operating loss carry forwards.

of March 31, 2021, the Company has an insufficient history to support the likelihood of ultimate realization of the benefit associated

of June 30, 2021, the Company has an insufficient history to support the likelihood of ultimate realization of the benefit associated

with the deferred tax asset.

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expenses in the statements of operations.

For March 31, 2021 and 2020, the Company had no unrecognized tax benefits and related

interest and penalties expenses.

For June 30, 2021 and 2020, the Company had no unrecognized tax benefits and related interest

and penalties expenses.

Currently, the Company is not subject to examination by major tax jurisdictions.

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financial statements.

Management ’

s Discussion and Analysis of Financial Condition and Results of Operations.

Management ’ s Discussion and Analysis of Financial Condition and Results of Operations.

Looking Statement Notice

statements made in this Quarterly Report on Form 10-Q are “

forward-looking statements ”

(within the meaning

of the Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations.

Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements

of Crown Marketing, (“

we ”, “

us ”, “

or the “

Company ”)

to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties.

The Company’s

plans and objectives are based, in part, on assumptions involving the continued expansion of business.

statements made in this Quarterly Report on Form 10-Q are “ forward-looking statements ” (within the meaning of the

Private Securities Litigation Reform Act of 1995) regarding the plans and objectives of management for future operations.

Such statements

involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of Crown

Marketing, (“ we ”, “ us ”, “ our ” or the “ Company ”) to be materially

different from any future results, performance or achievements expressed or implied by such forward-looking statements.

The forward-looking

statements included herein are based on current expectations that involve numerous risks and uncertainties.

The Company’s plans

and objectives are based, in part, on assumptions involving the continued expansion of business.

Assumptions relating to the foregoing

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all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Company.

the Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate

Company believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate

and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate.

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Treasurer and Director.

change of control of the Company was completed on November 3, 2020, control was obtained by the sale of 50,000,000 common shares

and $5,000,000 Series A-1 Preferred Shares from Custodian Ventures, LLC to Xudong Li.

After November 3, 2020, the Company’s operations

change of control of the Company was completed on November 3, 2020, control was obtained by the sale of 50,000,000 common shares and

$5,000,000 Series A-1 Preferred Shares from Custodian Ventures, LLC to Xudong Li.

After November 3, 2020, the Company’s operations

are determined and structured by the new major shareholder.

On November 18, 2020, the Company filed an amendment

to its certificate of incorporation to change its name to Hong Yuan Holding Group

have not yet generated sustained profits from our prior operations.

Our independent accountants have expressed a “going concern”

As of March 31, 2021, we had an accumulated deficit of $97,293,337 and a net working capital deficit of $27,660.

Our independent accountants have expressed a “going concern”

As of June 30, 2021, we had an accumulated deficit of $97,303,234 and a net working capital deficit of $37,557.

our current burn rate is nominal, it is expected that our costs of operations will continue to exceed revenues, primarily due to the

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have been prepared in accordance with U.S.

Generally Accepted Accounting Principles (“GAAP”).

The preparation of these consolidated

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consolidated financial statements.

May 2014 the FASB issued Accounting Standards Update (ASU) No.

2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes

all existing revenue recognition requirements, including most industry specific guidance.

This new standard requires a company to recognize

revenues when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive

for those goods or services.

The FASB subsequently issued the following amendments to ASU No.

2014-09 that have the same effective date

and transition date:

2016-08, Revenue from Contracts with Customers (Topic 606):

Principal versus Agent Considerations;

2016-10, Revenue from Contracts with Customers (Topic 606):

Identifying Performance Obligations and Licensing;

2016-12, Revenue

from Contracts with Customers (Topic 606):

Narrow-Scope Improvements and Practical Expedients;

2016-20, Technical Corrections

and Improvements to Topic 606, Revenue from Contracts with Customers.

The Company adopted these amendments with ASU 2014-09 (collectively,

the new revenue standards).

2014-09 , Revenue from Contracts with Customers (“Topic 606”), became effective for the Company on January

1, 2018 and were adopted using the modified retrospective method.

The adoption of the new revenue standards as of January 1, 2018 did

not change the Company’s revenue recognition as there were no revenues during the period.

the new revenue standards, the Company recognizes revenues when its customer obtains control of promised goods or services, in an amount

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and (v) recognize revenues when (or as) we satisfy the performance obligation.

new revenue standards became effective for the Company on January 1, 2018 and were adopted using the modified retrospective method.

adoption of the new revenue standards as of January 1, 2018 did not change the Company’s revenue recognition as there were no revenues

during the period

Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad

debt expense when deemed necessary.

Our allowance for doubtful accounts is maintained to provide for losses arising from customers’

inability to make required payments.

If there is deterioration of our customers’

credit worthiness and/or there is an increase

If there is deterioration of our customers’ credit worthiness and/or there is an increase

in the length of time that the receivables are past due greater than the historical assumptions used, additional allowances may be required.

The Company has no accounts receivables and therefore as of March 31, 2021, and 2020 no allowance for doubtful accounts is necessary.

The Company has no accounts receivables and therefore as of June 30, 2021, and 2020 no allowance for doubtful accounts is necessary.

Company follows the asset and liability method of accounting for future income taxes.

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and liabilities are measured using enacted tax rates and laws expected to apply when the tax liabilities or assets are to be either settled

The Company’s effective tax rate approximates the Federal statutory rates.

of Operations for the Quarter Ended March 31, 2021 compared to the Quarter Ended March 31, 2020

The Company’s effective tax rate approximates the Federal statutory rates.

of Operations for the Three and Six Months Ended June 30, 2021 compared to the Three and Six Months Ended June 30, 2020

the summer of 2014, the Company decided to discontinue all operations.

After the change of control on November 3, 2020, the Company’s

operations are determined and structured by the new major shareholder.

the quarters ended March 31, 2021 and 2020, we generated no revenues.

expenses, including general and administrative expenses, during the quarter ended March 31, 2021, was $20,760 compared to $5,066 during

the quarter ended March 31, 2020, an increase of $15,694 or 310%.

The increase was mainly due to the higher professional fees related

to the change of control and the filing of form 10 to become a SEC reporting company

the quarter ended March 31, 2021, the Company incurred a net loss of $20,760, compared to a net loss of $4,842 during the quarter ended

March 31, 2020.

The $15,918 increase in net loss was primarily due to the increase in operating expenses.

the three and six months ended June 30, 2021 and 2020, we generated no revenues.

expenses, during the three months ended June 30, 2021, was $9,897 compared to $1,287 during the three months ended June 30, 2020, an

increase of $8,610 or 669%.

Operating expenses during the six months ended June 30, 2021, was $30,657 compared to $6,353 during the six

months ended June 30, 2020, an increase of $24,304 or 383%.

The increase was mainly due to the higher professional fees related to the

change of control and the filing of form 10 to become a SEC reporting company.

the three months ended June 30, 2021, the Company incurred a net loss of $9,897, compared to a net loss of $982 during the three months

ended June 30, 2020, an increase of 8,915.

During the six months ended June 30, 2021, the Company incurred a net loss of $30,657, compared

to a net loss of $5,824 during the six months ended June 30, 2020, an increase of $24,833.

The increase in net loss in the three and

six months ended in June 30, 2021 was primarily due to the increase in operating expenses.

and Capital Resources

of March 31, 2021, and 2020, we had a cash balance of $0.

Due to the lack of revenue, the company’s operations are primarily funded

by the Company’s CEO and major shareholder.

the extent that the Company’s capital resources are insufficient to meet current or planned operating requirements, the Company

of June 30, 2021, and 2020, we had a cash balance of $0.

Due to the lack of revenue, the company’s operations are primarily funded

by the Company’s CEO and major shareholder.

the extent that the Company’s capital resources are insufficient to meet current or planned operating requirements, the Company

will seek additional funds through equity or debt financing, collaborative or other arrangements with corporate partners, licensees or

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arrangements with respect to, or sources of, such additional financing and the Company does not anticipate that existing shareholders

will provide any portion of the Company’s future financing requirements.

Xudong, the CEO and principal shareholder of the Company,

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raise substantial doubt about the ability of the Company to continue as a going concern.

cash used in operating activities was $0 during the quarters ended March 31, 2021 and 2020.

neither generated nor used cash in investing activities during the quarters ended March 31, 2021 and 2020.

neither generated nor used cash in financing activities during the quarters ended March 31, 2021 and 2020.

cash used in operating activities was $0 during the six months ended June 30, 2021 and 2020.

neither generated nor used cash in investing activities during the six months ended June 30, 2021 and 2020.

neither generated nor used cash in financing activities during the six months ended June 30, 2021 and 2020.

accompanying financial statements have been prepared assuming that the Company will continue as a going concern.

As shown in the accompanying

financial statements, we have incurred net losses of $20,760 and $4,842 for the quarters ended March 31, 2021 and 2020, respectively,

and have a working capital deficit of $27,660 as of March 31, 2021, in addition to a stockholder deficit of $27,660, which raise substantial

doubt about the Company’s ability to continue as a going concern.

financial statements, we have incurred net losses of $30,657 and $5,824 for the six months ended June 30, 2021 and 2020, respectively,

and have a working capital deficit of $37,557 as of June 30, 2021, in addition to a stockholder deficit of $37,557, which raise substantial

doubt about the Company’s ability to continue as a going concern.

believes the Company will continue to incur losses and negative cash flows from operating activities for the foreseeable future and will

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on acceptable terms.

Company’s continuation as a going concern is dependent upon its ability to ultimately attain profitable operations, generate sufficient

cash flow to meet its obligations, and obtain additional financing as may be required.

Our auditors have included a “going concern”

qualification in their Report of Independent Certified Public Accountants accompanying our audited financial statements appearing elsewhere

herein which cites substantial doubt about our ability to continue as a going concern.

Such a “going concern”

qualification

Such a “going concern” qualification

may make it more difficult for us to raise funds when needed.

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Quantitative and Qualitative Disclosures About Market Risk.

a “smaller reporting company”

as defined by Item 10 of Regulation S-K, the Company is not required to provide information

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.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements