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info@czdcpa.com
−Removed: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
+Added: R EPO RT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
the Board of Directors and Stockholders of
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We have audited the accompanying balance sheets of Eason Education Kingdom Holdings, Inc.
−Removed: ("the Company") as of December 31, 2018 and 2017, and the related statements of income and comprehensive income, change in stockholders' equity and cash flows for each of the two years in the period ended December 31, 2018, and the related notes (collectively referred to as the “financial statements”).
+Added: ("the Company") as of December 31, 2019 and 2018, and the related statements of operations, change in stockholders' equity and cash flows for each of the years in the two-year period ended December 31, 2019, and the related notes (collectively referred to as the “financial statements”).
In our opinion, the financial statements present fairly, in all material respects, the financial position of Eason Education Kingdom Holdings, Inc.
−Removed: as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
+Added: as of December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the years in the two-year period ended December 31, 2019, in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.
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Centurion ZD CPA & Co.
−Removed: (as successor to Centurion ZD CPA Limited)
We have served as the Company’s auditor since 2015.
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TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY
−Removed: The accompanying notes are an integral part of these financial statements.
+Added: The accompanying notes are an integral part of the financial statements.
EASON EDUCATION KINGDOM HOLDINGS, INC.
STATEMENTS OF OPERATIONS
−Removed: FOR THE YEAR ENDED DECEMBER 31, 2018 AND 2017
+Added: FOR THE YEARS ENDED DECEMBER 31, 2019 AND 2018
Gross Revenues
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Weighted Average Shares Outstanding Basic and Diluted
−Removed: The accompanying notes are an integral part of these financial statements.
+Added: The accompanying notes are an integral part of the financial statements.
EASON EDUCATION KINGDOM HOLDINGS, INC.
STATEMENTS OF STOCKHOLDERS’ DEFICIT
−Removed: YEARS ENDED DECEMBER 31, 2018 AND 2017
+Added: FOR THE YEAR ENDED DECEMBER 31, 2019 AND 2018
BALANCE, December 31, 2014
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BALANCE, December 31, 2018
+Added: Net Loss for the year ended December 31, 2019
+Added: BALANCE, December 31, 2019
The accompanying notes are an integral part of these financial statements.
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Cash paid for interest expense
−Removed: The accompanying notes are an integral part of these financial statements.
+Added: The accompanying notes are an integral part of the financial statements.
EASON EDUCATION KINGDOM HOLDINGS, INC.
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Recent Accounting Pronouncements
−Removed: The new guidance is effective for public companies for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years.
−Removed: For private companies, not-for-profit organizations, and employee benefit plans, the new guidance becomes effective for fiscal years beginning after December 15, 2018, and for interim periods within fiscal years beginning after December 15, 2019.
−Removed: The new guidance permits early adoption of the own credit provision.
−Removed: In addition, the new guidance permits early adoption of the provision that exempts private companies and not-for-profit organizations from having to disclose fair value information about financial instruments measured at amortized cost.
−Removed: The FASB has issued Accounting Standards Update No.
−Removed: 2016-16, Income Taxes (Topic 740):
−Removed: Intra-Entity Transfers of Assets Other Than Inventory.
−Removed: Current GAAP prohibits the recognition of current and deferred income taxes for an intra-entity asset transfer until the asset has been sold to an outside party.
−Removed: This prohibition on recognition is an exception to the principle of comprehensive recognition of current and deferred income taxes in GAAP.
−Removed: The amendments require an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs.
−Removed: The amendments eliminate the exception for an intra-entity transfer of an asset other than inventory.
−Removed: Two common examples of assets included in the scope of the amendments are intellectual property and property, plant, and equipment.
−Removed: The amendments do not include new disclosure requirements;
−Removed: however, existing disclosure requirements might be applicable when accounting for the current and deferred income taxes for an intra-entity transfer of an asset other than inventory.
−Removed: The amendments align the recognition of income tax consequences for intra-entity transfers of assets other than inventory with International Financial Reporting Standards.
−Removed: IAS 12, Income Taxes, requires recognition of current and deferred income taxes resulting from an intra-entity transfer of any asset (including inventory) when the transfer occurs.
−Removed: The amendments are effective for public business entities for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods.
−Removed: For all other entities, the amendments are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual periods beginning after December 15, 2019.
−Removed: Early adoption is permitted for all entities in the first interim period if an entity issues interim financial statements.
−Removed: The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption.
−Removed: The FASB has issued Accounting Standards Update No.
−Removed: 2016-17, Consolidation (Topic 810):
−Removed: Interests Held through Related Parties That Are under Common Control.
−Removed: The amendments affect reporting entities that are required to evaluate whether they should consolidate a variable interest entity in certain situations involving entities under common control.
−Removed: Specifically, the amendments change the evaluation of whether a reporting entity is the primary beneficiary of a variable interest entity by changing how a reporting entity that is a single decision maker of a variable interest entity treats indirect interests in the entity held through related parties that are under common control with the reporting entity.
−Removed: The amendments do not change the characteristics of a primary beneficiary in current GAAP.
−Removed: A primary beneficiary of a variable interest entity has both of the following characteristics:
−Removed: (1) the power to direct the activities of a variable interest entity that most significantly impact the variable interest entity’s economic performance;
−Removed: and (2) the obligation to absorb losses of the variable interest entity that could potentially be significant to the variable interest entity or the right to receive benefits from the variable interest entity that could potentially be significant to the variable interest entity.
−Removed: If a reporting entity satisfies the first characteristic of a primary beneficiary (such that it is the single decision maker of a variable interest entity), the amendments require that reporting entity, in determining whether it satisfies the second characteristic of a primary beneficiary, to include all of its direct variable interests in a variable interest entity and, on a proportionate basis, its indirect variable interests in a variable interest entity held through related parties, including related parties that are under common control with the reporting entity.
−Removed: That is, under the amendments, a single decision maker is not required to consider indirect interests held through related parties that are under common control with the single decision maker to be the equivalent of direct interests in their entirety.
−Removed: Instead, a single decision maker is required to include those interests on a proportionate basis consistent with indirect interests held through other related parties.
−Removed: If, after performing that assessment, a reporting entity that is the single decision maker of a variable interest entity concludes that it does not have the characteristics of a primary beneficiary, the amendments continue to require that reporting entity to evaluate whether it and one or more of its related parties under common control, as a group, have the characteristics of a primary beneficiary.
−Removed: If the single decision maker and its related parties that are under common control, as a group, have the characteristics of a primary beneficiary, then the party within the related party group that is most closely associated with the variable interest entity is the primary beneficiary.
−Removed: The amendments are effective for public business entities for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years.
−Removed: For all other entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017.
−Removed: Early adoption is permitted.
−Removed: The FASB has issued Accounting Standards Update (ASU) No.
−Removed: 2016-18, Statement of Cash Flows (Topic 230):
−Removed: Restricted Cash.
−Removed: The amendments apply to all entities that have restricted cash or restricted cash equivalents and are required to present a statement of cash flows.
−Removed: The amendments address diversity in practice that exists in the classification and presentation of changes in restricted cash on the statement of cash flows.
−Removed: The amendments require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents.
−Removed: As a result, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.
−Removed: The amendments do not provide a definition of restricted cash or restricted cash equivalents.
−Removed: The amendments are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years.
−Removed: For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019.
−Removed: Early adoption is permitted.
−Removed: The amendments should be applied using a retrospective transition method to each period presented.
−Removed: The FASB has issued Accounting Standards Update (ASU) No.
−Removed: 2016-19, Technical Corrections and Improvements.
−Removed: The amendments cover a wide range of Topics in the Accounting Standards Codification.
−Removed: The amendments generally fall into one of the types of categories listed below.
−Removed: Amendments related to differences between original guidance (e.g., FASB Statements, EITF Issues, etc.) and the Codification.
−Removed: These amendments principally carry forward pre-Codification guidance or subsequent amendments into the Codification.
−Removed: Many times, either the writing style or phrasing of the original guidance did not directly translate into the Codification format and style.
−Removed: As a result, the meaning of the guidance might have been unintentionally altered.
−Removed: Alternatively, amendments in this category may relate to guidance that was codified without some text, reference, or phrasing that, upon review, was deemed important to the guidance.
−Removed: The FASB issued an Accounting Standards Update (ASU) that helps organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act.
2018-02, Income Statement—Reporting Comprehensive Income (Topic 220):
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Early adoption is permitted.”
+Added: We do not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the financial position, statements of operations and cash flows.
NOTE 3 – GOING CONCERN
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A reconciliation between expected and actual tax liability is presented below.
−Removed: Expected (Benefit) – Federal rate 21% (2018 onward), 34% (2017)
+Added: Expected (Benefit) – Federal rate 21%
Valuation allowance
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500,000,000 shares of common stock at par value of $0.001 and 175,000,000 Class A preferred stock at par value of $0.001., There are 310,868,500 common shares issued and outstanding as of December 31, 2019 and 2018.
−Removed: None of the Class A preferred stock is issued During October 2015, the Company issued 300,500,000 share of common stock for a consideration of $300,500 in cash.
+Added: None of the Class A preferred stock is issued.
+Added: During October 2015, the Company issued 300,500,000 share of common stock for a consideration of $300,500 in cash.
NOTE 6 – RELATED PARTY TRANSACTIONS
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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.