ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
Forward Looking Statements
This section and other parts of this Form 10-Q quarterly report includes "forward-looking statements", that involves risks and uncertainties. All statements other than statements of historical facts, included in this Form 10-Q that address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future matters, and other such matters are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors that we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks, uncertainties, and other factors, many of which are beyond our control.
Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, we do not assume responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this report to conform such statements to actual results.
Overview
Chun Can Capital Group (the "Company", "we", or "us") was incorporated under the laws of the State of Nevada on August 16, 1996.
Certain statements contained below are forward-looking statements (rather than historical facts) that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
Our auditors have issued a going concern opinion in the financial statements for the year ended December 31, 2020.
RESULTS OF OPERATIOMS
Working Capital
|
June 30,
|
|
December 31,
|
|
|
2021
|
|
2020
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|
|
|
|
|
|
Current Assets
|
|
$
|
-
|
|
|
$
|
-
|
|
Current Liabilities
|
|
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67,148
|
|
|
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19,634
|
|
Working Capital (Deficit)
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|
$
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(67,148
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)
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|
$
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(19,634)
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|
Cash Flows
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June 30,
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|
June 30,
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|
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2021
|
|
2020
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|
|
|
|
|
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Cash Flows from (used in) Operating Activities
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|
$
|
-
|
|
|
$
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-
|
|
Cash Flows from (used in) Financing Activities
|
|
|
-
|
|
|
|
-
|
|
Net Increase (decrease) in Cash During Period
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|
$
|
-
|
|
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$
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-
|
|
11
Operating Revenues
We have generated revenues of $0 for the three months and six ended June 30, 2021 and $0 for the three months and six months ended June 30, 2020.
Operating Expenses and Net Loss
Operating expenses for the three months ended June 30, 2021 were $7,913.00 compared with $500.00 for the three months ended June 30, 2020. Operating expenses for the three months ended March 31, 2021 consisted of general and administrative expenses of $7,913.00 compared to $500.00 for the three months ended June 30, 2019.
Operating expenses for the six months ended June 30, 2021 were $8,914.00 compared with $29,634.00 for the six months ended June 30, 2020. Operating expenses for the six months ended June 30, 2021 consisted of general and administrative expenses of $8,914.00 compared to $29,634.00 for the six months ended June 30, 2020.
During the three months ended June 30, 2021, the Company recorded a net loss of ($7,913.00) compared with net loss of ($500.00) for the three months ended June 30, 2020.
During the six months ended June 30, 2021, the Company recorded a net loss of ($8,914.00) compared with net loss of ($29,634.00) for the six months ended June 30, 2020.
Liquidity and Capital Resources
As of June 30, 2021, the Company's cash balance was $0 compared to cash balance of $0 at June 30, 2020. As of June 30, 2021, the Company's total assets were $0 compared to total assets of $0 as at June 30, 2020.
As of June 30, 2021, the Company had total liabilities of $67,148.00 compared with total liabilities of $58,234 as of yearend December 31, 2020. Liabilities for the six months ended June 30, 2021 consisted of accounts payable of $26,361.00 compared to $26,361 for the yearend December 31, 2020; and accounts payable – related of $40,787.00 compared to $31,873 for the yearend December 31, 2020.
Cashflow from Operating Activities
During the six months ended June 30, 2021 the Company used $0 of cash for operating activities compared to the use of $0 of cash for operating activities during the six months ended June 30, 2020.
Cashflow from Financing Activities
During the six months ended June 30, 2021 the Company received cash from financing activities of $0 as compared to $0 for the six months ended June 30, 2020.
Subsequent Developments
Noner.
Going Concern
We have not attained profitable operations and are dependent upon the continued financial support from our shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from our future business. These factors raise substantial doubt regarding our ability to continue as a going concern.
12
Off-Balance Sheet Arrangements
We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.
Future Financing
The Company will consider selling securities in the future to fund operations. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.
Critical Accounting Policies
Our consolidated financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.
We regularly evaluate the accounting policies and estimates that we use to prepare our consolidated financial statements. A complete summary of these policies is included in the notes to our consolidated financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.
Recently Issued Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.