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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ionix Technology Inc (CE) | USOTC:IINX | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.000001 | 0.00 | 01:00:00 |
Nevada
|
|
45-0713638
|
(State or other jurisdiction of
incorporation or organization) |
|
(I.R.S. Employer
Identification No.) |
Large accelerated filer
|
☐ |
Accelerated filer
|
☐ |
Non-accelerated filer
|
☐ |
Smaller reporting company
|
☒ |
|
|
Page
|
Part I – Financial Information
|
F-1 | |
|
|
|
Item 1.
|
Financial Statements
|
F-1 |
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operation
|
12 |
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
15 |
Item 4.
|
Controls and Procedures
|
15 |
Item 4T.
|
Controls and Procedures
|
|
|
|
|
Part II – Other Information
|
15 | |
|
|
|
Item 1.
|
Legal Proceedings
|
15 |
Item 1A.
|
Risk Factors
|
16 |
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
16 |
Item 3.
|
Defaults Upon Senior Securities
|
16 |
Item 4.
|
Mine Safety Disclosures
|
16 |
Item 5.
|
Other Information
|
16 |
Item 6.
|
Exhibits
|
17 |
|
|
|
Signatures
|
18 | |
|
|
|
Certifications
|
|
INDEX
|
F-1
|
Consolidated Balance Sheets as of September 30, 2016 and June 30, 2016 (Unaudited)
|
F-2
|
Consolidated Statements of Comprehensive Loss for the Three Months Ended September 30, 2016
and 2015 (Unaudited)
|
F-3
|
Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2016 and 2015
(Unaudited)
|
F-4
|
Notes to Consolidated Financial Statements (Unaudited)
|
F-5
|
|
September 30,
2016 |
June 30,
2016
|
||||||
ASSETS
|
||||||||
|
||||||||
Current Asset:
|
||||||||
Cash
|
$
|
17,630
|
$
|
59,758
|
||||
Inventory
|
40,685
|
-
|
||||||
Due from related parties
|
913,380
|
-
|
||||||
Prepaid expenses
|
9,286
|
103
|
||||||
Current asset of discontinued operation
|
-
|
2,129,360
|
||||||
Total current assets
|
980,981
|
2,189,221
|
||||||
Total Assets
|
$
|
980,981
|
$
|
2,189,221
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
545,212
|
$
|
-
|
||||
Advance from customers
|
286,292
|
|||||||
Other payable
|
38,981
|
|||||||
Due to related parties
|
49,088
|
53,510
|
||||||
Accrued expenses
|
11,083
|
9,080
|
||||||
Tax payable
|
21,562
|
-
|
||||||
Current liability of discontinued operation
|
-
|
2,113,533
|
||||||
Total Current Liabilities
|
952,218
|
2,176,123
|
||||||
|
||||||||
COMMITMENT AND CONTINGENCIES
|
||||||||
|
||||||||
Stockholders’ Equity :
|
||||||||
Preferred share capital,5,000,000 shares authorized,
$.0001 par value; 5,000,000 and zero shares issued and outstanding at September 30 and June 30, 2016 |
500
|
500
|
||||||
Common stock, 195,000,000 shares authorized,
$.0001 par value; 99,003,000 shares issued and outstanding
|
9,900
|
9,900
|
||||||
Additional paid in capital
|
261,610
|
237,246
|
||||||
Accumulated deficit
|
(243,082
|
)
|
(234,903
|
)
|
||||
Accumulated other comprehensive income (loss)
|
(165
|
)
|
355
|
|||||
Total stockholders’ equity
|
28,763
|
13,098
|
||||||
|
||||||||
Total Liabilities and Stockholders’ Equity (Deficit)
|
$
|
980,981
|
$
|
2,189,221
|
|
For the three months ended
September 30, |
|||||||
2016
|
2015
|
|||||||
|
(Restated) | |||||||
Revenues
|
$
|
844,109
|
$
|
-
|
||||
Cost of revenues
|
756,570
|
-
|
||||||
Gross profit
|
87,539
|
-
|
||||||
Expenses:
|
||||||||
Selling, general and administrative
|
41,710
|
-
|
||||||
|
||||||||
Total operating expenses
|
41,710
|
-
|
||||||
Net income from continuing operations before income tax
|
45,829
|
-
|
||||||
Income tax
|
18,909
|
-
|
||||||
Net income from continuing operations
|
26,920
|
-
|
||||||
|
||||||||
|
||||||||
Loss from discontinued operation
|
(35,099
|
)
|
(59,217
|
)
|
||||
Net Loss
|
(8,179
|
)
|
(59,217
|
)
|
||||
Other comprehensive income
|
||||||||
Foreign currency translation adjustment
|
520
|
-
|
||||||
Comprehensive loss
|
$
|
(7,659
|
)
|
$
|
(59,217
|
)
|
||
Loss Per Share -
|
||||||||
Basic and Diluted-continuing operation
-discontinued operation
|
$
|
-
|
$
|
-
|
||||
|
$
|
-
|
$
|
-
|
||||
Weighted average number of common shares outstanding-Basic and
Diluted |
99,003,000
|
99,003,000
|
For the three months ended September
30, |
||||||||
|
2016
|
2015
|
||||||
CASH FLOWS FROM OPERATIONS:
|
(Restated) | |||||||
Net loss
|
$
|
(8,179
|
)
|
$
|
(59,217
|
)
|
||
Net loss from discontinued operation
|
(35,099
|
)
|
(59,217
|
)
|
||||
Net income from continuing operation
|
26,920
|
-
|
||||||
Changes in assets and liabilities:
|
-
|
|||||||
Increases in other receivable
|
-
|
-
|
||||||
Increases in inventory
|
(40,804
|
)
|
-
|
|||||
Increases in prepaid expense
|
(9,183
|
)
|
-
|
|||||
Increases in accounts payable
|
546,852
|
-
|
||||||
Increases in other payable
|
39,084
|
-
|
||||||
Increase in advance from customers
|
287,127
|
|||||||
Increase in accrued expense
|
2,018
|
|||||||
Increases in tax payable
|
21,562
|
-
|
||||||
Net cash provided by continuing operation
|
873,576
|
-
|
||||||
Net cash used in discontinued operation
|
-
|
(5,242
|
)
|
|||||
Net cash provided by (used in) operating activities
|
873,576
|
(5,242
|
)
|
|||||
CASH FLOW FROM INVESTING ACTIVITIES
|
||||||||
Increase in due from related parties
|
(916,044 |
)
|
-
|
|||||
Net cash used in continuing operation
|
(916,044 |
)
|
-
|
|||||
Net cash used in discounted operation
|
-
|
-
|
||||||
Net cash used in investing activities
|
(916,044 |
)
|
-
|
|||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Decrease in due to related parties
|
577
|
|||||||
Net cash provided by continuing operation
|
577
|
-
|
||||||
Net cash provided by discontinued operation
|
-
|
5,200
|
||||||
Net cash provided by financing activities
|
577
|
|
5,200
|
|||||
Effect of exchange rate changes on cash and cash equivalents
|
(237
|
)
|
-
|
|||||
Net increase in cash
|
(42,128
|
)
|
(42
|
)
|
||||
|
||||||||
Cash balance, beginning of period
|
59,758
|
691
|
||||||
|
||||||||
Cash balance, end of period
|
$
|
17,630
|
$
|
649
|
||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for income tax
|
$
|
-
|
$
|
-
|
||||
Cash paid for interests
|
$
|
-
|
$
|
-
|
September 30,
2016
|
||||
Balance sheet items, except for equity accounts
|
6.6700
|
|||
Items in statements of income and cash flows
|
6.6506
|
For the three months ended on
September 30 |
||||||||
2016
|
2015
|
|||||||
Revenue
|
$
|
-
|
$
|
-
|
||||
Cost of revenue
|
-
|
-
|
||||||
Gross profit
|
-
|
-
|
||||||
Selling, general and administrative expenses
|
-
|
59,217
|
||||||
Loss before income taxes
|
-
|
(59,217
|
)
|
|||||
Provision for income taxes
|
-
|
-
|
||||||
Net loss
|
$
|
-
|
$
|
(59,217
|
)
|
For the period from
July 1 to August 19, 2016 |
For the three months
ended on September 30,2015 |
|||||||
Revenue
|
$
|
502,003
|
$
|
-
|
||||
Cost of revenue
|
(505,401
|
)
|
-
|
|||||
Gross profit (Loss)
|
(3,389
|
)
|
-
|
|||||
Selling, general and administrative expenses
|
31,701
|
-
|
||||||
Loss before income taxes
|
(35,099
|
)
|
-
|
|||||
Provision for income taxes
|
-
|
-
|
||||||
Net Loss
|
$
|
( 35,099
|
)
|
$
|
-
|
September 30
,
|
||||||||
2016
|
2015
|
|||||||
Raw materials
|
40,685
|
-
|
||||||
$
|
40,685
|
$
|
-
|
Revenue
|
Percentage of
revenue |
|||||||
Customer A
|
$
|
694,049
|
82
|
%
|
||||
Customer B
|
150,060
|
18
|
%
|
|||||
Total
|
$
|
844,109
|
$
|
100
|
%
|
Total Purchase
|
Percentage of
total purchase |
Accounts payable
|
Percentage of
accounts payable |
|||||||||||||
Supplier A
|
$
|
417,669
|
53
|
%
|
$
|
195,809
|
36
|
%
|
||||||||
Supplier B
|
323,761
|
40
|
%
|
150,759
|
28
|
%
|
||||||||||
Total
|
$
|
741,430
|
93
|
%
|
$
|
346,568
|
64
|
%
|
For the three months ended September30,
|
||||||||
2016
|
2015
|
|||||||
U.S. Statutory rate
|
$
|
3,755
|
$
|
(20,726
|
)
|
|||
Tax rate difference between
China and U.S. |
4,492
|
-
|
||||||
Change in Valuation Allowance
|
10,662
|
20,726
|
||||||
Effective tax rate
|
$
|
18,909
|
$
|
-
|
The provisions for income taxes are summarized as follows:
|
For three months ended September 30,
|
|||||||
2016
|
2015
|
|||||||
Current
|
$
|
18,909
|
$
|
-
|
||||
Deferred
|
-
|
-
|
||||||
Total
|
$
|
18,909
|
$
|
-
|
Consolidated Statement of Comprehensive Loss
|
||||||||||||
for the three months Ended September30, 2015
|
||||||||||||
Previously
|
||||||||||||
Reported
|
Adjustments
|
As Adjusted
|
||||||||||
Operating expenses
|
$
|
7,491
|
$
|
51,726
|
$
|
59,217
|
||||||
Loss before income tax
|
$
|
(7,491
|
)
|
$
|
(51,726
|
)
|
$
|
(59,217
|
)
|
|||
Net loss
|
$
|
(7,491
|
)
|
$
|
(51,726
|
)
|
$
|
(59,217
|
)
|
Audit and accounting
|
30,000
|
|||
Legal Consulting fees
|
50,000
|
|||
Salary and wages
|
30,000
|
|||
Edgar/XBRL filing, transfer agent and miscellaneous
|
40,000
|
|||
Total
|
$
|
150,000
|
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES |
ITEM 4. | MINE SAFETY DISCLOSURES |
ITEM 5. | OTHER INFORMATION |
ITEM 6. | EXHIBITS |
Exhibit
|
|
|
|
Number
|
Description of Exhibit
|
|
|
3.01a
|
Articles of Incorporation, dated March 11, 2011
|
|
Filed with the SEC on August 23, 2011 as an exhibit to our Registration Statement on Form 10.
|
3.01b
|
Certificate of Amendment to Articles of Incorporation, dated August 7, 2014
|
|
Filed with the SEC on September 3, 2014 as part of our Current Report on Form 8-K
|
3.01c
|
Certificate of Amendment to Articles of Incorporation, dated December 3, 2015
|
Filed with the SEC on December 10, 2015 as part of our Current Report on Form 8-K
|
|
3.02a
|
Bylaws
|
|
Filed with the SEC on August 23, 2011 as an exhibit to our Registration Statement on Form 10.
|
3.02b
|
Amended Bylaws, dated August 7, 2014
|
Filed with the SEC on September 3, 2014 as part of our Current Report on Form 8-K
|
|
10.01
|
Stock Purchase Agreement between Locksley Samuels and Shining Glory Investments Limited, dated November 20, 2015
|
Filed with the SEC on November 23, 2015 as part of our Current Report on Form 8-K
|
|
10.02
|
Manufacturing Agreement, dated as of August 19, 2016, by and between Jiangxi Huanming Technology Limited Company and Xinyu Ionix Technology Company Limited.
|
|
Filed with the SEC on August 24, 2016 as part of our Current Report on Form 8-K
|
10.03
|
Share Transfer Agreement, dated as of August 19, 2016, by and between GuoEn Li and Well Best International Investment Limited
|
|
Filed with the SEC on August 24, 2016 as part of our Current Report on Form 8-K
|
21.1
|
List of Subsidiaries
|
Filed herewith.
|
|
31.01
|
Certification of Principal Executive Officer Pursuant to Rule 13a-14
|
|
Filed herewith.
|
31.02
|
Certification of Principal Financial Officer Pursuant to Rule 13a-14
|
|
Filed herewith.
|
32.01
|
CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
Filed herewith.
|
32.02
|
CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
Filed herewith.
|
101.INS*
|
XBRL Instance Document
|
|
Filed herewith.
|
101.SCH*
|
XBRL Taxonomy Extension Schema Document
|
|
Filed herewith.
|
101.CAL*
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
Filed herewith.
|
101.LAB*
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
Filed herewith.
|
101.PRE*
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Filed herewith.
|
101.DEF*
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
Filed herewith.
|
|
Ionix Technology, Inc.
|
||
|
|
||
Date: November 14, 2016
|
By:
|
/s/ Doris Zhou
|
|
Name:
|
Doris Zhou
|
||
Title:
|
Chief Executive Officer and Director
|
Date: November 14, 2016
|
By:
|
/
s/ Yue Kou
|
|
Name:
|
Yue Kou
|
||
Title:
|
Chief Financial Officer
|
|
Ionix Technology, Inc.
|
||
|
|
||
Date: November 14, 2016
|
By:
|
/s/ Doris Zhou
|
|
Name:
|
Doris Zhou
|
||
Title:
|
Chief Executive Officer, Secretary,
|
||
|
Treasurer and Director
|
Date: November 14, 2016
|
By:
|
/
s/ Yue Kou
|
|
Name:
|
Yue Kou
|
||
Title:
|
Chief Financial Officer
|
1 Year Ionix Technology (CE) Chart |
1 Month Ionix Technology (CE) Chart |
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