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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.000099 | 9,900.00% | 0.0001 | 0.0001 | 0.0001 | 0.0001 | 2,021 | 16:11:56 |
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
|
14 |
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
17 |
Item 4.
|
Controls and Procedures
|
17 |
Item 4T.
|
Controls and Procedures
|
17 |
|
|
|
Part II – Other Information
|
17 | |
|
|
|
Item 1.
|
Legal Proceedings
|
17 |
Item 1A.
|
Risk Factors
|
17 |
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
17 |
Item 3.
|
Defaults Upon Senior Securities
|
17 |
Item 4.
|
Mine Safety Disclosures
|
18 |
Item 5.
|
Other Information
|
18 |
Item 6.
|
Exhibits
|
19 |
|
|
|
Signatures
|
20 | |
|
|
|
Certifications
|
|
INDEX
|
F-1
|
Consolidated Balance Sheets as of December 31, 2016 and June 30, 2016 (Unaudited)
|
F-2
|
Consolidated Statements of Comprehensive Loss for the Three and Six Months Ended December 31,
2016 and 2015 (Unaudited)
|
F-3
|
Consolidated Statements of Cash Flows for the Six Months Ended December 31 30, 2016 and 2015
(Unaudited) |
F-4
|
Notes to Consolidated Financial Statements (Unaudited)
|
F-5
|
|
December, 31,
2016 |
June 30,
2016
|
||||||
ASSETS
|
||||||||
|
||||||||
Current Asset:
|
||||||||
Cash
|
$
|
118,483
|
$
|
59,758
|
||||
Inventory
|
1,186,140
|
-
|
||||||
Accounts receivable
|
427,960
|
-
|
||||||
Advance to suppliers- non-related parties
|
929,812
|
-
|
||||||
- related parties
|
27,995
|
|||||||
Prepaid expenses and other current assets
|
14,747
|
103
|
||||||
Current asset of discontinued operation
|
-
|
2,129,360
|
||||||
Total current assets
|
2,705,137
|
2,189,221
|
||||||
Total Assets
|
$
|
2,705,137
|
$
|
2,189,221
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable
|
$
|
821,889
|
$
|
-
|
||||
Advance from customers
|
798,618
|
|||||||
Due to related parties
|
1,055,780
|
53,510
|
||||||
Accrued expenses and other current liabilities
|
25,674
|
9,080
|
||||||
Current liability of discontinued operation
|
-
|
2,113,533
|
||||||
Total Current Liabilities
|
2,701,961
|
2,176,123
|
||||||
|
||||||||
COMMITMENT AND CONTINGENCIES
|
||||||||
|
||||||||
Stockholders’ Equity :
|
||||||||
Preferred share capital,5,000,000 shares authorized,
$.0001 par value; 5,000,000 and 5,000,000 shares issued
and outstanding at December 31 and June 30, 2016 |
500
|
500
|
||||||
Common stock, 195,000,000 shares authorized,
$.0001 par value; 99,003,000 shares issued and
outstanding as at December 31 and June 30, 2016 |
9,900
|
9,900
|
||||||
Additional paid in capital
|
261.610
|
237,246
|
||||||
Accumulated deficit
|
(266,816
|
)
|
(234,903
|
)
|
||||
Accumulated other comprehensive income
|
(2,018
|
)
|
355
|
|||||
Total Ionix
Technology, Inc.
stockholders’ equity
|
3,176
|
13,098
|
||||||
Non-controlling interest
|
-
|
-
|
||||||
Total equity
|
3,176
|
13,098
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
2,705,137
|
$
|
2,189,221
|
|
For the three months ended
December 31, |
For the six months ended
December 31, |
||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
|
||||||||||||||||
Revenues
|
$
|
2,087,080
|
$
|
-
|
$
|
2,974,339
|
$
|
-
|
||||||||
Cost of revenues – Non-related parties
|
1,531,374
|
-
|
2,234,388
|
-
|
||||||||||||
– Related Parties
|
408,920
|
501,039
|
||||||||||||||
Gross profit
|
146,786
|
-
|
238,912
|
-
|
||||||||||||
Expenses:
|
||||||||||||||||
Selling, general and administrative
|
155,506
|
-
|
211,149
|
-
|
||||||||||||
|
||||||||||||||||
Total operating expenses
|
155,506
|
-
|
211,149
|
-
|
||||||||||||
Net income (loss)from continuing operations before
income tax |
(8,720
|
)
|
-
|
27,763
|
-
|
|||||||||||
Income tax
|
5,486
|
-
|
24,578
|
-
|
||||||||||||
Net income (loss) from continuing operations
|
(14,206
|
)
|
-
|
3,185
|
-
|
|||||||||||
|
||||||||||||||||
Loss from discontinued operation
|
-
|
(5,797
|
)
|
(35,099
|
)
|
(10,539
|
)
|
|||||||||
Net Loss
|
(14,206
|
)
|
(5,797
|
)
|
(31,914
|
)
|
(10,539
|
)
|
||||||||
Net income/( loss) attributable to non-controlling
interest |
-
|
-
|
-
|
-
|
||||||||||||
Net loss attributable to Ionix Technology, Inc.
stockholders |
(14,206
|
)
|
(5,797
|
)
|
(31,914
|
)
|
(10,539
|
)
|
||||||||
Other comprehensive income
|
||||||||||||||||
Foreign currency translation adjustment
|
1,990
|
-
|
2,018
|
-
|
||||||||||||
Comprehensive loss
|
$
|
(12,216
|
)
|
$
|
(5,797
|
)
|
$
|
(29,896
|
)
|
$
|
(10,539
|
)
|
||||
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
|
99,003,000
|
99,003,000
|
For the six months ended
December 31, |
||||||||
|
2016
|
2015
|
||||||
CASH FLOWS FROM OPERATIONS:
|
||||||||
Net loss
|
$
|
(31,914
|
)
|
$
|
(10,539
|
)
|
||
Net loss from discontinued operation
|
(35,099
|
)
|
(10,539
|
)
|
||||
Net income from continuing operation
|
3,185
|
-
|
||||||
Adjustments required to reconcile net loss to net cash used in operating
activities: |
||||||||
Changes in assets and liabilities:
|
-
|
|||||||
Increases in advance to suppliers
|
(981,071
|
)
|
-
|
|||||
Increases in account receivables
|
(438,355
|
)
|
||||||
Increases in inventory
|
(1,214,961
|
)
|
-
|
|||||
Increases in prepaid expense and other current assets
|
(14,573
|
)
|
-
|
|||||
Increases in accounts payable
|
841,852
|
-
|
||||||
Increase in advance from customers
|
818,016
|
|||||||
Increase in accrued expense and other current liabilities
|
16,997
|
|||||||
Net cash
used in
continuing operating activities
|
(968,910
|
)
|
-
|
|||||
Net cash
used in
discontinued operating activities
|
-
|
(14,039
|
)
|
|||||
Net cash
used in
operating activities
|
(968,910
|
)
|
(14,039
|
)
|
||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds from related parties
|
1,023,889
|
-
|
||||||
Net cash provided by continuing operation
|
1,023,889
|
|||||||
Net cash provided by discontinued operation
|
-
|
13,983
|
||||||
Net cash provided by financing activities
|
1,023,889
|
13,983
|
||||||
Effect of exchange rate changes on cash
|
3,746
|
-
|
||||||
Net increase
(decrease)
in cash
|
58,725
|
(56
|
)
|
|||||
|
||||||||
Cash balance, beginning of period
|
59,758
|
691
|
||||||
|
||||||||
Cash balance, end of period
|
$
|
118,483
|
$
|
635
|
||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for income tax
|
$
|
23,655
|
-
|
|||||
Cash paid for interests
|
-
|
-
|
December 31, 2016
|
||||
Balance sheet items, except for equity accounts
|
6.937
0
|
|||
Items in statements of income and cash flows
|
6.7725
|
For the six months
ended December 31, |
For the three months
ended December 31, |
|||||||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||||
Cost of revenue
|
-
|
-
|
-
|
-
|
||||||||||||
Gross profit
|
-
|
-
|
-
|
-
|
||||||||||||
Selling, general and administrative expenses
|
-
|
10,539
|
-
|
5,797
|
||||||||||||
Loss before income taxes
|
-
|
(10,539
|
)
|
-
|
(5,797
|
)
|
||||||||||
Provision for income taxes
|
-
|
-
|
-
|
|||||||||||||
Net Loss
|
-
|
(10,539
|
)
|
-
|
(5,797
|
)
|
For the period from
July 1 to August 19, 2016 |
For the six months
ended on December 31, 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
|
)
|
$
|
-
|
December 31
,
|
||||||||
2016
|
2015
|
|||||||
Raw materials
|
$
|
949,814
|
$
|
-
|
||||
Finished goods
|
236,326
|
-
|
||||||
$
|
1,186,140
|
$
|
-
|
December 31, 2016
|
June 30, 2016
|
|||||||
Ben Wong
|
$
|
108,384
|
$
|
53,510
|
||||
Changyong Yang
|
890,055
|
-
|
||||||
Xin Sui
|
7,136
|
-
|
||||||
Zhengfu Nan
|
50,205
|
-
|
||||||
$
|
1,055,780
|
$
|
53,510
|
Revenue
|
Percentage of
revenue |
Accounts
receivables |
Percentage of
accounts receivables |
|||||||||||||
Customer A
|
$
|
1,379,047
|
46
|
%
|
$
|
393,882
|
92
|
%
|
||||||||
Customer B
|
339,184
|
11
|
%
|
-
|
-
|
%
|
||||||||||
Total
|
$
|
1,718,231
|
57
|
%
|
$
|
393,882
|
92
|
%
|
Total Purchase
|
Percentage of
total purchase |
Accounts payable
|
Percentage of
accounts payable |
|||||||||||||
Supplier A
|
$
|
487,508
|
27
|
%
|
$
|
-
|
-
|
%
|
||||||||
Supplier B
|
197,785
|
11
|
%
|
23,569
|
2.9
|
%
|
||||||||||
Total
|
$
|
685,293
|
38
|
%
|
$
|
23,569
|
2.9
|
%
|
For the six months ended December 31
|
||||||||
2016
|
2015
|
|||||||
U.S. Statutory rate
|
$
|
(2,567
|
)
|
$
|
(3,689
|
)
|
||
Tax rate difference between
China and U.S. |
10,728
|
-
|
||||||
Change in Valuation Allowance
|
16,417
|
3
,
689
|
||||||
Effective tax rate
|
$
|
24,578
|
$
|
-
|
For six months ended December 31
,
|
||||||||
2016
|
2015
|
|||||||
Current
|
$
|
24,578
|
$
|
-
|
||||
Deferred
|
-
|
-
|
||||||
Total
|
$
|
24,578
|
$
|
-
|
Consolidated Statement of Comprehensive Loss
|
||||||||||||
for the six months ended December 31, 2015
|
||||||||||||
Previously
|
||||||||||||
Reported
|
Adjustments
|
As Adjusted
|
||||||||||
Operating expenses
|
$
|
(119,071
|
)
|
$
|
129,610
|
$
|
10,539
|
|||||
Income (loss) before income tax
|
$
|
119,071
|
$
|
(129,610
|
)
|
$
|
(10,539
|
)
|
||||
Net Income (loss)
|
$
|
119,071
|
$
|
(129,610
|
)
|
$
|
(10,539
|
)
|
Consolidated Statement of Comprehensive Loss
|
||||||||||||
for the three months ended December 31, 2015
|
||||||||||||
Previously
|
||||||||||||
Reported
|
Adjustments
|
As Adjusted
|
||||||||||
Operating expenses
|
$
|
(126,562
|
)
|
$
|
132,359
|
$
|
5,797
|
|||||
Income (loss) before income tax
|
$
|
126,562
|
$
|
(132,359
|
)
|
$
|
(5,797
|
)
|
||||
Net Income (loss)
|
$
|
126,562
|
$
|
(132,359
|
)
|
$
|
(5,797
|
)
|
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: February 21, 2017
|
By:
|
/s/ Doris Zhou
|
|
Name:
|
Doris Zhou
|
||
Title:
|
Chief Executive Officer and Director
|
Date: February 21, 2017
|
By:
|
/
s/ Yue Kou
|
|
Name:
|
Yue Kou
|
||
Title:
|
Chief Financial Officer
|
|
Ionix Technology, Inc.
|
||
|
|
||
Date: February 21, 2017
|
By:
|
/s/ Doris Zhou
|
|
Name:
|
Doris Zhou
|
||
Title:
|
Chief Executive Officer, Secretary,
Treasurer and Sole Director |
Date: February 21, 2017
|
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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