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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 | 2,020 | 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 ☒
|
|
Emerging growth 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
|
15
|
Item 3.
|
Quantitative and Qualitative Disclosures about Market Risk
|
17
|
Item 4.
|
Controls and Procedures
|
17
|
|
|
|
Part II – Other Information
|
18
|
|
|
|
|
Item 1.
|
Legal Proceedings
|
18
|
Item 1A.
|
Risk Factors
|
18
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
18
|
Item 3.
|
Defaults Upon Senior Securities
|
19
|
Item 4.
|
Mine Safety Disclosures
|
19
|
Item 5.
|
Other Information
|
19
|
Item 6.
|
Exhibits
|
19
|
|
|
|
Signatures
|
20
|
|
|
|
|
Certifications
|
|
INDEX
|
F-1
|
Consolidated Balance Sheets as of September 30, 2017 and June 30, 2017 (Unaudited)
|
F-2
|
Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended September 30, 2017 and 2016 (Unaudited)
|
F-3
|
Consolidated Statements of Cash Flows for the Three Months Ended September 30, 2017 and 2016 (Unaudited)
|
F-4
|
Notes to Consolidated Financial Statements (Unaudited)
|
F-5
|
|
September 30, 2017
|
June 30, 2017
|
||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
75,484
|
$
|
186,767
|
||||
Accounts receivable
|
919
|
292,265
|
||||||
Inventory
|
278,070
|
53,163
|
||||||
Advances to suppliers - non-related parties
|
2,391
|
118,647
|
||||||
- related parties
|
89,180
|
-
|
||||||
Other receivables
|
-
|
147,615
|
||||||
Prepaid expenses and other current assets
|
18,422
|
10,755
|
||||||
Total Current Assets
|
464,466
|
809,212
|
||||||
Total Assets
|
$
|
464,466
|
$
|
809,212
|
||||
|
||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable - non-related parties
|
$
|
110,382
|
$
|
96,378
|
||||
- related parties
|
5,828
|
159,861
|
||||||
Advance from customers
|
68,721
|
72,476
|
||||||
Due to related parties
|
188,951
|
323,599
|
||||||
Accrued expenses and other current liabilities
|
35,046
|
94,844
|
||||||
Total Current Liabilities
|
408,928
|
747,158
|
||||||
|
||||||||
COMMITMENT AND CONTINGENCIES
|
||||||||
|
||||||||
Stockholders’ Equity:
|
||||||||
Preferred stock, $.0001 par value, 5,000,000 shares
authorized, 5,000,000 shares issued and outstanding |
500
|
500
|
||||||
Common stock, $.0001 par value, 195,000,000 shares
authorized, 99,003,000 shares issued and outstanding |
9,900
|
9,900
|
||||||
Additional paid in capital
|
237,246
|
237,246
|
||||||
Accumulated deficit
|
(193,645
|
)
|
(183,441
|
)
|
||||
Accumulated other comprehensive income (loss)
|
1,537
|
(2,151
|
)
|
|||||
Total Stockholders’ Equity
|
55,538
|
62,054
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
464,466
|
$
|
809,212
|
|
For the Three Months Ended
|
|||||||
|
September 30,
|
|||||||
|
2017
|
2016
|
||||||
|
||||||||
Revenues
|
$
|
381,541
|
$
|
43,150
|
||||
|
||||||||
Cost of revenues - Non-related parties
|
48,932
|
-
|
||||||
- Related parties
|
271,651
|
38,563
|
||||||
Total Cost of Revenues
|
320,583
|
38,563
|
||||||
|
||||||||
Gross profit
|
60,958
|
4,587
|
||||||
|
||||||||
Operating expenses
|
||||||||
Selling, general and administrative expense
|
69,553
|
43,741
|
||||||
Total operating expenses
|
69,553
|
43,741
|
||||||
|
||||||||
Loss from continuing operations before income tax
|
(8,595
|
)
|
(39,154
|
)
|
||||
Income tax
|
1,609
|
182
|
||||||
|
||||||||
Net loss from continuing operations
|
(10,204
|
)
|
(39,336
|
)
|
||||
|
||||||||
Discontinued operations
|
||||||||
Income from discontinued operations, net of tax
|
-
|
65,444
|
||||||
Loss from disposal of discontinued operations
|
-
|
(18,890
|
)
|
|||||
Total income from discontinued operations
|
-
|
46,554
|
||||||
Net income (loss)
|
(10,204
|
)
|
7,218
|
|||||
|
||||||||
Other comprehensive income
|
||||||||
Foreign currency translation adjustment
|
3,688
|
492
|
||||||
|
||||||||
Comprehensive income (loss)
|
$
|
(6,516
|
)
|
$
|
7,710
|
|||
|
||||||||
Income (Loss) Per Share
|
||||||||
Basic and Diluted - continuing operation
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
||
- discontinued operation
|
$
|
0.00
|
$
|
0.00
|
||||
Total
|
$
|
(0.00
|
)
|
$
|
0.00
|
|||
|
||||||||
Weighted average number of common shares
outstanding - Basic and Diluted |
99,003,000
|
99,003,000
|
|
For the Three Months Ended
|
|||||||
|
September 30,
|
|||||||
|
2017
|
2016
|
||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income (loss)
|
$
|
(10,204
|
)
|
$
|
7,218
|
|||
Net income from discontinued operation
|
-
|
46,554
|
||||||
Net loss from continuing operation
|
(10,204
|
)
|
(39,336
|
)
|
||||
Adjustments required to reconcile net income (loss) to net cash
provided by (used in) operating activities: |
||||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
293,992
|
(34,826
|
)
|
|||||
Inventory
|
(221,917
|
)
|
(333,642
|
)
|
||||
Advances to suppliers - non-related parties
|
117,348
|
(234,919
|
)
|
|||||
Advances to suppliers - related parties
|
(88,375
|
)
|
-
|
|||||
Prepaid expenses
|
(7,501
|
)
|
(62,317
|
)
|
||||
Accounts payable - non-related parties
|
12,137
|
130,122
|
||||||
Accounts payable - related parties
|
(155,528
|
)
|
109,755
|
|||||
Advance from customers
|
(5,029
|
)
|
179,326
|
|||||
Accrued expenses and other current liabilities
|
(60,514
|
)
|
9,104
|
|||||
Net cash used in continuing operation
|
(125,591
|
)
|
(276,733
|
)
|
||||
Net cash provided by discontinued operation
|
-
|
916,014
|
||||||
Net cash provided by (used in) operating activities
|
(125,591
|
)
|
639,281
|
|||||
|
||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Other receivables
|
148,947
|
-
|
||||||
Proceeds from disposal of subsidiary
|
-
|
5,000
|
||||||
Net cash provided by continuing operation
|
148,947
|
5,000
|
||||||
Net cash used in discontinued operation
|
-
|
(916,044
|
)
|
|||||
Net cash provided by (used in) investing activities
|
148,947
|
(911,044
|
)
|
|||||
|
||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Proceeds from (repayment of) loans from related parties
|
(136,600
|
)
|
418,043
|
|||||
Net cash provided by (used in) continuing operation
|
(136,600
|
)
|
418,043
|
|||||
Net cash provided by discontinued operation
|
-
|
-
|
||||||
Net cash provided by (used in) financing activities
|
(136,600
|
)
|
418,043
|
|||||
|
||||||||
Effect of exchange rate changes on cash
|
1,961
|
(782
|
)
|
|||||
|
||||||||
Net increase (decrease) in cash
|
(111,283
|
)
|
145,498
|
|||||
|
||||||||
Cash, beginning of period
|
186,767
|
59,758
|
||||||
|
||||||||
Cash, end of period
|
$
|
75,484
|
$
|
205,256
|
||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
|
||||||||
Cash paid for income tax
|
$
|
1,951
|
$
|
-
|
||||
Cash paid for interests
|
$
|
-
|
$
|
-
|
|
September 30,
2017 |
June 30, 2017
|
||||||
Balance sheet items, except for equity accounts
|
6.6532
|
6.7744
|
Three Months Ended
September 30,
|
||||||||
2017
|
2016
|
|||||||
Items in statements of comprehensive income (loss)
and cash flows
|
6.7138
|
6.6506
|
|
For the three months
ended on
September 30,2017
|
For the period from
July 1 to August 19, 2016 |
||||||
Revenue
|
$
|
-
|
$
|
173,005
|
||||
Cost of revenue
|
-
|
152,465
|
||||||
Gross profit
|
-
|
20,540
|
||||||
|
||||||||
Selling, general and administrative expenses
|
-
|
8,917
|
||||||
Income before income taxes
|
-
|
11,623
|
||||||
Provision for income taxes
|
-
|
2,906
|
||||||
Net income
|
$
|
-
|
$
|
8,717
|
|
For the three months
ended
September 30,2017
|
For the three months
ended September 30,2016 |
||||||
Revenue
|
$
|
-
|
$
|
844,109
|
||||
Cost of revenue
|
-
|
756,570
|
||||||
Gross profit
|
-
|
87,539
|
||||||
Selling, general and administrative
expenses
|
-
|
11,902
|
||||||
Income before income taxes
|
-
|
75,637
|
||||||
Provision for income taxes
|
-
|
18,910
|
||||||
Net income
|
$
|
-
|
$
|
56,727
|
|
September 30,
2017 |
June 30,
2017
|
||||||
|
||||||||
Raw materials
|
$
|
-
|
$
|
53,163
|
||||
|
||||||||
Finished goods
|
278,070
|
-
|
||||||
|
||||||||
Total inventories
|
$
|
278,070
|
$
|
53,163
|
|
For the three months
ended
September 30, 2017
|
As of September 30, 2017
|
||||||||||||||
|
Revenue
|
Percentage
of revenue |
Accounts
receivable |
Percentage of
accounts receivable |
||||||||||||
Customer A
|
$
|
65,637
|
17
|
%
|
$
|
-
|
-
|
%
|
||||||||
Customer B
|
91,692
|
24
|
%
|
-
|
-
|
%
|
||||||||||
Customer C
|
45,514
|
12
|
%
|
-
|
-
|
%
|
||||||||||
Total
|
$
|
202,843
|
53
|
%
|
$
|
-
|
-
|
%
|
|
For the three months
ended
September 30, 2016
|
As of September 30, 2016
|
|||||||||||||
|
Revenue
|
Percentage
of
revenue |
Accounts
receivable |
Percentage of
accounts receivable |
|||||||||||
Customer A
|
$
|
29,765
|
69
|
%
|
$
|
34,725
|
100
|
%
|
|||||||
Customer B
|
13,385
|
31
|
%
|
-
|
-
|
%
|
|||||||||
Total
|
$
|
43,150
|
100
|
%
|
$
|
34,725
|
100
|
%
|
|
For the three months ended
September 30, 2017
|
As of September 30, 2017
|
||||||||||||||
|
Total
Purchase |
Percentage of
total purchase |
Accounts
payable |
Percentage of
accounts payable |
||||||||||||
|
||||||||||||||||
Supplier A-related party
|
$
|
63,645
|
12
|
%
|
$
|
-
|
-
|
%
|
||||||||
Supplier B-related party
|
366,568
|
68
|
%
|
5,828
|
5
|
%
|
||||||||||
Total
|
$
|
430,213
|
80
|
%
|
$
|
5,828
|
5
|
%
|
|
For the three months ended
September 30, 2016
|
As of September 30, 2016
|
||||||||||||||
|
Total
Purchase |
Percentage of
total purchase |
Accounts
payable |
Percentage of
accounts payable |
||||||||||||
|
||||||||||||||||
Supplier A-related party
|
$
|
93,808
|
25
|
%
|
$
|
109,436
|
46
|
%
|
||||||||
Supplier B-related party
|
43,247
|
12
|
%
|
-
|
-
|
%
|
||||||||||
Total
|
$
|
137,055
|
37
|
%
|
$
|
109,436
|
46
|
%
|
For the three months ended September 30
|
||||||||
2017
|
2016
|
|||||||
U.S. Statutory rate
|
$
|
(3,008
|
)
|
$
|
(13,704
|
)
|
||
Tax rate difference between China and U.S.
|
1,125
|
9,016
|
||||||
Change in Valuation Allowance
|
3,492
|
4,870
|
||||||
Effective tax rate
|
$
|
1,609
|
$
|
182
|
For the three months ended September 30,
|
||||||||
2017
|
2016
|
|||||||
Current
|
$
|
1,609
|
$
|
182
|
||||
Deferred
|
-
|
-
|
||||||
Total
|
$
|
1,609
|
$
|
182
|
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
|
|
Filed with the SEC on October 13, 2017 as part of our Annual Report on Form 10-K
|
|
3.01b
|
|
Filed with the SEC on September 3, 2014 as part of our Current Report on Form 8-K
|
|
3.01c
|
Filed with the SEC on December 10, 2015 as part of our Current Report on Form 8-K
|
||
3.02a
|
|
Filed with the SEC on August 23, 2011 as an exhibit to our Registration Statement on Form 10.
|
|
3.02b
|
Filed with the SEC on September 3, 2014 as part of our Current Report on Form 8-K
|
||
10.01
|
Filed with the SEC on November 23, 2015 as part of our Current Report on Form 8-K
|
||
10.02
|
|
Filed with the SEC on August 24, 2016 as part of our Current Report on Form 8-K
|
|
10.03
|
|
Filed with the SEC on August 24, 2016 as part of our Current Report on Form 8-K
|
|
21.1
|
Filed with the SEC on May 22, 2017 as Exhibit 21.1 to Form 10-Q.
|
||
31.01
|
|
Filed herewith.
|
|
31.02
|
|
Filed herewith.
|
|
32.01
|
|
Filed herewith.
|
|
32.02
|
|
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 20, 2017
|
By:
|
/s/ Doris Zhou
|
|
|
Name: Doris Zhou
Title: Chief Executive Officer and Director
(Principal Executive Officer)
|
Date: November 20, 2017
|
By:
|
/
s/ Yue Kou
|
|
|
Name: Yue Kou
Title: Chief Financial Officer
(Principal Financial Officer)
|
|
|
||
Date: November 20, 2017
|
By:
|
/s/ Doris Zhou
|
|
|
Name: Doris Zhou
Title: Chief (Principal) Executive Officer, Secretary, Treasurer and Sole Director
|
Date: November 20, 2017
|
By:
|
/
s/ Yue Kou
|
|
|
Name: Yue Kou
Title: Chief (Principal) Financial Officer
|
1 Year Ionix Technology (CE) Chart |
1 Month Ionix Technology (CE) Chart |
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