Form 10-Q - Quarterly report [Sections 13 or 15(d)]

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarter ended September 30, 2023

 

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                    to                   

 

Commission file number: 333-234358

 

Pony Group Inc.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware		83-3532241
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

 

Engineer Experiment Building, A202
7 Gaoxin South Avenue, Nanshan District
Shenzhen, Guangdong Province

People’s Republic of China

(Address of principal executive offices)

 

[phone]

(Issuer’s telephone number)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock		PNYG		OTC Market

  

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer	☐		Accelerated filer	☐
Non-accelerated filer	☒		Smaller reporting company	☒
			Emerging growth company	☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

 

As of November 13, 2023, there were 11,500,000 shares of common stock, par value $0.001 per share, issued and outstanding.

 

 

 

 

 

 

PONY GROUP INC.

 

FORM 10-Q FOR THE QUARTER ENDED SEPTEMBER 30, 2023

 

TABLE OF CONTENTS

 

	Page
Part I. Financial Information
Item 1. Financial Statements (Unaudited)	1
Condensed Consolidated Balance Sheets as of September 30, 2023 (Unaudited) and December 31, 2022	1
Condensed Consolidated Statements of Operations for the three  and nine months ended September 30, 2023 and 2022 (Unaudited)	2
Condensed Consolidated Statements of Changes in Stockholder’s Equity for the nine months ended September 30, 2023 and 2022 (Unaudited)	3
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2023 and 2022 (Unaudited)	4
Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	9
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk	12
Item 4. Controls and Procedures	12
Part II. Other Information
Item 1. Legal Proceedings	13
Item 1A. Risk Factors	13
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	13
Item 3. Defaults Upon Senior Securities	13
Item 4. Mine Safety Disclosures	13
Item 5. Other Information	13
Item 6. Exhibits	13
Part III. Signatures	14

 

i

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Interim Financial Statements.

 

PONY GROUP INC., AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

		September 30, 2023				December 31, 2022
		(Unaudited)
Assets
Current assets
Cash and cash equivalents		$	27,131			$	49,803
Accounts receivables			12,693				10,723
Other receivables			269				285
Other receivables-related parties			8,998				8,998
Total current assets			49,091				69,809
Total assets		$	49,091			$	69,809
Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable		$	1,423			$	31,343
Other payable- related parties			473,238				378,753
Other current liability			29,210				15,257
Total current liabilities			503,871				425,353
Total liabilities		$	503,871			$	425,353
Stockholders’ Equity
Ordinary shares, $0.001 par value, 70,000,000 shares authorized, 11,500,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022			11,500				11,500
Additional paid-in capital			176,000				176,000
Accumulated other comprehensive income			23,334				6,360
Accumulated deficit			(665,614	)			(549,404	)
Total stockholders’ equity			(454,780	)			(355,544	)
Total liabilities and stockholders’ equity		$	49,091			$	69,809

 

The accompanying notes are integral to these unaudited condensed consolidated financial statements. 

 

1

 

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

		For The Three Months Ended September 30,								For The Nine Months Ended September 30,
		2023				2022				2023				2022
Revenue		$	38,102			$	22,847			$	141,496			$	76,411
Cost of revenue			19,944				6,523				65,415				38,116
Gross profit			18,158				16,324				76,081				38,295
Operating expenses
General & administrative expenses			31,965				46,306				192,374				284,429
R&D expense			-				6,559				-				23,816
Total operating expenses			31,965				52,865				192,374				308,245
Loss from operation			(13,807	)			(36,541	)			(116,293	)			(269,950	)
Other income (expenses)
Other income (expense)			6				(7,150	)			83				(7,589	)
Total other income (expense)			6				(7,150	)			83				(7,589	)
Loss before income taxes			(13,801	)			(43,691	)			(116,210	)			(277,539	)
Provision for income tax			-				-				-				-
Net Loss		$	(13,801	)			(43,691	)			(116,210	)			(277,539	)
Other Comprehensive Income			1,836				15,237				16,974				24,498
Comprehensive loss			(11,965	)			(28,454	)			(99,236	)			(253,041	)
Basic and diluted loss per common share			(0.001	)			(0.004	)			(0.010	)			(0.024	)
Weighted average number of shares outstanding			11,500,000				11,500,000				11,500,000				11,500,000

 

The accompanying notes are integral to these unaudited condensed consolidated financial statements.

 

2

 

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGE IN STOCKHOLDERS’ EQUITY

(Unaudited)

 

For the Three and Nine Months Ended September 30, 2023

 

		Common stock								Additional Paid-In				Accumulated Other Comprehensive Income				Accumulated
		Shares				Amount				Capital				(Loss)				Deficit				Total
Balance as of December 31, 2022			11,500,000			$	11,500			$	176,000			$	6,360			$	(549,404	)		$	(355,544	)
Cumulative Foreign currency translation adjustment			-				-				-				(899	)			-				(899	)
Net Loss			-				-				-				-				(57,052	)			(57,052	)
Balance as of March  31, 2023			11,500,000				11,500				176,000				5,461				(606,456	)			(413,495	)
Cumulative Foreign currency translation adjustment			-				-				-				16,037				-				16,037
Net Loss			-				-				-				-				(45,357	)			(45,357	)
Balance as of June 30, 2023			11,500,000			$	11,500			$	176,000			$	21,498			$	(651,813	)		$	(442,815	)
Cumulative Foreign currency translation adjustment			-				-				-				1,836				-				1,836
Net Loss			-				-				-				-				(13,801	)			(13,801	)
Balance as of September 30, 2023			11,500,000			$	11,500			$	176,000			$	23,334			$	(665,614	)		$	(454,780	)

 

For the Three and Nine Months Ended September 30, 2022

 

		Common stock								Additional Paid-In				Accumulated Other Comprehensive Income				Accumulated
		Shares				Amount				Capital				(Loss)				Deficit				Total
Balance as of December 31, 2021			11,500,000			$	11,500			$	176,000			$	(10,158	)		$	(280,326	)		$	(102,984	)
Cumulative Foreign currency translation adjustment			-				-				-				(442	)			-				(442	)
Net Loss			-				-				-				-				(116,340	)			(116,340	)
Balance as of March  31, 2022			11,500,000				11,500				176,000				(10,600	)			(396,666	)			(219,766	)
Cumulative Foreign currency translation adjustment			-				-				-				9,703				-				9,703
Net Loss			-				-				-				-				(117,508	)			(117,508	)
Balance as of June 30, 2022			11,500,000			$	11,500			$	176,000			$	(897	)		$	(514,174	)		$	(327,571	)
Cumulative Foreign currency translation adjustment			-				-				-				15,237				-				15,237
Net Loss			-				-				-				-				(43,691	)			(43,691	)
Balance as of  September 30, 2022			11,500,000			$	11,500			$	176,000			$	14,340			$	(557,865	)		$	(356,025	)

 

The accompanying notes are integral to these unaudited condensed consolidated financial statements.

 

3

 

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

		For The Nine Months Ended September 30,
		2023				2022
Cash flow from operating activities:
Net Loss		$	(116,210	)		$	(277,539	)
Adjustments to reconcile net loss to net cash used in operating activities:
Changes in operating assets and liabilities:
Accounts receivable			(1,970	)			45,563
Other receivable			16				25
Accounts payable			(29,920	)			(5,965	)
Other payable			13,953				(95,919	)
Cash used in operating activities			(134,131	)			(333,835	)
Cash flow from financing activities:
Advance from related party			94,485				91,513
Cash provided by financing activities			94,485				91,513
Effects of currency translation on cash			16,974				24,498
Net decrease in cash			(22,672	)			(217,824	)
Cash at beginning of the period			49,803				266,011
Cash at end of period		$	27,131			$	48,187

 

The accompanying notes are integral to these unaudited condensed consolidated financial statements.

 

4

 

 

PONY GROUP INC., AND SUBSIDIARIES

NOTES FOR THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 - ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization and Operations 

 

PONY GROUP INC, (The “Company” or “PONY”) was incorporated on January 7, 2019 in the state of Delaware.

 

On March 7, 2019, Pony Group Inc (the “Purchaser”), and Wenxian Fan, the sole owner of PONY LIMOUSINE SERVICES LIMITED (“Pony HK”), entered into a Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which Wenxian Fan (the “Seller”) would sell to the Purchaser, and the Purchaser will purchase from the Seller, 10,000 shares of Pony HK, which represented 100% of the shares. On March 7, 2019, this transaction was completed.

 

Pony HK is a limited corporation formed under the laws of Hong Kong on April 28, 2016, which was formed by FAN WENXIAN. Its registered office is located at FLAT/RM 01 11/F, LUCKY COMM BLDG, 103 DES VOEUX RD WEST, SHEUNG WAN, HONG KONG. The business nature of the Company is to provide cross boarder limousine services to customers. On February 2, 2019, Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK.

 

Details of the Company’s structure as of September 30, 2023 are as follow:

 

 

 

Reverse Merger Accounting – Since Pony HK and Pony US were entities under Ms. Fan’s common control prior to the “Purchase Agreement” was executed, and because of certain other factors, including that the member of the Company’s executive management is from Pony HK, Pony HK is deemed to be the acquiring company for accounting purposes and the Merger was accounted for as a reverse merger and a recapitalization in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited consolidated financial statements reflect the historical results of Pony HK prior to the Merger and that of the combined Company following the Merger, and do not include the historical financial results prior to the completion of the Merger. Common stock and the corresponding capital amounts of the Company pre-Merger have been retroactively restated as capital stock shares.

 

Basis of Accounting and Presentation - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

 

5

 

 

Cash and Cash Equivalents – For purpose of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of 90 days or less to be cash equivalents.

 

Accounts Receivable - The customers are required to make payments when they book the services, otherwise, the services will not be arranged. Sometimes, the Company extends credit to its group clients.

 

As of September 30, 2023 and December 31, 2022, accounts receivable was $12,693 and $10,723, respectively. The Company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary.

 

Pony HK, a 100% subsidiary of the Company, has agreements with its major clients that the payments for the services rendered be settled every six months. There was no client that accounted for over 10% of the revenue for Pony HK in the nine months ended September 30, 2023.

 

Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK, has agreements with three major clients. For the nine months ended September 30, 2023, the following clients accounted for over 10% of the revenue for Universe Travel: Shenzhen Zhongke Hengjin with 24.84%; Shenzhen Eryuechuer Culture & Technology., Ltd, with 17.88%; and Shenzhen Shangjia Electronic Technology., Ltd with 15.25%

 

Revenue Recognition - The Company recognizes revenue in accordance with ASC 606. The core principle of ASC606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes: (1) identifying contracts with customers, (2) identifying performance obligations within those contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) recognizing revenue when or as each performance obligation is satisfied. Our sales arrangements generally ask customers to pay in advance before any services can be arranged. The company recognizes revenue when each performance obligation is satisfied. Documents and terms and the completion of any customer acceptance requirements, when applicable, are used to verify services rendered. The Company has no returns or sales discounts and allowances because services rendered and accepted by customers are normally not returnable.

 

Cost of revenue – Cost of revenue includes cost of services rendered during the period, net of discounts and sales tax.

  

Income Taxes – Income tax expense represents current tax expense. The income tax payable represents the amounts expected to be paid to the taxation authority. Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profit for the period.

 

Foreign Currency Translation - Pony HK’s functional currency is the Hong Kong Dollar (HK$) and Universe Travel Culture & Technology Ltd.’s functional currency is the Renminbi (RMB). The reporting currency is that of the US Dollar. Assets, liabilities and owners’ contribution are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the year.

  

The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows:

 

September 30, 2023
Balance sheet		HK$7.83 to US $1.00		RMB 7.29 to US $1.00
Statement of operation and other comprehensive income		HK$7.83 to US $1.00		RMB 7.03 to US $1.00
December 31, 2022
Balance sheet		HK$7.80 to US $1.00		RMB 6.89 to US $1.00
September 30, 2022
Statement of operation and other comprehensive income		HK$7.85 to US $1.00		RMB 6.85 to US$1.00

 

6

 

 

Recent accounting pronouncements

  

The Company does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows.

 

NOTE 2 - GOING CONCERN

 

The Company had net loss of $116,210 during the nine months ended September 30, 2023 and has accumulated deficit of $665,614 at September 30, 2023. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing, as may be required.

  

The accompanying financial statements have been prepared assuming the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

  

Management’s Plan to Continue as a Going Concern

  

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company’s products, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party (ies) when needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.

  

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

 

7

 

 

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Amount of receivable from shareholders is due to the company declaring a 6,000 to 1 stock split. After the stock split, the par value of the common stocks was $0.001 per share. The shareholders should pay the consideration of $8,998 to the company. The Company used a retroactive basis to present the nominal shares, the considerations and receivable form shareholders also should be represented.

 

		September 30, 2023				December 31, 2022
Receivable from shareholders		$	8,998			$	8,998
Total due from related parties		$	8,998			$	8,998

 

Ms. Wenxian Fan, the director, loaned working capital to Pony HK with no interest and paid on behalf of Pony HK for the subcontracted services and employee salaries.

 

The Company has the following payables to Ms. Wenxian Fan:

 

		September 30, 2023				December 31, 2022
To Wenxian Fan		$	473,238			$	378,753
Total due to related parties		$	473,238			$	378,753

 

NOTE 4 - MAJOR SUPPLIERS AND CUSTOMERS

 

The Company purchased majority of its subcontracted services from one major supplier during the nine months ended September 30, 2023: Changying Business Limited for 24.51% of the cost.

 

NOTE 5 - SUBSEQUENT EVENTS

  

Management has evaluated subsequent events through November 13, 2023, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of September 30, 2023 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

 

8

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis of our results of operations and financial condition should be read together with our consolidated financial statements and the notes thereto and other financial information, which are included elsewhere in this Report. Our financial statements have been prepared in accordance with U.S. GAAP. In addition, our financial statements and the financial information included in this Report reflect our organizational transactions and have been prepared as if our current corporate structure had been in place throughout the relevant periods.

 

Overview

 

We were incorporated in the State of Delaware on January 7, 2019. We are a travel service provider. We currently provide car services to individual and group travelers. We currently offer carpooling, airport pick-up and drop-off, and personal driver services for travelers between Guangdong Province and Hong Kong. We collaborate with car fleet companies and charge a service fee by matching the traveler and the driver. We officially launched our online service through our “Let’s Go” mobile application in December 2019 to provide multi-language services to international travelers coming to visit China. Redefining the user experience, we aim to provide our users with comprehensive and convenient service offerings and become a one-stop travel booking resource for travelers. While network scale is important, we recognize that transportation happens locally. We currently operate in two markets – Guangdong Province and Hong Kong and plan to expand our offering in more oversea markets.

 

Plan of Operations

 

In January 2019, we started our Research and Development (“R&D”) project mobile Lets Go App (“App”) designed to have multi-language interface to attract users from around the world, focusing on providing one-stop travel services to foreigners traveling in China, for both leisure and business.

 

In April 2019, we rolled out basic version which supports carpooling, car rental, airport pick-up and/or drop-off, etc., ready for download at Apple App store; the basic version has an interface in Chinese language only. In May 2019, we rolled out the second version which has an enhanced interface in both Chinese and English language which supports payment through PayPal. By the end of 2019, we rolled out third version of the App which has multi-language interface to attract users from all-over the world. In January 2020, we officially launched the App.

 

We intend to attract users from outside of China to use our App and expand our offerings on the App to serve as a one-stop shop to book tickets, reserve hotels, rent a car and hire English speaking drivers.

 

Our goal is to grow to an international player in the travel service market. To accomplish such goal, we will cooperate with other businesses which have capital, marketing and technology resources or products. We expect to recruit more workforce and talents, and develop new technologies and products.

 

Results of Operations

 

For the three and nine months ended September 30, 2023 compared to September 30, 2022

 

Revenue

 

For the three months ended September 30, 2023 and 2022, revenues were $38,102 and $22,847, respectively, with an increase of $15,255 over the same period in 2022. The increase was due to our subsidiary Universe Travel providing technology development services to Shenzhen Zhongke Hengjin Technology Co., Ltd in the amount of $14,724 during the three months ended September 30, 2023.

 

For the nine months ended September 30, 2023 and 2022, revenues were $141,496 and $76,411 respectively, with an increase of $65,085 over the same period in 2022. From January to September 2023, Universe Travel provided technology development services to its three major clients, Shenzhen Eryuechuer Culture & Technology., Ltd, Shenzhen Shangjia Electronic Technology., Ltd and Shenzhen Zhongke Hengjin Technology Co., Ltd, which generated $81,637 in revenue for the Company during the nine month ended September 30, 2023.

 

9

 

 

Cost of Revenue

 

Cost of revenue for the three months ended September 30, 2023 and 2022 were $19,944 and $6,523, respectively, with an increase of $13,421 over the same period in 2022. The increase was mainly due to the increase of revenue , thus the cost of revenue increased accordingly.

 

Cost of Revenue for the nine months ended September 30, 2023 and 2022 were $65,415 and $38,116, respectively, with an increase of $27,299 over the same period in 2022. The increase was mainly due to the increase of revenue, thus the cost of revenue increased accordingly.

 

Gross Profit

 

Gross profits were $18,158 and $16,324 for the three months ended September 30, 2023 and 2022. The gross profit margin as a percentage of sales were 47.7% and 71.4% for the three months ended September 30, 2023 and 2022, respectively. Since our staff could provide application development services based on the Wechat platform without additional costs, technology development services have a higher gross profit margin. The decrease of gross profit margin for the three months ended September 30, 2023 compared to the same period of 2022 was due to the fact that technology development services accounted for lower proportion of revenue for the three months ended September 30, 2023.

 

Gross profits were $76,081 and $38,295 for the nine months ended September 30, 2023 and 2022, respectively. The gross profit margin as a percentage of sales for the nine months ended September 30, 2023 and 2022 were 53.8% and 50.1%, respectively. The increase of gross profit margin was due to Universe Travel providing technology development services to its three major clients during the nine months ended September 30, 2023. This service provided has a higher gross profit margin and led to the increase of the total gross profit margin.

 

Operating Expenses

 

Operating expenses for the three months ended September 30, 2023 and 2022 were $31,965 and $52,865, respectively, for a decrease of $20,900. The decrease of operating expenses was mainly due to decrease of a service fee paid for OTC listing and other consulting services fees as compared to the prior period.

 

Operating expenses for the nine months ended September 30, 2023 and 2022 were $192,374 and $308,245, respectively, a decrease of $115,871 from the same period in 2022. The decrease was mainly due to service fee paid for OTC listing and other consulting services fees in the prior period.

 

Other (Expense)Income

 

Other income consists of interest income and exchange gain (loss) for the three months ended September 30, 2023 and 2022, the net other income was $6 compared to net other expense $7,150 for the same period last year. This was mainly due to the change of exchange rate and the increase of average cash balances.

 

For the nine months ended September 30, 2023 and 2022, the net other income was $83 when it was a net other expense of $7,589 in the same period last year. This was mainly due to the change of exchange rate and the increase of average cash balances.

 

Liquidity and Capital Resources

 

We have suffered recurring losses from operations and have an accumulated deficit of $665,614 as of September 30, 2023. We had a cash balance of $27,131 and negative working capital of $454,780 as of September 30, 2023. The Company has incurred losses of $116,210 for the nine months ended September 30, 2023. Our financial statements have been prepared assuming we will continue as a going concern; however, the above condition raises substantial doubt about our ability to do so. The Company has not continually generated significant gross profits. Unless our operations generate a significant increase in gross profit and cash flows from operating activities, our continued operations will depend on whether we are able to raise additional funds through various sources, such as equity and debt financing, other collaborative agreements and/or strategic alliances. Our management is actively engaged in seeking additional capital to fund our operations in the short to medium term. Such additional funds may not become available on acceptable terms and there can be no assurance that any additional funding that we do obtain will be sufficient to meet our needs in the long term.

 

10

 

 

Net cash used in operating activities for the nine months ended September 30, 2023, amounted to $134,131, compared to $333,835 net cash used in operating activities for the nine months ended September 30, 2022. The decrease of net cash used in operating activities was due to the decrease of net loss.

 

There were $0 cash used in investment activities for the nine months ended September 30, 2023 and 2022.

 

Net cash provided by financing activities for the nine months ended September 30, 2023 amounted to $94,485, compared to net cash provided by financing activities of $91,513 in the same period of 2022. The net cash provided by financing activities were from shareholders who paid certain expenses on behalf of the Company.

 

Going Concern

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company’s services, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party(ies) when needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

 

Critical Accounting Policies

 

The discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. We continually evaluate our estimates, including those related to bad debts, the useful life of property and equipment and intangible assets, and the valuation of equity transactions. We base our estimates on historical experience and on various other assumptions that we believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions.

 

See Note 1 to our unaudited condensed consolidated financial statements for a discussion of our significant accounting policies.

 

Off-Balance Sheet Arrangements

 

As of September 30, 2023, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

 

11

 

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

As a smaller reporting company, we are not required to make disclosures under this item.

 

Item 4. Controls and Procedures

 

Under the supervision and with the participation of our management, including our principal executive officer and principal financial and accounting officer, we conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that as of September 30, 2023, our disclosure controls and procedures were effective.

 

Disclosure controls and procedures are designed to ensure that information required to be disclosed by us in our Exchange Act reports is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officer or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

  

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting during the year ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

12

 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings. 

 

None. 

 

Item 1A. Risk Factors 

 

There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

Not applicable

 

Item 3. Defaults Upon Senior Securities. 

 

None.

 

Item 4. Mine Safety Disclosures 

 

Not applicable

 

Item 5. Other Information. 

 

Not applicable

 

Item 6. Exhibits

 

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

 

No.		Description of Exhibit
31.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*		Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*		Inline XBRL Instance Document.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document.
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

*

Filed herewith.

 

13

 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

	PONY GROUP INC.
Date: November 13, 2023	By:	/s/ Wenxian Fan
	Name:	Wenxian Fan
	Title:	Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer)

 

 

14

 

 

 

Exhibit 31.1

CERTIFICATION

 

I, Wenxian Fan, Chief Executive Officer of Pony Group Inc., certify that:

 

1.

I have reviewed this quarterly report on Form 10-Q of Pony Group Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b)

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c)

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d)

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

5.

The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and audit committee:

 

a)

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

b)

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: November 13, 2023	/s/Wenxian Fan
	Wenxian Fan
	Chief Executive Officer (Principal Executive Officer and Chief Financial Officer) (Principal Financial Officer)

 

 

 

 EXHIBIT 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Pony Group Inc. (the “Company”) on Form 10-Q for the quarter ended September 30, 2023, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Wenxian Fan, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

1.

The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

Date:  November 13, 2023	/s/Wenxian Fan
	Wenxian Fan
	Chief Executive Officer (Principal Executive Officer and Chief Financial Officer) (Principal Financial Officer)

 

 

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2023	Nov. 13, 2023
Document Information Line Items
Entity Registrant Name	Pony Group Inc.
Trading Symbol	PNYG
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		11,500,000
Amendment Flag	false
Entity Central Index Key	0001784058
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Sep. 30, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	333-234358
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-3532241
Entity Address, Address Line One	Engineer Experiment Building
Entity Address, Address Line Two	A202 7 Gaoxin South Avenue
Entity Address, Address Line Three	Nanshan District
Entity Address, City or Town	Shenzhen
Entity Address, Country	CN
City Area Code	+86
Local Phone Number	755 86665622
Title of 12(b) Security	Common Stock
Security Exchange Name	NONE
Entity Interactive Data Current	Yes
Entity Address, Postal Zip Code	518000

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 27,131	$ 49,803
Accounts receivables	12,693	10,723
Other receivables	269	285
Total current assets	49,091	69,809
Total assets	49,091	69,809
Current liabilities
Accounts payable	1,423	31,343
Other current liability	29,210	15,257
Total current liabilities	503,871	425,353
Total liabilities	503,871	425,353
Stockholders’ Equity
Ordinary shares, $0.001 par value, 70,000,000 shares authorized, 11,500,000 shares issued and outstanding as of September 30, 2023 and December 31, 2022	11,500	11,500
Additional paid-in capital	176,000	176,000
Accumulated other comprehensive income	23,334	6,360
Accumulated deficit	(665,614)	(549,404)
Total stockholders’ equity	(454,780)	(355,544)
Total liabilities and stockholders’ equity	49,091	69,809
Related Party [Member]
Current assets
Other receivables-related parties	8,998	8,998
Current liabilities
Other payable- related parties	$ 473,238	$ 378,753

Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Ordinary shares, par value (in Dollars per share)	$ 0.001	$ 0.001
Ordinary shares, authorized	70,000,000	70,000,000
Ordinary shares, issued	11,500,000	11,500,000
Ordinary shares, outstanding	11,500,000	11,500,000

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Revenue	$ 38,102	$ 22,847	$ 141,496	$ 76,411
Cost of revenue	19,944	6,523	65,415	38,116
Gross profit	18,158	16,324	76,081	38,295
Operating expenses
General & administrative expenses	31,965	46,306	192,374	284,429
R&D expense		6,559		23,816
Total operating expenses	31,965	52,865	192,374	308,245
Loss from operation	(13,807)	(36,541)	(116,293)	(269,950)
Other income (expenses)
Other income (expense)	6	(7,150)	83	(7,589)
Total other income (expense)	6	(7,150)	83	(7,589)
Loss before income taxes	(13,801)	(43,691)	(116,210)	(277,539)
Provision for income tax
Net Loss	(13,801)	(43,691)	(116,210)	(277,539)
Other Comprehensive Income	1,836	15,237	16,974	24,498
Comprehensive loss	$ (11,965)	$ (28,454)	$ (99,236)	$ (253,041)
Basic loss per common share (in Dollars per share)	$ (0.001)	$ (0.004)	$ (0.01)	$ (0.024)
Weighted average number of shares outstanding (in Shares)	11,500,000	11,500,000	11,500,000	11,500,000

Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Diluted loss per common share	$ (0.001)	$ (0.004)	$ (0.010)	$ (0.024)

Condensed Consolidated Statements of Changes in Stockholder’s Equity (Unaudited) - USD ($)	Common stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit	Total
Balance at Dec. 31, 2021	$ 11,500	$ 176,000	$ (10,158)	$ (280,326)	$ (102,984)
Balance (in Shares) at Dec. 31, 2021	11,500,000
Cumulative Foreign currency translation adjustment			(442)		(442)
Net Loss				(116,340)	(116,340)
Balance at Mar. 31, 2022	$ 11,500	176,000	(10,600)	(396,666)	(219,766)
Balance (in Shares) at Mar. 31, 2022	11,500,000
Balance at Dec. 31, 2021	$ 11,500	176,000	(10,158)	(280,326)	(102,984)
Balance (in Shares) at Dec. 31, 2021	11,500,000
Net Loss					(277,539)
Balance at Sep. 30, 2022	$ 11,500	176,000	14,340	(557,865)	(356,025)
Balance (in Shares) at Sep. 30, 2022	11,500,000
Balance at Mar. 31, 2022	$ 11,500	176,000	(10,600)	(396,666)	(219,766)
Balance (in Shares) at Mar. 31, 2022	11,500,000
Cumulative Foreign currency translation adjustment			9,703		9,703
Net Loss				(117,508)	(117,508)
Balance at Jun. 30, 2022	$ 11,500	176,000	(897)	(514,174)	(327,571)
Balance (in Shares) at Jun. 30, 2022	11,500,000
Cumulative Foreign currency translation adjustment			15,237		15,237
Net Loss				(43,691)	(43,691)
Balance at Sep. 30, 2022	$ 11,500	176,000	14,340	(557,865)	(356,025)
Balance (in Shares) at Sep. 30, 2022	11,500,000
Balance at Dec. 31, 2022	$ 11,500	176,000	6,360	(549,404)	$ (355,544)
Balance (in Shares) at Dec. 31, 2022	11,500,000				11,500,000
Cumulative Foreign currency translation adjustment			(899)		$ (899)
Net Loss				(57,052)	(57,052)
Balance at Mar. 31, 2023	$ 11,500	176,000	5,461	(606,456)	(413,495)
Balance (in Shares) at Mar. 31, 2023	11,500,000
Balance at Dec. 31, 2022	$ 11,500	176,000	6,360	(549,404)	$ (355,544)
Balance (in Shares) at Dec. 31, 2022	11,500,000				11,500,000
Net Loss					$ (116,210)
Balance at Sep. 30, 2023	$ 11,500	176,000	23,334	(665,614)	$ (454,780)
Balance (in Shares) at Sep. 30, 2023	11,500,000				11,500,000
Balance at Mar. 31, 2023	$ 11,500	176,000	5,461	(606,456)	$ (413,495)
Balance (in Shares) at Mar. 31, 2023	11,500,000
Cumulative Foreign currency translation adjustment			16,037		16,037
Net Loss				(45,357)	(45,357)
Balance at Jun. 30, 2023	$ 11,500	176,000	21,498	(651,813)	(442,815)
Balance (in Shares) at Jun. 30, 2023	11,500,000
Cumulative Foreign currency translation adjustment			1,836		1,836
Net Loss				(13,801)	(13,801)
Balance at Sep. 30, 2023	$ 11,500	$ 176,000	$ 23,334	$ (665,614)	$ (454,780)
Balance (in Shares) at Sep. 30, 2023	11,500,000				11,500,000

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Cash flow from operating activities:
Net Loss	$ (116,210)	$ (277,539)
Changes in operating assets and liabilities:
Accounts receivable	(1,970)	45,563
Other receivable	16	25
Accounts payable	(29,920)	(5,965)
Other payable	13,953	(95,919)
Cash used in operating activities	(134,131)	(333,835)
Cash flow from financing activities:
Advance from related party	94,485	91,513
Cash provided by financing activities	94,485	91,513
Effects of currency translation on cash	16,974	24,498
Net decrease in cash	(22,672)	(217,824)
Cash at beginning of the period	49,803	266,011
Cash at end of period	$ 27,131	$ 48,187

Organizations and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2023
Organizations and Summary of Significant Accounting Policies [Abstract]
ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 - ORGANIZATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Organization and Operations    PONY GROUP INC, (The “Company” or “PONY”) was incorporated on January 7, 2019 in the state of Delaware.   On March 7, 2019, Pony Group Inc (the “Purchaser”), and Wenxian Fan, the sole owner of PONY LIMOUSINE SERVICES LIMITED (“Pony HK”), entered into a Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which Wenxian Fan (the “Seller”) would sell to the Purchaser, and the Purchaser will purchase from the Seller, 10,000 shares of Pony HK, which represented 100% of the shares. On March 7, 2019, this transaction was completed.   Pony HK is a limited corporation formed under the laws of Hong Kong on April 28, 2016, which was formed by FAN WENXIAN. Its registered office is located at FLAT/RM 01 11/F, LUCKY COMM BLDG, 103 DES VOEUX RD WEST, SHEUNG WAN, HONG KONG. The business nature of the Company is to provide cross boarder limousine services to customers. On February 2, 2019, Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK.   Details of the Company’s structure as of September 30, 2023 are as follow:       Reverse Merger Accounting – Since Pony HK and Pony US were entities under Ms. Fan’s common control prior to the “Purchase Agreement” was executed, and because of certain other factors, including that the member of the Company’s executive management is from Pony HK, Pony HK is deemed to be the acquiring company for accounting purposes and the Merger was accounted for as a reverse merger and a recapitalization in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited consolidated financial statements reflect the historical results of Pony HK prior to the Merger and that of the combined Company following the Merger, and do not include the historical financial results prior to the completion of the Merger. Common stock and the corresponding capital amounts of the Company pre-Merger have been retroactively restated as capital stock shares.   Basis of Accounting and Presentation - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.   Cash and Cash Equivalents – For purpose of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of 90 days or less to be cash equivalents.   Accounts Receivable - The customers are required to make payments when they book the services, otherwise, the services will not be arranged. Sometimes, the Company extends credit to its group clients.   As of September 30, 2023 and December 31, 2022, accounts receivable was $12,693 and $10,723, respectively. The Company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary.   Pony HK, a 100% subsidiary of the Company, has agreements with its major clients that the payments for the services rendered be settled every six months. There was no client that accounted for over 10% of the revenue for Pony HK in the nine months ended September 30, 2023.   Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK, has agreements with three major clients. For the nine months ended September 30, 2023, the following clients accounted for over 10% of the revenue for Universe Travel: Shenzhen Zhongke Hengjin with 24.84%; Shenzhen Eryuechuer Culture & Technology., Ltd, with 17.88%; and Shenzhen Shangjia Electronic Technology., Ltd with 15.25%   Revenue Recognition - The Company recognizes revenue in accordance with ASC 606. The core principle of ASC606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes: (1) identifying contracts with customers, (2) identifying performance obligations within those contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) recognizing revenue when or as each performance obligation is satisfied. Our sales arrangements generally ask customers to pay in advance before any services can be arranged. The company recognizes revenue when each performance obligation is satisfied. Documents and terms and the completion of any customer acceptance requirements, when applicable, are used to verify services rendered. The Company has no returns or sales discounts and allowances because services rendered and accepted by customers are normally not returnable.   Cost of revenue – Cost of revenue includes cost of services rendered during the period, net of discounts and sales tax.    Income Taxes – Income tax expense represents current tax expense. The income tax payable represents the amounts expected to be paid to the taxation authority. Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profit for the period.   Foreign Currency Translation - Pony HK’s functional currency is the Hong Kong Dollar (HK$) and Universe Travel Culture & Technology Ltd.’s functional currency is the Renminbi (RMB). The reporting currency is that of the US Dollar. Assets, liabilities and owners’ contribution are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the year.    The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows:   September 30, 2023         Balance sheet   HK$7.83 to US $1.00   RMB 7.29 to US $1.00 Statement of operation and other comprehensive income   HK$7.83 to US $1.00   RMB 7.03 to US $1.00 December 31, 2022         Balance sheet   HK$7.80 to US $1.00   RMB 6.89 to US $1.00 September 30, 2022         Statement of operation and other comprehensive income   HK$7.85 to US $1.00   RMB 6.85 to US$1.00   Recent accounting pronouncements    The Company does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows.

Going Concern	9 Months Ended
	Sep. 30, 2023
Going Concern [Abstract]
GOING CONCERN	NOTE 2 - GOING CONCERN   The Company had net loss of $116,210 during the nine months ended September 30, 2023 and has accumulated deficit of $665,614 at September 30, 2023. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing, as may be required.    The accompanying financial statements have been prepared assuming the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.    Management’s Plan to Continue as a Going Concern    In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company’s products, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party (ies) when needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.    The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

Related Party Transactions	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 3 - RELATED PARTY TRANSACTIONS   Amount of receivable from shareholders is due to the company declaring a 6,000 to 1 stock split. After the stock split, the par value of the common stocks was $0.001 per share. The shareholders should pay the consideration of $8,998 to the company. The Company used a retroactive basis to present the nominal shares, the considerations and receivable form shareholders also should be represented.       September 30, 2023     December 31, 2022   Receivable from shareholders   $ 8,998     $ 8,998   Total due from related parties   $ 8,998     $ 8,998     Ms. Wenxian Fan, the director, loaned working capital to Pony HK with no interest and paid on behalf of Pony HK for the subcontracted services and employee salaries.   The Company has the following payables to Ms. Wenxian Fan:       September 30, 2023     December 31, 2022   To Wenxian Fan   $ 473,238     $ 378,753   Total due to related parties   $ 473,238     $ 378,753

Major Suppliers and Customers	9 Months Ended
	Sep. 30, 2023
Major Suppliers and Customers [Abstract]
MAJOR SUPPLIERS AND CUSTOMERS	NOTE 4 - MAJOR SUPPLIERS AND CUSTOMERS   The Company purchased majority of its subcontracted services from one major supplier during the nine months ended September 30, 2023: Changying Business Limited for 24.51% of the cost.

Subsequent Events	9 Months Ended
	Sep. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 5 - SUBSEQUENT EVENTS    Management has evaluated subsequent events through November 13, 2023, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of September 30, 2023 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2023
Organizations and Summary of Significant Accounting Policies [Abstract]
Organization and Operations	Organization and Operations  PONY GROUP INC, (The “Company” or “PONY”) was incorporated on January 7, 2019 in the state of Delaware. On March 7, 2019, Pony Group Inc (the “Purchaser”), and Wenxian Fan, the sole owner of PONY LIMOUSINE SERVICES LIMITED (“Pony HK”), entered into a Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which Wenxian Fan (the “Seller”) would sell to the Purchaser, and the Purchaser will purchase from the Seller, 10,000 shares of Pony HK, which represented 100% of the shares. On March 7, 2019, this transaction was completed. Pony HK is a limited corporation formed under the laws of Hong Kong on April 28, 2016, which was formed by FAN WENXIAN. Its registered office is located at FLAT/RM 01 11/F, LUCKY COMM BLDG, 103 DES VOEUX RD WEST, SHEUNG WAN, HONG KONG. The business nature of the Company is to provide cross boarder limousine services to customers. On February 2, 2019, Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK. Details of the Company’s structure as of September 30, 2023 are as follow:
Reverse Merger Accounting	Reverse Merger Accounting – Since Pony HK and Pony US were entities under Ms. Fan’s common control prior to the “Purchase Agreement” was executed, and because of certain other factors, including that the member of the Company’s executive management is from Pony HK, Pony HK is deemed to be the acquiring company for accounting purposes and the Merger was accounted for as a reverse merger and a recapitalization in accordance with generally accepted accounting principles in the United States (“GAAP”). These unaudited consolidated financial statements reflect the historical results of Pony HK prior to the Merger and that of the combined Company following the Merger, and do not include the historical financial results prior to the completion of the Merger. Common stock and the corresponding capital amounts of the Company pre-Merger have been retroactively restated as capital stock shares.
Basis of Accounting and Presentation	Basis of Accounting and Presentation - The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.
Accounts Receivable	Cash and Cash Equivalents – For purpose of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of 90 days or less to be cash equivalents.
Accounts Receivable	Accounts Receivable - The customers are required to make payments when they book the services, otherwise, the services will not be arranged. Sometimes, the Company extends credit to its group clients. As of September 30, 2023 and December 31, 2022, accounts receivable was $12,693 and $10,723, respectively. The Company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary. Pony HK, a 100% subsidiary of the Company, has agreements with its major clients that the payments for the services rendered be settled every six months. There was no client that accounted for over 10% of the revenue for Pony HK in the nine months ended September 30, 2023. Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK, has agreements with three major clients. For the nine months ended September 30, 2023, the following clients accounted for over 10% of the revenue for Universe Travel: Shenzhen Zhongke Hengjin with 24.84%; Shenzhen Eryuechuer Culture & Technology., Ltd, with 17.88%; and Shenzhen Shangjia Electronic Technology., Ltd with 15.25%
Revenue Recognition	Revenue Recognition - The Company recognizes revenue in accordance with ASC 606. The core principle of ASC606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes: (1) identifying contracts with customers, (2) identifying performance obligations within those contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) recognizing revenue when or as each performance obligation is satisfied. Our sales arrangements generally ask customers to pay in advance before any services can be arranged. The company recognizes revenue when each performance obligation is satisfied. Documents and terms and the completion of any customer acceptance requirements, when applicable, are used to verify services rendered. The Company has no returns or sales discounts and allowances because services rendered and accepted by customers are normally not returnable.
Cost of revenue	Cost of revenue – Cost of revenue includes cost of services rendered during the period, net of discounts and sales tax.
Income Taxes	Income Taxes – Income tax expense represents current tax expense. The income tax payable represents the amounts expected to be paid to the taxation authority. Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profit for the period.
Foreign Currency Translation	Foreign Currency Translation - Pony HK’s functional currency is the Hong Kong Dollar (HK$) and Universe Travel Culture & Technology Ltd.’s functional currency is the Renminbi (RMB). The reporting currency is that of the US Dollar. Assets, liabilities and owners’ contribution are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the year. The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows: September 30, 2023         Balance sheet   HK$7.83 to US $1.00   RMB 7.29 to US $1.00 Statement of operation and other comprehensive income   HK$7.83 to US $1.00   RMB 7.03 to US $1.00 December 31, 2022         Balance sheet   HK$7.80 to US $1.00   RMB 6.89 to US $1.00 September 30, 2022         Statement of operation and other comprehensive income   HK$7.85 to US $1.00   RMB 6.85 to US$1.00
Recent accounting pronouncements	Recent accounting pronouncements The Company does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the consolidated financial position, statements of operations and cash flows.

Organizations and Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2023
Organizations and Summary of Significant Accounting Policies [Abstract]
Schedule of Exchange Rates	The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows: September 30, 2023         Balance sheet   HK$7.83 to US $1.00   RMB 7.29 to US $1.00 Statement of operation and other comprehensive income   HK$7.83 to US $1.00   RMB 7.03 to US $1.00 December 31, 2022         Balance sheet   HK$7.80 to US $1.00   RMB 6.89 to US $1.00 September 30, 2022         Statement of operation and other comprehensive income   HK$7.85 to US $1.00   RMB 6.85 to US$1.00

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2023
Related Party Transactions [Abstract]
Schedule of Considerations and Receivable form Shareholders	The Company used a retroactive basis to present the nominal shares, the considerations and receivable form shareholders also should be represented.     September 30, 2023     December 31, 2022   Receivable from shareholders   $ 8,998     $ 8,998   Total due from related parties   $ 8,998     $ 8,998
Schedule of Related Party Payables	The Company has the following payables to Ms. Wenxian Fan:     September 30, 2023     December 31, 2022   To Wenxian Fan   $ 473,238     $ 378,753   Total due to related parties   $ 473,238     $ 378,753

Organizations and Summary of Significant Accounting Policies (Details) - USD ($)		9 Months Ended
	Mar. 07, 2019	Sep. 30, 2023	Dec. 31, 2022
Organizations and Summary of Significant Accounting Policies [Line Items]
Accounts receivable (in Dollars)		$ 12,693	$ 10,723
Subsidiary company, percentage		100.00%
Revenue percentage		10.00%
Pony Limousine Services Limited [Member]
Organizations and Summary of Significant Accounting Policies [Line Items]
Number of shares issued (in Shares)	10,000
Shares percentage	100.00%
HONG KONG
Organizations and Summary of Significant Accounting Policies [Line Items]
Hong Kong profits tax percentage		16.50%
Shenzhen Zhongke Hengjin [Member]
Organizations and Summary of Significant Accounting Policies [Line Items]
Revenue percentage		24.84%
Shenzhen Zhongke Hengjin [Member] | Pony HK [Member]
Organizations and Summary of Significant Accounting Policies [Line Items]
Revenue percentage		10.00%
Shenzhen Eryuechuer Culture & Technology. Limited [Member]
Organizations and Summary of Significant Accounting Policies [Line Items]
Revenue percentage		17.88%
Shenzhen Shangjia Electronic Technology., Ltd [Member]
Organizations and Summary of Significant Accounting Policies [Line Items]
Revenue percentage		15.25%

Organizations and Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
HK [Member] | Balance Sheet [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.83	7.8
HK [Member] | Statement of operation and other comprehensive income [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.83		7.85
US [Member] | Balance Sheet [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	1	1
US [Member] | Statement of operation and other comprehensive income [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	1		1
RMB [Member] | Balance Sheet [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.29	6.89
RMB [Member] | Statement of operation and other comprehensive income [Member]
Financial Statement Line Items with Differences in Reported Amount and Reporting Currency Denominated Amounts [Line Items]
Foreign currency exchange rates	7.03		6.85

Going Concern (Details) - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023	Sep. 30, 2022
Going Concern [Abstract]
Net loss	$ (13,801)	$ (45,357)	$ (57,052)	$ (43,691)	$ (117,508)	$ (116,340)	$ (116,210)	$ (277,539)
Accumulated deficit	$ 665,614						$ 665,614

Related Party Transactions (Details)	9 Months Ended
	Sep. 30, 2023 USD ($) $ / shares
Related Party Transactions [Abstract]
Stock split description	Amount of receivable from shareholders is due to the company declaring a 6,000 to 1 stock split.
Price per share | $ / shares	$ 0.001
Consideration | $	$ 8,998

Related Party Transactions (Details) - Schedule of Considerations and Receivable form Shareholders - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total due from related parties	$ 8,998	$ 8,998
Receivable from shareholders [Member]
Related Party Transaction [Line Items]
Total due from related parties	$ 8,998	$ 8,998

Related Party Transactions (Details) - Schedule of Related Party Payables - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2022
Related Party Transaction [Line Items]
Total due to related parties	$ 473,238	$ 378,753
To Wenxian Fan [Member]
Related Party Transaction [Line Items]
Total due to related parties	$ 473,238	$ 378,753

Major Suppliers and Customers (Details)	9 Months Ended
	Sep. 30, 2023
Supplier one [Member] | Cost of Goods and Service Benchmark [Member] | Supplier Concentration Risk [Member]
Major Suppliers and Customers [Line Items]
Business limited cost percentage	24.51%

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