ORGANIZATIONAL AND GOING CONCERN
|3 Months Ended|
Mar. 31, 2017
|Notes to Financial Statements|
|NOTE 1 - ORGANIZATIONAL AND GOING CONCERN||
Sheng Ying Entertainment Corp. (formerly known as Crowd 4 Seeds, Inc., the "Company") was formed on April 11, 2014 as a Nevada corporation.
During 2014 the Company issued 9,054,000 shares of its common stock, for a total consideration of $20,000. The Company has yet to start operational or research and development activities. The Company initially planned to operate in the field of crowd funding and to run an online platform for investments in Israeli startup companies.
On December 30, 2016, Tycoon Luck Global Limited acquired 65.72% of the equity interest of the Company from Itzhak Ostashinsky, the major shareholder and sole officer of the Company at the time, for $220,152 in cash and both parties agreed all the net liabilities of the Company as of the acquisition date are assumed by Itzhak Ostashinsky. On the same day, the new management team was appointed. The management has decided to transition the Companys business plan to providing sub-junket services to main junkets based in Cambodia.
On January 9, 2017, the Company filed with Secretary of State of Nevada to change its name to Sheng Ying Entertainment Corp. On April 24, 2017, the Financial Industry Regulatory Authority (FINRA) approved the name change. The Company's common stock symbol was also changed from CWWD to SALL, effective on April 25, 2017.
The Company is currently planning to acquire Sheng Ying Investments Limited, a BVI company incorporated on January 5, 2017 and wholly owned by Kok Chee LEE, the CEO of the Company, for the purpose of commencing junket business.
The accompanying unaudited interim financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered recurring losses since inception and has working capital deficit of $24,073 as of March 31, 2017. Due to these conditions, it raised substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that may result should the Company be unable to continue as a going concern.
The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
Reference 1: http://www.xbrl.org/2003/role/presentationRef