$NWCN
NETWORK CN INC

2021 Q2 Form 10-Q Financial Statement

#000121465921008554 Filed on August 16, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q4 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00 $0.00
YoY Change
Gross Profit $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $71.48K $71.23K $55.75K
YoY Change 28.22%
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $50.00 $20.00 $220.00
YoY Change -77.27% -90.91% 0.0%
% of Gross Profit
Operating Expenses $71.48K $71.24K $55.75K
YoY Change 28.22%
Operating Profit -$71.48K -$71.24K -$55.75K
YoY Change 28.22%
Interest Expense $130.0K -$130.0K $129.8K
YoY Change 0.15%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$201.4K $5.099M -$185.5K
YoY Change 8.59%
Income Tax
% Of Pretax Income
Net Earnings -$201.4K $5.099M -$185.5K
YoY Change 8.59%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$22.96K $581.1K -$21.14K
COMMON SHARES
Basic Shares Outstanding 8.774M shares 8.774M shares
Diluted Shares Outstanding 8.774M shares 8.774M shares

Balance Sheet

Concept 2021 Q2 2020 Q4 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.160K $5.970K $5.620K
YoY Change 9.61% 8.35% -32.61%
Cash & Equivalents $6.163K $5.967K $5.624K
Short-Term Investments
Other Short-Term Assets $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -2.44%
Inventory
Prepaid Expenses $100.0K $100.0K
Receivables
Other Receivables
Total Short-Term Assets $106.2K $106.0K $105.6K
YoY Change 0.51% 0.43% -4.71%
LONG-TERM ASSETS
Property, Plant & Equipment $496.00 $599.00 $0.00
YoY Change 36.14% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $496.00 $599.00 $0.00
YoY Change 36.14% -100.0%
TOTAL ASSETS
Total Short-Term Assets $106.2K $106.0K $105.6K
Total Long-Term Assets $496.00 $599.00 $0.00
Total Assets $106.7K $106.6K $105.6K
YoY Change 0.98% 0.58% -5.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.659M $4.262M $4.149M
YoY Change 12.28% -11.16% -5.78%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $2.973M $2.973M $2.973M
YoY Change 0.0% 0.73% 1.94%
Long-Term Debt Due $5.000M
YoY Change 0.0%
Total Short-Term Liabilities $7.632M $7.235M $12.12M
YoY Change -37.04% -43.25% -1.61%
LONG-TERM LIABILITIES
Long-Term Debt $645.0K $645.0K $645.0K
YoY Change 0.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $645.0K $645.0K $645.0K
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.632M $7.235M $12.12M
Total Long-Term Liabilities $645.0K $645.0K $645.0K
Total Liabilities $8.277M $7.880M $12.77M
YoY Change -35.17% -38.19% 3.63%
SHAREHOLDERS EQUITY
Retained Earnings -$134.1M -$133.7M
YoY Change
Common Stock $124.2M $124.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.170M -$7.773M -$12.66M
YoY Change
Total Liabilities & Shareholders Equity $106.7K $106.6K $105.6K
YoY Change 0.98% 0.58% -5.45%

Cashflow Statement

Concept 2021 Q2 2020 Q4 2020 Q2
OPERATING ACTIVITIES
Net Income -$201.4K $5.099M -$185.5K
YoY Change 8.59%
Depreciation, Depletion And Amortization $50.00 $20.00 $220.00
YoY Change -77.27% -90.91% 0.0%
Cash From Operating Activities -$110.00 $620.00 -$21.46K
YoY Change -99.49% -103.21% 35.57%
INVESTING ACTIVITIES
Capital Expenditures -$620.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$620.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 21.45K
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -110.0 620.0 -21.46K
Cash From Investing Activities -620.0
Cash From Financing Activities 0.000 0.000 21.45K
Net Change In Cash -110.0 -0.00000000004604 -10.00
YoY Change 1000.0% -100.0% -99.94%
FREE CASH FLOW
Cash From Operating Activities -$110.00 $620.00 -$21.46K
Capital Expenditures -$620.00
Free Cash Flow $1.240K
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Trading Symbol
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dei Document Quarterly Report
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dei Entity Address City Or Town
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dei Entity Central Index Key
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dei Current Fiscal Year End Date
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dei Document Fiscal Year Focus
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NETWORK CN INC.
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<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:10pt; margin-bottom:0pt; "> <span style="font-weight:bold; ">NOTE 1.</span><span style="font-weight:bold; padding-left:32.84pt; ">ORGANIZATION AND PRINCIPAL ACTIVITIES</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">Network CN Inc. was originally incorporated on September 10, 1993 in Delaware with headquarters in the Hong Kong Special Administrative Region of the People’s Republic of China (“PRC” or “China”). Since August 2006, the Company has been principally engaged in the provision of out-of-home advertising in China through the operation of a network of roadside LED digital video panels, mega-size LED digital video billboards and light boxes in major cities.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">Details of the Company’s principal subsidiaries and variable interest entities as of June 30, 2021, are described in Note 3 – Subsidiaries and Variable Interest Entities.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:10pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Identification of New projects</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">On January 14, 2020, the Company entered into a Letter of Intent with Earthasia Worldwide Holdings Limited (“EWHL”) that the Company will acquire 100% of the EWHL’s issued and outstanding stock owned by the shareholders of the EWHL and the EWHL will become a wholly owned subsidiary of the Company.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">On July 23, 2020, the Company entered into Share Exchange Agreement with Ease Global Limited (“Ease Global”), the shareholder of Trade More Global Limited (‘Trade More”) that the Company will purchase, One Thousand and One Hundred (1,100) currently issued shares of common stock of Trade More from Ease Global and in exchange for Forty-nine Million (49,000,000) shares of newly-issued shares of common stock of the Company. The closing of the Exchange shall occur on other date as agreed by the parties of the Share Exchange Agreement. Upon completion of the Exchange, 78% of issued shares of common stock of the Company shall be held by the Ease Global while all of the shares of capital stock of Trade More shall be held by the Company. EWHL is a wholly owned subsidiary of Trade More.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">The closing of Exchange was not completed on September 2, 2020 and was postponed due to the progress of audit. Due to the delay of completion, the Company will re-evaluate the acquisition until Ease Global can fulfill the revenue target and the internal controls over financial reporting required by the SEC. The Company will proceed to negotiate and seek approval from the board of directors and shareholders for the new share exchange terms and conditions.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:10pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Increase of authorized capital</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">On April 28, 2020, the Board of Directors and Majority of stockholders of the Company approved to increase the total number of authorized shares of Common Stock from 26,666,667 to 100,000,000,000.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:10pt; margin-bottom:0pt; "><span style="font-weight:bold; ">Going Concern</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">The Company has experienced recurring net losses $201,431 and $185,502 for the three months ended June 30, 2021 and 2020 respectively, and $397,064 and $18,837 for the six months ended June 30, 2021 and 2020 respectively. As of June 30, 2021, and December 31, 2020, the Company has stockholders’ deficit of $8,170,171 and $7,773,295, respectively. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company’s plans regarding those concerns are addressed in the following paragraph. The unaudited consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">In response to current financial conditions, the Company has undergone a drastic cost-cutting exercise, including reduction of the Company’s workforce, office rentals and other general and administrative expenses. The Company has actively explored new prominent media projects in order to provide a wider range of media and advertising services and improve our financial performance. If the project can start to operate, the Company expects that the project will improve the Company’s future financial performance. The Company expects that the new project can generate positive cashflow.</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-bottom:0pt; "/> <div> <div style="width:100%; clear:both;"> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; ">7</p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </div><hr style="border-top:1.5pt solid #000000;"/><div style="page-break-after:always;"/> <p style="font-size:10pt;"><a href="#toc">Table of Contents</a></p> </div> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">The existing cash together with highly liquid current assets are insufficient to fund the Company’s operations for the next twelve months. The Company will need to rely upon some combination of cash generated from the Company’s operations, the proceeds from the potential exercise of the outstanding option held by Keywin Holdings Limited (“Keywin”) to purchase $2 million in shares of the Company’s common stock, or proceeds from the issuance of the Company’s equity and debt securities as well as the exercise of the conversion option by the Company’s note holders to convert the notes to the Company’s common stock, in order to maintain the Company’s operations. Based on the Company’s best estimates, the Company believes that there are sufficient financial resources to meet the cash requirements for the coming twelve months and the consolidated financial statements have been prepared on a going concern basis. However, there can be no assurance the Company will be able to continue as a going concern. </p>
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
26666667 shares
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
26666667 shares
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000000 shares
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-201431 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-185502 USD
us-gaap Net Income Loss
NetIncomeLoss
-397064 USD
us-gaap Net Income Loss
NetIncomeLoss
-18837 USD
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
-8170171 USD
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-7773295 USD
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4549144 USD
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:10pt; margin-bottom:0pt; "> <span style="font-weight:bold; font-style:italic; ">(C) Use of Estimates</span></p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:justify; margin-top:10pt; margin-bottom:0pt; ">In preparing unaudited consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reported period. Actual results could differ from those estimates. Differences from those estimates are reported in the period they become known and are disclosed to the extent they are material to the unaudited consolidated financial statements taken as a whole. </p>
CY2021Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
100000 USD
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
100000 USD
CY2021Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
USD
CY2021Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
100000 USD
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
100000 USD
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1844324 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1749401 USD
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
42411 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
47266 USD
CY2021Q2 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2630779 USD
CY2020Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2370872 USD
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49788 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
41461 USD
CY2021Q2 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
91317 USD
CY2020Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
52650 USD
CY2021Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
4658619 USD
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
4261650 USD
CY2021Q2 us-gaap Short Term Borrowings
ShortTermBorrowings
2973211 USD
CY2020Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
2973211 USD
CY2021Q2 nwcn Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
128346 USD
nwcn Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
256691 USD
CY2020Q2 nwcn Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
128149 USD
CY2021Q2 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
645000 USD
CY2020Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
645000 USD
CY2021Q2 nwcn Allocated Intrinsic Value Of Beneficial Conversion Features
AllocatedIntrinsicValueOfBeneficialConversionFeatures
USD
CY2020Q4 nwcn Allocated Intrinsic Value Of Beneficial Conversion Features
AllocatedIntrinsicValueOfBeneficialConversionFeatures
USD
CY2021Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
USD
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
USD
CY2021Q2 nwcn Convertible Notes Payable Net
ConvertibleNotesPayableNet
645000 USD
CY2020Q4 nwcn Convertible Notes Payable Net
ConvertibleNotesPayableNet
645000 USD
CY2021Q2 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
USD
CY2020Q4 us-gaap Convertible Debt Current
ConvertibleDebtCurrent
USD
CY2021Q2 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
645000 USD
CY2020Q4 us-gaap Convertible Debt Noncurrent
ConvertibleDebtNoncurrent
645000 USD
CY2021Q2 us-gaap Convertible Debt
ConvertibleDebt
645000 USD
CY2020Q4 us-gaap Convertible Debt
ConvertibleDebt
645000 USD
CY2020Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
shares
us-gaap Dividend Payment Restrictions Schedule Description
DividendPaymentRestrictionsScheduleDescription
The dividend restrictions provide that the Company or any of its subsidiaries shall not declare or pay dividends or other distributions in respect of the equity securities of such entity other than dividends or distributions of cash which amounts during any 12-month period that exceed ten percent (10%) of the consolidated net income of the Company based on the Company’s most recent audited consolidated financial statements disclosed in the Company’s annual report on Form 10-K (or equivalent form) filed with the U.S. Securities and Exchange Commission.
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
100000 USD
CY2021Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
100000 USD
us-gaap Allowance For Loan And Lease Losses Writeoffs Net
AllowanceForLoanAndLeaseLossesWriteoffsNet
386772 USD
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-201431 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-185502 USD
us-gaap Net Income Loss
NetIncomeLoss
-397064 USD
us-gaap Net Income Loss
NetIncomeLoss
-18837 USD
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8774263 shares
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8774263 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8774263 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8774263 shares
CY2021Q2 nwcn Incremental Common Shares Attributable To Dilutive Securities
IncrementalCommonSharesAttributableToDilutiveSecurities
shares
CY2020Q2 nwcn Incremental Common Shares Attributable To Dilutive Securities
IncrementalCommonSharesAttributableToDilutiveSecurities
shares
nwcn Incremental Common Shares Attributable To Dilutive Securities
IncrementalCommonSharesAttributableToDilutiveSecurities
shares
nwcn Incremental Common Shares Attributable To Dilutive Securities
IncrementalCommonSharesAttributableToDilutiveSecurities
shares
CY2021Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8774263 shares
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8774263 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8774263 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8774263 shares
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.023
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.0211
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.0453
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.0021
CY2021Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-201431 USD
CY2020Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-185502 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-397064 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-18837 USD
us-gaap Tax Credit Carryforward Limitations On Use
TaxCreditCarryforwardLimitationsOnUse
5 years
CY2021Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
16447000 USD
CY2021Q2 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
3453871 USD
nwcn Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
expire on various from 2024 through 2037
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Receivable Current
OperatingLeasesFutureMinimumPaymentsReceivableCurrent
2279147 USD
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
OperatingLeasesFutureMinimumPaymentsReceivableInTwoYears
892375 USD
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Receivable In Three Years
OperatingLeasesFutureMinimumPaymentsReceivableInThreeYears
217937 USD
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Receivable Thereafter
OperatingLeasesFutureMinimumPaymentsReceivableThereafter
64412 USD
CY2021Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3453871 USD
CY2021Q2 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
USD
CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
USD
CY2021Q2 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3453871 USD
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3443596 USD
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3453871 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3443596 USD
CY2021Q2 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
USD
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
USD
nwcn Schedule Of Movement Of Deferred Tax Assets Valuation Allowance
ScheduleOfMovementOfDeferredTaxAssetsValuationAllowance
<p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:10pt; margin-bottom:0pt; "> Movement of valuation allowance: </p> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> <div> <table cellpadding="0" class="fin" style="border-spacing:0; margin:auto; " width="100%"> <thead> <tr class="odd" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">June 30, </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">December 31, </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; border-bottom:1pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2021 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; border-bottom:1pt solid #000000; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-top:0pt; margin-bottom:0pt; ">2020 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> <tr class="odd" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">  </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td colspan="2" style="width:16%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> </tr> </thead> <tbody> <tr class="odd" style="background-color:#CCEEFF; "> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">At the beginning of the period/year<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,443,596 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">4,549,144 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> </tr> <tr class="even" style=""> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">Additions/(Deductions)<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:1pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">10,275 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:center; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:1pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:15%; vertical-align:bottom; border-bottom:1pt solid #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">(1,105,548 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; margin-bottom:3px; margin-bottom:1pt; ">) </p> </td> </tr> <tr class="odd" style="background-color:#CCEEFF; "> <td style="width:64%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">At the end of the period/year<span style="padding-left:2pt; "/></p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,453,871 </p> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-bottom:0pt; "/> </td> <td style="width:1%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; ">$ </p> </td> <td style="width:15%; vertical-align:bottom; border-bottom:3px double #000000; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:right; margin-top:0pt; margin-bottom:0pt; ">3,443,596 </p> </td> <td style="width:100%; vertical-align:bottom; "> <p style="font-family:Times New Roman, Times, serif; font-size:10pt; text-align:left; margin-top:0pt; margin-bottom:0pt; "/></td></tr></tbody></table></div>
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3443596 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
10275 USD
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
-1105548 USD
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3453871 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3443596 USD

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