2022 Q4 Form 10-Q Financial Statement

#000121465922015302 Filed on December 23, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q1 2021 Q4
Revenue $83.96K $0.00 $0.00
YoY Change
Cost Of Revenue $65.66K $0.00 $0.00
YoY Change
Gross Profit $18.30K $0.00
YoY Change
Gross Profit Margin 21.8%
Selling, General & Admin $234.8K $189.8K $486.6K
YoY Change -51.75% 188.99% 583.18%
% of Gross Profit 1283.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $68.85K $11.40K $15.00K
YoY Change 359.0% 22690.0% 74900.0%
% of Gross Profit 376.23%
Operating Expenses $234.8K $189.8K $486.6K
YoY Change -51.75% 188.98% 583.1%
Operating Profit -$216.5K -$189.8K -$486.6K
YoY Change -55.51% 188.98% 583.1%
Interest Expense -$72.73K -$83.04K -$130.0K
YoY Change -44.04% -36.1% 0.0%
% of Operating Profit
Other Income/Expense, Net $520.00
YoY Change
Pretax Income -$288.7K -$272.8K -$615.9K
YoY Change -53.13% 39.47% -112.08%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$288.7K -$272.8K -$615.9K
YoY Change -53.13% 39.47% -112.08%
Net Earnings / Revenue -343.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.01 -$12.98K -$34.66K
COMMON SHARES
Basic Shares Outstanding 20.75M shares 21.02M shares 20.54M shares
Diluted Shares Outstanding 21.02M shares

Balance Sheet

Concept 2022 Q4 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.35K $1.550K $21.68K
YoY Change -6.13% -74.46% 263.15%
Cash & Equivalents $0.00 $1.546K $0.00
Short-Term Investments
Other Short-Term Assets $8.080K $15.39K $19.83K
YoY Change -59.25% -84.61% -80.17%
Inventory
Prepaid Expenses $8.081K $15.39K $19.83K
Receivables $74.78K
Other Receivables $0.00
Total Short-Term Assets $103.2K $16.93K $41.51K
YoY Change 148.68% -84.04% -60.83%
LONG-TERM ASSETS
Property, Plant & Equipment $2.427K $3.456K $2.631K
YoY Change -7.75% 528.36% 339.23%
Goodwill
YoY Change
Intangibles $306.0K $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $380.8K $67.84K $78.15K
YoY Change 387.25% 12233.82% 12947.25%
TOTAL ASSETS
Total Short-Term Assets $103.2K $16.93K $41.51K
Total Long-Term Assets $380.8K $67.84K $78.15K
Total Assets $484.0K $84.77K $119.7K
YoY Change 304.5% -20.5% 12.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $76.60K $2.597M
YoY Change -97.05% -39.06%
Accrued Expenses $2.630M $2.167M $44.96K
YoY Change 5749.49%
Deferred Revenue
YoY Change
Short-Term Debt $1.165M $1.054M $2.973M
YoY Change -60.8% -64.54% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.972M $3.322M $5.615M
YoY Change -29.26% -55.29% -22.38%
LONG-TERM LIABILITIES
Long-Term Debt $2.817M $2.764M $645.0K
YoY Change 336.82% 328.49% 0.0%
Other Long-Term Liabilities $31.89K $19.16K $30.56K
YoY Change 4.35%
Total Long-Term Liabilities $2.849M $2.783M $675.6K
YoY Change 321.78% 331.46% 4.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.972M $3.322M $5.615M
Total Long-Term Liabilities $2.849M $2.783M $675.6K
Total Liabilities $6.822M $6.105M $6.291M
YoY Change 8.44% -24.4% -20.16%
SHAREHOLDERS EQUITY
Retained Earnings -$139.4M -$138.7M -$138.5M
YoY Change 0.67% 3.56%
Common Stock $131.3M $131.0M $130.6M
YoY Change 0.58% 5.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.338M -$6.020M -$6.171M
YoY Change
Total Liabilities & Shareholders Equity $484.0K $84.77K $119.7K
YoY Change 304.5% -20.5% 12.29%

Cashflow Statement

Concept 2022 Q4 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$288.7K -$272.8K -$615.9K
YoY Change -53.13% 39.47% -112.08%
Depreciation, Depletion And Amortization $68.85K $11.40K $15.00K
YoY Change 359.0% 22690.0% 74900.0%
Cash From Operating Activities -$11.29K -$105.2K -$120.8K
YoY Change -90.65% -87789.17% -19585.48%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $1.078K -$2.420K
YoY Change -100.0% 290.32%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$1.078K -$2.420K
YoY Change -100.0% 290.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.75K $86.17K 138.6K
YoY Change -79.97%
NET CHANGE
Cash From Operating Activities -11.29K -$105.2K -120.8K
Cash From Investing Activities 0.000 -$1.078K -2.420K
Cash From Financing Activities 27.75K $86.17K 138.6K
Net Change In Cash 16.46K -$20.13K 15.34K
YoY Change 7.3% -16875.83% -33316559743375600.0%
FREE CASH FLOW
Cash From Operating Activities -$11.29K -$105.2K -$120.8K
Capital Expenditures $0.00 $1.078K -$2.420K
Free Cash Flow -$11.29K -$106.3K -$118.4K
YoY Change -90.46% -88687.5% -9647.58%

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CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-17 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-20131 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
106 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21677 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5967 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1546 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6073 usd
CY2022Q1 NWCN Settlement Of Short Term Loan By Conversion To Convertible Note
SettlementOfShortTermLoanByConversionToConvertibleNote
2005000 usd
CY2022Q1 NWCN Settlement Of Short Term Loan Interest Payable By Conversion To Convertible Note
SettlementOfShortTermLoanInterestPayableByConversionToConvertibleNote
495000 usd
CY2022Q1 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_80A_eus-gaap--NatureOfOperations_zghWhhmkGIul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1.                   <span id="xdx_822_ztLyrhCG61cf">ORGANIZATION AND PRINCIPAL ACTIVITIES</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of the Company’s principal subsidiaries and variable interest entities as of March 31, 2022, are described in Note 3 – Subsidiaries and Variable Interest Entities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>COVID-19 Pandemic</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In December 2019, an outbreak of COVID-19 was identified in China and was subsequently recognized as a global pandemic by the World Health Organization (“WHO”) on March 11, 2020. Since that time, COVID-19 has spread around the world and throughout the United States, including in the regions and countries in which we operate. Federal, state and local governments in the U.S and around the world have imposed restrictions on travel and business operations and are advising or requiring individuals to limit or eliminate time outside of their homes. Temporary closures of businesses have also been ordered in certain jurisdictions, and other businesses have temporarily closed voluntarily. These actions expanded significantly in March and April of 2020 throughout the U.S. Consequently, the COVID-19 outbreak has severely restricted the level of economic activity in the U.S. and around the world.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The outbreak has resulted in authorities implementing numerous measures to try to contain the virus, such as quarantines and shelter in place orders. These measures may remain in place for a significant period of time and adversely affect our business, operations and financial condition as well as the business, operations and financial conditions of our business partners. The spread of the virus has also caused us to modify our business practices (including employee work locations and cancellation of physical participation in meetings) in ways that may be detrimental to our business (including working remotely and its attendant cybersecurity risks). We may take further actions as may be required by government authorities or that we determine are in the best interests of our employees. There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus or otherwise be satisfactory to government authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There has been no material adverse impact on the Company’s 2021 results of operations to date. The effect of COVID-19 and related events, those not yet known or knowable, could have a negative effect on the stock price, business prospects, financial condition, and results of operations of the Company, including as a result of quarantines, market volatility, market downturns and business closures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For the reasons discussed above, the Company cannot reasonably estimate with any degree of certainty the future impact COVID-19 may have on the Company’s results of operations, financial position, and liquidity. Notwithstanding any actions by national, state, and local governments to mitigate the impact of COVID-19 or by the Company to address the adverse impacts of COVID-19, there can be no assurance that any of the foregoing activities will be successful in mitigating or preventing significant adverse effects on the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Recent development</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Issuance of Convertible Promissory Note</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 18, 2022, the Company entered into a Subscription Agreement under which the Subscriber agreed to purchase the 1% Senior Unsecured Convertible Note Agreement from the Company for an agreement purchase price of two million five hundred thousand US Dollars ($<span id="xdx_900_ecustom--AgreementPurchasePrice_c20220118__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_pp0p0" title="Agreement purchase price">2,500,000</span>). On the same date, the Company signed the with 1% Senior Unsecured Convertible Note Agreement under which the Company may sell and issue to the Subscriber up to an aggregate maximum amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20220118__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_pp0p0" title="Principal amount">2,500,000</span> in principal amount of Convertible Notes prior to January 19, 2027. The Convertible Promissory Notes issued to the Investor are convertible at the holder’s option into shares of Company common stock at $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_c20220118__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_pdd" title="Shares issued price per share">1.25</span> per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Exercise of conversion option</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white">On October 28, 2021, Keywin Holdings Limited (“Keywin”) exercised its option to purchase an aggregate of <span id="xdx_904_ecustom--AggregateSharesPurchase_c20211001__20211028__dei--LegalEntityAxis__custom--KeywinHoldingsLimitedMember_pdd" title="Aggregate shares purchase">11,764,756</span> shares of the Company’ common stock for an aggregate purchase price of $<span id="xdx_906_ecustom--AggregateSharesPurchasePrice_c20211001__20211028__dei--LegalEntityAxis__custom--KeywinHoldingsLimitedMember_pp0p0" title="Aggregate shares purchase price">2,000,000 </span></span>which for setting off against the Company’s obligation to repay part of the short-term loan interest payable, there was no cash proceeds from the exercise of Keywin option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Private Placement</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white">On May 3, 2021, the Company entered into Common Stock Agreement with the foreign investor (the "New investor") that the Company will sell an aggregate of <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210501__20210503__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Number of common stock sold">200,000</span> shares of the Company's common stock to the New investor. Pursuant to the terms of a Common Stock Agreement between the Company and the New investor, the purchase price paid by the New investor for the shares were $3 per share for an aggregate sum of six hundred thousand U.S. dollars. The Company received $<span id="xdx_908_ecustom--ProceedsFromInvestor_c20210501__20210503_pp0p0" title="Proceeds from investor">459,077</span> cash proceeds from the investor and $<span id="xdx_908_ecustom--ShortTermLoansInterestPayable_c20210501__20210503_pp0p0" title="Short term loans interest payable">140,923</span> was settled for the interest payable of short-term loans. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Increase of authorized capital</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_c20200428_zjLcu0lfPq0l" title="Common stock, authorized">26,666,667</span> to <span id="xdx_90D_eus-gaap--CommonStockSharesAuthorized_iI_c20220331_zNDp1DDRt9w9" title="Common stock, authorized">100,000,000,000</span>. On October 11, 2021, we filed a Certificate of Amendment to our Certificate of Incorporation with the Delaware Secretary of State to increase our authorized shares of common stock from 26,666,667 to 100,000,000,000 and the increase had approved by Delaware secretary of state on April 5, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Identification of New projects</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 14, 2020, the Company entered into a Letter of Intent with Earthasia Worldwide Holdings Limited (“EWHL”) that the Company will acquire <span id="xdx_903_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_c20200114__us-gaap--BusinessAcquisitionAxis__custom--EarthasiaWorldwideHoldingsLimitedMember_zUdCMSIe18Pj" title="Issued and outstanding stock owned (Percentage)">100</span>% 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, <span id="xdx_907_eus-gaap--BusinessCombinationCostOfAcquiredEntityEquityInterestsIssuedAndIssuableFairValueMethod_c20200722__20200723__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TradeMoreGlobalLimitedMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EaseGlobalLimitedMember" title="Equity interests issued and issuable">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.</span> The closing of the Exchange shall occur on other date as agreed by the parties of the Share Exchange Agreement. <span id="xdx_909_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableDescription_c20200722__20200723__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TradeMoreGlobalLimitedMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EaseGlobalLimitedMember" title="Equity interest issued, description">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.</span> EWHL is a wholly owned subsidiary of Trade More.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The closing of Exchange was not completed on September 2, 2020 which was due to the progress of audit. Since Ease Global cannot fulfill the revenue target and complete the audit, the Company considered the Share Exchange Agreement was lapsed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has experienced recurring net losses $<span id="xdx_901_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20220101__20220331_zC2Axn7Y0gAg" title="Net loss">272,841</span> for the three months ended March 31, 2022. As of March 31, 2022, and December 31, 2021, the Company has stockholders’ deficit of $<span id="xdx_908_eus-gaap--StockholdersEquity_iNI_pp0p0_di_c20220331_z4qWZVGdlDnd" title="Stockholders' deficits">6,020,096</span> and $<span id="xdx_90D_eus-gaap--StockholdersEquity_iNI_pp0p0_di_c20211231_zUuyJSjdrYS3" title="Stockholders' deficits">6,171,255</span>, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In response to current financial conditions, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The existing cash and cash equivalents 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, 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. These uncertainties may result in adverse effects on continuation of the Company as a going concern. The accompany consolidated financial statements do not reflect any adjustments that might result from the outcome of these uncertainties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/>
CY2021Q2 NWCN Proceeds From Investor
ProceedsFromInvestor
459077 usd
CY2021Q2 NWCN Short Term Loans Interest Payable
ShortTermLoansInterestPayable
140923 usd
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
26666667 shares
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000000 shares
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-272841 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-6020096 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-6171255 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
19828 usd
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
15385 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
19828 usd
CY2022Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3511548 usd
CY2022Q1 us-gaap Cash
Cash
1546 usd
CY2021Q4 us-gaap Cash
Cash
21677 usd
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zGdFpA1xE70l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>(C) <span id="xdx_863_zmLeJa6xjNhd">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2021Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
645000 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
2500000 usd
CY2022Q1 NWCN Allocated Intrinsic Value Of Beneficial Conversion Feature
AllocatedIntrinsicValueOfBeneficialConversionFeature
-400000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
18785 usd
CY2022Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
2763785 usd
CY2022Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
18785 usd
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1986693 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1943544 usd
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
66024 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
61057 usd
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
54635 usd
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
485479 usd
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
14471 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6610 usd
CY2022Q1 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100491 usd
CY2021Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100491 usd
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2222314 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2597181 usd
CY2022Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
1054385 usd
CY2021Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
2973211 usd
CY2022Q1 NWCN Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
64251 usd
CY2021Q1 NWCN Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
129953 usd
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
6522 usd
CY2021Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1607 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
11538 usd
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
15385 usd
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
34615 usd
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
30769 usd
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
65385 usd
CY2022Q1 NWCN Les Imputed Interest
LesImputedInterest
-1005 usd
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
64379 usd
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y5M1D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M26D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0233 pure
CY2022Q1 NWCN Operating Cash Outflows From Operating Lease
OperatingCashOutflowsFromOperatingLease
11142 usd
CY2022Q1 us-gaap Tax Credit Carryforward Description
TaxCreditCarryforwardDescription
Under Hong Kong tax laws, deferred tax assets are recognized for tax loss carried forward to the extent that the realization of the related tax benefit through future taxable profits is probable. These tax losses do not expire under current Hong Kong tax legislation. Under PRC tax laws, tax losses may be carried forward for 5 years and no carry-back is allowed. At March 31, 2022, the Company does not have available tax losses in the Hong Kong and PRC to utilize for future taxable profits.
CY2022Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
16421705 usd
CY2022Q1 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
3448559 usd
CY2021Q4 NWCN Shares Granted Of Common Stock
SharesGrantedOfCommonStock
132172 shares
CY2022Q1 NWCN Noncash Stockbased Compensation
NoncashStockbasedCompensation
24000 usd
CY2022Q1 us-gaap Short Term Debt Percentage Bearing Fixed Interest Rate
ShortTermDebtPercentageBearingFixedInterestRate
0.015 pure
CY2021Q4 us-gaap Short Term Debt Percentage Bearing Fixed Interest Rate
ShortTermDebtPercentageBearingFixedInterestRate
0.015 pure
CY2022Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
57409 usd
CY2021Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
128025 usd
CY2022Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
2500000 usd
CY2022Q1 dei Document Type
DocumentType
10-Q
CY2022Q1 dei Document Quarterly Report
DocumentQuarterlyReport
true
CY2022Q1 dei Document Period End Date
DocumentPeriodEndDate
2022-03-31
CY2022Q1 NWCN Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
expire on various from 2024 through 2037
CY2022Q1 dei Entity Central Index Key
EntityCentralIndexKey
0000934796
CY2022Q1 dei Amendment Flag
AmendmentFlag
false
CY2022Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2022Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2022
CY2022Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2022Q1 NWCN Operating Loss Carried Forward2024 To2028
OperatingLossCarriedForward2024To2028
2279147 usd
CY2022Q1 NWCN Operating Loss Carried Forward2029 To2033
OperatingLossCarriedForward2029To2033
892375 usd
CY2022Q1 NWCN Operating Loss Carried Forward2034 To2037
OperatingLossCarriedForward2034To2037
217937 usd
CY2022Q1 NWCN Operating Loss Carried Forward Indefinitely
OperatingLossCarriedForwardIndefinitely
122088 usd
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
15385 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
19828 usd
CY2022Q1 us-gaap Assets Current
AssetsCurrent
16931 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-272841 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-195633 usd
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21018190 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8774263 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21018190 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8774263 shares
CY2022Q1 NWCN Net Loss Profit Per Common Shares Basic And Diluted
NetLossProfitPerCommonSharesBasicAndDiluted
-0.01
CY2021Q1 NWCN Net Loss Profit Per Common Shares Basic And Diluted
NetLossProfitPerCommonSharesBasicAndDiluted
-0.02
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-272841 usd
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-195633 usd
CY2022Q1 dei Entity Shell Company
EntityShellCompany
false
CY2022Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
20749018 shares
CY2022Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3511548 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3496482 usd
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3511548 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3496482 usd
CY2022Q1 NWCN Schedule Of Movement Of Deferred Tax Assets Valuation Allowance
ScheduleOfMovementOfDeferredTaxAssetsValuationAllowance
<table cellpadding="0" cellspacing="0" id="xdx_891_ecustom--ScheduleOfMovementOfDeferredTaxAssetsValuationAllowance_zM3C52HG28G9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAXES (Details 3)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span id="xdx_8B5_z6yzmVwCWjbl" style="font-size: 0pt">Schedule of movement of valuation allowance</span></td><td style="padding-bottom: 1pt"><span style="font-size: 0pt"> </span></td> <td style="text-align: left"><span style="font-size: 0pt"> </span></td><td id="xdx_494_20220101__20220331_zfNfvnuordMk" style="text-align: right"><span style="font-size: 0pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-size: 0pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-size: 0pt"> </span></td> <td style="text-align: left"><span style="font-size: 0pt"> </span></td><td id="xdx_49D_20210101__20210331_zO9PSQzn5uJ6" style="text-align: right"><span style="font-size: 0pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-size: 0pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><b>As of</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><b>March 31, 2022</b></p></td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><b>As of</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><b>December 31, 2021</b></p></td><td> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsValuationAllowance_iS_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">At the beginning of the period/year </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">3,496,482</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">3,443,596</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Additions/(Deductions)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,065</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,886</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsValuationAllowance_iE_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">At the end of the period/year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,511,548</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,496,482</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
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CY2022Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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15065 usd
CY2021Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q1 dei Document Transition Report
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CY2022Q1 dei Entity File Number
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000-30264
CY2022Q1 dei Entity Registrant Name
EntityRegistrantName
NETWORK CN INC.
CY2022Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2022Q1 dei Entity Tax Identification Number
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90-0370486
CY2022Q1 dei Entity Address Address Line1
EntityAddressAddressLine1
Unit 705B, 7th Floor
CY2022Q1 dei Entity Address Address Line2
EntityAddressAddressLine2
New East Ocean Centre
CY2022Q1 dei Entity Address Address Line3
EntityAddressAddressLine3
9 Science Museum Road
CY2022Q1 dei Entity Address City Or Town
EntityAddressCityOrTown
TST
CY2022Q1 dei Entity Address Country
EntityAddressCountry
HK
CY2022Q1 dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
00000
CY2022Q1 dei City Area Code
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852
CY2022Q1 dei Local Phone Number
LocalPhoneNumber
9625-0097
CY2022Q1 dei Security12b Title
Security12bTitle
Common Stock, $0.001 par value
CY2022Q1 dei Trading Symbol
TradingSymbol
NWCN
CY2022Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
No
CY2022Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
No
CY2022Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2022Q1 dei Entity Small Business
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true
CY2022Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
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CY2021Q4 us-gaap Assets Current
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41505 usd
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3456 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2631 usd
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
64380 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
75522 usd
CY2022Q1 us-gaap Assets
Assets
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CY2021Q4 us-gaap Assets
Assets
119658 usd
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current
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2222314 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
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CY2022Q1 us-gaap Operating Lease Liability Current
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45223 usd
CY2021Q4 us-gaap Operating Lease Liability Current
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CY2022Q1 us-gaap Short Term Borrowings
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CY2021Q4 us-gaap Short Term Borrowings
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2973211 usd
CY2022Q1 us-gaap Liabilities Current
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3321922 usd
CY2021Q4 us-gaap Liabilities Current
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5615352 usd
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
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19156 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
30561 usd
CY2022Q1 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
645000 usd
CY2021Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
645000 usd
CY2022Q1 NWCN Convertible Promissory Note Due2027 Net
ConvertiblePromissoryNoteDue2027Net
2118785 usd
CY2022Q1 us-gaap Liabilities Noncurrent
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2782941 usd
CY2021Q4 us-gaap Liabilities Noncurrent
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675561 usd
CY2022Q1 us-gaap Liabilities
Liabilities
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CY2021Q4 us-gaap Liabilities
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6290913 usd
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2022Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Issued
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0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000000 shares
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20749018 shares
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20749018 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
20749018 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
20749018 shares
CY2022Q1 us-gaap Common Stock Value
CommonStockValue
20749 usd
CY2021Q4 us-gaap Common Stock Value
CommonStockValue
20749 usd
CY2022Q1 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
130983370 usd
CY2021Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
130559370 usd
CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-138728655 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-138455814 usd
CY2022Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
1704440 usd
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
1704440 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
84767 usd
CY2021Q4 us-gaap Liabilities And Stockholders Equity
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119658 usd
CY2022Q1 us-gaap General And Administrative Expense
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165805 usd
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
65680 usd
CY2022Q1 us-gaap Share Based Compensation
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24000 usd
CY2022Q1 us-gaap Operating Expenses
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189805 usd
CY2021Q1 us-gaap Operating Expenses
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65680 usd
CY2022Q1 us-gaap Operating Income Loss
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-189805 usd
CY2021Q1 us-gaap Operating Income Loss
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CY2022Q1 us-gaap Amortization Of Debt Discount Premium
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18785 usd
CY2022Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
64251 usd
CY2021Q1 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
129953 usd
CY2022Q1 us-gaap Interest And Debt Expense
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83036 usd
CY2021Q1 us-gaap Interest And Debt Expense
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129953 usd
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-272841 usd
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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-195633 usd
CY2022Q1 us-gaap Net Income Loss
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-272841 usd
CY2021Q1 us-gaap Net Income Loss
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-195633 usd
CY2021Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-272841 usd
CY2021Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-195650 usd
CY2022Q1 NWCN Net Loss Profit Per Common Share Basic And Diluted
NetLossProfitPerCommonShareBasicAndDiluted
-0.01
CY2021Q1 NWCN Net Loss Profit Per Common Share Basic And Diluted
NetLossProfitPerCommonShareBasicAndDiluted
-0.02
CY2022Q1 NWCN Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
21018190 shares
CY2021Q1 NWCN Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
8774263 shares
CY2020Q4 us-gaap Stockholders Equity
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CY2021Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2021Q1 us-gaap Profit Loss
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CY2021Q1 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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24000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
400000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-272841 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q1 us-gaap Net Income Loss
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-272841 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-195633 usd
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
11395 usd
CY2021Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
52 usd
CY2022Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
18785 usd
CY2022Q1 NWCN Stockoption Issued For Services
StockoptionIssuedForServices
24000 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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-4443 usd
CY2022Q1 us-gaap Increase Decrease In Operating Lease Liability
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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120133 usd
CY2021Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
195704 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-105227 usd
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
123 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Proceeds From Short Term Debt
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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106 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1546 usd
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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6073 usd
CY2022Q1 NWCN Settlement Of Short Term Loan By Conversion To Convertible Note
SettlementOfShortTermLoanByConversionToConvertibleNote
2005000 usd
CY2022Q1 NWCN Settlement Of Short Term Loan Interest Payable By Conversion To Convertible Note
SettlementOfShortTermLoanInterestPayableByConversionToConvertibleNote
495000 usd
CY2022Q1 us-gaap Nature Of Operations
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<p id="xdx_80A_eus-gaap--NatureOfOperations_zghWhhmkGIul" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 1.                   <span id="xdx_822_ztLyrhCG61cf">ORGANIZATION AND PRINCIPAL ACTIVITIES</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of the Company’s principal subsidiaries and variable interest entities as of March 31, 2022, are described in Note 3 – Subsidiaries and Variable Interest Entities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>COVID-19 Pandemic</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In December 2019, an outbreak of COVID-19 was identified in China and was subsequently recognized as a global pandemic by the World Health Organization (“WHO”) on March 11, 2020. Since that time, COVID-19 has spread around the world and throughout the United States, including in the regions and countries in which we operate. Federal, state and local governments in the U.S and around the world have imposed restrictions on travel and business operations and are advising or requiring individuals to limit or eliminate time outside of their homes. Temporary closures of businesses have also been ordered in certain jurisdictions, and other businesses have temporarily closed voluntarily. These actions expanded significantly in March and April of 2020 throughout the U.S. Consequently, the COVID-19 outbreak has severely restricted the level of economic activity in the U.S. and around the world.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The outbreak has resulted in authorities implementing numerous measures to try to contain the virus, such as quarantines and shelter in place orders. These measures may remain in place for a significant period of time and adversely affect our business, operations and financial condition as well as the business, operations and financial conditions of our business partners. The spread of the virus has also caused us to modify our business practices (including employee work locations and cancellation of physical participation in meetings) in ways that may be detrimental to our business (including working remotely and its attendant cybersecurity risks). We may take further actions as may be required by government authorities or that we determine are in the best interests of our employees. There is no certainty that such measures will be sufficient to mitigate the risks posed by the virus or otherwise be satisfactory to government authorities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">There has been no material adverse impact on the Company’s 2021 results of operations to date. The effect of COVID-19 and related events, those not yet known or knowable, could have a negative effect on the stock price, business prospects, financial condition, and results of operations of the Company, including as a result of quarantines, market volatility, market downturns and business closures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For the reasons discussed above, the Company cannot reasonably estimate with any degree of certainty the future impact COVID-19 may have on the Company’s results of operations, financial position, and liquidity. Notwithstanding any actions by national, state, and local governments to mitigate the impact of COVID-19 or by the Company to address the adverse impacts of COVID-19, there can be no assurance that any of the foregoing activities will be successful in mitigating or preventing significant adverse effects on the Company.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Recent development</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Issuance of Convertible Promissory Note</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 18, 2022, the Company entered into a Subscription Agreement under which the Subscriber agreed to purchase the 1% Senior Unsecured Convertible Note Agreement from the Company for an agreement purchase price of two million five hundred thousand US Dollars ($<span id="xdx_900_ecustom--AgreementPurchasePrice_c20220118__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_pp0p0" title="Agreement purchase price">2,500,000</span>). On the same date, the Company signed the with 1% Senior Unsecured Convertible Note Agreement under which the Company may sell and issue to the Subscriber up to an aggregate maximum amount of $<span id="xdx_90E_eus-gaap--DebtInstrumentFaceAmount_c20220118__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_pp0p0" title="Principal amount">2,500,000</span> in principal amount of Convertible Notes prior to January 19, 2027. The Convertible Promissory Notes issued to the Investor are convertible at the holder’s option into shares of Company common stock at $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_c20220118__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_pdd" title="Shares issued price per share">1.25</span> per share.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Exercise of conversion option</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white">On October 28, 2021, Keywin Holdings Limited (“Keywin”) exercised its option to purchase an aggregate of <span id="xdx_904_ecustom--AggregateSharesPurchase_c20211001__20211028__dei--LegalEntityAxis__custom--KeywinHoldingsLimitedMember_pdd" title="Aggregate shares purchase">11,764,756</span> shares of the Company’ common stock for an aggregate purchase price of $<span id="xdx_906_ecustom--AggregateSharesPurchasePrice_c20211001__20211028__dei--LegalEntityAxis__custom--KeywinHoldingsLimitedMember_pp0p0" title="Aggregate shares purchase price">2,000,000 </span></span>which for setting off against the Company’s obligation to repay part of the short-term loan interest payable, there was no cash proceeds from the exercise of Keywin option.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Private Placement</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><span style="background-color: white">On May 3, 2021, the Company entered into Common Stock Agreement with the foreign investor (the "New investor") that the Company will sell an aggregate of <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20210501__20210503__us-gaap--TypeOfArrangementAxis__custom--CommonStockPurchaseAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Number of common stock sold">200,000</span> shares of the Company's common stock to the New investor. Pursuant to the terms of a Common Stock Agreement between the Company and the New investor, the purchase price paid by the New investor for the shares were $3 per share for an aggregate sum of six hundred thousand U.S. dollars. The Company received $<span id="xdx_908_ecustom--ProceedsFromInvestor_c20210501__20210503_pp0p0" title="Proceeds from investor">459,077</span> cash proceeds from the investor and $<span id="xdx_908_ecustom--ShortTermLoansInterestPayable_c20210501__20210503_pp0p0" title="Short term loans interest payable">140,923</span> was settled for the interest payable of short-term loans. </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Increase of authorized capital</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 <span id="xdx_903_eus-gaap--CommonStockSharesAuthorized_iI_c20200428_zjLcu0lfPq0l" title="Common stock, authorized">26,666,667</span> to <span id="xdx_90D_eus-gaap--CommonStockSharesAuthorized_iI_c20220331_zNDp1DDRt9w9" title="Common stock, authorized">100,000,000,000</span>. On October 11, 2021, we filed a Certificate of Amendment to our Certificate of Incorporation with the Delaware Secretary of State to increase our authorized shares of common stock from 26,666,667 to 100,000,000,000 and the increase had approved by Delaware secretary of state on April 5, 2022</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Identification of New projects</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">On January 14, 2020, the Company entered into a Letter of Intent with Earthasia Worldwide Holdings Limited (“EWHL”) that the Company will acquire <span id="xdx_903_eus-gaap--BusinessAcquisitionPercentageOfVotingInterestsAcquired_iI_dp_c20200114__us-gaap--BusinessAcquisitionAxis__custom--EarthasiaWorldwideHoldingsLimitedMember_zUdCMSIe18Pj" title="Issued and outstanding stock owned (Percentage)">100</span>% 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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, <span id="xdx_907_eus-gaap--BusinessCombinationCostOfAcquiredEntityEquityInterestsIssuedAndIssuableFairValueMethod_c20200722__20200723__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TradeMoreGlobalLimitedMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EaseGlobalLimitedMember" title="Equity interests issued and issuable">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.</span> The closing of the Exchange shall occur on other date as agreed by the parties of the Share Exchange Agreement. <span id="xdx_909_eus-gaap--BusinessAcquisitionEquityInterestIssuedOrIssuableDescription_c20200722__20200723__us-gaap--TypeOfArrangementAxis__custom--ShareExchangeAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TradeMoreGlobalLimitedMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--EaseGlobalLimitedMember" title="Equity interest issued, description">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.</span> EWHL is a wholly owned subsidiary of Trade More.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The closing of Exchange was not completed on September 2, 2020 which was due to the progress of audit. Since Ease Global cannot fulfill the revenue target and complete the audit, the Company considered the Share Exchange Agreement was lapsed.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b> </b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Going Concern</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has experienced recurring net losses $<span id="xdx_901_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20220101__20220331_zC2Axn7Y0gAg" title="Net loss">272,841</span> for the three months ended March 31, 2022. As of March 31, 2022, and December 31, 2021, the Company has stockholders’ deficit of $<span id="xdx_908_eus-gaap--StockholdersEquity_iNI_pp0p0_di_c20220331_z4qWZVGdlDnd" title="Stockholders' deficits">6,020,096</span> and $<span id="xdx_90D_eus-gaap--StockholdersEquity_iNI_pp0p0_di_c20211231_zUuyJSjdrYS3" title="Stockholders' deficits">6,171,255</span>, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In response to current financial conditions, 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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The existing cash and cash equivalents 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, 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. These uncertainties may result in adverse effects on continuation of the Company as a going concern. The accompany consolidated financial statements do not reflect any adjustments that might result from the outcome of these uncertainties.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"/>
CY2021Q2 NWCN Proceeds From Investor
ProceedsFromInvestor
459077 usd
CY2021Q2 NWCN Short Term Loans Interest Payable
ShortTermLoansInterestPayable
140923 usd
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
26666667 shares
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000000 shares
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-272841 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
-6020096 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_844_eus-gaap--UseOfEstimates_zGdFpA1xE70l" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>(C) <span id="xdx_863_zmLeJa6xjNhd">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
14471 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6610 usd
CY2022Q1 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100491 usd
CY2021Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100491 usd
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2222314 usd
CY2022Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
15385 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
19828 usd
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
15385 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
19828 usd
CY2022Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3511548 usd
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1986693 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1943544 usd
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
66024 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
61057 usd
CY2022Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
54635 usd
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
485479 usd
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2597181 usd
CY2022Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
1054385 usd
CY2021Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
2973211 usd
CY2022Q1 NWCN Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
64251 usd
CY2021Q1 NWCN Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
129953 usd
CY2021Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
645000 usd
CY2022Q1 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
2500000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
18785 usd
CY2022Q1 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
2763785 usd
CY2022Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
18785 usd
CY2022Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
6522 usd
CY2021Q1 us-gaap Interest Expense Debt
InterestExpenseDebt
1607 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
11538 usd
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
15385 usd
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
34615 usd
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
30769 usd
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
65385 usd
CY2022Q1 NWCN Les Imputed Interest
LesImputedInterest
-1005 usd
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
64379 usd
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y5M1D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M26D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0233 pure
CY2022Q1 NWCN Operating Cash Outflows From Operating Lease
OperatingCashOutflowsFromOperatingLease
11142 usd
CY2021Q4 NWCN Shares Granted Of Common Stock
SharesGrantedOfCommonStock
132172 shares
CY2022Q1 NWCN Noncash Stockbased Compensation
NoncashStockbasedCompensation
24000 usd
CY2022Q1 us-gaap Short Term Debt Percentage Bearing Fixed Interest Rate
ShortTermDebtPercentageBearingFixedInterestRate
0.015 pure
CY2021Q4 us-gaap Short Term Debt Percentage Bearing Fixed Interest Rate
ShortTermDebtPercentageBearingFixedInterestRate
0.015 pure
CY2022Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
57409 usd
CY2021Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
128025 usd
CY2022Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
2500000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-272841 usd
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-195633 usd
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21018190 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8774263 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21018190 shares
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8774263 shares
CY2022Q1 NWCN Net Loss Profit Per Common Shares Basic And Diluted
NetLossProfitPerCommonSharesBasicAndDiluted
-0.01
CY2021Q1 NWCN Net Loss Profit Per Common Shares Basic And Diluted
NetLossProfitPerCommonSharesBasicAndDiluted
-0.02
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-272841 usd
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-195633 usd
CY2022Q1 us-gaap Tax Credit Carryforward Description
TaxCreditCarryforwardDescription
Under Hong Kong tax laws, deferred tax assets are recognized for tax loss carried forward to the extent that the realization of the related tax benefit through future taxable profits is probable. These tax losses do not expire under current Hong Kong tax legislation. Under PRC tax laws, tax losses may be carried forward for 5 years and no carry-back is allowed. At March 31, 2022, the Company does not have available tax losses in the Hong Kong and PRC to utilize for future taxable profits.
CY2022Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
16421705 usd
CY2022Q1 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
3448559 usd
CY2022Q1 NWCN Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
expire on various from 2024 through 2037
CY2022Q1 NWCN Operating Loss Carried Forward2024 To2028
OperatingLossCarriedForward2024To2028
2279147 usd
CY2022Q1 NWCN Operating Loss Carried Forward2029 To2033
OperatingLossCarriedForward2029To2033
892375 usd
CY2022Q1 NWCN Operating Loss Carried Forward2034 To2037
OperatingLossCarriedForward2034To2037
217937 usd
CY2022Q1 NWCN Operating Loss Carried Forward Indefinitely
OperatingLossCarriedForwardIndefinitely
122088 usd
CY2022Q1 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3511548 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3496482 usd
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3511548 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3496482 usd
CY2022Q1 NWCN Schedule Of Movement Of Deferred Tax Assets Valuation Allowance
ScheduleOfMovementOfDeferredTaxAssetsValuationAllowance
<table cellpadding="0" cellspacing="0" id="xdx_891_ecustom--ScheduleOfMovementOfDeferredTaxAssetsValuationAllowance_zM3C52HG28G9" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - INCOME TAXES (Details 3)"> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt"><span id="xdx_8B5_z6yzmVwCWjbl" style="font-size: 0pt">Schedule of movement of valuation allowance</span></td><td style="padding-bottom: 1pt"><span style="font-size: 0pt"> </span></td> <td style="text-align: left"><span style="font-size: 0pt"> </span></td><td id="xdx_494_20220101__20220331_zfNfvnuordMk" style="text-align: right"><span style="font-size: 0pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-size: 0pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-size: 0pt"> </span></td> <td style="text-align: left"><span style="font-size: 0pt"> </span></td><td id="xdx_49D_20210101__20210331_zO9PSQzn5uJ6" style="text-align: right"><span style="font-size: 0pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-size: 0pt"> </span></td></tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; text-align: center"> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><b>As of</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><b>March 31, 2022</b></p></td><td> </td><td> </td> <td colspan="2" style="white-space: nowrap; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><b>As of</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><b>December 31, 2021</b></p></td><td> </td></tr> <tr id="xdx_40A_eus-gaap--DeferredTaxAssetsValuationAllowance_iS_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">At the beginning of the period/year </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">3,496,482</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 15%; text-align: right">3,443,596</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--ValuationAllowanceDeferredTaxAssetChangeInAmount_i_pp0p0" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Additions/(Deductions)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">15,065</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">52,886</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsValuationAllowance_iE_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">At the end of the period/year</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,511,548</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">3,496,482</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3496482 usd
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3443596 usd
CY2022Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
15065 usd
CY2021Q1 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
52886 usd
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3511548 usd
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3496482 usd

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