2023 Q2 Form 10-K Financial Statement

#000121465923005377 Filed on April 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2022 Q4 2022
Revenue $93.54K $83.96K $106.5K
YoY Change
Cost Of Revenue $79.33K $65.66K $82.90K
YoY Change
Gross Profit $14.21K $18.30K $23.60K
YoY Change
Gross Profit Margin 15.19% 21.8% 22.16%
Selling, General & Admin $211.9K $234.8K $655.9K
YoY Change 77.16% -51.75% -5.82%
% of Gross Profit 1490.99% 1283.01% 2779.41%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $101.5K $68.85K $79.24K
YoY Change 778.35% 359.0% 423.18%
% of Gross Profit 713.93% 376.23% 335.75%
Operating Expenses $762.4K $234.8K $655.9K
YoY Change 537.57% -51.75% -5.82%
Operating Profit -$748.2K -$216.5K -$632.3K
YoY Change 525.69% -55.51% -9.21%
Interest Expense $51.00K -$72.73K -$296.2K
YoY Change -173.5% -44.04% -156.98%
% of Operating Profit
Other Income/Expense, Net $12.23K $520.00 $3.290K
YoY Change 495.71% 364.69%
Pretax Income -$813.7K -$288.7K -$925.3K
YoY Change 335.34% -53.13% -23.89%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$813.7K -$288.7K -$925.3K
YoY Change 335.34% -53.13% -23.89%
Net Earnings / Revenue -869.97% -343.85% -868.82%
Basic Earnings Per Share -$0.04 -$0.04
Diluted Earnings Per Share -$0.04 -$0.01 -$0.04
COMMON SHARES
Basic Shares Outstanding 21.36M shares 20.75M shares 21.02M shares
Diluted Shares Outstanding 23.12M shares 21.02M shares

Balance Sheet

Concept 2023 Q2 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.620K $20.35K $20.35K
YoY Change -37.91% -6.13% -6.13%
Cash & Equivalents $2.622K $0.00
Short-Term Investments
Other Short-Term Assets $11.32K $8.080K $8.080K
YoY Change -26.45% -59.25% -59.25%
Inventory $9.202K
Prepaid Expenses $3.621K $8.081K
Receivables $116.3K $74.78K $74.78K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $139.5K $103.2K $103.2K
YoY Change 611.24% 148.68% 148.66%
LONG-TERM ASSETS
Property, Plant & Equipment $1.741K $2.427K $74.83K
YoY Change -44.07% -7.75% -4.25%
Goodwill
YoY Change
Intangibles $306.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $895.3K $380.8K $380.8K
YoY Change 1490.59% 387.25% 387.27%
TOTAL ASSETS
Total Short-Term Assets $139.5K $103.2K $103.2K
Total Long-Term Assets $895.3K $380.8K $380.8K
Total Assets $1.035M $484.0K $484.0K
YoY Change 1263.41% 304.5% 304.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $191.7K $76.60K $76.60K
YoY Change -97.05% -97.05%
Accrued Expenses $3.061M $2.630M $2.630M
YoY Change 34.74% 5749.49% 5749.49%
Deferred Revenue
YoY Change
Short-Term Debt $1.267M $1.165M $1.165M
YoY Change 12.96% -60.8% -60.8%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.620M $3.972M $3.972M
YoY Change 32.23% -29.26% -29.26%
LONG-TERM LIABILITIES
Long-Term Debt $2.854M $2.817M $2.817M
YoY Change 2.62% 336.82% 336.82%
Other Long-Term Liabilities $9.960K $31.89K $31.89K
YoY Change 29.52% 4.35% 4.35%
Total Long-Term Liabilities $2.864M $2.849M $2.849M
YoY Change 2.7% 321.78% 321.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.620M $3.972M $3.972M
Total Long-Term Liabilities $2.864M $2.849M $2.849M
Total Liabilities $7.484M $6.822M $6.822M
YoY Change 19.12% 8.44% 8.44%
SHAREHOLDERS EQUITY
Retained Earnings -$140.6M -$139.4M
YoY Change 1.24% 0.67%
Common Stock $132.5M $131.3M
YoY Change 1.12% 0.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.449M -$6.338M -$6.338M
YoY Change
Total Liabilities & Shareholders Equity $1.035M $484.0K $484.0K
YoY Change 1263.41% 304.5% 304.5%

Cashflow Statement

Concept 2023 Q2 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$813.7K -$288.7K -$925.3K
YoY Change 335.34% -53.13% -23.89%
Depreciation, Depletion And Amortization $101.5K $68.85K $79.24K
YoY Change 778.35% 359.0% 423.18%
Cash From Operating Activities -$68.43K -$11.29K -$198.4K
YoY Change 6.31% -90.65% -55.03%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $1.078K
YoY Change -100.0% -55.49%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$1.078K
YoY Change -100.0% -55.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.77K 27.75K $197.2K
YoY Change -61.57% -79.97% -57.05%
NET CHANGE
Cash From Operating Activities -68.43K -11.29K -$198.4K
Cash From Investing Activities 0.000 0.000 -$1.078K
Cash From Financing Activities 25.77K 27.75K $197.2K
Net Change In Cash -42.66K 16.46K -$1.326K
YoY Change -1685.87% 7.3% -108.44%
FREE CASH FLOW
Cash From Operating Activities -$68.43K -$11.29K -$198.4K
Capital Expenditures $0.00 $0.00 $1.078K
Free Cash Flow -$68.43K -$11.29K -$199.5K
YoY Change 6.31% -90.46% -55.03%

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CY2022 us-gaap Adjustments To Additional Paid In Capital Convertible Debt With Conversion Feature
AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature
400000 usd
CY2022 nwcn Stockbased Compensation For Stock Granted For Intangible Assets
StockbasedCompensationForStockGrantedForIntangibleAssets
333785 usd
CY2022 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
994 usd
CY2022 us-gaap Profit Loss
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-925278 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-6337754 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-925278 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-1215636 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
79236 usd
CY2021 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
15145 usd
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
72485 usd
CY2022 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
24000 usd
CY2021 us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
217475 usd
CY2021 nwcn Gain From Writeoff Of Long Aged Payables
GainFromWriteoffOfLongAgedPayables
708 usd
CY2022 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
74783 usd
CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-11747 usd
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-80172 usd
CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
669164 usd
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
477162 usd
CY2022 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-54974 usd
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-14756 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-198403 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-441146 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1078 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2422 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1078 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2422 usd
CY2021 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
459077 usd
CY2022 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
197161 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
197161 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
459077 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
994 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
201 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1326 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15710 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
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20351 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21677 usd
CY2021 nwcn Exercise Of Conversion Option
ExerciseOfConversionOption
2000000 usd
CY2021 nwcn Settlement Of Interest Payable By Private Placement
SettlementOfInterestPayableByPrivatePlacement
140923 usd
CY2021 us-gaap Dividends
Dividends
3544430 usd
CY2022 nwcn Settlement Of Short Term Loan By Conversion To Convertible
SettlementOfShortTermLoanByConversionToConvertible
2005000 usd
CY2022 nwcn Settlement Of Short Term Loan Interest Payable By Conversion To Convertible
SettlementOfShortTermLoanInterestPayableByConversionToConvertible
495000 usd
CY2022 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_808_eus-gaap--NatureOfOperations_zzO9pK1sp5Ka" style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top"> <td style="width: 0"/><td style="width: 63pt"><b>NOTE 1</b></td><td><b><span id="xdx_82C_zIWEYqlTq20d">ORGANIZATION AND PRINCIPAL ACTIVITIES</span></b></td></tr></table> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </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, Network CN Inc., has been principally engaged in the provision of out-of-home advertising in China through the operation of a network of roadside light emitting diode digital video panels, mega-size LED digital video billboards and light boxes in major cities.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </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 December 31, 2022 are described in Note 3 – Subsidiaries and Variable Interest Entities.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </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; margin: 0pt 0"> </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; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Our Business in Chengdu and Tianjin</b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company actively developing its advertising network and explored new media project in Chengdu and Tianjin, China. The Company has established two newly subsidiaries, NCN (Chengdu) Culture Media Co., Ltd, (“NCN Chengdu”) and NCN (Tianjin) Culture Co., Ltd (“NCN Tianjin”), a wholly foreign-owned enterprise in Chengdu and Tianjin, China. The Company owns 100% of the established subsidiary companies. In January 2023, NCN Chengdu and Tianjin started its operation and acquired rights to operate advertising panels in Chengdu and Tianjin.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Our Business in Ningbo</b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company explored new media project in Ningbo, China and decided to restart its business and expects that will improve the Company’s future financial performance. In April 2022, the Company has established a newly subsidiary, NCN (Ningbo) Culture Media Co., Ltd (“NCN Ningbo”), a wholly foreign-owned enterprise in Ningbo, China. The Company owns 100% of the established subsidiary company, NCN Ningbo. In August 2022, NCN Ningbo started its operation and acquired rights to operate advertising panels in Ningbo, China and sell advertising airtime to our customers directly. <span style="background-color: white">On February 1, 2023, the Company agreed to issue 606,881 restricted shares of the Company’s common stock to the employee, Chen Zhu. On October 1, 2022, NCN Ningbo entered into an employment contract with Chen Zhu (“the employee”) under which the employee agreed to bring in the advertising rights in Ningbo to the Company and the <span id="xdx_906_ecustom--CommonStockDescription_c20220101__20221231" title="Common stock description">Company will reward him for 606,881 shares of the Company’s common stock. Pursuant to the terms of employment contract, if the employee can achieve the annual sales and profit before tax goal in 2023 and 2024, the Company will issue bonus shares of 303,441 and 303,441 restricted shares of the Company’s common stock to the employee, respectively.</span></span></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </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; margin: 0pt 0"> </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; margin: 0pt 0"> </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; margin: 0pt 0"> </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; margin: 0pt 0"> </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; margin: 0pt 0"> </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"><b>Increase of authorized capital</b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </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_c20200428_pdd" title="Common stock, authorized">26,666,667</span> to <span id="xdx_909_eus-gaap--CommonStockSharesAuthorized_c20221231_pdd" 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. On March 22, 2023, the Board of Directors and Majority of stockholders of the Company approved to decrease the total number of authorized shares of Common Stock from <span id="xdx_90A_eus-gaap--CommonStockSharesAuthorized_c20211231_pdd" title="Common stock, authorized">100,000,000,000</span> to <span id="xdx_90D_eus-gaap--CommonStockSharesAuthorized_iI_c20230322__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zMPMww6EZBmf" title="Common stock, authorized">100,000,000</span>.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </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; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has net cash used in operating activities of $<span id="xdx_90F_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pp0p0_di_c20220101__20221231_zFGShOkbIqb8">198,403</span> and $<span id="xdx_90B_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_pp0p0_di_c20210101__20211231_zsOruP39CIT2">441,146</span> for the years ended December 31, 2022 and 2021 respectively. As of December 31, 2022 and 2021, the Company has stockholders’ deficit of $<span id="xdx_90B_eus-gaap--StockholdersEquity_iNI_pp0p0_di_c20221231_zeljCvAW1kMa" title="Stockholders' deficits">6,337,754</span> and $<span id="xdx_90B_eus-gaap--StockholdersEquity_iNI_pp0p0_di_c20211231_zYVb0E3v5uPj" 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 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; margin: 0pt 0"> </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; margin: 0pt 0"> </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>
CY2022 nwcn Common Stock Description
CommonStockDescription
Company will reward him for 606,881 shares of the Company’s common stock. Pursuant to the terms of employment contract, if the employee can achieve the annual sales and profit before tax goal in 2023 and 2024, the Company will issue bonus shares of 303,441 and 303,441 restricted shares of the Company’s common stock to the employee, respectively.
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
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000000 shares
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-198403 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-441146 usd
CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
-6337754 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
-6171255 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
8081 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
4443 usd
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_zhw8Acvyoimi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>(C) <span id="xdx_868_z6yseYr0kU0a">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of revenue and expense during the reporting period. Estimates are used when accounting for certain items such as accounting for income tax valuation allowances. Estimates are based on historical experience, where applicable, and assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ.</p> <p style="font: 10pt Times New Roman; margin: 0pt 0"> </p>
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
0 usd
CY2022 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0 usd
CY2021Q4 us-gaap Prepaid Rent
PrepaidRent
15385 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8081 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
19828 usd
CY2022 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2022Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
74783 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
74783 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1690 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
407 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2427 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2632 usd
CY2022 us-gaap Depreciation
Depreciation
1282 usd
CY2021 us-gaap Depreciation
Depreciation
408 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
333785 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
27815 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
305970 usd
CY2022 us-gaap Stock Issued During Period Shares Purchase Of Assets
StockIssuedDuringPeriodSharesPurchaseOfAssets
606881 shares
CY2022Q4 us-gaap Share Price
SharePrice
0.55
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
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CY2022 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
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CY2022 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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CY2022Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
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FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
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FiniteLivedIntangibleAssetsNet
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OperatingLeaseRightOfUseAssetCost
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OperatingLeaseRightOfUseAssetCost
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CY2022Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
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CY2021Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
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CY2022Q4 nwcn Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
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DepreciationOnRightofuseNet
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CY2021 nwcn Depreciation On Rightofuse Net
DepreciationOnRightofuseNet
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2022 nwcn Derecognition Of Rightofuse Assets
DerecognitionOfRightofuseAssets
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AccountsPayable
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EmployeeRelatedLiabilitiesCurrent
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CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1943544 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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AccruedProfessionalFeesCurrent
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AccruedIncomeTaxesCurrent
214094 usd
CY2021Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
472773 usd
CY2022Q4 nwcn Franchise Tax Payable
FranchiseTaxPayable
92300 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
41625 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
19316 usd
CY2022Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100491 usd
CY2021Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100491 usd
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AccountsPayableAndAccruedLiabilitiesCurrent
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CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2022Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
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CY2021Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
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CY2022 nwcn Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
193528 usd
CY2021 nwcn Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
513383 usd
CY2021Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
645000 usd
CY2022 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
2500000 usd
CY2022 nwcn Allocated Intrinsic Value Of Beneficial Conversion Feature
AllocatedIntrinsicValueOfBeneficialConversionFeature
-400000 usd
CY2022 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
72485 usd
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
2817485 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M15D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y8M26D
CY2022Q4 us-gaap Short Term Debt Percentage Bearing Fixed Interest Rate
ShortTermDebtPercentageBearingFixedInterestRate
0.015 pure
CY2022 nwcn Interest Expenses
InterestExpenses
192247 usd
CY2021 nwcn Interest Expenses
InterestExpenses
512101 usd
CY2022 nwcn Convertible Note Description
ConvertibleNoteDescription
Company entered into a Subscription Agreement under which the Subscriber agreed to purchase the 1% Senior Unsecured Convertible Note
CY2022 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
117723 usd
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
156211 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
5040 usd
CY2022 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
72485 usd
CY2022 us-gaap Interest Expense Debt
InterestExpenseDebt
30217 usd
CY2021 us-gaap Interest Expense Debt
InterestExpenseDebt
6468 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
52578 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
15385 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
37108 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
24198 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8050 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
69356 usd
CY2022Q4 nwcn Les Imputed Interest
LesImputedInterest
-1785 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
67571 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0460 pure
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0233 pure
CY2022 nwcn Operating Cash Outflows From Operating Lease
OperatingCashOutflowsFromOperatingLease
52578 usd
CY2021 nwcn Operating Cash Outflows From Operating Lease
OperatingCashOutflowsFromOperatingLease
15385 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
79213 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
90277 usd
CY2021Q4 nwcn Aggregate Shares Purchase
AggregateSharesPurchase
11764755 shares
CY2021Q4 nwcn Aggregate Shares Purchase Price
AggregateSharesPurchasePrice
2000000 usd
CY2021 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
600000 usd
CY2018Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
10000 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Other
StockIssuedDuringPeriodSharesOther
10000 shares
CY2021Q4 nwcn Shares Granted Of Common Stock
SharesGrantedOfCommonStock
132172 shares
CY2022 nwcn Noncash Stockbased Compensation
NoncashStockbasedCompensation
24000 usd
CY2021 nwcn Noncash Stockbased Compensation
NoncashStockbasedCompensation
187475 usd
CY2022 nwcn Common Stock Descriptions
CommonStockDescriptions
Company will reward him for 606,881 shares of the Company’s common stock. On February 1, 2023, the Company agreed to issue 606,881 restricted shares of the Company’s common stock to the employee, Chen Zhu. Pursuant to the terms of employment contract, if the employee can achieve the annual sales and profit before tax goal in 2023 and 2024, the Company will issue bonus shares of 303,441 and 303,441 restricted shares of the Company’s common stock to the employee, respectively.
CY2009Q3 nwcn Description Of Exercise Period Under Agreement
DescriptionOfExercisePeriodUnderAgreement
Company and Keywin, of which the Company’s chief executive officer and director is the director and his spouse is the sole shareholder, entered into an Amendment, pursuant to which the Company agreed to extend the exercise period for the Keywin Option under the Note Exchange and Option Agreement between the Company and Keywin, to purchase an aggregate of 1,637,522 shares of our common stock for an aggregate purchase price of $2,000,000, from a three-month period ended on July 1, 2009, to a six-month period ended October 1, 2009. The exercise period for the Keywin option was subsequently further extended to a nine-month period ended January 1, 2010, pursuant to the Second Amendment. On January 1, 2010, the Company and Keywin entered into the third Amendment, pursuant to which the Company agreed to further extend the exercise period to an eighteen-month period ended on October 1, 2010, and provide the Company with the right to unilaterally terminate the exercise period upon 30 days’ written notice. On September 30, 2010, the exercise price was extended at various times from September 1, 2010 to December 31, 2017 and the Keywin Option was further extended to a hundred and twenty-nine-month period ending on January 1, 2020 and the exercise price changed to $0.99.
CY2021 us-gaap Dividends
Dividends
3544430 usd
CY2021Q4 nwcn Aggregate Shares Purchase
AggregateSharesPurchase
11764755 shares
CY2021Q4 nwcn Aggregate Shares Purchase Price
AggregateSharesPurchasePrice
2000000 usd
CY2021 us-gaap Allowance For Loan And Lease Losses Writeoffs Net
AllowanceForLoanAndLeaseLossesWriteoffsNet
708 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-925278 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-1215636 usd
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
21017190 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11023767 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
21017190 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11023767 shares
CY2022 nwcn Net Loss Profit Per Common Shares Basic And Diluted
NetLossProfitPerCommonSharesBasicAndDiluted
-0.04
CY2021 nwcn Net Loss Profit Per Common Shares Basic And Diluted
NetLossProfitPerCommonSharesBasicAndDiluted
-0.11
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-925278 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1215636 usd
CY2022 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-925278 usd
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1215636 usd
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2022 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-194308 usd
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-255284 usd
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitAmount
45670 usd
CY2022 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
755 usd
CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
516 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
70790 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
52886 usd
CY2022 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 December 31, 2022 the Company does not have available tax losses in the Hong Kong and PRC to utilize for future taxable profits.
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
17011007 usd
CY2022Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
3567272 usd
CY2022 nwcn Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
expire on various from 2024 through 2037
CY2022Q4 nwcn Operating Loss Carried Forward2024 To2028
OperatingLossCarriedForward2024To2028
2279147 usd
CY2022Q4 nwcn Operating Loss Carried Forward2029 To2033
OperatingLossCarriedForward2029To2033
892375 usd
CY2022Q4 nwcn Operating Loss Carried Forward2034 To2037
OperatingLossCarriedForward2034To2037
217937 usd
CY2022Q4 nwcn Operating Loss Carried Forward Indefinitely
OperatingLossCarriedForwardIndefinitely
177813 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3567272 usd
CY2021Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
16649913 usd
CY2021Q4 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
3496482 usd
CY2021 nwcn Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
expire on various from 2024 through 2037
CY2021Q4 nwcn Operating Loss Carried Forward2024 To2028
OperatingLossCarriedForward2024To2028
2332033 usd
CY2021Q4 nwcn Operating Loss Carried Forward2029 To2033
OperatingLossCarriedForward2029To2033
892375 usd
CY2021Q4 nwcn Operating Loss Carried Forward2034 To2037
OperatingLossCarriedForward2034To2037
217937 usd
CY2021Q4 nwcn Operating Loss Carried Forward Indefinitely
OperatingLossCarriedForwardIndefinitely
54137 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3496482 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3567272 usd
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3496482 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3567272 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3496482 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3496482 usd
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3443596 usd
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
70790 usd
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
52886 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3567272 usd
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3496482 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
1571 usd
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
21677 usd
CY2022Q4 us-gaap Deposits
Deposits
18780 usd
CY2022 nwcn Restricted Share Description
RestrictedShareDescription
On October 1, 2022, NCN Ningbo entered into an employment contract with Chen Zhu (“the employee”) under which the employee agreed to bring in the advertising rights in Ningbo to the Company and the Company will reward him for 606,881 shares of the Company’s common stock. Pursuant to the terms of employment contract, if the employee can achieve the annual sales and profit before tax goal in 2023 and 2024, the Company will issue bonus shares of 303,441 and 303,441 restricted shares of the Company’s common stock to the employee, respectively.
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000000 shares

Files In Submission

Name View Source Status
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