$NWCN
NETWORK CN INC

2024 Q4 Form 10-Q Financial Statement

#000121465924019456 Filed on November 21, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $80.77K
YoY Change 129.8%
Cost Of Revenue $67.47K
YoY Change 91.18%
Gross Profit $13.30K
YoY Change -9402.1%
Gross Profit Margin 16.47%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $201.3K
YoY Change -30.32%
Operating Profit -$188.0K
YoY Change -34.96%
Interest Expense $67.25K
YoY Change 29.03%
% of Operating Profit
Other Income/Expense, Net $4.00
YoY Change -98.51%
Pretax Income -$263.1K
YoY Change -28.45%
Income Tax
% Of Pretax Income
Net Earnings -$263.1K
YoY Change -28.45%
Net Earnings / Revenue -325.78%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share -$0.01
COMMON SHARES
Basic Shares Outstanding 25.09M shares 23.23M shares
Diluted Shares Outstanding 25.09M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $3.493K
Short-Term Investments
Other Short-Term Assets $729.00
YoY Change -92.77%
Inventory
Prepaid Expenses $3.00
Receivables
Other Receivables
Total Short-Term Assets $35.35K
YoY Change -38.5%
LONG-TERM ASSETS
Property, Plant & Equipment $179.00
YoY Change -87.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $442.7K
YoY Change -42.07%
TOTAL ASSETS
Total Short-Term Assets $35.35K
Total Long-Term Assets $442.7K
Total Assets $478.0K
YoY Change -41.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.105M
YoY Change 28.11%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $2.502M
YoY Change -12.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.105M
Total Long-Term Liabilities $2.502M
Total Liabilities $8.607M
YoY Change 12.68%
SHAREHOLDERS EQUITY
Retained Earnings -$142.0M
YoY Change 0.71%
Common Stock $132.2M
YoY Change -0.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.129M
YoY Change
Total Liabilities & Shareholders Equity $478.0K
YoY Change -41.82%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$263.1K
YoY Change -28.45%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities
YoY Change
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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dei Entity Registrant Name
EntityRegistrantName
NETWORK CN INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
90-0370486
dei Entity Address City Or Town
EntityAddressCityOrTown
Wan Chai
dei Entity Address Country
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HK
dei Entity Address Postal Zip Code
EntityAddressPostalZipCode
0000
dei City Area Code
CityAreaCode
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dei Local Phone Number
LocalPhoneNumber
9029-0586
dei Security12b Title
Security12bTitle
Common Stock, $0.001 par value
dei Trading Symbol
TradingSymbol
NWCN
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StockbasedCompensationForStockGrantedForIntangibleAssets
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CY2023Q1 us-gaap Profit Loss
ProfitLoss
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2023Q2 us-gaap Profit Loss
ProfitLoss
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2023Q3 us-gaap Profit Loss
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CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2024Q1 nwcn Adjustment On Adoption Of Asu202006
AdjustmentOnAdoptionOfAsu202006
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CY2024Q1 nwcn Stockbased Compensation For Stock Granted For Intangible Assets
StockbasedCompensationForStockGrantedForIntangibleAssets
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CY2024Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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6815 usd
CY2024Q1 us-gaap Profit Loss
ProfitLoss
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CY2024Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2024Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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14767 usd
CY2024Q2 us-gaap Profit Loss
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CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2024Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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CY2024Q3 us-gaap Profit Loss
ProfitLoss
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CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
876 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1029 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
33541 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
145384 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
259421 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
303298 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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us-gaap Contract With Customer Asset Allowance For Credit Loss Writeoff
ContractWithCustomerAssetAllowanceForCreditLossWriteoff
449473 usd
us-gaap Interest Expense Other
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us-gaap Interest Expense Other
InterestExpenseOther
175939 usd
us-gaap Increase Decrease In Accounts Receivable
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us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Other Current Assets
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us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
9193 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1994 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
124633 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-78849 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-171907 usd
nwcn Proceeds From Shortterm Loans Related Party
ProceedsFromShorttermLoansRelatedParty
-57582 usd
nwcn Proceeds From Shortterm Loans Related Party
ProceedsFromShorttermLoansRelatedParty
-141906 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
57582 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
141906 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19426 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14255 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1841 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-15746 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5334 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20351 usd
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3493 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4605 usd
nwcn Stockbased Compensation For Stock Granted For Intangible Asset
StockbasedCompensationForStockGrantedForIntangibleAsset
81326 usd
nwcn Stockbased Compensation For Stock Granted For Intangible Asset
StockbasedCompensationForStockGrantedForIntangibleAsset
1136258 usd
us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_802_eus-gaap--NatureOfOperations_zE1WAcFCRdok" style="font: 10pt Times New Roman; margin: 0pt"> </p> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman; width: 100%; margin-top: 0pt; margin-bottom: 0pt"> <tr style="vertical-align: top"> <td style="width: 0in"> </td> <td style="text-align: left; width: 1in"><b>NOTE 1.</b></td> <td><b><span id="xdx_829_zofhzGA7ahU5">ORGANIZATION AND PRINCIPAL ACTIVITIES</span></b></td> </tr> </table> <p style="font: 10pt Times New Roman; margin: 0pt"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Details of the Company’s principal subsidiaries as of September 30, 2024, are described in Note 3 – Subsidiaries.</p> <p style="font: 10pt Times New Roman; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Going Concern </b></p> <p style="font: 10pt Times New Roman; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company has experienced recurring net losses $<span id="xdx_909_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20240701__20240930_zIm7Ncw57Qua" title="Net losses">263,144</span> and $<span id="xdx_90A_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20230701__20230930_zJ41RrQ11qUh" title="Net losses">367,780</span> for the three months ended September 30, 2024 and 2023 respectively, and $<span id="xdx_90C_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20240101__20240930_zZvqCeeDv9u9" title="Net losses">861,873</span> and $<span id="xdx_904_eus-gaap--NetIncomeLoss_iN_pp0p0_di_c20230101__20230930_zYtsgOVl4ZE2" title="Net losses">1,623,860</span> for the nine months ended September 30, 2024 and 2023 respectively. As of September 30, 2024, and December 31, 2023, the Company has stockholders’ deficit of $<span id="xdx_908_eus-gaap--StockholdersEquity_iNI_pp0p0_di_c20240930_zmZHj1hOVdag" title="Stockholders' deficits">8,129,148</span> and $<span id="xdx_904_eus-gaap--StockholdersEquity_iNI_pp0p0_di_c20231231_z24hxeudW0Hg" title="Stockholders' deficits">7,114,191</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; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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 the continuation of the Company as a going concern. The accompanying 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; margin: 0pt"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Our Business in Beijing </b></p> <p style="font: 10pt Times New Roman; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Company explored new media project in Beijing, China and decided to restart its business and expects that will improve the Company’s future financial performance. On January 2, 2024, NCN Beijing entered into an employment contract with Li Jie (“the employee”) under which the employee agreed to bring in the advertising rights in Beijing to the Company and the Company will reward him for <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures_c20240301__20240321__srt--CounterpartyNameAxis__custom--LiJieMember_pdd" title="Number of restricted shares issued">2,123,383</span> shares of the Company’s common stock. On April 1, 2024, the Company issued 2,123,383 restricted shares of the Company’s common stock to the employee, Li Jie. Pursuant to the terms of employment contract, if the employee can achieve the annual sales and profit before tax goal in 2024 and 2025, the Company will issue bonus shares of 1,061,691 and restricted shares of the Company’s common stock to the employee, respectively.</p> <p style="font: 10pt Times New Roman; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Termination of commercial agreements</b></p> <p style="font: 10pt Times New Roman; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In May 2023, the Board of Directors agreed and approved the termination of all commercial agreements with Beijing Huizhong Bona Media Advertising Co., Ltd (“Bona”) and Xingpin Shanghai Advertising Limited (“Xingpin”). The Company delivered termination notice to terminate all the commercial agreements with Bona and Xingpin and the Company will no longer able to exert control over Bona and Xingpin when the termination notices become effective.</p> <p style="font: 10pt Times New Roman; margin: 0pt"> </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"> </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. <span style="background-color: white">On April 25, 2023, the Company agreed to issue <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230401__20230425__srt--TitleOfIndividualAxis__custom--QiHaoMember_pdd" title="Agreed to issued shsares">933,964</span> and <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230401__20230425__srt--TitleOfIndividualAxis__custom--YangWuQiangMember_pdd" title="Agreed to issued shsares">1,131,960</span> restricted shares of the Company’s common stock to the employee, Qi Hao and Yang Wu Qiang, respectively. On January 1, 2023, NCN Chengdu and Tianjin entered into an employment contract with Qi Hao and Yang Wu Qiang (“the employees”) under which the employees agreed to bring in the advertising rights in Chengdu and Tianjin to the Company and the Company will reward him for <span id="xdx_900_ecustom--RewardOfShares_c20230102__srt--TitleOfIndividualAxis__custom--ChengduMember_pdd" title="Reward of shares">933,964</span> and <span id="xdx_900_ecustom--RewardOfShares_c20230102__srt--TitleOfIndividualAxis__custom--TianjinMember_pdd" title="Reward of shares">1,131,960</span> shares of the Company’s common stock. On May 16, 2023, Mr. Qi Hao resigned and the Company early terminated the advertising rights fee contracts in Tianjin and <span id="xdx_901_ecustom--NumberOfSharesCancelled_c20230501__20230516__us-gaap--BusinessAcquisitionAxis__custom--TianjinMember_pdd" title="Number of shares cancelled">933,964</span> shares issued were cancelled. NCN (Tianjin) had no operation since mid-May 2023.</span></p> <p style="font: 10pt Times New Roman; margin: 0pt"> </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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">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_90E_ecustom--CommonStockDescription_c20240101__20240930" 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"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><b>Authorized capital</b></p> <p style="font: 10pt Times New Roman; margin: 0pt"> </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, shares authorized">26,666,667</span> to 100,000,000,000. 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 100,000,000,000 to <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_c20240930_zeEG0C6uURoi" title="Common stock, shares authorized">100,000,000</span>.</p> <p style="font: 10pt Times New Roman; margin: 0pt"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 20, 2023, the Board of Directors and Majority of stockholders of the Company approved to amend the Company's Certificate of Incorporation, as amended, to increase the total number of authorized shares of Preferred Stock from <span id="xdx_904_eus-gaap--PreferredStockSharesAuthorized_iI_c20231220_zzQhNlEMfwlb" title="Preferred Stock, Shares Authorized">5,000,000</span> to <span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_c20231231_zwufluUXEALk" title="Preferred Stock, Shares Authorized">10,000,000</span>. On February 7, 2024, we filed a Certificate of Amendment to our Certificate of Incorporation with the Delaware Secretary of State to increase the total number of authorized shares of Preferred Stock from 5,000,000 to 10,000,000 and the increase had approved by Delaware secretary of state on February 8, 2024.</p>
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-263144 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-367780 usd
us-gaap Net Income Loss
NetIncomeLoss
-861873 usd
us-gaap Net Income Loss
NetIncomeLoss
-1623860 usd
CY2024Q3 us-gaap Stockholders Equity
StockholdersEquity
-8129148 usd
CY2023Q4 us-gaap Stockholders Equity
StockholdersEquity
-7114191 usd
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.
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
26666667 shares
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2023Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zqArKiD9v2Kc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>(C) <span id="xdx_86F_zHvALBhVLmf7">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman; margin: 0pt"> </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; margin: 0pt"> </p>
CY2024Q3 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P3Y
CY2024Q3 us-gaap Accounts Receivable Gross
AccountsReceivableGross
31127 usd
CY2023Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
176671 usd
CY2024Q3 us-gaap Accounts Receivable Net
AccountsReceivableNet
31127 usd
CY2023Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
176671 usd
CY2024Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0 usd
CY2024Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3 usd
CY2023Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2101 usd
CY2024Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2101 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1037689 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
956363 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-606024 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
-346603 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
431665 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
609760 usd
CY2024Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
86473 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
259421 usd
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
79697 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
303298 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
86475 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
318081 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
27109 usd
CY2024Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
431665 usd
CY2024Q3 nwcn Operating Lease Right Of Use Asset Cost
OperatingLeaseRightOfUseAssetCost
87877 usd
CY2023Q4 nwcn Operating Lease Right Of Use Asset Cost
OperatingLeaseRightOfUseAssetCost
96436 usd
CY2024Q3 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
77042 usd
CY2023Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
57980 usd
CY2024Q3 nwcn Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
10835 usd
CY2023Q4 nwcn Operating Lease Right Of Use Assets
OperatingLeaseRightOfUseAssets
38456 usd
CY2024Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
9418 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
33541 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
21396 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
145384 usd
CY2024Q3 nwcn Accounts Payable
AccountsPayable
119068 usd
CY2023Q4 nwcn Accounts Payable
AccountsPayable
279910 usd
CY2024Q3 nwcn Payment In Advance
PaymentInAdvance
12951 usd
CY2023Q4 nwcn Payment In Advance
PaymentInAdvance
1447 usd
CY2024Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
381665 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
389781 usd
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
129932 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
128929 usd
CY2024Q3 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
97947 usd
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
74338 usd
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
238544 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
127783 usd
CY2024Q3 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100491 usd
CY2023Q4 us-gaap Accounts Payable Other Current And Noncurrent
AccountsPayableOtherCurrentAndNoncurrent
100491 usd
CY2024Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
1080598 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
1102679 usd
CY2024Q3 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
1501368 usd
CY2023Q4 us-gaap Short Term Bank Loans And Notes Payable
ShortTermBankLoansAndNotesPayable
1443785 usd
CY2024Q3 nwcn Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
67246 usd
nwcn Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
199387 usd
CY2023Q3 nwcn Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
52436 usd
nwcn Interest Expense On Short Term Debt
InterestExpenseOnShortTermDebt
152416 usd
CY2024Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
0.5
CY2024Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.5
CY2022Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
645000 usd
CY2023 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
2500000 usd
CY2023 nwcn Allocated Intrinsic Value Of Beneficial Conversion Feature
AllocatedIntrinsicValueOfBeneficialConversionFeature
-400000 usd
CY2023 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
147062 usd
CY2023Q4 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
2892062 usd
nwcn Adjustment For Adoption Of Asu
AdjustmentForAdoptionOfAsu
252938 usd
CY2024Q3 us-gaap Convertible Notes Payable
ConvertibleNotesPayable
3145000 usd
CY2024Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
645000 usd
CY2024Q3 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
2500000 usd
CY2023Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
18685 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
55657 usd
CY2024Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
7927 usd
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
7927 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
23609 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
23523 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2345 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4050 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6395 usd
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
115 usd
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
6280 usd
CY2024Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2331 usd
CY2024Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3949 usd
CY2024Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y7M6D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M20D
CY2024Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0216 pure
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0366 pure
nwcn Operating Cash Outflows From Operating Lease
OperatingCashOutflowsFromOperatingLease
-7362 usd
nwcn Operating Cash Outflows From Operating Lease
OperatingCashOutflowsFromOperatingLease
-193241 usd
nwcn Common Stock Descriptions
CommonStockDescriptions
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.
CY2024Q3 us-gaap Interest Expense
InterestExpense
67246 usd
CY2023Q3 us-gaap Interest Expense
InterestExpense
52116 usd
us-gaap Interest Expense
InterestExpense
199387 usd
us-gaap Interest Expense
InterestExpense
151455 usd
CY2022Q1 us-gaap Convertible Debt
ConvertibleDebt
2500000 usd
CY2024Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1956964 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1809142 usd
CY2024Q3 us-gaap Management Fee Payable
ManagementFeePayable
343257 usd
CY2023Q4 us-gaap Management Fee Payable
ManagementFeePayable
320757 usd
CY2024Q3 nwcn Accrued Expenses Due To Related Party
AccruedExpensesDueToRelatedParty
2873933 usd
CY2023Q4 nwcn Accrued Expenses Due To Related Party
AccruedExpensesDueToRelatedParty
2504223 usd
CY2024Q3 nwcn Independent Directors Fee
IndependentDirectorsFee
343257 usd
CY2023Q4 nwcn Independent Directors Fee
IndependentDirectorsFee
320757 usd
CY2024Q3 nwcn Salaries To Officers
SalariesToOfficers
1956964 usd
CY2023Q4 nwcn Salaries To Officers
SalariesToOfficers
1809142 usd
CY2024Q3 nwcn Short Term Loan Interest Shareholder
ShortTermLoanInterestShareholder
573712 usd
CY2023Q4 nwcn Short Term Loan Interest Shareholder
ShortTermLoanInterestShareholder
374324 usd
CY2024Q3 nwcn Accrued Expenses And Other Payables Related Parties
AccruedExpensesAndOtherPayablesRelatedParties
2873933 usd
CY2023Q4 nwcn Accrued Expenses And Other Payables Related Parties
AccruedExpensesAndOtherPayablesRelatedParties
2504223 usd
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-263144 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-367780 usd
us-gaap Net Income Loss
NetIncomeLoss
-861873 usd
us-gaap Net Income Loss
NetIncomeLoss
-1623860 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25088592 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24623959 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24332211 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24390446 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25088592 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24623959 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24332211 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24390446 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2024Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-263144 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-367780 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-861873 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1623860 usd
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. As of September 30, 2024, the Company does not have available tax losses in the Hong Kong and PRC to utilize for future taxable profits.
CY2024Q3 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
18352902 usd
CY2024Q3 us-gaap Operating Loss Carryforwards Valuation Allowance
OperatingLossCarryforwardsValuationAllowance
3844733 usd
nwcn Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
expire on various from 2024 through 2037
CY2024Q3 nwcn Operating Loss Carried Forward2024 To2028
OperatingLossCarriedForward2024To2028
2279146 usd
CY2024Q3 nwcn Operating Loss Carried Forward2029 To2033
OperatingLossCarriedForward2029To2033
892375 usd
CY2024Q3 nwcn Operating Loss Carried Forward2034 To2037
OperatingLossCarriedForward2034To2037
217937 usd
CY2024Q3 nwcn Operating Loss Carried Forward Indefinitely
OperatingLossCarriedForwardIndefinitely
455275 usd
CY2024Q3 nwcn Effect Of Net Operating Loss Carried Forward
EffectOfNetOperatingLossCarriedForward
3844733 usd
CY2024Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3844733 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
3771472 usd
CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3844733 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3771472 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3771472 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3576272 usd
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
73261 usd
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
204200 usd
CY2024Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3844733 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
3771472 usd
ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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