10-Q 1 vnja_2024sept30-10q.htm QUARTERLY REPORT Completion corp
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U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2024

 

 

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 arelle

Commission File No. 333-179302

 

Vanjia Corporation

(Exact name of registrant as specified in its charter)

Texas 45-3051284
(State or other jurisdiction (I.R.S. Employer Identification No.)
of incorporation or organization)  

 

4771 Sweetwater Blvd, #199

Sugar Land, Texas 77479

 

(Address of principal executive offices)

713-898-6818

(Issuer's telephone number)

 

Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports, and (2) has been subject to such filing requirements for the past 90 days. Yes [X ] No[ ]

 

Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

 

Large accelerated filer [ ]                  Accelerated filer [ ]

Non-accelerated filer [ ]                    Small Reporting company [X] 

Emerging Growth [ ]

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months or for such shorter period that the registrant was required to submit and post such files).  [x] Yes [  ] No

 

Indicate the number of shares outstanding of each of the issuer's classes of free trading shares (common stock) as of the most practicable date: 6,000,000 as of September 30, 2024. 

 

 
 
 

 

  

TABLE OF CONTENTS

 

 PART I - FINANCIAL INFORMATION      
       
Item 1. Financial Statements   2  
Item 2. Management’s Discussion and Analysis of Financial Condition or Plan of Operation   9  
Item 3. Quantitative and Qualitative Disclosures About Market Risk   10  
Item 4. Controls and Procedures   10  
         
PART II - OTHER INFORMATION      
         
Item 1. Legal Proceedings   11  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds   11  
Item 3. Defaults Upon Senior Securities   11  
Item 4. Mine Safety Disclosures   11  
Item 5. Other Information   11  
Item 6. Exhibits   11  
SIGNATURES   12  

 

 

 

 

 

 

 

 

 

 

 

 

 
 
 

 

 

 

VANJIA CORPORATION

Balance Sheets

 

    September   December 
30,  31, 
2024 2023
(Unaudited) (Audited)
ASSETS                
Current Assets                
Cash   $ 71,590     $ 22,568  
Account Receivables     50,000       68,985  
Land Held for Investment     742,000       742,000  
Total Assets   $ 863,590     $ 833,553  
LIABILITIES AND STOCKHOLDERS' EQUITY                
Current Liabilities                
Due to shareholder     —            
Total Current Liabilities     —            
STOCKHOLDER’S EQUITY                
Common stock, par value $0.0001 per share, 9,999,999,999 shares authorized, 30,000,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023   $ 3,000     $ 3,000  
Preferred Stock, par value $0.0001 per share, 8,888,888,888 shares authorized, 0 issued and outstanding as of September 30, 2024 and December 31, 2023     —         —    
Stock Subscription Receivable     —         —    
Additional Paid-in Capital   $ 936,400     $ 936,400  
Accumulated Loss           (75,810)             (105,847)  
Total Stockholders’ Equity     863,590       833,553  
 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY   $ 863,590     $ 833,553  

 

The Accompanying Notes are an Integral Part of the Financial Statements. 

 

2

 

 
 
 

 

 

 

 

 

 

 

VANJIA CORPORATION

Statements of Operations

For the nine months ended September 30,2024 and 2023

(Unaudited)

 

                             
    Nine   Nine   Three   Three
Months Months Months Months
Ended Ended Ended Ended
September 30, September 30, September 30, September 30,
2024 2023 2024 2023
Revenue   $ 50,000   $ 75,500   $                   -         $                   -     
General and Administrative expenses    

 

19,964

                 7,436                1,699       

 

1,227

  
Profit/Loss from Operation              30,036                 68,064                (1,699)                  (1,227)  
                             
Profit/Loss before Income taxes              30,036                 68,064                (1,699)                  (1,227)  
Provision for Income taxes                            
Net Profit/Loss   $          30,036    $             68,064    $            (1,699)      $            (1,227)  
Net Loss Per Share- Basic and Diluted   $              0.00   $                 0.00   $              (0.00)     $              (0.00)  

Weighted Average Shares Outstanding: Basic and

 Diluted

     30,000,000     30,000,000     30,000,000       30,000,000  
                             

 

 The Accompanying Notes are an integral Part of the Financial Statements. 

 

3

 

 

 
 
 

 

 

 

VANJIA CORPORATION

Statement of Changes in Equity

For the Nine Months Ended Sept.30,2024 and 2023

(unaudited)

    Common Stock     Amount     Additional Paid in     Stock Subscription     Accumulated   Total Stockholder’s Equity
Capital Receivable Deficit
Balance at December 31,2022   30,000,000   $ 3,000   $ 936,400   $ —       (179,266)   765,990
Net Profit/Loss   —       —       —           $ 67,563   67,563
Balance at March 31,2023   30,000,000   $ 3,000   $ 936,400   $ —       (111,703)   833,553
Net Profit/Loss   —       —       —       —       69,291   69,291
Balance at June 30,2023   30,000,000   $ 3,000   $ 936,400   $ —       (42,412)   902,844
Net Profit/Loss   —       —       —       —       (1,227)   (1,227)
Balance at September 30,2024   30,000,000   $ 3,000   $ 936,400   $ —       (43,639)   901,617
                                 
                                 
Balance at December 30,2023   30,000,000   $ 3,000   $ 936,400   $ —       (105,847)   833,553
Net Profit/Loss   —       —       —             (9,539)   (9,539)
Balance at March 30,2024   30,000,000   $ 3,000   $ 936,400   $ —       (115,386)   824,014
Net Profit/Loss   —       —       —             41,275   41,275
Balance at June 30,2024   30,000,000   $ 3,000   $ 936,400   $ —       (74,111)   865,289
Net Profit/Loss   —       —       —             (1,699)   (1,699)
Balance at September 30,2024   30,000,000   $ 3,000   $ 936,400   $ —       (75,810)   863,590

 

 

 

 The Accompanying Notes are an integral Part of the Financial Statements. 

 

 

 
 
 

 

 

 

VANJIA CORPORATION

Statement of Cashflow

For the Nine Months Ended Sept.30,2024 and 2023

(unaudited)

    Nine   Nine
Months Months
Ended Ended
September September
30, 30,
2024 2023
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net Profit/Loss   $ 30,036     $ 68,064  
Adjustments to reconcile net profit to net cash used in operations:                
 Account Receivables     18,985                 (68,985)  
Net cash used in operating activities     49,022                      (921)  
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds from issuance of common stock                
Net cash provided by financing activities                
NET CHANGE IN CASH     49,022                      (921)  
Cash and cash equivalents:                
Beginning     22,568       18,134  
Ending     71,590       17,213  
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS:                
Interest Expenses     —         —    
Income tax Expense     —         —    
NON-CASH TRANSACTION:                
Issuance of Common stock in exchange of real property   $ —       $ —    
Issuance of common stock shareholders loans   $ —       $ —    
                 

 

 

 

 

The Accompanying Notes are an integral Part of the Financial Statements. 

 

 

 

 

 

 

 

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VANJIA CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2024.

 

1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial reporting and in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the unaudited condensed consolidated financial statements contained in this report reflect all adjustments that are normal and recurring in nature and considered necessary for a fair presentation of the financial position and the results of operations for the interim periods presented. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim period are not necessarily indicative of the results expected for the full year. These unaudited, condensed consolidated financial statements, footnote disclosures and other information should be read in conjunction with the financial statements and the notes thereto included Form 10-K for the year ended December 31, 2023.

Organization and Nature of Business

Vanjia Corporation (formerly Vantone Realty Corporation), was incorporated on August 19, 2011 in the State of Texas. The Company has conducted business operations. The Company‘s business plan is to build affordable homes in Houston, Texas. In 2018, the Company began a business to enroll students for real estate licensing courses.

The Company’s year-end is December 31. 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

Cash and cash equivalents include cash and all highly liquid instruments with original maturities of three months or less.

6

 

 
 
 
 

 

 

 

VANJIA CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2024.

 

 

 

1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES

Net Income (loss) per Share

Basic income (loss) per share is computed by dividing net income by weighted average number of shares of common stock outstanding during each period. Diluted income per share is computed by dividing net loss by the weighted average number of shares of common stock, common stock equivalents and potentially dilutive securities outstanding during each period. At September 30, 2024, the Company does not have any outstanding common stock equivalents; therefore, a separate computation of diluted loss per share is not presented.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, Income Taxes, which requires that the Company recognize deferred tax liabilities and assets based on the differences between the financial statement carrying amounts and the tax basis of assets and liabilities, using enacted tax rates in effect in the years the differences are expected to reverse. Deferred income tax benefit (expense) results from the change in net deferred tax assets or deferred tax liabilities. A valuation allowance is recorded when, in the opinion of management, it is more likely than not that some or any deferred tax assets will not be realized.

Recent Accounting Pronouncements

The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its result of operations, financial position or cash flow.

  

7 

 

 

 

 
 
 

 

  

 

VANJIA CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
SEPTEMBER 30, 2024.

 

2. INCOME TAXES

The Company has not yet realized income as of the date of this report, and no provision for income taxes has been made. As of September 30, 2024, the Company had an accumulated deficit of $75,810.00 that may be available to reduce future years’ taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a full valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. 

3. LINE OF CREDIT

The Company has available a line of credit with an officer and shareholder that provided maximum borrowing up to $5,000,000 for working capital purposes. The line of credit has no expiration date and is due on demand. Borrowings under the line of credit bear interest at 0% per annum. As of September 30, 2024 and December 31, 2023, the Company had outstanding balance of $0 and $0 respectively, on the line of credit. 

4. SIGNIFICANT EVENTS

In late 2019, an outbreak of COVID-19 emerged and by March 11, 2020 was declared a global pandemic by the World Health Organization. Throughout the United States and locally, governments and municipalities instituted measures to control the spread of COVID-19, including quarantines, shelter-in-place orders, school closings, travel restrictions and the closure of non-essential businesses. By the end of March and into April 2020, the economic impacts became significant. Before the financial statements were made out, the Board of Directors had considered the impact of COVID-19 outbreak in United States, which would have affected the financial position, performance and cash flow of the Company as ended on the reporting date thereon. The Management concluded that the impact of non-adjusting events from the COVID-19 outbreak has not significantly affected the fair values of the financial assets or liabilities and non-finance assets of the Company, including the classification of current and non-current items that were presented on the reporting date.

5. SUBSEQUENT EVENTS 

The Company evaluated all events or transactions that occurred after September 30,2024 up through the date the Company issued these financial statements.

 

8

 

 

 

 

 
 
 

 

 

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

 

This section of the prospectus includes forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like: believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place an undue certainty on these forward-looking statements, which apply only as of the date of this prospectus. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions. 

 

PLAN OF OPERATION 

Our plan of operations for the next twelve months is to proceed with the implementation of our business plan.

 

GOALS

PROJECT OUTCOMES

 

Legal and Accounting Expenses Compliance with financial reporting and internal controls
Website Design Creation of our corporate website
Civil Engineer or Surveyor's Fees Subdivision of lands
Architect drawings Complete a set of plans for building permits
Project Consultants Quality Control of construction project
Marketing and Promotion Marketing and public awareness activities
Working Capital Office supplies, telephone, postage and other miscellaneous expenses

  

ACCOUNTING AND LEGAL EXPENSES- Our estimate these related expenses will range from $7,500 for the next 12 months. We will be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, or the Exchange Act, and the Sarbanes-Oxley Act of 2002. The Exchange Act requires that we file annual, quarterly and current reports with respect to our business and financial condition. The Sarbanes-Oxley Act requires that we maintain effective disclosure controls and procedures and internal controls for financial reporting. 

CREATE OUR CORPORATE WEBSITE- It is part of our business plan to have our website. A website can convey our corporate images and services to our potential customers. We believe our estimated cost of $1,250 will be sufficient to cover our projected expense for website design. 

SURVEYOR'S FEES- We are required to obtain surveyors' services related to subdivision of land. Our estimated cost for a surveyor' services will be $4,500. The Planning Commission for the City of Houston is responsible for the review and approval of application for subdivision of land.

ARCHITECT DRAWINGS- We are required to obtain several sets of architect drawings in connection with our proposed construction projects. We estimated the cost for architect drawings will be $5,000 to $7,500 per year. 

PROJECT CONSULTANTS- Once we have obtained the necessary building permits from the City of Houston, we will be ready to build our residential homes. We will require to hire project consultants to monitor the quality control of our construction projects. We intend to spent $6,300 to $12,600 annually for project consultants. 

MARKETING AND PROMOTION- Our staff will distribute our promotional fliers on foot, spending afternoons knocking on the doors of residences in targeted neighborhoods, as well as residences already in designated HOPE and Workforce areas. Speaking with potential buyers directly is the best way to inform and engage the communities. When speaking to residents, we will explain the Houston HOPE and Workforce programs, specifically mentioning how these programs can benefit them as future owners of our new homes and services. We will then outline in further detail the government assistance option available to them. The government can offer up to $30,000 for down payments and unlike renting, home ownership allows one to build up home equity. 

The following table shows the projection of our building activities for three years:

  1st Year milestone 2nd Year milestone 3rd year milestone
Number of residential homes 2- 3 homes 3-5 homes 5-8 homes
Location of new residential homes Houston, Texas Houston, Texas Houston, Texas
Estimated cost for each milestone $100,000 $200,000 $300,000

 

LIQUIDITY AND CAPITAL RESOURCES 

On September 30, 2023, our current assets were $121,590.00 and our total liabilities were $-0- which resulted in working capital of $121,590.00 We expect to raise additional capital through, among other things, the sale of equity or debt securities, private placement offerings, employee stock options plans, and advanced funds from our officer and director. Any deficiencies in general and administrative expenses will be covered from funds by our director and officer. Our officer and director, Tian Su Hua, has agreed to provide us a $5,000,000 line-of-credit at -0-% interest. The management believes that an existing $1,000,000 line-of-credit agreement with our officer and director will be sufficient to cover our operational expense for the next twelve months. The residential lot we currently own is large enough to accommodate up to eight homes. We believe that our future expenditures for the second and third years will be covered by revenues generate from sell of new homes and additional offerings for equity or debt securities, private placement offerings, employee options plans and funds from our officer and director. 

RESULTS OF OPERATIONS 

From December 31, 2023 to September 30, 2024. 

During the period, our incorporation in the State of Texas, we hired attorney for the preparation of this registration statement and our auditors to audit our financial statements. We have prepared a business plan. Our accumulated loss since December 31,2023 to September 30, 2024 was $75,810.00 for accumulated net loss. 

 

OFF-BALANCE SHEET ARRANGEMENT

The Company has no material transactions, arrangements, obligations or other relationships with entities or other persons that have or are reasonably likely to have a material current or future impact, changes in financial condition, results of operations, liquidity, capital expenditures, capital resources, or significant components of revenues or expenses.

 

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

 

We are a small reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Under the supervision and with the participation of our management, including the Principal Executive Officer and Principal Financial Officer, we have evaluated the effectiveness of our disclosure controls and procedures as required by Exchange Act Rule 13a-15(b) as of the end of the period covered by this report. Based on that evaluation, the Principal Executive Officer and Principal Financial Officer have concluded that these disclosure controls and procedures are effective. There were no changes in our internal control over financial reporting during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS 

From time to time we are involved in various routine legal proceedings arising in our ordinary course of business. Any such currently pending matters would not, in the opinion of management, have a material adverse effect on our financial conditions or results of operations. 

 

Item 1A. RISK FACTORS 

We are a small reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information 

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 

There were no unregistered sales of equity securities during the quarterly period ended September 30, 2024.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES 

None

 

ITEM 4. MINE SAFETY DISCLOSURE 

Not applicable

 

ITEM 5. OTHER INFORMATION 

None

 ITEM 6. EXHIBITS 

Exhibit 31.1 Certificate of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

Exhibit 31.2 Certificate of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

 

Exhibit 32.1 Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Exhibit 32.2 Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

Exhibit 101 XBRL data files of Financial Statements and notes contained in this Quarterly Report on Form 10Q.

 

* In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.”

 

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ITEM 7. SIGNATURES

 Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

  

/s/ Tian Su Hua

Tian Su Hua

Chief Executive Officer

 

/s/ Tian Jia

Tian Jia

Chief Financial Officer/Director

 

November 7th,2024