10-Q 1 vnja_2024jun30-10q.htm QUARTERLY REPORT
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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 June 30, 2024

 

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

 

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, Unit 199

Sugar LandTexas 77479

(Address of principal executive offices)

1-832-289-3209

(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 freely tradable of shares outstanding of each of the issuer's classes of common stock, as of the most practicable date: 6,000,000.

 

 Latest developments as of June 30, 2024. Our stock is currently trading at the OTC market, ticker symbol: VNJA. The management plans to uplist our stock to NYSE or NASDAQ. We are working to meet the qualitative and quantitative listing requirements for NYSE and NASDAQ. The management seeks to explore other source of revenue includes but not limited to all real estate related activities such as mortgage originations, real estate brokerages, and other financial related fields. We are expanding our shareholders base up to 400 shareholders as part of NYSE or NASDAQ’s listing requirements. We are cordially invited to purchase shares at the OTC market.

 

 

 
 
 
 

Form 10-Q Report Index

    Page No:
PART 1. FINANCIAL INFORMATION    
Item 1. Financial Statements    
Condensed Balance Sheets     1  
Condensed Statements of Operations     2  
Condensed Statements of Cash Flows     3  
Condensed Statements of Stockholder’s Equity     4  
Notes to financial Statements     5  
Item 2. Management Discussion and Analysis of Financial Condition     7  
Item 3. Control and Procedures     9  
PART 11. OTHER INFORMATION        
Item 1. Legal Proceedings     10  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds     10  
Item 3. Defaults Upon Senior Securities     10  
Item 4. Mine Safety Disclosures     10  
Item 5. Other Information     10  
Item 6. Exhibit     10  
Item 7. Signature     11  


 

 

 

 

 
 
 

PART 1. FINANCIAL INFORMATION

Item 1. Financial Statements

VANJIA CORPORATION

BALANCE SHEETS

 

   June
30, 
2024
(Unaudited)
  December 
31, 
2024
ASSETS          
Current Assets          
Cash  $73,290   $22,568 
Account Receivables   50,000    68,985 
Land Held for Investment   742,000    742,000 
Total Assets  $865,290   $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 June 30, 2024 and December 31, 2023           
Stock Subscription Receivable   —        
Additional Paid-in Capital  $936,400   $936,400 
Accumulated Loss   (74,110)   (105,847)
Total Stockholders’ Equity   865,290    833,553 
 TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  $865,290   $833,553 

 

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

1

 

 

 
 
 

VANJIA CORPORATION

STATEMENTS OF OPERATIONS

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(UNAUDITED)

 

   Six
Months
Ended
June 30,
2024
  Six
Months
Ended
June 30,
2023
  Three
Months
Ended
June 30,
2024
  Three
Months
Ended
June 30,
2023
Revenue  $50,000   $75,500   $50,000   $50,000 
General and Administrative expenses   (18,264)   (6,209   (8,725)   (4,509)
Profit/Loss from Operation   31,736    69,291    41,275    45,491 
                     
Profit/Loss before Income taxes   31,736    69,291    41,275    45,491 
Provision for Income taxes                    
Net Profit/Loss  $31,736   $69,291   $41,275   $45,491 
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.

2

 

 

 
 
 

VANJIA CORPORATION

STATEMENT OF CASH FLOW

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(UNAUDITED)

   Six
Months
Ended
June
30,
2024
 

Six
Months

Ended
June
30,
2023

CASH FLOWS FROM OPERATING ACTIVITIES:          
Net Profit/Loss  $31,736   $69,291 
Adjustments to reconcile net profit to net cash used in operations:          
 Account Receivables   64,122    (75,000)
Net cash used in operating activities   95,858    (5,709)
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from issuance of common stock          
Net cash provided by financing activities          
NET CHANGE IN CASH   95,858    (5,709)
Cash and cash equivalents:          
Beginning   22,568    18,134 
Ending   73,290    12,425 
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.

3

 

 

 
 
 

VANJIA CORPORATION

STATEMENTS OF STOCKHOLDER’S EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(UNAUDITED)

                   
                
    Common Stock    Amount    

Additional Paid in

Capital

    

Stock Subscription

Receivable

    

Accumulated

Deficit

    
Total Stockholder’s Equity
 
Balance at December 31,2022   30,000,000   $3,000   $936,400   $—      (179,266)   760,134 
Net Profit/Loss   —                      $69,291    69,291 
Balance at June 30,2023   30,000,000   $3,000   $936,400   $—      (109,975)   829,425 
                               
Balance at December 30,2023   30,000,000   $3,000   $936,400   $—      (109,975)   833,553 
Net Profit/Loss   —                       35,865    35,865 
Balance at June 30,2024   30,000,000   $3,000   $936,400   $—      (74,110)   865,290 

 

 

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

4

 
 
 
 

VANJIA CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS JUNE 3024

1. NATURE OF OPERATIONS AND SUMMARY OF ACCOUNTING POLICIES 

BASIC 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 SX. Accordingly, they do not include all 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 yearend 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 in the Company's Registration Statement on 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’s business plan is to build affordable homes in Houston, Texas. In 2019, the Company began a business to enroll students for real estate licensing courses and doing real estate consulting services for corporate and individual clients. 

The Company's year-end is December 31. 

USE OF PRESENTATION 

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.  

5

 
 
 
 

VANJIA CORPORATION

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS JUNE 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 June 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. 

 

2. INCOME TAXES 

As of June 30, 2024, the Company had net operating loss carry forwards of approximately ($74,110) that may be available to reduce future year's 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 bear interest at 2% per annum. As of June 30, 2024 and December 31, 2023, respectively, the Company had outstanding balance of $0 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 in an effort 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 has 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 June 30, 2024 up through the date the Company issued these financial statements.

 

6

 
 
 
 

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

  

This section of the prospectus includes forwardlooking statements that reflect our current views with respect to future events and financial performance. Forwardlooking 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 forwardlooking 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 $9,800 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, quarters 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.

 

ACCOUNTING AND LEGAL EXPENSES- Our estimate these related expenses will range from $6,500 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, quarters and current reports with respect to our business and financial condition.

 

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.

7

 

 
 
 
 

 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   3rdyear 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 June 30, 2024, our total assets were $865,290 and our total liabilities were $-0- which resulted in working capital of 865,290. We expect to raise additional capital through 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 with 2% interest. The management believes that an existing $5,000,000 line of credit agreement with our officer and director will be sufficient to cover our operational expense for the next twelve months. 

 

From December 31, 2023 to June 30, 2024, our accumulated loss since was $ (74,110) for general and administrative expenses. 

8

 
 
 
 

 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 revenue or expenses. 

 

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 13a15(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 June 30, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

9

 
 
 
 

 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 June 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. 

 

Vanjia Corporation

(Formerly Vantone Realty Corporation)

 

/s/ Tian Su Hua

Chief Executive Officer/Director

 

/s/ Tian Jia

Tian Jia

Chief Financial Officer

 

August 7, 2024