SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
|12 Months Ended
Jun. 30, 2012
|Accounting Policies [Abstract]
|Basis of Presentation
These accompanying financial statements have been prepared
in accordance with generally accepted accounting principles in the United States of America (US GAAP).
|Use of Estimates
In preparing these financial statements,
management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheets and
revenues and expenses during the year reported. Actual results may differ from these Estimates.
|Basis of Consolidation
After disposal of the two subsidiaries
on September 16, 2010, the Company has no subsidiaries; therefore, no consolidation is necessary.
|Cash and Cash Equivalents
Cash and cash equivalents are carried
at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments
with an original maturity of three months or less as of the purchase date of such investments.
|Accounts Receivable, Net
Accounts receivable are recorded
at the invoiced amount and do not bear interest. The Company extends unsecured credit to its customers in the ordinary course
of business, but mitigates the associated risks by performing credit checks and actively pursuing past due accounts. An allowance
for doubtful accounts is established and determined based on managements assessment of known requirements, aging of receivables,
payment history, the customers current credit worthiness, and the economic environment.
|Property, Plant, and Equipment, Net
Property, plant, and equipment
are stated at cost less accumulated depreciation and accumulated impairment losses, if any. Depreciation is calculated on
the straight-line basis over the following expected useful lives from the date on which they become fully operational.
Expenditure for maintenance and
repairs is expensed as incurred. The gain or loss on the disposal of property, plant, and equipment is the difference
between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the statement of income.
|Impairment of Long-life Assets
In accordance with ASC 360, Accounting
for the impairment of Long-Lived Assets and for Long-Lived Assets to be Disposed of, a long-lived assets and certain identifiable
intangible assets held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount of an asset may not be recoverable. For the purposes of evaluating the recoverability of long-lived
assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. The Company
reviews long-lived assets, if any, to determine whether the carrying values are not impaired.
Sales revenue is recognized when persuasive
evidence of an arrangement exists, the price is fixed and final, delivery has occurred and there is reasonable assurance of collection
of the sales proceeds. The Company generally obtains purchase authorizations from its customers for a specified amount
of products at a specified price and considers delivery to have occurred when the customer takes possession of the products. Net
sales incorporate offsets for discounts and sales returns. Revenue is recognized upon delivery, risk and ownership of
the title is transferred and a reserve for sales returns is recorded even though invoicing may not be completed. The
Company has demonstrated the ability to make reasonable and reliable estimates of products returns in accordance with SFAS No.
48, Revenue Recognition When Right of Return Exists.
Shipping and handling fees billed
to customers are included in sales. Costs related to shipping and handling are part of selling, general, and administrative
expenses in the statements of income. EITF No. 00-10, Accounting for Shipping and Handling Fees and Costs allows
for the presentation of shipping and handling expenses in line items other than cost of sales. For the year ended June 30, 2012,
there were no shipping and handling costs included in selling, general and administrative expenses in the accompanying statements
|Cost of Sales
Cost of sales includes depreciation
of property, plant, and equipment and purchase costs to publishers.
The Company is subject to value
added tax (VAT) imposed by the PRC on sales. The output VAT is charged to customers who purchase books from
the Company and the input VAT is paid when the Company purchases books from publishers. The VAT rate is 13%. The input
VAT can be offset against the output VAT.
The Company expenses advertising
costs as incurred in accordance with the ASC No. 35, Advertising Costs. For the period ended June 30,
2012, advertising expenses amount to zero.
ASC 220, Comprehensive Income,
establishes standards for reporting and display of comprehensive income, its components, and accumulated balances. Comprehensive
income as defined includes all changes in equity during a period from non-owner sources. Accumulated comprehensive income,
as presented in the accompanying statement of changes in owners equity consists of changes in unrealized gains and losses
on foreign currency translation. This comprehensive income is not included in the computation of income tax expense or benefit.
The Company uses the accrual method
of accounting to determine and report its taxable reduction of income taxes for the year in which they are available. The Company
has implemented ASC 740 - Accounting for Income Taxes. Income tax liabilities computed according to the United States and Peoples
Republic of China (PRC) tax laws are provided for the tax effects of transactions reported in the financial statements and consists
of taxes currently due plus deferred taxes related primarily to differences between the basis of fixed assets and intangible assets
for financial and tax reporting. The deferred tax assets and liabilities represent the future tax return consequences of those
differences, which will be either taxable or deductible when the assets and liabilities are recovered or settled. Deferred taxes
also are recognized for operating losses that are available to offset future income taxes. A valuation allowance is created to
evaluate deferred tax assets if it is more likely than not that these items will either expire before the Company is able to realize
that tax benefit, or that future realization is uncertain.
The Company is subject to United
States Tax according to Internal Revenue Code Sections 951 and 957. Based on the net loss for the year ended June 30, 2012, the
Company shall not be subject to income tax.
|Loss Per Share
The Company calculates loss per
share in accordance with ASC 260, Earnings per Share. Basic loss per share is computed by dividing
the net loss by the weighted-average number of common shares outstanding. Diluted loss per share is computed similar
to basic loss per share, except that the denominator is increased to include the number of additional common shares that would
have been outstanding if the potential common stock equivalents had been issued and if the additional common shares were dilutive. The
effect of outstanding stock options, stock purchase warrants and convertible debenture, which could result in the issuance of 499,911,400
of common stock at June 30, 2012 and June 30, 2011, respectively, are anti-dilutive. As a result, diluted loss per share
data does not include the assumed exercise of outstanding stock options, stock purchase warrants, or conversion of convertible
debenture and has been presented jointly with basic loss per share.
|Foreign Currencies Translation
The functional and reporting currency
of the Company is the United States dollars (U.S. dollars). The accompanying financial statements have
been expressed in U.S. dollars.
The functional currency of the
Companys foreign subsidiaries is the Renminbi Yuan (RMB). The balance sheet is translated into
United States dollars based on the rates of exchange ruling at the balance sheet date. The statement of income is translated
using a weighted average rate for the year. Translation adjustments are reflected as cumulative translation adjustments in
|Fair Value of Financial Instruments
For certain of the Companys
financial instruments, including cash and equivalents, accounts and other receivables, accounts and other payables, accrued liabilities
and short-term debt, the carrying amounts approximate their fair values due to their short maturities. ASC Topic 820, Fair
Value Measurements and Disclosures, requires disclosure of the fair value of financial instruments held by the Company.
ASC Topic 825, Financial Instruments, defines fair value, and establishes a three-level valuation hierarchy for disclosures
of fair value measurement that enhances disclosure requirements for fair value measures. The carrying amounts reported in the consolidated
balance sheets for receivables and current liabilities each qualify as financial instruments and are a reasonable estimate of their
fair values because of the short period of time between the origination of such instruments and their expected realization and
their current market rate of interest. The three levels of valuation hierarchy are defined as follows:
||Level 1 inputs to the valuation methodology are quoted prices for identical assets or liabilities in active markets.|
||Level 2 inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.|
||Level 3 inputs to the valuation methodology are unobservable and significant to the fair value measurement.|
The Company analyzes all financial instruments with features
of both liabilities and equity under ASC 480, Distinguishing Liabilities from Equity, and ASC 815.
As of June 30, 2012 and 2011, the Company did not identify
any assets and liabilities that were required to be presented on the balance sheet at fair value.
For the purposes of these financial
statements, parties are considered to be related if one party has the ability, directly or indirectly, to control the party or
exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company
and the party are subject to common control or common significant influence. Related parties may be individuals or other
entities. All material related part transactions have been disclosed.
|Convertible Debenture Issued with Stock Purchase Warrants
The Company accounts for the issurance
of and modifications to the convertible debt issued with stock purchase warrants in accordance with ASC 470, Accounting for
Due to the indeterminate number of shares,
which might be issued under the embedded convertible host debt conversion feature of these debentures, the Company is required
to record a liability relating to both the detachable warrants and embedded convertible feature of the notes payable (included
in the liabilities as a "derivative liability").
The accompanying financial statements
comply with current requirements relating to warrants and embedded derivatives as described in SFAS 133 as follows:
|§||The Company treats the full fair market
value of the derivative and warrant liability on the convertible secured debentures as a discount on the debentures (limited to
their face value). The excess, if any, is recorded as an increase in the derivative liability and warrant liability
with a corresponding increase in loss on adjustment of the derivative and warrant liability to fair value.|
|§||Subsequent to the initial recording, the
change in the fair value of the detachable warrants, determined under the Black-Scholes option pricing formula and the change in
the fair value of the embedded derivative (utilizing the Black-Scholes option pricing formula) in the conversion feature of the
convertible debentures are recorded as adjustments to the liabilities as of September 30, 2006.|
|§||The expense relating to the change
in the fair value of the Company's stock reflected in the change in the fair value of the warrants and derivatives is included
in interest expense in the accompanying statements of income.|
|Going Concern Uncertainties
These financial statements have
been prepared assuming that Company will continue as a going concern, which contemplates the realization of assets and the discharge
of liabilities in the normal course of business for the foreseeable future.
|Recently Issued Accounting Standard
In January 2011, the FASB issued
an Accounting Standard Update (ASU) No. 2011-01, Receivables Topic 310): Disclosures about the Credit Quality
of Financing Receivables and the Allowance for Credit Losses, to be concurrent with the effective date of the guidance for determining
what constitutes a troubled debt restructuring, as presented in proposed Accounting Standards Update, Receivables (Topic 310):
Clarifications to Accounting for Troubled Debt Restructurings by Creditors. The amendments in this Update apply to all public-entity
creditors that modify financing receivables within the scope of the disclosure requirements about troubled debt restructurings
in Update 2010-20. Under the existing effective date in Update 2010-20, public-entity creditors would have provided
disclosures about troubled debt restructurings for periods beginning on or after December 15, 2010. The amendments in this Update
temporarily defer that effective date, enabling public-entity creditors to provide those disclosures after the Board clarifies
the guidance for determining what constitutes a troubled debt restructuring. The deferral in this Update will result in more consistent
disclosures about troubled debt restructurings. This amendment does not defer the effective date of the other disclosure requirements
in Update 2010-20. In the proposed Update for determining what constitutes a troubled debt restructuring, the Board
proposed that the clarifications would be effective for interim and annual periods ending after June 15, 2011. For the new disclosures
about troubled debt restructurings in Update 2010-20, those clarifications would be applied retrospectively to the beginning of
the fiscal year in which the proposal is adopted. This new accounting is not expected to have a material impact on the Companys
financial position or results of the operations.
In June 2011, the FASB issued an
Accounting Standard Update (ASU No. 2011-05, Comprehensive Income (Topic 220). Under the amendments
to Topic 220, Comprehensive Income, entities have the option to present the total of comprehensive income, the components of net
income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in
two separate but consecutive statements. In both choices, an entity is required to present each component of net income along with
total net income, each component of other comprehensive income along with a total for other comprehensive income, and a total amount
for comprehensive income. This Update eliminates the option to present the components of other comprehensive income as part of
the statement of changes in stockholders' equity. The amendments in this Update should be applied retrospectively. For public entities,
the amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2011. For nonpublic
entities, the amendments are effective for fiscal years ending after December 15, 2012, and interim and annual periods thereafter.
This new accounting is not expected to have a material impact on the Companys financial position or results of the operations.