The Accompanying Notes are an Integral Part of the
Financial Statements.
The Accompanying Notes are an integral Part of the
Financial Statements.
Accompanying Notes are an Integral Part of the Financial
Statements.
The Accompanying Notes are an Integral Part of the
Financial Statements.
NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS
MARCH 31, 2023
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 in the Company’s
Registration Statement on Form 10-K for the year ended December 31, 2022.
ORGANIZATION
AND NATURE OF BUSINESS
Vanjia Corporation (formerly Vantone
Realty Corporation) , (the “Company”), was incorporated on August 19, 2011 in the State of Texas. The company has conducted
limited business operations since its inception. The Company's business plan is to build affordable homes in Houston, Texas. In 2018,
the Company has begun 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.
REVENUE RECOGNITION
Revenues are recognized when control
of the promised goods or services are transferred to a customer, in an amount that reflects the consideration that the Company expects
to receive in exchange for those goods or services. The Company applies the following five steps in order to determine the appropriate
amount of revenue to be recognized as it fulfills its obligations under each of its agreements:
* Identify the contract with a customer;
* Identify the performance obligations
in the contract;
* determine the transaction price;
* allocate the transaction price
to performance obligations in the contract; and
*
recognize revenue as the performance obligation is satisfied.
CONCENTRATION OF CREDIT RISK
The Company's financial instruments
that are exposed to concentrations of credit risk primarily consist of its cash and related party payables it will likely incur in the
near future. The Company places its cash with financial institutions of high credit worthiness. At times, its cash balance with a particular
financial institution may exceed any applicable government insurance limits. The Company's management plans to assess the financial strength
and credit worthiness of any parties to which it extends funds and as such, it believes that any associated credit risk exposures are
limited.
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 March 31, 2023, 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 all of 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
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 March 31, 2023, the Company had net operating
loss carry forwards of $133,775 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 March 31, 2023 and December 31, 2022, the Company had outstanding balance of $-0- on the line of credit.
4. SUBSEQUENT
EVENTS
Management has evaluated subsequent
events through the date which the financial statements are available to be issued. All subsequent events requiring recognition as of March
31, 2023 have been incorporated into these financial statements and there are no subsequent events that required disclose in accordance
with FASB ASC Topic 855, " Subsequent Events."
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