As GMV signed binding MOU with First Channel Ltd (FCL). Let's...

As GMV signed binding MOU with First Channel Ltd (FCL).
Let's find out more details about its parent company, Union Bridge holding Ltd.

First Channel Limited (FCL) is a Company registered as per the laws of British Virgin Islands. FCL is 100% owned by Union Bridge Holdings Limited a company trading in the OTC Markets (OTCQB:UGHL). The CEO of First Channel Limited is Mr. Joseph Ho.

Please read through Union Bridge holding Ltd dated 30 Sep 2017 Quarterly report.
http://quote.morningstar.com/stock-...HL&ft=10-Q&d=ae091255f9a6a01ab33062edfa560a2a

Pg 11 Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

As reflected in the accompanying condensed consolidated financial statements, the Company had an accumulated deficit at September 30, 2017 of $137,117, a net loss for the nine months ended September 30, 2017 of $52,220 and net cash used in operating activities for the nine months ended September 30, 2017 of $25,530. These conditions raise substantial doubt about our ability to continue as a going concern.

The Company is attempting to produce sufficient revenue; however, the Company’s cash position is not sufficient to support its daily operations. While the Company believes in the viability of its strategy to produce sufficient revenue and in its ability to raise additional funds, there can be no assurances that the Company will accomplish its goals. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenues and in its ability to raise additional funds.

The condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The independent registered public accounting firm’s opinion accompanying our December 31, 2016 consolidated financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The consolidated financial statements have been prepared “assuming that we will continue as a going concern,” which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

Pg 10
Three and Nine Month Periods Ended September 30, 2017 Compared to the Three and Nine Month Periods Ended September 30, 2016

Revenue

During the three and nine months ended September 30, 2017 and September 30, 2016 we did not generate any revenue.

Operating Expenses

Total operating expenses for the three months ended September 30, 2017 increased by $4,977 compared to the three months ended September 30, 2016. Total operating expenses for the nine months ended September 30, 2017 increased by $3,112 compared to the nine months ended September 30, 2016. The increases were primarily due to an increase in professional fees incurred in connection with the Company’s reporting obligations to the Securities and Exchange Commission.

Net Loss

The net loss for the three months ended September 30, 2017 was $15,796, an increase of $4,977 compared to the three months ended September 30, 2016. The net loss for the nine months ended September 30, 2017 was $52,220, an increase of $3,112 compared to the nine months ended September 30, 2016. The increases were primarily a result of the increase in operating expenses discussed above.

Liquidity and Capital Resources

Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. As of September 30, 2017, we had a working capital deficit of $101,917, an increase of $52,220 compared to our working capital deficit of $49,697 on December 31, 2016. The increase is primarily a result of an increase in total current liabilities of $161,759, partially offset by an increase in total current assets of $109,539.

Cash Flows From Operating Activities

Net cash used in operating activities for the nine month period ended September 30, 2017 was $25,530, compared to $11,141 for the nine month period ended September 30, 2016. The increase of $14,389 was primarily a result of a reduction in accounts payable and partially offset by a reduction in prepaid expenses and expenses paid directly by related parties.

Cash Flows From Financing Activities

We have financed our operations primarily with advances from shareholders. Net cash provided by financing activities was $141,736 during the nine month period ended September 30, 2017 compared to $0 in the nine month period ended September 30, 2016. The increase in cash provided by financing activities consisted of proceeds from related party advances.