UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(MARK ONE)

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

 

For the quarter ended June 30, 2024

 

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

 

For the transition period from                    to                   

 

Commission file number: 333-234358

 

Pony Group Inc.

(Exact Name of Registrant as Specified in Its Charter) 

 

Delaware   83-3532241
(State or other jurisdiction of
incorporation or organization)		   (I.R.S. Employer
Identification No.)

 

Engineer Experiment Building, A202
7 Gaoxin South Avenue, Nanshan District
Shenzhen, Guangdong Province

People’s Republic of China

(Address of principal executive offices)

 

+86 755 86665622

(Issuer’s telephone number)

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which registered
Common Stock   PNYG   None

  

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the preceding 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 ☒ No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer ☐   Accelerated filer ☐
Non-accelerated filer ☒   Smaller reporting company ☒
      Emerging growth company ☒

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐  No ☒

 

As of August 14, 2024, there were 11,500,000 shares of common stock, par value $0.001 per share, issued and outstanding.

 

 

 

 

 

 

PONY GROUP INC.

 

FORM 10-Q FOR THE QUARTER ENDED JUNE 30, 2024

 

TABLE OF CONTENTS 

 

  Page 
Part I. Financial Information  
Item 1. Financial Statements (Unaudited) 1
Condensed Consolidated Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1
Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited) 2
Condensed Consolidated Statements of Changes in Stockholder’s Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 3
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 4
Notes to Unaudited Condensed Consolidated Financial Statements 5
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 10
Item 3. Quantitative and Qualitative Disclosures Regarding Market Risk 12
Item 4. Controls and Procedures 12
Part II. Other Information  
Item 1. Legal Proceedings 13
Item 1A. Risk Factors 13
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13
Item 3. Defaults Upon Senior Securities 13
Item 4. Mine Safety Disclosures 13
Item 5. Other Information 13
Item 6. Exhibits 13
Part III. Signatures 14

 

i

 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Interim Financial Statements.

 

PONY GROUP INC., AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

 

    June 30,
2024		     December 31,
2023		  
    (Unaudited)        
Assets            
Current assets            
Cash and cash equivalents    $ 9,981      $ 16,578  
Accounts receivable     16,697       20,224  
Other receivables     409       260  
Total current assets     27,087       37,062  
                 
Total assets   $ 27,087     $ 37,062  
                 
Liabilities and Stockholders’ Equity                
                 
Current liabilities                
Accounts payable    $ 1,506      $ -  
Other payable-related parties     575,812       503,543  
Other liabilities     44,872       51,649  
Total current liabilities     622,190       555,192  
Total liabilities     622,190       555,192  
                 
Stockholders’ Equity                
Common stock, $0.001 par value, 70,000,000 shares authorized, 11,500,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023     11,500       11,500  
Additional paid-in capital     176,000       176,000  
Accumulated other comprehensive income     26,411       18,790  
Accumulated deficit     (809,014 )     (724,420 )
Total stockholders’ equity     (595,103 )     (518,130 )
Total liabilities and stockholders’ equity   $ 27,087     $ 37,062  

 

The accompanying notes are integral to these unaudited condensed consolidated financial statements. 

 

1

 

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

   For The Three Months Ended
June 30,		   For The Six Months Ended
June 30,		 
   2024   2023   2024   2023 
                 
Revenue  $24,268   $47,228   $36,153   $103,394 
                     
Cost of revenue   13,313    20,867    21,081    45,471 
                     
Gross profit   10,955    26,361    15,072    57,923 
                     
Operating expenses                    
General & administrative expenses   38,868    71,874    99,596    160,409 
Total operating expenses   38,868    71,874    99,596    160,409 
                     
Loss from operation   (27,913)   (45,513)   (84,524)   (102,486)
                     
Other (expense) income                    
Other (expense) income   (80)   156    (70)   77 
Total other  (expense) income   (80)   156    (70)   77 
                     
Loss before income taxes   (27,993)   (45,357)   (84,594)   (102,409)
Provision for income tax   
-
    
-
    
-
    
-
 
Net Loss  $(27,993)  $(45,357)  $(84,594)  $(102,409)
                     
Other Comprehensive Income   1,457    16,037    7,621    15,138 
Comprehensive loss   (26,536)   (29,320)   (76,973)   (87,271)
Basic and diluted loss per share of common stock
   (0.002)   (0.004)   (0.007)   (0.009)
Weighted average number of shares outstanding   11,500,000    11,500,000    11,500,000    11,500,000 

 

The accompanying notes are integral to these unaudited condensed consolidated financial statements.

 

2

 

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF CHANGE IN STOCKHOLDERS’ EQUITY

(Unaudited)

 

For the Three and Six Months Ended June 30, 2024

 

   Common stock   Additional
Paid-In		   Accumulated
Other
Comprehensive
Income		   Accumulated     
   Shares   Amount     Capital       (Loss)    Deficit     Total 
Balance as of December 31, 2023   11,500,000   $11,500   $176,000   $18,790   $(724,420)  $(518,130)
                               
Cumulative Foreign currency translation adjustment   -    
-
    
-
    6,164    
-
    6,164 
                               
Net Loss   -    
-
    
-
    
-
    (56,601)   (56,601)
                               
Balance as of March  31, 2024   11,500,000    11,500    176,000    24,954    (781,021)   (568,567)
                               
Cumulative Foreign currency translation adjustment   -    
-
    
-
    1,457    
-
    1,457 
                               
Net Loss   -    
-
    
-
    
-
    (27,993)   (27,993)
                               
Balance as of June 30, 2024   11,500,000   $11,500   $176,000   $26,411   $(809,014)  $(595,103)

 

For the Three and Six Months Ended June 30, 2023

 

   Common stock   Additional
Paid-In		   Accumulated
Other
Comprehensive
Income		    Accumulated     
   Shares    Amount     Capital   (Loss)   Deficit   Total 
Balance as of December 31, 2022   11,500,000   $11,500   $176,000   $6,360   $(549,404)  $(355,544)
                               
Cumulative Foreign currency translation adjustment   -    
-
    
-
    (899)   
-
    (899)
                               
Net Loss   -    
-
    
-
    
-
    (57,052)   (57,052)
                               
Balance as of March  31, 2023   11,500,000    11,500    176,000    5,461    (606,456)   (413,495)
                               
Cumulative Foreign currency translation adjustment   -    
-
    
-
    16,037    
-
    16,037 
                               
Net Loss   -    
-
    
-
    
-
    (45,357)   (45,357)
                               
Balance as of June 30, 2023   11,500,000   $11,500   $176,000   $21,498   $(651,813)  $(442,815)

 

The accompanying notes are integral to these unaudited condensed consolidated financial statements.

 

3

 

 

PONY GROUP INC., AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   For The Six Months Ended
June 30,		 
   2024   2023 
         
Cash flow from operating activities:        
Net Loss  $(84,594)  $(102,409)
Adjustments to reconcile net loss to net cash used in operating activities:          
Changes in operating assets and liabilities:          
Accounts receivable   3,527    1,998 
Other receivable   (149)   (16,533)
Accounts payable   1,506    436 
Other liabilities   (6,777)   30,155 
Cash used in operating activities   (86,487)   (86,353)
           
Cash flow from financing activities:          
Advance from related party   72,269    53,090 
Cash provided by financing activities   72,269    53,090 
           
Effects of currency translation on cash   7,621    15,138 
           
Net decrease in cash   (6,597)   (18,125)
Cash at beginning of the period   16,578    49,803 
Cash at end of period  $9,981   $31,678 

 

The accompanying notes are integral to these unaudited condensed consolidated financial statements.

 

4

 

 

PONY GROUP INC., AND SUBSIDIARIES

NOTES FOR THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES

 

Organization and Operations

 

PONY GROUP INC, (the “Company” or “PONY”) was incorporated on Jan 7, 2019 in the state of Delaware.

 

On March 7, 2019, the Company entered into and a stock purchase agreement with Wenxian Fan, the sole owner of PONY LIMOUSINE SERVICES LIMITED (“Pony HK”), a limited liability company formed under the laws of Hong Kong on April 28, 2016, to acquire 100% equity ownership of Pony HK. Pony HK provides cross boarder limousine services to its customers and dedicated to developing applications based on Wechat platform. As a result, Pony HK has become the Company’s wholly owned subsidiary.

 

On February 2, 2019, Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK.

 

NOTE 2 - Basis of presentation and summary of significant accounting policies

 

Basis of Accounting and Presentation - The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

Use of Estimates - The preparation of the accompanying unaudited condensed financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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.

 

Leases- On March 31, 2022, the Company adopted ASU 2016-02, Leases (Topic 842). For all leases that were entered into prior to the effective date of Topic 842, the Company elected to apply the package of practical expedients. Based on this guidance the Company did not reassess the following: (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; and (3) initial direct costs for any existing leases. The adoption of Topic 842 did not have a material impact on the Company’s consolidated statements of operations and comprehensive income (loss).

 

Principles of Consolidation-The accompanying unaudited condensed financial statements include the financial statements of PONY GROUP INC and its subsidiaries. All inter-company balances and transactions have been eliminated upon consolidation.

 

Company  Date of
establishment		  Place of
establishment		  Percentage of
legal
ownership by
PONY		   Principal activities
Subsidiaries:             
Pony HK  April 28, 2016  Hong Kong, PRC   100%  Car services
               
Universe Travel  February 2, 2019  Mainland, PRC   100%  Car services and Technological development and operation service

 

Cash and Cash Equivalents – For purpose of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of 90 days or less to be cash equivalents. There is no cash equivalent as of June 30, 2024 and December 31, 2023.

 

Accounts Receivable – The customers are required to make payments when they book the services, otherwise, the services will not be arranged. Sometimes, the Company extends credit to its group clients.

 

5

 

 

As of June 30, 2024 and December 31, 2023, accounts receivable were $16,697 and $20,224, respectively. The Company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary.

 

The Company had two major customers for the six months ended June 30, 2024: XAARPLC (Shenzhen) Technology. , Ltd accounted for 33,89% of the total revenue and MILES LIMITED accounted for 19.46% of the total revenue.

 

The Company had four major customers for the six months ended June 30, 2023: Shenzhen Eryuechuer Culture & Technology., Ltd, accounted for 24.88% of the total revenue. Shenzhen Shangjia Electronic Technology., Ltd and Shenzhen Zhongke Hengjin each accounted separately for 10.73% of the revenue and in the aggregate 41.46% of the revenue. Hong Kong Financial Services Institute accounted 11.21% of the total revenue.

 

The Company determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collections. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. The provision is recorded against accounts receivable balances, with a corresponding charge recorded in the consolidated statements of operations and comprehensive income (loss). Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.

 

Revenue Recognition – The Company recognizes revenue in accordance with ASC 606. The core principle of ASC606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes: (1) identifying contracts with customers, (2) identifying performance obligations within those contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) recognizing revenue when or as each performance obligation is satisfied. Our sales arrangements generally ask customers to pay in advance before any services can be arranged. The company recognizes revenue when each performance obligation is satisfied. Documents and terms and the completion of any customer acceptance requirements, when applicable, are used to verify services rendered. The Company has no returns or sales discounts and allowances because services rendered and accepted by customers are normally not returnable. 

 

Car service

 

The Company currently provides car services to individual and group travelers. It currently offers carpooling, airport pick-up and drop-off, and personal driver services for travelers between Guangdong Province and Hong Kong. It collaborates with car fleet companies and charges a service fee by matching the traveler and the driver. Redefining the user experience, the Company aims to provide its users with comprehensive and convenient service offerings and to become a one-stop travel booking resource for travelers. When the traveler selects and initiates a car service request, an estimated service fee is displayed and the traveler can further decide whether to place the service request or not. Once the traveler places the ride service request and the Company accepts the service request, a car service agreement is entered into between the traveler and the Company. Upon completion of the car services, the Company recognizes ride hailing services revenues on a gross basis.

 

Technological development and operation service

 

Revenues from technological development service, including information technology system design and cloud platform development, are recognized monthly by a fixed amount based on the contract.

 

From time to time, the Company enters into arrangements to provide technological support and maintenance service applications to its customers. The Company’s efforts are expended evenly throughout the service period. The revenues for the technological support and maintenance services are recognized over the support and maintenance services period, usually from 3 months to one year. The Company’s contracts have a single performance obligation and are primarily on a fixed-price basis. There were no significant returns, refund and other similar obligations during each reporting period.

 

6

 

 

Cost of revenue – For car services, cost of revenue, which is directly related to revenue generating transactions, primarily consists of driver earnings and driver incentives. For technological development and operation service, cost of revenue includes the salaries of the development department and the service fee paid to third party.

 

Income Taxes – Income tax expense represents current tax expense. The income tax payable represents the amounts expected to be paid to the taxation authority. Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profit for the period.

 

Value added tax (“VAT”) – Sales revenue derived from the invoiced car service and technological development and operation service is subject to VAT. Prior to that, due to the fact that Universe Travel was a small and micro enterprise, the Company was subject to a fixed rate of business tax of 3%.

 

Foreign Currency Translation – Pony HK’s functional currency is the Hong Kong Dollar (HK$) and Universe Travel’s functional currency is the Renminbi (RMB). The reporting currency is that of the US Dollar. Assets, liabilities and equity amounts are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the year.

 

The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows:

 

June 30, 2024      
Balance sheet  HK$7.81 to US $1.00  RMB 7.27 to US $1.00
Statement of operation and other comprehensive income  HK$7.82 to US $1.00  RMB 7.24 to US $1.00
December 31, 2023      
Balance sheet  HK$7.81 to US $1.00  RMB 7.09 to US $1.00
June 30, 2023      
Statement of operation and other comprehensive income  HK$7.84 to US $1.00  RMB 6.93 to US $1.00

 

Recent accounting pronouncements

 

The Company does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed financial position, statements of operations and cash flows.

 

NOTE 2 - GOING CONCERN

 

The Company had operating losses of $84,594 and $102,409 during the six months ended June 30, 2024 and 2023, respectively.

 

The Company has accumulated deficit of $809,014 and working capital deficit of $595,103 as of June 30, 2024. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing, as may be required.

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

  

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company’s products, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party (ies) when needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.

  

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

 

7

 

 

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Wenxian Fan is the founder of our Company and has been serving as our Chairman of the Board of Directors, Chief Executive Officer and Chief Financial Officer since its inception. Wenxian Fan loaned working capital to Pony HK and Universe Travel with no interest and paid on behalf of the company for certain subcontracted services and employee salaries.

 

The Company has the following payables to Ms. Wenxian Fan:

 

   June 30,
2024		   December 31,
2023		 
To Wenxian Fan  $575,812   $503,543 
Total due to related parties  $575,812   $503,543 

 

Universe Travel entered into a Lease Agreement with Shenzhen Yilutong Technology Co. Ltd (founded by Ms. Wenxian Fan in December 2015.), pursuant to which the Company rented a portion at Engineer Experiment Building, A202, 7 Gaoxin South Avenue, Nanshan District, Shenzhen, Guangdong Province, China, encompassing approximately 205 square meters of space for a monthly rent of RMB 10,000 (approximately $1,376). For details please refer to NOTE 6 - LEASES.

 

NOTE 4 - MAJOR SUPPLIERS AND CUSTOMERS

 

The Company purchased majority of its subcontracted services from four major suppliers: Shenzhen Yuegang Liantong Car Service., Ltd, Changying Business Limited, Shenzhen Zhuorui Car Service., Ltd, Shenzhen Wanjin Yuegang Car Service., Ltd, and, representing 29.63%, 25.42%, 23.82% and 14.20% of the cost, respectively for the six months ended June 30, 2024.

 

The Company purchased a majority of its subcontracted services from Changying Business Limited during the six months ended June 30, 2023 which accounted for 23.89% of the cost. 

 

The Company had two major customers for the six months ended June 30, 2024: XAARPLC (Shenzhen) Technology. ,Ltd and MILES LIMITED which accounted for respectively for 33,89% and 19.46% of gross revenue.

 

The Company had four major customers for the six months ended June 30, 2023: Shenzhen Eryuechuer Culture & Technology., Ltd, accounted for 24.88% of gross revenue. Shenzhen Shangjia Electronic Technology., Ltd and Shenzhen Zhongke Hengjin each accounted separately for 10.73% of gross revenue and in the aggregate 41.46% of the revenue. Hong Kong Financial Services Institute accounted 11.21% of gross revenue.

 

NOTE 5 - COMMON STOCK

 

As of June 30, 2024 and December 31, 2023, there were 11,500,000 shares of common stock, par value $0.001 per share, of the registrant issued and outstanding. 

 

8

 

 

NOTE 6 - LEASES

 

On March 31, 2022, the Company adopted ASU 2016-02, Leases (ASC Topic 842). For all leases that were entered into prior to the effective date of Topic 842, the Company elected to apply the package of practical expedients. The Company leases office space under non-cancelable operating leases, with terms typically ranging from one to four years. The Company determines whether an arrangement is or includes an embedded lease at contract inception.

 

Operating lease assets and lease liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term.

 

On March 1, 2022, Universe Travel entered into a Lease Agreement with Shenzhen Yilutong Technology Co. Ltd (founded by Ms. Wenxian Fan in December 2015.), pursuant to which the Company rented a portion at Engineer Experiment Building, A202, 7 Gaoxin South Avenue, Nanshan District, Shenzhen, Guangdong Province, China, encompassing approximately 205 square meters of space for a monthly rent of RMB 10,000 (approximately $1,391). The lease term was from March 1, 2022 to March 31, 2023. On April 1, 2023, the Company renewed such lease contract and the term was from April 1, 2023 to March 31, 2024. On April 1, 2024, the Company renewed the Lease Agreement with Shenzhen Yilutong Technology Co. Ltd with a one-year term beginning on April 1, 2024 and terminating on March 31, 2025.

 

NOTE 7 - COMMITMENTS AND CONTINGENCIES

 

Legal proceedings

 

From time to time, we may in the future become a party to various legal or administrative proceedings arising in the ordinary course of our business, including actions with respect to intellectual property infringement, violation of third-party licenses or other rights, breach of contract and labor and employment claims. We are currently not a party to, and we are not aware of any threat of, any legal or administrative proceedings that, in the opinion of our management, are likely to have any material and adverse effect on our business, financial condition, cash-flow or results of operations.

 

NOTE 8 - SUBSEQUENT EVENTS

 

 Management has evaluated subsequent events through August 14, 2024, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of June 30, 2024 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”

 

9

 

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

The following discussion and analysis of our results of operations and financial condition should be read together with our consolidated financial statements and the notes thereto and other financial information, which are included elsewhere in this Report. Our financial statements have been prepared in accordance with U.S. GAAP. In addition, our financial statements and the financial information included in this Report reflect our organizational transactions and have been prepared as if our current corporate structure had been in place throughout the relevant periods.

 

Overview

 

We were incorporated in the State of Delaware on January 7, 2019. We are a travel service provider. We currently provide car services to individual and group travelers. We currently offer carpooling, airport pick-up and drop-off, and personal driver services for travelers between Guangdong Province and Hong Kong. We collaborate with car fleet companies and charge a service fee by matching the traveler and the driver. We officially launched our online service through our “Let’s Go” mobile application in December 2019 to provide multi-language services to international travelers coming to visit China. Redefining the user experience, we aim to provide our users with comprehensive and convenient service offerings and become a one-stop travel booking resource for travelers. While network scale is important, we recognize that transportation happens locally. We currently operate in two markets – Guangdong Province and Hong Kong and plan to expand our offering in more oversea markets.

 

Plan of Operations

 

In January 2019, we started our Research and Development (“R&D”) project mobile Lets Go App (“App”) designed to have multi-language interface to attract users from around the world, focusing on providing one-stop travel services to foreigners traveling in China, for both leisure and business.

 

In April 2019, we rolled out basic version which supports carpooling, car rental, airport pick-up and/or drop-off, etc., ready for download at Apple App store; the basic version has an interface in Chinese language only. In May 2019, we rolled out the second version which has an enhanced interface in both Chinese and English language which supports payment through PayPal. By the end of 2019, we rolled out third version of the App which has multi-language interface to attract users from all-over the world. In January 2020, we officially launched the App.

 

We intend to attract users from outside of China to use our App and expand our offerings on the App to serve as a one-stop shop to book tickets, reserve hotels, rent a car and hire English speaking drivers.

 

Our goal is to grow to an international player in the travel service market. To accomplish such goal, we will cooperate with other businesses which have capital, marketing and technology resources or products. We expect to recruit more workforce and talents, and develop new technologies and products.

 

Results of Operations

 

For the three and six months ended June 30, 2024 compared to June 30, 2023

 

Revenue

 

For the three months ended June 30, 2024 and 2023, revenues were $24,268 and $47,228, respectively, with a decrease of $22,960 over the same period in 2023. The decrease was due to Universe Travel providing technology development services to Shenzhen Eryuechuer Culture & Technology., Ltd in the amount of $25,717 during the three month ended June 30, 2023. There was no technology development service provided for the same period ended 2024, thus revenue decreased in such quarter.

 

For the six months ended June 30, 2024 and 2023, revenues were $36,153 and $103,394 respectively, with a decrease of $67,241 over the same period in 2023. The decrease in revenue was mainly due to the Company not providing technology development service to the Company’s clients for the six months ended June 30, 2024. From January to June 2023, Universe Travel provided technology development services to three major clients, Shenzhen Eryuechuer Culture & Technology., Ltd, Shenzhen Shangjia Electronic Technology., Ltd and Shenzhen Zhongke Hengjin Technology Co., Ltd, which generated $63,603 revenue for the Company during the six month ended June 30, 2023. As a result, the Company’s revenue decreased compared with the same period last year.

 

10

 

 

Cost of Revenue

 

Cost of Revenue for the three months ended June 30, 2024 and 2023 were $13,313 and $20,867, respectively, with a decrease of $7,554 over the same period in 2023. The decrease was mainly due to the decrease of revenue, thus the cost of revenue also decreased accordingly.

 

Cost of Revenue for the six months ended June 30, 2024 and 2023 were $21,081 and $45,471, respectively, with a decrease of $24,390 over the same period in 2023. The decrease was mainly due to the decrease of revenue, thus the cost of revenue also decreased accordingly.

 

Gross Profit

 

Gross profits were $10,955 and $26,361 for the three months ended June 30, 2024 and 2023. The gross profit margin as a percentage of sales were 45.1% and 55.8% for the three months ended June 30, 2024 and 2023, respectively. Since our employees could provide application development services without additional marginal cost, technology development services have a higher gross profit margin than the other services we provide. The decrease of gross profit margin for the three months ended June 30, 2024 compared to the same period of 2023 was due to the fact that technology development services accounted for lower proportion of revenue for the three months ended June 30, 2024.

 

Gross profits were $15,072 and $57,923 for the six months ended June 30, 2024 and 2023, respectively. The gross profit margin as a percentage of sales for the six months ending June 30, 2024 and 2023 were 41.7% and 56.0%, respectively. The decrease of gross profit margin for the six months ended June 30, 2024 compared to the same period of 2023 was due to the fact that technology development services accounted for lower proportion of revenue for the six months ended June 30, 2024.

 

Operating Expenses

 

Operating expenses for the three months ended June 30, 2024 and 2023 were $38,868 and $71,874, respectively, for a decrease of $33,006. The decrease of operating expenses was mainly due to decrease of service fees paid for other consulting services as compared to the prior period.

 

Operating expenses for the six months ended June 30, 2024 and 2023 were $99,596 and $160,409, respectively, a decrease of $60,813 from the same period in 2023. The decrease of operating expenses was mainly due to decrease of service fees paid for other consulting services as compared to the prior period.

 

Other (Expense)Income

 

Other income consists of interest income and exchange gain (loss) for the three months ended June 30, 2024 and 2023, the net other expense was $80 compared to net other income $156 for the same period last year. This was mainly due to the change of exchange rate and the increase of average cash balances.

 

For the six months ended June 30, 2024 and 2023, the net other expense was $70 when it was a net other income of $77 in the same period last year. This was mainly due to the change of exchange rate and the increase of average cash balances.

 

Liquidity and Capital Resources

 

We have suffered recurring losses from operations and have an accumulated deficit of $809,014 as of June 30, 2024. We had a cash balance of $9,981 and negative working capital of $595,103 as of June 30, 2024. The Company has incurred losses of $84,594 for the six months ended June 30, 2024. Our financial statements have been prepared assuming we will continue as a going concern; however, the above condition raises substantial doubt about our ability to do so. The Company has not continually generated significant gross profits. Unless our operations generate a significant increase in gross profit and cash flows from operating activities, our continued operations will depend on whether we are able to raise additional funds through various sources, such as equity and debt financing, other collaborative agreements and/or strategic alliances. Our management is actively engaged in seeking additional capital to fund our operations in the short to medium term. Such additional funds may not become available on acceptable terms and there can be no assurance that any additional funding that we do obtain will be sufficient to meet our needs in the long term.

  

Net cash used in operating activities for the six months ended June 30, 2024, amounted to $86,487, compared to $86,353 net cash used in operating activities for the six months ended June 30, 2023.

 

Net cash provided by financing activities for the six months ended June 30, 2024, amounted to $72,269, compared to net cash provided by financing activities of $53,090 in the same period of 2023. The net cash provided by financing activities were from shareholders who paid certain expenses on behalf of the Company.

 

11

 

 

Going Concern

 

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

 

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company’s services, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party(ies) when needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans. The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.

 

Critical Accounting Policies

 

The discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. We continually evaluate our estimates, including those related to bad debts, the useful life of property and equipment and intangible assets, and the valuation of equity transactions. We base our estimates on historical experience and on various other assumptions that we believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Any future changes to these estimates and assumptions could cause a material change to our reported amounts of revenues, expenses, assets and liabilities. Actual results may differ from these estimates under different assumptions or conditions.

 

See Note 1 to our unaudited condensed consolidated financial statements for a discussion of our significant accounting policies.

 

Off-Balance Sheet Arrangements

 

As of June 30, 2024, we did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

As a smaller reporting company, we are not required to make disclosures under this item.

 

Item 4. Controls and Procedures  

 

Evaluation of Disclosure Controls and Procedures

 

Our management, with the participation and supervision of our Chief Executive Officer and our Chief Financial Officer, conducted an evaluation of the effectiveness of our disclosure controls and procedures, as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial and accounting officer have concluded that as of June 30, 2024, our disclosure controls and procedures were effective.

 

Changes in Internal Control over Financial Reporting

 

There have been no changes in our internal control over financial reporting during the year ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

12

 

 

PART II — OTHER INFORMATION

 

Item 1. Legal Proceedings. 

 

None. 

 

Item 1A. Risk Factors 

 

There have been no material changes in our risk factors from those disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

 

Not applicable

 

Item 3. Defaults Upon Senior Securities. 

 

None.

 

Item 4. Mine Safety Disclosures 

 

Not applicable

 

Item 5. Other Information. 

 

Not applicable

 

Item 6. Exhibits

 

The following exhibits are filed as part of, or incorporated by reference into, this Quarterly Report on Form 10-Q.

 

No.   Description of Exhibit
31.1*   Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Securities Exchange Act Rules 13a-14(a), as adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1*   Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS*   Inline XBRL Instance Document.
101.SCH*   Inline XBRL Taxonomy Extension Schema Document.
101.CAL*   Inline XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF*   Inline XBRL Taxonomy Extension Definition Linkbase Document.
101.LAB*   Inline XBRL Taxonomy Extension Label Linkbase Document.
101.PRE*   Inline XBRL Taxonomy Extension Presentation Linkbase Document.
104*   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

 

*Filed herewith.

 

13

 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  PONY GROUP INC.
     
Date: August 14, 2024 By: /s/ Wenxian Fan
  Name:  Wenxian Fan
  Title: Chief Executive Officer
(Principal Executive Officer) and
Chief Financial Officer
(Principal Financial Officer)

 

 

14

 

 

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Exhibit 31.1

 

CERTIFICATION

 

I, Wenxian Fan, Chief Executive Officer of Pony Group Inc., certify that:

 

  1. I have reviewed this quarterly report on Form 10-Q of Pony Group Inc.;

 

  2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

  3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

  4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

  a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

  b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

  c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

  d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

  5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and audit committee:

 

  a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

 

  b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: August 14, 2024 /s/Wenxian Fan
  Wenxian Fan
  Chief Executive Officer
(Principal Executive Officer and
Chief Financial Officer)
(Principal Financial Officer)

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

 AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of Pony Group Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Wenxian Fan, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

 

  1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

 

  2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

 

 Date:  August 14, 2024 /s/Wenxian Fan
  Wenxian Fan
  Chief Executive Officer
(Principal Executive Officer and
Chief Financial Officer)
(Principal Financial Officer)

 

 

 

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Entity Central Index Key 0001784058  
Entity File Number 333-234358  
Entity Tax Identification Number 83-3532241  
Entity Incorporation, State or Country Code DE  
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Entity Address, Country CN  
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Jun. 30, 2024
Dec. 31, 2023
Current assets    
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Accounts receivable 16,697 20,224
Other receivables 409 260
Total current assets 27,087 37,062
Total assets 27,087 37,062
Current liabilities    
Accounts payable 1,506
Other liabilities 44,872 51,649
Total current liabilities 622,190 555,192
Total liabilities 622,190 555,192
Stockholders’ Equity    
Common stock, $0.001 par value, 70,000,000 shares authorized, 11,500,000 shares issued and outstanding as of June 30, 2024 and December 31, 2023 11,500 11,500
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Accumulated deficit (809,014) (724,420)
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Current liabilities    
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Dec. 31, 2023
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 3 Months Ended 6 Months Ended
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Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
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Operating expenses        
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Loss from operation (27,913) (45,513) (84,524) (102,486)
Other (expense) income        
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Total other (expense) income (80) 156 (70) 77
Loss before income taxes (27,993) (45,357) (84,594) (102,409)
Provision for income tax
Net Loss (27,993) (45,357) (84,594) (102,409)
Other Comprehensive Income 1,457 16,037 7,621 15,138
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 3 Months Ended 6 Months Ended
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Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
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Consolidated Statement of Change in Stockholders’ Equity (Unaudited) - USD ($)
Common stock
Additional Paid-In Capital
Accumulated Other Comprehensive Income (Loss)
Accumulated Deficit
Total
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Balance (in Shares) at Dec. 31, 2022 11,500,000        
Cumulative Foreign currency translation adjustment (899) (899)
Net Loss (57,052) (57,052)
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Balance (in Shares) at Mar. 31, 2023 11,500,000        
Balance at Dec. 31, 2022 $ 11,500 176,000 6,360 (549,404) (355,544)
Balance (in Shares) at Dec. 31, 2022 11,500,000        
Net Loss         (102,409)
Balance at Jun. 30, 2023 $ 11,500 176,000 21,498 (651,813) (442,815)
Balance (in Shares) at Jun. 30, 2023 11,500,000        
Balance at Mar. 31, 2023 $ 11,500 176,000 5,461 (606,456) (413,495)
Balance (in Shares) at Mar. 31, 2023 11,500,000        
Cumulative Foreign currency translation adjustment 16,037 16,037
Net Loss (45,357) (45,357)
Balance at Jun. 30, 2023 $ 11,500 176,000 21,498 (651,813) (442,815)
Balance (in Shares) at Jun. 30, 2023 11,500,000        
Balance at Dec. 31, 2023 $ 11,500 176,000 18,790 (724,420) $ (518,130)
Balance (in Shares) at Dec. 31, 2023 11,500,000       11,500,000
Cumulative Foreign currency translation adjustment 6,164 $ 6,164
Net Loss (56,601) (56,601)
Balance at Mar. 31, 2024 $ 11,500 176,000 24,954 (781,021) (568,567)
Balance (in Shares) at Mar. 31, 2024 11,500,000        
Balance at Dec. 31, 2023 $ 11,500 176,000 18,790 (724,420) $ (518,130)
Balance (in Shares) at Dec. 31, 2023 11,500,000       11,500,000
Net Loss         $ (84,594)
Balance at Jun. 30, 2024 $ 11,500 176,000 26,411 (809,014) $ (595,103)
Balance (in Shares) at Jun. 30, 2024 11,500,000       11,500,000
Balance at Mar. 31, 2024 $ 11,500 176,000 24,954 (781,021) $ (568,567)
Balance (in Shares) at Mar. 31, 2024 11,500,000        
Cumulative Foreign currency translation adjustment 1,457 1,457
Net Loss (27,993) (27,993)
Balance at Jun. 30, 2024 $ 11,500 $ 176,000 $ 26,411 $ (809,014) $ (595,103)
Balance (in Shares) at Jun. 30, 2024 11,500,000       11,500,000
v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flow from operating activities:    
Net Loss $ (84,594) $ (102,409)
Changes in operating assets and liabilities:    
Accounts receivable 3,527 1,998
Other receivable (149) (16,533)
Accounts payable 1,506 436
Other liabilities (6,777) 30,155
Cash used in operating activities (86,487) (86,353)
Cash flow from financing activities:    
Advance from related party 72,269 53,090
Cash provided by financing activities 72,269 53,090
Effects of currency translation on cash 7,621 15,138
Net decrease in cash (6,597) (18,125)
Cash at beginning of the period 16,578 49,803
Cash at end of period $ 9,981 $ 31,678
v3.24.2.u1
Organization and Principal Activities
 6 Months Ended
Jun. 30, 2024
Organization and Principal Activities [Abstract]  
ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 - ORGANIZATION AND PRINCIPAL ACTIVITIES

 

Organization and Operations

 

PONY GROUP INC, (the “Company” or “PONY”) was incorporated on Jan 7, 2019 in the state of Delaware.

 

On March 7, 2019, the Company entered into and a stock purchase agreement with Wenxian Fan, the sole owner of PONY LIMOUSINE SERVICES LIMITED (“Pony HK”), a limited liability company formed under the laws of Hong Kong on April 28, 2016, to acquire 100% equity ownership of Pony HK. Pony HK provides cross boarder limousine services to its customers and dedicated to developing applications based on Wechat platform. As a result, Pony HK has become the Company’s wholly owned subsidiary.

 

On February 2, 2019, Universe Travel Culture & Technology Ltd. (“Universe Travel”) was incorporated as a wholly-owned PRC subsidiary of Pony HK.
v3.24.2.u1
Basis of Presentation and Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - Basis of presentation and summary of significant accounting policies

 

Basis of Accounting and Presentation - The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

 

Use of Estimates - The preparation of the accompanying unaudited condensed financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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.

 

Leases- On March 31, 2022, the Company adopted ASU 2016-02, Leases (Topic 842). For all leases that were entered into prior to the effective date of Topic 842, the Company elected to apply the package of practical expedients. Based on this guidance the Company did not reassess the following: (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; and (3) initial direct costs for any existing leases. The adoption of Topic 842 did not have a material impact on the Company’s consolidated statements of operations and comprehensive income (loss).

 

Principles of Consolidation-The accompanying unaudited condensed financial statements include the financial statements of PONY GROUP INC and its subsidiaries. All inter-company balances and transactions have been eliminated upon consolidation.

 

Company  Date of
establishment		  Place of
establishment		  Percentage of
legal
ownership by
PONY		   Principal activities
Subsidiaries:             
Pony HK  April 28, 2016  Hong Kong, PRC   100%  Car services
               
Universe Travel  February 2, 2019  Mainland, PRC   100%  Car services and Technological development and operation service

 

Cash and Cash Equivalents – For purpose of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of 90 days or less to be cash equivalents. There is no cash equivalent as of June 30, 2024 and December 31, 2023.

 

Accounts Receivable – The customers are required to make payments when they book the services, otherwise, the services will not be arranged. Sometimes, the Company extends credit to its group clients.

 

As of June 30, 2024 and December 31, 2023, accounts receivable were $16,697 and $20,224, respectively. The Company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary.

 

The Company had two major customers for the six months ended June 30, 2024: XAARPLC (Shenzhen) Technology. , Ltd accounted for 33,89% of the total revenue and MILES LIMITED accounted for 19.46% of the total revenue.

 

The Company had four major customers for the six months ended June 30, 2023: Shenzhen Eryuechuer Culture & Technology., Ltd, accounted for 24.88% of the total revenue. Shenzhen Shangjia Electronic Technology., Ltd and Shenzhen Zhongke Hengjin each accounted separately for 10.73% of the revenue and in the aggregate 41.46% of the revenue. Hong Kong Financial Services Institute accounted 11.21% of the total revenue.

 

The Company determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collections. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. The provision is recorded against accounts receivable balances, with a corresponding charge recorded in the consolidated statements of operations and comprehensive income (loss). Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.

 

Revenue Recognition – The Company recognizes revenue in accordance with ASC 606. The core principle of ASC606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes: (1) identifying contracts with customers, (2) identifying performance obligations within those contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) recognizing revenue when or as each performance obligation is satisfied. Our sales arrangements generally ask customers to pay in advance before any services can be arranged. The company recognizes revenue when each performance obligation is satisfied. Documents and terms and the completion of any customer acceptance requirements, when applicable, are used to verify services rendered. The Company has no returns or sales discounts and allowances because services rendered and accepted by customers are normally not returnable. 

 

Car service

 

The Company currently provides car services to individual and group travelers. It currently offers carpooling, airport pick-up and drop-off, and personal driver services for travelers between Guangdong Province and Hong Kong. It collaborates with car fleet companies and charges a service fee by matching the traveler and the driver. Redefining the user experience, the Company aims to provide its users with comprehensive and convenient service offerings and to become a one-stop travel booking resource for travelers. When the traveler selects and initiates a car service request, an estimated service fee is displayed and the traveler can further decide whether to place the service request or not. Once the traveler places the ride service request and the Company accepts the service request, a car service agreement is entered into between the traveler and the Company. Upon completion of the car services, the Company recognizes ride hailing services revenues on a gross basis.

 

Technological development and operation service

 

Revenues from technological development service, including information technology system design and cloud platform development, are recognized monthly by a fixed amount based on the contract.

 

From time to time, the Company enters into arrangements to provide technological support and maintenance service applications to its customers. The Company’s efforts are expended evenly throughout the service period. The revenues for the technological support and maintenance services are recognized over the support and maintenance services period, usually from 3 months to one year. The Company’s contracts have a single performance obligation and are primarily on a fixed-price basis. There were no significant returns, refund and other similar obligations during each reporting period.

 

Cost of revenue – For car services, cost of revenue, which is directly related to revenue generating transactions, primarily consists of driver earnings and driver incentives. For technological development and operation service, cost of revenue includes the salaries of the development department and the service fee paid to third party.

 

Income Taxes – Income tax expense represents current tax expense. The income tax payable represents the amounts expected to be paid to the taxation authority. Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profit for the period.

 

Value added tax (“VAT”) – Sales revenue derived from the invoiced car service and technological development and operation service is subject to VAT. Prior to that, due to the fact that Universe Travel was a small and micro enterprise, the Company was subject to a fixed rate of business tax of 3%.

 

Foreign Currency Translation – Pony HK’s functional currency is the Hong Kong Dollar (HK$) and Universe Travel’s functional currency is the Renminbi (RMB). The reporting currency is that of the US Dollar. Assets, liabilities and equity amounts are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the year.

 

The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows:

 

June 30, 2024      
Balance sheet  HK$7.81 to US $1.00  RMB 7.27 to US $1.00
Statement of operation and other comprehensive income  HK$7.82 to US $1.00  RMB 7.24 to US $1.00
December 31, 2023      
Balance sheet  HK$7.81 to US $1.00  RMB 7.09 to US $1.00
June 30, 2023      
Statement of operation and other comprehensive income  HK$7.84 to US $1.00  RMB 6.93 to US $1.00

 

Recent accounting pronouncements

 

The Company does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed financial position, statements of operations and cash flows.
v3.24.2.u1
Going Concern
 6 Months Ended
Jun. 30, 2024
Going Concern [Abstract]  
GOING CONCERN

NOTE 2 - GOING CONCERN

 

The Company had operating losses of $84,594 and $102,409 during the six months ended June 30, 2024 and 2023, respectively.

 

The Company has accumulated deficit of $809,014 and working capital deficit of $595,103 as of June 30, 2024. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations to meet its obligations and/or obtain additional financing, as may be required.

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern; however, the above condition raises substantial doubt about the Company’s ability to do so. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result should the Company be unable to continue as a going concern.

  

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plans to obtain such resources for the Company include (1) obtaining capital from the sale of its equity securities, (2) sales of the Company’s products, (3) short-term and long-term borrowings from banks, and (4) short-term borrowings from stockholders or other related party (ies) when needed. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.

  

The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually to secure other sources of financing and attain profitable operations.
v3.24.2.u1
Related Party Transactions
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS

NOTE 3 - RELATED PARTY TRANSACTIONS

 

Wenxian Fan is the founder of our Company and has been serving as our Chairman of the Board of Directors, Chief Executive Officer and Chief Financial Officer since its inception. Wenxian Fan loaned working capital to Pony HK and Universe Travel with no interest and paid on behalf of the company for certain subcontracted services and employee salaries.

 

The Company has the following payables to Ms. Wenxian Fan:

 

   June 30,
2024		   December 31,
2023		 
To Wenxian Fan  $575,812   $503,543 
Total due to related parties  $575,812   $503,543 

 

Universe Travel entered into a Lease Agreement with Shenzhen Yilutong Technology Co. Ltd (founded by Ms. Wenxian Fan in December 2015.), pursuant to which the Company rented a portion at Engineer Experiment Building, A202, 7 Gaoxin South Avenue, Nanshan District, Shenzhen, Guangdong Province, China, encompassing approximately 205 square meters of space for a monthly rent of RMB 10,000 (approximately $1,376). For details please refer to NOTE 6 - LEASES.
v3.24.2.u1
Major Suppliers and Customers
 6 Months Ended
Jun. 30, 2024
Major Suppliers and Customers [Abstract]  
MAJOR SUPPLIERS AND CUSTOMERS

NOTE 4 - MAJOR SUPPLIERS AND CUSTOMERS

 

The Company purchased majority of its subcontracted services from four major suppliers: Shenzhen Yuegang Liantong Car Service., Ltd, Changying Business Limited, Shenzhen Zhuorui Car Service., Ltd, Shenzhen Wanjin Yuegang Car Service., Ltd, and, representing 29.63%, 25.42%, 23.82% and 14.20% of the cost, respectively for the six months ended June 30, 2024.

 

The Company purchased a majority of its subcontracted services from Changying Business Limited during the six months ended June 30, 2023 which accounted for 23.89% of the cost. 

 

The Company had two major customers for the six months ended June 30, 2024: XAARPLC (Shenzhen) Technology. ,Ltd and MILES LIMITED which accounted for respectively for 33,89% and 19.46% of gross revenue.

 

The Company had four major customers for the six months ended June 30, 2023: Shenzhen Eryuechuer Culture & Technology., Ltd, accounted for 24.88% of gross revenue. Shenzhen Shangjia Electronic Technology., Ltd and Shenzhen Zhongke Hengjin each accounted separately for 10.73% of gross revenue and in the aggregate 41.46% of the revenue. Hong Kong Financial Services Institute accounted 11.21% of gross revenue.
v3.24.2.u1
Common Stock
 6 Months Ended
Jun. 30, 2024
Common Stock [Abstract]  
COMMON STOCK

NOTE 5 - COMMON STOCK

 

As of June 30, 2024 and December 31, 2023, there were 11,500,000 shares of common stock, par value $0.001 per share, of the registrant issued and outstanding. 
v3.24.2.u1
Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
LEASES

NOTE 6 - LEASES

 

On March 31, 2022, the Company adopted ASU 2016-02, Leases (ASC Topic 842). For all leases that were entered into prior to the effective date of Topic 842, the Company elected to apply the package of practical expedients. The Company leases office space under non-cancelable operating leases, with terms typically ranging from one to four years. The Company determines whether an arrangement is or includes an embedded lease at contract inception.

 

Operating lease assets and lease liabilities are recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. Lease expense is recognized on a straight-line basis over the lease term.

 

On March 1, 2022, Universe Travel entered into a Lease Agreement with Shenzhen Yilutong Technology Co. Ltd (founded by Ms. Wenxian Fan in December 2015.), pursuant to which the Company rented a portion at Engineer Experiment Building, A202, 7 Gaoxin South Avenue, Nanshan District, Shenzhen, Guangdong Province, China, encompassing approximately 205 square meters of space for a monthly rent of RMB 10,000 (approximately $1,391). The lease term was from March 1, 2022 to March 31, 2023. On April 1, 2023, the Company renewed such lease contract and the term was from April 1, 2023 to March 31, 2024. On April 1, 2024, the Company renewed the Lease Agreement with Shenzhen Yilutong Technology Co. Ltd with a one-year term beginning on April 1, 2024 and terminating on March 31, 2025.
v3.24.2.u1
Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies [Abstract]  
COMMITMENTS AND CONTINGENCIES

NOTE 7 - COMMITMENTS AND CONTINGENCIES

 

Legal proceedings

 

From time to time, we may in the future become a party to various legal or administrative proceedings arising in the ordinary course of our business, including actions with respect to intellectual property infringement, violation of third-party licenses or other rights, breach of contract and labor and employment claims. We are currently not a party to, and we are not aware of any threat of, any legal or administrative proceedings that, in the opinion of our management, are likely to have any material and adverse effect on our business, financial condition, cash-flow or results of operations.
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 8 - SUBSEQUENT EVENTS

 

 Management has evaluated subsequent events through August 14, 2024, the date which the financial statements were available to be issued. All subsequent events requiring recognition as of June 30, 2024 have been incorporated into these financial statements and there are no subsequent events that require disclosure in accordance with FASB ASC Topic 855, “Subsequent Events.”
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure            
Net Income (Loss) $ (27,993) $ (56,601) $ (45,357) $ (57,052) $ (84,594) $ (102,409)
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Accounting Policies, by Policy (Policies)
 6 Months Ended
Jun. 30, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]  
Basis of Accounting and Presentation

Basis of Accounting and Presentation - The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Use of Estimates

Use of Estimates - The preparation of the accompanying unaudited condensed financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the 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.
Leases

Leases- On March 31, 2022, the Company adopted ASU 2016-02, Leases (Topic 842). For all leases that were entered into prior to the effective date of Topic 842, the Company elected to apply the package of practical expedients. Based on this guidance the Company did not reassess the following: (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; and (3) initial direct costs for any existing leases. The adoption of Topic 842 did not have a material impact on the Company’s consolidated statements of operations and comprehensive income (loss).
Principles of Consolidation

Principles of Consolidation-The accompanying unaudited condensed financial statements include the financial statements of PONY GROUP INC and its subsidiaries. All inter-company balances and transactions have been eliminated upon consolidation.

Company  Date of
establishment		  Place of
establishment		  Percentage of
legal
ownership by
PONY		   Principal activities
Subsidiaries:             
Pony HK  April 28, 2016  Hong Kong, PRC   100%  Car services
               
Universe Travel  February 2, 2019  Mainland, PRC   100%  Car services and Technological development and operation service
Cash and Cash Equivalents

Cash and Cash Equivalents – For purpose of the statements of cash flows, the Company considers all highly liquid debt instruments purchased with a maturity of 90 days or less to be cash equivalents. There is no cash equivalent as of June 30, 2024 and December 31, 2023.
Accounts Receivable

Accounts Receivable – The customers are required to make payments when they book the services, otherwise, the services will not be arranged. Sometimes, the Company extends credit to its group clients.

 

As of June 30, 2024 and December 31, 2023, accounts receivable were $16,697 and $20,224, respectively. The Company considers accounts receivable to be fully collectible and determined that an allowance for doubtful accounts was not necessary.

The Company had two major customers for the six months ended June 30, 2024: XAARPLC (Shenzhen) Technology. , Ltd accounted for 33,89% of the total revenue and MILES LIMITED accounted for 19.46% of the total revenue.

The Company had four major customers for the six months ended June 30, 2023: Shenzhen Eryuechuer Culture & Technology., Ltd, accounted for 24.88% of the total revenue. Shenzhen Shangjia Electronic Technology., Ltd and Shenzhen Zhongke Hengjin each accounted separately for 10.73% of the revenue and in the aggregate 41.46% of the revenue. Hong Kong Financial Services Institute accounted 11.21% of the total revenue.

The Company determines the adequacy of reserves for doubtful accounts based on individual account analysis and historical collections. The Company establishes a provision for doubtful receivables when there is objective evidence that the Company may not be able to collect amounts due. The allowance is based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. The provision is recorded against accounts receivable balances, with a corresponding charge recorded in the consolidated statements of operations and comprehensive income (loss). Actual amounts received may differ from management’s estimate of credit worthiness and the economic environment. Delinquent account balances are written-off against the allowance for doubtful accounts after management has determined that the likelihood of collection is not probable.
Revenue Recognition

Revenue Recognition – The Company recognizes revenue in accordance with ASC 606. The core principle of ASC606 is to recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASC 606 defines a five-step process to achieve this core principle, which includes: (1) identifying contracts with customers, (2) identifying performance obligations within those contracts, (3) determining the transaction price, (4) allocating the transaction price to the performance obligation in the contract, which may include an estimate of variable consideration, and (5) recognizing revenue when or as each performance obligation is satisfied. Our sales arrangements generally ask customers to pay in advance before any services can be arranged. The company recognizes revenue when each performance obligation is satisfied. Documents and terms and the completion of any customer acceptance requirements, when applicable, are used to verify services rendered. The Company has no returns or sales discounts and allowances because services rendered and accepted by customers are normally not returnable. 

Car service

The Company currently provides car services to individual and group travelers. It currently offers carpooling, airport pick-up and drop-off, and personal driver services for travelers between Guangdong Province and Hong Kong. It collaborates with car fleet companies and charges a service fee by matching the traveler and the driver. Redefining the user experience, the Company aims to provide its users with comprehensive and convenient service offerings and to become a one-stop travel booking resource for travelers. When the traveler selects and initiates a car service request, an estimated service fee is displayed and the traveler can further decide whether to place the service request or not. Once the traveler places the ride service request and the Company accepts the service request, a car service agreement is entered into between the traveler and the Company. Upon completion of the car services, the Company recognizes ride hailing services revenues on a gross basis.

Technological development and operation service

Revenues from technological development service, including information technology system design and cloud platform development, are recognized monthly by a fixed amount based on the contract.

From time to time, the Company enters into arrangements to provide technological support and maintenance service applications to its customers. The Company’s efforts are expended evenly throughout the service period. The revenues for the technological support and maintenance services are recognized over the support and maintenance services period, usually from 3 months to one year. The Company’s contracts have a single performance obligation and are primarily on a fixed-price basis. There were no significant returns, refund and other similar obligations during each reporting period.

 
Cost of revenue

Cost of revenue – For car services, cost of revenue, which is directly related to revenue generating transactions, primarily consists of driver earnings and driver incentives. For technological development and operation service, cost of revenue includes the salaries of the development department and the service fee paid to third party.
Income Taxes

Income Taxes – Income tax expense represents current tax expense. The income tax payable represents the amounts expected to be paid to the taxation authority. Hong Kong profits tax has been provided at the rate of 16.5% on the estimated assessable profit for the period.
Value added tax (“VAT”)

Value added tax (“VAT”) – Sales revenue derived from the invoiced car service and technological development and operation service is subject to VAT. Prior to that, due to the fact that Universe Travel was a small and micro enterprise, the Company was subject to a fixed rate of business tax of 3%.
Foreign Currency Translation

Foreign Currency Translation – Pony HK’s functional currency is the Hong Kong Dollar (HK$) and Universe Travel’s functional currency is the Renminbi (RMB). The reporting currency is that of the US Dollar. Assets, liabilities and equity amounts are translated at the exchange rates as of the balance sheet date. Income and expenditures are translated at the average exchange rate of the year.

The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows:

June 30, 2024      
Balance sheet  HK$7.81 to US $1.00  RMB 7.27 to US $1.00
Statement of operation and other comprehensive income  HK$7.82 to US $1.00  RMB 7.24 to US $1.00
December 31, 2023      
Balance sheet  HK$7.81 to US $1.00  RMB 7.09 to US $1.00
June 30, 2023      
Statement of operation and other comprehensive income  HK$7.84 to US $1.00  RMB 6.93 to US $1.00
Recent accounting pronouncements

Recent accounting pronouncements

The Company does not believe that any recently issued but not yet effective accounting standards, if currently adopted, would have a material effect on the unaudited condensed financial position, statements of operations and cash flows.
v3.24.2.u1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2024
Basis of Presentation and Summary of Significant Accounting Policies [Abstract]  
Schedule of Unaudited Consolidated Financial Statements Include the Financial Statements of Pony Group Inc and its Subsidiaries The accompanying unaudited condensed financial statements include the financial statements of PONY GROUP INC and its subsidiaries. All inter-company balances and transactions have been eliminated upon consolidation.
Company  Date of
establishment		  Place of
establishment		  Percentage of
legal
ownership by
PONY		   Principal activities
Subsidiaries:             
Pony HK  April 28, 2016  Hong Kong, PRC   100%  Car services
               
Universe Travel  February 2, 2019  Mainland, PRC   100%  Car services and Technological development and operation service
Schedule of Exchange Rates used to Translate Amount The exchange rates used to translate amounts in HK$ and RMB into USD for the purposes of preparing the financial statements were as follows:
June 30, 2024      
Balance sheet  HK$7.81 to US $1.00  RMB 7.27 to US $1.00
Statement of operation and other comprehensive income  HK$7.82 to US $1.00  RMB 7.24 to US $1.00
December 31, 2023      
Balance sheet  HK$7.81 to US $1.00  RMB 7.09 to US $1.00
June 30, 2023      
Statement of operation and other comprehensive income  HK$7.84 to US $1.00  RMB 6.93 to US $1.00
v3.24.2.u1
Related Party Transactions (Tables)
 6 Months Ended
Jun. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Payables The Company has the following payables to Ms. Wenxian Fan:
   June 30,
2024		   December 31,
2023		 
To Wenxian Fan  $575,812   $503,543 
Total due to related parties  $575,812   $503,543 
v3.24.2.u1
Organization and Principal Activities (Details)
 6 Months Ended
Jun. 30, 2024
Apr. 28, 2016
Delaware [Member]    
Organization and Principal Activities [Line Items]    
Incorporation date Jan. 07, 2019  
Pony Limousine Services Limited [Member]    
Organization and Principal Activities [Line Items]    
Shares percentage   100.00%
v3.24.2.u1
Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Accounts receivables (in Dollars) $ 16,697   $ 20,224
Fixed rate of business tax percentage 3.00%    
Debt [Member]      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Maturity days 90 days    
Hong Kong [Member]      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Hong Kong profits tax percentage 16.50%    
Customer Concentration Risk [Member] | Major Customer One [Member] | Revenue Benchmark [Member]      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Total revenue rate 33.89% 24.88%  
Customer Concentration Risk [Member] | Major Customer Two [Member] | Revenue Benchmark [Member]      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Total revenue rate 19.46% 10.73%  
Customer Concentration Risk [Member] | Major Customer Three [Member] | Revenue Benchmark [Member]      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Total revenue rate   41.46%  
Customer Concentration Risk [Member] | Major Customer Four [Member] | Revenue Benchmark [Member]      
Basis of Presentation and Summary of Significant Accounting Policies [Line Items]      
Total revenue rate   11.21%  
v3.24.2.u1
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Unaudited Consolidated Financial Statements Include the Financial Statements of Pony Group Inc and its Subsidiaries - Wah Fu [Member]
 6 Months Ended
Jun. 30, 2024
Pony HK [Member]  
Subsidiaries:  
Date of establishment Apr. 28, 2016
Place of establishment Hong Kong, PRC
Percentage of legal ownership by PONY 100.00%
Principal activities Car services
Universe Travel [Member]  
Subsidiaries:  
Date of establishment Feb. 02, 2019
Place of establishment Mainland, PRC
Percentage of legal ownership by PONY 100.00%
Principal activities Car services and Technological development and operation service
v3.24.2.u1
Basis of Presentation and Summary of Significant Accounting Policies (Details) - Schedule of Exchange Rates used to Translate Amount
Jun. 30, 2024
Dec. 31, 2023
Jun. 30, 2023
Balance Sheet [Member] | HK [Member]      
Schedule of Exchange Rates used to Translate Amount [Line Items]      
Foreign currency exchange rates 7.81 7.81  
Balance Sheet [Member] | RMB [Member]      
Schedule of Exchange Rates used to Translate Amount [Line Items]      
Foreign currency exchange rates 7.27 7.09  
Statement of operation and other comprehensive income [Member] | HK [Member]      
Schedule of Exchange Rates used to Translate Amount [Line Items]      
Foreign currency exchange rates 7.82   7.84
Statement of operation and other comprehensive income [Member] | RMB [Member]      
Schedule of Exchange Rates used to Translate Amount [Line Items]      
Foreign currency exchange rates 7.24   6.93
v3.24.2.u1
Going Concern (Details) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Mar. 31, 2024
Jun. 30, 2023
Mar. 31, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Going Concern [Line Items]              
Operating losses $ (27,993) $ (56,601) $ (45,357) $ (57,052) $ (84,594) $ (102,409)  
Accumulated deficit $ (809,014)       (809,014)   $ (724,420)
Working capital deficit         $ 595,103    
v3.24.2.u1
Related Party Transactions (Details)
 6 Months Ended
Mar. 01, 2022
USD ($)
m²
Mar. 01, 2022
CNY (¥)
m²
Jun. 30, 2024
USD ($)
m²
Jun. 30, 2024
CNY (¥)
m²
Related Party Transactions [Abstract]        
Space of rent 205 205 205 205
Monthly rent $ 1,391 ¥ 10,000 $ 1,376 ¥ 10,000
v3.24.2.u1
Related Party Transactions (Details) - Schedule of Related Party Payables - USD ($)
Jun. 30, 2024
Dec. 31, 2023
Wenxian Fan [Member]    
Schedule of Related Party Payables [Line Items]    
Total due to related parties $ 575,812 $ 503,543
Related Party [Member]    
Schedule of Related Party Payables [Line Items]    
Total due to related parties $ 575,812 $ 503,543
v3.24.2.u1
Major Suppliers and Customers (Details)
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier One [Member]    
Major Suppliers and Customers [Line Items]    
Business limited cost percentage 29.63%  
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Two [Member]    
Major Suppliers and Customers [Line Items]    
Business limited cost percentage 25.42%  
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Three [Member]    
Major Suppliers and Customers [Line Items]    
Business limited cost percentage 23.82%  
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Supplier Four [Member]    
Major Suppliers and Customers [Line Items]    
Business limited cost percentage 14.20%  
Supplier Concentration Risk [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Changying Business Limited [Member]    
Major Suppliers and Customers [Line Items]    
Business limited cost percentage 23.89%  
Customer Concentration Risk [Member] | Major Customer One [Member] | Revenue Benchmark [Member]    
Major Suppliers and Customers [Line Items]    
Business limited cost percentage 33.89% 24.88%
Customer Concentration Risk [Member] | Major Customer One [Member] | Revenue Benchmark [Member]    
Major Suppliers and Customers [Line Items]    
Business limited cost percentage 19.46% 10.73%
Customer Concentration Risk [Member] | Major Customers Three [Member] | Revenue Benchmark [Member]    
Major Suppliers and Customers [Line Items]    
Business limited cost percentage   41.46%
Customer Concentration Risk [Member] | Major Customers Four [Member] | Revenue Benchmark [Member]    
Major Suppliers and Customers [Line Items]    
Business limited cost percentage   11.21%
v3.24.2.u1
Common Stock (Details) - $ / shares
Jun. 30, 2024
Dec. 31, 2023
Common Stock [Abstract]    
Common stock shares issued 11,500,000 11,500,000
Common stock shares outstanding 11,500,000 11,500,000
Common stock, par value (in Dollars per share) $ 0.001 $ 0.001
v3.24.2.u1
Leases (Details)
 6 Months Ended
Mar. 01, 2022
USD ($)
m²
Mar. 01, 2022
CNY (¥)
m²
Jun. 30, 2024
USD ($)
m²
Jun. 30, 2024
CNY (¥)
m²
Mar. 31, 2022
Leases [Line Items]          
Space of rent (in Square Meters) 205 205 205 205  
Monthly rent $ 1,391 ¥ 10,000 $ 1,376 ¥ 10,000  
Minimum [Member]          
Leases [Line Items]          
Operating leases term         1 year
Maximum [Member]          
Leases [Line Items]          
Operating leases term         4 years
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