“Deliver Secrets with Trust and Verify" is the core principle on running our project. However, building trust on a company can be hard in crypto-world.
We believe honest is the best way to build trust. So, here we will disclose the audit report of Authpaper Limited from Mar 2017 to Mar 2018. The audit report from Mar 2018 to Mar 2019 is still under auditing and we will also disclose it when ready.
You may download the audit report here: https://authpaper.io/Authpaper2018AuditReport.pdf
Here are some information in the audit report.
AUTHPAPER Limited is a company incorporated in Hong Kong with limited liability. The principal activity of the Company during the year is software development.
The director of the Company during the year and up to the date of this report is:-
Li Chak Man
This being no provision in the Company’s Articles of Association, for retirement by rotation, the director continues in office.
Only 1 share is issued to Li Chak Man, the Company founder.
These financial statements were authorized for issue by the Company’s Sole Director on 20 February 2019.
Authpaper Limited incurred a net loss of HK$15,997 for the year ended 31 March 2018 and as of that date, the Company’s current liabilities exceeded its total assets by HK$32,759.
It may not sound good. But the going concern basis has been adopted on the bases that the Company will attain future profitable operation and that sole shareholder has agreed in writing that she will provide financial support to the Company when it is required and that the she has undertaken not to demand repayment of debuts due from the Company until such time when repayment will not affect the Company’s liability to repay other creditors in the normal course of business.
(The income in the next audit period, May to Dec 2018 really covered the liability.)
No director received any fees or emoluments in respect of her services rendered to the Company during the year (2017: HK$Nil).
No provision for Hong Kong profits has been made in the financial statements as the Company sustained a tax loss during the year (2017: Nil). The Company has unused tax losses of HK$29,625 which do not expire under the current tax legislation.