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2012-03-31
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<!--egx--><p style="MARGIN:0in 0in 9pt"><b>NOTE 1 - </b><b>DESCRIPTION OF BUSINESS AND ORGANIZATION</b></p> <p style="TEXT-INDENT:0.5in; MARGIN:0in 0in 9pt">Living 3D Holdings Ltd (“L3D”) was incorporated in the British Virgin Islands (the “BVI”) on June 23, 2008. The Company markets three-dimensional (3D) hardware display devices designed by affiliates and manufactured by third parties. Such products have application in industries where LCD monitors and LED panels are utilized, including location based entertainment, computer monitors, telecommunications, mobile phones and other hand held devices.</p> <p style="TEXT-INDENT:0.5in; MARGIN:0in 0in 9pt">L3D has the following wholly owned subsidiaries, Living 3D (Hong Kong) Ltd, 3D Capital Holdings Inc, Columbia College Hollywood International Limited and Living 3D Technology Group Limited. L3D and its subsidiaries are collectively referred to as L3D or the Company. L3D is a development stage company as defined by Statement of Financial Accounting Standard No. 7, Accounting and Reporting by Development Stage Enterprises.</p> <p style="TEXT-INDENT:0.5in; MARGIN:0in 0in 9pt">On December 8, 2011, L3D entered into a share exchange agreement (the "Share Exchange") with Living 3D Holdings, Inc. (formerly AirWare International Corp and formerly Concrete Casting Incorporated), a company incorporated in the State of Nevada on October 29, 1987. Under the Exchange Agreement Living 3D Holdings, Inc. ("Living 3D" or the “Company”) issued an aggregate of 62,590,880 shares of its common stock to the shareholders of the Company in exchange for all of the issued and outstanding securities of the Company. The Share Exchange closed on December 8, 2011. As a result of the Share Exchange, the Company became Living 3D's wholly-owned subsidiary. </p> <p style="TEXT-INDENT:0.5in; MARGIN:0in 0in 9pt">The transaction has been treated as a recapitalization of L3D and its subsidiaries, with Living 3D (the legal acquirer of L3D and its subsidiaries) considered the accounting acquiree, and L3D whose management took control of Living 3D (the legal acquiree of L3D) considered the accounting acquirer. The Company did not recognize goodwill or any intangible assets in connection with the transaction. All costs related to the transaction are being charged to operations as incurred. The 65,590,880 shares of common stock issued to the in conjunction with the Share Exchange have been presented as outstanding for all periods. The historical consolidated financial statements include the operations of the accounting acquirer for all periods presented.</p>
<!--egx--><p style="MARGIN-BOTTOM:9pt"><b>NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </b></p> <p style="TEXT-INDENT:-0.25in; MARGIN:0in 0in 9pt 0.25in; TEXT-AUTOSPACE:ideograph-numeric">A.<font style="FONT:7pt 'Times New Roman'"> </font>BASIS OF PRESENTATION</p> <p style="TEXT-INDENT:0.5in; MARGIN-BOTTOM:9pt">The consolidated financial statements are prepared in accordance with generally accepted accounting principles used in the United States of America. </p> <p style="TEXT-INDENT:0.5in; MARGIN:0in 0in 12pt">The accompanying unaudited interim financial statements of Living 3D Holdings, Inc. have been prepared in according with accounting principles generally accepted in United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s latest Annual Report filed with SEC on Form 10-k. In the option of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results of operations for the interim periods presented have been reflected herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year. Notes to the consolidated financial statements which would substantially duplicate the disclosure contained in the audited financial statements for the most recent fiscal year, 2011, as reported in Form 10-k, have been omitted.</p>
<!--egx--><p style="TEXT-ALIGN:justify; MARGIN:0in 0in 12pt"><b>NOTE 3 – GOING CONCERN</b></p> <p style="TEXT-INDENT:0.5in; MARGIN:0in 0in 12pt">The Company first generated revenue in 2010 and is still in the early stages of establishing a market for the products it sells. The Company is primarily funded by Wong Jimmy Kent Lam, the Company’s Chief Executive Officer ("CEO") and principal owner. The Company will have to raise additional capital, including through the sale of equity securities, to support its operation and expansion. </p> <p style="TEXT-ALIGN:justify; TEXT-INDENT:0.5in; MARGIN:0in 0in 12pt">These conditions and uncertainties raise substantial doubt as to the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.</p>
<!--egx--><p style="MARGIN-BOTTOM:12pt"><b>NOTE </b><b>4 </b><b>– </b><b>RELATED PARTY TRANSACTIONS</b><b> </b></p> <p style="TEXT-INDENT:0.5in; MARGIN:0in 0in 12pt">The due to related party balances at March 31, 2012 and December 31, 2011 are $184,807 and $120,418, respectively, represents advance from Wong Jimmy Kent Lam, the Company’s CEO and principal owner to support the Company’s operation. It was unsecured and non-interest bearing without terms and maturity. </p>
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