U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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



For the quarterly period ended September 30, 2017

OR

 ̈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: 333-134991

ZZLL INFORMATION TECHNOLOGY, INC.

(F/K/A GREEN STANDARD TECHNOLOGIES, INC.)

(Exact Name of Registrant as Specified in Its Charter)

|                                                                                    |  |                                  
|----------------------------------------------------------------------------------- |  | ---------------------------------
|Nevada                                                                              |  | 37-1847396                       
|(State of Incorporation)                                                            |  | (IRS Employer Identification No.)
|                                                                                    |  |                                  
|Unit 1504, 15/F, Carnival Commercial Building, 18 Java Road, North Point, Hong Kong |  |                                  
|(Address of Principal Executive Offices)                                            |  | (Zip Code)                       

(+852) 3705 1571

(Registrants Telephone Number, Including Country Code)

Securities registered under Section 12(b) of the Exchange Act:

None

Securities registered under Section 12(g) of the Exchange Act:

Common Stock, $0.0001 par value per share

(Title of Class)



Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities 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) been subject to such filing requirements for the past 90 days.  Yes   T  No  £



Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted 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 and post such files).  Yes x   No  ̈



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated file, non-accelerated filer, or a smaller reporting company.

|                                                                            |                                                 
|--------------------------------------------------------------------------- | ------------------------------------------------
|Large accelerated filer £
Non-accelerated filer  £
Emerging Growth filer  £ | Accelerated filed  £
Smaller reporting company T

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 x



As of November 18,  2017, the Registrant had 17,229,948 shares of common stock issued and outstanding.



1







ZZLL INFORMATION TECHNOLOGY, INC.

TABLE OF CONTENTS



PART I  FINANCIAL INFORMATIONItem 1.  Financial Statement (Unaudited)Unaudited Consolidated Balance Sheets as of September 30, 2017 and December 31, 20163Unaudited Consolidated Statements of Operations for the Three and Nine Months EndedSeptember 30, 2017 and 20164Unaudited Consolidated Statements of Stockholders Deficit and Comprehensive Incomefor the Nine Months Ended September 30, 2017 and the Year Ended December 31, 20165Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended,September 30, 2017 and 20166Notes to Unaudited Consolidated Financial Statements7Item 2.  Managements Discussion and Analysis of Financial Condition and Results of Operations20Item 3. Quantitative and Qualitative Disclosures About Market Risks24Item 4. Controls and Procedures24PART II  OTHER INFORMATIONItem 1. Legal Proceedings25Item 1A. Risk Factors25Item 2. Unregistered Sales of Equity Securities and Use of Proceeds25Item 3. Default upon Senior Securities25Item 4. Mine Safety Disclosures25Item 5. Other Information25Item 6. Exhibits25SIGNATURES26


Special Note Regarding Forward-Looking Statements

Information included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act). This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of ZZLL Information Technology, Inc. (the Company), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words may, will, should, expect, anticipate, estimate, believe, intend, or project or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason.  This Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," "ZZLL" or Icon refers to ZZLL Information Technology, Inc.



2



PART I. FINANCIAL INFORMATION



ITEM: 1 FINANCIAL STATEMENT

ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHNOLOGIES, INC.)

CONSOLIDATED BALANCE SHEETS

NotesSeptember 30, 
    2017December 31,
    2016ASSETS(Unaudited)(Audited)Current assets:Cash and cash equivalents$29,856$58,174Amount due from related party8--Amount due from NSML  Non-controlling interest6294,872320,513Prepaid expenses5,711-Other receivables2,3823,359Total current assets332,821382,046Non-current assets:Office equipment647-Total non-current assets647-TOTAL ASSETS$333,468$382,046LIABILITIES AND STOCKHOLDERS EQUITYCurrent liabilities:Note payable$75,000$75,000Amount due to related party8272,033182,494Other payables and accrued liabilities7212,274164,551Income tax payable--Total current liabilities559,307422,045TOTAL LIABILITIES$559,307$422,045Stockholders equityPreferred stock, $0.0001 par value, 10,000,000 shares authorized; none issued and outstanding$-$-Common stock, $0.005 par value, 6,000,000 shares authorized; 1,476,448 and 1,476,448 shares issued and outstanding, at September 30, 2017 and December 31, 2016 respectively7,3827,382Additional paid-in capital1,465,8261,465,826Accumulated other comprehensive (loss) income(155)-(Accumulated deficit)/ retained earnings(1,991,431)(1,827,188)TOTAL STOCKHOLDERS EQUITY(518,378)(353,980)Attributable to Non-Controlling Interest292,539313,981Attributable to The Group(225,839)(39,999)TOTAL LIABILITIES AND STOCKHOLDERS EQUITY$333,468$382,046


See accompanying notes to unaudited consolidated financial statements

2







ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHNOLOGIES, INC.)

CONSOLIDATED STATEMENTS OF OPERATIONS



|                                            |      |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|------------------------------------------- | ---- | -------------------------------- | - | -------------------------------- | - | ------------------------------------ | - | ------------------------------ | - | ---------------------------------------------- | -
|                                            | Note | Three Months Ended
Sept 30, 2017 |   | Three Months Ended
Sept 30, 2016 |   | Nine Months Ended      Sept 30, 2017 |   | Nine Months Ended
Sept 30,2016 |   | Apr 15, 2011 (Inception)
Through
Sept 30, 2017 |  
|                                            |      | $                                |   | $                                |   | $                                    |   | $                              |   | $                                              |  
|Revenue                                     |      |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|                                            |      |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|Net sales                                   |      | 1,728                            |   | -                                |   | 1,728                                |   | -                              |   | 1,728                                          |  
|Cost of sales                               |      | -                                |   | -                                |   | -                                    |   | -                              |   | -                                              |  
|                                            |      |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|Gross profit                                |      | 1,728                            |   | -                                |   | 1,728                                |   | -                              |   | 1,728                                          |  
|Administrative and other operating expenses |      | 77,446                           |   | 34,492                           |   | 189,591                              |   | 126,142                        |   | 1,284,824                                      |  
|                                            |      |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|(Loss)/Income from operations               |      | (75,718                          | ) | (34,492                          | ) | (187,863                             | ) | (126,142                       | ) | (1,283,096                                     | )
|Other non-operating income                  |      | 2,177                            |   | -                                |   | 2,177                                |   | -                              |   | 2,308                                          |  
|Interest expenses                           |      | -                                |   | -                                |   | -                                    |   | (199                           | ) | (214                                           | )
|                                            |      |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|(Loss)/Income before income taxes           |      | (73,541                          | ) | (34,492                          | ) | (185,686                             | ) | (126,341                       | ) | (1,281,002                                     | )
|                                            |      |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|Income taxes                                | 5    | -                                |   | -                                |   | -                                    |   | -                              |   | -                                              |  
|                                            |      |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|Net (Loss)/Income                           |      | (73,541                          | ) | (34,492                          | ) | (185,686                             | ) | (126,341                       | ) | (1,281,002                                     | )
|Non-controlling interest                    |      | 6,569                            |   | -                                |   | 21,443                               |   | -                              |   | 27,975                                         |  
|                                            |      | ____________                     |   | ___________                      |   | ___________                          |   | ___________                    |   | __________                                     |  
|Net Income (Loss) attributable to the Group |      | (66,972                          | ) | (34,492                          | ) | (164,243                             | ) | (126,341                       | ) | (1,253,027                                     | )
|Earnings per share of common stock          | 4    |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|- Basic                                     |      | (0.05)                           |   | (0.07)                           |   | (0.11)                               |   | (0.30)                         |   | (2.68)                                         |  
|- Diluted                                   |      | (0.05)                           |   | (0.07)                           |   | (0.11)                               |   | (0.30)                         |   | (2.68)                                         |  
|                                            |      |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|Weighted average number of common stock     | 4    |                                  |   |                                  |   |                                      |   |                                |   |                                                |  
|- Basic                                     |      | 1,476,431                        |   | 504,885                          |   | 1,476,431                            |   | 418,279                        |   | 467,156                                        |  
|- Diluted                                   |      | 1,476,431                        |   | 504,885                          |   | 1,476,431                            |   | 418,279                        |   | 467,156                                        |  



See accompanying notes to unaudited consolidated financial statements



5



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHNOLOGIES, INC.)

CONSOLIDATED STATEMENTS OF STOCKHOLDERSDEFICIT AND COMPREHENSIVE INCOME



|                         |              |   |            |   |           |   |                    |   |             |   |                 
|------------------------ | ------------ | - | ---------- | - | --------- | - | ------------------ | - | ----------- | - | ----------------
|                         |              |   |            |   |           |   |                    |   | Accumulated |   |                 
|                         | Common stock |   | Additional |   | Other     |   | deficit during the |   | Total      
|                         | Shares       |   | Amount     |   | paid-in   |   | Comprehensive      |   | development |   | stockholders'   
|                         | outstanding  |   |            |   | capital   |   | Income             |   | stage       |   | equity/(deficit)
|                         |              |   |            |   |           |   |                    |   |             |   |                 
|Balance,
Dec 31, 2015    | 374,518      | $ | 1,873      | $ | 1,195,854 | $ | ---                | $ | (1,591,451) | $ | (393,724)       
|                         |              |   |            |   |           |   |                    |   |             |   |                 
|Issuance of common stock | 1,101,930    |   | 5,509      |   | 269,972   |   | ---                |   | ---         |   | 275,481         
|                         |              |   |            |   |           |   |                    |   |             |   |                 
|Net loss                 | ---          |   | ---        |   | ---       |   | ---                |   | (235,737)   |   | (235,737)       
|                         |              |   |            |   |           |   |                    |   |             |   |                 
|Balance,
Dec 31, 2016    | 1,476,448    | $ | 7,382      | $ | 1,465,826 | $ | ---                | $ | (1,827,188) | $ | (353,980)       
|                         |              |   |            |   |           |   |                    |   |             |   |                 
|Net loss                 | ---          |   | ---        |   | ---       |   | (155)              |   | (164,243)   |   | (164,398)       
|                         |              |   |            |   |           |   |                    |   |             |   |                 
|Balance,
Sept 30, 2017   | 1,476,448    | $ | 7,382      | $ | 1,465,826 | $ | (155)              | $ | (1,991,431) | $ | (518,378)       
|                         |              |   |            |   |           |   |                    |   |             |   |                 
|                         |              |   |            |   |           |   |                    |   |             |   |                 

See accompanying notes to unaudited consolidated financial statements



6



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHNOLOGIES, INC.)

CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)(Unaudited)Nine Months Ended Sept 30,Apr 15, 2011 (inception)
    Through20172016Sept 30, 2017Cash flows used in operating activities:Net (loss) income$(164,243)$(126,341)$(1,253,027)Adjustments to reconcile net income (loss) to net cash used in operating activities:-Re-organization (reverse merger and spin-off)--(9,195)Stock based compensation--85,000Non-controlling interest(21,443)-(27,975)Changes in assets and liabilities:Prepayment(5,711)-(5,711)Other receivables977-(2,382)Other payables and accrued liabilities47,724(252,392)294,275Notes payable-75,00075,000Net cash provided by (used for) operating activities(142,696)(303,733)(844,015)Cash flows used for investing activities:Disposal of subsidiary OODI--22,942Purchase of office equipment(647)-(647)Net cash used for investing activities(647)-22,295Cash flows provided by (used for) financing activities:Proceed from Issuance of common stock-193,482636,057Amount due from NSML25,641-25,641Amounts due to / from related parties89,539203,808190,033Net cash provided by (used for) financing activities115,180397,290851,731Net increase (decrease) in cash(28,163)93,55730,011Effect of foreign currency translation(155)-(155)Cash  beginning of period58,174173-Cash  end of period$29,856$93,730$29,856Supplemental disclosures of cash flow information:Interest paid$-$-$-Income taxes$-$-$-




See accompanying notes to unaudited consolidated financial statements



7



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1.ORGANIZATION AND BASIS OF PRESENTATION



ZZLL Information Technology, Inc. (F/K/A Green Standard Technologies, Inc.) (the Company) was incorporated under the laws of the State of Nevada on September 9, 2005, under the name of JML Holdings, Inc.

On March 31, 2006, the Company consummated a merger (the Merger) with Bao Shinn International Express Limited (BSIE) by issuing 16,500,000 shares in the share exchange transaction for 100% of the issued and outstanding shares of BSIE common stock.  As a result of the share exchange transaction, BSIE became our wholly-owned subsidiary.  BSIE owns 55% of Bao Shinn Holidays Limited (BSHL).

During the year ended March 31, 2009, the Company and its subsidiaries (collectively referred to as the Group) issued 2,400,000 restricted common shares of $0.001 per share at a value of $0.3 per share with a net proceeds of approximately $624,000 and redeemed 2,500,000 restricted common shares and these shares are classified as not issued and outstanding.

Effective on October 19, 2011, each of ten (10) shares of the Companys common stock, par value $.001 per share, issued and outstanding immediately prior to the Effective Time (the Old Common Stock) shall automatically and without any action on the part of the holder thereof, be reclassified as and changed, pursuant, into one (1) share of the Companys outstanding Common Stock (the New Common Stock).

On March 4, 2013 the Company acquired all the outstanding stock of Olive Oils Direct International Inc. (OODI), a corporation formed under the laws of the State of Wyoming. In accordance with the terms of the Exchange Agreement between the parties, certain Companys shareholders (the Company Selling Shareholders) transferred 1,485,000 shares of the common stock of the Company (the Company Shares) to the shareholders of OODI (the OODI Shareholders). In return, the OODI Shareholders transferred all of the outstanding shares of common stock of OODI to the Company, and they paid $100,000.00 in cash to the Company Selling Shareholders. In addition, immediately prior to the closing of the acquisition, the Company spun off its operating subsidiary, Hong Kong Holdings, Inc., to its shareholders. OODI is now a wholly-owned subsidiary of the Company.

The transaction was accounted for as a reverse merger, since the original stockholders of the OODI own a majority of the outstanding shares of the Company stock immediately following the completion of the transaction on March 4, 2013. OODI was the legal acquiree but deemed to be the accounting acquirer, the Company was the legal acquirer but deemed to be the accounting acquiree in the reverse merger. The historical financial statements prior to the acquisition are those of the accounting acquirer (OODI). Historical stockholders equity of the acquirer prior to the merger was acquirers stockholders equity. Operations prior to the merger are those of the acquirer. After completion of the transaction, the Companys consolidated financial statements include the assets and liabilities of the Company and its subsidiaries, the operations and cash flow of the Company and its subsidiaries.

OODI is a development-stage company that plans to develop and operate a retail internet website specializing in gourmet Italian food products. These products are expected to include olive oils, pastas, vinegars and other gourmet Italian food items. In addition, in the future OODI may offer cooking items, such as utensils, cooking tools and similar products from other countries. OODI is currently developing an e-commerce website by the name of www.OliveOilsDirect.com that will sell products inventoried by OliveOilsDirect.com and other products offered by other large well-established retailers. OODI is a development stage company and is subject to compliance under ASC915-15. It is devoting its resources to establishing the new business, and its planned operations have not yet commenced; accordingly, no revenues have been earned during the period from April 15, 2011 (date of inception) to March 31, 2015.

On March 31, 2015, the Company disposed the operation unit of OODI for US$1,000 to Jet Express Trading Limited, a Hong Kong registered company.

On April 23, 2013 the Company incorporated a subsidiary company in Hong Kong under the name Syndicore Asia Limited. Syndicore Asia Limited (SAL) is an online media company that syndicates video in a cloud-based, multimedia conduit serving a growing, global community of content creators, news outlets and leading brands. Syndicore Asia Limited will be a provider of syndicated video media to news organizations in the Asia Pacific region. In addition, Syndicore Asia Limited plans to aggregate content from the Asia Pacific region and provide it to news organizations around the world.

On May 31, 2013 the Registrant completed an offering of 15,000,000 shares of its common stock. These shares were sold to a total of eighteen (18) shareholders for a total consideration of $75,000. These shares were sold on a private placement basis and the Company paid no commission in connection with such sales.



8



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1.ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED)

All sales were made outside of the United States. Securities issued by the Company did not involve any public offering of securities. Investors who purchased securities in the private placement had access to information about the Registrant which was necessary to allow them to make an informed investment decision. The Registrant has been informed that each shareholder is able to bear the economic risk of his investment they ar aware that the securities are not registered under the Securities Act. The purchasers of the securities have been notified that the securities cannot be re-offered or re-sold unless the securities are registered or are qualified for sale pursuant to an exemption from registration. Neither the Registrant nor any person acting on its behalf offered or sold the securities by means of any form of general solicitation or general advertising. All purchasers represented in writing that they acquired the securities for their own accounts and not with a view to or for resale in connection with any distribution. A legend will be placed on each of the stock certificates stating that the securities are restricted, they have not been registered under the Securities Act and they cannot be sold or otherwise transferred without an effective registration or an exemption therefrom.

On April 1, 2013, the Board of Director resolved to pay an officer for a monthly service fee of US$4,250. The fee was raised to US$10,000 per month as of October 1, 2013. The Company has an option to pay the officer by common stock in lieu of cash at a rate of $0.005 per share.  During 2013, the Company issued 1,700,000 shares on June 3, 2013; 742,500 shares on June 13, 2013; 850,000 shares on July 2, 2013; 850,000 shares on August 5, 2013 and 850,000 shares on September 6, 2013 with an aggregate of 4,992,500 shares in lieu of $24,962.50 compensation to the officer. The amounts recorded were about $85,000 at fair price per ASC 718.

On November 15, 2013 we forfeited and canceled 3,365,000 shares common stock which was subscribed by four (4) shareholders on May 31, 2013. However, they did not fulfill their payment obligation on the shares that were valued at $16,825 according to the subscription term. The Company forfeited and canceled such 3,365,000 common shares.

On December 15, 2013, the Company, through its wholly-owned subsidiary Syndicore Asia Limited, a Hong Kong Company (SAL), entered into a Distribution Agreement (the Distribution Agreement) with SendtoNews Video, Inc., a British Columbia company (STN). Under the terms of the Distribution Agreement, SAL was granted an exclusive license to use, modify, edit, reproduce, distribute, feed, store, communicate, display, and transmit STNs content in the Asia Pacific Territory (the Content). STN is the content provider for various worldwide sporting events. STN would also provide on-going assistance to SAL with regard to technical, administrative, and service-orientated issues relating to the delivery, utilization, transmission, storage and maintenance of the Content.

On January 20, 2014, the parties entered into a revised Distribution Agreement whereby STN has agreed to provide SAL transferrable rights for the use, reproduction, storage, display, and transmission of certain content subject to pre-approval in writing from STN. In addition, the revised Distribution Agreement includes changes to the revenue sharing terms, and adds a share of advertising revenue directly resulting from aggregated content by SAL within the territory.

On July 8, 2014 the Registrant completed an offering of 300,000 shares of common stock and warrants (the Units). These Units were sold to one shareholder for a total consideration of $150,000. These Units were sold on a private placement basis and the Company paid no commission in connection with such sales. All sales were made outside of the United States.

On August 1, 2014 the Company subscribed to 1,000,000 shares of the $.0001 par value common stock of Green Standard Technologies Enterprises, Inc. (F/K/A Green Standard Technologies, Inc.), a Corporation duly organized under the laws of the state of Nevada for $100.00.

Green Standard Technologies Enterprises, Inc. is in the medical and recreation marijuana industry, and the establishment of a website will be used to further their business by providing visitors with medical and recreational marijuana resources. Management believes that this online presence is essential in developing and expanding their existing business.

On October 29, 2014 the Company, through its wholly owned subsidiary, Green Standard Technologies Enterprises, Inc., entered into a Website Development Agreement with Social Asylum Inc. (SAI). Under the terms of the Agreement SAI has agreed to provide a fully functioning ecommerce website with unique and proprietary functions. According to a mutually agreed upon set of features and milestones for a minimum cost of $150,000, but the cost could potentially be higher depending on finalized functionality, scope and details. Also included are plans for launch, market and geographic expansion.



10



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 1.ORGANIZATION AND BASIS OF PRESENTATION (CONTINUED)



On October 29, and November 3, 2014 the Registrant completed an offering of 160,000 shares of common stock and warrants (the Units). These Units were sold to two shareholders for a total consideration of $80,000. These units were sold on a private placement basis and the Company paid no commission in connection with such sales. All sales were made outside of the United States.

On December 8, 2014 the Registrant completed an offering of 100,000 shares of common stock and warrants (the Units). These Units were sold to one shareholder for a total consideration of $30,000. These Units were sold on a private placement basis and the Company paid no commission in connection with such sales. All sales were made outside of the United States.

On January 13, 2015, the Registrant completed an offering of 140,000 shares of common stock and warrants (the Units). The warrants are exercisable for a period of two years after the subscription date at an exercise price of $.40 per shares. These Units were sold to one shareholder for a total consideration of $42,000. These Units were sold on a private placement basis and the Company paid no commission in connection with such sales. All sales were made outside of the United States.

On June 6,2015, the Nevada subsidiary, Green Standard Technologies Inc. amended their name to Green Standard technologies Enterprises, Inc. On June 17, 2015, the Nevada holding company, Baoshinn Corporation has been amended to the name Green Standard Technologies, Inc..

On May 27, 2016, the Company changed its name with the State of Nevada from Green Standard Technologies, Inc. to ZZLL Information Technology, Inc.

On May 27, 2016, ZZLL Information Limited acquired 4,992,500 common shares of the Company through a private Common Stock Purchase Agreement for investment purposes in the ordinary course of business. The aggregate number and percentage of common shares of the Issuer beneficially owned by Mr. Wei Liang is 4,992,500 common shares, or approximately 26.662% of the 18,725,003 issued common shares.

On June 14, 2016, Wei Liang (Mr. Liang) was appointed to serve as a member of the Board of Directors of ZZLL Information Technology, Inc.

On June 24, 2016, ZZLL Technology Limited acquired 4,895,000 common shares of the Company through a private Common Stock Purchase Agreement for investment purposes in the ordinary course of business. The aggregate number and percentage of common shares of the Issuer beneficially owned by Mr. Wei Zhu is 4,895,000 common shares, or approximately 26.142% of the 18,725,003 issued common shares.

On August 17, 2016, the Company through SAL entered into a Joint Venture Agreement (JVA) with Network Service Management Limited, a Hong Kong company (NSML) in the formation of Z-Line International E-Commerce Company Limited (Z-Line), a Hong Kong based e-Commerce company. The Company through SAL owned 55% of Z-Line that provides consumer-to-consumer, business-to-consumer and business-to-business-sales services via web portals.

On August 25, 2016 and September 20, 2016, the Company issued 6,696,500 common shares and 32,000,000 common shares to the officer respectively. The issuance with an aggregate of 38,696,500 common shares in lieu of $193,483 compensation to the officer under an option resolved in 2013 to pay the officer by common stock in lieu of cash at a rate of $0.005 per share.

On June 28, 2017, Hunan Syndicore Asia Limited (HSAL), a 100% owned subsidiary of Syndicore Asia Limited incorporated under the laws of PRC.  HSAL is a Wholly Foreign-Owned Enterprise (WFOE) in China, established in the National High-Tech Industrial Development Zone of Changsha, Hunan.  HSAL is a PRC based e-Commerce company that will endeavor to develop its in E-Commerce, video content and video streaming capabilities.

Effective on September 24, 2017, the Company execute a reverse split that each of fifty (50) shares of the Companys Common Stock, par value $.0001 per share, issued and outstanding, be reclassified as and changed, into one (1) share of the Companys outstanding Common Stock.



12



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 2.DESCRIPTION OF BUSINESS



OODI is a development-stage company that plans to develop and operate a retail internet website specializing in gourmet Italian food products. On March 31, 2015, the Company disposed the operation unit of OODI for US$1,000 to Jet Express Trading Limited, a Hong Kong registered company.

Syndicore Asia Limited (SAL) is an online media company that syndicates video in a cloud-based, multimedia conduit serving a growing global community of content creators, news outlets and leading brands. Syndicore Asia Limited will be a provider of syndicated video media to news organizations in the Asia Pacific region. In addition, Syndicore Asia Limited plans to aggregate content from the Asia Pacific region and provide it to news organizations around the world.

Syndicore Asia Limited will strive to become a leading digital content provider for the Asia Pacific region, capitalizing on an explosively growing market with local, regional and national content that was previously unavailable. This is a new and exciting market, and offers unparalleled opportunities for expansion and rapid growth. Syndicore Asia Limited will also be the exclusive Asian partner and distributor for SendtoNews.

SALs exclusive distribution agreement with SendtoNews Video Incorporated (STN) for the Asia Pacific region includes major markets such as Japan, China and India. SAL now has distribution rights of online content for some of the worlds leading sports organizations with the same highlights, player interviews and other fan-interest content. SAL, being the exclusive provider in the Asia Pacific region for highly sought after content, offers deep market exposure with unprecedented efficiency and metrics-driven transparency. On the other side of the distribution chain, we will create SALs own proprietary news partnerships to provide guaranteed content distribution in return for a corresponding share of advertising revenues to a News industry looking to supplement their rapidly declining traditional ad revenue with viable digital-age revenue.

On August 1, 2014 Green Standard Technologies, Inc. (F/K/A Baoshinn Corporation) formed Green Standard Technologies Enterprises, Inc. (F/K/A Green Standard Technologies, Inc.), (GSTEI) as a wholly owned subsidiary incorporated under the law of the state of Nevada. The Companys second line of business is carried out by this subsidiary.

Green Standard Technologies Enterprises, Inc. (GSTEI) is in the medical and recreation marijuana industry, and the establishment of a website will be used to further their business by providing visions with medical and recreational marijuana resource.

On October 29, 2014 Green Standard Technologies Enterprises, Inc., entered into a Website Development Agreement with Social Asylum Inc. (SAI). Under the terms of the Agreement SAI has agreed to provide a fully functioning ecommerce website with unique and proprietary functions, according to a mutually agreed upon set of features and milestones for minimum cost of $150,000, but the cost could potentially be higher depending on finalized functionality, scope and details. Also included are plans for launch, market and geographic expansion in the USA and potentially Europe.

On April 1, 2015, Green Standard Technologies, Inc. (F/K/A Baoshinn Corporation) and Rider Capital Corp. signed the following agreements:

(1)

Contractor Agreement to serve as an expert on filing services. GST shall pay $360,000 USD for one (1) year on April 1, 2015 and on the anniversary date of the contract to Rider Capital Corp., unless otherwise terminated.

(2)

Contractor Agreement to serve as an expert on compliance services. GST shall pay $450,000 USD for one (1) year on April 1, 2015 and on the anniversary date of the contract to Rider Capital Corp., unless otherwise terminated.

(3)

Contractor Agreement to serve as an expert on distribution and business development. GST shall pay $550,000 USD for one (1) year on April 1, 2015 and on the anniversary date of the contract to Rider Capital Corp., unless otherwise terminated.

On April 1, 2015, the Company issued three convertible promissory notes to Rider Capital Corp. in the sum of $360,000, $450,000 and $550,000 with 8% annual interest rate, no collateral and redeemable on October 2015 in exchange for the contractor agreement signed for the filing, compliance and distribution and business development services to be provided.

On September 24, 2015, the Company and Rider Capital Corp. signed the Debt Cancellation Notes for the following Consulting Contracts and Promissory Note agreements, leaving no outstanding balance owing between the Contractor and the Company:

(1)

Contractor Agreement to serve as an expert on filing services signed on April 1, 2015. Promissory Note is in the amount of $360,000.

(2)

Contractor Agreement to serve as an expert on compliance services signed on April 1, 2015. Promissory Note is in the amount of $450,000.

(3)

Contractor Agreement to serve as an expert on distribution and business development signed on April 1, 2015. Promissory Note is in the amount of $550,000.



14



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 3.GOING CONCERN



The financial statements at September 30, 2017, at Dec 31, 2016, and for the period from April 15, 2011 (date of inception), to September 30, 2017, have been prepared in accordance with generally accepted principles in the United States applicable to a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business.  The Company incurred an accumulated deficits of $1,991,431 as of September 30, 2017 ($1,827,188 as of Dec 31, 2016), generated a net loss of $185,686 for the nine months period ended September 30, 2017 ($126,341 for comparable period ended September 30, 2016). As of September 30, 2017, the Company has its current liabilities exceed its current assets resulting in negative working capital of $226,486 ($39,999 as of Dec 31, 2016). In view of the matters described above, recoverability of a major portion of the recorded asset amounts and realization of the portion of current liabilities into revenue shown in the accompanying balance sheets are dependent upon continued operations of the Company, which in turn are dependent upon the Company's ability to raise additional financing and to succeed in its future operations.  The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may be dependent upon the continuing financial support of investors, directors and/or shareholders of the Company. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. These accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Management plans to support the Company in operation and to maintain its business strategy is to raise funds through public and private offerings and to rely on officers and directors to perform essential functions with minimal compensation.  If we do not raise all of the money we need from a public offering, we will have to find alternative sources, such as a private placement of securities, or loans from our officers, directors or others.

Moreover, management has actively taken steps to revise its operating and financial requirements, which believes that will allow the Company to continue its operations throughout this fiscal year.



NOTE 4.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES



Basis of presentation and consolidation



The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP) for interim financial reporting and in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the unaudited consolidated financial statements contained in this report reflect all adjustments that are normal and recurring in nature and considered necessary for a fair presentation of the financial position and the results of operations for the interim periods presented. The year-end balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. The results of operations for the interim period are not necessarily indicative of the results expected for the full year. These unaudited, consolidated financial statements, footnote disclosures and other information should be read in conjunction with the financial statements and the notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2016.

The consolidated financial statements are presented in US Dollars and include the accounts of the Group and its subsidiaries.  All significant inter-company accounts and transactions have been eliminated in consolidation.

The results of subsidiaries acquired or disposed of during the years are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal.

The Company has limited operations and is considered to be in the development stage under ASC 915-15.

The following table depicts the identity of the subsidiaries:

Name of SubsidiaryPlace of IncorporationAttributable Equity Interest %Registered CapitalGreen Standard Technologies Enterprise, Inc. (1)Nevada100USD 100Syndicore Asia Limited (2)Hong Kong100HKD     1


Z-Line International E-Commerce Limited (3)Hong Kong55HKD   8,000,000Hunan Syndicore Asia Limited (4)PRC100HKD 10,000,000




16



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 4.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



Basis of presentation and consolidation (continued)

Note:

(1) Wholly owned subsidiary of ZZLL

(2) Wholly owned subsidiary of ZZLL

(3) 55% owned subsidiary of Syndicore Asia Limited

(4) Wholly owned subsidiary of Syndicore Asia Limited

The results of subsidiaries acquired or disposed of during the years are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal.

Use of estimates

In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the dates of the financial statements, as well as the reported amounts of revenues and expenses during the reporting year.  These accounts and estimates include, but are not limited to, the valuation of accounts receivable, deferred income taxes and the estimation on useful lives of plant and equipment.  Actual results could differ from those estimates.

Concentrations of credit risk

Financial instruments that potentially subject the Group to significant concentrations of credit risk consist principally of accounts receivable.  In respect of accounts receivable, the Group extends credit based on an evaluation of the customers financial condition, generally without requiring collateral or other security.  In order to minimize the credit risk, the management of the Group has delegated a team responsibility for determination of credit limits, credit approvals and other monitoring procedures to ensure that follow-up action is taken to recover overdue debts.  Further, the Group reviews the recoverable amount of each individual trade debt at each balance sheet date to ensure that adequate impairment losses are made for irrecoverable amounts.  In this regard, the directors of the Group consider that the Groups credit risk is significantly reduced.

Cash and cash equivalents

Cash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less. The Group currently maintains bank accounts in HK only.

Revenue recognition

The Group recognizes revenue when it is earned and realizable based on the following criteria: persuasive evidence that an arrangement exists, services have been rendered, the price is fixed or determinable and collectability is reasonably assured.

The Group also evaluates the presentation of revenue on a gross versus a net basis through application of Emerging Issues Task Force No. (EITF) 99-19, Reporting Revenue Gross as a Principal versus Net as an Agent. The consensus of this literature is that the presentation of revenue as the gross amount billed to a customer because it has earned revenue from the sale of goods or services or the net amount retained (that is, the amount billed to a customer less the amount paid to a supplier) because it has earned a commission or fee is a matter of judgment that depends on the relevant facts and circumstances. In making an evaluation of this issue, some of the factors that should be considered are: whether the Group is the primary obligor in the arrangement (strong indicator); whether it has general inventory risk (before customer 1 order is placed under or upon customer return)(strong indicator); and whether we have latitude in establishing price. The guidance clearly indicates that the evaluations of these factors, which at times can be contradictory, are subject to significant judgment and subjectivity. If the conclusion drawn is that the Group performs as an agent or a broker without assuming the risks and rewards of ownership of goods, revenue should be reported on a net basis.

Advertising expenses

Advertising expenses are charged to expense as incurred. The advertising expenses incurred for the three months ended September 30, 2017 and 2016 were $Nil and $Nil respectively, and for the nine months ended September 30, 2017 and 2016 were also $Nil and $Nil respectively.



18



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 4.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



Income Taxes

Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

The FASB issued Accounting Standard Codification Topic 740 (ASC 740) Income Taxes. ASC 740 clarifies the accounting for uncertainty in tax positions. This requires that an entity recognized in the consolidated financial statements the impact of a tax position, if that position is more likely than not of being sustained upon examination, based on the technical merits of the position. The adoption of ASC 740 did not have any impact on the Groups results of operations or financial condition for the nine months ended September 30, 2017.  As of the date of the adoption of ASC 740, the Group has no material unrecognized tax benefit which would favorably affect the effective income tax rate in future periods.  The Group has elected to classify interest and penalties related to unrecognized tax benefits, if and when required, as part of income tax expense in the consolidated statements of operations.

Comprehensive income

The Company has adopted FASB Accounting Standard Codification Topic 220 (ASC 220) Comprehensive income (formerly known as SFAS No. 130, Reporting Comprehensive Income), which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. Accumulated other comprehensive income represents the accumulated balance of foreign currency translation adjustments of the Company.

Foreign currency translation

For financial reporting purposes, the financial statements of the Group which are prepared using the functional currency have been translated into United States Dollars (US$). The functional currencies of the Companys subsidiary operating business unit based in Hong Kong is the Hong Kong Dollar (HK$). The consolidated financial statements are translated into United States dollars from Hong Kong dollars with a ratio of US$1.00=HK$7.80, a fixed exchange rate maintained between Hong Kong and United States derived from the Hong Kong Monetary Authority pegging HK$ and US$ monetary policy.

Exchange gains or losses arising from foreign currency transactions are included in the determination of net income/loss for the respective periods. All of our revenue/expenses transactions are transacted in the functional currencies. We have not entered into any material transactions that are either originated, or to be settled, in currencies other than the HK$.

Fair value of financial instruments

The carrying values of the Groups financial instruments, including cash and cash equivalents, trade and other receivables, deposits, trade and other payables approximate their fair values due to the short-term maturity of such instruments. The carrying amounts of borrowings approximate their fair values because the applicable interest rates approximate current market rates.

Stock-Based Compensation

Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 718, Share- Compensation (formerly, FASB Statement 123R), the Group measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award and recognizes the costs over the period the employee is required to provide service in exchange for the award, which generally is the vesting period.

During the nine months ended September 30, 2017 and 2016, the Group did not record any stock-based compensation expense respectively.



19



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 4.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



Basic and diluted earnings per share

The Group computes earnings per share (EPS) in accordance with FASB Accounting Standard Codification Topic 260 (ASC 260) Earnings Per Share, and SEC Staff Accounting Bulletin No. 98 (SAB 98). ASC 260 requires companies with complex capital structures to present basic and diluted EPS. Basic EPS is measured as the income or loss available to common shareholders divided by the weighted average common shares outstanding for the period. Diluted EPS is similar to basic EPS but presents the dilutive effect on a per share basis of potential common shares (e.g., convertible securities, options, and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS.

The calculation of diluted weighted average common shares outstanding for three and nine months ended September 30, 2017 is based on the estimate fair value of the Groups common stock during such periods applied to options using the treasury stock method to determine if they are dilutive.

Effective on October 19, 2011, each of ten (10) shares of the Companys Common Stock, par value $.0001 per share, issued and outstanding immediately prior to the Effective Time, the Old Common Stock shall automatically and without any action on the part of the holder thereof, be reclassified as and changed into one (1) share of the Companys outstanding Common Stock, the New Common Stock.

The following tables are a reconciliation of the weighted average shares used in the computation of basic and diluted earnings per share for the periods presented:

|                                                    |                                      |  |                                     
|--------------------------------------------------- | ------------------------------------ |  | ------------------------------------
|                                                    | Nine Months Ended
September 30, 2017 |  | Nine Months Ended
September 30, 2016
|                                                    | (unaudited)                          |  | (unaudited)                         
|                                                    | $                                    |  | $                                   
|Numerator for basic and diluted
earnings per share: |                                      |  |                                     
|Net (Loss)/Income                                   | (164,243)                            |  | (126,341)                           
|Denominator:                                        |                                      |  |                                     
|Basic weighted average shares                       | 1,476,431                            |  | 418,279                             
|Effect of dilutive securities                       | -                                    |  | -                                   
|Diluted weighted average shares                     | 1,476,431                            |  | 418,279                             
|Basic earnings per share:                           | (0.11)                               |  | (0.30)                              
|Diluted earnings per share:                         | (0.11)                               |  | (0.30)                              

Related parties transactions

A related party is generally defined as (i) any person that holds 10% or more of The Groups securities and their immediate families, (ii) the Groups management, (iii) someone that directly or indirectly controls, is controlled by or is under common control with the Group, or (iv) anyone who can significantly influence the financial and operating decisions of the Group. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

Commitments and contingencies

Liabilities for loss contingencies arising from claims, assessments, litigation, fines and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated.



20



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 4.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



Recently implemented standards

The FASB has issued Accounting Standards Update No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, clarifying the definition of a business. The amendments affect all companies and other reporting organizations that must determine whether they have acquired or sold a business.

The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. The amendments are intended to help companies and other organizations evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments provide a more robust framework to use in determining when a set of assets and activities is a business. They also provide more consistency in applying the guidance, reduce the costs of application, and make the definition of a business more operable.

For public companies, the amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those periods. For all other companies and organizations, the amendments are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019.

The FASB has issued Accounting Standards Update No. 2017-06, Plan Accounting: Defined Benefit Pension Plans (Topic 960); Defined Contribution Pension Plans (Topic 962); Health and Welfare Benefit Plans (Topic 965): Employee Benefit Plan Master Trust Reporting. The amendments relate primarily to the reporting by an employee benefit plan (a plan) for its interest in a master trust. A master trust is a trust for which a regulated financial institution (bank, trust company, or similar financial institution that is regulated, supervised, and subject to periodic examination by a state or federal agency) serves as a trustee or custodian and in which assets of more than one plan sponsored by a single employer or by a group of employers under common control are held.

The amendments are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The amendments should be applied retrospectively to each period for which financial statements are presented. The amendments apply to reporting entities within the scope of Topic 960, Plan Accounting - Defined Benefit Pension Plans, Topic 962, Plan Accounting - Defined Contribution Pension Plans,or Topic 965, Plan Accounting - Health and Welfare Benefit Plans.

Under Topic 960, investments in master trusts are presented in a single line item in the statement of net assets available for benefits. Similar guidance is not provided in Topic 962 or 965, which has resulted in diversity in practice. For each master trust in which a plan holds an interest, the amendments require a plans interest in that master trust and any change in that interest to be presented in separate line items in the statement of net assets available for benefits and in the statement of changes in net assets available for benefits, respectively.

Topics 960 and 962 require plans to disclose their percentage interest in the master trust and a list of the investments held by the master trust, presented by general type, within the plans financial statements. The amendments remove the requirement to disclose the percentage interest in the master trust for plans with divided interests and require that all plans disclose the dollar amount of their interest in each of those general types of investments.

Current U.S. GAAP does not require disclosure by plans of the master trusts other assets and liabilities. Examples of those balances include amounts due from brokers for securities sold, amounts due to brokers for securities purchased, accrued interest and dividends, and accrued expenses. The amendments require all plans to disclose: (a) their master trusts other asset and liability balances; and (b) the dollar amount of the plans interest in each of those balances.

Lastly, investment disclosures (e.g., those required by Topics 815 and 820) relating to 401(h) account assets are generally provided in both the defined benefit pension plan financial statements and the health and welfare benefit plan financial statements. Stakeholders noted that the disclosures are redundant. The amendments remove that redundancy and do not require that the investment disclosures relating to the 401(h) account assets be provided in the health and welfare benefit plans financial statements. The amendments will require the health and welfare benefit plan to disclose the name of the defined benefit pension plan in which those investment disclosures are provided, so that participants can easily access those statements for information about the 401(h) account assets, if needed.



21



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 4.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



Recently implemented standards (continued)

The FASB has issued Accounting Standards Update (ASU) No. 2017-07, Compensation  Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. The amendments apply to all employers, including not-for-profit entities, that offer to their employees defined benefit pension plans, other postretirement benefit plans, or other types of benefits accounted for under Topic 715, Compensation  Retirement Benefits.

The amendments require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed.

The amendments also allow only the service cost component to be eligible for capitalization when applicable (e.g., as a cost of internally manufactured inventory or a self-constructed asset).

The amendments are effective for public business entities for annual periods beginning after December 15, 2017, including interim periods within those annual periods. For other entities, the amendments are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance.

The FASB has issued Accounting Standards Update (ASU) No. 2017-09, CompensationStock Compensation (Topic 718)  Scope of Modification Accounting. ASU 2017-09 applies to entities that change the terms or conditions of a share-based payment award.

The FASB adopted ASU 2017-09 to provide clarity and reduce diversity in practice as well as cost and complexity when applying the guidance in Topic 718, CompensationStock Compensation, to the modification of the terms and conditions of a share-based payment award.

Diversity in practice has arisen in part because some entities apply modification accounting under Topic 718 for modifications to terms and conditions that they consider substantive, but do not when they conclude that particular modifications are not substantive. Others apply modification accounting for any change to an award, except for changes that they consider purely administrative in nature. Still others apply modification accounting when a change to an award changes the fair value, the vesting, or the classification of the award. In practice, it appears that the evaluation of a change in fair value, vesting, or classification may be used to evaluate whether a change is substantive.

Although the Master Glossary of the FASB Accounting Standards CodificationTM currently defines the term modification as “a change in any of the terms or conditions of a share-based payment award,” Topic 718 does not contain guidance on what changes are substantive or purely administrative.

The amendments in ASU 2017-09 include guidance on determining which changes to the terms and conditions of share-based payment awards require an entity to apply modification accounting under Topic 718.

These amendments require the entity to account for the effects of a modification unless all of the following conditions are met:

-

The fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or value using an alternative measurement method) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification;

-

The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and



23



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 4.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)



Recently implemented standards (continued)

-

The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified.

The amendments are effective for all entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2017.

Early adoption is permitted, including adoption in any interim period for: (a) public business entities for reporting periods for which financial statements have not yet been issued, and (b) all other entities for reporting periods for which financial statements have not yet been made available for issuance. The amendments should be applied prospectively to an award modified on or after the adoption date.

The FASB has issued Accounting Standards Update (ASU) No. 2017-13. This ASU adds, amends, and supersedes SEC paragraphs of the Accounting Standards Codification (ASC) related to the adoption and transition provisions of ASU No. 2014-09, Revenue From Contracts with Customers and ASU 2016-02, Leases, for public business entities. The ASU is titled ASU No. 2017-13, Revenue Recognition (Topic 605), Revenue from Contracts with Customers (Topic 606), Leases (Topic 840), and Leases (Topic 842): Amendments to SEC Paragraphs Pursuant to the Staff Announcement at the July 20, 2017 EITF Meeting and Rescission of Prior SEC Staff Announcements and Observer Comments.

ASU 2017-13 codifies portions of an SEC Staff Announcement made at the July 20, 2017 Emerging Issues Task Force (EITF) meeting essentially delaying the effective date of the revenue recognition and leases standards for a subset of public entities. The SEC Observer made the following SEC Staff Announcement, Transition Related to Accounting Standards Updates No. 2014-09 and 2016-02, at the July 20, 2017 EITF meeting:

The SEC staff would not object to a public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entitys filing with the SEC adopting (1) ASC Topic 606, Revenue from Contracts with Customers for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019, and (2) ASC Topic 842, Leases for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020.

A public business entity that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entitys filing with the SEC may still elect to adopt ASC Topic 606 and ASC Topic 842 according to the public business entity effective dates.

This announcement is applicable only to public business entities that otherwise would not meet the definition of a public business entity except for a requirement to include or the inclusion of its financial statements or financial information in another entitys filing with the SEC. This announcement is not applicable to other public business entities.



NOTE 5.INCOME TAXES



The Company and its subsidiaries file separate income tax returns

The Company and one subsidiary are incorporated in the United States, and are subject to United States federal and state income taxes. The Company did not generate any taxable income in the United States for the nine months periods ended September 30, 2017 and 2016.

Two subsidiaries are incorporated in Hong Kong, and are subject to Hong Kong Profits Tax at 16.5% for the nine months periods ended September 30, 2017 and 2016. Provision for Hong Kong profits tax has not been made for the periods presented as the subsidiaries have no assessable profits during the periods.

One subsidiaries is incorporated in the PRC, and is subject to Enterprise Income Tax at 25% for the nine months periods ended September 30, 2017.  Provision for PRC Enterprise Income Tax has not been made for the period presented as the subsidiary has no assessable profits during the period.

Deferred taxes are determined based on the temporary differences between the financial statement and income tax bases of assets and liabilities as measured by the enacted tax rates which will be in effect when these differences reverse. For the nine months periods ended September 30, 2017 and 2016, the Group has tax loss carrying-forwards, which does not recognize deferred tax assets as it is not probable that future taxable profits against which the losses can be utilized will be available in the relevant tax jurisdiction and entity.

The Company did not have U.S, taxable income due to operating in Hong Kong, SAR. The Company did not file the U.S. federal income tax returns.  The Company did not have uncertainty tax positions or events leading to uncertainty tax position within the next 12 months. No Hong Kong Corporations Profits Tax Return filings are subject to Hong Kong Inland Revenue Department examination.

25



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 6.AMOUNT DUE FROM NSML



Amount due form Network Service Management Limited (NSML) was the capital-in-arrear to be invested to Z-Line International E-Commerce Limited (Z-Line).  Z-Line is a corporation formed and incorporated on August 17, 2016 by the Company and NSML under the laws of Hong Kong.  The shareholdings of Z-Line are 55% for the Company and 45% for NSML.  For the 45% shareholdings from NSML, of which $294,872 (HKD2,300,000) was not yet paid up as at September 30, 2017.



NOTE 7.OTHER PAYABLES AND ACCRUED LIABILITIES



The other payables and accrued liabilities were comprised of the following:



September 30, 2017December 31, 2016Accrued expenses$198,372$146,678Other payables13,90217,873$212,274$164,551




NOTE 8.AMOUNT DUE FROM/TO RELATED PARTIES



Amount due from/to related parties are as follows:



September 30, 2017December 31, 2016Amount due from related parties$-$-Amount due to related parties:Sean Webster(39,854)(28,007)Wei Zhu(232,179)(154,487)$(272,033)$(182,494)


As at September 30, 2017 and December 31, 2016, the amount due from/to related parties represent advances from shareholders of the Group and are interest free, unsecured and have no fixed repayment terms.



NOTE 9.STOCK OPTIONS



The Group has stock option plans that allow it to grant options to its key employees. During the nine months ended September 30, 2017 and 2016, the Company did not issue any stock options and there were no stock options being issued or outstanding.



NOTE 10.COMMITMENTS AND CONTINGENCIES



The Company has operating lease agreements for office premises, which expiring through August 27, 2019 and June 30, 2020. Future minimum rental payments under agreements classified as operating leases with non-cancellable terms for the next one year and thereafter as follows:

For the period ended September 30, 2017 and year ended Dec 31, 2016,September 30, 2017December 31, 201612 months28,40418,15412 months and thereafter39,45711.346Total67,861$29,500




Rental expense paid for the nine months ended September 30, 2017 and 2016 were $17,152 and $Nil respectively.

26



ZZLL INFORMATION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 11.FAIR VALUE MEASUREMENTS



The Group adopted FASB ASC 820, Fair Value Measurements and Disclosures (ASC 820), related to The Groups financial assets and liabilities. ASC 820 defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also describes three levels of inputs that may be used to measure fair value:

Level 1  quoted prices in active markets for identical assets and liabilities.

Level 2  observable inputs other than quoted prices in active markets for identical assets and liabilities.

Level 3  unobservable inputs in which there is little or no market data available, which require the reporting entity to develop its own assumptions.

ASC 820 also provides guidance for determining the fair value of a financial asset when the market for that asset is not active, and for determining fair value when the volume and level of activity for an asset or liability have significantly decreased and includes guidance on identifying circumstances that indicate when a transaction is not orderly.

The effective date for certain aspects of ASC 820 was deferred and currently being evaluated by The Group. Areas impacted by the deferral relate to nonfinancial assets and liabilities that are measured at fair value, but are recognized or disclosed at fair value on a nonrecurring basis. The effects of these remaining aspects of ASC 820 are to be applied by the Group to fair value measurements prospectively beginning November 1, 2010. The adoption of the remaining aspects of ASC 820 is not expected to have a material impact on its financial condition or results of operations.

The following table details the fair value measurements of assets and liabilities within the three levels of the fair value hierarchy at September 30, 2017, and Dec 31, 2016:

Fair Value Measurements at reporting date using

|                          |  |                    |  |                                                               |                                               |                                                 |   |  |  | 
|------------------------- |  | ------------------ |  | ------------------------------------------------------------- | --------------------------------------------- | ----------------------------------------------- | - |  |  | 
|                          |  | September 30, 2017 |  | Quoted Price in active Markets for identical assets
(level 1) | Significant Other Observable Inputs
(Level 2) | Significant Other Unobservable Inputs
(Level 3)
|                          |  | $                  |  | $                                                             | $                                             | $                                              
|Assets                    |  |                    |  |                                                               |                                               |                                                 |  
|Restricted cash           |  | -                  |  | -                                                             |                                               | -                                               | -
|Cash and cash equivalents |  | 29,856             |  | 29,856                                                        | -                                             | -                                              



Fair Value Measurements at reporting date using

|                          |  |              |                                                               |                                               |                                                 |   |  | 
|------------------------- |  | ------------ | ------------------------------------------------------------- | --------------------------------------------- | ----------------------------------------------- | - |  | 
|                          |  | Dec 31, 2016 | Quoted Price in active Markets for identical assets
(level 1) | Significant Other Observable Inputs
(Level 2) | Significant Other Unobservable Inputs
(Level 3)
|                          |  | $            | $                                                             | $                                             | $                                              
|Assets                    |  |              |                                                               |                                               |                                                
|Restricted cash           |  | -            | -                                                             | -                                             | -                                              
|Cash and cash equivalents |  | 58,174       |                                                               | 58,174                                        | -                                               | -



27



ZZLL INFORAMTION TECHNOLOGY, INC. AND SUBSIDIARIES

(F/K/A GREEN STANDARD TECHOLOGIES, INC.)

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS



NOTE 12.RELATED PARTY TRANSACTIONS



As of September 30, 2017 and December 31, 2016, the Company had received advancement of $272,033 and $182,494 from the shareholders for operating expenses.  These advancements bear no interest, no collateral and have no repayment term.



NOTE 13.SEGMENT INFORMATION



FASB Accounting Standard Codification Topic 280 (ASC 280) Segment Reporting establishes standards for reporting information about operating segments in financial statements. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision making group, in deciding how to allocate resources and in assessing performance.

For the nine months ended September 30, 2017 and 2016, the Company is regarded as a single operating segment in the developing stage within E-Commerce and related business. This principal activity and geographical market are substantially based in Hong Kong and the Mainland China, accordingly, no operating or geographical segment information are presented.



NOTE 14.SUBSEQUENT EVENTS



On October 13, 2017, the Company issued 15,753,500 common shares at the price of $0.005 per share to Mr. Sean Webster, our CEO with the consideration of $78,767.50.  The Company has evaluated all other subsequent events through November 18, 2017, the date these financial statements were issued, and determined that there were no other material subsequent event or transaction that require recognition or disclosures in the financial statements.

28



ITEM 2: MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERTIONS

CAUTIONARY STATEMENT FOR FORWARD-LOOKING STATEMENTS

This discussion and analysis of our financial condition and results of operations includes forward-looking statements that reflect our current views with respect to future events and financial performance. We use words such as expect, anticipate, believe, and intend and similar expressions to identify forward-looking statements. You should be aware that actual results may differ materially from our expressed expectations because of risks and uncertainties inherent in future events and you should not rely unduly on these forward looking statements. We disclaim any obligation to publicly update these statements, or disclose any difference between its actual results and those reflected in these statements. Reference in the following discussion to our, us and we refer to the operations of the Corporation and its subsidiaries (We), except where the context otherwise indicates or requires.  The following discussion of our financial condition and results of operations should be read in conjunction with the audited financial statements and the notes to the audited financial statements included in this annual report. This discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results may differ materially from those anticipated in these forward-looking statements.



Current Operating Results

In the three and nine months ended September 30, 2017 and 2016, we derived $1,728 and $Nil from our current business operations, respectively.

Syndicore Asia Limited.

Syndicore Asia Limited is a wholly-owned subsidiary of the Company.  Syndicore Asia Limited is still in the startup phase and is in the process of entering into arrangements and agreements to implement the current business plan.  Syndicore Asia Limited is an online media company that syndicates video in a cloud-based, multimedia conduit serving a growing, global community of content creators, news outlets and leading brands. Syndicore Asia Limited will be a provider of syndicated video media to news organizations in the Asia Pacific region. In addition, Syndicore Asia Limited plans to aggregate content from the Asia Pacific region and provide it to news organizations around the world.

Syndicore Asia Limited is devoting its resources to establishing the new business, and its planned operations have not yet commenced. Accordingly, no revenues have been earned during the three and six months period ended September 30, 2017, and for the period from its inception on April 23, 2013 to September 30, 2017.

Green Standard Technologies Enterprises, Inc.

On August 1, 2014, the Company formed Green Standard Technologies Enterprises, Inc. (F/K/A Green Standard Technologies, Inc.)(GSTEI) as a wholly owned subsidiary incorporated under the laws of the state of Nevada. The Companys second line of business is carried out by this subsidiary. On June 6, 2015, Green Standard Technologies Inc. filed articles of amendment to change its name to Green Standard Technologies Enterprises, Inc.

GSTEI is in medical and recreation marijuana industry, and the establishment of a website will be used to further its business by providing customers with medical and recreational marijuana resources. Management believes that this online presence is essential in developing and expanding their existing business.  GSTEI has no revenues earned during the three and six months period ended September 30, 2017, and for the period from its inception on August 1, 2014 to September 30, 2017.

Z-Line International E-Commerce Limited.

On August 17, 2016, Z-Line International E-Commerce Company Limited (Z-Line), a 55% owned subsidiary of the Company incorporated under the laws of Hong Kong.  Z-Line is a Hong Kong based e-Commerce company that provides consumer-to-consumer, business-to-consumer, and business-to-business-sales services via web portals.

Z-Line has no revenues earned during the three and six months period ended September 30, 2017.

Hunan Syndicore Asia Limited.

On June 28, 2017, Hunan Syndicore Asia Limited (HSAL), a 100% owned subsidiary of Syndicore Asia Limited incorporated under the laws of PRC.  HSAL is a Wholly Foreign-Owned Enterprise (WFOE) in China, established in the National High-Tech Industrial Development Zone of Changsha, Hunan.  HSAL is a PRC based e-Commerce company that will endeavor to develop its in E-Commerce, video content and video streaming capabilities.

HSAL has $1,728 of revenues earned during the period ended September 30, 2017, and from its incorporation to September 30, 2017.

30



Results of Operations for the three months ended September 30, 2017 compared to the three months ended September 30, 2016

The following table sets forth a summary of our consolidated statements of operations for the periods indicated.

|                                                        |                                       |   |  |                                       |  
|------------------------------------------------------- | ------------------------------------- | - |  | ------------------------------------- | -
|                                                        |                                       |   |  |                                       |  
|                                                        | Three months Ended
September 30, 2017 |   |  | Three months Ended
September 30, 2016 |  
|                                                        | $                                     |   |  | $                                     |  
|Net sales                                               | 1,728                                 |   |  | -                                     |  
|Cost of sales                                           | -                                     |   |  | -                                     |  
|Gross profit                                            | 1,728                                 |   |  | -                                     |  
|General and administrative and other operating expenses | 77,446                                |   |  | 34,492                                |  
|                                                        |                                       |   |  |                                       |  
|(Loss)/Income from operations                           | (75,718                               | ) |  | (34,492                               | )
|Other non-operating income                              | 2,177                                 |   |  | -                                     |  
|Interest expenses                                       | -                                     |   |  | -                                     |  
|                                                        |                                       |   |  |                                       |  
|Income/(Loss) before income taxes                       | (73,541                               | ) |  | (34,492                               | )
|Income taxes                                            | -                                     |   |  | -                                     |  
|                                                        |                                       |   |  |                                       |  
|Net Loss                                                | (73,541                               | ) |  | (34,492                               | )
|Non-controlling interest                                | 6,569                                 |   |  | -                                     |  
|                                                        |                                       |   |  |                                       |  
|Net Loss attributable to The Group                      | (66,972                               | ) |  | (34,492                               | )

Revenue

In the three months ended September 30, 2017 and 2016, we derived revenues of $1,728 and $Nil from our current operation, respectively.

Cost of Sales and Gross Profit

In the three months ended September 30, 2017 and 2016, we derived no cost of sales, and had gross profit of $1,728 and $Nil from our current operation, respectively.

General and administrative expense

Total operating expenses for the three months ended September 30, 2017 were $77,446, while the operating expenses for the three months ended September 30, 2016 were $34,492. Our operating expenses increased 124.53% attributed to the increased business activities for the business development and preparation procedures.

Interest expenses

During the three months ended September 30, 2017 and 2016, the interest expenses was $Nil and $Nil respectively.

Income Tax

During the three months ended September 30, 2017 and 2016, the company incurred no tax and its subsidiary has paid $Nil and $Nil tax respectively.

Net Loss Attributable to the Group

The Company recorded a net loss of $66,972 for the three months ended September 30, 2017, compared to the net loss of $34,492 for the same period in 2016. The net loss was derived after attribution of $6,569 loss to non-controlling interest for the three months ended September 30, 2017, compared to attribution of $Nil to non-controlling interest for the same period in 2016.



31



Results of Operations for the nine months ended September 30, 2017 compared to the nine months ended September 30, 2016

The following table sets forth a summary of our consolidated statements of operations for the periods indicated.

|                                                        |                                      |   |  |                                      |  
|------------------------------------------------------- | ------------------------------------ | - |  | ------------------------------------ | -
|                                                        |                                      |   |  |                                      |  
|                                                        | Nine months Ended
September 30, 2017 |   |  | Nine months Ended
September 30, 2016 |  
|                                                        | $                                    |   |  | $                                    |  
|Net sales                                               | 1,728                                |   |  | -                                    |  
|Cost of sales                                           | -                                    |   |  | -                                    |  
|Gross profit                                            | 1,728                                |   |  | -                                    |  
|General and administrative and other operating expenses | 189,591                              |   |  | 126,142                              |  
|                                                        |                                      |   |  |                                      |  
|Income/(Loss) from operations                           | (187,863                             | ) |  | (126,142                             | )
|Other non-operating income                              | 2,177                                |   |  | -                                    |  
|Interest expenses                                       | -                                    |   |  | (199                                 | )
|                                                        |                                      |   |  |                                      |  
|Income/(Loss) before income taxes                       | (185,686                             | ) |  | (126,341                             | )
|Income taxes                                            | -                                    |   |  | -                                    |  
|                                                        |                                      |   |  |                                      |  
|Net Loss                                                | (185,686                             | ) |  | (126,341                             | )
|Non-controlling interest                                | 21,443                               |   |  | -                                    |  
|                                                        |                                      |   |  |                                      |  
|Net Loss attributable to The Group                      | (164,243                             | ) |  | (126,341                             | )

Revenue

In the nine months ended September 30, 2017 and 2016, we derived revenues of $1,728 and $Nil from our current operation, respectively.

Cost of Sales and Gross Profit

In the nine months ended September 30, 2017 and 2016, we derived no cost of sales, and had gross profit of $1,728 and $Nil from our current operation, respectively.

General and administrative expense

Total operating expenses for the nine months ended September 30, 2017 were $189,591, while the operating expenses for the nine months ended September 30, 2016 were $126,142. Our operating expenses increased 50.30% attributed to the increased business activities for the business development and preparation procedures.

Interest expenses

During the nine months ended September 30, 2017 and 2016, the interest expenses was $Nil and $199 respectively.

Income Tax

During the nine months ended September 30, 2017 and 2016, the company incurred no tax and its subsidiary has paid $Nil and $Nil tax respectively.

Net Loss Attributable to the Group

The Company recorded a net loss of $164,243 for the nine months ended September 30, 2017, compared to the net loss of $126,341 for the same period in 2016. The net loss was derived after attribution of $21,443 loss to non-controlling interest for the nine months ended September 30, 2017, compared to attribution of $Nil to minority interest for the same period in 2016.



33



Liquidity and Capital Resources

The Companys liquidity and capital is dependent on the company to start generate its revenues and increase the capital it can raise to continue the Companys development and expansion of its business.

The Company incurred an accumulated deficits of $1,991,431 as of September 30, 2017 ($1,827,188 as of Dec 31, 2016), generated a net loss of $164,243 for the nine months period ended September 30, 2017 ($126,341 for comparable period ended September 30, 2016). As of September 30, 2017, the Company has its current liabilities exceed its current assets resulting in negative working capital of $226,486, ($39,999 as of Dec 31, 2016). In view of the matters described above, recoverability of a major portion of the recorded asset amounts and realization of the portion of current liabilities into revenue shown in the accompanying balance sheets are dependent upon continued operations of the Company, which in turn are dependent upon the Company's ability to raise additional financing and to succeed in its future operations.  The Company may need additional cash resources to operate during the upcoming 12 months, and the continuation of the Company may be dependent upon the continuing financial support of investors, directors and/or shareholders of the Company. However, there is no assurance that equity or debt offerings will be successful in raising sufficient funds to assure the eventual profitability of the Company. These accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Management plans to support the Company in operation and to maintain its business strategy is to raise funds through public and private offerings and to rely on officers and directors to perform essential functions with minimal compensation.  If we do not raise all of the money we need from a public offering, we will have to find alternative sources, such as a private placement of securities, or loans from our officers, directors or others. The loans are unsecured, non-interest bearing and repayable at demand.

Moreover, management has actively taken steps to revise its operating and financial requirements, which believes that its current and available capital resources will allow the Company to continue its operations throughout this fiscal year.

Working capital

As at December 31, 2016, the Company had negative working capital of ($39,999) with current assets of $382,046 and current liabilities of $422,045. The current assets consisted cash and cash equivalents of $58,174, other receivables of $3,359, and amount due from NSML of $320,513. The current liabilities of the Company at December 31, 2016 are composed of other payables of $164,551, note payables of $75,000, and amount due to related parties of $182,494.

As at September 30, 2017, the Company had negative working capital of ($226,486) with current assets of $332,821 and current liabilities of $559,307. The current assets consisted cash and cash equivalents of $29,856, prepaid expenses of $5,711, other receivables of $2,382, and amount due from NSML of $294,872. The current liabilities of the Company at September 30, 2017 are composed of other payables of $212,274, note payables of $75,000, and amount due to related parties of $272,033.

Operating activities

Net cash used in operating activities during the nine months period ended September 30, 2017, was $142,696, compared to net cash provided by operation of $673 for the same period in 2016. This represents a usage increase of $143,369.

During the nine months period ended September 30, 2017, the cash used was mainly resulted of the net loss $164,243, attributed loss to non-controlling interest $21,443 and offset by increased other payables of $47,724.

Investing Activities

Net cash used for investing activities during the nine months period ended September 30, 2017, was $647, compared to $Nil cash flow in investing activities in the comparable nine months period ended September 30, 2016.

Financing Activities:

Net cash provided by financing activities was $115,180 for the nine month period ended September 30, 2017, compared to net cash provided of $2,711 for the same period in 2016. This change was primarily comprised of the increase in amount due to related parties of $89,539 and amount due from NSML (non-controlling interest shareholder) of $25,641 in the first nine months of 2017.



34



As of September 30, 2017, stockholders equity was negative $518,378 compared to a negative equity of $353,980 at December 31, 2016.

As of September 30, 2017, the amounts due from or to related parties, represented advances from related parties of the Company which are interest free, unsecured, and have no fixed repayment terms.

In the current operation, the source of fund was provided by loan from directors and shareholders. In case the directors and shareholders did not continue to support the operation, the Company will be short of fund and cannot operate any longer.

Off-Balance Sheet Arrangements and Contractual Obligations

As at September 30, 2017, our material off-balance sheet arrangements are operating lease obligations. We excluded these items from the balance sheet in accordance with generally accepted accounting principles in the United States of America (GAAP). Operating lease commitments consist principally of leases for our office. These leases frequently include options which permit us to extend the terms beyond the initial fixed lease term. With respect to most of those leases, we intend to renegotiate those leases as they expire.

ITEM 3: QUANTITATIVE AND QUALITAIVE DISCLOSURE ABOUT MARKET RISK

Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a smaller reporting company, as defined by Rule 229.10(f)(1).



ITEM 4: CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13a-15(e) and 15d-15(e)) as of the end of the period covered by this Quarterly Report on Form 10-Q. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.

Based on our evaluation, our Chief Executive Officer and Chief Financial Officer, determined that our internal controls over disclosure controls and procedures were not effective and were inadequate to ensure that the information required to be disclosed by the Company in reports it files or submits under the Exchange Act were recorded, processed, summarized and reported within the time period specified in the commission rules and forms, primarily due to the fact that there are no effective separation of duties, which include monitoring controls between management.

Management Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Under the supervision of our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of September 30, 2017 using the May 2013 updated criteria established in "Internal ControlIntegrated Framework" issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. In our assessment of the effectiveness of internal control over financial reporting as of September 30, 2017, we identified material weakness as follows: (1) lack of adequate segregation of duties and necessary corporate accounting resources in our financial reporting process and accounting function, and (2) lack of control procedures that include multiple levels of review.  As a result of these material weaknesses, we determined that our controls were not effective at the present time.



35



Changes in Internal Control over Financial Reporting

There have been no significant changes in our internal control or other factors over financial reporting that occurred during the nine months ended September 30, 2017 or to the date we completed our evaluation, that would materially affect, or are reasonably likely to materially affect, our internal controls and procedures.  Therefore, no corrective actions were taken during this period.



PART II  OTHER INFORMATION



ITEM 1:  LEGAL PROCEEDINGS



To the best knowledge of the Companys directors and officers, the Company is currently not a party to any material pending legal proceeding.



ITEM 1A:  RISK FACTORS



Not applicable as a smaller reporting company.



ITEM 2:  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.



None



ITEM 3:  DEFAULTS UPON SENIOR SECURITIES.



None



ITEM 4:  MINE SAFETY DISCLOSURES



Not applicable



ITEM 5: OTHER INFORMATION



None



ITEM 6: EXHIBITS



|            |  |                                                                                                                                      
|----------- |  | -------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                          
|            |  |                                                                                                                                      
|31.1        |  | Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                       
|            |  |                                                                                                                                      
|31.2        |  | Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                       
|            |  |                                                                                                                                      
|32.1        |  | Certification of CEO and CFO Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002



37



SIGNATURE



Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.





ZZLL INFORMATION TECHNOLOGY INC.

(F/K/A GREEN STANDARD TECHNOLOGIES, INC.)



Date: November 18,  2017

By : /s/Sean Webster



Sean Webster



Chief Executive Officer

Date: November 18,  2017

By : /s/Philip Lo



Philip Lo



Chief Financial Officer



38