U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2015

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

For the transition period from ______________________ to ______________________

Commission File No. 333-134991

BAOSHINN CORPORATION(Exact name of small business issuer as specified in its charter)

|                                                            |  |                                        
|----------------------------------------------------------- |  | ---------------------------------------
|                                                            |  |                                        
|                                                            |  |                                        
|Nevada                                                      |  | 20-3486523                             
|(State or other jurisdiction of incorporation or formation) |  | (I.R.S. employer identification number)

Unit 1010 Miramar Tower,

132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong

(Address of principal executive offices) (Zip Code)

Registrant's telephone number: (852) 5984 7571_______________________________________________

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

None.



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

Common Stock, $.0001 par value per share

(Title of Class)

Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]



Indicate by check mark whether the registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posed 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 filer, a non-accelerated filer, or a smaller reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer [ ] Accelerated filer [ ]

Non-accelerated filer [ ] Smaller reporting company [X]

(Do not check if a smaller reporting company)

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



APPLICABLE ONLY TO ISSUERS INVOLVED INBANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:



Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.

Yes [ ] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS:



Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest practicable date: As of March 31, 2015, the Company had 18,725,003 shares of common stock outstanding.







1





BAOSHINN CORPORATION
UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS INDEX



PART I  FINANCIAL INFORMATION:



Item 1.

Financial Statements (unaudited)

3



Consolidated Balance Sheet (unaudited) at March 31, 2014 and at December 31, 2013

3



Consolidated Statement of Operation (unaudited) for the three months ended March 31, 2013

and March 31, 2014

4



Consolidated Statement of Stockholders Deficit and Comprehensive Income

5



Consolidated Statement of Cash Flows (unaudited) for the three months ended March 31, 2013

and March 31, 2014

6



Notes to Consolidated Financial Statements

7



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

21



Item 3. Quantitative and Qualitative Disclosure About Market Risks

24



Item 4. Controls and Procedures

24



PART II  OTHER INFORMATION:



Item 1. Legal Proceedings

25



Item 1A. Risk Factors

25



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

25



Item 3. Defaults Upon Senior Securities

25



Item 4. Mine Safety Disclosures

25



Item 5. Other Information

25



Item 6. Exhibits

25



Signatures

25





2





PART I  FINANCIAL INFORMATION

Item 1.  Financial Statements



Baoshinn Corporation

Consolidated Financial Statements

For the Three Months Ended March 31, 2015 and December 31, 2014

(Stated in US Dollar)

BAOSHINN CORPORATION

CONSOLIDATED BALANCE SHEET

(Stated in US Dollars)

|                                                                           |             |  |            
|-------------------------------------------------------------------------- | ----------- |  | -----------
|                                                                           |             |  |            
|                                                                           | Mar 31,     |  | Dec 31,    
|                                                                           | 2015        |  | 2014       
|                                                                           | (Unaudited) |  | (Audited)  
|                                                                           | $           |  | $          
|ASSETS                                                                     |             |  |            
|Current Assets                                                             |             |  |            
|Cash and cash equivalents                                                  | 1,195       |  | 2,034      
|Due from related party  Note 8                                            | 29,713      |  | -          
|                                                                           |             |  |            
|Total Current Assets                                                       | 30,908      |  | 2,034      
|                                                                           |             |  |            
|TOTAL ASSETS                                                               | 30,908      |  | 2,034      
|LIABILITIES AND STOCKHOLDERS EQUITY                                       |             |  |            
|LIABILITIES                                                                |             |  |            
|Current Liabilities                                                        |             |  |            
|Other payables and accrued liabilities  Note 7                            | 249,641     |  | 198,895    
|Due to related party  Note 8                                              | -           |  | 14,566     
|                                                                           |             |  |            
|Total current liabilities                                                  | 249,641     |  | 213,461    
|                                                                           |             |  |            
|TOTAL LIABILITIES                                                          | 249,641     |  | 213,461    
|                                                                           |             |  |            
|COMMITMENTS AND CONTINGENCIES  Note 18                                    |             |  |            
|                                                                           |             |  |            
|STOCKHOLDERS EQUITY                                                       |             |  |            
|Common stock                                                               |             |  |            
|Par value : 2015 - US$0.0001 (2014: US$0.0001)                             |             |  |            
|Authorized: 2012  300,000,000 common shares,
100,000,000 preferred shares |             |  |            
|Issued and outstanding: 2015 18,725,003 shares (2014 18,585,003)*        | 1,873       |  | 1,859      
|Additional paid-in capital                                                 | 1,195,854   |  | 1,153,868  
|Accumulated other comprehensive income                                     | -           |  | -          
|Accumulated deficit                                                        | (1,416,460) |  | (1,367,154)
|                                                                           |             |  |            
|TOTAL STOCKHOLDERS EQUITY OF THE GROUP                                    | (218,733)   |  | (211,427)  
|ATTRIBUTABLE TO NON-CONTROLLING INTERESTS                                  | -           |  | -          
|ATTRIBUTBLE TO THE GROUP                                                   | (218,733)   |  | (211,427)  
|TOTAL LIABILITIES AND STOCKHOLDERS EQUITY                                 | 30,908      |  | 2,034      



*The number of common stocks outstanding as at Dec 31, 2014 and Mar 31, 2015 are retrospective stated according to a result of a reverse stock split and reverse merger during year ended Mar 31, 2015.



See notes to consolidated financial statement.







3





BAOSHINN CORPORATION

CONSOLIDATED STATEMENT OF OPERATIONS

(Stated in US Dollars)

|                                                 |                                 |  |                                 |  |                                  | 
|------------------------------------------------ | ------------------------------- |  | ------------------------------- |  | -------------------------------- | 
|                                                 |                                 |  |                                 |  |                                  | 
|                                                 |                                 |  |                                 |  | Apr 15, 2011                     | 
|                                                 | Three Months Ended
31 Mar, 2015 |  | Three Months Ended
31 Mar, 2014 |  | (Inception)
Through
31 Mar, 2015 | 
|                                                 | $                               |  | $                               |  | $                                | 
|                                                 |                                 |  |                                 |  |                                  | 
|Retail and Corporate revenue                     | -                               |  | -                               |  | -                                | 
|Commission from travel booking services          | -                               |  | -                               |  | -                                | 
|Incentive commissions                            | -                               |  | -                               |  | -                                | 
|                                                 |                                 |  |                                 |  |                                  | 
|Net sales                                        | -                               |  | -                               |  | -                                | 
|Cost of sales                                    | -                               |  | -                               |  | -                                | 
|                                                 |                                 |  |                                 |  |                                  | 
|Gross profit                                     | -                               |  | -                               |  | -                                | 
|Other operating income  Note 5                  | -                               |  | -                               |  | -                                | 
|Administrative and other operating expenses      | (72,248)                        |  | (62,201)                        |  | (678,172)                        | 
|                                                 |                                 |  |                                 |  |                                  | 
|Loss from operations                             | (72,248)                        |  | (62,201)                        |  | (678,172)                        | 
|Other non-operating income                       |                                 |  |                                 |  | 131                              | 
|Interest expenses  Note 5                       | -                               |  | -                               |  | (15)                             | 
|                                                 |                                 |  |                                 |  |                                  | 
|Loss before income taxes                         | (72,248)                        |  | (62,201)                        |  | (678,056)                        | 
|Income taxes - Note 6                            | -                               |  | -                               |  | -                                | 
|                                                 |                                 |  |                                 |  |                                  | 
|Net Loss                                         | (72,248)                        |  | (62,201)                        |  | (678,056)                        | 
|Non-controlling interest                         | -                               |  | -                               |  | -                                | 
|                                                 |                                 |  |                                 |  |                                  | 
|Net Loss attributable to the Company             | (72,248)                        |  | (62,201)                        |  | (678,056)                        | 
|                                                 |                                 |  |                                 |  |                                  | 
|Earnings per share of common stock  Note 4      |                                 |  |                                 |  |                                  | 
|- Basic                                          | (0.39) cents                    |  | (0.35) cents*                   |  | (5.50) cents*                    | 
|- Diluted                                        | (0.39) cents                    |  | (0.35) cents*                   |  | (5.50) cents*                    | 
|                                                 |                                 |  |                                 |  |                                  | 
|Weighted average number of common stock  Note 4 |                                 |  |                                 |  |                                  | 
|- Basic                                          | 18,725,000                      |  | 18,025,000*                     |  | 12,320,028*                      | 
|- Diluted                                        | 18,725,000                      |  | 18,025,000*                     |  | 12,320,028*                      | 



*As the number of common shares outstanding decreased as a result of a reverse stock split during year ended December 31, 2014, the computations of basic and diluted EPS shall be adjusted retroactively for all periods presented to reflect that change in capital structure.



See notes to consolidated financial statements



4





BAOSHINN CORPORATION

CONSOLIDATED STATEMENT OF STOCKHOLDERS DEFICIT AND COMPREHENSIVE INCOME

(Stated in US Dollars)

|                           |              |   |            |   |           |   |                    |   |             |   |                 
|-------------------------- | ------------ | - | ---------- | - | --------- | - | ------------------ | - | ----------- | - | ----------------
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|                           |              |   |            |   |          
|                           |              |   |            |   |           |   |                    |   | Accumulated |   |                 
|                           | Common stock |   | Additional |   | Other     |   | deficit during the |   | Total      
|                           | Shares       |   | Amount     |   | paid-in   |   | Comprehensive      |   | development |   | stockholders'   
|                           | outstanding  |   |            |   | capital   |   | Income             |   | stage       |   | equity/(deficit)
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Balance,                   |              |   |            |   |           |   |                    |   |             |   |                 
|April 1, 2012              | 400,000      | $ | 400        | $ | ---       | $ | ---                | $ | ---         | $ | 400             
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Net loss                   | ---          |   | ---        |   | ---       |   | ---                |   | (336)       |   | (336)           
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Balance,
March 31, 2012    | 400,000      | $ | 400        | $ | ---       | $ | ---                | $ | (336)       | $ | 64              
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Balance,
December 31, 2013 | 18,025,003   | $ | 1,803      | $ | 893,924   | $ | 0                  | $ | (1,002,455) | $ | (106,728)       
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Issuance of common stock   | 560,000      |   | 56         |   | 259,944   |   | ---                |   | ---         |   | 260,000         
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Net Loss                   | ---          |   | ---        |   | ---       |   | ---                |   | (364,699)   |   | (364,699)       
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Balance, Dec 31, 2014      | 18,585,003   | $ | 1,859      | $ | 1,153,868 | $ | ---                | $ | (1,367,154) | $ | (211,427)       
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Balance,
January 1, 2015   | 18,585,003   |   | 1,859      |   | 1,153,868 |   | ---                |   | (1,367,154) |   | (211,427)       
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Issuance of common stock   | 140,000      |   | 14         |   | 41,986    |   | ---                |   | ---         |   | 42,000          
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Disposal of OODI           | ---          |   | ---        |   | ---       |   | ---                |   | 22,942      |   | 22,942          
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Net loss                   | ---          |   | ---        |   | ---       |   | ---                |   | (72,248)    |   | (72,248)        
|                           |              |   |            |   |           |   |                    |   |             |   |                 
|Balance,
March 31, 2015    | 18,725,003   | $ | 1,873      | $ | 1,195,854 | $ | ---                | $ | (1,416,460) | $ | (218,733)       
|                           |              |   |            |   |           |   |                    |   |             |   |                 

See notes to consolidated financial statements





5



BAOSHINN CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS

(Stated in US Dollars)

|                                                                                    |                                 |                                 |                                               | 
|----------------------------------------------------------------------------------- | ------------------------------- | ------------------------------- | --------------------------------------------- | 
|                                                                                    |                                 |                                 |                                               | 
|                                                                                    | Three Months Ended
31 Mar, 2015 | Three Months Ended
31 Mar, 2014 | Apr 15, 2011 (inception)
Through
31 Mar, 2015 | 
|                                                                                    | (Unaudited)                     | (Unaudited)                     | (Unaudited)                                   | 
|                                                                                    | $                               | $                               | $                                             | 
|Cash flows used in operating activities                                             |                                 |                                 |                                               | 
|Net (Loss) / Income                                                                 | (72,248)                        | (62,201)                        | (678,056)                                     | 
|Adjustments to reconcile net income to net cash flows used in operating activities: |                                 |                                 |                                               | 
|Re-organization (reverse merger and spin-off)                                       | -                               | -                               | (9,195)                                       | 
|Stock based compensation                                                            | ;-                              | -                               | 85,000                                        | 
|Changes in operating assets and liabilities:                                        |                                 |                                 |                                               | 
|Other payables and accrued liabilities                                              | 50,746                          | 51,595                          | 249,641                                       | 
|Net Cash flows used in operating activities                                         | (21,502)                        | (10,606)                        | (352,610)                                     | 
|Cash flows from investing activity                                                  |                                 |                                 |                                               | 
|Disposal of subsidiary OODI                                                         | 22,942                          | -                               | 22,942                                        | 
|Net cash flows generated from investing activity                                    | 22,942                          | -                               | 22,942                                        | 
|                                                                                    |                                 |                                 |                                               | 
|Cash flows used in financing activities                                             |                                 |                                 |                                               | 
|Proceed from Issuance of common stock                                               | 42,000                          | -                               | 360,576                                       | 
|Amounts due to / from related parties                                               | (44,279)                        | 4,775                           | (29,713)                                      | 
|Net cash flows (used in) / generated from  financing activities                     | (2,279)                         | 4,775                           | 330,863                                       | 
|Net (decrease) / increase in cash and cash equivalents                              | (839)                           | (5,831)                         | 1,195                                         | 
|Effect of foreign currency translation on cash and cash equivalents                 | -                               | -                               | -                                             | 
|Cash and cash equivalents - beginning of year                                       | 2,034                           | 6,280                           | -                                             | 
|Cash and cash equivalents - end of year                                             | 1,195                           | 449                             | 1,195                                         | 
|Supplemental disclosures for cash flow information :                                |                                 |                                 |                                               | 
|Cash paid for :                                                                     |                                 |                                 |                                               | 
|Interest                                                                            | -                               | -                               | -                                             | 
|Income taxes                                                                        | -                               | -                               | -                                             | 



See notes to consolidated financial statements.



6



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)

1.

Corporation information

Baoshinn Corporation (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, Baoshinn Corporation 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 into one (1) share of the Companys outstanding Common Stock, the New Common Stock

On March 4, 2013 Baoshinn Corporation (Baoshinn) 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 Baoshinn shareholders (the Baoshinn Selling Shareholders) transferred 1,485,000 shares of the common stock of Baoshinn (the Baoshinn 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 Baoshinn, and they paid $100,000.00 in cash to the Baoshinn Selling Shareholders. In addition, immediately prior to the closing of the acquisition, Baoshinn spun off its operating subsidiary, Hong Kong Holdings, Inc., to its shareholders. OODI is now a wholly-owned subsidiary of Baoshinn.

The transaction was accounted for as a reverse merger, since the original stockholders of the OODI own a majority of the outstanding shares of Baoshinn stock immediately following the completion of the transaction on March 4, 2013. OODI was the legal acquiree but deemed to be the accounting acquirer, Baoshinn 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 Baoshinn incorporated a subsidiary company in Hong Kong under the name Syndicore Asia Limited. Syndicore Asia Limited (SAL) is an online media company that syndicates professional sports 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 sports 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.



7





BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)



1.

Corporation information (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 are 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; 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 4,250,000 shares in lieu of $21,250 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, Baoshinn Corporation (Baoshinn), 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 Baoshinn Corporation subscribed to 1,000,000 shares of the $.0001 par value common stock of Green Standard Technologies, Inc., a Corporation duly organized under the laws of the state of Nevada for $100.00.



Green Standard Technologies, 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 Baoshinn Corp. through its wholly owned subsidiary, Green Standard Technologies, 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 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.





8



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)



1.

Corporation information (continued)



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 share. 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.



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. Those products shall include olive oils, pastas, vinegars and other Italian gourmet 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 currently in the start-up phase of our business and are in the process of entering into arrangements and agreements to implement the current business plan which is to proceed with the initial development of the Company and to complete Phase I of the business plan which will provide us with a fully functional e-commerce site to sell product inventoried by Olive Oils and products marketed by Olive Oils which may also be affiliated with several other large well established Internet retailers.



OODI is a development stage company and is subject to compliance under ASC 915-15.  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, 2014.



OODI is a development-stage company that plans to develop and operate a retail internet website specializing in gourmet Italian food products including 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.



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





9



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)

2.

Description of business (continued)



Syndicore Asia Limited (SAL) is an online media company that syndicates professional sports 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 sports 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 Baoshinn Corporation formed Green Standard Technologies, Inc., (GST) as a wholly owned subsidiary under the law of the state of Nevada. The Companys second line of business is carried on by this subsidiary.



Green Standard Technologies, 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 resource.



On October 29, 2014 Green Standard Technologies, 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.



3.

Going concern



The financial statements at March 31, 2015, at Dec 31, 2014 and for the period from April 15, 2011 (date of inception), to March 31, 2015, have been prepared on 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 loss of $1,416,460 for the period from April 15, 2011 (date of inception), to March 31, 2015. It has not generated any revenues and no revenues are anticipated until we begin selling inventoried products. These conditions raise substantial doubt as to the Companys ability to continue as a going concern.



Managements 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.  If we require additional cash and cant raise it, we will either have to suspend operations until the cash is raised, or cease business entirely.



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



10



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)

4.

Summary of significant accounting policies



Basis of presentation and consolidation



The accompanying consolidated financial statements of The Group have been prepared in accordance with generally accepted accounting principles in the United States of America.



On June 29, 2010, the Financial Accounting Standards Board (FASB) established the FASB Accounting Standards Codification (Codification) as the single source of authoritative US generally accepted accounting principles (GAAP) for all non- governmental entities Rules and interpretive releases of the Securities and Exchange Commission (SEC) and also sources of authoritative US GAAP for SEC registrants. The Codification does not change US GAAP but takes previously issued FASB standards and other U.S. GAAP authoritative pronouncements, changes the way the standards are referred to, and includes them in specific topic arrears. The adoption of the Codification did not have any impact on the Groups financial statements.



The consolidated financial statements 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 accompanying financial statements have been prepared in accordance with United States generally accepted accounting principles for financial information and in accordance with Securities and Exchange Commissions Regulation S-X.  They reflect all adjustments which are, in the opinion of the Companys management, necessary for a fair presentation of the financial position and operating results as of and for the period April 15, 2011 (date of inception) to March 31, 2015.



The Company has limited operations and is considered to be in the development stage under ASC 915-15.  The functional currency is the United States dollar, and the financial statements are presented in United States dollars.



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.





11



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)



4.  Summary of significant accounting policies (continued)



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.



Accounts receivable



Accounts receivable are stated at original amount less allowance made for doubtful receivables, if any, based on a review of all outstanding amounts at the year end. An allowance is also made when there is objective evidence that the Group will not be able to collect all amounts due according to original terms of receivables. Bad debts are written off when identified. The Group extends unsecured credit to customers in the normal course of business and believes all accounts receivable in excess of the allowances for doubtful receivables to be fully collectible. The Group does not accrue interest on trade accounts receivable.



The Group has a credit policy in place and the exposure to credit risk is monitored on an ongoing basis. Credit evaluations are performed on all customers requiring credit over a certain amount.



Plant and equipment



Plant and equipment are stated at cost less accumulated depreciation. Cost represents the purchase price of the asset and other costs incurred to bring the asset into its existing use. Maintenance, repairs and betterments, including replacement of minor items, are charged to expense; major additions to physical properties are capitalized.

Depreciation of plant and equipment is provided using the straight-line method over their estimated useful lives at the following annual rates:



| |                        |           |  | 
| | ---------------------- | --------- |  | 
| |                        |           |  | 
| | Furniture and fixtures | 20% - 50% |  | 
| | Office equipment       | 20%       |  | 
| |                        |           |  | 



Property and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of are separately presented in the balance sheet and reported at the lower of the carrying amount or fair value less costs to sell, and are no longer depreciated.



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.







12



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)



4. Summary of significant accounting policies (continued)



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.



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 at 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; 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 4,250,000 shares in lieu of $21,250 compensation to the officer. The amounts recorded were about $85,000 at fair price per ASC 718.



Advertising expenses



Advertising expenses are charged to expense as incurred.



After March 4, 2013, the Company had spun-off the prior operation unit and merged with a new operation unit.  No advertising expenses were incurred in the current operation.



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 three months ended 31 March, 2015. 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



Other comprehensive income refers to revenues, expenses, gains and losses that under U.S. GAAP are included in comprehensive income but are excluded from net income as these amounts are recorded as a component of stockholders equity. The Groups other comprehensive income represented foreign currency translation adjustments.





13



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)

4.Summary of significant accounting policies (Continued)



Foreign currency translation



The functional currency of the Group is Hong Kong Dollars (HK$). The Group maintains its financial statements in the functional currency. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at rates of exchange prevailing at the balance sheet dates. Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchanges rates prevailing at the dates of the transaction. Exchange gains or losses arising from foreign currency transactions are included in the determination of net income for the respective periods.



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$). Assets and liabilities are translated at the exchange rates at the balance sheet dates and revenue and expenses are translated at the average exchange rates and stockholders equity is translated at historical exchange rates. Any translation adjustments resulting are not included in determining net income but are included in foreign exchange adjustment to other comprehensive income, a component of stockholders equity.

|                                       |                    |  |                   
|-------------------------------------- | ------------------ |  | ------------------
|                                       |                    |  |                   
|                                       | Three Months ended |  | Three Months ended
|                                       | Mar 31, 2015       |  | Mar 31, 2014      
|Year end HK$ : US$ exchange rate       | 7.8                |  | 7.8               
|Average yearly HK$ : US$ exchange rate | 7.8                |  | 7.8               



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.

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 months ended March 31, 2015 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.





14



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)



4.Summary of significant accounting policies (continued)



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 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:

|                                                    |                                 |  |                                
|--------------------------------------------------- | ------------------------------- |  | -------------------------------
|                                                    |                                 |  |                                
|                                                    | Three Months
Ended
31 Mar, 2015 |  | Three Months Ended
31 Mar, 2014
|                                                    | $                               |  | $                              
|Numerator for basic and diluted
earnings per share: |                                 |  |                                
|Net (Loss)/Income                                   | (72,248)                        |  | (62,201)                       
|                                                    |                                 |  |                                
|Denominator:                                        |                                 |  |                                
|Basic weighted average shares                       | 18,725,000                      |  | 18,025,000                     
|Effect of dilutive securities                       | -                               |  | -                              
|                                                    |                                 |  |                                
|Diluted weighted average shares                     | 18,725,000                      |  | 18,025,000                     
|                                                    |                                 |  |                                
|Basic earnings per share:                           | (0.39) cents                    |  | (0.35) cents                   
|                                                    |                                 |  |                                
|Diluted earnings per share:                         | (0.39) cents                    |  | (0.35) cents                   





15





BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)

4. Summary of significant accounting policies (continued)



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 three months ended March 31, 2015, the Group did not record stock-based compensation expense.



During three months ended March 31, 2014, the Group did not record stock-based compensation expense.



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.



Recently issued accounting pronouncements



The FASB has issued Accounting Standards Update (ASU) No. 2015-01 about Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. The objective is to reduce the cost and complexity of income statement presentation by eliminating the concept of extraordinary items while maintaining or improving the usefulness of the information provided to the users of financial statements. The extraordinary items must met two criterias: unusual nature and infrequency of occurrence. If an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax, after income from continuing operations. The entity also is required to disclose applicable income taxes. This amendment will be effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2015. The Board decided to permit early adoption provided that the guidance is applied from the beginning of the fiscal year of adoption.

The FASB has issued ASU No. 2015-03 about Simplifying the Presentation of Debt Issuance Costs. The objective is to require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this Update. For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2015, and interim periods within fiscal years beginning after December 15, 2016. Early adoption of the amendments in this Update is permitted for financial statements that have not been previously issued.

The FASB has issued ASU No. 2015-05 about Intangibles-Goodwill and Other-Internal-Use Software. The objective is to provide a guidance about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. The amendment will not change GAAP for a customers accounting for service contracts. In addition, the guidance in this Update supersedes paragraph 350-40-25-16. Consequently, all software licenses within the scope of Subtopic 350-40 will be accounted for consistent with other licenses of intangible assets. For public business entities, the Board decided that the amendments will be effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2015. For all other entities, the amendment will be effective for annual periods beginning after December 15, 2015, and interim periods in annual periods beginning after December 15, 2016. Early adoption is permitted for all entities.









16



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)



4.   Summary of significant accounting policies (continued)



The FASB has issued ASU No. 2015-06 about Topic 260, Earnings Per Share, which contains guidance that addresses master limited partnerships that originated from Emerging Issues Task Force (EITF) Issue No. 07-4. This amendment in this Update specify that for purposes of calculating historical earnings per unit under the two-class method, the earnings (losses) of a transferred business before the date of a dropdown transaction should be allocated entirely to the general partner. In that circumstance, the previously reported earnings per unit of the limited partners (which is typically the earnings per unit measure presented in the financial statements) would not change as a result of the dropdown transaction. Qualitative disclosures about how the rights to the earnings (losses) differ before and after the dropdown transaction occurs for purposes of computing earnings per unit under the two-class method also are required. The amendments in this Update are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Earlier application is permitted.



The FASB has issued ASU No. 2015-07 about Topic 820, Fair Value Measurement, which permits a reporting entity, as a practical expedient, to measure the fair value of certain investments using the net asset value per share of the investment. The amendments in this Update remove the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share practical expedient. The amendments also remove the requirement to make certain disclosures for all investments that are eligible to be measured at fair value using the net asset value per share practical expedient. Rather, those disclosures are limited to investments for which the entity has elected to measure the fair value using that practical expedient. The amendments in this Update apply to reporting entities that elect to measure the fair value of an investment within the related scope by using the net asset value per share (or its equivalent) practical expedient.

Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Companys consolidated financial statements upon adoption.



5.

Interest expenses

| |                  |                    |  |                   
| | ---------------- | ------------------ |  | ------------------
| |                  |                    |  |                   
| |                  | Three Months Ended |  | Three Months
Ended
| |                  | Mar 31, 2015       |  | Mar 31, 2014      
| |                  | $                  |  | $                 
| |                  |                    |  |                   
| | Interest expense | -                  |  | -                 
| |                  |                    |  |                   
| |                  | -                  |  | -                 









17



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)

6.

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 taxable income in the United States in 2015 and 2014.



One subsidiary is incorporated in Hong Kong, and is subject to Hong Kong Profits Tax at 16.5% for the three months ended March 31, 2015 and 2014. Provision for Hong Kong profits tax has been made for the year presented as the subsidiaries have assessable profits during the year.



7.

Other payables and accrued liabilities

| |                        |         |  |        
| | ---------------------- | ------- |  | -------
| |                        |         |  |        
| |                        | Mar 31, |  | Dec 31,
| |                        | 2015    |  | 2014   
| |                        | $       |  | $      
| |                        |         |  |        
| | Sale deposits received | -       |  | -      
| | Accrued expenses       | 249,641 |  | 198,895
| | Other payables         | -       |  | -      
| |                        | 249,641 |  | 198,895



8.

Amount due from / to related party



Amount due from / to related party are as follows:



| |                               |          |  |       
| | ----------------------------- | -------- |  | ------
| |                               |          |  |       
| |                               |          |  |       
| |                               | March 31 |  | Dec 31
| |                               | 2015     |  | 2014  
| |                               | $        |  | $     
| |                               |          |  |       
| | Amount due from related party | 29,713   |  | -     
| | Amount due to related party   | -        |  | 14,566
| |                               |          |  |       
| |                               |          |  |       



As of March 31, 2015 and Dec 31, 2014, the amount due from/to related party, represent advances from shareholders of the Group, are interest free, unsecured, and have no fixed repayment terms.





18



BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)



9.

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 March 31, 2015 and Dec 31, 2014:

|                          |  |                |  |                                                               |  |                                               |  |                                                
|------------------------- |  | -------------- |  | ------------------------------------------------------------- |  | --------------------------------------------- |  | -----------------------------------------------
|                          |  |                |  |                                                               |  |                                               |  |                                                
|                          |  |                |  | Fair Value Measurements at reporting date using              
|                          |  | March 31, 2015 |  | 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 |  | 1,195          |  | 1,195                                                         |  | -                                             |  | -                                              



19









BAOSHINN CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in US Dollars)













|                          |  |                   |  |                                                               |  |                                               |  |                                                
|------------------------- |  | ----------------- |  | ------------------------------------------------------------- |  | --------------------------------------------- |  | -----------------------------------------------
|                          |  |                   |  |                                                               |  |                                               |  |                                                
|                          |  |                   |  | Fair Value Measurements at reporting date using              
|                          |  | December 31, 2014 |  | 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 |  | 2,034             |  | 2,034                                                         |  | -                                             |  | -                                              



10.

Commitments and contingencies



The Company did not have commitments and contingencies during the three months and year ended of March 31, 2015 and December 31, 2014.



11.

Subsequent Events



The Company has evaluated all other subsequent events as of March 31, 2015 and determined that there were no other subsequent events or transactions that require recognition or disclosures in the financial statements.







20





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



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 Baoshinn 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.

A.

Current Operating Results

On March 4, 2013 Baoshinn Corporation (Baoshinn) 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 Baoshinn shareholders (the Baoshinn Selling Shareholders) transferred 1,485,000 shares of the common stock of Baoshinn (the Baoshinn 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 Baoshinn, and they paid $100,000.00 in cash to the Baoshinn Selling Shareholders. In addition, immediately prior to the closing of the acquisition, Baoshinn spun off its operating subsidiary, Hong Kong Holdings, Inc., to its shareholders. OODI is now a wholly-owned subsidiary of Baoshinn.

OODI is a development-stage company that plans to develop and operate a retail internet website specializing in gourmet Italian food products. Those products shall include olive oils, pastas, vinegars and other Italian gourmet 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 currently in the start-up phase of our business and are in the process of entering into arrangements and agreements to implement the current business plan which is to proceed with the initial development of the Company and to complete Phase I of the business plan which will provide us with a fully functional e-commerce site to sell product inventoried by Olive Oils and products marketed by Olive Oils which may also be affiliated with several other large well established Internet retailers.



OODI is a development stage company and is subject to compliance under ASC 915-15.  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.





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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 is a wholly-owned subsidiary of the Company.  Syndicore Asia Limited is also in the start-up phase and is in the process of entering into arrangements and agreements to implement the current business plan.



Syndicore Asia Limited is a wholly-owned subsidiary of the Company.  Syndicore Asia Limited is also 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 professional sports 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 sports 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 period from its inception on April 23, 2013 to March 31, 2015.

On August 1, 2014 Baoshinn Corporation formed Green Standard Technologies, Inc. as a wholly owned subsidiary incorporated under the laws of the state of Nevada. The Companys second line of business is carried on by this subsidiary.

GST 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.  No revenues have been earned by GST during the period from its inception on August 1, 2014 to March 31, 2015.

In the three months ended March 31, 2015 and 2014, we derived no revenues from our operation.



Results of Operations for the three months ended March 31, 2015 compared to the three months ended March 31, 2014

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

|                                            |                                  |  |                                   | 
|------------------------------------------- | -------------------------------- |  | --------------------------------- | 
|                                            |                                  |  |                                   | 
|                                            | Three months Ended
March 31 2015 |  | Three months Ended
March 31, 2014 | 
|                                            | $                                |  | $                                 | 
|Retail                                      | -                                |  | -                                 | 
|                                            |                                  |  |                                   | 
|Net sales                                   | -                                |  | -                                 | 
|Cost of sales                               | -                                |  | -                                 | 
|                                            |                                  |  |                                   | 
|Gross profit                                | -                                |  | -                                 | 
|Other operating income                      | -                                |  | -                                 | 
|Administrative and other operating expenses | (72,248)                         |  | (62,201)                          | 
|                                            |                                  |  |                                   | 
|Income/(Loss) from operations               | (72,248)                         |  | (62,201)                          | 
|Interest expenses  Note 7                  | -                                |  | -                                 | 
|                                            |                                  |  |                                   | 
|Income/(Loss) before income taxes           | (72,248)                         |  | (62,201)                          | 
|Income taxes - Note 8                       | -                                |  | -                                 | 
|                                            |                                  |  |                                   | 
|Net Income/(Loss)                           | (72,248)                         |  | (62,201)                          | 
|Non-controlling interest                    | -                                |  | -                                 | 
|                                            |                                  |  |                                   | 

|                                            |          |  |          | 
|------------------------------------------- | -------- |  | -------- | 
|Net Income/(Loss) attributable to The Group | (72,248) |  | (62,201) | 







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Revenues

In the three months ended March 31, 2015 and 2014, we derived no revenues from our current operation.

Cost of Sales and Gross Profit

In the three months ended March 31, 2015 and 2014, we derived no cost of sales and no gross profits from our current operation.

Operating Expenses, Interest Expenses and Attributed Loss

Total operating expenses for the three months ended March 31, 2015 were $72,248, while the operating expenses for the three months ended March 31, 2014 were $62,201. Our operating expenses increased 16.15% attributed to the development of a new business venture which is totally different from the prior BSIE operations.

Our interest expenses for the three months ended March 31, 2015 were $0, while the operating expenses for the three months ended March 31, 2014 were $0. The interest expenses were immaterial.

Total attributed loss for the three months ended March 31, 2015 were $72,248; while the attributed loss for the three months ended March 31, 2014 were $62,201. Our attributed loss increased 16.15% owing to the development of a new business venture which is totally different from the prior BSIE operations.



B.

Liquidity and Capital Resources

Operating Activities Going Concern

We had a net loss of $72,248 and 62,201 for the three months ended March 31, 2015 and 2014; and a net loss since inception of $678,056. On December 31, 2014 and on March 31, 2015 we had cash on hand of $2,034 and $1,195. The accumulative loss has raised substantial doubt about our ability to continue as a going concern. Although our consolidated financial statements raise substantial doubt about our ability to continue as a going concern, they did not include any adjustments relating to recoverability and classification of recorded assets, or the amounts or classifications of liabilities that might be necessary in the event we cannot continue as a going concern. Certain of our shareholders have verbally agreed to provide continuing financial support to us for future losses we may incur in the future.

Liquidity



The following table sets forth the summary of our cash flows for the periods indicated:

| |                                                                |             |                                     |           |  | 
| | -------------------------------------------------------------- | ----------- | ----------------------------------- | --------- |  | 
| |                                                                |             |                                     |           |  | 
| |                                                                |             |                                     |           |  | 
| | For Three Months Ended Mar 31, 2015                            |             | For Three Months Ended Mar 31,
2014
| |                                                                | (unaudited) |                                     | (audited)
| |                                                                | $           |                                     | $        
| |                                                                |             |                                     |          
| | Net cash flows used in operating activities                    | (21,502)    |                                     | (10,606) 
| |                                                                |             |                                     |          
| | Net cash flows generated from investing activities             | 22,942      |                                     | -        
| |                                                                |             |                                     |          
| | Net cash flows (used in) / generated from financing activities | (2,279)     |                                     | 4,775    
| |                                                                |             |                                     |          
| | Net decrease in cash and cash equivalents                      | (839)       |                                     | (5,831)  
| | Effect of foreign currency translation                         | -           |                                     | -        
| | Cash and cash equivalents - beginning of year                  | 2,034       |                                     | 6,280    
| |                                                                |             |                                     |          
| | Cash and cash equivalents - end of period                      | 1,195       |                                     | 449      





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Operating Activities



Net cash used in operating activities was $21,502 for the three months ended March 31, 2015 as compared to net cash used in operating activities of $10,606 for the three months ended March 31, 2014. The increase in cash used during the three months ended March 31, 2015 is mainly due to the net loss from operation and re-organization with reverse merger and spin-off which covered by the increase in the accrual of legal and professional fees. The increase in cash generated during the three months ended March 31, 2014 is mainly due to the net loss from operation.



Investing Activities



Net cash generated in investing activities was $22,942 for the three months ended March 31, 2015 as compared to no cash generated or used in investing activities for the three months ended March 31, 2014. The increase in cash generated during the three months ended March 31, 2015 is mainly due to dispose the subsidiary OODI.



Financing Activities

Net cash (used in) / provided by financing activities was $(2,279) and $4,775 for the three months ended March 31, 2015 and 2014. This reflected an advance to related parties and net cash generated from issuance of common stock as of March 31, 2015, as compared to $4,775 net cash advance from related parties during the three months ended March 31, 2014.

As of March 31, 2015, the amounts due from or to related parties, represented advances from related parties of the Group 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.



C.  Off-Balance Sheet Arrangements.

The Company has no off-balance sheet obligations or guarantees and has not used special purpose entities for any transactions



D.  Contractual Obligations.

The Company has no contractual obligations in debt, lease, purchases or any other arrangements

Item 3. Quantitative and Qualitative Disclosure About Market Risks.

Not Applicable.

Item 4. Controls and Procedures.

(a)

Evaluation of disclosure controls and procedures.

As required by paragraph (b) of Rules 13a-15 or 15d-15 under the Securities Exchange Act of 1934, the Companys principal executive officer and principal financial officer have evaluated the Companys disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation these officers have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective and were adequate to insure 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s rules and forms. It is also important to point out that all internal control systems, no matter how well designed, have inherent limitations and may not prevent or detect all material misstatements. Therefore even those systems determined to be effective can only provide reasonable assurance with respect to financial reporting reliability and financial statements preparation and presentation.

(b)

Changes in internal controls.



There have been no significant changes in our internal controls over financial reporting or other factors that would significantly affect, or are reasonably likely to materially affect such controls and procedures subsequent to the date we completed our evaluation. Therefore, no corrective actions were taken.





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PART II - OTHER INFORMATION

Item 1. Legal Proceedings.

To the best knowledge of the Companys officers and directors, 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



(a)   Exhibits

*3.1  Certificate of Incorporation

*3.2  Amended and Restated Certificate of Incorporation

*3.3  By-laws

*4.0  Stock Certificate

31.1  Certification pursuant to Section 302 of Sarbanes Oxley Act of 2002

32.1 Certification pursuant to Section 906 of Sarbanes Oxley Act of 2002

* Filed as an exhibit to the Company's registration statement on Form SB-2, as filed with the Securities and Exchange Commission on June 14, 2006, and incorporated herein by this reference.

(b)   Reports of Form 8-K

None.



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SIGNATURES

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: May20, 2015

BAOSHINN CORPORATION



By:/s/ Sean Webster

Sean Webster

Title: President/CFO/CEO/Secretary/Director

























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