American Fiber Green Products (AFBG) 10-K 9 May 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	May. 06, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	AMERICAN FIBER GREEN PRODUCTS, INC.
Entity Central Index Key	1,009,925
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 1,550,000
Entity Common Stock, Shares Outstanding		17,700,556
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 16,349	$ 28,314
Accounts receivable, net of allowance for doubtful accounts of $97,939 and $0, respectively	$ 97,939
Other receivable		$ 27,020
Prepaid expenses		2,349
Total Current Assets	$ 114,288	57,683
Property and equipment, net of accumulated depreciation of $59,973 and $54,352, respectively	34,042	39,663
TOTAL ASSETS	148,330	97,346
Current Liabilities
Accounts payable	204,059	191,673
Accrued expenses	21,649	16,173
Deferred salaries	875,932	669,352
Accrued interest payable	757,489	713,579
Note payable, related party	133,090	182,535
Note payable	85,000	85,000
Convertible notes payable, related party	284,500	284,500
Total Current Liabilities	2,361,719	2,142,812
TOTAL LIABILITIES	$ 2,361,719	$ 2,142,812
Stockholders' Deficit
Preferred stock: 5,000,000 authorized; $0.001 par value; no shares issued and outstanding
Common stock: 350,000,000 authorized; $0.001 par value 17,700,556 and 17,638,556 shares issued and outstanding	$ 17,700	$ 17,638
Additional paid in capital	3,522,525	3,505,508
Accumulated deficit	(5,753,614)	(5,568,612)
Total Stockholders' Deficit	(2,213,389)	(2,045,466)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 148,330	$ 97,346

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current Assets
Accounts receivable, net of allowance for doubtful accounts	$ 97,939	$ 0
Accumulated depreciation	$ 59,973	$ 54,352
Stockholders' Deficit
Preferred stock; par value	$ 0.001	$ 0.001
Preferred Stock; shares authorized	5,000,000	5,000,000
Preferred stock; shares issued	0	0
Preferred stock; shares outstanding	0	0
Common stock; par value	$ 0.001	$ 0.001
Common Stock; shares authorized	350,000,000	350,000,000
Common stock; shares issued	17,700,556	17,638,556
Common stock; shares outstanding	17,700,556	17,638,556

Consolidated Statements of Oper

Consolidated Statements of Operation - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Consolidated Statements Of Operation
Revenues	$ 479,390	$ 453,274
Cost of sales	164,814	210,134
Gross Profit	314,576	243,140
Operating Expenses
Stock based compensation	14,500	$ 181,319
Bad debt expense	97,939
Compensation	213,875	$ 244,475
Professional	25,202	26,259
General and administrative	77,252	43,400
Total operating expenses	428,768	495,453
Net Income (Loss) from operations	(114,192)	(252,313)
Other income (expense)
Interest expense	(70,810)	(45,381)
Net Income (Loss)	$ (185,002)	$ (297,694)
BASIC AND DILUTED INCOME (LOSS) PER SHARE	$ (0.01)	$ (0.02)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	17,643,992	16,433,370

Consolidated Statement of Share

Consolidated Statement of Shareholders' Deficit - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Begining balance, Shares at Dec. 31, 2013	12,383,155
Begining balance, Amount at Dec. 31, 2013	$ 12,383	$ 2,654,506	$ (5,270,918)	$ (2,604,029)
Shares exchanged for accrued interest, Shares	2,521,008
Shares exchanged for accrued interest, Amount	$ 2,521	297,479		300,000
Shares exchanged for deferred salaries, Shares	1,836,448
Shares exchanged for deferred salaries, Amount	$ 1,836	325,970		327,806
Shares exchanged for accrued interest and notes payable, Shares	264,045
Shares exchanged for accrued interest and notes payable, Amount	$ 264	46,868		47,132
Stock issued for compensation, Shares	133,900
Stock issued for compensation, Amount	$ 134	31,185		31,319
Stock issued for services, Shares	500,000
Stock issued for services, Amount	$ 500	149,500		150,000
Net loss			$ (297,694)	(297,694)
Endings balance, Shares at Dec. 31, 2014	17,638,556
Endings balance, Amount at Dec. 31, 2014	$ 17,638	3,505,508	(5,568,612)	(2,045,466)
Stock issued for services, Shares	50,000
Stock issued for services, Amount	$ 50	14,450		14,500
Stock issued for cash, Shares	12,000
Stock issued for cash, Amount	$ 12	2,567		2,579
Net loss			(185,002)	(185,002)
Endings balance, Shares at Dec. 31, 2015	17,700,556
Endings balance, Amount at Dec. 31, 2015	$ 17,700	$ 3,522,525	$ (5,753,614)	$ (2,213,389)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Cash Flows from Operating Activities:
Net Income (Loss)	$ (185,002)	$ (297,694)
Adjustments to reconcile net loss to net cash (used) provided by operating activities:
Depreciation and amortization	5,621	$ 3,816
Bad debt expense	97,939
Stock-based compensation	14,500	$ 181,319
(Increase) decrease in operating assets:
Accounts receivable	(195,878)	37,930
Non-trade receivables and other assets	27,020	$ (20,307)
Prepaid and other assets	2,349
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses	17,862	$ 12,607
Deferred compensation	206,580	214,475
Total adjustments	175,993	429,840
Net Cash (Used) Provided by Operating Activities	$ (9,009)	132,146
Cash Flows from Investing Activities:
Acquisition of property and equipment		(29,500)
Net Cash Used in Investing Activities		(29,500)
Cash Flows from Financing Activities:
Related party loans, net	$ (5,535)	$ (120,231)
Proceeds from issuance of common stock	$ 2,579
Proceeds from loans		$ 45,381
Net Cash Provided (Used) by Financing Activities	$ (2,956)	(74,850)
Net Increase in Cash and Cash Equivalents	(11,965)	27,796
Cash and Cash Equivalents, beginning of period	28,314	518
Cash and Cash Equivalents, end of period	$ 16,349	$ 28,314
Supplemental Disclosure Information:
Cash paid for interest
Cash paid for taxes
Common stock issued for deferred salaries		$ 327,806
Common stock issued for forgiveness of notes payable and accrued interest		$ 347,132

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
1. ORGANIZATION AND BUSINESS	American Fiber Green Products, Inc. came into existence as a result of the following transactions: In March of 1993, William Amour founded Amour Hydro Press, Inc. (AHP) to conduct research and development to commercialize proprietary technology that would allow the company to process waste fiberglass and resins into new commercially viable products. In January of 1996 the Board of Directors authorized the merger of AHP with Amour Fiber Core, Inc. a Washington corporation. Each common share of Amour Hydro Press, Inc. was exchanged for 280 common shares of Amour Fiber Core, Inc. The authorized shares of Amour Fiber Core, Inc. were 5,000,000 shares. The company operated under this configuration until June 1998 when the Board of Directors approved a three for one forward split (3:1) increasing the authorized from 5,000,000 to 15,000,000 common shares. Amendments to the Articles of Incorporation were filed with the State of Washington. Although approved and recorded the 3:1 forward split was not reported to the transfer agent of the company. The resulting change in common stock was from 3,675,996 to 11,027,988 common shares issued and outstanding. Within months of these actions, William Amour, founder and driving force behind the business was diagnosed with cancer and died in 1999. Attempts by the board to continue the operation of Amour Fiber Core, Inc. resulted in substantially more debt and ultimately the cessation of operations. The value of the company was in the exclusive rights to the proprietary technology, as well as the resources developed to source raw material and vendors and the ability to create viable products from waste material. There were 884 shareholders of record at the time of William Amour's passing and they remained committed to the success of the Company. The Company ceased operations in January 2000, however, management continued to search for investors to be able to restart production. On September 15, 2001, after several months of discussion and negotiations, Kenneth McCleave incorporated American Leisure Products, Inc. a Florida corporation, of which he was the sole shareholder of the 100,000 issued and outstanding shares for the purpose of merger with Amour Fiber Core, Inc. The terms and conditions of said merger included Mr. McCleave's assistance in resolution of a number of problems restricting Amour. Litigation with the landlord and disgruntled note holders threatened the collapse of the company unless amicable resolution was achieved. The terms of the merger were established and the concerns were resolved over the subsequent 24 months. In May of 2004, following appropriate shareholder consent and board action, Amour Fiber Core, Inc. (Washington) merged with a newly formed Nevada corporation of the same name and with the same issued and outstanding shares (11,027,988). Amour Fiber Core, Inc. (Nevada) has authorized 350,000,000 common and 5,000,000 preferred shares. On May 24, 2004, Amour Fiber Core, Inc. (Nevada) then entered into an Agreement and Plan of Merger with American Leisure Products, Inc., a Florida corporation with a total issued and outstanding of 100,000 common shares. A 1:6 reverse split of the Amour Fiber Core, Inc. shares held by the AFC shareholders reduced the issued and outstanding common shares of AFC (Nevada) from 11,027,988 to 1,837,998. The merger called for each share of ALP to convert to 73.52 shares of Amour Fiber Core, Inc. (Nevada). The sole shareholder of ALP received 7,352,000 shares of Amour Fiber Core, Inc. (Nevada) in the merger (i.e. a conversion ratio of 73.52:1). Following this transaction, Amour Fiber Core, Inc. (Nevada) had 9,189,998 shares outstanding. Following this merger and in keeping with the Shareholder Consent and subsequent board action, the name of Amour Fiber Core, Inc. (Nevada) was changed to American Fiber Green Products, Inc. American Leisure Products, Inc. (a Florida corporation) became a wholly owned subsidiary of American Fiber Green Products, Inc. The assets and opportunities of American Fiber Green Products, Inc. (f/k/a Amour Nevada and Amour Washington) were moved to a newly formed, Amour Fiber Core, Inc., (a Florida Corporation) as a wholly owned subsidiary. The resulting structure is American Fiber Green Products, Inc. (Nevada) holding 100% of the stock of American Leisure Products, Inc. (Florida) and Amour Fiber Core, Inc. (Florida).

GOING CONCERN

GOING CONCERN	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
2. GOING CONCERN	The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company's continued existence is dependent upon the Company's ability to obtain additional debt and/or equity financing. The Company has incurred losses since inception, has an accumulated deficit, and negative cash flows from operating activities. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The Company anticipates beginning construction of a pilot plant within the next 12 months and expects to complete the project and to begin production of scrapped fiberglass reclamation as a raw material within the next 24 months. Although the cost of construction is not readily determinable, the Company estimates the cost to be approximately $550,000 for the pilot plant and as much as $1.6M for a full function plant. Management plans to raise additional funds through the sale of sub-licensing agreements, project financings or through future sales of their common stock, until such time as the Company's revenues are sufficient to meet its cost structure, and ultimately achieve profitable operations. There is no assurance that the Company will be successful in raising additional capital or achieving profitable operations. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	The accompanying consolidated financial statements include the activity of the Company and its wholly owned subsidiaries. All inter-company transactions have been eliminated in consolidation. Basis of Presentation The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the SEC. The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States (See Note 2 regarding the assumption that the Company is a "going concern"). Principles of Consolidation The consolidated financial statements include the accounts of American Fiber Green Products and its wholly-owned subsidiaries, American Leisure Products, Inc. (Florida) and Amour Fiber Core, Inc. (Florida). All material intercompany accounts and transactions are eliminated in consolidation. The year end for the Company and its subsidiaries is December 31. Use of Estimates The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Reclassification Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses. Financial Instruments The Company's balance sheet includes certain financial instruments, which include cash, accounts receivable, notes receivable, interest receivable, accounts payable, accrued expenses, and notes payable. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange 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 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: · Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities · Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. · Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments. Cash and Cash Equivalents The majority of cash is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At December 31, 2015 and 2014, there were no cash equivalents. Property and Equipment Property and equipment are stated at cost and are depreciated over their estimated useful lives. Depreciation is currently recorded as General and Administrative expense. At such time as assets are transferred to revenue generating production, their associated depreciation will be recorded as Cost of Sales. Property and equipment consist of mold tooling, with estimated useful lives of 10 years, and equipment, with estimated lives of 5 years. Long-lived assets such as property and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. We did not recognize any impairment losses for any periods presented. Revenue Recognition The Company recognizes revenues from 1) tipping fees in the acquisition of scrap fiberglass, 2) sale of products produced with reclaimed fiberglass, 3) fees charged for licensing and installation of the proprietary reclamation and manufacturing processes, 4) royalties charged to licensees for revenues generated by using our licensed processes, 5) sales of other fiberglass products (reproduction cars, boats). Revenue is recorded when products and services are provided to the customer. For the years ended December 31, 2015 and 2014, the Company has only produced revenue from the tipping fees. Stock Based Compensation In December 2004, the FASB issued FASB ASC No. 718, Compensation – Stock Compensation ("ASC 718"). Under ASC 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. Equity instruments ("instruments") issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB ASC 718. FASB ASC No. 505, Equity Based Payments to Non-Employees ("ASC 505") defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the ASC 505. Advertising The costs of advertising are expensed as incurred. Advertising expense was $0 for the years ended December 31, 2015 and 2014, respectively. Research and Development Costs Project development costs are expensed as incurred. The cost of equipment that will be acquired or constructed for project development activities, and that have alternative future uses, both in project development, marketing or sales, will be classified as property and equipment and depreciated over their estimated useful lives. To date, project development costs include the development, engineering, and marketing expenses related to the Company's fiberglass reclamation process and associated product development. Deferred Income Taxes and Valuation Allowance The Company accounts for income taxes under ASC 740 Income Taxes. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. 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 the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as of December 31, 2015 or 2014. Earning / Loss per Share The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. The Company presents basic loss per share ("EPS") and diluted EPS on the face of the consolidated statement of operations. Basic loss per share is computed as net loss divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities. As of December 31, 2015 and 2014, there existed notes payable with conversion features (see Notes Payable footnote) which, due to the net loss, had an anti-dilutive effect and therefore were not recognized. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
4. STOCKHOLDERS' EQUITY	Founder Shares In May 2004, the Board of Amour Fiber Core Inc. a Washington corporation approved to reincorporate it in Nevada and reduce the number of shares outstanding. It merged into a newly organized Nevada corporation (also named "Amour Fiber Core, Inc."), and each share of Amour Fiber Core, Inc. (Washington) was converted into 1/6 of a share of Amour Fiber Core, Inc. (Nevada). As a result, the surviving corporation, Amour Fiber Core, Inc. (Nevada) has a total of (1,837,998) shares outstanding. Amour Fiber Core Inc. (Nevada) has 350 million shares of Common Stock authorized and 5 million shares of "blank check" preferred authorized. On May 24, 2004, Amour Fiber Core, Inc. (Nevada) then entered into an Agreement and Plan of Merger with American Leisure Products, Inc., a Florida corporation with a total issued and outstanding of 100,000 common shares. The 1:6 reverse split of the Amour Fiber Core, Inc. shares held by the AFC shareholders reduced the issued and outstanding common shares of AFC (Nevada) from 11,027,988 to 1,837,998. The merger called for each share of ALP to convert to 73.52 shares of Amour Fiber Core, Inc. (Nevada). The sole shareholder of ALP received 7,352,000 shares of Amour Fiber Core, Inc. (Nevada) in this reverse merger. Following the transaction, Amour Fiber Core, Inc. (Nevada) had 9,189,998 shares outstanding. The assets of ALP (Tooling) were added to the assets of AFC in a purchase transaction with a corresponding capital contribution amount of $50,000 recorded as Additional Paid-In Capital. At the time of this reverse merger, the smaller combining entity (ALP), a) holds a majority of the voting rights, (80.0%) of the combined company (AFC) common shares outstanding; and b) comprises the senior management of the combined company. The Company issued 839,920 shares of common stock in exchange for services during the year ended December 31, 2013. These shares were valued at the fair market value of the stock at the date of grant, resulting in the recognition of $84,000 in compensation expense. The Company issued 157,500 shares of common stock in exchange for services during the year ended December 31, 2012. These shares were valued at the fair market value of the stock at the date of grant, resulting in the recognition of $91,350 in compensation expense. The employment agreement of the officers has a provision for the issuance of 100,000 options to be issued annually, upon the anniversary date (June 1), no options were issued in 2015 or 2014.

PRIOR PERIOD ADJUSTMENT

PRIOR PERIOD ADJUSTMENT	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
5. PRIOR PERIOD ADJUSTMENT	As of December 31, 2013, the accumulated deficit has been increased by $96,769 to $5,270,918 for interest income recognized on related party notes receivable in prior years. The interest income should not have been recorded due to the notes being between related parties.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
6. RELATED PARTY TRANSACTIONS	The Company is currently operating in a facility leased and operated by Tampa Fiberglass Inc. (TFI). TFI is owned by Kenneth McCleave, Chairman of AFGP. No occupancy cost has been charged to AFGP by TFI during 2015 or 2014 there is no assurance that this favorable treatment will continue in the future if AFGP begins to facilitate operations at that site. The Company entered into an employment contract with two key employees on January 1, 2015 under like terms and conditions including a $100,000 salary, stock options and profit-sharing - specifics to be determined by the Compensation Committee and approved by the Board of Directors. For the year's ended December 31, 2015 and 2014, no stock options or profit sharing were recorded or accrued. On February 20, 2014, the Company exchanged 2,521,008 shares of common stock for $300,000 of accrued interest. On February 20, 2014 the Company issued 133,900 shares of common stock to an existing shareholder for marketing services provided to the Company. The shares were valued at the fair market value at the date of grant and recorded compensation expense in the amount of $31,319. The Company issued 264,045 shares of common stock in conversion of $35,290 of notes payable, related party and $11,842 of accrued interest during the year ended December 31, 2014. The above related party transactions are not necessarily indicative of the terms and amounts that would have been incurred had comparable agreements been made with independent parties.

DEFERRED WAGES

DEFERRED WAGES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
7. DEFERRED WAGES	The Company has accrued salaries owed to four individuals. Three of the individuals' employment contracts are expired. All balances due are fixed without any interest or other escalating cost. The Company does not expect to make any payments on these deferred wages during the next twelve months, but the balances are classified as current liabilities. The Company issued 1,836,448 shares of common stock to related parties for deferred salaries during the year ended December 31, 2014. These shares were valued at the fair market value of the stock at the date of grant, resulting in a reduction of deferred salaries of $327,806. During the year ended December 31, 2014, the Company reduced the amount of deferred wages for one employee by $238,979 for related party notes receivable. Deferred wages are $875,932 and $669,532 as of December 31, 2015 and 2014, respectively.

CONVERTIBLE NOTES PAYABLE

CONVERTIBLE NOTES PAYABLE	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
8. CONVERTIBLE NOTES PAYABLE	The Company has issued convertible notes payables to the following individuals: 2015 2014 Three notes payable to Robert Chlipala or assigns dated June 4, 1998, July 10, 1999 and December 11, 1999, interest rate at 10.5%, 10.5% and 0% respectively principle and interest payable on demand, convertible to common stock at $0.05 per share. 133,000 133,000 One note payable to Gerald Rau or assigns, dated 4/1/2000, interest rate at 8.75%, past due and convertible to common stock at $0.05 per share 101,500 101,500 Three notes payable to Les Smyth or assigns, dated September 15, 1998, June 14, 1999 and June 14, 1999, interest rates at 14%, past due and convertible to common stock at $0.05 per share 50,000 50,000 Total convertible notes 284,500 284,500 The Company acquired the above notes as of the date of merger, May 24, 2004. In the negotiations, the original notes were modified to include a conversion feature, in exchange for indefinitely extending the payment date. At the time of the debt modification, the conversion rate was based on the then fair market value of the stock. The Company examined the agreement and based on calculations determined that there was no beneficial conversion at that time, as the face value was equivalent to the conversion. The Conversion feature was extended to interest accrued, through the date of the modification only. The loans are convertible into shares of common stock at a rate of $0.05 per share, the then fair market value of the shares. The total original amount of the loans still outstanding at December 31, 2014 is $284,500 plus previously accrued interest of $222,655, through the date of modification. The total common shares, if converted, would be approximately 10,143,000 shares as of December 31, 2014. As of December 31, 2015 and 2014, the above notes had accrued interest payable of $388,542 and $360,721, respectively.

NOTES PAYABLE - RELATED PARTIES

NOTES PAYABLE - RELATED PARTIES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
9. NOTES PAYABLE - RELATED PARTIES	Related party notes payables are due to PAC (Public Acquisition Company (a wholly owned business of Kenneth McCleave and Daniel Hefner), Nimble Boat Works (a wholly owned business of Kenneth McCleave), and Daniel L. Hefner (President and Chief Executive Officer of AFGP) for cash advances made to AFGP. 2015 2014 Eight notes payable Due to PAC, dated May 14, 2004, through December 2012, interest rates at 10% and 8%, principle and interest due on demand $ 135,153 $ 204,431 Two notes payable to Due to Nimble Boat Works, interest rate at 8% payable on demand (18,630 ) (18,630 ) Three notes to Due to Dan Hefner, interest rate at 8%, payable on demand 1,857 (17,251 ) Three notes to Due to Kenneth McCleave, interest rate at 8%, payable on demand 14,710 14,419 Total $ 133,090 $ 182,969 On February 20, 2014, the Company exchanged 2,521,008 shares of common stock for $300,000 of accrued interest. Interest accrued on the above loans is $368,947 and $352,858 at December 31, 2015 and 2014, respectively.

NOTES PAYABLE

NOTES PAYABLE	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
10. NOTES PAYABLE	During the year ended December 31, 2014, the Company signed a note payable with two individuals. The note is for $85,000, secured, due November 2016 and bears interest at 18% per annum. Monthly interest payments are required on the unpaid principle balance, which balloons at the maturity of the note.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
11. INCOME TAXES	The Company has incurred significant operating losses since its inception and, therefore, no tax liabilities have been incurred for the periods presented. The amount of unused tax losses available to carry forward and apply against taxable income in future years totaled approximately $3,665,000 at December 31, 2015. The loss carry-forwards expire beginning in 2013, 20 years after inception. Due to the Company's continued losses, management has established a valuation allowance equal to the amount of deferred tax asset because it is more likely than not that the Company will not realize this benefit. In addition, Amour is not current in their federal and state income tax filings. The Company has not determined the tax implications and considering the net operating losses and that Amour has not had active operations or income for a significant period, the effect of non-filing is not expected to be significant. Temporary differences affecting the deferred tax asset are as follows: December 31, 2015 2014 Accumulated deficit $ 5,753,614 $ 5,568,612 Difference between tax and book for related party accruals: Stock based compensation (427,939 ) (413,439 ) Wages (875,932 ) (669,352 ) Interest expense (784,389 ) (713,579 ) Net operating loss carry forward $ 3,665,354 $ 3,772,242 The valuation allowance increased by $69,500 during the year ended December 31, 2015. Current and Deferred Taxes, at statutory rates are as follows: 2015 2014 Current Tax Calculation: Federal Income Taxes 36,300 48,800 State Income Taxes, net of benefit 3,800 5,200 40,100 54,000 Benefit of net operating loss carryforward (40,100 ) (54,000 ) - - Deferred Tax Calculation: Federal Income Taxes (1,956,200 ) (1,893,300 ) State Income Taxes, net of benefit (207,100 ) (200,500 ) (2,163,300 ) (2,093,800 ) Valuation allowance 2,163,300 2,093,800 $ - $ - The years ended December 31, 2008 through 2015 remain open subject for income tax purposes.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
12. COMMITMENTS AND CONTINGENCIES	The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties 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. There were no commitments or contingencies as of December 31, 2015 and 2014. During the year ended December 31, 2014, the Company issued 500,000 shares of common stock valued at $0.30 per share ($150,000) to a vendor for services to be rendered from July 31, 2014 to December 31, 2014. The Company has recorded consulting expense in the amount of $150,000 for the year ended December 31, 2014. The Company's operations are subject to production of a new processing technology. Significant technical and regulatory changes can have a dramatic effect on product opportunities. Design and development of new processes are critical elements to achieve and maintain profitability in the Company's new industry segment. The Company operates under several storage leases for its operations. Currently, all arrangements have been made on a month to month basis. Terms are expected to be defined upon the production at those sights. The Company may be subject to federal, state and local environmental laws and regulations. The Company does not anticipate expenditures to comply with such laws and does not believe that regulations will have a material impact on the Company's financial position, results of operations, or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state, and local environmental laws and regulations. In the normal course of business, the Company may become a party to litigation matters involving claims against the Company. The Company's management is unaware of any pending or threatened assertions and there are no current matters that would have a material effect on the Company's financial position or results of operations.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Notes to Financial Statements
13. SUBSEQUENT EVENTS	There were no material events that occurred subsequent to December 31, 2015 that require recognition or disclosure in these financial statements.

SUMMARY OF SIGNIFICANT ACCOUN20

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Summary Of Significant Accounting Policies Policies
Basis of Presentation	The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the SEC. The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States (See Note 2 regarding the assumption that the Company is a "going concern").
Principles of Consolidation	The consolidated financial statements include the accounts of American Fiber Green Products and its wholly-owned subsidiaries, American Leisure Products, Inc. (Florida) and Amour Fiber Core, Inc. (Florida). All material intercompany accounts and transactions are eliminated in consolidation. The year end for the Company and its subsidiaries is December 31.
Use of Estimates	The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Reclassification	Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses.
Financial Instruments	The Company's balance sheet includes certain financial instruments, which include cash, accounts receivable, notes receivable, interest receivable, accounts payable, accrued expenses, and notes payable. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization. ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange 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 establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity's own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below: · Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities · Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. · Level 3 - Inputs that are both significant to the fair value measurement and unobservable. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.
Cash and Cash Equivalents	The majority of cash is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At December 31, 2015 and 2014, there were no cash equivalents.
Property and Equipment	Property and equipment are stated at cost and are depreciated over their estimated useful lives. Depreciation is currently recorded as General and Administrative expense. At such time as assets are transferred to revenue generating production, their associated depreciation will be recorded as Cost of Sales. Property and equipment consist of mold tooling, with estimated useful lives of 10 years, and equipment, with estimated lives of 5 years. Long-lived assets such as property and equipment are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. We did not recognize any impairment losses for any periods presented.
Revenue Recognition	The Company recognizes revenues from 1) tipping fees in the acquisition of scrap fiberglass, 2) sale of products produced with reclaimed fiberglass, 3) fees charged for licensing and installation of the proprietary reclamation and manufacturing processes, 4) royalties charged to licensees for revenues generated by using our licensed processes, 5) sales of other fiberglass products (reproduction cars, boats). Revenue is recorded when products and services are provided to the customer. For the years ended December 31, 2015 and 2014, the Company has only produced revenue from the tipping fees.
Stock Based Compensation	In December 2004, the FASB issued FASB ASC No. 718, Compensation – Stock Compensation ("ASC 718"). Under ASC 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant. Equity instruments ("instruments") issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB ASC 718. FASB ASC No. 505, Equity Based Payments to Non-Employees ("ASC 505") defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the ASC 505.
Advertising	The costs of advertising are expensed as incurred. Advertising expense was $0 for the years ended December 31, 2015 and 2014, respectively.
Research and Development Costs	Project development costs are expensed as incurred. The cost of equipment that will be acquired or constructed for project development activities, and that have alternative future uses, both in project development, marketing or sales, will be classified as property and equipment and depreciated over their estimated useful lives. To date, project development costs include the development, engineering, and marketing expenses related to the Company's fiberglass reclamation process and associated product development.
Deferred Income Taxes and Valuation Allowance	The Company accounts for income taxes under ASC 740 Income Taxes. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. 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 the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as of December 31, 2015 or 2014.
Earning / Loss per Share	The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. The Company presents basic loss per share ("EPS") and diluted EPS on the face of the consolidated statement of operations. Basic loss per share is computed as net loss divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities. As of December 31, 2015 and 2014, there existed notes payable with conversion features (see Notes Payable footnote) which, due to the net loss, had an anti-dilutive effect and therefore were not recognized.
Recently Issued Accounting Pronouncements	From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.

CONVERTIBLE NOTES PAYABLE (Tabl

CONVERTIBLE NOTES PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2015
Convertible Notes Payable Tables
Convertible notes payables	2015 2014 Three notes payable to Robert Chlipala or assigns dated June 4, 1998, July 10, 1999 and December 11, 1999, interest rate at 10.5%, 10.5% and 0% respectively principle and interest payable on demand, convertible to common stock at $0.05 per share. 133,000 133,000 One note payable to Gerald Rau or assigns, dated 4/1/2000, interest rate at 8.75%, past due and convertible to common stock at $0.05 per share 101,500 101,500 Three notes payable to Les Smyth or assigns, dated September 15, 1998, June 14, 1999 and June 14, 1999, interest rates at 14%, past due and convertible to common stock at $0.05 per share 50,000 50,000 Total convertible notes 284,500 284,500

NOTES PAYABLE - RELATED PARTI22

NOTES PAYABLE - RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2015
Notes Payable - Related Parties Tables
Notes Payable	2015 2014 Eight notes payable Due to PAC, dated May 14, 2004, through December 2012, interest rates at 10% and 8%, principle and interest due on demand $ 135,153 $ 204,431 Two notes payable to Due to Nimble Boat Works, interest rate at 8% payable on demand (18,630 ) (18,630 ) Three notes to Due to Dan Hefner, interest rate at 8%, payable on demand 1,857 (17,251 ) Three notes to Due to Kenneth McCleave, interest rate at 8%, payable on demand 14,710 14,419 Total $ 133,090 $ 182,969

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Taxes Tables
Temporary differences affecting deferred tax asset	December 31, 2015 2014 Accumulated deficit $ 5,753,614 $ 5,568,612 Difference between tax and book for related party accruals: Stock based compensation (427,939 ) (413,439 ) Wages (875,932 ) (669,352 ) Interest expense (784,389 ) (713,579 ) Net operating loss carry forward $ 3,665,354 $ 3,772,242
Current and Deferred Taxes, at statutory rates	2015 2014 Current Tax Calculation: Federal Income Taxes 36,300 48,800 State Income Taxes, net of benefit 3,800 5,200 40,100 54,000 Benefit of net operating loss carryforward (40,100 ) (54,000 ) - - Deferred Tax Calculation: Federal Income Taxes (1,956,200 ) (1,893,300 ) State Income Taxes, net of benefit (207,100 ) (200,500 ) (2,163,300 ) (2,093,800 ) Valuation allowance 2,163,300 2,093,800 $ - $ -

SUMMARY OF SIGNIFICANT ACCOUN24

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies Details Narrative
Advertising Expense	$ 0	$ 0

DEFERRED WAGES (Details Narrati

DEFERRED WAGES (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Deferred Wages Details Narrative
Deferred salaries	$ 875,932	$ 669,352

CONVERTIBLE NOTES PAYABLE (Deta

CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Total convertible notes	$ 284,500	$ 284,500
Three notes payable to Robert Chlipala [Member]
Total convertible notes	133,000	133,000
One note payable to Gerald Rau [Member]
Total convertible notes	101,500	101,500
Three notes payable to Les Smyth [Member]
Total convertible notes	$ 50,000	$ 50,000

CONVERTIBLE NOTES PAYABLE (De27

CONVERTIBLE NOTES PAYABLE (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Convertible Notes Payable Details Narrative
Accrued interest payable	$ 388,542	$ 360,721

NOTES PAYABLE - RELATED PARTI28

NOTES PAYABLE - RELATED PARTIES (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Total other long-term payables	$ 133,090	$ 182,969
Eight notes payable Due to PAC, dated May 14, 2004, through December 2012, interest rates at 10% and 8%, principle and interest due on demand [Member]
Total other long-term payables	135,153	204,431
Two notes payable to Due to Nimble Boat Works, interest rate at 8% payable on demand [Member]
Total other long-term payables	(18,630)	(18,630)
Three notes to Due to Dan Hefner, interest rate at 8%, payable on demand [Member]
Total other long-term payables	1,857	(17,251)
Three notes to Due to Kenneth McCleave, interest rate at 8%, payable on demand [Member]
Total other long-term payables	$ 14,710	$ 14,419

NOTES PAYABLE - RELATED PARTI29

NOTES PAYABLE - RELATED PARTIES (Details Narrative) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Notes Payable - Related Parties Details Narrative
Interest accrued	$ 368,947	$ 352,858

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Income Taxes Details
Accumulated deficit	$ 5,753,614	$ 5,568,612
Difference between tax and book for related party accruals:
Stock based compensation	(427,939)	(413,439)
Wages	(875,932)	(669,352)
Interest expense	(784,389)	(713,579)
Net operating loss carry forward	$ 3,665,354	$ 3,772,242

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Current Tax Calculation:
Federal Income Taxes	$ 36,300	$ 48,800
State Income Taxes, net of benefit	3,800	5,200
Current tax, gross	40,100	54,000
Benefit of net operating loss carryforward	$ (40,100)	$ (54,000)
Current tax, net
Deferred Tax Calculation:
Federal Income Taxes	$ (1,956,200)	$ (1,893,300)
State Income Taxes, net of benefit	(207,100)	(200,500)
Deferred Tax, gross	(2,163,300)	(2,093,800)
Valuation allowance	$ 2,163,300	$ 2,093,800
Deferred tax, net

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Taxes Details Narrative
Valuation allowance increase (decrease)	$ 69,500
Operating loss carry-forwards	$ 3,665,354	$ 3,772,242