Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 27, 2015 | |
Document And Entity Information | ||
Entity Registrant Name | ASIA PROPERTIES INC | |
Entity Central Index Key | 1,070,789 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,017,199,362 | |
Trading Symbol | ASPZ | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,015 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 1,568 | $ 2,836 |
TOTAL ASSETS | 1,568 | 2,836 |
Current liabilities | ||
Other payables and accrued liabilities | $ 133,897 | 28,586 |
Notes payable | 2,500 | |
Revolving line of credit | $ 46,058 | 47,488 |
Amount due to a former director | 1,257,801 | |
Total current liabilities | $ 179,955 | $ 1,336,375 |
Commitments and contingencies | ||
Stockholders' deficit | ||
Common stock, $0.001 par value, 2,000,000,000 shares authorized; 1,017,199,362 shares and 43,199,362 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively | $ 990,926 | $ 16,926 |
Additional paid-in capital | 1,903,982,703 | $ 3,698,902 |
Common stock subscription receivable | (1,900,000,000) | |
Accumulated deficit | (5,152,016) | $ (5,049,367) |
Total Stockholders' Deficit | (178,387) | (1,333,539) |
Total liabilities and stockholders' deficit | $ 1,568 | $ 2,836 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 1,017,199,362 | 43,199,362 |
Common stock, shares outstanding | 1,017,199,362 | 43,199,362 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses: | ||||
General and administrative | $ 13,884 | $ 24,539 | $ 99,006 | $ 46,820 |
Total operating expenses | 13,884 | 24,539 | 99,006 | 46,820 |
Other expense: | ||||
Interest expense | 1,988 | 3,123 | 3,643 | 6,672 |
Loss before income tax | $ (15,872) | $ (27,662) | $ (102,649) | $ (53,492) |
Income tax expense | ||||
NET LOSS | $ (15,872) | $ (27,662) | $ (102,649) | $ (53,492) |
Net loss per share - Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average common stock outstanding - Basic and diluted | 1,017,199,362 | 41,921,362 | 1,017,199,362 | 41,921,362 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Common Stock Subscription Receivable [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2014 | $ 16,926 | $ 3,698,902 | $ (5,049,367) | $ (1,333,539) | |
Balance, shares at Dec. 31, 2014 | 43,199,362 | ||||
Shares issued for debt settlement at $0.052 per share | $ 24,000 | 1,233,801 | $ 1,257,801 | ||
Shares issued for debt settlement at $0.052 per share, shares | 24,000,000 | ||||
Shares issued for investment and held in escrow | $ 950,000 | $ 1,899,050,000 | $ (1,900,000,000) | ||
Shares issued for investment and held in escrow, shares | 950,000,000 | ||||
Net loss for the period | $ (102,649) | $ (102,649) | |||
Balance at Jun. 30, 2015 | $ 990,926 | $ 1,903,982,703 | $ (1,900,000,000) | $ (5,152,016) | $ (178,387) |
Balance, shares at Jun. 30, 2015 | 1,017,199,362 |
Condensed Consolidated Stateme6
Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (Parenthetical) | Jun. 30, 2015$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Shares issued price per share | $ 0.052 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (102,649) | $ (53,492) |
Changes in operating assets and liabilities: | ||
Other payables and accrued liabilities | 102,810 | 1,900 |
Net cash provided by (used in) operating activities | $ 161 | (51,592) |
Cash flows from financing activities: | ||
Repayment of short-term loans | (2,765) | |
Advances from a former director | 49,881 | |
Repayment of revolving line of credit | $ (1,429) | (450) |
Net cash (used in) provided by financing activities | (1,429) | 46,666 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (1,268) | (4,926) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,836 | 5,475 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 1,568 | $ 549 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Cash paid for income tax | ||
Cash paid for interest | $ 3,643 | $ 6,672 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Common stock subscription receivable | 19,000,000 | |
Shares issued for debt settlement | $ 1,257,801 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | NOTE 1 BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (GAAP), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading. In the opinion of management, the consolidated balance sheet as of December 31, 2014 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended June 30, 2015 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2015 or for any future period. These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Managements Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2014. |
Organization and Background
Organization and Background | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Background | NOTE 2 ORGANIZATION AND BACKGROUND Asia Properties, Inc. (ASPZ or the Company) was incorporated in the State of Nevada on April 6, 1998. The Company intends to seek opportunities to invest in real estate through its subsidiary, Asia Properties (HK) Limited, which incorporated in Hong Kong on November 7, 2007. For the six months ended June 30, 2015, the Company does not hold any material property interests. |
Going Concern Uncertainties
Going Concern Uncertainties | 6 Months Ended |
Jun. 30, 2015 | |
Going Concern Uncertainties | |
Going Concern Uncertainties | NOTE 3 GOING CONCERN UNCERTAINTIES These condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. As of June 30, 2015, the Company suffered the accumulated deficits of $5,152,016 from prior years and suffered from a working capital deficit of $178,387. The continuation of the Company as a going concern is dependent upon the continuing financial support from its stockholders or external financing. Management believes the existing stockholders will provide the additional cash to meet with the Companys obligations as they become due. However, there can be no assurance that the Company will be able to obtain sufficient funds to meet its obligations. These factors raise substantial doubt about the Companys ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets and liabilities that may result in the Company not being able to continue as a going concern. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 4 SIGNIFICANT ACCOUNTING POLICIES The accompanying condensed consolidated financial statements reflect the application of certain significant accounting policies as described in this note and elsewhere in the accompanying condensed consolidated financial statements and notes. Basis of consolidation The condensed consolidated financial statements include the financial statements of ASPZ and its subsidiary, Asia Properties (HK) Limited. All inter-company balances and transactions between the Company and its subsidiary have been eliminated upon consolidation. Use of estimates In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes (ASC 740). Under this 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 basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any 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. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share. Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Revolving Line of Credit
Revolving Line of Credit | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Revolving Line of Credit | NOTE 5 REVOLVING LINE OF CREDIT In February 2007, the Company obtained a revolving line of credit from Wells Fargo & Company for a maximum amount of $50,000 with interest charged at a fixed rate of 12.75% per annum and is personally guaranteed by a shareholder of the Company. This shareholder was also the former director and Chief Executive Office of the Company. As of June 30, 2015, the outstanding balance of the revolving line of credit was $46,058. The aggregate interest expense for the three and six months ended June 30, 2015 were $1,988 and $3,643, respectively. The aggregate interest expense for the three and six months ended June 30, 2014 were $3,123 and $6,672 espectively. |
Amount Due to a Former Director
Amount Due to a Former Director | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Amount Due to a Former Director | NOTE 6 AMOUNT DUE TO A FORMER DIRECTOR On January 1, 2015, the Company fully settled the amount due to a former director of the Company in amounted to $1,257,801 by issuing 24,000,000 shares of the Companys common stock at $0.052 per share. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Common Stock | NOTE 7 COMMON STOCK On January 1, 2015, the Company issued 24,000,000 shares of common stock to settle a debt of $1,257,801 owed to a former director of the Company. On January 13, 2015, the Company issued 950,000,000 shares of restricted common stock for the purchase of 100% shares of AITL and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow. As of June 30, 2015, there are 1,017,199,362 shares of common stock issued and outstanding. |
Common Stock Subscription Recei
Common Stock Subscription Receivable | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Common Stock Subscription Receivable | NOTE 8 COMMON STOCK SUBSCRIPTION RECEIVABLE On January 6, 2015, the Company entered into a Sale and Purchase Agreement (the Agreement) to acquire 100% shares and assets of Asia Innovation Technology Limited (AITL), a company incorporated in the British Virgin Islands. Pursuant to the Agreement, the Company has agreed to issue a total of 950 million restricted common shares of the Company to the shareholders of AITL in payment of US$1.9 billion reflecting the value of the rights, titles and interests in the business assets and all attendant or related assets of AITL. In addition, both parties have agreed that all shares, pursuant to the terms and conditions of the Agreement, shall be issued as soon as practicable following the signing of the Agreement, but all shares so issued shall be held in escrow until all terms and conditions are met. This share issuance would constitute a change of control. Pursuant to the Agreement, AITL has agreed to deliver to the Company (i) duly authorized, properly and fully executed documents in English, evidencing and confirming the sale of 100% of the shares of AITL and its assets specifically detailing the assets and (ii) an asset valuation report prepares by an independent third-party valuator on or before January 15, 2015. AITL is also required to provide the Company with its full and up-to-date audited financial statements which prepare by a qualified Public Company Accounting Oversight Board auditor. As of the date of this filing, the various terms and conditions of the Agreement have not been met, therefore, all the 950 million restricted common shares issued to the shareholders of AITL remain in escrow and shall be in the full control of the Company. Due to the delay in receiving the required documents (i) the duly authorized and fully executed documents in English, evidencing and confirming the sale of 100% of the shares of AITL and its assets, (ii) assets valuation report, and (iii) the audited financial statements of AITL, the Sale and Purchase Agreement between the Company and the shareholders of AITL has not yet closed and a change of control has not yet been affected. The management of the Company and AITL is expected to complete this transaction on [date] or upon the availability of the asset valuation report and audited financial statements of AITL. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 9 COMMITMENTS AND CONTINGENCIES The Company leases a virtual office in Hong Kong on a monthly basis with rental of $77 per month. The Company rents an office in Bellingham, Washington which costs $100 per month on a month to month basis. Aggregate rent expenses for the three months ended June 30, 2015 and 2014 were $[232] and $[232], respectively. Aggregate rent expenses for the six months ended June 30, 2015 and 2014 were $[467] and $[467], respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 10 SUBSEQUENT EVENTS In accordance with ASC Topic 855, Subsequent Events , which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued, the Company has evaluated all events or transactions that occurred after June 30, 2015 up through the date was the Company presented this condensed consolidated financial statements. During the period, the Company did not have any material recognizable subsequent events. |
Significant Accounting Polici18
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Consolidation | Basis of consolidation The condensed consolidated financial statements include the financial statements of ASPZ and its subsidiary, Asia Properties (HK) Limited. All inter-company balances and transactions between the Company and its subsidiary have been eliminated upon consolidation. |
Use of Estimates | Use of estimates In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents are carried at cost and represent cash on hand, demand deposits placed with banks or other financial institutions and all highly liquid investments with an original maturity of three months or less as of the purchase date of such investments. |
Income Taxes | Income taxes Income taxes are determined in accordance with the provisions of ASC Topic 740, Income Taxes (ASC 740). Under this 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 basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any 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. ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. |
Net Loss per Share | Net loss per share The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share. |
Foreign Currencies Translation | Foreign currencies translation Transactions denominated in currencies other than the functional currency are translated into the functional currency at the exchange rates prevailing at the dates of the transaction. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency using the applicable exchange rates at the balance sheet dates. The resulting exchange differences are recorded in the statement of operations. |
Related Parties | Related parties Parties, which can be a corporation or individual, are considered to be related if the Company has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence. |
Recent Accounting Pronouncements | Recent accounting pronouncements FASB issues various Accounting Standards Updates relating to the treatment and recording of certain accounting transactions. On June 10, 2014, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-10, Development Stage Entities (Topic 915) - Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which eliminates the concept of a development stage entity (DSE) entirely from current accounting guidance. The Company has elected adoption of this standard, which eliminates the designation of DSEs and the requirement to disclose results of operations and cash flows since inception. The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations. |
Going Concern Uncertainties (De
Going Concern Uncertainties (Details Narrative) - USD ($) | Jun. 30, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 5,152,016 | $ 5,049,367 |
Working capital deficit | $ 178,387 |
Significant Accounting Polici20
Significant Accounting Policies (Details Narrative) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Percentage of tax benefit likelihood of being realized upon ultimate settlement with tax authority | greater than 50% |
Revolving Line of Credit (Detai
Revolving Line of Credit (Details Narrative) - USD ($) | Feb. 07, 2007 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 |
Debt Disclosure [Abstract] | |||||
Maximum revolving line of credit | $ 50,000 | ||||
Interest rate | 12.75% | ||||
Revolving line of credit outstanding | $ 46,058 | $ 46,058 | |||
Aggregate interest expense | $ 1,988 | $ 3,123 | $ 3,643 | $ 6,672 |
Amount Due to a Former Direct22
Amount Due to a Former Director (Details Narrative) - USD ($) | Jun. 30, 2015 | Jan. 02, 2015 |
Due to related party shares issued per share | $ 0.052 | |
Former Director [Member] | ||
Due to related party | $ 1,257,801 | |
Due to related party shares issued | 24,000,000 | |
Due to related party shares issued per share | $ 0.052 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - USD ($) | Jan. 13, 2015 | Jan. 06, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Number of common stock value issued for settle a debt | $ 1,257,801 | |||
Common stock, shares issued | 1,017,199,362 | 43,199,362 | ||
Common stock, shares outstanding | 1,017,199,362 | 43,199,362 | ||
Asia Innovation Technology Limited [Member] | ||||
Number of common stock shares issued for settle a debt | 24,000,000 | |||
Number of common stock value issued for settle a debt | $ 1,257,801 | |||
Number of restricted common stock shares issued to purchase of assets | 950,000,000 | 950,000,000 | ||
Percentage of restricted common stock purchased in acquisition | 100.00% | 100.00% |
Common Stock Subscription Rec24
Common Stock Subscription Receivable (Details Narrative) - Asia Innovation Technology Limited [Member] - USD ($) | Jan. 13, 2015 | Jan. 06, 2015 |
Percentage of common stock purchased in acquisition | 100.00% | 100.00% |
Number of restricted common stock shares issued to purchase of assets | 950,000,000 | 950,000,000 |
Payment of rights | $ 1,900,000 | |
Shares held in escrow account | 950,000,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Monthly rental expences | $ 232 | $ 232 | $ 467 | $ 467 |
Hong Kong [Member] | ||||
Monthly rental expences | 77 | |||
Office in Bellingham Washington [Member] | ||||
Monthly rental expences | $ 100 |