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Asia Properties (ASPZ) 10-Q/A29 Dec 172017 Q3 Quarterly report (amended)Financial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2017	Dec. 29, 2017
Document And Entity Information
Entity Registrant Name	ASIA PROPERTIES INC
Entity Central Index Key	1,070,789
Document Type	10-Q/A
Document Period End Date	Sep. 30, 2017
Amendment Flag	true
Amendment Description	We have filed this Amended Form 10-Q for September 30, 2017 in order to clarify the statement regarding outstanding shares on the first page of this form.
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		1,617,199,362
Trading Symbol	ASPZ
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Current assets
Cash	$ 1,992	$ 362
TOTAL ASSETS	1,992	362
Current liabilities
Accounts payable	127,545	17,533
Accrued liabilities	53,162	42,662
Due to Shareholders	181,755	190,399
Line of credit (Note 3)	58,316	59,169
Total current liabilities	420,778	309,763
Stockholders' deficit
Common stock, $0.001 par value, 2,000,000,000 shares authorized; 67,199,362 shares issued and outstanding as of September 30, 2017 and December 31, 2016, respectively (Note 4)	67,199	67,199
Additional paid-in capital	5,668,629	5,668,629
Accumulated deficit	(6,154,614)	(6,045,229)
Total stockholders' deficit	(418,786)	(309,401)
Total liabilities and stockholders' deficit	$ 1,992	$ 362

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	2,000,000,000	2,000,000,000
Common stock, shares issued	67,199,362	67,199,362
Common stock, shares outstanding	67,199,362	67,199,362

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
Condensed Statements of Operations (Unaudited) - USD ($)	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Revenues
Operating expenses:
General and administrative	13,876	1,031	39,619	3,539
Professional Fee	22,974	3,000	60,974	9,000
Interest expense and Bank Charges	2,711	2,647	8,792	6,684
Loss before income tax	(39,561)	(6,678)	(109,385)	(19,223)
Income tax expense
Net loss	$ (39,561)	$ (6,678)	$ (109,385)	$ (19,223)
Net loss per share - Basic and diluted	$ (0.0006)	$ (0.0001)	$ (0.0016)	$ (0.0003)
Weighted average common stock outstanding - Basic and diluted	67,199,362	67,199,362	67,199,362	67,199,362

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
Condensed Statements of Cash Flows (Unaudited) - USD ($)	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net loss	$ (109,385)	$ (19,223)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	120,512	11,687
Net cash provided by (used in) operating activities	11,127	(7,536)
Cash flows from financing activities:
Advances from Line of credit		10,698
Repayment on Line of Credit	(853)
Repayment to shareholders	(8,644)	(1,273)
Net cash provided by (used in) financing activities	(9,497)	9,425
NET CHANGE IN CASH AND CASH EQUIVALENTS	1,630	1,889
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	362	842
CASH AND CASH EQUIVALENTS, END OF PERIOD	1,992	2,731
Supplemental Disclosure of Cash Flow Information:
Interest paid	8,792	7,554
Income tax paid

Organization, Development Stage

Organization, Development Stage and Going Concern	9 Months Ended
Organization, Development Stage and Going Concern	Sep. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Development Stage and Going Concern	1. Organization, Development Stage and Going Concern Asia Properties, Inc. (the “Company”) was incorporated in Nevada, the United States of America on April 6, 1998. Our management intends to seek opportunities to invest in real estate. The Company currently does not hold any material property interests. These unaudited condensed interim financial statements have been prepared on the basis of a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. The Company is in the development stage and has not yet realized profitable operations and has relied on non-operational sources to fund operations. The Company has suffered recurring losses and additional future losses are anticipated as the Company has not yet been able to generate revenue. In addition, as of September 30, 2017, the Company has net losses for the three and nine months ended of $39,561 and $109,385 respectively (September 30, 2016 - $6,678 and $19,223), a working capital deficiency of $418,786 (December 31, 2016 -$309,401) and an accumulated deficit of $6,154,614 (December 31, 2016 -$6,045,229). The Company’s ability to continue, as a going concern is dependent on successfully executing its business plan, which includes the raising of additional funds. The Company will continue to seek additional forms of debt or equity financing, but it cannot provide assurances that it will be successful in doing so. These circumstances raise substantial doubt as to the ability of the Company to meet its obligations as they come due and accordingly, the appropriateness of the use of accounting principles applicable to a going concern. The accompanying unaudited condensed interim financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Such adjustment could be material.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and the Securities Exchange Commission (“SEC”) instructions to Form 10-Q and Article 8 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2016 and notes thereto included in the Form 10-K filed with the SEC on November 9, 2017. The accompanying unaudited condensed financial statements are expressed in United States dollars (“USD”), which is the functional and reporting currency of the Company. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position and results of operations for the interim periods presented have been reflected herein. Operating results for the three and nine months ended September 30, 2017, are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. Use of Estimates and Significant Judgments In preparing the unaudited condensed interim financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. The significant areas requiring the use of management estimates are related to the accrued liabilities. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ materially from those estimates. Recent Accounting Pronouncements The Company evaluated all recent accounting pronouncements issued and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. Management does not expect to have a significant impact of this ASU on the Company’s financial statements.

Line of Credit

Line of Credit	9 Months Ended
Line of Credit	Sep. 30, 2017
Debt Disclosure [Abstract]
Line of Credit	3. Line of Credit The Company has a revolving credit facility with Wells Fargo for a maximum business line amount of $62,500. Interest is charged at 13.75% annually. As at September 30, 2017, the balance amounted to $58,316 (December 31, 2016 - $59,169). The line of credit is secured personally by a shareholder of the Company.

Common Stock

Common Stock	9 Months Ended
Common Stock	Sep. 30, 2017
Equity [Abstract]
Common Stock	4. Common Stock The following table summarizes common stock issuances: Number of Shares Common Stock Amount Balance as of December 31, 2016 67,199,362 67,199 Shares issued for investment and held in escrow a - - Shares issued for investment and held in escrow b - - Balance as of September 30, 2017 67,199,362 67,199 a) On January 19, 2015, the Company issued 950,000,000 shares of restricted common stock for the purchase of 100% shares of Asia Innovation Technology Limited and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow as disclosed in Note 5. b) On April 14, 2017, the Company issued 600,000,000 shares of restricted common stock for the purchase of 100% shares of Sino King Management Limited and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow as disclosed in Note 5. The Company’s authorized capital consists of 2,000,000,000 shares of common stock. At September 30, 2017, there were 1,617,199,362 shares of common stock issued comprising of 1,582,186,650 restricted shares, including 950,000,000 shares of restricted common stock for the purchase of 100% shares of Asia Innovation Technology Limited and its assets, and 600,000,000 shares of restricted common stock for the purchase of 100% shares of Sino King Management Limited and its assets, as disclosed above and 35,012,712 non-restricted shares. These restricted shares will be available for sale under Rule 144 of the Securities Act of 1933, as amended, when the conditions of Rule 144 have been met. Rule 144 provides an exemption and permits the public resale of restricted or control securities if a number of conditions are met, including how long the securities are held, the way in which they are sold, and the amount that can be sold at any one time.

Pending Transaction

Pending Transaction	9 Months Ended
Pending Transaction	Sep. 30, 2017
Pending Transaction
Pending Transaction	5. Pending Transactions On January 6, 2015, the Company signed a Sale and Purchase Agreement (the “Agreement”) to acquire 100% of the shares of Asia Innovation Technology Limited, a Hong Kong corporation (“AITL”), registered in the British Virgin Islands. Pursuant to the Agreement, the Company agreed to issue 950 million restricted common shares of the Company to the shareholders of AITL in exchange of 100% of the shares of AITL and all of its assets. On April 14, 2017, the Company has entered into a Sale and Purchase Agreement (the “Agreement”) to acquire 100% of the shares and assets Sino King Management Limited, (“SKML”) a company incorporated under the laws of British Virgin Islands. Pursuant to the Agreement, Asia Properties, Inc. has agreed to issue 600 million restricted common shares of the Company to acquire 100% of the shares and assets of SKML. As per clause 6.4 of the Agreements, shares issued shall be held in escrow and shall be deemed to be in full control of the Company until the closing of transactions which is outstanding, pending completion of certain conditions relating to the valuation of assets to be acquired and audit of the financial position. The Company issued 950,000,000 and 600,000,000 shares, which are held in escrow. The transactions have not yet been closed, pending completion of the above closing conditions. Upon closing, the transactions will be recorded in accordance with the guidance provided under ASC Topic 805 - Business Combination.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Sep. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	6. Subsequent Events The Company’s management has evaluated subsequent events up to November 20, 2017, the date the unaudited condensed interim financial statements were issued, pursuant to the requirements of ASC 855 and has determined that there are no material subsequent events to report.

Summary of Significant Accoun12

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and the Securities Exchange Commission (“SEC”) instructions to Form 10-Q and Article 8 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2016 and notes thereto included in the Form 10-K filed with the SEC on November 9, 2017. The accompanying unaudited condensed financial statements are expressed in United States dollars (“USD”), which is the functional and reporting currency of the Company. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position and results of operations for the interim periods presented have been reflected herein. Operating results for the three and nine months ended September 30, 2017, are not necessarily indicative of the results that may be expected for the year ending December 31, 2017.
Use of Estimates and Significant Judgements	Use of Estimates and Significant Judgments In preparing the unaudited condensed interim financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. The significant areas requiring the use of management estimates are related to the accrued liabilities. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ materially from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company evaluated all recent accounting pronouncements issued and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. Management does not expect to have a significant impact of this ASU on the Company’s financial statements.

Common Stock (Tables)

Common Stock (Tables)	9 Months Ended
Common Stock (Tables)	Sep. 30, 2017
Equity [Abstract]
Summary of Common Stock Issuances	The following table summarizes common stock issuances: Number of Shares Common Stock Amount Balance as of December 31, 2016 67,199,362 67,199 Shares issued for investment and held in escrow a - - Shares issued for investment and held in escrow b - - Balance as of September 30, 2017 67,199,362 67,199 a) On January 19, 2015, the Company issued 950,000,000 shares of restricted common stock for the purchase of 100% shares of Asia Innovation Technology Limited and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow as disclosed in Note 5. b) On April 14, 2017, the Company issued 600,000,000 shares of restricted common stock for the purchase of 100% shares of Sino King Management Limited and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow as disclosed in Note 5.

Organization, Development Sta14

Organization, Development Stage and Going Concern (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 39,561	$ 6,678	$ 109,385	$ 19,223
Working capital deficit	418,786		418,786		$ 309,401
Accumulated deficit	$ 6,154,614		$ 6,154,614		$ 6,045,229

Line of Credit (Details Narrati

Line of Credit (Details Narrative) - USD ($)	Sep. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
Line of credit facility, maximum borrowing capacity	$ 62,500
Interest rate	13.75%
Line of credit	$ 58,316	$ 59,169

Common Stock (Details Narrative

Common Stock (Details Narrative) - shares	Apr. 14, 2017	Sep. 30, 2017	Dec. 31, 2016
Common stock, shares authorized		2,000,000,000	2,000,000,000
Common stock, shares issued		67,199,362	67,199,362
Restricted Shares [Member]
Issuance of common stock, shares		1,582,186,650
Number of restricted common stock shares issued to purchase of assets		950,000,000
Percentage of restricted common stock purchased in acquisition		100.00%
Non Restricted Shares [Member]
Issuance of common stock, shares		35,012,712
Sino King Management Limited [Member]
Number of restricted common stock shares issued to purchase of assets	600,000,000
Percentage of restricted common stock purchased in acquisition	100.00%
Sino King Management Limited [Member] \| Restricted Shares [Member]
Number of restricted common stock shares issued to purchase of assets		600,000,000
Percentage of restricted common stock purchased in acquisition		100.00%

Common Stock - Summary of Commo

Common Stock - Summary of Common Stock Issuances (Details)	9 Months Ended
Common Stock - Summary of Common Stock Issuances (Details)	Sep. 30, 2017USD ($)shares
Equity [Abstract]
Number of Common Stock, Shares \| shares	67,199,362
Number of Common Stock, Value \| $	$ 67,199
Shares issued for investment and held in escrow, shares \| shares		[1]
Shares issued for investment and held in escrow \| $		[1]
Shares issued for investment and held in escrow, shares \| shares		[2]
Shares issued for investment and held in escrow \| $		[2]
Number of Common Stock, Shares \| shares	67,199,362
Number of Common Stock, Value \| $	$ 67,199

[1]	On January 19, 2015, the Company issued 950,000,000 shares of restricted common stock for the purchase of 100% shares of Asia Innovation Technology Limited and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow as disclosed in Note 5.
[2]	On April 14, 2017, the Company issued 600,000,000 shares of restricted common stock for the purchase of 100% shares of Sino King Management Limited and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow as disclosed in Note 5.

Common Stock - Summary of Com18

Common Stock - Summary of Common Stock Issuances (Details) (Parenthetical) - shares	Apr. 14, 2017	Jan. 19, 2015
Asia Innovation Technology Limited [Member]
Number of restricted common stock shares issued to purchase of assets		950,000,000
Percentage of restricted common stock purchased in acquisition		100.00%
Sino King Management Limited [Member]
Number of restricted common stock shares issued to purchase of assets	600,000,000
Percentage of restricted common stock purchased in acquisition	100.00%

Pending Transaction (Details Na

Pending Transaction (Details Narrative) - shares	Apr. 14, 2017	Jan. 06, 2015
AITL [Member]
Percentage of acquire shares and assets		100.00%
Restricted stock issued, shares		950,000,000
Exchange percentage of shares		100.00%
Number of common stock shares issued - held in escrow		950,000,000
SKML [Member]
Percentage of acquire shares and assets	100.00%
Restricted stock issued, shares	600,000,000
Exchange percentage of shares	100.00%
Number of common stock shares issued - held in escrow	600,000,000

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