Asia8 10-Q 19 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	9 Months Ended
	Sep. 30, 2013
Document and Entity Information:	'
Entity Registrant Name	'ASIA8, INC.
Document Type	'10-Q
Document Period End Date	30-Sep-13
Amendment Flag	'false
Entity Central Index Key	'0001096298
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	30,692,727
Entity Public Float	$30,692,727
Entity Filer Category	'Smaller Reporting Company
Entity Current Reporting Status	'Yes
Entity Voluntary Filers	'Yes
Entity Well-known Seasoned Issuer	'Yes
Document Fiscal Year Focus	'2013
Document Fiscal Period Focus	'Q3

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
Cash	$320	$455
Other current assets	6,594	7.594
Total Current Assets	6,914	8,049
Investments	42,360	42,360
Total Other Assets	42,360	42,360
TOTAL ASSETS	49,274	50,409
Accounts payable and accrued expenses	36,562	23,762
Total Current Liabilities	36,562	23,762
TOTAL LIABILITIES	36,562	23,762
Common stock: 100,000,000 shares authorized; $0.001 par value; 30,692,727 and 24,156,078 shares issued and outstanding, respectively	30,692	30,692
Additional paid-in capital	3,762,212	3,762,212
Accumulated deficit	-3,780,192	-3,766,257
Total Stockholders' Equity	12,712	26,647
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$49,274	$50,409

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUES	'	'	'	'
General and administrative	$3,208	$7,338	$13,935	$66,792
TOTAL OPERATING EXPENSES	3,208	7,338	13,935	66,792
LOSS FROM OPERATIONS	-3,208	-7,338	-13,935	-66,792
Other income	'	'	'	16,500
Preferred stock dividend	'	'	'	-6,840
Interest income	'	'	'	2
Income from equity investment	'	'	'	18,028
TOTAL OTHER INCOME (EXPENSES)	'	'	'	27,690
NET INCOME (LOSS)	($3,208)	($7,338)	($13,935)	($39,101)
BASIC INCOME (LOSS) PER SHARE	$0	$0	$0	$0
FULLY DILUTED INCOME (LOSS) PER SHARE	$0	$0	$0	$0
BASIC WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	30,692,727	30,692,727	30,692,727	30,692,727
FULLY DILUTED WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	30,692,727	30,692,727	30,692,727	27,552,044

Statement_of_Cash_Flows

Statement of Cash Flows (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES	'	'
Net income	($13,935)	($39,101)
(Gain) Loss on equity investments	'	-18,028
(Increase) decrease in other current assets	1,000	-2,500
Increase (decrease) in accounts payable and accrued expenses	12,800	-191,597
Net Cash Used in Operating Activities	-135	-251,226
Proceeds from sale of investments	'	81,000
Debt settlement by issuance of equity investment	'	109,048
Net Cash Provided by (Used in) Investing Activities	'	190,048
Common and preferred stock issued for cash/debt	'	147,280
Increase(decrease) in note payable	'	-85,994
Net Cash Provided by Financing Activities	'	61,286
NET INCREASE (DECREASE) IN CASH	-135	108
CASH AT BEGINNING OF PERIOD	455	391
CASH AT END OF PERIOD	$320	$500

Note_1_Organization_and_Histor

Note 1 - Organization and History	9 Months Ended
	Sep. 30, 2013
Notes	'
Note 1 - Organization and History	'
	NOTE 1 - ORGANIZATION AND HISTORY
	Asia8, Inc. (the “Company”) was incorporated in Nevada as “H&L Investments, Inc.” in September of 1996. On December 22, 1999 the Company changed its name to “Asia4sale.com, Inc.” on acquiring Asia4Sale.com, Ltd., a Hong Kong registered software development company. The Company sold Asia4Sale.com, Ltd. in January of 2005.
	The Company acquired a 49% interest in World Wide Auctioneers, Inc., a Nevada registered corporation, holding 100% of a British Virgin Island registered company World Wide Auctioneers, Ltd (“World Wide”), an international equipment auction company on June 30, 2000. World Wide, based in the United Arab Emirates (UAE) holds unreserved auctions on a consignment basis for the sale of construction, industrial and transportation equipment. On August 8, 2003 World Wide Auctioneers, Inc. sold 100% of World Wide to a Nevada registered company, WWA Group, Inc. (“WWA Group”) in a stock exchange transaction. The stock exchange caused the Company to acquire a minority equity investment in WWA Group which it accounted for using the equity method. WWA Group sold World Wide to Seven International Holdings, Ltd. (“Seven”), a Hong Kong registered company, on October 31, 2010, in exchange for Seven’s assumption of the assets and liabilities of World Wide subject to certain exceptions. The disposition did not affect WWA Group’s interest in Asset Forum, LLC., its ownership of proprietary on-line auction software or its equity interest and debt position in Infrastructure Developments Corp. (“Infrastructure”).  On March 26, 2012, the Company sold 3,240,000 shares from its investment in WWA Group  at a price of $0.025 per share, for a net amount of $81,000. On May 20, 2012 the Company divested itself of an additional 2,412,408 shares of WWA Group to settle a net amount of $109,048 in debt. At September 30, 2013 the Company did not own substantial shareholding in WWA Group and therefore did not record its share in the profit and loss of WWA Group for the period ended September 30, 2013.
	The Company maintains the exclusive rights to distribute Unic Cranes, Atomix boats and Renhe Mobile House products or “Wing Houses” in the UAE though it has since discontinued distribution efforts in relation to the Unic Crane and Atomix boat products.

Note_2_Going_Concern

Note 2 - Going Concern	9 Months Ended
	Sep. 30, 2013
Notes	'
Note 2 - Going Concern	'
	NOTE 2 – GOING CONCERN
	The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and liabilities in the normal course of business. Accordingly, they do not include any adjustments relating to the realization of the carrying value of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company has accumulated losses and working capital and cash flows from operations are negative which raises doubt as to the validity of the going concern assumptions. These financials do not include any adjustments to the carrying value of the assets and liabilities, the reported revenues and expenses and balance sheet classifications used that would be necessary if the going concern assumption were not appropriate; such adjustments could be material.

Note_3_Significant_Accounting_

Note 3 - Significant Accounting Policies	9 Months Ended
	Sep. 30, 2013
Notes	'
Note 3 - Significant Accounting Policies	'
	NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES
	a. Basis of Presentation
	The accompanying consolidated financial statements include our accounts and the accounts of our subsidiaries. All intercompany accounts and transactions have been eliminated.
	Our interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S.GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements and
	accounting policies, consistent, in all material respects with those applied in preparing our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments, consisting of only normal recurring adjustments considered necessary for fair presentation, have been included.
	Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 or any future period.
	b. Basic Loss per Share
	For the Three Months Ended September 30, 2013
	Income	Shares	Per-Share
	(Numerator)	(Denominator)	Amount
	-3,208	30,692,727	0
	For the Three Months Ended September 30, 2012
	Income	Shares	Per Share
	(Numerator)	(Denominator)	Amount
	$        (7,338)	30,692,727	$0.00
	The computations of basic loss per share of common stock are based on the weighted average number of shares outstanding at the date of the financial statements. There are no common stock equivalents outstanding.
	c. Recent Accounting Pronouncements
	In June 2013, the Financial Accounting Standards Board ("FASB") issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists, with the purpose of reducing diversity in practice. This new standard requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry forward that would apply in settlement of the uncertain tax positions. The new guidance is effective for us beginning January 1, 2014. Early adoption is permitted. We are currently in the process of determining the impact on our financial position.
	In February 2013, the FASB issued guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income ("AOCI"). This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of AOCI. The new guidance is effective for us beginning January 1, 2013. We adopted the guidance during the first quarter of 2013 and there was no material impact on our condensed consolidated financial statements.
	In July 2012, the FASB issued amendments to the indefinite-lived intangible asset impairment guidance which provides an option for companies to use a qualitative approach to test indefinite-lived intangible assets for impairment if certain conditions are met. The amendments are effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. We adopted the amended accounting guidance during the first quarter of 2013 and there was no material impact on our condensed consolidated financial statements.

Note_4_Equity_Investment

Note 4- Equity Investment	9 Months Ended
	Sep. 30, 2013
Notes	'
Note 4- Equity Investment	'
	NOTE 4- EQUITY INVESTMENT
	In August 2000 the Company paid $970,000 cash to acquire 49% of World Wide Auctioneers, Inc., a Nevada registered company holding 100% of British Virgin Island registered company World Wide Auctioneers, Ltd. (“World Wide”). In August 2003 World Wide Auctioneers, Inc., sold 100% of World Wide to WWA Group in a stock for stock transaction whereby the stock of WWA Group was issued directly to owners of World Wide Auctioneers, Inc. The Company was issued 7,525,000 shares of WWA Group in 2003, comprising 47.5% of the issued and outstanding stock of WWA Group. At December 31, 2011 the Company owned 32% of the issued and outstanding shares of WWA Group.  On March 26, 2012, the Company sold 3,240,000 out of its investment in WWA Group shares at a price of $0.025 per share, for a net amount of $81,000.  At March 31, 2012, the Company owned 16% of the issued and outstanding WWA Group common stock. At April 15, 2012 the Company divested itself of 2,412,408 shares out of its investment in WWA Group shares to settle $109,049 in various debts.  As a result the Company does not own a substantial shareholding in WWA Group and therefore no longer records its share in the profit and loss of WWA Group for the period ended September 30, 2013.

Note_5_Equity_Transactions

Note 5- Equity Transactions	9 Months Ended
	Sep. 30, 2013
Notes	'
Note 5- Equity Transactions	'
	NOTE 5- EQUITY TRANSACTIONS
	In 2012, the Company issued 4,152,000 shares of common stock to retire 2,280 preferred shares series 1comprised of $228,000 in principal and $83,400 in interest valued at $0.075 a share. Further the Company issued 2,129,367 shares of common stock by converting notes payable and other payables into equity at $0.03 per share.
	.
	In 2009, the Company issued 255,282 shares of common stock for cash at $0.16 per share.
	In 2008, the Company issued 1,084,243 shares of common stock by converting notes payables into equity at $0.16 per share. In 2007, the Company issued 2,124,250 shares of common stock for cash at prices ranging from $0.08 to $0.16 per share for a total value of $304,800. Further, the Company issued 1,280 shares of preferred stock for cash at $100 per share.
	In 2007, the Company issued 1,000 shares of preferred stock at $100 per share. Each share of preferred stock was convertible to 400 shares of common stock. The Series 1 preferred shares had a coupon rate of 9% interest per annum, with no redemption provision.

Note_6_Additional_Footnotes_In

Note 6 - Additional Footnotes Included by Reference	9 Months Ended
	Sep. 30, 2013
Notes	'
Note 6 - Additional Footnotes Included by Reference	'
	NOTE 6 - ADDITIONAL FOOTNOTES INCLUDED BY REFERENCE
	Except as indicated in the Note 1 through Note 5, above, there have been no other material changes in the information disclosed in the notes to the financial statements included in the Company’s Form 10-K for the year-ended December 31, 2012. Therefore, those footnotes are included herein by reference.

Note_7_Use_of_Estimates

Note 7 - Use of Estimates	9 Months Ended
	Sep. 30, 2013
Notes	'
Note 7 - Use of Estimates	'
	NOTE 7 – USE OF ESTIMATES
	The preparation of the financial statements in conformity with generally accepted accounting principles in 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 revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note_8_Accounts_Payable_To_Rel

Note 8 - Accounts Payable To Related Party	9 Months Ended
	Sep. 30, 2013
Notes	'
Note 8 - Accounts Payable To Related Party	'
	NOTE 8 – ACCOUNTS PAYABLE TO RELATED PARTY
	Accounts Payable and Accrued Expenses do not include any Notes Payable to related party.

Note_9_Subsequent_Events

Note 9 - Subsequent Events	9 Months Ended
	Sep. 30, 2013
Notes	'
Note 9 - Subsequent Events	'
	NOTE 9 – SUBSEQUENT EVENTS
	The Company evaluated its September 30, 2013 financial statements for subsequent events through the date the financial statements were issued. The Company is not aware of any subsequent events which would require recognition or disclosure in the financial statements.

Note_3_Significant_Accounting_1

Note 3 - Significant Accounting Policies: A. Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2013
Policies	'
A. Basis of Presentation	'
	a. Basis of Presentation
	The accompanying consolidated financial statements include our accounts and the accounts of our subsidiaries. All intercompany accounts and transactions have been eliminated.
	Our interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S.GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements and
	accounting policies, consistent, in all material respects with those applied in preparing our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In our opinion, all adjustments, consisting of only normal recurring adjustments considered necessary for fair presentation, have been included.
	Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 or any future period.

Note_3_Significant_Accounting_2

Note 3 - Significant Accounting Policies: B. Basic Loss Per Share (Policies)	9 Months Ended
	Sep. 30, 2013
Policies	'
B. Basic Loss Per Share	'
	b. Basic Loss per Share
	For the Three Months Ended September 30, 2013
	Income	Shares	Per-Share
	(Numerator)	(Denominator)	Amount
	-3,208	30,692,727	0
	For the Three Months Ended September 30, 2012
	Income	Shares	Per Share
	(Numerator)	(Denominator)	Amount
	$        (7,338)	30,692,727	$0.00
	The computations of basic loss per share of common stock are based on the weighted average number of shares outstanding at the date of the financial statements. There are no common stock equivalents outstanding.

Note_3_Significant_Accounting_3

Note 3 - Significant Accounting Policies: C. Recent Accounting Pronouncements (Policies)	9 Months Ended
	Sep. 30, 2013
Policies	'
C. Recent Accounting Pronouncements	'
	c. Recent Accounting Pronouncements
	In June 2013, the Financial Accounting Standards Board ("FASB") issued guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carry forward, a similar tax loss, or a tax credit carry forward exists, with the purpose of reducing diversity in practice. This new standard requires the netting of unrecognized tax benefits against a deferred tax asset for a loss or other carry forward that would apply in settlement of the uncertain tax positions. The new guidance is effective for us beginning January 1, 2014. Early adoption is permitted. We are currently in the process of determining the impact on our financial position.
	In February 2013, the FASB issued guidance on disclosure requirements for items reclassified out of Accumulated Other Comprehensive Income ("AOCI"). This new guidance requires entities to present (either on the face of the income statement or in the notes) the effects on the line items of the income statement for amounts reclassified out of AOCI. The new guidance is effective for us beginning January 1, 2013. We adopted the guidance during the first quarter of 2013 and there was no material impact on our condensed consolidated financial statements.
	In July 2012, the FASB issued amendments to the indefinite-lived intangible asset impairment guidance which provides an option for companies to use a qualitative approach to test indefinite-lived intangible assets for impairment if certain conditions are met. The amendments are effective for annual and interim indefinite-lived intangible asset impairment tests performed for fiscal years beginning after September 15, 2012. We adopted the amended accounting guidance during the first quarter of 2013 and there was no material impact on our condensed consolidated financial statements.