Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 13, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | AMANASU ENVIRONMENT CORP | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Entity Central Index Key | 1,142,801 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 44,100,816 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash | $ 5,042 | $ 6,038 |
Total current assets | 5,042 | 6,038 |
Total Assets | 5,042 | 6,038 |
Current Liabilities: | ||
Accounts payable and accrued expenses | 5,942 | 7,309 |
Accrued expenses - related parties | 63,338 | 31,942 |
Accrued interest - stockholders | 32,390 | 22,191 |
Taxes payable | 29,945 | 28,829 |
Loans from shareholder | 269,955 | 228,855 |
Due to related parties | 26,217 | 14,174 |
Total current liabilities | 427,787 | 333,300 |
Stockholders' Equity: | ||
Common Stock: authorized 100,000,000 shares of $.001 par value;44,100,816 and 44,100,816 shares issued and outstanding, respectively | 44,101 | 44,101 |
Additional paid in capital | 4,793,552 | 4,793,552 |
Accumulated deficit | (5,265,125) | (5,170,041) |
Accumulated other comprehensive income | 4,997 | 5,360 |
Total Amanasu Environment Corporation stockholders' deficit | (422,475) | (327,028) |
Non controlling interest in subsidiary | (270) | (234) |
Total stockholders' eficit | (422,745) | (327,262) |
Total Liabilities and Stockholders' Deficit | $ 5,042 | $ 6,038 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock shares authorized | 100,000,000 | 100,000,000 |
Common stock shares par value | $ 0.001 | $ 0.001 |
Common stock shares issued | 44,100,816 | 44,100,816 |
Common stock shares outstanding | 44,100,816 | 44,100,816 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of revenue | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
General and administrative expenses | 13,753 | 15,073 | 84,885 | 52,972 |
Total operating expenses | 13,753 | 15,073 | 84,885 | 52,972 |
Operating loss | (13,753) | (15,073) | (84,885) | (52,972) |
Other Expense: | ||||
Interest expense - stockholders | (3,585) | (2,188) | (10,199) | (6,870) |
Net loss before income taxes | (17,338) | (17,261) | (95,084) | (59,842) |
Income taxes | 0 | 0 | 0 | 0 |
Net loss | (17,338) | (17,261) | (95,084) | (59,842) |
Net loss attributable to non-controlling interest | 0 | 0 | 0 | 0 |
Net loss attributable to Amanasu Environment Corporation Shareholders | (17,338) | (17,261) | (95,084) | (59,842) |
Other Comprehensive Income (Loss): | ||||
Foreign currency translation adjustment | 22 | (212) | (399) | (1,860) |
Total Comprehensive Loss | (17,316) | (17,473) | (95,483) | (61,702) |
Less: Comprehensive income (loss) attributable to non-controlling interest | 2 | (19) | (36) | (167) |
Comprehensive loss attributable to Amanasu Environment Corporation Stockholders | $ (17,318) | $ (17,454) | $ (95,447) | $ (61,535) |
Net Loss Per Share - basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Average number of shares outstanding - basic and diluted | 44,100,816 | 44,100,816 | 44,100,816 | 44,100,816 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATIONS | ||
Net loss | $ (95,084) | $ (59,842) |
Changes in assets and liabilities: | ||
Increase (decrease) in accounts payable and accrued expenses | (1,536) | (3,050) |
Increase in accrued expenses - related parties | 31,125 | 13,125 |
Increase in accrued interest - stockholders | 10,199 | 6,873 |
Net cash used in operating activities | (55,296) | (42,894) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Advances from stockholders, net of repayment | 41,100 | 11,800 |
Due to related parties | 13,200 | (8,163) |
Net Cash Provided by Financing Activities | 54,300 | 3,637 |
Net Change In Cash | (996) | (39,257) |
Cash balance, beginning of period | 6,038 | 44,279 |
Cash balance, end of period | 5,042 | 5,022 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 0 | 0 |
Cash paid for income taxes | $ 0 | $ 0 |
1. BASIS OF PRESENTATION
1. BASIS OF PRESENTATION | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
1. BASIS OF PRESENTATION | The unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and the rules and regulations of the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, the accompanying unaudited financial statements contain all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position of the Company as of September 30, 2017, the results of operations for the three and nine months ended September 30, 2017 and 2016, and statements of cash flows for the nine months ended September 30, 2017 and 2016. These results are not necessarily indicative of the results to be expected for the full year or any other period. The December 31, 2016 balance sheet included herein was derived from the audited financial statements included in the Company’s Annual Report on Form 10-K as of that date. Accordingly, the financial statements included herein should be reviewed in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the Securities and Exchange Commission (“SEC”) on April 17, 2017. |
2. GOING CONCERN
2. GOING CONCERN | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
2. GOING CONCERN | The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As shown in the financial statements, the Company had a working capital deficiency of $422,745 and an accumulated deficit of $5,265,125 at September 30, 2017, and a record of continuing losses. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include adjustments relating to the recoverability of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation. The Company's present plans, the realization of which cannot be assured, to overcome these difficulties include, but are not limited to, a continuing effort to investigate business acquisitions and joint ventures. As such, the Company may need to pursue additional sources of financing. There can be no assurances that the Company can secure additional financing. |
3. SUMMARY OF SIGNIFICANT ACCOU
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2017 | |
Summary Of Significant Accounting Policies | |
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | During the nine months ended September 30, 2017, there have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Annual Report. |
4. RELATED PARTY TRANSACTIONS
4. RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Text Block [Abstract] | |
4. RELATED PARTY TRANSACTIONS | The Company receives periodic advances from its principal stockholders and officers based upon the Company’s cash flow needs. There is no written loan agreement between the Company and the stockholders and officers. All advances bear interest at 4.45% and no repayment terms have been established. As a result, the amount is classified as a current liability. During the nine months ended September 30, 2017, the Company borrowed $41,100 from a stockholder. The balance due as of September 30, 2017 and December 31, 2016 were $269,955 and $228,855, respectively. Interest expense associated with these loans were $3,016 and $8,518 for the three and nine months ended September 30, 2017, respectively, as compared to $2,188 and $6,870 for the three and nine months ended September 30, 2016, respectively. Accrued interest on these loans were $26,253 and $17,735 at September 30, 2017 and December 31, 2016, respectively. The Company has an arrangement with Lina Maki, a stockholder of the Company, for her management consulting time. The agreement is not written and no payment terms have been established. The fee is $10,000 annually. As of September 30, 2017 and December 31, 2016 amounts due to the stockholder were $7,500 and $-0-, respectively. For the most part, these payments are made by the Company’s affiliate. As such, when the payments are made by the Company’s affiliate or the lease payments are made by the Company on behalf of the affiliate, such amounts are shown as a reduction in or addition to the amount due from affiliate in the accompany balance sheets. The Company also leases it office space from a stockholder of the Company. At September 30, 2017 and December 31, 2016, amounts due to the stockholder were $48,558 and $24,933, respectively. As such, when the lease payments are made by the Company’s affiliate or the lease payments are made by the Company on behalf of the affiliate, such amounts are shown as a reduction in or addition to the amount due from affiliate in the accompany balance sheets. Amanasu Corp. is the principal stockholder of the Company. The balance due from Amanasu Corp. was $-0- and $29,915 at September 30, 2017 and December 31, 2016, respectively. The balance due to Amanasu Corp. was $50,000 and $50,000 at September 30, 2017 and December 31, 2016, respectively. No terms for repayment have been established. Interest expense associated with this loan were $569 and $1,681 for the three and nine months ended September 30, 2017. As a result, the amount is classified as a current liability. Accrued interest on these loans were $6,137 and $4,456 at September 30, 2017 and December 31, 2016, respectively. During the nine months ended September 30, 2017, board of directors approved to transfer the amount due from Amanasu Corp. for approximately $31,420 to Mr. Maki, the Company’s President and CEO for services provided. The Company recorded $31,420 as consulting fee in the nine months ended September 30, 2017. |
5. INCOME TAXES
5. INCOME TAXES | 9 Months Ended |
Sep. 30, 2017 | |
Income Taxes | |
5. INCOME TAXES | Deferred income taxes are recorded to reflect the tax consequences or benefits to future years of any temporary differences between the tax basis of assets and liabilities, and of net operating loss carryforwards. The Company has experienced losses since its inception. As a result, it has incurred no Federal income tax. Under pronouncements of the FASB, recognition of deferred tax assets is permitted unless it is more likely than not that the assets will not be realized. The Company has recorded a 100% valuation allowance against deferred tax assets. |
6. NEW AUTHORITATIVE ACCOUNTING
6. NEW AUTHORITATIVE ACCOUNTING GUIDANCE | 9 Months Ended |
Sep. 30, 2017 | |
New Authoritative Accounting Guidance | |
6. NEW AUTHORITATIVE ACCOUNTING GUIDANCE | From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the will not be material to its financial position, results of operations, and cash flows, when implemented. |
7. SUBSEQUENT EVENTS
7. SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
7. SUBSEQUENT EVENTS | The Company evaluated subsequent events, which are events or transactions that occurred after September 30, 2017 through the issuance of the accompanying financial statements and determined that no significant subsequent event need to be recognized or disclosed. |
2. GOING CONCERN (Details Narra
2. GOING CONCERN (Details Narrative) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Going Concern Details Narrative | ||
Working capital | $ 422,745 | |
Accumulated deficit | $ (5,265,125) | $ (5,170,041) |
4. RELATED PARTY TRANSACTIONS (
4. RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Shareholders And Officers | |||||
Due to related party | $ 269,955 | $ 269,955 | $ 228,855 | ||
Accrued interest | 32,390 | 32,390 | 22,191 | ||
Interest expense | 3,016 | $ 2,188 | 8,518 | $ 6,870 | |
Lina Maki | |||||
Due to related party | 7,500 | 7,500 | 0 | ||
Stockholder | |||||
Due to related party | $ 48,558 | $ 48,558 | $ 24,933 |