Asia Interactive Media 10-Q 15 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	15-May-14
Document And Entity Information	'	'
Entity Registrant Name	'Asia Interactive Media Inc.	'
Entity Central Index Key	'0001172318	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	6,534,492
Document Fiscal Period Focus	'Q1	'
Document Fiscal Year Focus	'2014	'

Balance_Sheets

Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current Assets	'	'
Cash	$21,934	$23,946
Accounts receivable	15,000	'
Total Current Assets	36,934	23,946
Loan Receivable (Note 3)	'	'
Total Assets	36,934	23,946
Current Liabilities	'	'
Accounts payable and accrued liabilities	17,778	17,448
Total Current Liabilities	17,778	17,448
Total Liabilities	17,778	17,448
Contingency (Note 1)	'	'
Stockholders' Equity	'	'
Common Stock: Authorized: 100,000,000 shares, $0.00001 par value; 6,534,492 shares issued and outstanding	66	66
Additional Paid-in Capital	598,734	598,734
Donated Capital	37,628	37,628
Deficit Accumulated during the Development Stage	-617,272	-629,930
Total Stockholders' Equity	19,156	6,498
Total Liabilities and Stockholders' Equity	$36,934	$23,946

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common Stock, shares authorized	100,000,000	100,000,000
Common Stock, par value	$0.00	$0.00
Common Stock, shares issued	6,534,492	6,534,492
Common Stock, shares outstanding	6,534,492	6,534,492

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		170 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Income Statement [Abstract]	'	'	'
Revenue	$0	$0	$0
Operating Expenses	'	'	'
General and administrative	2,342	2,136	574,342
Total Operating Expenses	2,342	2,136	574,342
Write-off of Loan Receivable	'	'	237,843
Other Income	15,000	10,000	194,913
Net Income (Loss)	$12,658	$7,864	($617,272)
Net Income (Loss) Per Share - Basic and Diluted	$0	$0	'
Weighted Average Shares Outstanding	6,534,492	6,534,492	'

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended		170 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Operating Activities	'	'	'
Net income (loss)	$12,658	$7,864	($617,272)
Add (deduct) items not involving cash Write-off of loan receivable	'	'	237,843
Accrued interest income on loan receivable	'	'	'
Adjustment to reconcile net loss to net cash used in operating activities	'	'	'
Donated expenses	'	'	23,000
Change in operating assets and liabilities	'	'	'
Accounts receivable	-15,000	'	-15,000
Loan receivable	'	'	-237,843
Accounts payable and accrued liabilities	330	-7,140	17,778
Advances from Officers	'	'	14,628
Net Cash Used in Operating Activities	-2,012	724	-576,866
Financing Activities	'	'	'
Common stock	'	'	66
Additional paid-in capital	'	'	598,734
Net Cash Provided by Financing Activities	'	'	598,800
Net Increase (Decrease) in Cash	-2,012	724	21,934
Cash - Beginning of Period	23,946	19,463	'
Cash - End of Period	21,934	20,187	21,934
Supplemental Disclosures:	'	'	'
Interest paid	'	'	19,233
Income tax paid	'	'	'

Nature_of_Business_and_Continu

Nature of Business and Continuance of Operations	3 Months Ended
	Mar. 31, 2014
Nature Of Business And Continuance Of Operations	'
Nature of Business and Continuance of Operations	'
	1	Nature of Business and Continuance of Operations
	Asia Interactive Media Inc. (previously Black Gardenia Corp.), herein “the Company”, was incorporated on February 9, 2000 pursuant to the Laws of the State of Nevada, USA. The Company has no primary business operations and is considered a development stage company, as defined by Accounting Standards Codification 915.10.05 “Accounting and Reporting by Development Stage Enterprises”. The Company was formed for the purpose of merging with, engaging in a capital stock exchange with, purchasing all or substantially all of the assets of, or engaging in any other similar business combination with one or more operating businesses. The Company provides miscellaneous consulting services, and it is management’s opinion that the consulting activities may result in opportunities for the Company through a possible merger, acquisition or business combination. On March 22, 2007 the Company changed its name to “Asia Interactive Media Inc.”
	The financial statements have been prepared using generally accepted accounting principles in the United States of America applicable for a going concern which assumes that the Company will realize its assets and discharge its liabilities in the ordinary course of business. The Company has never generated revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate earnings in the immediate or foreseeable future. At March 31, 2014, the Company had a working capital surplus of $19,156 and has accumulated losses of $617,272 since its inception. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. It is management’s plan to seek additional capital through equity and/or debt financings. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern.
	In the opinion of management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	2	Summary of Significant Accounting Policies
	a) Basis of Presentation
	The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the three months ended March 31, 2014 and 2013, and for year ending December 31, 2013 and for the period February 9, 2000 (inception) through March 31, 2014.
	The Company’s fiscal year-end is December 31.
	b) Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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.
	c) Basic and Diluted Net Income (Loss) Per Share
	The Company computes net income (loss) per share in accordance with Accounting Standards Codification 260.10.05 which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
	d) Comprehensive Loss
	Accounting Standards Codification 220.10.05, “Reporting Comprehensive Income”, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at March 31, 2014 and 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.
	e) Cash and Cash Equivalents
	The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.
	f) Long-Lived Assets
	In accordance with Accounting Standards Codification 360.10.05, “Accounting for the Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.
	g) Financial Instruments
	The fair value of financial instruments, which include cash, accounts payable, accrued liabilities and due to related party, were estimated to approximate their carrying values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily undertaken in Canadian dollars. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
	h) Income Taxes
	Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted Accounting Standards Codification 740.10.05 “Accounting for Income Taxes” as of its inception. Pursuant to ASC 740.10.05, the Company is required to compute tax asset benefits for net operating losses carried forward. Potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years.
	i) Foreign Currency Translation
	The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated in accordance with Accounting Standards Codification 830.10.05 “Foreign Currency Translation”, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of the financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
	j) Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial statements upon adoption.
	k) Accounts receivable
	Trade receivables are carried at the original invoice amount and no allowance for uncollectible accounts has been deemed necessary. Receivables past due for more than 120 days are considered delinquent. Management determines uncollectible accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, and current economic conditions and by using historical experience applied to an aging of accounts.
	l) Revenue Recognition
	Revenue from the sale of goods is recognized when the following conditions are satisfied:
		●	The Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
		●	The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
		●	The amount of revenue can be measured reliably;
		●	It is probable that the economic benefits associated with the transaction will flow to the entity; and
		●	The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Miscellaneous_Income

Miscellaneous Income	3 Months Ended
	Mar. 31, 2014
Other Income and Expenses [Abstract]	'
Miscellaneous Income	'
	3	Miscellaneous Income
	Miscellaneous income consists of income generated from consulting activities. Consulting activities include providing business advisory services and referral services for expansion opportunities in Asia.

Restatement_Loan_Receivable

Restatement - Loan Receivable	3 Months Ended
	Mar. 31, 2014
Loans Receivable, Net [Abstract]	'
Restatement - Loan Receivable	'
	4	Restatement – Loan Receivable
	On February 16, 2007, the Company entered into a Bridge Loan Agreement (subsequently amended on November 16, 2007) with Live-Interactive Technology Ltd. (“Live-Interactive”), a company based in China, whereby the Company agreed to loan funds, to a maximum of $195,000 (RMB1,500,000), to Live-Interactive on an interest-free basis for three months from the date of the loan advance. Interest at 15% per annum is charged on all outstanding amounts after the three month interest-free period. As at December 31, 2011, a total of $237,843, including accrued interest, was owing from Live-Interactive.
	On September 27, 2012, the Company’s management determined that the loan receivable was not collectible and provided a provision for bad debts in the total amount of the loan receivable. The effect of the accounting correction is summarized accordingly.
	The following table represents the effects of the restated statements as of December 31, 2011:
			Restated			Original
			31-Dec-11			31-Dec-11
	Loan Receivable			-			237,843
	Retained Deficit			(620,633	)		(382,790	)
	(Loss) / Income			(236,956	)		887

Common_Stock_and_Additional_Pa

Common Stock and Additional Paid-in Capital	3 Months Ended
	Mar. 31, 2014
Equity [Abstract]	'
Common Stock and Additional Paid-in Capital	'
	5	Common Stock and Additional Paid-In Capital
	On April 28, 2011, the Company entered into Share Repurchase Agreements with certain stockholders to repurchase a total of 100,000 common shares at a price of $0.50 per share. The repurchased 100,000 common shares were retired from the issued and outstanding common stock of the Company.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	6	Subsequent Events
	Management has reviewed events between March 31, 2014 and the date the financial statements were issued, May 6, 2014 and no significant events were identified for disclosure.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	a) Basis of Presentation
	The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America and pursuant to the rules and regulations of the Securities and Exchange Commission and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the three months ended March 31, 2014 and 2013, and for year ending December 31, 2013 and for the period February 9, 2000 (inception) through March 31, 2014.
	The Company’s fiscal year-end is December 31.
Use of Estimates	'
	b) Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles 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.
Basic and Diluted Net Income (Loss) Per Share	'
	c) Basic and Diluted Net Income (Loss) Per Share
	The Company computes net income (loss) per share in accordance with Accounting Standards Codification 260.10.05 which requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing Diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.
Comprehensive Loss	'
	d) Comprehensive Loss
	Accounting Standards Codification 220.10.05, “Reporting Comprehensive Income”, establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at March 31, 2014 and 2013, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.
Cash and Cash Equivalents	'
	e) Cash and Cash Equivalents
	The Company considers all highly liquid instruments with maturity of three months or less at the time of issuance to be cash equivalents.
Long-Lived Assets	'
	f) Long-Lived Assets
	In accordance with Accounting Standards Codification 360.10.05, “Accounting for the Impairment or Disposal of Long-Lived Assets”, the carrying value of long-lived assets is reviewed on a regular basis for the existence of facts or circumstances that may suggest impairment. The Company recognizes impairment when the sum of the expected undiscounted future cash flows is less than the carrying amount of the asset. Impairment losses, if any, are measured as the excess of the carrying amount of the asset over its estimated fair value.
Financial Instruments	'
	g) Financial Instruments
	The fair value of financial instruments, which include cash, accounts payable, accrued liabilities and due to related party, were estimated to approximate their carrying values due to the immediate or short-term maturity of these financial instruments. Foreign currency transactions are primarily undertaken in Canadian dollars. The financial risk is the risk to the Company’s operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk.
Income Taxes	'
	h) Income Taxes
	Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted Accounting Standards Codification 740.10.05 “Accounting for Income Taxes” as of its inception. Pursuant to ASC 740.10.05, the Company is required to compute tax asset benefits for net operating losses carried forward. Potential benefits of net operating losses have not been recognized in these financial statements because the Company cannot be assured it is more likely than not it will utilize the net operating losses carried forward in future years.
Foreign Currency Translation	'
	i) Foreign Currency Translation
	The Company’s functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated in accordance with Accounting Standards Codification 830.10.05 “Foreign Currency Translation”, using the exchange rate prevailing at the balance sheet date. Gains and losses arising on settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of the financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Recent Accounting Pronouncements	'
	j) Recent Accounting Pronouncements
	From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial statements upon adoption.
Accounts receivable	'
	k) Accounts receivable
	Trade receivables are carried at the original invoice amount and no allowance for uncollectible accounts has been deemed necessary. Receivables past due for more than 120 days are considered delinquent. Management determines uncollectible accounts by regularly evaluating individual customer receivables and considering a customer’s financial condition, credit history, and current economic conditions and by using historical experience applied to an aging of accounts.
Revenue Recognition	'
	l) Revenue Recognition
	Revenue from the sale of goods is recognized when the following conditions are satisfied:
		●	The Company has transferred to the buyer the significant risks and rewards of ownership of the goods;
		●	The Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
		●	The amount of revenue can be measured reliably;
		●	It is probable that the economic benefits associated with the transaction will flow to the entity; and
		●	The costs incurred or to be incurred in respect of the transaction can be measured reliably.

Restatement_Loan_Receivable_Ta

Restatement - Loan Receivable (Tables)	3 Months Ended
	Mar. 31, 2014
Loans Receivable, Net [Abstract]	'
Schedule of Effects of Restated Statements	'
	The following table represents the effects of the restated statements as of December 31, 2011:
		Restated			Original
		31-Dec-11			31-Dec-11
	Loan Receivable		-			237,843
	Retained Deficit		(620,633	)		(382,790	)
	(Loss) / Income		(236,956	)		887

Nature_of_Business_and_Continu1

Nature of Business and Continuance of Operations (Details Narrative) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Nature Of Business And Continuance Of Operations	'	'
Working capital surplus	$19,156	'
Accumulated loss since inception	$617,272	$629,930

Restatement_Loan_Receivable_De

Restatement - Loan Receivable (Details Narrative)	3 Months Ended
	Mar. 31, 2014	Dec. 31, 2011	Feb. 16, 2007	Feb. 16, 2007
		USD ($)	USD ($)	RMB [Member]
				CNY
Maximum loan funds as per bridge loan agreement	'	'	$195,000	1,500,000
Percentage of interest on loan per annum	15.00%	'	'	'
Loan including accrued Interest	'	$237,843	'	'

Restatement_Loan_Receivable_Sc

Restatement - Loan Receivable - Schedule of Effects of Restated Statements (Details) (USD $)	3 Months Ended		170 Months Ended	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2011	Dec. 31, 2011
				Restated [Member]	Original [Member]
Loan Receivable	'	'	'	'	$237,843
Retained Deficit	'	'	'	-620,633	-382,790
(Loss)/Income	$12,658	$7,864	($617,272)	($236,956)	$887

Common_Stock_and_Additional_Pa1

Common Stock and Additional Paid-in Capital (Details Narrative) (USD $)	0 Months Ended	3 Months Ended
	Apr. 28, 2011	Mar. 31, 2014
Equity [Abstract]	'	'
Number of shares repurchased	100,000	'
Common stock repurchase price per share	$0.50	'
Number of repurchased shares retired	'	100,000