Asia Interactive Media 10-Q 17 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 17, 2016
Document And Entity Information
Entity Registrant Name	Asia Interactive Media Inc.
Entity Central Index Key	1,172,318
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
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	Q2
Document Fiscal Year Focus	2,016

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Current Assets
Cash	$ 4,891	$ 13,357
Total Current Assets	4,891	13,357
Total Assets	4,891	13,357
Current Liabilities
Accounts payable and accrued liabilities	12,088	12,497
Total Current Liabilities	12,088	12,497
Total Liabilities	12,088	12,497
Stockholders' Equity (Deficit)
Common Stock: Authorized: 100,000,000 shares, $0.00001 par value; 6,534,492 shares issued and outstanding (Note 4)	66	66
Additional Paid-in Capital (Note 4)	598,734	598,734
Donated Capital	37,628	37,628
Deficit Accumulated during the Development Stage	(643,625)	(635,568)
Total Stockholders' Equity (Deficit)	(7,197)	860
Total Liabilities and Stockholders' Equity	$ 4,891	$ 13,357

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Statement of Financial Position [Abstract]
Common Stock, shares authorized	100,000,000	100,000,000	100,000,000
Common Stock, par value	$ 0.00001	$ 0.00001	$ 0.00001
Common Stock, shares issued	6,534,492	6,534,492	6,534,492
Common Stock, shares outstanding	6,534,492	6,534,492	6,534,492

Statements of Operations (Unaud

Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenue
Operating Expenses
General and administrative	10,421	13,676	18,057	18,196
Total Operating Expenses	10,421	13,676	18,057	18,196
Other Income	10,000	15,000	10,000	15,000
Net Income (Loss)	$ (421)	$ 1,324	$ (8,057)	$ (3,196)
Net Income (Loss) Per Share – Basic and Diluted	$ 0	$ 0	$ 0	$ 0
Weighted Average Shares Outstanding	6,534,492	6,534,492	6,534,492	6,534,492

Statements of Cash Flows (Unaud

Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating Activities
Net income (loss)	$ (8,057)	$ (3,196)
Change in operating assets and liabilities
Accounts payable and accrued liabilities	(409)	(1,628)
Net Cash From (Used in) Operating Activities	(8,466)	(4,824)
Net Increase (Decrease) in Cash	(8,466)	(4,824)
Cash – Beginning of Period	13,357	20,642
Cash – End of Period	4,891	15,818
Supplemental Disclosures:
Interest paid
Income tax paid

Nature of Business and Continua

Nature of Business and Continuance of Operations	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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 (“ASC”) 915.10.05 “ Accounting and Reporting by Development Stage Enterprises The accompanying financial statements have been prepared using generally accepted accounting principles in the United States of America (“U.S. GAAP”) 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 June 30, 2016, the Company had a working capital deficiency of $7,197 and has accumulated losses of $643,625 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 six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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 U.S. GAAP 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 as of and for the six months ended June 30, 2016 and 2015. b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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 ASC 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 ASC 220.10.05, “ Reporting Comprehensive Income 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 ASC 360.10.05, “ Accounting for the Impairment or Disposal of Long-Lived Assets 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 ASC 740.10.05 “ Accounting for Income Taxes 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 ASC 830.10.05 “ Foreign Currency Translation 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.

Miscellaneous Income

Miscellaneous Income	6 Months Ended
	Jun. 30, 2016
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. For the six months ended June 30, 2016 and 2015, $10,000 and $15,000 was earned, respectively.

Common Stock and Additional Pai

Common Stock and Additional Paid-In Capital	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Common Stock and Additional Paid-In Capital	4. Common Stock and Additional Paid-In Capital Common Stock: Authorized: 100,000,000 shares, $0.00001 par value; 6,534,492 shares issued and outstanding Additional Paid-in Capital Shares Amount (Discount) # $ $ Balance – February 9, 2000 (Date of Inception) – – – March 2, 2000 – Issuance of stock for cash 5,000,000 50 450 January 8, 2008 – Issuance of stock for cash 1,634,492 17 648,283 April 28, 2011 – Share Repurchase (100,000 ) (1 ) (49,999 ) Balance – June 30, 2016 6,534,492 66 598,734

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	5. Subsequent Events Management has reviewed events between June 30, 2016 and August 15, 2016 and no significant events were identified.

Summary of Significant Accoun11

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	a) Basis of Presentation The accompanying financial statements have been prepared in accordance with U.S. GAAP 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 as of and for the six months ended June 30, 2016 and 2015.
Use of Estimates	b) Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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 ASC 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 ASC 220.10.05, “ Reporting Comprehensive Income
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 ASC 360.10.05, “ Accounting for the Impairment or Disposal of Long-Lived Assets
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 ASC 740.10.05 “ Accounting for Income Taxes
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 ASC 830.10.05 “ Foreign Currency Translation
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.

Common Stock and Additional P12

Common Stock and Additional Paid-In Capital (Tables)	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Schedule of Common Stock and Additional Paid-In Capital	Common Stock: Authorized: 100,000,000 shares, $0.00001 par value; 6,534,492 shares issued and outstanding Additional Paid-in Capital Shares Amount (Discount) # $ $ Balance – February 9, 2000 (Date of Inception) – – – March 2, 2000 – Issuance of stock for cash 5,000,000 50 450 January 8, 2008 – Issuance of stock for cash 1,634,492 17 648,283 April 28, 2011 – Share Repurchase (100,000 ) (1 ) (49,999 ) Balance – June 30, 2016 6,534,492 66 598,734

Nature of Business and Contin13

Nature of Business and Continuance of Operations (Details Narrative) - USD ($)	Jun. 30, 2016	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Working capital deficiency	$ 7,197
Accumulated loss since inception	$ 643,625	$ 635,568

Miscellaneous Income (Details N

Miscellaneous Income (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Income generated from consulting activities	$ 10,000	$ 15,000	$ 10,000	$ 15,000

Common Stock and Additional P15

Common Stock and Additional Paid-in Capital (Details Narrative) - $ / shares	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Equity [Abstract]
Common Stock, shares authorized	100,000,000	100,000,000	100,000,000
Common Stock, par value	$ 0.00001	$ 0.00001	$ 0.00001
Common Stock, shares issued	6,534,492	6,534,492	6,534,492
Common Stock, shares outstanding	6,534,492	6,534,492	6,534,492

Common Stock and Additional P16

Common Stock and Additional Paid-In Capital - Schedule of Common Stock and Additional Paid-In Capital (Details)	191 Months Ended
	Jun. 30, 2016USD ($)shares
Balance	$ (7,197)
Common Stock [Member]
Balance
Balance, shares | shares
March 2, 2000 - Issuance of stock for cash	$ 50
March 2, 2000 - Issuance of stock for cash, shares | shares	5,000,000
January 8, 2008 - Issuance of stock for cash	$ 17
January 8, 2008 - Issuance of stock for cash, shares | shares	1,634,492
April 28, 2011 - Share Repurchase	$ (1)
April 28, 2011 - Share Repurchase, shares | shares	(100,000)
Balance	$ 66
Balance, shares | shares	6,534,492
Additional Paid-In Capital (Discount) [Member]
Balance
March 2, 2000 - Issuance of stock for cash	450
January 8, 2008 - Issuance of stock for cash	648,283
April 28, 2011 - Share Repurchase	(49,999)
Balance	$ 598,734