LFTD Partners (LIFD) 10-Q 18 Sep 18 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Sep. 14, 2018
Details
Registrant Name	Acquired Sales Corp.
Registrant CIK	1,391,135
SEC Form	10-Q
Period End date	Mar. 31, 2017
Fiscal Year End	--12-31
Trading Symbol	aqsp
Tax Identification Number (TIN)	870,479,286
Number of common stock shares outstanding		2,369,648
Filer Category	Smaller Reporting Company
Current with reporting	Yes
Voluntary filer	No
Well-known Seasoned Issuer	No
Emerging Growth Company	false
Ex Transition Period	false
Amendment Flag	false
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Entity Incorporation, State Country Name	Nevada
Entity Address, Address Line One	31 N. Suffolk Lane, Lake Forest, Illinois
Entity Address, Postal Zip Code	60,045

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Mar. 31, 2017	Dec. 31, 2016
Current Assets
Cash and Cash Equivalents	$ 61	$ 605
Total Current Assets	61	605
Total Assets	61	605
Accounts Payable - Related Party
Accounts Payable - Related Party - Payable to William C. Jacobs	58,647	43,149
Accounts Payable - Related Party - Payable to Gerard M. Jacobs	11,401	9,684
Accounts Payable - Related Party - Payable to Other Related Party	4,000	4,000
Accounts Payable - Related Party	74,048	56,833
Trade Accounts Payable	94,603	91,913
Total Current Liabilities	168,651	148,746
Commitments and contingencies	0	0
Shareholders' Equity
Preferred Stock, $0.001 par value; 10,000,000 shares authorized; none outstanding	0	0
Common Stock, $0.001 par value; 100,000,000 shares authorized; 2,369,648 shares outstanding	2,370	2,370
Additional Paid-in Capital	13,554,524	13,554,524
Accumulated Deficit	(13,725,484)	(13,705,035)
Total Shareholders' Equity (Deficit)	(168,590)	(148,141)
Total Liabilities and Shareholders' Equity	$ 61	$ 605

CONDENSED BALANCE SHEETS - Pare

CONDENSED BALANCE SHEETS - Parenthetical - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Details
Preferred Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par or Stated Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares, Outstanding	2,369,648	2,369,648

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Details
Selling, General and Administrative Expense	$ (17,260)	$ (21,093)
Professional Fees	(3,189)	(28,024)
Other Income	0	28
Provision for Income Taxes	0	0
Net Loss	$ (20,449)	$ (49,092)
Basic and Diluted Earnings Loss per Share	$ (0.01)	$ (0.02)
Basic and diluted weighted average number of common shares outstanding:	2,369,648	2,269,648

CONDENSED STATEMENTS OF SHAREHO

CONDENSED STATEMENTS OF SHAREHOLDERS' EQUITY (DEFICIT) - USD ($)	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Total
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2015	$ 2,270	$ 13,554,524	$ (13,523,308)	$ 33,486
Shares, Outstanding, Beginning Balance at Dec. 31, 2015	2,269,648
Net Loss	$ 0	0	(49,092)	(49,092)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2016	$ 2,270	13,554,524	(13,572,400)	(15,606)
Shares, Outstanding, Ending Balance at Mar. 31, 2016	2,269,648
Stockholders' Equity Attributable to Parent, Beginning Balance at Dec. 31, 2016	$ 2,370	13,554,524	(13,705,035)	(148,141)
Shares, Outstanding, Beginning Balance at Dec. 31, 2016	2,369,648
Net Loss	$ 0	0	(20,449)	(20,449)
Stockholders' Equity Attributable to Parent, Ending Balance at Mar. 31, 2017	$ 2,370	$ 13,554,524	$ (13,725,484)	$ (168,590)
Shares, Outstanding, Ending Balance at Mar. 31, 2017	2,369,648

CONDENSED STATEMENT OF CASH FLO

CONDENSED STATEMENT OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash Flows From Operating Activities
Net Loss	$ (20,449)	$ (49,092)
Adjustments to Reconcile Loss to net Cash Used in Operating Activities: Changes in Operating Assets and Liabilities:
Accounts Payable - Related Party	17,215	(6,968)
Trade Accounts Payable	2,690	17,136
Net Cash Used in Operating Activities	(544)	(38,924)
Cash Flows From Investing Activities
Notes Receivable	0	25,000
Net Cash Provided by Investing Activities	0	25,000
Net Decrease in Cash	(544)	(13,924)
Cash and Cash Equivalents at Beginning of Period	605	27,781
Cash and Cash Equivalents at End of Period	61	13,857
Supplemental Cash Flow Information
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

NOTE 1 - DESCRIPTION OF THE BUS

NOTE 1 - DESCRIPTION OF THE BUSINESS OF ACQUIRED SALES CORP.	3 Months Ended
	Mar. 31, 2017
Notes
NOTE 1 - DESCRIPTION OF THE BUSINESS OF ACQUIRED SALES CORP.	NOTE 1 – DESCRIPTION OF THE BUSINESS OF ACQUIRED SALES CORP. Acquired Sales Corp. (hereinafter sometimes referred to as “Acquired Sales”, “AQSP” or the “Company”) was organized under the laws of the State of Nevada on January 2, 1986. Previously, the Company was involved in selling software licenses and hardware, and the provision of consulting and maintenance services.

NOTE 2 - BASIS OF PRESENTATION

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2017
Notes
NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation – Condensed Financial Statements Use of Estimates Basic and Diluted Earnings (Loss) Per Common Share For the Three Months Ended March 31, 2017 2016 Net Loss $ (20,449) $ (49,092) Weighted Average Shares Outstanding 2,369,648 2,269,648 Basic and Diluted Loss per Share $ (0.01) $ (0.02) There were 4,158,774 stock options and warrants, and 315,500 financing warrants outstanding during the three months ended March 31, 2017 that were excluded from the computation of diluted earnings (loss) per share because their effects would have been anti-dilutive. In comparison, there were 4,848,774 stock options and warrants, and 478,000 financing warrants outstanding during the three months ended March 31, 2016 that were excluded from the computation of diluted earnings (loss) per share because their effects would have been anti-dilutive. Recent Accounting Pronouncements Acquired Sales Corp. Notes to the Condensed Financial Statements (Unaudited) and could be achieved after the requisite service period shall be treated as a performance condition. The effective date is the first quarter of fiscal year 2016. The Company adopted ASU No. 2014-12; the adoption of this has had no effect on the financial statements. In March 2016, FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this update change the accounting for certain stock-based compensation transactions, including the income tax consequences and cash flow classification for applicable transactions. The amendments in this update are effective for annual periods beginning after December 31, 2016 and interim periods within those annual periods. The Company is currently evaluating the impact that this amendment will have on its financial statements. Effective January 2017, FASB issued ASU No. 2016-15 “Statement of Cash Flows” (Topic 230). This guidance clarifies diversity in practice on where in the Statement of Cash Flows to recognize certain transactions, including the classification of payment of contingent consideration for acquisitions between Financing and Operating activities. We are currently evaluating the impact that this amendment will have on our financial statements. On January 5, 2017, the FASB issued ASU No. 2017-01, “Clarifying the Definition of a Business” (Topic ASC 805), guidance to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this ASU provide a screen to determine when an integrated set of assets and activities (collectively referred to as a “set”) is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and remove the evaluation of whether a market participant could replace the missing elements. This ASU is effective for public business entities in annual periods beginning after December 15, 2017, including interim periods therein. We are currently evaluating the impact that this amendment will have on our financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation” (Topic 718) - Scope of Modification Accounting. This ASU clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. This ASU is effective prospectively for the annual period ending December 31, 2018 and interim periods within that annual period. We are currently evaluating the impact that this amendment will have on our financial statements.

NOTE 3 - RISKS AND UNCERTAINTIE

NOTE 3 - RISKS AND UNCERTAINTIES	3 Months Ended
	Mar. 31, 2017
Notes
NOTE 3 - RISKS AND UNCERTAINTIES	NOTE 3 - RISKS AND UNCERTAINTIES Going Concern – The sale of Cogility and DSTG eliminated the Company’s source of revenue. As a result, there is substantial doubt that the Company will be able to continue as a going concern. Bankruptcy of the Company at some point in the future is a possibility. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The Company currently has no revenue-generating subsidiaries. Management plans to sustain the Company as a going concern by taking the following actions: (1) acquiring and/or developing profitable businesses that will create positive income from operations; (2) acquiring valuable real estate in exchange for common stock and/or preferred stock; and/or (3) completing private placements of our common stock and/or preferred stock. Management believes that by taking these actions, the Company will be provided with sufficient future operations and cash flow to continue as a going concern. However, there can be no assurance that the Company will be successful in consummating such actions on acceptable terms, if at all. Moreover, any such actions can be expected to result in substantial dilution to the existing shareholders of the Company.

NOTE 4 - NOTES RECEIVABLE

NOTE 4 - NOTES RECEIVABLE	3 Months Ended
	Mar. 31, 2017
Notes
NOTE 4 - NOTES RECEIVABLE	NOTE 4 – NOTES RECEIVABLE The William Noyes Webster Foundation, Inc. The Foundation, a non-profit Massachusetts corporation, has received a provisional registration from the Commonwealth of Massachusetts to own and operate a medical marijuana cultivation facility in Plymouth, Massachusetts, and a medical marijuana dispensary in Dennis, Massachusetts. Jane W. Heatley (“Heatley”) is the founder and a member of the board of directors of the Foundation. Teaming Agreement Company failed to lend funds to the Foundation in accordance with the Teaming Agreement. The Company believes Heatley's claim to be baseless. No assurances whatsoever can be made that Heatley will comply with the terms of the Teaming Agreement, nor that the Company will be able to adequately enforce the terms of the Teaming Agreement if it is ever the subject of litigation. Promissory Note Between April and July 2015, the Company loaned an additional $135,350 to the Foundation, evidenced by the Note and secured by the Security Agreement. Following such additional loans, the principal of the loan from the Company to the Foundation, evidenced by the Note and secured by the Security Agreement, is now $737,850. The principal balance outstanding under the Note bore interest at the rate of 12.5% per annum, compounded monthly. It was contemplated that the first payment of accrued interest by the Foundation under the Note would be made as soon after the Foundation commences operations of the Plymouth Cultivation Facility and the Dennis Dispensary as the Foundation's cash flows shall reasonably permit, but in any event no later than one year after the Foundation commences operations. The principal of the Note would be payable in eight consecutive equal quarterly installments, commencing on the last day of the calendar quarter in which the Foundation commences operations. Principal on the Note and related accrued interest would be considered past due if the aforementioned payments were not received by their due dates. Uncollectable Note and Interest Receivable Acquired Sales Corp. Notes to the Condensed Financial Statements (Unaudited) One-Seven, LLC One-Seven, LLC ("One-Seven") is a business investment firm that hopes to make equity and/or debt investments in privately held and/or publicly traded companies from time to time. On October 9, 2015, the Company’s chief executive officer, Gerard M. Jacobs, loaned money to One-Seven. On November 4, 2015, the Company entered into an Agreement with One-Seven, its Managing Partner Douglas Stukel ("Stukel"), and Gerard M. Jacobs pursuant to which the Company loaned $50,000 interest-free to One-Seven. As of December 31, 2015, $25,000 of the loan had been repaid to the Company by One-Seven, and the balance of $25,000 was still held by the Company as a receivable from One-Seven. The loan was repaid in full as of January 5, 2016. In consideration of such $50,000 loan to One-Seven, One-Seven and Stukel agreed that if One-Seven is successful in securing additional funding, then Stukel and One-Seven are obligated to use good faith efforts to work with Gerard M. Jacobs and the Company, as a team and not as a partnership, joint venture or other entity, in order to explore and hopefully close transactions pursuant to which: (a) One-Seven may provide debt, convertible debt and/or equity to the Company, all on mutually acceptable terms and conditions; (b) One-Seven may provide debt, convertible debt and/or equity to business entities that may be wholly or partly purchased by, or merged into, the Company, all on mutually acceptable terms and conditions; and (c) Stukel may participate in the management of the Company and obtain a salary and a package of stock options and/or warrants to purchase shares of common stock of the Company, all on mutually acceptable terms and conditions. There is no assurance that the Company will consummate any transactions involving One-Seven or Mr. Stukel.

NOTE 5 - AMOUNTS OWED TO RELATE

NOTE 5 - AMOUNTS OWED TO RELATED PARTIES	3 Months Ended
	Mar. 31, 2017
Notes
NOTE 5 - AMOUNTS OWED TO RELATED PARTIES	NOTE 5 – AMOUNTS OWED TO RELATED PARTIES On June 21, 2016, a company affiliated with Gerard M. Jacobs, Chief Executive Officer of Acquired Sales, made a non-interest bearing loan of $4,000 to the Company, which is payable upon demand. At March 31, 2017, there are expense reimbursements owed to Gerard M. Jacobs totaling $11,401. In comparison, at March 31, 2016, there were expense reimbursements owed to Gerard M. Jacobs totaling $467. At March 31, 2017, there are independent contractor fees of $55,000 and expense reimbursements of $3,647 owed to William C. Jacobs, totaling $58,647. In comparison, at March 31, 2016, there were no independent contractor fees owed to William C. Jacobs, but there were expense reimbursements of $497 owed to William C. Jacobs.

NOTE 6 - SHAREHOLDERS' EQUITY

NOTE 6 - SHAREHOLDERS' EQUITY	3 Months Ended
	Mar. 31, 2017
Notes
NOTE 6 - SHAREHOLDERS' EQUITY	NOTE 6 – SHAREHOLDERS’ EQUITY Summary of Stock Option and Warrant Activity Weighted-Average Aggregate Weighted-Average Remaining Contractual Intrinsic Shares Exercise Price (a) Term (Years) Value Outstanding, December 31, 2016 4,748,774 $ 1.59 Issued during period 0 Expired during period 590,000 $ 2.60 Outstanding, March 31, 2017 4,158,774 $ 1.45 6.20 $ 1,361,475 Exercisable, March 31, 2017 2,908,774 $ 1.28 5.53 $ 1,361,475 Note: (a) Acquired Sales Corp. Notes to the Condensed Financial Statements (Unaudited) Assignment and Exercise of Stock Option Agreement Cogility was acquired by Acquired Sales in September 2011. Pursuant to the terms and conditions of that acquisition and the SOA, Gerard M. Jacobs or his assignees or heirs was granted the right to purchase 100,000 shares of common stock of Acquired Sales at the purchase price of $0.001 per share, or an aggregate purchase price of $100. For valuable consideration received, Gerard M. Jacobs assigned the SOA to his affiliate Miss Mimi Corporation (“Miss Mimi”), effective as of May 18, 2016. Miss Mimi notified Acquired Sales effective as of May 18, 2016, that Miss Mimi exercised the SOA and thereby purchased all 100,000 shares of common stock of Acquired Sales covered by the SOA, for the aggregate purchase price of $100, with the purchase price paid in the form of cashier’s check from Miss Mimi payable to Acquired Sales. Financing Warrants

NOTE 7 - CONTINGENT CONTRACTUAL

NOTE 7 - CONTINGENT CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS	3 Months Ended
	Mar. 31, 2017
Notes
NOTE 7 - CONTINGENT CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS	. Acquired Sales Corp. Notes to the Condensed Financial Statements (Unaudited) During the nine month period ended September 30, 2015, MVJ Realty, LLC, an affiliate of AQSP director Vincent J. Mesolella (“MVJ Realty”), loaned a total of $23,000 to the Foundation, which $23,000 was purportedly used as follows: (a) $9,500 was used by the Foundation to pay the rent of the Plymouth Cultivation Facility for the month of May, 2015; (b) $6,900 was used by the Foundation to pay the rent of the Dennis Dispensary for the months of April and May, 2015; (c) $3,600 was used by the Foundation to pay for the general liability insurance policy covering the Plymouth Cultivation Facility and the Dennis Dispensary; and (d) $3,000 was used by the Foundation to pay the application fees for two applications (the “Two New Applications”) by the Foundation to the Commonwealth of Massachusetts for licenses (the “Two New Licenses”) to operate two new medical marijuana dispensaries in Massachusetts (the “Two New Dispensaries”). In making these $23,000 loans to the Foundation, MVJ Realty viewed itself as acting as an agent for the Company, and expected to eventually be reimbursed for the $23,000 by the Company subject to the execution and delivery by the Foundation to the Company of loan documents evidencing that the principal amount of the loan from the Company to the Foundation, evidenced by the Note and secured by the Security Agreement, had been increased by $23,000. The execution and delivery of such loan documents occurred on July 15, 2015, and MVJ Realty was reimbursed for the $23,000 in August 2015 In the Two New Applications, the Foundation included background information in regard to each of the Company’s directors and officers. If the Two New Licenses are awarded to the Foundation, then the Foundation may seek to obtain financing for the Two New Dispensaries from MVJ Realty/AQSP. The Foundation and MVJ Realty/AQSP have not yet entered into any agreements in regard to such potential financing, and the Company considers it to be extremely doubtful that any such agreements will ever be entered into in light of the on-going disputes between Heatley, the Foundation, and the Company regarding the Teaming Agreement. At this time, no assurances or guarantees whatsoever can be made as to whether any transaction with the Foundation will be successfully consummated, nor on what terms.

NOTE 8 - SUBSEQUENT EVENTS

NOTE 8 - SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2017
Notes
NOTE 8 - SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS On July 13, 2018, the Audit Committee, Compensation Committee, and full Board of Directors of AQSP approved by unanimous written consent borrowings by AQSP on the following terms: (1) proceeds of the borrowings will be used to pay professional fees owed to our outside auditors, our stock transfer agent, and our securities counsel, and to pay other obligations of AQSP; (2) the borrowings will be evidenced by promissory notes of AQSP, accruing interest at the rate of 15% annually; (3) the notes will be jointly secured by a first lien security interest in all of the assets of AQSP, pursuant to a security agreement signed by AQSP in favor of the lenders, UCC filings in favor of the lenders, and a pledge to the lenders of the note payable by the William Noyes Webster Foundation Inc. to AQSP; (4) the notes shall be due and payable upon demand by the lenders delivered to AQSP; and (5) for each $1,000 loaned by AQSP on these terms, the lender of such $1,000 shall receive warrants to purchase 1,250 shares of common stock of AQSP, at an exercise price of $0.03 per share, exercisable at the discretion of such lender any time on or before July 16, 2023. As of September 14, 2018, a total of $14,790.70 has been borrowed by AQSP on such terms.

NOTE 2 - BASIS OF PRESENTATIO15

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2017
Policies
Basis of Presentation	Basis of Presentation –
Condensed Financial Statements	Condensed Financial Statements
Use of Estimates	Use of Estimates
Basic and Diluted Earnings (Loss) Per Common Share	Basic and Diluted Earnings (Loss) Per Common Share For the Three Months Ended March 31, 2017 2016 Net Loss $ (20,449) $ (49,092) Weighted Average Shares Outstanding 2,369,648 2,269,648 Basic and Diluted Loss per Share $ (0.01) $ (0.02) There were 4,158,774 stock options and warrants, and 315,500 financing warrants outstanding during the three months ended March 31, 2017 that were excluded from the computation of diluted earnings (loss) per share because their effects would have been anti-dilutive. In comparison, there were 4,848,774 stock options and warrants, and 478,000 financing warrants outstanding during the three months ended March 31, 2016 that were excluded from the computation of diluted earnings (loss) per share because their effects would have been anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Acquired Sales Corp. Notes to the Condensed Financial Statements (Unaudited) and could be achieved after the requisite service period shall be treated as a performance condition. The effective date is the first quarter of fiscal year 2016. The Company adopted ASU No. 2014-12; the adoption of this has had no effect on the financial statements. In March 2016, FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in this update change the accounting for certain stock-based compensation transactions, including the income tax consequences and cash flow classification for applicable transactions. The amendments in this update are effective for annual periods beginning after December 31, 2016 and interim periods within those annual periods. The Company is currently evaluating the impact that this amendment will have on its financial statements. Effective January 2017, FASB issued ASU No. 2016-15 “Statement of Cash Flows” (Topic 230). This guidance clarifies diversity in practice on where in the Statement of Cash Flows to recognize certain transactions, including the classification of payment of contingent consideration for acquisitions between Financing and Operating activities. We are currently evaluating the impact that this amendment will have on our financial statements. On January 5, 2017, the FASB issued ASU No. 2017-01, “Clarifying the Definition of a Business” (Topic ASC 805), guidance to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The amendments in this ASU provide a screen to determine when an integrated set of assets and activities (collectively referred to as a “set”) is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not a business. This screen reduces the number of transactions that need to be further evaluated. If the screen is not met, the amendments require that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and remove the evaluation of whether a market participant could replace the missing elements. This ASU is effective for public business entities in annual periods beginning after December 15, 2017, including interim periods therein. We are currently evaluating the impact that this amendment will have on our financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation” (Topic 718) - Scope of Modification Accounting. This ASU clarifies when to account for a change to the terms or conditions of a share-based payment award as a modification. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award (as equity or liability) changes as a result of the change in terms or conditions. This ASU is effective prospectively for the annual period ending December 31, 2018 and interim periods within that annual period. We are currently evaluating the impact that this amendment will have on our financial statements.

NOTE 2 - BASIS OF PRESENTATIO16

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2017
Tables/Schedules
Schedule of Earnings Per Share, Basic and Diluted	For the Three Months Ended March 31, 2017 2016 Net Loss $ (20,449) $ (49,092) Weighted Average Shares Outstanding 2,369,648 2,269,648 Basic and Diluted Loss per Share $ (0.01) $ (0.02)

NOTE 6 - SHAREHOLDERS' EQUITY (

NOTE 6 - SHAREHOLDERS' EQUITY (Tables)	3 Months Ended
	Mar. 31, 2017
Tables/Schedules
Schedule of Share-based Compensation, Stock Options and Warrant Activity	Weighted-Average Aggregate Weighted-Average Remaining Contractual Intrinsic Shares Exercise Price (a) Term (Years) Value Outstanding, December 31, 2016 4,748,774 $ 1.59 Issued during period 0 Expired during period 590,000 $ 2.60 Outstanding, March 31, 2017 4,158,774 $ 1.45 6.20 $ 1,361,475 Exercisable, March 31, 2017 2,908,774 $ 1.28 5.53 $ 1,361,475

NOTE 1 - DESCRIPTION OF THE B18

NOTE 1 - DESCRIPTION OF THE BUSINESS OF ACQUIRED SALES CORP. (Details)	3 Months Ended
	Mar. 31, 2017
Details
Entity Incorporation, Date of Incorporation	Jan. 2, 1986

NOTE 2 - BASIS OF PRESENTATIO19

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Earnings (Loss) Per Common Share: Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Details
Net Loss	$ (20,449)	$ (49,092)
Basic and diluted weighted average number of common shares outstanding:	2,369,648	2,269,648
Basic and Diluted Earnings Loss per Share	$ (0.01)	$ (0.02)

NOTE 2 - BASIS OF PRESENTATIO20

NOTE 2 - BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES: Basic and Diluted Earnings (Loss) Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
stock options and warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	4,158,774	4,848,774
financing warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	315,500	478,000

NOTE 3 - RISKS AND UNCERTAINT21

NOTE 3 - RISKS AND UNCERTAINTIES (Details) - USD ($)	Sep. 01, 2015	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Accumulated Deficit		$ (13,725,484)		$ (13,705,035)
Net Loss		(20,449)	$ (49,092)
Net Cash Used in Operating Activities		$ (544)	$ (38,924)
Note receivable
Provision for Doubtful Accounts	$ 737,850
Interest receivable
Provision for Doubtful Accounts	$ 97,427

NOTE 4 - NOTES RECEIVABLE (Deta

NOTE 4 - NOTES RECEIVABLE (Details) - USD ($)	Jan. 05, 2016	Dec. 31, 2015	Sep. 01, 2015	Jul. 14, 2014	Jul. 31, 2015	Oct. 09, 2015
Secured Promissory Note | Consultant
Payments for Loans				$ 2,500
Secured Promissory Note | William Noyes Webster Foundation Inc
Debt Instrument, Face Amount				1,500,000
Payments to Acquire Notes Receivable				602,500	$ 135,350
Payments for Loans				600,000
Notes receivable			$ 737,850
Debt Instrument, Interest Rate, Stated Percentage			12.50%
Secured Promissory Note | William Noyes Webster Foundation Inc | Unfunded Portion of Note
Debt Instrument, Face Amount				$ 897,500
Secured Promissory Note | One-Seven LLC
Debt Instrument, Face Amount						$ 50,000
Proceeds from (Repayments of) Debt		$ 25,000
Receivable		$ 25,000
Debt Instrument, Maturity Date	Jan. 5, 2016
Note receivable
Provision for Doubtful Accounts			$ 737,850
Interest receivable
Provision for Doubtful Accounts			$ 97,427

NOTE 5 - AMOUNTS OWED TO RELA23

NOTE 5 - AMOUNTS OWED TO RELATED PARTIES (Details) - USD ($)	Mar. 31, 2017	Jun. 21, 2016	Mar. 31, 2016
Gerard M. Jacobs
Due to Other Related Parties, Current		$ 4,000
Due to Related Parties, Current	$ 11,401		$ 467
William C. Jacobs
Due to Related Parties, Current	58,647
William C. Jacobs | Independent contractor fees
Due to Related Parties, Current	55,000
William C. Jacobs | Expense reimbursements
Due to Related Parties, Current	$ 3,647		$ 497

NOTE 6 - SHAREHOLDERS' EQUITY_

NOTE 6 - SHAREHOLDERS' EQUITY: Schedule of Share-based Compensation, Stock Options and Warrant Activity (Details) - USD ($)	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Details
Shares, outstanding	4,158,774	4,158,774	4,748,774
Weighted Average Exercise Price	$ 1.45	$ 1.45	$ 1.59
Shares, issued		0
Shares, expired		590,000
Exercise price, expired		$ 2.60
Weighted Average Remaining Contractual Term	6 years 2 months 12 days
Aggregate Intrinsic Value	$ 1,361,475	$ 1,361,475
Shares, exercisable	2,908,774	2,908,774
Exercise price, exercisable	$ 1.28	$ 1.28
Contractual Term, exercisable		5 years 6 months 10 days
Intrinsic value, exercisable	$ 1,361,475	$ 1,361,475

NOTE 6 - SHAREHOLDERS' EQUITY25

NOTE 6 - SHAREHOLDERS' EQUITY (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2012	Sep. 30, 2011	Mar. 31, 2017	Mar. 31, 2017
Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Warrants Issued		938,000
Warrants expired	460,000			162,500
Class of Warrant or Right, Outstanding				315,500	315,500
Investment Warrants, Exercise Price					$ 2.96
Warrants and Rights Outstanding, Term				4 months 2 days	4 months 2 days
Warrants and Rights Outstanding				$ 0	$ 0
Cogility
Shares granted			100,000
Shares granted price			$ 0.001
Share values, granted			$ 100
Miss Mimi
Shares granted			100,000
Share values, granted			$ 100

NOTE 7 - CONTINGENT CONTRACTU26

NOTE 7 - CONTINGENT CONTRACTUAL OBLIGATIONS AND COMMERCIAL COMMITMENTS (Details) - USD ($)	Sep. 30, 2015	Jul. 20, 2014
MVJ Realty, LLC
Debt Instrument, Face Amount	$ 23,000
Debt instrument Use of Proceeds	$23,000 was purportedly used as follows: (a) $9,500 was used by the Foundation to pay the rent of the Plymouth Cultivation Facility for the month of May, 2015; (b) $6,900 was used by the Foundation to pay the rent of the Dennis Dispensary for the months of April and May, 2015; (c) $3,600 was used by the Foundation to pay for the general liability insurance policy covering the Plymouth Cultivation Facility and the Dennis Dispensary; and (d) $3,000 was used by the Foundation to pay the application fees for two applications (the “Two New Applications”) by the Foundation to the Commonwealth of Massachusetts for licenses (the “Two New Licenses”) to operate two new medical marijuana dispensaries in Massachusetts (the “Two New Dispensaries”)
Loan increase	$ 23,000
First tranche
Commitments under agreements		5% of the first $1,000,000 of the aggregate principal amount of such loans
Second tranche
Commitments under agreements		4% of the second $1,000,000 of the aggregate principal amount of such loans
Third tranche
Commitments under agreements		3% of the third $1,000,000 of the aggregate principal amount of such loans
Fourth tranche
Commitments under agreements		2% of the fourth $1,000,000 of the aggregate principal amount of such loans
Aggregate principal
Commitments under agreements		1% of the aggregate principal amount of such loans that are in excess of $4,000,000

NOTE 8 - SUBSEQUENT EVENTS (Det

NOTE 8 - SUBSEQUENT EVENTS (Details) - UCC filings - Subsequent Event - USD ($)	Jul. 13, 2018	Sep. 14, 2018
Debt instrument Use of Proceeds	(1) proceeds of the borrowings will be used to pay professional fees owed to our outside auditors, our stock transfer agent, and our securities counsel, and to pay other obligations of AQSP; (2) the borrowings will be evidenced by promissory notes of AQSP, accruing interest at the rate of 15% annually; (3) the notes will be jointly secured by a first lien security interest in all of the assets of AQSP, pursuant to a security agreement signed by AQSP in favor of the lenders, UCC filings in favor of the lenders, and a pledge to the lenders of the note payable by the William Noyes Webster Foundation Inc. to AQSP; (4) the notes shall be due and payable upon demand by the lenders delivered to AQSP; and (5) for each $1,000 loaned by AQSP on these terms, the lender of such $1,000 shall receive warrants to purchase 1,250 shares of common stock of AQSP, at an exercise price of $0.03 per share, exercisable at the discretion of such lender any time on or before July 16, 2023.
Long-term Debt, Gross		$ 14,790.70