Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Nov. 13, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ASAP Expo, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 14,445,363 |
Amendment Flag | 'false | ' |
Entity Central Index Key | '0001419275 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Voluntary Filers | 'No | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Document Period End Date | 30-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Current Assets | ' | ' |
Cash | $409,555 | $8,752 |
Prepaid income taxes | 800 | 800 |
Due from affiliated company | 150,024 | 50,787 |
Total Current Assets | 560,379 | 60,339 |
Equipment, net | 22,892 | 0 |
Total Assets | 583,271 | 60,339 |
Current Liabilities | ' | ' |
Accounts payable and accrued expenses | 459,383 | 2,393 |
Accrued interest, officers | 230,563 | 201,170 |
Auto Loan, current | 4,905 | 0 |
Total Current Liabilities | 694,851 | 203,563 |
Long-term Liabilities | ' | ' |
Auto Loan, noncurrent | 18,395 | 0 |
Convertible note, officers | 741,645 | 1,599,418 |
Total Long-term Liabilities | 760,040 | 1,599,418 |
Commitments and contingencies | ' | ' |
Stockholders' Deficit | ' | ' |
Common stock, $.001 par value, 45,000,000 shares authorized, 14,445,363 and 8,701,363 shares issued and outstanding at September 30, 2013 and December 31, 2012 | 14,445 | 8,705 |
Additional paid in capital | 224,019 | 0 |
Accumulated deficit | -1,110,084 | -1,751,347 |
Total Stockholders' Deficit | -871,620 | -1,742,642 |
Total Liabilities and Stockholders' Deficit | $583,271 | $60,339 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized (in Shares) | 45,000,000 | 45,000,000 |
Common stock, shares issued (in Shares) | 14,445,363 | 8,701,363 |
Common stock, shares outstanding (in Shares) | 14,445,363 | 8,701,363 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Revenues | ' | ' | ' | ' |
Commission income | $0 | $0 | $967 | $9,124 |
Consulting fee | 840,000 | 280,700 | 1,447,962 | 416,175 |
Management Fee | 15,000 | 0 | 15,000 | 0 |
Total revenues | 855,000 | 280,700 | 1,463,929 | 425,299 |
Operating expenses | ' | ' | ' | ' |
Consulting expense | 406,000 | 105,450 | 629,800 | 203,352 |
General and administrative | 45,687 | 12,914 | 88,092 | 52,614 |
Total operating expenses | 451,687 | 118,364 | 717,892 | 255,966 |
Income from operations | 403,313 | 162,336 | 746,037 | 169,333 |
Other expense | ' | ' | ' | ' |
Interest expense | -16,875 | -25,290 | -59,153 | -76,234 |
Total other Expense | -16,875 | -25,290 | -59,153 | -76,234 |
Income before income taxes | 386,438 | 137,046 | 686,884 | 93,099 |
Income taxes | 45,621 | 0 | 45,621 | 0 |
Net Income | $340,817 | $137,046 | $641,263 | $93,099 |
Net income per common share | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.03 | $0.02 | $0.06 | $0.01 |
Diluted (in Dollars per share) | $0.01 | $0 | $0.02 | $0 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic (in Shares) | 12,697,189 | 8,701,363 | 10,088,593 | 8,701,363 |
Diluted (in Shares) | 29,390,288 | 48,216,713 | 26,781,692 | 48,216,713 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Operating Activities: | ' | ' |
Net Income | $641,263 | $93,099 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation expense | 1,635 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Prepaid expenses and other receivables | 0 | 175,000 |
Accounts payable and accrued expenses | 516,143 | 75,365 |
Net cash provided by operating activities | 1,159,041 | 343,464 |
Investing Activities: | ' | ' |
Advance to affiliated companies | -99,237 | 0 |
Net cash used in investing activities | -99,237 | 0 |
Financing Activities: | ' | ' |
Payments on auto loan | -1,227 | 0 |
Repayment to affiliated company | 0 | -49,464 |
Proceeds from borrowings on convertible note from officers | 159,570 | 489,266 |
Repayments of borrowings on convertible note from officers | -817,344 | -785,944 |
Net cash used in financing activities | -659,001 | -346,142 |
Net increase (decrease) in cash | 400,803 | -2,678 |
Cash, beginning of period | 8,752 | 5,280 |
Cash, end of period | 409,555 | 2,602 |
Cash paid during the period | ' | ' |
Interest | 0 | 8 |
Income taxes | 0 | 0 |
Non-cash investing and financing activities: | ' | ' |
Vehicle purchased through auto loan | 24,527 | 0 |
Conversion of convertible note and interest to common stock | $229,760 | $0 |
NOTE_1_SUMMARY_OF_SIGNIFICANT_
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | ' |
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
ORGANIZATION | |
ASAP Expo, Inc. (“ASAP Expo” or the “Company”) d.b.a. ASAP International Holdings Inc, was incorporated on April 10, 2007 under the laws of the State of Nevada. | |
ASAP Expo is a holding company that operates real estate, investment banking and consulting for Chinese companies. Our mission is to be the bridge between China and the Western world. Our Global Business Services division has added EB-5 Investment Visa consulting to overseas individuals seeking opportunities in the U.S. Our Investment Banking Services division lists Chinese companies on the public trading markets in the USA or Europe. Our Real Estate division assists with institutional and high net worth individuals with acquisition advisory and asset management. | |
Prior to July 2011, the investment banking services division was the core business of ASAP Expo. ASAP Expo helped small and medium sized business raise funds and promote business through capital markets. | |
In July 2011, ASAP Expo transitioned its core business to providing real estate advisory services along with investment banking services for Chinese companies. | |
BASIS OF PRESENTATION | |
The accompanying unaudited condensed interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. All references to Generally Accepted Accounting Principles (“GAAP”) are in accordance with The FASB Accounting Standards Codification (“ASC”) and the Hierarchy of Generally Accepted Accounting Principles. | |
The unaudited condensed interim financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes for the year ended December 31, 2012 included in our Annual Report on Form 10-K. The results of the three and nine month period ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. | |
GOING CONCERN | |
The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern. | |
At September 30, 2013, the Company has an accumulated stockholders' deficit of $871,620 mainly resulted from the accumulated deficit of its former parent company that was transferred to the Company upon its spin-off from the parent company, and a lack of profitable operating history. The Company hopes to increase revenues from its real estate business and financial advisory services business. In the absence of significant increases in revenues, the Company intends to fund operations through additional debt and equity financing arrangements. The successful outcome of future activities cannot be determined at this time and there are no assurances that if achieved, the Company will have sufficient funds to execute its intended business plan or generate positive operating results. | |
The Company's success is dependent upon numerous items, certain of which are the successful growth of revenues from its services and its ability to obtain new customers in order to achieve levels of revenues adequate to support the Company's current and future cost structure, for which there is no assurance. Unanticipated problems, expenses, and delays are frequently encountered in establishing and maintaining profitable operations. These include, but are not limited to, competition, the need to develop customer support capabilities and market expertise, technical difficulties, market acceptance and sales and marketing. The failure of the Company to meet any of these conditions could have a materially adverse effect on the Company and may force the Company to reduce or curtail operations. No assurance can be given that the Company can achieve or maintain profitable operations. | |
The Company believes it will have adequate cash to sustain operations until it achieves sustained profitability. However, until the Company has a history of maintaining revenue levels sufficient to support its operations and repay its working capital deficit, the Company may require additional financing. Sources of financing could include capital infusions, additional equity financing or debt offerings. There can be no assurance that funding will be available on acceptable terms, if at all, or that such fund, if raised, would enable the Company to achieve or sustain profitable operations. | |
These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the classification of liabilities that might result from the outcome of these uncertainties. | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
The Company’s financial instruments consist of cash, prepaid expenses and other receivables, accounts payable and accrued liabilities. The fair value of these financial instruments approximate their carrying amounts reported in the balance sheets due to the short term maturity of these instruments. | |
Fair Value Measurements | |
ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |
Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
The Company’s adoption of fair value measurements and disclosures did not have a material impact on the financial statements and financial statement disclosures. | |
USE OF ESTIMATES | |
The preparation of financial statements in conformity with the 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. | |
REVENUE RECOGNITION | |
Accounting Standards Codification (“ASC”) 605, Revenue Recognition which outlines the basic criteria that must be met to recognize revenue and provide guidance for presentation of revenue and for disclosure related to revenue recognition policies in financial statements filed with Securities and Exchange Commission. Management believes the Company's revenue recognition policies conform to ASC 605. | |
Revenues are mainly consulting fees. The consulting fees are recognized when earned. Consulting fees from investment banking services that are subject to refund are recorded as deferred revenue until the project is completed and the fees are no longer refundable. | |
INCOME TAXES | |
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, net of operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is not more likely than not that some portion or all of the deferred tax assets will be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. | |
EARNINGS PER SHARE | |
A basic earnings per share is computed by dividing net income to common stockholders by the weighted average number of shares outstanding for the year. Dilutive earnings per share include the effect of any potentially dilutive debt or equity under the treasury stock method, if including such instruments is dilutive. | |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
Adopted | |
Effective January 2013, we adopted FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position. Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of this update did not have a material impact on the financial statements. | |
Not Adopted | |
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Top 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The objective of ASU No. 2013-11 is to provide guidance on the financial statement presentation of an unrecognized tax benefit when a net loss carryforward, similar tax loss, or tax credit carryforward exists. The amendments in this standard is effective for all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists for fiscal years, and interim periods beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-11 will have on our financial statements. | |
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. | |
NOTE_2_PROPERTY_AND_EQUIPMENT
NOTE 2 - PROPERTY AND EQUIPMENT | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 2 - PROPERTY AND EQUIPMENT | |||||||||
Equipment consist of the following: | |||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Automobile | $ | 24,527 | $ | - | |||||
24,527 | - | ||||||||
Less: Accumulated depreciation | (1,635 | ) | - | ||||||
$ | 22,892 | $ | - | ||||||
NOTE_3_DUE_FROM_AFFILIATED_COM
NOTE 3 - DUE FROM AFFILIATED COMPANIES | 9 Months Ended |
Sep. 30, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 3 - DUE FROM AFFILIATED COMPANIES | |
At September 30, 2013 and December 31, 2012, ASAP Expo was owed $150,024 and $50,787 from affiliated companies in which ASAP Expo’s officers are also owners and officers. The advance has no written note, is non-interest bearing and is payable on demand. | |
NOTE_4_AUTO_LOAN
NOTE 4 - AUTO LOAN | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Disclosure Text Block [Abstract] | ' | ||||
Long-term Debt [Text Block] | ' | ||||
NOTE 4 - AUTO LOAN | |||||
In June 2013, the Company entered into a zero down and 0% interest financing arrangement to acquire a vehicle. Future minimum payments and the obligations due under the auto loan are as follows: | |||||
For the Year Ended December 31: | |||||
2013 | $ | 1,226 | |||
2014 | 4,905 | ||||
2015 | 4,905 | ||||
2016 | 4,905 | ||||
2017 | 4,905 | ||||
Thereafter | 2,454 | ||||
23,300 | |||||
Less Current Portion | (4,905 | ) | |||
Long Term Portion | $ | 18,395 | |||
NOTE_5_CONVERTIBLE_NOTE_OFFICE
NOTE 5 - CONVERTIBLE NOTE, OFFICERS | 9 Months Ended |
Sep. 30, 2013 | |
Convertible Debt [Abstract] | ' |
Convertible Debt [Text Block] | ' |
NOTE 5 - CONVERTIBLE NOTE, OFFICERS | |
On January 1, 2011, the Company obtained a convertible note from Frank Yuan, the Company's Chief Executive Officer (“CEO”), and his family which provides for borrowings up to a maximum of $1,800,000 and is due on demand. The note carries an interest rate of 6.0% per annum and is convertible into the Company's equity securities at a conversion price of $0.04 given a written notice of the contemplated conversion describing in reasonable detail the material terms of such equity securities and of the issue is provided. On July 29, 2013, $229,760 of convertible note and interest was converted into 5,744,000 shares of common stock. | |
The balance of convertible note as of September 30, 2013 was $741,645; the accrued interest on the note was $230,563. The balance of convertible note as of December 31, 2012 was $1,599,418 and the accrued interest on the note was $201,170. | |
NOTE_6_INCOME_TAXES
NOTE 6 - INCOME TAXES | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
NOTE 6 - INCOME TAXES | |
As of December 31, 2012, the Company had Federal net tax operating loss carry forwards of approximately $553,000 available to offset future taxable income. However, the Company had reserved a full deferred tax assets valuation allowance so its balance sheet reported no deferred tax assets as of December 31, 2012 on the basis of the Company’s history of losses that more likely than not the Company will not realize operating loss carry forwards in the foreseeable future. As a result of the full deferred tax assets valuation allowance in the previous periods, the Company’s effective tax rate at September 30, 2013 was 6.6% which is lower than the 34% tax rate the Company is subject to. | |
Uncertain Tax Positions | |
Interest associated with unrecognized tax benefits are classified as income tax and penalties are classified in selling, general and administrative expenses in the consolidated statements of operations and comprehensive income. | |
For the nine months ended September 30, 2013 and 2012, the Company had no unrecognized tax benefits and related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions. | |
NOTE_7_SHAREHOLDERS_DEFICIT
NOTE 7 - SHAREHOLDERS' DEFICIT | 9 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
NOTE 7 - SHAREHOLDERS' DEFICIT | |
Common Stock | |
At September 30, 2013, the Company has 45,000,000 shares of common stock authorized and 14,445,363 shares issued and outstanding at par value $0.001 per share. | |
On July 29, 2013, 5,744,000 shares of common stock were issued to an officer upon conversion of $229,760 of convertible note. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited condensed interim financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. All references to Generally Accepted Accounting Principles (“GAAP”) are in accordance with The FASB Accounting Standards Codification (“ASC”) and the Hierarchy of Generally Accepted Accounting Principles. | |
The unaudited condensed interim financial statements have been prepared by us pursuant to the rules and regulations of the Securities and Exchange Commission. The information furnished herein reflects all adjustments (consisting of normal recurring accruals and adjustments) which are, in the opinion of management, necessary to fairly present the operating results for the respective periods. Certain information and footnote disclosures normally present in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been omitted pursuant to such rules and regulations. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes for the year ended December 31, 2012 included in our Annual Report on Form 10-K. The results of the three and nine month period ended September 30, 2013 are not necessarily indicative of the results to be expected for the full year ending December 31, 2013. | |
Liquidity Disclosure [Policy Text Block] | ' |
GOING CONCERN | |
The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern. | |
At September 30, 2013, the Company has an accumulated stockholders' deficit of $871,620 mainly resulted from the accumulated deficit of its former parent company that was transferred to the Company upon its spin-off from the parent company, and a lack of profitable operating history. The Company hopes to increase revenues from its real estate business and financial advisory services business. In the absence of significant increases in revenues, the Company intends to fund operations through additional debt and equity financing arrangements. The successful outcome of future activities cannot be determined at this time and there are no assurances that if achieved, the Company will have sufficient funds to execute its intended business plan or generate positive operating results. | |
The Company's success is dependent upon numerous items, certain of which are the successful growth of revenues from its services and its ability to obtain new customers in order to achieve levels of revenues adequate to support the Company's current and future cost structure, for which there is no assurance. Unanticipated problems, expenses, and delays are frequently encountered in establishing and maintaining profitable operations. These include, but are not limited to, competition, the need to develop customer support capabilities and market expertise, technical difficulties, market acceptance and sales and marketing. The failure of the Company to meet any of these conditions could have a materially adverse effect on the Company and may force the Company to reduce or curtail operations. No assurance can be given that the Company can achieve or maintain profitable operations. | |
The Company believes it will have adequate cash to sustain operations until it achieves sustained profitability. However, until the Company has a history of maintaining revenue levels sufficient to support its operations and repay its working capital deficit, the Company may require additional financing. Sources of financing could include capital infusions, additional equity financing or debt offerings. There can be no assurance that funding will be available on acceptable terms, if at all, or that such fund, if raised, would enable the Company to achieve or sustain profitable operations. | |
These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the classification of liabilities that might result from the outcome of these uncertainties. | |
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' |
FAIR VALUE OF FINANCIAL INSTRUMENTS | |
The Company’s financial instruments consist of cash, prepaid expenses and other receivables, accounts payable and accrued liabilities. The fair value of these financial instruments approximate their carrying amounts reported in the balance sheets due to the short term maturity of these instruments. | |
Fair Value Measurements | |
ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows: | |
Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. | |
Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | |
Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement. | |
The Company’s adoption of fair value measurements and disclosures did not have a material impact on the financial statements and financial statement disclosures. | |
Use of Estimates, Policy [Policy Text Block] | ' |
USE OF ESTIMATES | |
The preparation of financial statements in conformity with the 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. | |
Revenue Recognition, Policy [Policy Text Block] | ' |
REVENUE RECOGNITION | |
Accounting Standards Codification (“ASC”) 605, Revenue Recognition which outlines the basic criteria that must be met to recognize revenue and provide guidance for presentation of revenue and for disclosure related to revenue recognition policies in financial statements filed with Securities and Exchange Commission. Management believes the Company's revenue recognition policies conform to ASC 605. | |
Revenues are mainly consulting fees. The consulting fees are recognized when earned. Consulting fees from investment banking services that are subject to refund are recorded as deferred revenue until the project is completed and the fees are no longer refundable. | |
Income Tax, Policy [Policy Text Block] | ' |
INCOME TAXES | |
Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, net of operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is not more likely than not that some portion or all of the deferred tax assets will be realized. Current income taxes are provided for in accordance with the laws of the relevant taxing authorities. | |
Earnings Per Share, Policy [Policy Text Block] | ' |
EARNINGS PER SHARE | |
A basic earnings per share is computed by dividing net income to common stockholders by the weighted average number of shares outstanding for the year. Dilutive earnings per share include the effect of any potentially dilutive debt or equity under the treasury stock method, if including such instruments is dilutive. | |
New Accounting Pronouncements, Policy [Policy Text Block] | ' |
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS | |
Adopted | |
Effective January 2013, we adopted FASB ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position. Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013. The adoption of this update did not have a material impact on the financial statements. | |
Not Adopted | |
In April 2013, the FASB issued ASU No. 2013-07, Presentation of Financial Statements (Top 205): Liquidation Basis of Accounting. The objective of ASU No. 2013-07 is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. The amendments in this standard is effective prospectively for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. We are evaluating the effect, if any, adoption of ASU No. 2013-07 will have on our financial statements. | |
In July 2013, the FASB issued ASU No. 2013-11, Income Taxes (Top 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The objective of ASU No. 2013-11 is to provide guidance on the financial statement presentation of an unrecognized tax benefit when a net loss carryforward, similar tax loss, or tax credit carryforward exists. The amendments in this standard is effective for all entities that have unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists for fiscal years, and interim periods beginning after December 15, 2013. We are evaluating the effect, if any, adoption of ASU No. 2013-11 will have on our financial statements. | |
Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), and the United States Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future financial statements. |
NOTE_2_PROPERTY_AND_EQUIPMENT_
NOTE 2 - PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | 'Equipment consist of the following: | ||||||||
September 30, | December 31, | ||||||||
2013 | 2012 | ||||||||
Automobile | $ | 24,527 | $ | - | |||||
24,527 | - | ||||||||
Less: Accumulated depreciation | (1,635 | ) | - | ||||||
$ | 22,892 | $ | - |
NOTE_4_AUTO_LOAN_Tables
NOTE 4 - AUTO LOAN (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Disclosure Text Block [Abstract] | ' | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 'In June 2013, the Company entered into a zero down and 0% interest financing arrangement to acquire a vehicle. Future minimum payments and the obligations due under the auto loan are as follows: | ||||
For the Year Ended December 31: | |||||
2013 | $ | 1,226 | |||
2014 | 4,905 | ||||
2015 | 4,905 | ||||
2016 | 4,905 | ||||
2017 | 4,905 | ||||
Thereafter | 2,454 | ||||
23,300 | |||||
Less Current Portion | (4,905 | ) | |||
Long Term Portion | $ | 18,395 |
NOTE_1_SUMMARY_OF_SIGNIFICANT_1
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Retained Earnings (Accumulated Deficit) (in Dollars) | ($1,110,084) | ($1,751,347) |
Former Parent Company [Member] | ' | ' |
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) [Line Items] | ' | ' |
Retained Earnings (Accumulated Deficit) (in Dollars) | ($871,620) | ' |
NOTE_2_PROPERTY_AND_EQUIPMENT_1
NOTE 2 - PROPERTY AND EQUIPMENT (Details) - Schedule of Equipment (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | $24,527 | $0 |
Less: Accumulated depreciation | -1,635 | 0 |
22,892 | 0 | |
Automobiles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | $24,527 | $0 |
NOTE_3_DUE_FROM_AFFILIATED_COM1
NOTE 3 - DUE FROM AFFILIATED COMPANIES (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Related Party Transactions [Abstract] | ' | ' |
Due from Related Parties, Current | $150,024 | $50,787 |
NOTE_4_AUTO_LOAN_Details
NOTE 4 - AUTO LOAN (Details) (Auto Loan [Member]) | 9 Months Ended |
Sep. 30, 2013 | |
Auto Loan [Member] | ' |
NOTE 4 - AUTO LOAN (Details) [Line Items] | ' |
Debt Instrument, Description | 'Company entered into a zero down and 0% interest financing arrangement to acquire a vehicle |
Debt Instrument, Interest Rate, Stated Percentage | 0.00% |
NOTE_4_AUTO_LOAN_Details_Sched
NOTE 4 - AUTO LOAN (Details) - Schedule of Maturities of Auto Loan (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
Schedule of Maturities of Auto Loan [Abstract] | ' | ' |
2013 | $1,226 | ' |
2014 | 4,905 | ' |
2015 | 4,905 | ' |
2016 | 4,905 | ' |
2017 | 4,905 | ' |
Thereafter | 2,454 | ' |
23,300 | ' | |
Less Current Portion | -4,905 | 0 |
Long Term Portion | $18,395 | $0 |
NOTE_5_CONVERTIBLE_NOTE_OFFICE1
NOTE 5 - CONVERTIBLE NOTE, OFFICERS (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
NOTE 5 - CONVERTIBLE NOTE, OFFICERS (Details) [Line Items] | ' | ' | ' |
Debt Conversion, Original Debt, Amount (in Dollars) | $229,760 | $0 | ' |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 5,744,000 | ' | ' |
Convertible Notes Payable, Noncurrent | 741,645 | ' | 1,599,418 |
Chief Executive Officer [Member] | ' | ' | ' |
NOTE 5 - CONVERTIBLE NOTE, OFFICERS (Details) [Line Items] | ' | ' | ' |
Debt Instrument, Face Amount | 1,800,000 | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ' | ' |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | $0.04 | ' | ' |
Debt Conversion, Original Debt, Amount (in Dollars) | 229,760 | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 5,744,000 | ' | ' |
Convertible Notes Payable, Noncurrent | 741,645 | ' | 1,599,418 |
Interest Payable | $230,563 | ' | $201,170 |
NOTE_6_INCOME_TAXES_Details
NOTE 6 - INCOME TAXES (Details) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Operating Loss Carryforwards (in Dollars) | $553,000 |
Effective Income Tax Rate Reconciliation, Percent | 6.60% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense (in Dollars) | $0 |
NOTE_7_SHAREHOLDERS_DEFICIT_De
NOTE 7 - SHAREHOLDERS' DEFICIT (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Stockholders' Equity Note [Abstract] | ' | ' | ' |
Common Stock, Shares Authorized | 45,000,000 | ' | 45,000,000 |
Common Stock, Shares, Issued | 14,445,363 | ' | 8,701,363 |
Common Stock, Shares, Outstanding | 14,445,363 | ' | 8,701,363 |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $0.00 | ' | $0.00 |
Debt Conversion, Converted Instrument, Shares Issued | 5,744,000 | ' | ' |
Debt Conversion, Original Debt, Amount (in Dollars) | $229,760 | $0 | ' |