Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 14, 2014 | |
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-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
CONDENSED_BALANCE_SHEETS
CONDENSED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets | ' | ' |
Cash | $66,880 | $205,967 |
Prepaid income taxes | 800 | 800 |
Due from affiliated company | 43,290 | 9,527 |
Total Current Assets | 110,970 | 216,294 |
Furniture and equipment, net | 32,178 | 21,665 |
Total Assets | 143,148 | 237,959 |
Current Liabilities | ' | ' |
Accounts payable and accrued expenses | 276,849 | 262,192 |
Auto Loan, current | 4,905 | 4,905 |
Income tax payable | 119,725 | 0 |
Due to affiliated company | 65,550 | 245,740 |
Total Current Liabilities | 467,029 | 512,837 |
Long-term Liabilities | ' | ' |
Auto Loan, noncurrent | 13,490 | 17,169 |
Convertible note, officers | 439,025 | 676,505 |
Total Long-term Liabilities | 452,515 | 693,674 |
Commitments and contingencies | ' | ' |
Stockholders' Deficit | ' | ' |
Common stock, $.001 par value, 45,000,000 shares authorized, 14,445,363 and 14,445,363 shares issued and outstanding at September 30, 2014 and December 31, 2013 | 14,445 | 14,445 |
Accumulated earnings (deficit) | -790,841 | -982,997 |
Total Stockholders' Deficit | -776,396 | -968,552 |
Total Liabilities and Stockholders' Deficit | $143,148 | $237,959 |
CONDENSED_BALANCE_SHEETS_Paren
CONDENSED BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 14,445,363 | 14,445,363 |
Common stock, shares outstanding | 14,445,363 | 14,445,363 |
CONDENSED_STATEMENTS_OF_OPERAT
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Commission income | $47,500 | $0 | $48,125 | $967 |
Consulting fee | 365,032 | 840,000 | 1,246,532 | 1,447,962 |
Management Fee | 0 | 15,000 | 0 | 15,000 |
Total revenues | 412,532 | 855,000 | 1,294,657 | 1,463,929 |
Cost of Sales | ' | ' | ' | ' |
Consulting expense | 166,525 | 406,000 | 615,025 | 629,800 |
Total cost of sales | 166,525 | 406,000 | 615,025 | 629,800 |
Gross Profit | 246,007 | 449,000 | 679,632 | 834,129 |
General and administrative | 65,271 | 45,686 | 302,300 | 88,091 |
Income from operations | 180,736 | 403,314 | 377,332 | 746,038 |
Other Income (Expense) | ' | ' | ' | ' |
Interest expense | -7,376 | -16,875 | -22,846 | -59,153 |
Total other (Expense) | -7,376 | -16,875 | -22,846 | -59,153 |
Income before income taxes | 173,360 | 386,439 | 354,486 | 686,885 |
Income taxes | 42,477 | 45,621 | 162,330 | 45,621 |
Net Income | $130,883 | $340,818 | $192,156 | $641,264 |
Net income per common share | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.01 | $0.03 | $0.01 | $0.06 |
Basic (in Shares) | 14,445,363 | 12,697,189 | 14,445,363 | 10,088,593 |
Diluted (in Dollars per share) | $0.01 | $0.01 | $0.01 | $0.02 |
Diluted (in Shares) | 25,421,000 | 29,390,288 | 25,421,000 | 26,781,692 |
Weighted average common shares outstanding | ' | ' | ' | ' |
Basic (in Dollars per share) | $0.01 | $0.03 | $0.01 | $0.06 |
Basic (in Shares) | 14,445,363 | 12,697,189 | 14,445,363 | 10,088,593 |
Diluted (in Dollars per share) | $0.01 | $0.01 | $0.01 | $0.02 |
Diluted (in Shares) | 25,421,000 | 29,390,288 | 25,421,000 | 26,781,692 |
CONDENSED_STATEMENTS_OF_CASH_F
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Operating Activities: | ' | ' |
Net Income | $192,156 | $641,264 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation expense | 4,331 | 1,635 |
Changes in operating assets and liabilities: | ' | ' |
Accounts payable and accrued expenses | 14,656 | 516,141 |
Income tax payable | 119,725 | 0 |
Net cash provided by operating activities | 330,868 | 1,159,040 |
Investing Activities: | ' | ' |
Acquisitions of property and equipment | -14,844 | 0 |
Due from affiliated companies | -33,743 | -99,236 |
Net cash (used in) investing activities | -48,587 | -99,236 |
Financing Activities: | ' | ' |
Payments on auto loan | -3,679 | -1,227 |
Repayment to affiliated company | -180,210 | 0 |
Proceeds from borrowings on convertible note from officers | 454,250 | 159,570 |
Repayments of borrowings on convertible note from officers | -691,729 | -817,344 |
Net cash (used in) financing activities | -421,368 | -659,001 |
Net (decrease) / increase in cash | -139,087 | 400,803 |
Cash, beginning of period | 205,967 | 8,752 |
Cash, end of period | 66,880 | 409,555 |
Cash paid during the period | ' | ' |
Interest | 0 | 0 |
Income taxes | $42,605 | $0 |
NOTE_1_SUMMARY_OF_SIGNIFICANT_
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2014 | |
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, was incorporated on April 10, 2007 under the laws of the State of Nevada. | |
ASAP Expo is a holding company that operates commercial real estate consulting for Chinese Institutions and high net worth individuals. Our mission is to be the bridge between China and the Western world. | |
ASAP Commercial Real Estate division advisory provides Chinese institutional and high net worth individual home office with all real estate related services focusing on hospitality including acquisition advisory, financing, asset management, and strategic repositioning. Our international reach, scope of services and dedication to achieving the best results ensures our clients gain competitive advantage. | |
In the hospitality acquisition side, we represent buyers at all stages of the process, from advice on selection and location to opportunity sourcing, due diligence and secure the debt financing. Our clients have the advantage of our local market knowledge and contacts in capital markets around the globe, as well as our deep experience in real estate strategy and management. This means a broader value perspective on property utilization prospects—not to mention a finger on the pulse of real-time market conditions at any moment. | |
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 from investment banking advisory services for Chinese companies. | |
Unaudited Interim Financial Information | |
These unaudited interim financial statements have been prepared in accordance with GAAP for interim financial reporting and the rules and regulations of the Securities and Exchange Commission that permit reduced disclosure for interim periods. Therefore, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. In the opinion of management, all adjustments of a normal recurring nature necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been made. The results of operations for the interim periods presented are not necessarily indicative of the results to be expected for the year ending December 31, 2014. | |
The balance sheets and certain comparative information as of December 31, 2013 are derived from the audited financial statements and related notes for the year ended December 31, 2013 (“2013 Annual Financial Statements”), included in the Company’s 2013 Annual Report on Form 10-K. These unaudited interim financial statements should be read in conjunction with the 2013 Annual Financial Statements. | |
BASIS OF PRESENTATION | |
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. | |
COMPRENSIVE INCOME | |
Comprehensive income-The company has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220); Presentation of Comprehensive Income. For the nine months ended September 30, 2014 and 2013 comprehensive income equaled net income, as the company had no other comprehensive income. As of September 30, 2014 and December 31, 2013, accumulated other comprehensive income was 0. | |
GOING CONCERN | |
The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern. | |
At September 30, 2014, the Company has an accumulated deficit of $790,841, which 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, accrued liabilities and due to/from affiliated company. 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 and real estate advisory 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 | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern (ASU 2014-15). The guidance in ASU 2014-15 sets forth management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity's ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements | |
NOTE_2_PROPERTY_AND_EQUIPMENT
NOTE 2 - PROPERTY AND EQUIPMENT | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
NOTE 2 - PROPERTY AND EQUIPMENT | |||||||||
Equipment consists of the following: | |||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Furniture & Fixtures | $ | 14,844 | $ | - | |||||
Automobile | 24,527 | 24,527 | |||||||
39,371 | 24,527 | ||||||||
Less: Accumulated depreciation | (7,193 | ) | (2,862 | ) | |||||
$ | 32,178 | $ | 21,665 | ||||||
NOTE_3_DUE_FROM_TO_AFFILIATED_
NOTE 3 - DUE FROM (TO) AFFILIATED COMPANIES | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
NOTE 3 - DUE FROM (TO) AFFILIATED COMPANIES | |
At September 30, 2014 and December 31, 2013, ASAP Expo was owed $43,290 and $9,527 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 to the company and expected to be paid within one year. | |
At September 30, 2014, and December 31, 2013, ASAP Expo owed $65,550 and $245,740 to affiliated companies in which ASAP Expo’s officers are also owners and officers, the company plans to repay within one year. | |
NOTE_4_AUTO_LOAN
NOTE 4 - AUTO LOAN | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
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: | (Unaudited) | ||||
2014 | 1,226 | ||||
2015 | 4,905 | ||||
2016 | 4,905 | ||||
2017 | 4,905 | ||||
2018 | 2,454 | ||||
18,395 | |||||
Less Current Portion | (4,905 | ) | |||
Long Term Portion | $ | 13,490 | |||
NOTE_5_CONVERTIBLE_NOTE_OFFICE
NOTE 5 - CONVERTIBLE NOTE, OFFICERS | 9 Months Ended |
Sep. 30, 2014 | |
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 the convertible note as of September 30, 2014 was $439,025; the accrued interest on the note was $264,728 which is included in accounts payable and accrued expenses. The balance of convertible note as of December 31, 2013 was $676,505 and the accrued interest on the note was $241,882. | |
NOTE_6_INCOME_TAXES
NOTE 6 - INCOME TAXES | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Tax Disclosure [Text Block] | ' |
NOTE 6 - INCOME TAXES | |
Income tax payable is $ 119,725 as of September 30, 2014 and $ 0 as of December 31, 2013. | |
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 statements of operations and comprehensive income. | |
For the three months ended September 30, 2014 and 2013, 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, 2014 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity Note Disclosure [Text Block] | ' |
NOTE 7 - SHAREHOLDERS' DEFICIT | |
Common Stock | |
At September 30, 2014, 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 $200,000 of convertible note and $29,760 of accrued interest. | |
NOTE_8_CONCENTRATION
NOTE 8 - CONCENTRATION | 9 Months Ended |
Sep. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration Risk Disclosure [Text Block] | ' |
NOTE 8 – CONCENTRATION | |
For the nine months ended September 30, 2013, three customers accounted for 46%, 29% and 24% of the Company’s consulting fee income. The loss of any of these customers could have a material adverse effect on the Company’s financial position and results of operations. | |
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Accounting, Policy [Policy Text Block] | ' |
BASIS OF PRESENTATION | |
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. | |
Comprehensive Income, Policy [Policy Text Block] | ' |
COMPRENSIVE INCOME | |
Comprehensive income-The company has adopted Accounting Standards Update 2011-05, Comprehensive Income (Topic 220); Presentation of Comprehensive Income. For the nine months ended September 30, 2014 and 2013 comprehensive income equaled net income, as the company had no other comprehensive income. As of September 30, 2014 and December 31, 2013, accumulated other comprehensive income was 0. | |
Liquidity Disclosure [Policy Text Block] | ' |
GOING CONCERN | |
The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern. | |
At September 30, 2014, the Company has an accumulated deficit of $790,841, which 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, accrued liabilities and due to/from affiliated company. 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 Measurement, Policy [Policy Text Block] | ' |
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 and real estate advisory 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 | |
In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (ASU2014-09), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning after December 15, 2016, and interim periods therein, using either of the following transition methods: (i) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (ii) a retrospective approach with the cumulative effect of initially adopting ASU2014-09 recognized at the date of adoption (which includes additional footnote disclosures). Early adoption is not permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements. | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern (ASU 2014-15). The guidance in ASU 2014-15 sets forth management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern as well as required disclosures. ASU 2014-15 indicates that, when preparing financial statements for interim and annual financial statements, management should evaluate whether conditions or events, in the aggregate, raise substantial doubt about the entity's ability to continue as a going concern for one year from the date the financial statements are issued or are available to be issued. This evaluation should include consideration of conditions and events that are either known or are reasonably knowable at the date the financial statements are issued or are available to be issued, as well as whether it is probable that management's plans to address the substantial doubt will be implemented and, if so, whether it is probable that the plans will alleviate the substantial doubt. ASU 2014-15 is effective for annual periods ending after December 15, 2016, and interim periods and annual periods thereafter. Early application is permitted. The adoption of this guidance is not expected to have a material impact on the Company’s financial statements |
NOTE_2_PROPERTY_AND_EQUIPMENT_
NOTE 2 - PROPERTY AND EQUIPMENT (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | 'Equipment consists of the following: | ||||||||
September 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
(Unaudited) | |||||||||
Furniture & Fixtures | $ | 14,844 | $ | - | |||||
Automobile | 24,527 | 24,527 | |||||||
39,371 | 24,527 | ||||||||
Less: Accumulated depreciation | (7,193 | ) | (2,862 | ) | |||||
$ | 32,178 | $ | 21,665 |
NOTE_4_AUTO_LOAN_Tables
NOTE 4 - AUTO LOAN (Tables) | 9 Months Ended | ||||
Sep. 30, 2014 | |||||
Disclosure Text Block [Abstract] | ' | ||||
Schedule of Maturities of Long-term Debt [Table Text Block] | 'Future minimum payments and the obligations due under the auto loan are as follows: | ||||
For the Year Ended December 31: | (Unaudited) | ||||
2014 | 1,226 | ||||
2015 | 4,905 | ||||
2016 | 4,905 | ||||
2017 | 4,905 | ||||
2018 | 2,454 | ||||
18,395 | |||||
Less Current Portion | (4,905 | ) | |||
Long Term Portion | $ | 13,490 |
NOTE_1_SUMMARY_OF_SIGNIFICANT_1
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Accounting Policies [Abstract] | ' | ' |
Retained Earnings (Accumulated Deficit) | ($790,841) | ($982,997) |
NOTE_2_PROPERTY_AND_EQUIPMENT_1
NOTE 2 - PROPERTY AND EQUIPMENT (Details) - Schedule of Equipment (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | $39,371 | $24,527 |
Less: Accumulated depreciation | -7,193 | -2,862 |
32,178 | 21,665 | |
Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | 14,844 | 0 |
Automobiles [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property, Plant and Equipment, gross | $24,527 | $24,527 |
NOTE_3_DUE_FROM_TO_AFFILIATED_1
NOTE 3 - DUE FROM (TO) AFFILIATED COMPANIES (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Related Party Transactions [Abstract] | ' | ' |
Due from Related Parties, Current | $43,290 | $9,527 |
Due to Related Parties, Current | $65,550 | $245,740 |
NOTE_4_AUTO_LOAN_Details
NOTE 4 - AUTO LOAN (Details) (USD $) | 9 Months Ended | 1 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2013 | |
Vehicles [Member] | |||
Notes Payable, Other Payables [Member] | |||
NOTE 4 - AUTO LOAN (Details) [Line Items] | ' | ' | ' |
Payments to Acquire Property, Plant, and Equipment | $14,844 | $0 | $0 |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | 0.00% |
NOTE_4_AUTO_LOAN_Details_Sched
NOTE 4 - AUTO LOAN (Details) - Schedule of Maturities of Long-term Debt (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Schedule of Maturities of Long-term Debt [Abstract] | ' | ' |
2014 | $1,226 | ' |
2015 | 4,905 | ' |
2016 | 4,905 | ' |
2017 | 4,905 | ' |
2018 | 2,454 | ' |
18,395 | ' | |
Less Current Portion | -4,905 | -4,905 |
Long Term Portion | $13,490 | $17,169 |
NOTE_5_CONVERTIBLE_NOTE_OFFICE1
NOTE 5 - CONVERTIBLE NOTE, OFFICERS (Details) (USD $) | 0 Months Ended | |||
Jul. 29, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 01, 2011 | |
NOTE 5 - CONVERTIBLE NOTE, OFFICERS (Details) [Line Items] | ' | ' | ' | ' |
Convertible Notes Payable, Noncurrent | ' | $439,025 | $676,505 | ' |
Chief Executive Officer [Member] | Convertible Debt [Member] | Maximum [Member] | ' | ' | ' | ' |
NOTE 5 - CONVERTIBLE NOTE, OFFICERS (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | 1,800,000 |
Chief Executive Officer [Member] | Convertible Debt [Member] | ' | ' | ' | ' |
NOTE 5 - CONVERTIBLE NOTE, OFFICERS (Details) [Line Items] | ' | ' | ' | ' |
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | 6.00% |
Debt Instrument, Convertible, Conversion Price (in Dollars per share) | ' | ' | ' | $0.04 |
Debt Conversion, Original Debt, Amount | 229,760 | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 5,744,000 | ' | ' | ' |
Convertible Notes Payable, Noncurrent | ' | 439,025 | 676,505 | ' |
Interest Payable | ' | $264,728 | $241,882 | ' |
Chief Executive Officer [Member] | ' | ' | ' | ' |
NOTE 5 - CONVERTIBLE NOTE, OFFICERS (Details) [Line Items] | ' | ' | ' | ' |
Debt Conversion, Converted Instrument, Shares Issued (in Shares) | 5,744,000 | ' | ' | ' |
NOTE_6_INCOME_TAXES_Details
NOTE 6 - INCOME TAXES (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Taxes Payable, Current | $119,725 | ' | $0 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $0 | $0 | ' |
NOTE_7_SHAREHOLDERS_DEFICIT_De
NOTE 7 - SHAREHOLDERS' DEFICIT (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jul. 29, 2013 | Jul. 29, 2013 | Jul. 29, 2013 |
Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | |||
Conversion of Debt, Principal [Member] | Conversion of Debt, Interest [Member] | ||||
NOTE 7 - SHAREHOLDERS' DEFICIT (Details) [Line Items] | ' | ' | ' | ' | ' |
Common Stock, Shares, Outstanding | 14,445,363 | 14,445,363 | ' | ' | ' |
Common Stock, Shares Authorized | 45,000,000 | 45,000,000 | ' | ' | ' |
Common Stock, Shares, Issued | 14,445,363 | 14,445,363 | ' | ' | ' |
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) | ' | ' | $200,000 | $29,760 | ' |
NOTE_8_CONCENTRATION_Details
NOTE 8 - CONCENTRATION (Details) (Consulting Fees [Member], Sales Revenue, Services, Net [Member], Customer Concentration Risk [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
Customer A [Member] | ' |
NOTE 8 - CONCENTRATION (Details) [Line Items] | ' |
Concentration Risk, Percentage | 46.00% |
Customer B [Member] | ' |
NOTE 8 - CONCENTRATION (Details) [Line Items] | ' |
Concentration Risk, Percentage | 29.00% |
Customer C [Member] | ' |
NOTE 8 - CONCENTRATION (Details) [Line Items] | ' |
Concentration Risk, Percentage | 24.00% |