Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 31, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ASAP Expo, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 14,445,363 | ||
Entity Public Float | $ 76,728 | ||
Amendment Flag | false | ||
Entity Central Index Key | 1,419,275 | ||
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 | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash | $ 90,282 | $ 32,761 |
Due from affiliated companies | 20,881 | 29,608 |
Total Current Assets | 111,163 | 62,369 |
Furniture and equipment, net | 78,763 | 60,675 |
Total Assets | 189,926 | 123,044 |
Current Liabilities | ||
Accounts payable and accrued expenses | 342,924 | 69,957 |
Accrued expenses – officer | 42,000 | 0 |
Auto loan, current | 4,003 | 4,905 |
Line of credit, officers | 212,140 | 610,952 |
Income tax payable | 84,684 | 36,334 |
Total Current Liabilities | 685,751 | 722,148 |
Long-Term Liabilities | ||
Auto loan, noncurrent | 16,261 | 2,453 |
Equipment loan, noncurrent | 12,299 | 12,299 |
Total Long-Term Liabilities | 28,560 | 14,752 |
Total Liabilities | 714,311 | 736,900 |
Stockholders' Deficit | ||
Preferred stock, 5,000,000 shares authorized; zero shares issued and outstanding | 0 | 0 |
Common stock, $.001 par value, 495,000,000 shares authorized, 14,445,363 and 14,445,363 shares issued and outstanding at September 30, 2017 and December 31, 2016 | 14,445 | 14,445 |
Additional paid in capital | (902,272) | (902,272) |
Retained earnings | 363,442 | 273,971 |
Total Stockholders' Deficit | (524,385) | (613,856) |
Total Liabilities and Stockholders' Deficit | $ 189,926 | $ 123,044 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 495,000,000 | 495,000,000 |
Common stock, shares issued | 14,445,363 | 14,445,363 |
Common stock, shares outstanding | 14,445,363 | 14,445,363 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | ||
Consulting fees | $ 431,018 | $ 448,450 |
Consulting fees, related parties | 1,648,050 | 1,267,072 |
Management Fee | 55,200 | 0 |
Total revenues | 2,134,268 | 1,715,522 |
Cost of Sales | ||
Consulting expense | 777,300 | 520,297 |
Consulting expense, related parties | 293,500 | 297,000 |
Total cost of sales | 1,070,800 | 817,297 |
Gross Profit | 1,063,468 | 898,225 |
Operating expenses: | ||
General and administrative | 867,722 | 784,778 |
Total operating expenses | 867,722 | 784,778 |
Income from operations | 195,746 | 113,447 |
Other Income (Expense) | ||
Other income | 0 | 15,000 |
Gain on disposal of fixed assets | 5,277 | 0 |
Interest expense | (33,578) | (22,128) |
Loss on Settlement | 0 | (11,438) |
Total other income (expense), net | (28,301) | (18,566) |
Income before income taxes | 167,445 | 94,881 |
Income taxes provision | 77,974 | 37,023 |
Net (loss) Income | $ 89,471 | $ 57,858 |
Net income (loss) per common share | ||
Basic and diluted (in Dollars per share) | $ 0.01 | $ 0 |
Weighted average common shares outstanding | ||
Basic and diluted (in Shares) | 14,445,363 | 14,445,363 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2015 | $ 14,445 | $ (902,272) | $ 216,113 | $ (671,714) |
Balance (in Shares) at Dec. 31, 2015 | 1,445,363 | |||
Net income | 57,858 | 57,858 | ||
Balance at Dec. 31, 2016 | $ 14,445 | (902,272) | 273,971 | $ (613,856) |
Balance (in Shares) at Dec. 31, 2016 | 1,445,363 | 14,445,363 | ||
Net income | 89,471 | $ 89,471 | ||
Balance at Dec. 31, 2017 | $ 14,445 | $ (902,272) | $ 363,442 | $ (524,385) |
Balance (in Shares) at Dec. 31, 2017 | 1,445,363 | 14,445,363 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities: | ||
Net Income (loss) | $ 89,471 | $ 57,858 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation expense | 11,086 | 10,474 |
Gain on disposal of fixed assets | (5,277) | 0 |
Changes in operating assets and liabilities: | ||
Accounts payable and accrued expenses | 272,967 | (107,986) |
Accrued expenses - officer | 42,000 | 0 |
Income tax payable | 48,350 | (18,121) |
Due from affiliated companies | 8,727 | 87,695 |
Net cash provided by (used in) operating activities | 467,324 | 29,920 |
Investing Activities: | ||
Acquisitions of property and equipment | (7,239) | (3,655) |
Net cash provided by (used in) investing activities | (7,239) | (3,655) |
Financing Activities: | ||
Payments on auto loan | (3,752) | (4,905) |
Payments on equipment loan | 0 | (5,271) |
Proceeds from borrowings on line of credit from officers | 376,298 | 195,000 |
Repayments of borrowings on line of credit from officers | (775,110) | (225,000) |
Net cash provided by (used in) financing activities | (402,564) | (40,176) |
Net increase (decrease) in cash | 57,521 | (13,911) |
Cash, beginning of period | 32,761 | 46,672 |
Cash, end of period | 90,282 | 32,761 |
Cash paid during the period | ||
Interest | 1,452 | 513 |
Income taxes | 29,624 | 55,144 |
Non-cash investing and financing activities: | ||
Vehicle purchased through auto loan | 22,789 | 17,570 |
Loan paid by vehicle trade-in | 6,130 | 0 |
Accrued interest transferred to line of credit, officers | $ 0 | $ (312,750) |
NOTE 1 - SUMMARY OF SIGNIFICANT
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
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 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 institutions and high net worth individuals with all real estate related services focusing on hospitality including acquisition advisory, financing, asset management, and strategic repositioning. On the hospitality acquisition side, we represent buyers at all stages of the process, from advice on selection of brands, location, opportunity sourcing and due diligence to securing 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. Prior to July 2011, the investment banking services division was the core business of ASAP Expo. ASAP Expo helped small and medium sized businesses 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. BASIS OF PRESENTATION The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash on deposit with banks, and highly liquid debt investments with a maturity of three months or less when purchased. The Company has no cash equivalents as of December 31, 2017 and 2016, respectively. GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. At December 31, 2017, the Company had a stockholders' deficit of $524,385 and a negative working capital of $ 574,588 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 financial instruments consisted of cash, accounts payable and accrued liabilities, advances to due to or from affiliated companies, notes payable to officers. The estimated fair value of cash, accounts payable and accrued liabilities, due to or from affiliated companies, and notes payable approximates its carrying amount due to the short maturity of these instruments. 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 Revenues are mainly consulting fees. The consulting fees are recognized when work is complete. Consulting fees from 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. As of December 31, 2017 and 2016, the Company did not have any potentially dilutive instruments. RECLASSIFICATION OF PRIOR YEAR PRESENTATION Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued Accounting Standards Updates ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. ASU 2016-02 will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently reviewing the provisions of this ASU 2016-02 to determine if there will be any impact on the Company’s financial statements. In August 2016, the FASB issued Accounting Standards Update ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The updated guidance aims to reduce diversity in presentation and classification of certain cash receipts and cash payments by addressing eight specific cash flow issues including (1) Debt Prepayment or Debt Extinguishment Costs; (2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4) Proceeds from the Settlement of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies; (6) Distributions Received from Equity Method Investees; (7) Beneficial Interests in Securitization Transactions and (8) Separately Identifiable Cash Flows and Application of the Predominance Principle. Among the afore-mentioned eight addressed cash flow issues, the category of “Separately Identifiable Cash Flows and Application of the Predominance Principle” requires a reporting entity to classify cash receipts and payments that have aspects of more than one class of cash flows first by applying specific guidance in generally accepted accounting principles (GAAP) and, only in the absence of specific guidance, by determining each separately identifiable source or use within the cash receipts and cash payments on the basis of the nature of the underlying cash flows. In situations in which cash receipts and payments have aspects of more than one class of cash flows and cannot be separated by source or use, a reporting entity should classify such cash receipts and cash payments by referring to the predominant source or use of cash flows for the item. The updated guidance is effective from reporting periods beginning after December 15, 2018. The Company is assessing the impact to its accounting practices and financial reporting procedures as a result of the issuance of this standard. As of December 31, 2017, there are no recently issued accounting standards not yet adopted that would have a material effect on the Company’s financial statements. |
NOTE 2 - PROPERTY AND EQUIPMENT
NOTE 2 - PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 2 - PROPERTY AND EQUIPMENT Equipment consists of the following: December 31, December 31, 2017 2016 Furniture & Fixtures $ 35,812 $ 35,159 Computer and office Equipment 10,510 6,740 Automobile 27,657 24,527 Leasehold Improvements 24,527 21,710 98,506 88,136 Less: Accumulated depreciation (19,743 ) (27,461 ) $ 78,763 $ 60,675 For the year ended December 31, 2017 and 2016, depreciation expenses were $11,086 and $10,474, respectively. During year ended December 31, 2017, an automobile with net asset value of $5,723 was disposed. |
NOTE 3 - RELATED PARTY TRANSACT
NOTE 3 - RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 3 - RELATED PARTY TRANSACTIONS At December 31, 2017 and 2016, ASAP Expo was owed $20,881 and $29,608 including consulting fee and reimbursable expenses from affiliated companies in which ASAP Expo’s officers are also owners and officers. The advance expenses have no written note, are non-interest bearing and payable on demand to the Company and expected to be paid within one year. For the year ended For the year ended December 31, 2017 and 2016, consulting expense to related parties were $293,500 and $ The Company has a revolving line of credit totaling $1,800,000 with its officer, Frank Yuan , CEO , his son Currently, the Company is leasing office space from its officer under a month by month basis. The lease provides for monthly lease payments of $3,500. As of December 31, 2017 and 2016, accrued rent expense was $42,000 and $0, respectively. The son of the Company’s officer (“Son”) receives salary from the Company for work performed. During year 2017 and 2016, The Son received a total salary of $160,000 and $180,000, respectively. A brother of the Company’s officer (“Brother”) is receiving consulting fees from the Company for work performed. During year 2017 and 2016, the Brother earned a total consulting fee of $0 and $72,000, respectively. |
NOTE 4 - AUTO LOAN
NOTE 4 - AUTO LOAN | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 4 - AUTO LOAN In April 2017, the Company traded-in its old vehicle for a new vehicle with a financing agreement of $4,868 down and 2.39% interest. Future minimum payments and the obligations due under the auto loan are as follows: For the Year Ended December 31: 2018 $ 4,003 2019 4,100 2020 4,199 2021 4,300 2022 3,662 Less Current Portion (4,003 ) Long Term Portion $ 16,261 |
NOTE 5 - EQUIPMENT LOAN
NOTE 5 - EQUIPMENT LOAN | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | NOTE 5 - EQUIPMENT LOAN In September 2015, the Company installed a solar system on its leased office for $17,570 with a 30-year loan at 5.49% interest. Each payment date, the Company will pay at least the “Total Amount Due” that is displayed on the monthly bill. The Total Amount Due will be the sum of all past due amounts plus the “Current Monthly Payment” that will be displayed on the monthly bill. Current Monthly Payments will be calculated as follows: the amount of kWh produced for the preceding month by the system; multiplied by the applicable agreed Equivalent Rate per kWh. The “Equivalent Rate per kWh” is based upon 5 factors: 1) the loan balance (which includes any accrued interest); 2) the Loan Term; 3) the applicable APR; 4) the expected production of the system; and 5) 2.50 % kWh annual rate escalator. The expected production of the system is an estimate, the actual payments could be higher or lower depending on the actual production from the system. If there is a remaining balance at the end of the loan term, the outstanding balance can be refinanced for an additional 12 months or for a term that is required by law. Estimated future Current Monthly Payments are as follows: For the Year Ended December 31: 2018 $ 704 2019 717 2020 732 2021 746 2022 761 Thereafter $ 22,358 |
NOTE 6 - INCOME TAXES
NOTE 6 - INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 6 - INCOME TAXES On December 22, 2017, the 2017 Tax Cuts and Jobs Act (the Tax Act) was enacted into law including a one-time mandatory transition tax on accumulated foreign earnings and a reduction of the corporate income tax rate to 21% effective January 1, 2018, among others. We are required to recognize the effect of the tax law changes in the period of enactment, such as determining the transition tax, remeasuring our U.S. deferred tax assets and liabilities as well as reassessing the net realizability of our deferred tax assets and liabilities. The Company does not have any foreign earnings and therefore, we do not anticipate the impact of a transition tax. Since the Tax Act was passed late in the fourth quarter of 2017, and ongoing guidance and accounting interpretation are expected over the next 12 months, we consider the accounting of any transition tax, deferred tax re-measurements, and other items to be incomplete due to the forthcoming guidance and our ongoing analysis of final year-end data and tax positions. We expect to complete our analysis within the measurement period in accordance with SAB 118, and no later than fiscal year end December 31, 2018. The income taxes provision for the year ended December 31, 2017 consists of current income taxes of $84,684 and over-accrued federal taxes from 2016 of $8,310. At December 31, 2017 and 2016, deferred tax assets were immaterial. The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2017 2016 Income tax at U.S. statutory rate (34%) $ 56,932 $ 31,856 State tax 9,769 5,466 Prior period under-accrual (over-accrual) (8,310 ) (2,194 ) Nondeductible expenses 19,583 9,185 Change in valuation allowance - (7,290 ) $ 77,974 $ 37,023 Uncertain Tax Positions Interest associated with unrecognized tax benefits is classified as income tax and penalties are included in selling, general and administrative expenses in the statements of operations and comprehensive income. For the year ended December 31, 2017 and 2016, the Company had no unrecognized tax benefits and related interest and penalties expenses. The Company’s 2014, 2015, and 2016 tax years remain subject to examination by the U.S. tax authorities. |
NOTE 7 - SHAREHOLDERS' DEFICIT
NOTE 7 - SHAREHOLDERS' DEFICIT | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 7 - SHAREHOLDERS’ DEFICIT Common Stock On July 29, 2017, the Board of Directors of the Company approved to increase the authorized shares of the Company to 500,000,000 (the “Increase”), with 495,000,000 shares being Common Stock and 5,000,000 shares being preferred stock, subject to Stockholder approval. The Majority Stockholder approved the Increase by written consent in lieu of a meeting on July 29, 2017. The increased number of authorized shares were retroactively presented on balance sheets. At December 31, 2017 and 2016, the Company had 14,445,363 shares issued and outstanding at par value $0.001 per share. |
NOTE 8 - COMMITMENT
NOTE 8 - COMMITMENT | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block Supplement [Abstract] | |
Commitments Disclosure [Text Block] | NOTE 8 - COMMITMENT Starting January 1, 2014, the Company leased office space from its officer under a month by month basis. The lease provides for monthly lease payments of $3,500. |
NOTE 9 - CONCENTRATION
NOTE 9 - CONCENTRATION | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration Risk Disclosure [Text Block] | NOTE 9 – CONCENTRATION For the year ended December 31, 2017, five customers accounted for 75% (21.4% 16.3%, 16.0%, 11.2% and 10.1 %) of the Company’s consulting fee income, four of which are affiliates of the Company. For the year ended December 31, 2016, four customers accounted for 88.4% (29.7%,, 26.1% 22.2%, and 10.4%) of the Company’s consulting fee income, three of which is an affiliate of the Company. The loss of any of these customers could have a material adverse effect on the Company’s financial position and results of operations. |
NOTE 10 - SUBSEQUENT EVENT
NOTE 10 - SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 10 – SUBSEQUENT EVENT On April 12, 2018, Frank and Vicky Yuan converted $144,445 of note payable to 144,445,000 shares, then sold and transferred their 144,445,000 shares, representing 90% of the Company, to GreenBox POS, LLC, a San Diego based High-Tech company. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | BASIS OF PRESENTATION The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, cash on deposit with banks, and highly liquid debt investments with a maturity of three months or less when purchased. The Company has no cash equivalents as of December 31, 2017 and 2016, respectively. |
Going Concern [Policy Text Block] | GOING CONCERN The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. At December 31, 2017, the Company had a stockholders' deficit of $524,385 and a negative working capital of $ 574,588 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 financial instruments consisted of cash, accounts payable and accrued liabilities, advances to due to or from affiliated companies, notes payable to officers. The estimated fair value of cash, accounts payable and accrued liabilities, due to or from affiliated companies, and notes payable approximates its carrying amount due to the short maturity of these instruments. |
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 Revenues are mainly consulting fees. The consulting fees are recognized when work is complete. Consulting fees from 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. As of December 31, 2017 and 2016, the Company did not have any potentially dilutive instruments. |
Reclassification, Policy [Policy Text Block] | RECLASSIFICATION OF PRIOR YEAR PRESENTATION Certain prior year amounts have been reclassified for consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. |
New Accounting Pronouncements, Policy [Policy Text Block] | RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued Accounting Standards Updates ASU No. 2016-02, “Leases (Topic 842)” (“ASU 2016-02”). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. ASU 2016-02 will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently reviewing the provisions of this ASU 2016-02 to determine if there will be any impact on the Company’s financial statements. In August 2016, the FASB issued Accounting Standards Update ASU 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments”. The updated guidance aims to reduce diversity in presentation and classification of certain cash receipts and cash payments by addressing eight specific cash flow issues including (1) Debt Prepayment or Debt Extinguishment Costs; (2) Settlement of Zero-Coupon Debt Instruments or Other Debt Instruments with Coupon Interest Rates That Are Insignificant in Relation to the Effective Interest Rate of the Borrowing; (3) Contingent Consideration Payments Made after a Business Combination; (4) Proceeds from the Settlement of Insurance Claims; (5) Proceeds from the Settlement of Corporate-Owned Life Insurance Policies, including Bank-Owned Life Insurance Policies; (6) Distributions Received from Equity Method Investees; (7) Beneficial Interests in Securitization Transactions and (8) Separately Identifiable Cash Flows and Application of the Predominance Principle. Among the afore-mentioned eight addressed cash flow issues, the category of “Separately Identifiable Cash Flows and Application of the Predominance Principle” requires a reporting entity to classify cash receipts and payments that have aspects of more than one class of cash flows first by applying specific guidance in generally accepted accounting principles (GAAP) and, only in the absence of specific guidance, by determining each separately identifiable source or use within the cash receipts and cash payments on the basis of the nature of the underlying cash flows. In situations in which cash receipts and payments have aspects of more than one class of cash flows and cannot be separated by source or use, a reporting entity should classify such cash receipts and cash payments by referring to the predominant source or use of cash flows for the item. The updated guidance is effective from reporting periods beginning after December 15, 2018. The Company is assessing the impact to its accounting practices and financial reporting procedures as a result of the issuance of this standard. As of December 31, 2017, there are no recently issued accounting standards not yet adopted that would have a material effect on the Company’s financial statements. |
NOTE 2 - PROPERTY AND EQUIPME18
NOTE 2 - PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Equipment consists of the following: December 31, December 31, 2017 2016 Furniture & Fixtures $ 35,812 $ 35,159 Computer and office Equipment 10,510 6,740 Automobile 27,657 24,527 Leasehold Improvements 24,527 21,710 98,506 88,136 Less: Accumulated depreciation (19,743 ) (27,461 ) $ 78,763 $ 60,675 |
NOTE 4 - AUTO LOAN (Tables)
NOTE 4 - AUTO LOAN (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [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: 2018 $ 4,003 2019 4,100 2020 4,199 2021 4,300 2022 3,662 Less Current Portion (4,003 ) Long Term Portion $ 16,261 |
NOTE 5 - EQUIPMENT LOAN (Tables
NOTE 5 - EQUIPMENT LOAN (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Text Block [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | Estimated future Current Monthly Payments are as follows: For the Year Ended December 31: 2018 $ 704 2019 717 2020 732 2021 746 2022 761 Thereafter $ 22,358 |
NOTE 6 - INCOME TAXES (Tables)
NOTE 6 - INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2017 2016 Income tax at U.S. statutory rate (34%) $ 56,932 $ 31,856 State tax 9,769 5,466 Prior period under-accrual (over-accrual) (8,310 ) (2,194 ) Nondeductible expenses 19,583 9,185 Change in valuation allowance - (7,290 ) $ 77,974 $ 37,023 |
NOTE 1 - SUMMARY OF SIGNIFICA22
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | |||
Cash Equivalents, at Carrying Value | $ 0 | $ 0 | |
Stockholders' Equity Attributable to Parent | (524,385) | $ (613,856) | $ (671,714) |
Working Capital (Deficit) | $ 574,588 |
NOTE 2 - PROPERTY AND EQUIPME23
NOTE 2 - PROPERTY AND EQUIPMENT (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation | $ 11,086 | $ 10,474 |
Impaired Assets to be Disposed of by Method Other than Sale, Method for Determining Fair Value | $ 5,723 |
NOTE 2 - PROPERTY AND EQUIPME24
NOTE 2 - PROPERTY AND EQUIPMENT (Details) - Schedule of Equipment - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | $ 98,506 | $ 88,136 |
Less: Accumulated depreciation | (19,743) | (27,461) |
Property, Plant and Equipment, net | 78,763 | 60,675 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | 35,812 | 35,159 |
Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | 10,510 | 6,740 |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | 27,657 | 24,527 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, gross | $ 24,527 | $ 21,710 |
NOTE 3 - RELATED PARTY TRANSA25
NOTE 3 - RELATED PARTY TRANSACTIONS (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | |
NOTE 3 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Due from Related Parties, Current | $ 20,881 | $ 29,608 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.49% | ||
Immediate Family Member of Management or Principal Owner [Member] | Salary to Officer's Son [Member] | |||
NOTE 3 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 160,000 | 180,000 | |
Immediate Family Member of Management or Principal Owner [Member] | Consulting Fees [Member] | |||
NOTE 3 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 0 | 72,000 | |
Chief Executive Officer [Member] | |||
NOTE 3 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,800,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | ||
Interest Expense, Related Party | $ 32,100 | 21,441 | |
Long-term Line of Credit | 212,140 | 610,952 | |
Interest Payable | 32,100 | 312,750 | |
Officer [Member] | |||
NOTE 3 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Operating Leases, Rent Expense, Minimum Rentals | 3,500 | ||
Accrued Rent, Current | 42,000 | 0 | |
Consulting Fees [Member] | |||
NOTE 3 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Related Party Transaction, Other Revenues from Transactions with Related Party | 1,648,050 | 1,267,072 | |
Consulting Fees [Member] | Immediate Family Member of Management or Principal Owner [Member] | |||
NOTE 3 - RELATED PARTY TRANSACTIONS (Details) [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | $ 293,500 | $ 297,000 |
NOTE 4 - AUTO LOAN (Details)
NOTE 4 - AUTO LOAN (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | |
NOTE 4 - AUTO LOAN (Details) [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 7,239 | $ 3,655 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.49% | |||
Notes Payable, Other Payables [Member] | Vehicles [Member] | ||||
NOTE 4 - AUTO LOAN (Details) [Line Items] | ||||
Payments to Acquire Property, Plant, and Equipment | $ 4,868 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.39% |
NOTE 4 - AUTO LOAN (Details) -
NOTE 4 - AUTO LOAN (Details) - Schedule of Maturities of Long-term Debt - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Maturities of Long-term Debt [Abstract] | ||
2,018 | $ 4,003 | |
2,019 | 4,100 | |
2,020 | 4,199 | |
2,021 | 4,300 | |
2,022 | 3,662 | |
Less Current Portion | (4,003) | $ (4,905) |
Long Term Portion | $ 16,261 | $ 2,453 |
NOTE 5 - EQUIPMENT LOAN (Detail
NOTE 5 - EQUIPMENT LOAN (Details) | 1 Months Ended |
Sep. 30, 2015USD ($) | |
Disclosure Text Block [Abstract] | |
Debt Instrument, Face Amount | $ 17,570 |
Debt Instrument, Term | 30 years |
Debt Instrument, Interest Rate, Stated Percentage | 5.49% |
Debt Instrument, Description | If there is a remaining balance at the end of the loan term, the outstanding balance can be refinanced for an additional 12 months or for a term that is required by law. |
NOTE 5 - EQUIPMENT LOAN (Deta29
NOTE 5 - EQUIPMENT LOAN (Details) - Schedule of Long-term Debt Instruments | 12 Months Ended |
Dec. 31, 2017USD ($) | |
2017 [Member] | |
Debt Instrument [Line Items] | |
Current Monthly Payment | $ 704 |
2018 [Member] | |
Debt Instrument [Line Items] | |
Current Monthly Payment | 717 |
2019 [Member] | |
Debt Instrument [Line Items] | |
Current Monthly Payment | 732 |
2020 [Member] | |
Debt Instrument [Line Items] | |
Current Monthly Payment | 746 |
2021 [Member] | |
Debt Instrument [Line Items] | |
Current Monthly Payment | 761 |
Thereafter [Member] | |
Debt Instrument [Line Items] | |
Current Monthly Payment | $ 22,358 |
NOTE 6 - INCOME TAXES (Details)
NOTE 6 - INCOME TAXES (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Effective Income Tax Rate Reconciliation, Repatriation of Foreign Earnings, Percent | 21.00% | |
Current Federal Tax Expense (Benefit) | $ 84,684 | $ 8,310 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0 | $ 0 |
NOTE 6 - INCOME TAXES (Details
NOTE 6 - INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | ||
Income tax at U.S. statutory rate (34%) | $ 56,932 | $ 31,856 |
State tax | 9,769 | 5,466 |
Prior period under-accrual (over-accrual) | (8,310) | (2,194) |
Nondeductible expenses | 19,583 | 9,185 |
Change in valuation allowance | 0 | (7,290) |
$ 77,974 | $ 37,023 |
NOTE 6 - INCOME TAXES (Detai32
NOTE 6 - INCOME TAXES (Details) - Schedule of Effective Income Tax Rate Reconciliation (Parentheticals) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Effective Income Tax Rate Reconciliation [Abstract] | ||
U.S. statutory rate | 34.00% | 34.00% |
NOTE 7 - SHAREHOLDERS' DEFICIT
NOTE 7 - SHAREHOLDERS' DEFICIT (Details) - $ / shares | Dec. 31, 2017 | Jul. 29, 2017 | Dec. 31, 2016 |
Stockholders' Equity Note [Abstract] | |||
Capital Units, Authorized | 500,000,000 | ||
Common Stock, Shares Authorized | 495,000,000 | 495,000,000 | 495,000,000 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Common Stock, Shares, Outstanding | 14,445,363 | 14,445,363 | |
Common Stock, Shares, Issued | 14,445,363 | 14,445,363 | |
Common Stock, Par or Stated Value Per Share (in Dollars per share) | $ 0.001 | $ 0.001 |
NOTE 8 - COMMITMENT (Details)
NOTE 8 - COMMITMENT (Details) - Building [Member] | 12 Months Ended |
Dec. 31, 2017USD ($) | |
NOTE 8 - COMMITMENT (Details) [Line Items] | |
Description of Lessee Leasing Arrangements, Operating Leases | leased office space from its officer under a month by month basis |
Operating Leases, Rent Expense, Minimum Rentals | $ 3,500 |
NOTE 9 - CONCENTRATION (Details
NOTE 9 - CONCENTRATION (Details) - Consulting Fees [Member] - Sales Revenue, Services, Net [Member] - Customer Concentration Risk [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
NOTE 9 - CONCENTRATION (Details) [Line Items] | ||
Concentration Risk, Percentage | 75.00% | 88.40% |
Concentration Risk, Customer | four of which are affiliates of the Company | three of which is an affiliate of the Company |
Customer A [Member] | ||
NOTE 9 - CONCENTRATION (Details) [Line Items] | ||
Concentration Risk, Percentage | 21.40% | 29.70% |
Customer B [Member] | ||
NOTE 9 - CONCENTRATION (Details) [Line Items] | ||
Concentration Risk, Percentage | 16.30% | 26.10% |
Customer C [Member] | ||
NOTE 9 - CONCENTRATION (Details) [Line Items] | ||
Concentration Risk, Percentage | 16.00% | 22.20% |
Customer D [Member] | ||
NOTE 9 - CONCENTRATION (Details) [Line Items] | ||
Concentration Risk, Percentage | 11.20% | 10.40% |
Customer E [Member] | ||
NOTE 9 - CONCENTRATION (Details) [Line Items] | ||
Concentration Risk, Percentage | 10.10% |
NOTE 10 - SUBSEQUENT EVENT (Det
NOTE 10 - SUBSEQUENT EVENT (Details) - Subsequent Event [Member] - Chief Executive Officer [Member] | Apr. 12, 2018USD ($)shares |
NOTE 10 - SUBSEQUENT EVENT (Details) [Line Items] | |
Subsequent Event, Description | Frank and Vicky Yuan converted $144,445 of note payable to 144,445,000 shares, then sold and transferred their 144,445,000 shares, representing 90% of the Company, to GreenBox POS, LLC, a San Diego based High-Tech company |
Debt Conversion, Original Debt, Amount | $ | $ 144,445 |
Debt Conversion, Converted Instrument, Shares Issued | shares | 144,445,000 |