American Business Services (ABSR) 10-Q 23 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	3 Months Ended
	Mar. 31, 2016	May. 23, 2016	Jun. 30, 2015
Document and Entity Information:
Entity Registrant Name	American Business Services, Inc.
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Trading Symbol	absr
Amendment Flag	false
Entity Central Index Key	1,532,882
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		7,030,000
Entity Public Float			$ 40,000
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	Yes
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1

American Business Services, Inc

American Business Services, Inc. - Condensed Balance Sheets (unaudited) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Assets
Current assets	$ 0	$ 0
Total Assets	0	0
Current liabilities:
Related party payable	100,543	93,226
Total current liabilities	100,543	93,226
Total Liabilities	100,543	93,226
Stockholders' deficit:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued and outstanding	0	0
Common stock, $0.001 par value; 90,000,000 shares authorized; 7,030,000 shares issued and outstanding	7,030	7,030
Additional paid in capital	40,380	40,380
Accumulated deficit	(147,953)	(140,636)
Total stockholders' deficit	(100,543)	(93,226)
Total liabilities and stockholders' deficit	$ 0	$ 0

American Business Services, In3

American Business Services, Inc. - Balance Sheets (Parentheticals)(USD $)	Dec. 31, 2015$ / sharesshares
Statement of Financial Position
Preferred stock, par value (in dollars per share) | $ / shares	$ 0.001
Preferred stock, shares authorized	10,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value (in dollars per share) | $ / shares	$ 0.001
Common stock, shares authorized	90,000,000
Common stock, shares issued	7,030,000
Common stock, shares outstanding	7,030,000

American Business Services, In4

American Business Services, Inc. - Condensed Statement of Operations (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement
Revenue - related party	$ 0	$ 0
Operating Expenses
General and administrative	7,317	19,467
Total operating expenses	7,317	19,467
Income (loss) from operations	(7,317)	(19,467)
Income (loss) before provision for income taxes	(7,317)	(19,467)
Provision (credit) for income tax	0	0
Net income (loss)	$ (7,317)	$ (19,467)
Net income (loss) per share (basic and fully diluted)	$ 0	$ 0
Weighted average number of common shares outstanding (basic and fully diluted)	7,030,000	7,030,000

American Business Services, In5

American Business Services, Inc. - Condensed Statement of Cash Flows (unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash Flows From Operating Activities:
Net income (loss)	$ (7,317)	$ (19,467)
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Changes in operating assets and liabilities	0	0
Net cash provided by (used for) operating activities	(7,317)	(19,467)
Cash Flows From Financing Activities:
Related party payable	7,317	29,080
Deferred expenses	0	(9,613)
Net cash provided by (used for ) financing activities	7,317	19,467
Net increase (decrease in cash	0	0
Cash at the beginning of the period	0	0
Cash at the end of the period	0	0
Supplemental Disclosure
Cash paid for interest	0	0
Cash paid for income taxes	$ 0	$ 0

Note 1. Organization, Operation

Note 1. Organization, Operations and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Notes
Note 1. Organization, Operations and Summary of Significant Accounting Policies	NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: American Business Services, Inc. (the “Company”, “ABS”, “we”, “us” or “our”), was incorporated in the State of Colorado on September 20, 1991. The Company provides merger and acquisition financial consulting services. The Company may also engage in any other business permitted by law, as designated by the Board of Directors of the Company. Interim Financial Statements The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ended December 31, 2016. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2015 included in our Form 10-K filed with the SEC. Net income (loss) per share The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company’s preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. No potentially dilutive debt or equity instruments were issued or outstanding during the three months ended March 31, 2016 or 2015. Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe that their future adoption of any such pronouncements may be expected to have a material impact on its financial condition of the result of its operations as reported in its financial statements.

Note 2. Going Concern

Note 2. Going Concern	3 Months Ended
	Mar. 31, 2016
Notes
Note 2. Going Concern	NOTE 2. GOING CONCERN The Company has suffered a loss from operations and has negative cash flows from operations, and in all likelihood will be required to make significant future expenditures in connection with marketing efforts along with general administrative expenses. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions or related parties. By doing so, the Company hopes to generate sufficient capital to execute its business plan of providing financial consulting services on an ongoing basis. Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern.

Note 3. Related Party Payable

Note 3. Related Party Payable	3 Months Ended
	Mar. 31, 2016
Notes
Note 3. Related Party Payable	NOTE 3. RELATED PARTY PAYABLE During the three months ended March 31, 2016, the majority stockholder, Smith Electric Vehicles Corp. advanced $7,317 respectively, on behalf of the Company to pay current invoices received for services that had been rendered to the Company. As of March 31, 2016 and December 31, 2015, $910,543 and $93,226, respectively, has been advanced to the Company. These advances are unsecured, bear no interest and are repayable on demand.

Note 4. Sale and Transfer of A

Note 4. Sale and Transfer of A Major Stockholder's Interests	3 Months Ended
	Mar. 31, 2016
Notes
Note 4. Sale and Transfer of A Major Stockholder's Interests	NOTE 4. SALE AND TRANSFER OF A MAJOR STOCKHOLDER’S INTERESTS During the three months ended March 31, 2016 and 2015, there has been no sale or transfer of a major stockholder’s interest. As of March 9, 2016, Bryan L. Hansel resigned as President and Chief Executive Officer, John Micek resigned as Chief Financial Officer and Director, and Robert Druten resigned as Director. As of March 25, 2016 Jacques Schira was appointed as President, Chief Financial Officer, Secretary, and Director, and Geb Byron was appointed as Director. As of May 10, 2016 Jacques Schira resigned as Chief Financial Officer and John Micek was appointed as Chief Financial Officer and Director.

Note 5. Common Stock Pledged As

Note 5. Common Stock Pledged As Collateral	3 Months Ended
	Mar. 31, 2016
Notes
Note 5. Common Stock Pledged As Collateral	NOTE 5. COMMON STOCK PLEDGED AS COLLATERAL On October 5 2015, Smith Electric Vehicles entered into a $1,000,000 loan agreement with Active Way International Limited. The drawdown date of the agreement was one business day after the agreement date for Loan A (repayment of the FDG Note) and Loan B (cash disbursement to Smith) was one business day after the payment to FDG to the borrower. The collateral for this loan agreement is all common stock or other form of derivatives of American Business Services, Inc., now or at any time hereafter, and prior to the termination of the agreement owned or acquired by Smith Electric Vehicles Corp. In the event of default this could result in a change of control of American Business Services, Inc. As of May 16, 2016 this loan has not been repaid.

Note 6. Subsequent Events

Note 6. Subsequent Events	3 Months Ended
	Mar. 31, 2016
Notes
Note 6. Subsequent Events	NOTE 6. SUBSEQUENT EVENTS In accordance with ASC 855-10. “Subsequent Events” the Company has analyzed its operations subsequent to March 31, 2016 to the date these financial statements were available to be issued and has determined that other than as disclosed above, it does not have any material subsequent events to disclose in the financial statements.

Note 1. Organization, Operati12

Note 1. Organization, Operations and Summary of Significant Accounting Policies: Business Description and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Business Description and Basis of Presentation	American Business Services, Inc. (the “Company”, “ABS”, “we”, “us” or “our”), was incorporated in the State of Colorado on September 20, 1991. The Company provides merger and acquisition financial consulting services. The Company may also engage in any other business permitted by law, as designated by the Board of Directors of the Company. Interim Financial Statements The accompanying unaudited financial statements of the Company have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In management’s opinion the financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the financial statements not misleading. Operating results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ended December 31, 2016. For more complete financial information, these unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2015 included in our Form 10-K filed with the SEC.

Note 1. Organization, Operati13

Note 1. Organization, Operations and Summary of Significant Accounting Policies: Net Income (loss) Per Share (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Net Income (loss) Per Share	Net income (loss) per share The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common stock outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company’s preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share. No potentially dilutive debt or equity instruments were issued or outstanding during the three months ended March 31, 2016 or 2015.

Note 1. Organization, Operati14

Note 1. Organization, Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Note 1. Organization, Operati15

Note 1. Organization, Operations and Summary of Significant Accounting Policies: Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe that their future adoption of any such pronouncements may be expected to have a material impact on its financial condition of the result of its operations as reported in its financial statements.

Note 3. Related Party Payable (

Note 3. Related Party Payable (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Details
Proceeds from Related Party Debt	$ 7,317
Related Party Transaction, Due from (to) Related Party	$ 910,543	$ 93,226

Note 5. Common Stock Pledged 17

Note 5. Common Stock Pledged As Collateral (Details)	Oct. 05, 2015USD ($)
Details
Notes and Loans Payable	$ 1,000,000