Cryomass (CRYM) 10-Q 16 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	12-May-14
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Trading Symbol	'afct	'
Entity Registrant Name	'AFC BUILDING TECHNOLOGIES INC.	'
Entity Central Index Key	'0001533030	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	34,760,008
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well Known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current Assets	'	'
Cash	$686	$61,949
Accounts receivable, net of allowances of $0 and $0, respectively	109,585	144,976
Inventory	55,871	50,894
Prepaid expenses	2,759	2,868
Due from related parties, short-term	64,899	0
Total Current Assets	233,800	260,687
Property and equipment, net of accumulated depreciation of $20,391 (December 31, 2013 - $20,962)	827	1,091
Total Assets	234,627	261,778
Current Liabilities	'	'
Checks written in excess of funds on deposit	1,762	10,887
Accounts payable	262,999	335,605
Accrued liabilities	3,513	8,354
Due to related party	7,915	8,234
Line of credit	208,796	129,954
Total Liabilities	484,985	493,034
Stockholders' Deficit	'	'
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding	0	0
Common stock, $0.001 par value, 200,000,000 shares authorized, 34,760,008 and 34,760,008 shares issued and outstanding respectively	34,760	34,760
Additional paid in discount	-128,755	-128,755
Deficit	-195,317	-171,424
Accumulated other comprehensive income	38,954	34,163
Total Stockholders' Deficit	-250,358	-231,256
Total Liabilities and Stockholders' Deficit	$234,627	$261,778

Consolidated_Balance_Sheet_Par

Consolidated Balance Sheet (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Allowance for Doubtful Accounts Receivable, Current	$0	$0
Accumulated depreciation, Property and equipment	$20,391	$20,962
Preferred Stock, Par Value Per Share	$0.00	$0.00
Preferred Stock, Shares Authorized	50,000,000	50,000,000
Common Stock, Par Value Per Share	$0.00	$0.00
Common Stock, Shares Authorized	200,000,000	200,000,000
Common Stock, Shares, Issued	34,760,008	34,760,008
Common Stock, Shares, Outstanding	34,760,008	34,760,008

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenue	$194,334	$99,442
Cost of Sales	137,116	60,966
Gross Profit	57,218	38,476
Expenses	'	'
Bank charges and interest	3,530	3,628
Selling, marketing and administrative	73,408	89,319
Total Operating Expenses	76,938	92,947
Loss Before Other Income (Expenses)	-19,720	-54,471
Other Income (Expense)	'	'
Gain (loss) on foreign exchange	-4,173	-4,965
Interest income	0	3,841
Loss before taxes	-23,893	-55,595
Income taxes	0	0
Net Loss	-23,893	-55,595
Foreign currency translation adjustments	4,791	-3,902
Comprehensive Loss	($19,102)	($59,497)
Net Loss Per Share - Basic and Diluted	$0	$0
Weighted Average Shares Outstanding	34,760,008	35,000,001

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Operating Activities	'	'
Net Loss	($23,893)	($55,595)
Adjustments to reconcile net loss to cash used in operating activities:	'	'
Depreciation expense	223	245
Changes in operating assets and liabilities:	'	'
Inventories	-6,915	25,230
Accrued interest receivable	0	-3,841
Accounts receivable	29,951	25,488
Due from related parties	-65,325	0
Accounts payable and accrued liabilities	-66,392	-108,917
Net Cash Used in Operating Activities	-132,351	-117,390
Investing Activities	'	'
Loans to related parties	0	-15,805
Repayments from related parties	0	12,400
Net Cash Used in Investing Activities	0	-3,405
Financing Activities	'	'
Bank overdraft	-8,728	26,997
Net change in line of credit	83,901	93,798
Net Cash Provided By Financing Activities	75,173	120,795
Effect of Exchange Rate Changes on Cash	-4,085	0
Decrease In Cash	-61,263	0
Cash - Beginning of Year	61,949	0
Cash - End of Period	686	0
Supplemental Disclosures	'	'
Interest paid	2,560	2,982
Income taxes paid	$0	$0

Nature_of_Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2014
Nature of Operations [Text Block]	'
	1	Nature of Operations
		AFC Building Technologies Inc. (the “Company”) was incorporated under the laws of the State of Nevada on May 10, 2011. Effective January 10, 2014, the Company changed its name from Auto Tool Technologies Inc. to AFC Building Technologies Inc. The Company is engaged in the sales and distribution of hand tools in Canada.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies [Text Block]	'
	2	Summary of Significant Accounting Policies
		The unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the Securities and Exchange Commission (“SEC”) instructions for companies filing Form 10-Q. In the opinion of management, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of March 31, 2014, and the results of operations and cash flows for the period then ended. The financial data and other information disclosed in the notes to the interim consolidated financial statements related to this period are unaudited. The results for the three-month period ended March 31, 2014 are not necessarily indicative of the results to be expected for any subsequent quarter or the entire year ending December 31, 2014. The unaudited interim consolidated financial statements have been condensed pursuant to the Securities and Exchange Commission's rules and regulations and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these unaudited interim consolidated financial statements should be read in conjunction with the Company’s annual audited consolidated financial statements and notes thereto for the year ended December 31, 2013, included in the Company’s Form 10-K filed on March 25, 2014 with the SEC.
		These financial statements and related notes are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, DSL Products Limited. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is December 31. The net assets and operations of DSL Products Limited are deemed to be the continuing entity for accounting purposes under the terms of the acquisition described in Note 3 of the December 31, 2011 financial statements included in the S-1 filed with the SEC on May 9, 2012. Accordingly, DSL Products Limited is deemed to have acquired the net assets and operations of Auto Tool Technologies Inc. on December 30, 2011.

Property_and_Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2014
Property and Equipment [Text Block]	'
	3	Property and Equipment
				March 31,			December 31,
				2014			2013
		Furniture and Fixtures	$	11,896		$	12,364
		Computer Equipment		9,322			9,689
				21,218			22,053
		Less: Accumulated Depreciation		(20,391	)		(20,962	)
			$	827		$	1,091

Line_of_Credit

Line of Credit	3 Months Ended
	Mar. 31, 2014
Line of Credit [Text Block]	'
	4	Line of Credit
				March 31,		December 31,
				2014		2013
		Line of credit payable to bank, interest imputed at prime rate
		plus 1.55% per annum, secured by assets of the Company.	$	208,796	$	129,954
			$	208,796	$	129,954

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Text Block]	'
	5	Related Party Transactions
		a)	At March 31, 2014, the Company was owed $64,899 (December 31, 2013 - $0) from a company owned by a shareholder of the Company, representing cash advances, net of expense reimbursements and accrued interest. The amount was unsecured, due on demand and was repaid subsequent to the period end. During the three months ended March 31, 2014, the Company accrued $0 (2013 - $3,841) of interest on amounts owed from related companies. At March 31, 2014, the Company owed $7,915 (December 31, 2013 - $8,234) to the President of the Company. These were monies advanced by the shareholder for general working capital purposes, (i.e. accounting and professional fees) as required. The amount is unsecured, non-interest bearing and due on demand.
		b)	During the three months ended March 31, 2014, the Company incurred $16,473 (2013 - $30,178) of contractor expenses to the President of the Company.

Common_Stock

Common Stock	3 Months Ended
	Mar. 31, 2014
Common Stock [Text Block]	'
	6	Common Stock
		The Company effected a 8 - 1 forward stock split of the issued and outstanding shares of common stock on January 10, 2014. All share and per share information has been retroactively adjusted to reflect the forward stock split.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Text Block]	'
	7	Subsequent Events
		Management has evaluated subsequent events pursuant to ASC Topic 855, and has determined there are no subsequent events to disclose.

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Property, Plant and Equipment [Table Text Block]	'
				March 31,			December 31,
				2014			2013
		Furniture and Fixtures	$	11,896		$	12,364
		Computer Equipment		9,322			9,689
				21,218			22,053
		Less: Accumulated Depreciation		(20,391	)		(20,962	)
			$	827		$	1,091

Line_of_Credit_Tables

Line of Credit (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Short-term Debt [Table Text Block]	'
				March 31,		December 31,
				2014		2013
		Line of credit payable to bank, interest imputed at prime rate
		plus 1.55% per annum, secured by assets of the Company.	$	208,796	$	129,954
			$	208,796	$	129,954

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Related Party Transactions 1	$64,899
Related Party Transactions 2	0
Related Party Transactions 3	0
Related Party Transactions 4	3,841
Related Party Transactions 5	7,915
Related Party Transactions 6	8,234
Related Party Transactions 7	16,473
Related Party Transactions 8	$30,178

Common_Stock_Narrative_Details

Common Stock (Narrative) (Details)	3 Months Ended
	Mar. 31, 2014
Common Stock 1	8
Common Stock 2	1

Schedule_of_Property_Plant_and

Schedule of Property, Plant and Equipment (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Property And Equipment Schedule Of Property, Plant And Equipment 1	$11,896
Property And Equipment Schedule Of Property, Plant And Equipment 2	12,364
Property And Equipment Schedule Of Property, Plant And Equipment 3	9,322
Property And Equipment Schedule Of Property, Plant And Equipment 4	9,689
Property And Equipment Schedule Of Property, Plant And Equipment 5	21,218
Property And Equipment Schedule Of Property, Plant And Equipment 6	22,053
Property And Equipment Schedule Of Property, Plant And Equipment 7	-20,391
Property And Equipment Schedule Of Property, Plant And Equipment 8	-20,962
Property And Equipment Schedule Of Property, Plant And Equipment 9	827
Property And Equipment Schedule Of Property, Plant And Equipment 10	$1,091

Schedule_of_Shortterm_Debt_Det

Schedule of Short-term Debt (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Line Of Credit Schedule Of Short-term Debt 1	1.55%
Line Of Credit Schedule Of Short-term Debt 2	$208,796
Line Of Credit Schedule Of Short-term Debt 3	129,954
Line Of Credit Schedule Of Short-term Debt 4	208,796
Line Of Credit Schedule Of Short-term Debt 5	$129,954