Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jan. 18, 2018 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Trading Symbol | afct | |
Entity Registrant Name | AFC BUILDING TECHNOLOGIES INC. | |
Entity Central Index Key | 1,533,030 | |
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 | 2,017 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash | $ 190 | $ 9 |
Total Assets | 190 | 9 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 104,358 | 75,491 |
Due to related party | 45,119 | 44,824 |
Total Liabilities | 149,477 | 120,315 |
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 shares issued and outstanding, respectively | 34,760 | 34,760 |
Additional paid-in capital | 201,369 | 201,369 |
Accumulated deficit | (385,416) | (356,435) |
Total Stockholders' Deficit | (149,287) | (120,306) |
Total Liabilities and Stockholders' Deficit | $ 190 | $ 9 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Preferred Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Common Stock, Par Value Per Share | $ 0.001 | $ 0.001 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Expenses | ||||
Bank charges and interest | $ 42 | $ 42 | $ 114 | $ 84 |
Selling, marketing and administrative | 15,248 | 836 | 28,867 | 836 |
Total Operating Expenses | 15,290 | 878 | 28,981 | 920 |
Loss Before Taxes | (15,290) | (878) | (28,981) | (920) |
Income Taxes | 0 | 0 | 0 | 0 |
Net Loss | $ (15,290) | $ (878) | $ (28,981) | $ (920) |
Loss per Common Share - Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted Average Shares Outstanding | 34,760,008 | 34,760,008 | 34,760,008 | 34,760,008 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating Activities | ||
Net Loss | $ (28,981) | $ (920) |
Changes in Operating Assets and Liabilities: | ||
Accounts payable and accrued liabilities | 28,867 | 0 |
Due to related party | 295 | 836 |
Net Cash Provided By (Used in) Operating Activities | 181 | (84) |
Net Cash (Used in) Investing Activities | 0 | 0 |
Net Cash (Used in) Financing Activities | 0 | 0 |
Increase (Decrease) In Cash | 181 | (84) |
Cash - Beginning of Period | 9 | 163 |
Cash - End of Period | 190 | 79 |
Supplemental Disclosures | ||
Interest paid | 0 | 0 |
Income taxes paid | $ 0 | $ 0 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2017 | |
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 was engaged in the sales and distribution of hand tools in Canada. Going Concern On June 30, 2015, the Company decided that continuing the operations of its wholly-owned subsidiary, DSL Products Limited (“DSL”) would no longer be economically feasible. All of the shares of DSL held by the Company were returned to DSL for cancellation and as of June 30, 2015 the Company no longer held any interest in DSL. The Company is in the process of determining a new line of business. These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and note holders, the ability of the Company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. Since June 30, 2015, the Company has not generated any revenues, has a working capital deficit of $149,287, and has an accumulated deficit of $385,416 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Summary of Significant Accounting Policies Basis of Presentation The unaudited 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 financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of June 30, 2017, and the results of operations and cash flows for the periods ended June 30, 2017 and 2016. The financial data and other information disclosed in the notes to the interim financial statements related to the periods are unaudited. The results for the three and six-month period ended June 30, 2017 are not necessarily indicative of the results to be expected for any subsequent quarter or the entire year ending December 31, 2017. These unaudited interim financial statements should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the year ended December 31, 2016, included in the Company’s Form 10-K filed on June 8, 2017 with the SEC. Use of Estimates The preparation of these financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, collectability of receivables and related bad debt expenses, inventory shrinkage and write off, deferred income tax asset valuations and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2017 | |
Related Party Transactions [Text Block] | 2. Related Party Transactions a) At June 30, 2017, the Company owed $7,963 (December 31, 2016 - $7,963) to the President of the Company. These were monies advanced 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) At June 30, 2017, the Company owed $37,156 (December 31, 2016 - $36,861) to a shareholder of the Company. These were monies advanced for general working capital purposes, (i.e. accounting and professional fees) as required. The amount is unsecured, non-interest bearing and due on demand. |
Licensing Agreement
Licensing Agreement | 6 Months Ended |
Jun. 30, 2017 | |
Licensing Agreement [Text Block] | 3. Licensing Agreement On June 30, 2015, the Company entered into a license agreement with a shareholder of the Company. Pursuant to the agreement, the Company received an exclusive worldwide license in regards to 15 domain names related to the automotive e-commerce business for a period of 40 years. In consideration for the granting of the license, the Company will pay to the licensor a royalty of 2.5% of gross sales for any revenue derived from the use of the licensed domains. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Text Block] | 4. Subsequent Events Management has evaluated subsequent events pursuant to ASC Topic 855, and has determined there are no subsequent events to disclose. |
Nature of Operations (Narrative
Nature of Operations (Narrative) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Working capital deficit | $ 149,287 | |
Accumulated deficit | $ 385,416 | $ 356,435 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Amount due to related party | $ 45,119 | $ 44,824 |
President of the Company [Member] | ||
Amount due to related party | 7,963 | 7,963 |
Shareholder of the Company [Member] | ||
Amount due to related party | $ 37,156 | $ 36,861 |
Licensing Agreement (Narrative)
Licensing Agreement (Narrative) (Details) | 1 Months Ended |
Jun. 30, 2015 | |
License period | 40 years |
Royalty of gross sales, licensed domains | 2.50% |