Cryomass (CRYM) 10-K 1 May 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2017	Apr. 16, 2018	Jun. 30, 2017
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 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		36,760,008
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Entity Public Float			$ 0
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	$ 107	$ 9
Total Assets	107	9
Current Liabilities
Accounts payable and accrued liabilities	122,662	75,491
Due to related party	54,515	44,824
Total Liabilities	177,177	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	(413,199)	(356,435)
Total Stockholders' Deficit	(177,070)	(120,306)
Total Liabilities and Stockholders' Deficit	$ 107	$ 9

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Expenses
Bank charges and interest	$ 197	$ 153
General and administrative	51,874	45,969
Total Operating Expenses	52,071	46,122
Loss Before Other Expenses	(52,071)	(46,122)
Other Expenses
(Loss) Gain on foreign exchange	(4,693)	1,977
Loss before taxes	(56,764)	(44,145)
Income taxes	0	0
Net Loss	$ (56,764)	$ (44,145)
Loss per common share - Basic and Diluted	$ 0	$ 0
Weighted Average Shares Outstanding	34,760,008	34,760,008

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Operating Activities
Net Loss	$ (56,764)	$ (44,145)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	47,171	7,188
Due to related parties	9,691	36,803
Net Cash Provided by (Used in) Operating Activities	98	(154)
Net Cash Provided by (Used in) Investing Activities	0	0
Net Cash Provided by (Used in) Financing Activities	0	0
Increase (Decrease) In Cash	98	(154)
Cash - Beginning of Year	9	163
Cash - End of Year	107	9
Supplemental Disclosures
Interest paid	0	0
Income taxes paid	$ 0	$ 0

Statements of Stockholders Defi

Statements of Stockholders Deficit - USD ($)	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Total
Beginning Balance at Dec. 31, 2015	$ 34,760	$ 201,369	$ (312,290)	$ (76,161)
Beginning Balance (Shares) at Dec. 31, 2015	34,760,008
Net loss for the year			(44,145)	(44,145)
Ending Balance at Dec. 31, 2016	$ 34,760	201,369	(356,435)	(120,306)
Ending Balance (Shares) at Dec. 31, 2016	34,760,008
Net loss for the year			(56,764)	(56,764)
Ending Balance at Dec. 31, 2017	$ 34,760	$ 201,369	$ (413,199)	$ (177,070)
Ending Balance (Shares) at Dec. 31, 2017	34,760,008

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 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. The Company is in the process of determining a new line of business.

Going Concern

Going Concern	12 Months Ended
	Dec. 31, 2017
Going Concern [Text Block]	2. Going Concern 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. For the years ended December 31, 2017 and 2016, the Company has not generated any revenues, has a working capital deficit of $177,070, and has an accumulated deficit of $413,199 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 Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2017
Summary of Significant Accounting Policies [Text Block]	3. Summary of Significant Accounting Policies a) Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company’s fiscal year-end is December 31. b) 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 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. c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturities of three months or less at the time of issuance to be cash equivalents. d) Financial Instruments/Concentrations The Company’s financial instruments consist principally of cash, accounts payable, and due to related party. Pursuant to ASC 820, Fair Value Measurements and Disclosures, Financial Instruments, e) Foreign Currency Translation The functional currency of the Company and the reporting currency of the Company is the United States dollar. Gains and losses arising on foreign currency denominated transactions included in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations. f) Comprehensive Income (Loss) ASC 220, Comprehensive Income, g) Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings per Share h) Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740, Income Taxes, i) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements. Additionally, the Company has considered all pronouncements issued but not yet effective and does not believe that there are any other new accounting pronouncements that might have a material impact on its financial position or results of operations.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2017
Related Party Transactions [Text Block]	4. Related Party Transactions a) At December 31, 2017, the Company owed $8,358 (2016 - $7,963) to the Chief Financial Officer 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 December 31, 2017, the Company owed $46,157 (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. c) During the year ended December 31, 2017, the Company incurred $0 (2016 - $3,747) of contractor expenses to the Chief Financial Officer of the Company.

Licensing Agreement

Licensing Agreement	12 Months Ended
	Dec. 31, 2017
Licensing Agreement [Text Block]	5. 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.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Taxes [Text Block]	6. Income Taxes The Tax Cuts and Jobs Act was enacted on December 22, 2017 which reduced the U.S. corporate statutory tax rate from 35% to 21% beginning on January 1, 2018. The provision for income taxes differs from the amount computed by applying the statutory income tax rate of 21% to loss before income taxes as follows at December 31: 2017 2016 Net Loss Before Taxes $ (56,764 ) $ (44,145 ) Net loss before taxes at the statutory rate (11,920 ) (9,270 ) Non-deductible expenses – – Valuation allowance 11,920 9,270 Provision for income taxes at combined tax rates – – Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in the tax laws and rates on the date of enactment. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. At December 31, 2017, the Company had net operating loss carryforwards of approximately $206,500 that may be offset against future taxable income from the year 2018 through 2031. This results in a deferred tax asset of $43,367 as of December 31, 2017. At December 31, 2016, the Company had net operating loss carryforwards of approximately $150,000. This results in a deferred tax asset of $31,447 as of December 31, 2016. The Company has fully allowed for these assets as of the years then ended. The valuation allowance is estimated to be approximately $43,367 and $31,447 for the years ended December 31, 2017 and 2016, respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2017
Subsequent Events [Text Block]	7. Subsequent Events a) On February 22, 2018, the Company completed the non-brokered private placement of 2,000,000 common shares at a purchase price of $0.25 per share for gross proceeds of $500,000. b) Effective February 14, 2018, Cindy Lee Kelly resigned as Director, President and CEO of our Company. Ms. Kelly will remain as CFO, Secretary and Treasurer. The resignation of Ms. Kelly was not the result of any disagreement with our Company regarding our operations, policies, practices or otherwise. On February 14, 2018, we appointed Christopher Hansen as Director, President and CEO

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Basis of Presentation [Policy Text Block]	a) Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in US dollars. The Company’s fiscal year-end is December 31.
Use of Estimates [Policy Text Block]	b) 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 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.
Cash and Cash Equivalents [Policy Text Block]	c) Cash and Cash Equivalents The Company considers all highly liquid instruments with maturities of three months or less at the time of issuance to be cash equivalents.
Financial Instruments/Concentrations [Policy Text Block]	d) Financial Instruments/Concentrations The Company’s financial instruments consist principally of cash, accounts payable, and due to related party. Pursuant to ASC 820, Fair Value Measurements and Disclosures, Financial Instruments,
Foreign Currency Translation [Policy Text Block]	e) Foreign Currency Translation The functional currency of the Company and the reporting currency of the Company is the United States dollar. Gains and losses arising on foreign currency denominated transactions included in the determination of income. Foreign currency transactions are primarily undertaken in Canadian dollars. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.
Comprehensive Income (Loss) [Policy Text Block]	f) Comprehensive Income (Loss) ASC 220, Comprehensive Income,
Basic and Diluted Net Loss Per Share [Policy Text Block]	g) Basic and Diluted Net Loss Per Share The Company computes net loss per share in accordance with ASC 260, Earnings per Share
Income Taxes [Policy Text Block]	h) Income Taxes Potential benefits of income tax losses are not recognized in the accounts until realization is more likely than not. The Company has adopted ASC 740, Income Taxes,
Recent Accounting Pronouncements [Policy Text Block]	i) Recent Accounting Pronouncements The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements. Additionally, the Company has considered all pronouncements issued but not yet effective and does not believe that there are any other new accounting pronouncements that might have a material impact on its financial position or results of operations.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Schedule of Income Tax Expense [Table Text Block]	2017 2016 Net Loss Before Taxes $ (56,764 ) $ (44,145 ) Net loss before taxes at the statutory rate (11,920 ) (9,270 ) Non-deductible expenses – – Valuation allowance 11,920 9,270 Provision for income taxes at combined tax rates – –

Going Concern (Narrative) (Deta

Going Concern (Narrative) (Details) - USD ($)	Dec. 31, 2017	Dec. 31, 2016
Working capital deficit	$ 177,070
Accumulated deficit	$ 413,199	$ 356,435

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Amount due to related party	$ 54,515	$ 44,824
Chief Financial Officer [Member]
Amount due to related party	8,358	7,963
General Contractor Costs	0	3,747
Shareholder of the Company [Member]
Amount due to related party	$ 46,157	$ 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%

Income Taxes (Narrative) (Detai

Income Taxes (Narrative) (Details) - USD ($)	1 Months Ended	12 Months Ended
	Dec. 22, 2017	Dec. 31, 2017	Dec. 31, 2016
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate	35.00%	21.00%
Deferred Tax Assets, Operating Loss Carryforwards		$ 206,500	$ 150,000
Deferred Tax Assets, Net, Total		43,367	31,447
Deferred Tax Assets, Valuation Allowance		$ 43,367	$ 31,447

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - Subsequent Event [Member]	1 Months Ended
	Feb. 28, 2018USD ($)$ / sharesshares
Stock Issued During Period, Shares, Issued for Cash | shares	2,000,000
Equity Issuance, Per Share Amount | $ / shares	$ 0.25
Proceeds from Issuance of Private Placement | $	$ 500,000

Schedule of Income Tax Expense

Schedule of Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Net loss for the year	$ (56,764)	$ (44,145)
Net loss before taxes at the statutory rate	(11,920)	(9,270)
Non-deductible expenses	0	0
Valuation allowance	11,920	9,270
Provision for income taxes at combined tax rates	$ 0	$ 0