Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 12, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ChinAmerica Andy Movie Entertainment Media Co. | ' |
Entity Central Index Key | '0001543605 | ' |
Trading Symbol | 'came | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 125,528,400 |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-14 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Current Assets: | ' | ' |
Cash and Cash Equivalents | $1,501,452 | $286,383 |
Related Party Receivable | 8,056 | ' |
Prepaid Expenses | 277 | ' |
Total and Current Assets | 1,509,785 | 286,383 |
Current Liabilities: | ' | ' |
Accounts Payable | 8,050 | 758 |
Accrued Taxes | 391,400 | ' |
Related Party Payables | ' | 20,500 |
Loans from Shareholders | ' | 24,616 |
Total and Current Liabilities | 399,450 | 45,874 |
Stockholders' Equity: | ' | ' |
Common Stock, $0.01 per share par value; 5,000,000,000 shares authorized; and 125,528,400 and 123,438,400 issued and outstanding at September 30, 2014 and December 31, 2013, respectively | 1,255,284 | 1,234,384 |
Additional Paid in Capital | -865,300 | -924,900 |
(Accumulated Deficit) Retained Earnings | 720,351 | -68,975 |
Total Stockholders' Equity | 1,110,335 | 240,509 |
Total Liabilities and Stockholders' Equity | $1,509,785 | $286,383 |
BALANCE_SHEETS_Parentheticals
BALANCE SHEETS (Parentheticals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 |
Common stock, shares issued | 125,528,400 | 123,438,400 |
Common stock, shares outstanding | 125,528,400 | 123,438,400 |
STATEMENTS_OF_OPERATIONS_AND_C
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenue: | ' | ' | ' | ' | |||
Consulting Revenue | $323,150 | ' | $1,306,480 | ' | |||
Expenses: | ' | ' | ' | ' | |||
General and Administrative - related party | 51,365 | ' | 156,048 | ' | |||
General and Administrative | 61,583 | 8,588 | 111,721 | 24,089 | |||
Total General and Administrative | 112,948 | 8,588 | 267,769 | 24,089 | |||
Profit (Loss) from Operations | 210,202 | -8,588 | 1,038,711 | -24,089 | |||
Other Income | 1,664 | ' | 2,630 | ' | |||
(Loss) Income Before Tax | 211,866 | -8,588 | 1,041,341 | -24,089 | |||
Income Tax Expense | -178,600 | ' | -391,400 | ' | |||
Net Income (Loss) | $33,266 | ($8,588) | $649,941 | ($24,089) | |||
Basic and Diluted Net Income (Loss) per share: | ' | ' | ' | ' | |||
Basic and Diluted (In Dollars per share) | $0 | [1] | $0 | [1] | $0.01 | $0 | [1] |
Weighted average shares outstanding: Basic and Diluted (in shares) | 125,513,617 | 15,948,557 | 125,136,825 | 11,010,136 | |||
[1] | denotes income (loss) of less than $0.01 per share. |
STATEMENTS_OF_CASH_FLOWS_unaud
STATEMENTS OF CASH FLOWS (unaudited) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Cash Flows from Operating Activities | ' | ' |
Net Income (Loss) | $649,941 | ($24,089) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations:1 | ' | ' |
Marketing Expense paid in shares of common stock | 60,000 | ' |
Changes in Operating Assets and Liabilities: | ' | ' |
Prepaid Expenses | -277 | ' |
Accounts Payable | 7,292 | 528 |
Accrued taxation | 391,400 | ' |
Related Party Receivable | -8,056 | ' |
Net Cash Provided by (Used In) Operating Activities | 1,100,301 | -23,561 |
Cash Flows From Investing Activities: | ' | ' |
Net Cash (Used In) Provided By Investing Activities | ' | ' |
Cash Flows From Financing Activities: | ' | ' |
Loans from (repayment to) Shareholders | -24,616 | 11,616 |
Issuance of Common Stock | ' | 199,384 |
Net Cash (Used In) Provided By Financing Activities | -24,616 | 211,000 |
Net Change in Cash and Cash Equivalents: | 1,215,069 | 187,439 |
Cash and Cash Equivalents, beginning of period | 286,383 | 3,641 |
Cash and Cash Equivalents, end of period | 1,501,452 | 191,080 |
Supplemental Disclosure: | ' | ' |
Cash paid for interest | ' | ' |
Cash paid for income taxes | ' | ' |
Non-Cash Financing Activities: | ' | ' |
Issuance of Common Stock for converted debt | $20,500 | $149,384 |
BUSINESS_DESCRIPTION_AND_NATUR
BUSINESS DESCRIPTION AND NATURE OF OPERATIONS | 9 Months Ended |
Sep. 30, 2014 | |
Business Description And Basis Of Presentation [Abstract] | ' |
BUSINESS DESCRIPTION AND NATURE OF OPERATIONS | ' |
NOTE 1. BUSINESS DESCRIPTION AND NATURE OF OPERATIONS | |
Organization | |
ChinAmerica Andy Movie Entertainment Media Co. ("CAME" or the "Company") was incorporated under the laws of the State of Florida on September 26, 2002. On October 11, 2012, the Company changed its operations to focus on movie, entertainment and media. | |
The Company's headquarters are located in Clearwater, Florida. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | |
The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and in accordance 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 GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation have been included. In the opinion of management there have been no changes to the Company's significant accounting policies, referred to in the audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 20, 2014. | |
In the opinion of management, all adjustments consisting of normal recurring adjustments necessary for a fair statement of (a) the result of operations for the nine month period ended September 30, 2014 and 2013; (b) the financial position at September 30, 2013; and (c) cash flows for the nine month period ended September 30, 2014 and 2013, have been made. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates. | |
Our financial statements may not be comparable to companies that comply with public company effective dates. Due to our election not to opt out of the extended transition period that allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. All Amounts referenced in these Financial Statements and this Report are in US Dollars ("USD") unless otherwise stated. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. | |
Cash and Cash Equivalents | |
The majority of cash is maintained with a major financial institution in Shanghai, China. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Foreign Currency Translation. | |
The Company addressed the effect of the exchange rate differences resulting from the translation for currency transferred to the Company for consulting services from an account held by AF Ocean Shanghai in China, by using the current day exchange rate from ¥CNY to $USD conversion. The accumulated exchange rate for the nine month period ended September 30, 2014 was a net loss of ($5,328). The effect of the foreign currency translation is recorded in income in the general and administrative expense line item. | |
Because of fluctuations (including possible devaluations) in currency exchange rates between ¥CNY and $USD or the imposition of limitations on conversion of foreign currencies into $USD, we are subject to currency translation exposure on the profits of our operations. Although the rates have remained relatively stable over the last year, this is not indicative of future changes or the related translation risk. Currently the Company does not hedge against foreign currency or interest rate risk, and as such significant changes in either can have adverse effects on our operations. | |
Income Taxes | |
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |
The Company accounts for taxes in accordance with ASC 740-10, "Accounting for Uncertain Income Tax Positions." When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | |
The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for unrecognized tax benefits. As of September 30, 2014, tax years 2013, 2012, 2011 and 2010 remain open for IRS audit. The Company has received no notice of audit from the IRS for any of the open tax years. | |
Revenue Recognition | |
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. | |
Consulting Revenue recognized to date consists of pre-production research and strategizing, introduction of American talents and potential partners, training and global market consulting, especially regarding distribution and production in the United States. Revenue is not related to final film production or licensing and therefore is not subject to FASB ASC 926 – Films revenue recognition guidance. | |
Stock-Based Compensation | |
The Company accounts for stock-based instruments issued to employees in accordance with ASC Topic 718. ASC Topic 718 requires companies to recognize in the statement of operations the grant-date fair value of stock options and other equity based compensation issued to employees. The value of the portion of an award that is ultimately expected to vest is recognized as an expense over the requisite service periods using the straight-line attribution method. The Company accounts for non-employee share-based awards in accordance with the measurement and recognition provisions ASC Topic 505-50. The Company estimates the fair value of stock options at the grant date by using the Black-Scholes option-pricing model. | |
Earnings per Share | |
Basic Earnings per Share," per common share is computed by dividing the net earnings (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. During the three and nine months ended September 30, 2014 and September 30, 2013 there were no potentially dilutive securities issued and outstanding. | |
Comprehensive Income (Loss) | |
Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as Capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. | |
Our comprehensive income (loss) for the three and nine month period ended September 30, 2014 and 2013 was identical to our net income /(loss) for the three and nine month period ended September 30, 2014 and 2013. | |
Recent Accounting Pronouncements | |
We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company financial statements. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended |
Sep. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
NOTE 3. RELATED PARTY TRANSACTIONS | |
Commencing on June 1, 2014 the Company entered into a one year agreement with AF Ocean Investment Management Company (the "Service Provider") to provide management services to the Company. Both AF Ocean Investment Management Company and ChinAmerica Andy Movie Entertainment Media Co. share the same Chief Executive Officer and controlling shareholder. The Company pays the Service Provider $6,350 per month for the following: the Service Provider or any of its Affiliates shall provide the Company with such management and accounting related services as the Board of Directors of the Company (the "Board") may reasonably request from time to time, including, without limitation, preparing periodic and other reports required to be filed under the Securities Exchange Act of 1934, preparing financial reports, bookkeeping, managing the website, handling previous employee matters, and related governmental filings, handling advertising matters, and processing payables (collectively, the "Services"). The Company shall use the Services of the Service Provider or any of its Affiliates and the Service Provider shall make itself or any of its Affiliates available for the performance of the Services upon reasonable notice. The Service Provider or any of its Affiliates, as applicable, shall perform the Services at the times and places reasonably requested by the Board to meet the needs and requirements of the Company, taking into account other engagements that the Service Provider and its Affiliates may have. | |
On January 3, 2014, ChinAmerica Andy Movie Entertainment Media Co. announced that it has finalized the contract with Zhong Mei An Di Yin Shi Wen Hua Chuan Mei Ltd., Co. (hereinafter referred to as "Zhong Mei Yin Shi"), a Chinese company registered in Beijing, People's Republic of China, for joint movie projects in both China and the United States. Zhong Mei Yin Shi agrees to pay a total of $1,000,000 (One Million USD) to ChinAmerica Andy Movie Entertainment Media Co. ("ChinAmerica"). | |
During the nine month period ended September 30, 2014, payments totaling $1,306,480) have been received though AF Ocean Investment Management Company (Shanghai Ltd.) $306,480 was received outside the $1,000,000 contracted amount as the project went over budget and Zhong Mei Yin Shi agreed to fund the overage while negotiating a new contract. The additional payments were received throught the same consulting revenue funding process as the original contracted amount and no new payments have been received to date. | |
During the nine month period ended September 30, 2014 ChinAmerica paid out a total of $156,048 in management fees to AF Ocean Investment Management Company (Shanghai Ltd.), for management services, of which $24,500 is for the monthly service contract per the contract executed on June 1, 2014 with the Service Provider, noted above. We pay AF Ocean Investment Management Company (Shanghai Ltd.) a management fee of ten percent (10%) of all deposits for the collection and maintenance of the funds received in the People's Republic of China on our behalf. | |
During the nine month period ended September 30, 2014 a loan to shareholder was repaid in full in the amount of $24,616. | |
During the nine month period ended September 30, 2014 related party payables in the amount of $20,500 were settled through the issuance of 2,050,000 shares of our common stock. | |
As of September 30, 2014, the Company showed a Related Party Receivable in the amount of $8,056 which will be paid in full by year end. There are no other related party loans receivable or payable outstanding at September 30, 2014. |
INCOME_TAX
INCOME TAX | 9 Months Ended |
Sep. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAX | ' |
NOTE 4. INCOME TAX | |
We had a net income before income taxes of $1,041,341 for the nine month period ended September 30, 2014. We have accrued an estimated tax liability in the amount of $391,400 at an effective tax rate of 38%. All net operating carry forwards have been utilized. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 5. COMMITMENTS AND CONTINGENCIES | |
Legal | |
We were not subject to any litigation during the three and nine months ended September 31, 2014 or 2013. As of September 30, 2014 there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of our operations. | |
Other Commitments | |
The Company rents office space in New York, New York on a month by month basis. The monthly rent is $300. We agreed to pay the service provider $6,350 a month through July 2014 for the above mentioned related party we are required to pay the service provider. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 30, 2014 | |
Equity [Abstract] | ' |
STOCKHOLDERS' EQUITY | ' |
NOTE 6. STOCKHOLDERS' EQUITY | |
Common Stock | |
The total authorized capital stock of the corporation is five billion (5,000,000,000) shares. | |
The Company is authorized to issue five billion (5,000,000,000) shares of common stock and add one class of preferred blank check to be issued solely at the discretion of the Board. No shares of capital stock have been designated as preferred stock. | |
During the nine month period end September 30, 2014, the Company issued 50,000 shares of common stock to a previous employee of the company at par value of $0.01 per share in lieu of cash compensation for services rendered and 2,000,000 shares of Company stock to the Chief Executive Officer in lieu of cash compensation for services rendered at par value of $0.01 per share. Both of these issuances were accrued for at year end, prior to any generation of revenue or signed agreements indicating future profitability. As a result when subsequently issued the shares were issued at their par value with no additional compensation expense recorded. During the three month period ended September 30, 2014 a total of 40,000 shares were issued as management incentive compensation at par value of $0.01 per share in lieu of cash compensation for services rendered, the total expense associated with these shares was $60,000 and recorded as an expense on the Statement of Operations, with the difference in the stock price of $1.50 and the par value recorded to additional paid in capital. | |
As of September 30, 2014, there were 125,528,400 shares issued and outstanding. | |
Stock Options and Warrants | |
The Company had no options or warrants issued or outstanding during the three and nine months ended September 30, 3014 and 2013. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 7. SUBSEQUENT EVENTS | |
We have evaluated subsequent events through November 12, 2014. There have been no subsequent events after September 30, 2014, for which disclosure is required. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States ("GAAP") for interim financial information and in accordance 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 GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation have been included. In the opinion of management there have been no changes to the Company's significant accounting policies, referred to in the audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 20, 2014. | |
In the opinion of management, all adjustments consisting of normal recurring adjustments necessary for a fair statement of (a) the result of operations for the nine month period ended September 30, 2014 and 2013; (b) the financial position at September 30, 2013; and (c) cash flows for the nine month period ended September 30, 2014 and 2013, have been made. Management believes that these estimates are reasonable and have been discussed with the Board of Directors; however, actual results could differ from those estimates. | |
Our financial statements may not be comparable to companies that comply with public company effective dates. Due to our election not to opt out of the extended transition period that allows us to delay the adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. All Amounts referenced in these Financial Statements and this Report are in US Dollars ("USD") unless otherwise stated. Operating results for the three and nine months ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents | |
The majority of cash is maintained with a major financial institution in Shanghai, China. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Foreign Currency Translation. | ' |
Foreign Currency Translation. | |
The Company addressed the effect of the exchange rate differences resulting from the translation for currency transferred to the Company for consulting services from an account held by AF Ocean Shanghai in China, by using the current day exchange rate from ¥CNY to $USD conversion. The accumulated exchange rate for the nine month period ended September 30, 2014 was a net loss of ($5,328). The effect of the foreign currency translation is recorded in income in the general and administrative expense line item. | |
Because of fluctuations (including possible devaluations) in currency exchange rates between ¥CNY and $USD or the imposition of limitations on conversion of foreign currencies into $USD, we are subject to currency translation exposure on the profits of our operations. Although the rates have remained relatively stable over the last year, this is not indicative of future changes or the related translation risk. Currently the Company does not hedge against foreign currency or interest rate risk, and as such significant changes in either can have adverse effects on our operations. | |
Income Taxes | ' |
Income Taxes | |
The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Accounting for Income Taxes. The asset and liability method provides that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized. | |
The Company accounts for taxes in accordance with ASC 740-10, "Accounting for Uncertain Income Tax Positions." When tax returns are filed, it is highly certain that some positions taken would be sustained upon examination by the taxing authorities, while others are subject to uncertainty about the merits of the position taken or the amount of the position that would be ultimately sustained. In accordance with ASC 740-10, the benefit of a tax position is recognized in the financial statements in the period during which, based on all available evidence, management believes it is more likely than not that the position will be sustained upon examination, including the resolution of appeals or litigation processes, if any. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for unrecognized tax benefits in the accompanying balance sheets along with any associated interest and penalties that would be payable to the taxing authorities upon examination. | |
The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for unrecognized tax benefits. As of September 30, 2014, tax years 2013, 2012, 2011 and 2010 remain open for IRS audit. The Company has received no notice of audit from the IRS for any of the open tax years. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenue when it is realized or realizable and earned. The Company considers revenue realized or realizable and earned when all of the following criteria are met: (i) persuasive evidence of an arrangement exists, (ii) the product has been shipped or the services have been rendered to the customer, (iii) the sales price is fixed or determinable, and (iv) collectability is reasonably assured. | |
Consulting Revenue recognized to date consists of pre-production research and strategizing, introduction of American talents and potential partners, training and global market consulting, especially regarding distribution and production in the United States. Revenue is not related to final film production or licensing and therefore is not subject to FASB ASC 926 – Films revenue recognition guidance. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
The Company accounts for stock-based instruments issued to employees in accordance with ASC Topic 718. ASC Topic 718 requires companies to recognize in the statement of operations the grant-date fair value of stock options and other equity based compensation issued to employees. The value of the portion of an award that is ultimately expected to vest is recognized as an expense over the requisite service periods using the straight-line attribution method. The Company accounts for non-employee share-based awards in accordance with the measurement and recognition provisions ASC Topic 505-50. The Company estimates the fair value of stock options at the grant date by using the Black-Scholes option-pricing model. | |
Earnings per Share | ' |
Earnings per Share | |
Basic Earnings per Share," per common share is computed by dividing the net earnings (loss) for the period by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share are computed using the weighted average number of common and dilutive common stock equivalent shares outstanding during the period. During the three and nine months ended September 30, 2014 and September 30, 2013 there were no potentially dilutive securities issued and outstanding. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income (Loss) | |
Comprehensive income is defined as all changes in stockholders' equity (deficit), exclusive of transactions with owners, such as Capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. | |
Our comprehensive income (loss) for the three and nine month period ended September 30, 2014 and 2013 was identical to our net income /(loss) for the three and nine month period ended September 30, 2014 and 2013. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company financial statements. |
SUMMARY_OF_SIGNIFICANT_ACCOUNT2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Accumulated foreign currency exchange rate adjustment | ($5,328) |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2014 | Jun. 01, 2014 | Sep. 30, 2014 | Jan. 03, 2014 | |
AF Ocean Investment Management Company (Shanghai Ltd.) | AF Ocean Investment Management Company (Shanghai Ltd.) | Zhong Mei An Di Yin Shi Wen Hua Chuan Mei Ltd., Co. | |||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' |
Term of agreement | ' | ' | ' | '1 year | ' |
Monthly rent on office space | ' | ' | ' | $6,350 | ' |
Due from related parties | ' | ' | ' | ' | 1,000,000 |
Payment | -323,150 | -1,306,480 | ' | -306,480 | ' |
Management fee | ' | ' | ' | 156,048 | ' |
Monthly service contract fee | ' | ' | 24,500 | ' | ' |
Payment for monthly service | ' | ' | ' | 19,050 | ' |
Percentage of deposits, management fee paid | ' | ' | ' | 10.00% | ' |
Repayments of loan from shareholders | ' | 24,616 | ' | ' | ' |
Related Party Receivable | 8,056 | 8,056 | ' | ' | ' |
Share issue to related party | ' | $20,500 | ' | ' | ' |
Number of shares issued to related party | ' | 2,050,000 | ' | ' | ' |
INCOME_TAX_Detail_Textuals
INCOME TAX (Detail Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Net income before income taxes | $211,866 | ($8,588) | $1,041,341 | ($24,089) |
Accrued estimated tax liability | $391,400 | ' | $391,400 | ' |
Effective tax rate | ' | ' | 38.00% | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Detail Textuals) (USD $) | 9 Months Ended |
Sep. 30, 2014 | |
AF Ocean Investment Management Company (Shanghai Ltd.) | ' |
Other Commitments [Line Items] | ' |
Monthly rent on office space | $6,350 |
New York | ' |
Other Commitments [Line Items] | ' |
Monthly rent on office space | $300 |
STOCKHOLDERS_EQUITY_Detail_Tex
STOCKHOLDERS' EQUITY (Detail Textuals) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Previous employee | Chief Executive Officer | Executive [Member] | ||||
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 5,000,000,000 | 5,000,000,000 | 500,000,000 | ' | ' | ' |
Number of shares issued | ' | ' | ' | 50,000 | 2,000,000 | 40,000 |
Shares issued for services (in dollars per share) | ' | ' | ' | $0.01 | $0.01 | $0.01 |
Associated total expense | ' | ' | ' | ' | ' | $60,000 |
Stock price recorded to additional paid in capital (in dollars per share) | ' | ' | ' | ' | ' | $1.50 |
Common stock, shares issued | 125,528,400 | 123,438,400 | ' | ' | ' | ' |
Common stock, shares outstanding | 125,528,400 | 123,438,400 | ' | ' | ' | ' |