ChinAmerica Andy Movie Entertainment Media (CAME) 10-Q 13 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 10, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	ChinAmerica Andy Movie Entertainment Media Co.
Entity Central Index Key	1,543,605
Trading Symbol	came
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		125,628,400
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 928,378	$ 167,717
Escrow funds held by related party	440,119	837,296
Prepaid expenses	$ 28,169	1,784
Loan to shareholder		325,600
Total current assets	$ 1,396,666	1,332,397
Total Assets	1,396,666	$ 1,332,397
Current liabilities
Accrued payroll liabilities	159,429
Accrued expenses (other)	2,667	$ 2,667
Accrued income tax	271,935	$ 339,438
Shareholder loan	180,000
Total current liabilities	614,031	$ 342,105
Total Liabilities	614,031	342,105
Stockholders' equity
Common Stock, $.01 par value, 5,000,000,000 shares authorized; 125,628,400 and 125,628,400 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively.	1,256,284	1,256,284
Additional paid-in capital	(924,900)	(924,900)
Accumulated other comprehensive income	(20,172)	(15,919)
Retained Earnings	471,423	674,827
Total stockholders' equity	782,635	990,292
Total liabilities and stockholders' equity	$ 1,396,666	$ 1,332,397

BALANCE SHEETS (Parentheticals)

BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
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	125,628,400	125,628,400
Common stock, shares outstanding	125,628,400	125,628,400

STATEMENTS OF OPERATIONS AND CO

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenue		$ 160,830		$ 983,330
Expenses
General and Administrative - Related Party	$ 47,330	$ 22,433	$ 66,380	$ 104,683
General and Administrative - Officer Salary	150,000		150,000
General and Administrative	23,679	$ 28,657	35,005	$ 35,084
Total Operating Expenses	221,009	51,090	251,385	139,767
Operating (Loss) Income	(221,009)	109,740	(251,385)	843,563
Other Income
Interest income	438	738	3,530	967
Total Other Income	438	738	3,530	967
Net Income (Loss) Before Income Taxes	(220,571)	110,478	(247,855)	844,530
Provision For / (Benefit From) Income Taxes	(34,274)	41,309	(44,451)	212,800
Net Income	(186,297)	69,169	(203,404)	631,730
Foreign Currency Gain (Loss)	(1,338)	1,325	(4,253)	(15,054)
Net Comprehensive Income (Loss)	$ (187,635)	$ 70,494	$ (207,657)	$ 616,676
Earnings (Loss) Per Share - Basic and Dilutive (in dollars per share)	$ 0	$ 0	$ 0	$ 0
Weighted Average Shares (in shares)	125,628,400	125,488,400	125,628,400	124,945,306

STATEMENTS OF CASH FLOWS (unaud

STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash Flows From Operating Activities
Net Income (Loss)	$ (203,404)	$ 631,730
Changes In Operating Assets and Liabilities:
Funds Held In Escrow By Related Party	397,177
Accrued payroll	159,429
Accounts Payable and Accrued Expenses		213,575
Accrued Income Tax	(67,503)
Prepaid Expenses	(26,385)	(513)
Total Adjustments	462,718	213,062
Net Cash (Used In) Provided By Operating Activities	259,314	844,792
Cash Flows From Investing Activities
Collection On Shareholder Loan	325,600
Net Cash (Used In) Provided By Investing Activities	325,600
Cash Flows From Financing Activities
(Repayments To) Advances From Related Parties	180,000	(24,616)
Net Cash (Used In) Provided By Financing Activities	180,000	(24,616)
Foreign Currency Gain (Loss)	(4,253)	(15,054)
Net Increase (Decrease) In Cash	760,661	805,122
Cash At Beginning Of Year	167,717	286,383
Cash At End Of Year	928,378	1,091,505
Supplemental Disclosures Of Cash Flow Information:
Income Taxes Paid	$ 23,052	0
Non-Cash Investing and Financing Activities
Issuance Of Common Stock For Converted Debt		$ 20,500

NATURE OF BUSINESS

NATURE OF BUSINESS	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS	NOTE 1. NATURE OF BUSINESS 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. The Company’s headquarters are located in Clearwater, Florida.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Use of Estimates. The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America 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 accounting principles generally accepted in the United States of America 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. For further information regarding the Company's significant accounting policies, refer to the audited financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission on April 1, 2015. Cash and Cash Equivalents. Foreign Currency Translation. Revenue Recognition. Share-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. The Company may issue restricted stock for various business and administrative services. Cost for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached; or (ii) the date at which the counterparty’s performance is complete. There was no share-based compensation paid in the quarter ended June 30, 2015. Income Taxes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessmen t. Earnings per Share. Diluted earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares plus the effect of the dilutive potential common shares outstanding during the period using the treasury stock method.Diluted income per share includes the dilutive effects of stock options, warrants, and stock equivalents. To the extent stock options, stock equivalents and warrants are anti-dilutive; they are excluded from the calculation of diluted income per share. Recent Accounting Pronouncements.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2015
Going Concern [Abstract]
GOING CONCERN	NOTE 3. GOING CONCERN The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As of June 30, 2015, total assets exceeded total liabilities by $782,635. Total assets increased from $1,332,397 at December 31, 2014 to $1,396,666 at June 30, 2015, and total liabilities increased from $342,105 at December 31, 2014 to $614,031 at June 30, 2015. We had consulting revenue of $0 and a net loss of ($186,297) for the three month and ($203,404) for the six month period ended June 30, 2015 as compared to revenue of $983,330 and a net income of $631,730 for the six month period ended June 30, 2014. These factors raise substantial doubt about our ability to continue as a going concern for a reasonable period of time. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE 4. RELATED PARTY TRANSACTIONS On December 23, 2013, the Company and AF Ocean Shanghai entered into a management agreement for the collection and maintenance of all funds received in the People's Republic of China on behalf of the Company. All deposits received in China incur a management fee of ten percent (10%) due to AF Ocean Shanghai. During the six month period ended June 30, 2015, no payments have been received for this management service. As of June 30, 2015, the current balance in AF Ocean Shanghai, account held on behalf of the Company is $440,119. Commencing on May 1, 2015, we renewed the management services agreement with AF Ocean Investment Management Company (“the Service Provider”) for an additional year. We share the same Chief Executive Officer and controlling shareholder as the Service Provider. We pay the Service Provider $20,480 per month for access to and use of office space at a location leased by the Service Provider from a third party, legal services, management and accounting related services including, without limitation, preparing periodic and other reports required to be filed under the Securities Exchange Act of 1934, preparing financial reports, bookkeeping, managing their websites, handling previous employee matters, and related governmental filings, handling advertising matters, and processing payables. Services In February 2015, the loan advanced in December, 2014 was paid back in full in the amount of $325,600 by February, 2015. On April 27, 2015, the $299,000 loan made to a related party on March 13, 2015 was paid back in full. On April 27, 2015, shareholder Andy Fan advanced the Company $180,000.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 5. INCOME TAXES The Company’s tax expense differs from the “expected” tax expense for Federal income tax purposes (computed by applying the United States Federal tax rate of 34% and State tax rate of 5.5% to income before taxes). The tax effects of the temporary differences between reportable financial statement income and taxable income are recognized as deferred tax assets and liabilities. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. We had a net loss before income taxes of ($247,855) for the six month period ended June 30, 2015. We have an estimated tax liability of $271,935 at an effective tax rate of 37.3%. All net operating carry forwards have been utilized. At June 30, 2015 we had an income tax benefit of $92,450 and adjustment to 2014 income tax expense of $47,999. The net tax benefit was ($44,451) Six Month Period Ended June 30, (Unaudited) 2015 2014 Tax Expense (Benefit) At The Statutory Rate $ (92,450 ) $ 212,800 Change In Estimated Income Tax in 2014 47,999 - Total $ 44,451 $ 212,800

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2015
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 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. As of June 30, 2015 the Company had 125,628,400 shares of common stock issued and outstanding. No shares were issued during the three month period ended June 30, 2015. The Company has no options or warrants issued or outstanding.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7. COMMITMENTS AND CONTINGENCIES Related Party On December 23, 2013, the Company entered into a management agreement with AF Ocean Shanghai for the collection and maintenance of all funds received in the People's Republic of China on behalf of the Company. All deposits received in China incur a management fee of ten percent (10%) due and payable to AF Ocean Shanghai. As of June 30, 2015, the current balance in AF Ocean Shanghai’s account held on behalf of the Company is $440,119. On April 27, 2015, the related party loan in the amount of $299,000 was repaid in its entirety. Commencing May 1, 2015, the Company renewed the management services agreement The amounts and terms of the above transaction may not necessarily be indicative of the amounts and terms that would have been incurred had comparable transactions been entered into with independent third parties. Legal Matters From time to time the Company may become a party to litigation matters involving claims against the Company. Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations. Leases and Facility The office space is rented by the Service Provider, and the Company pays a monthly management fee to them for services provided which includes the Company’s rent.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 8. SUBSEQUENT EVENTS Management has evaluated subsequent events through July 31, 2015, the date the financial statements were available to be issued. Management is not aware of any other significant events that occurred subsequent to the balance sheet date that would have a material effect on the financial statements thereby requiring adjustment or disclosure.

SUMMARY OF SIGNIFICANT ACCOUN14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Use of Estimates	Basis of Presentation and Use of Estimates. The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America 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 accounting principles generally accepted in the United States of America 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. For further information regarding the Company's significant accounting policies, refer to the audited financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission on April 1, 2015.
Cash and Cash Equivalents	Cash and Cash Equivalents.
Foreign Currency Translation	Foreign Currency Translation.
Revenue Recognition	Revenue Recognition.
Share-based Compensation	Share-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. The Company may issue restricted stock for various business and administrative services. Cost for these transactions are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. The value of the common stock is measured at the earlier of (i) the date at which a firm commitment for performance by the counterparty to earn the equity instruments is reached; or (ii) the date at which the counterparty’s performance is complete. There was no share-based compensation paid in the quarter ended June 30, 2015.
Income Taxes	Income Taxes. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessmen t.
Earnings per Share	Earnings per Share. Diluted earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares plus the effect of the dilutive potential common shares outstanding during the period using the treasury stock method.Diluted income per share includes the dilutive effects of stock options, warrants, and stock equivalents. To the extent stock options, stock equivalents and warrants are anti-dilutive; they are excluded from the calculation of diluted income per share.
Recent Accounting Pronouncements	Recent Accounting Pronouncements.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of tax expense (benefit) at statutory rate	Six Month Period Ended June 30, (Unaudited) 2015 2014 Tax Expense (Benefit) At The Statutory Rate $ (92,450 ) $ 212,800 Change In Estimated Income Tax in 2014 47,999 - Total $ 44,451 $ 212,800

SUMMARY OF SIGNIFICANT ACCOUN16

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Foreign Currency Translation	$ (1,338)	$ 1,325	$ (4,253)	$ (15,054)
Description of relative value from CNY To USD			from .1628 to .1611 CNY to the USD

GOING CONCERN (Detail Textuals)

GOING CONCERN (Detail Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Going Concern [Abstract]
Working capital surplus	$ 782,635		$ 782,635
Total assets increased	1,396,666		1,396,666		$ 1,332,397
Total liabilities increased	$ 614,031		$ 614,031		$ 342,105
Consulting revenue		$ 160,830		$ 983,330
Net income (loss)	$ (186,297)	$ 69,169	$ (203,404)	$ 631,730

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($)	1 Months Ended				6 Months Ended
	May. 01, 2015	Apr. 27, 2015	Feb. 28, 2015	Dec. 23, 2013	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Related Party Transaction [Line Items]
Current balance in China managed by AF Ocean Shanghai					$ 440,119		$ 837,296
Repayment of loan to shareholder			$ 325,600		180,000	$ (24,616)
Repayment of related party loan		$ 299,000
AF Ocean Investment Management Company (Shanghai Ltd.) | Management Service Agreement
Related Party Transaction [Line Items]
Management fee receivable percentage				10.00%
Term of agreement	1 year
Management and accounting related services per month					$ 20,480
Andy Fan
Related Party Transaction [Line Items]
Advance received		$ 180,000

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Tax Disclosure [Abstract]
Tax Expense (Benefit) At The Statutory Rate			$ (92,450)	$ 212,800
Change In Estimated Income Tax in 2014			47,999
Total	$ (34,274)	$ 41,309	$ (44,451)	$ 212,800

INCOME TAXES (Detail Textuals)

INCOME TAXES (Detail Textuals) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Tax Disclosure [Abstract]
United States Federal tax rate			34.00%
State tax rate			5.50%
Net loss before income tax			$ 247,855
Accrued estimated tax liability	$ 271,935		$ 271,935		$ 339,438
Effective tax rate			37.30%
Income tax benefit			$ (92,450)	$ 212,800
Adjustment to 2014 income tax expense			47,999
Income Tax Expense (Benefit)	$ (34,274)	$ 41,309	$ (44,451)	$ 212,800

STOCKHOLDERS' EQUITY (Detail Te

STOCKHOLDERS' EQUITY (Detail Textuals) - shares	Jun. 30, 2015	Dec. 31, 2014
Equity [Abstract]
Common stock, shares authorized	5,000,000,000	5,000,000,000
Common stock, shares issued	125,628,400	125,628,400
Common stock, shares outstanding	125,628,400	125,628,400

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Detail Textuals) - USD ($)	1 Months Ended			6 Months Ended
	May. 01, 2015	Apr. 27, 2015	Dec. 23, 2013	Jun. 30, 2015	Dec. 31, 2014
Commitments And Contingencies [Line Items]
Current balance in China managed by AF Ocean Shanghai				$ 440,119	$ 837,296
Repayments of Related Party Debt		$ 299,000
AF Ocean Investment Management Company (Shanghai Ltd.) | Management Service Agreement
Commitments And Contingencies [Line Items]
Management fee receivable percentage			10.00%
Term of agreement	1 year
Management and accounting related services per month				$ 20,480