Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 23, 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 | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 125,628,400 | |
Document Type | 10-Q/A | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | ||
Current assets | ||||
Cash and cash equivalents | $ 765,646 | $ 167,717 | [1] | |
Escrow funds held by related party | 429,702 | 837,296 | [1] | |
Prepaid expenses | 11,652 | 1,784 | [1] | |
Loan to shareholder | [1] | 325,600 | ||
Total current assets | 1,207,000 | 1,332,397 | [1] | |
Total Assets | 1,207,000 | 1,332,397 | [1] | |
Current liabilities | ||||
Accrued payroll liabilities | 58,169 | |||
Accrued expenses (other) | [1] | 2,667 | ||
Accrued income tax | 80,072 | 223,524 | [1] | |
Deferred revenue | 483,980 | 483,980 | [1] | |
Shareholder loan | 180,000 | |||
Total current liabilities | 802,221 | 710,171 | [1] | |
Total Liabilities | 802,221 | 710,171 | [1] | |
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 September 30, 2015 and December 31, 2014, respectively. | 1,256,284 | 1,256,284 | [1] | |
Additional paid-in capital | (924,900) | (924,900) | [1] | |
Accumulated other comprehensive income | (30,979) | (15,919) | [1] | |
Retained Earnings | 104,374 | 306,761 | [1] | |
Total stockholders' equity | 404,779 | 622,226 | [1] | |
Total liabilities and stockholders' equity | $ 1,207,000 | $ 1,332,397 | [1] | |
[1] | Restated |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 30, 2015 | [1] | 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 | |
[1] | Restated |
STATEMENTS OF OPERATIONS AND CO
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | [1] | Sep. 30, 2015 | Sep. 30, 2014 | |||
Income Statement [Abstract] | |||||||
Revenue | [1] | $ 822,500 | |||||
Expenses | |||||||
General and Administrative - Related Party | $ 61,440 | $ 51,365 | $ 127,820 | 156,048 | [1] | ||
General and Administrative - Officer Salary | 101,260 | ||||||
General and Administrative | 13,882 | 11,309 | 97,628 | 46,393 | [1] | ||
Total Operating Expenses | 75,322 | 62,674 | 326,708 | 202,441 | [1] | ||
Operating (Loss) Income | (75,322) | (62,674) | (326,708) | 620,059 | [1] | ||
Other Income | |||||||
Interest Income | 390 | 1,664 | 3,921 | 2,631 | [1] | ||
Total Other Income | 390 | 1,664 | 3,921 | 2,631 | [1] | ||
Net Income (Loss) Before Income Taxes | (74,932) | (61,010) | (322,787) | 622,690 | [1] | ||
Provision For / (Benefit From) Income Taxes | (27,950) | (22,757) | (120,400) | 232,263 | [1] | ||
Net Income | (46,982) | (38,253) | (202,387) | 390,427 | [1] | ||
Foreign Currency Translation | 10,807 | 9,726 | (15,060) | (5,328) | [1] | ||
Net Comprehensive Income (Loss) | $ (36,175) | $ (28,527) | $ (217,447) | $ 385,099 | [1] | ||
Earnings (Loss) Per Share - Basic and Dilutive (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | [1] | ||
Weighted Average Shares (in shares) | 125,628,400 | 125,513,617 | 125,628,400 | 125,136,825 | [1] | ||
[1] | Restated |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | |||
Cash Flows From Operating Activities | ||||
Net Income (Loss) | $ (202,387) | $ 390,427 | [1] | |
Changes In Operating Assets and Liabilities: | ||||
Deferred Revenue | [1] | 483,980 | ||
Funds Held In Escrow By Related Party | 407,594 | (1,173,133) | [1] | |
Accrued payroll | 58,169 | |||
Accounts Payable and Accrued Expenses | (2,667) | 7,292 | [1] | |
Accrued Income Tax | (143,452) | 232,263 | [1] | |
Prepaid Expenses | (9,868) | (277) | [1] | |
Total Adjustments | 309,776 | (449,875) | [1] | |
Net Cash (Used In) Provided By Operating Activities | 107,389 | (59,448) | [1] | |
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) | [1] | |
Net Cash (Used In) Provided By Financing Activities | 180,000 | (24,616) | [1] | |
Foreign Currency Gain (Loss) | (15,060) | (5,328) | [1] | |
Net Increase (Decrease) In Cash | 597,929 | (89,392) | [1] | |
Cash At Beginning Of Year | [1] | 167,717 | 286,383 | |
Cash At End Of Period | 765,646 | 196,991 | [1] | |
Supplemental Disclosures Of Cash Flow Information: | ||||
Income Taxes Paid | $ 23,052 | |||
Non-Cash Investing and Financing Activities | ||||
Issuance Of Common Stock For Converted Debt | [1] | $ 20,500 | ||
[1] | Restated |
NATURE OF BUSINESS
NATURE OF BUSINESS | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 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 September30, 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 assessment. Earnings per Share. 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 | 9 Months Ended |
Sep. 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 September 30, 2015, total assets exceeded total liabilities by $404,779. Total assets decreased from $1,332,397 at December 31, 2014 to $1,207,000 at September 30, 2015, and total liabilities increased from $710,171 at December 31, 2014 to $802,221 at September 30, 2015. We had revenue of $0 and a net loss of ($202,387) for the nine month period ended September 30, 2015, as compared to revenue of $ 822,500 and a net income of $390,427 for the nine month period ended September 30, 2014. During the three month period ended September 30, 2015 the Company had revenue of $0 and a net loss of ($46,982), as compared to revenue of $0 and a net loss of ($38,253) for the three month period ended September 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 | 9 Months Ended |
Sep. 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 nine month period ended September 30, 2015, no payments have been received for this management service. As of September 30, 2015, the current balance in AF Ocean Shanghai, account held on behalf of the Company is $429,702. Commencing on May 1, 2015, the Company renewed the management services agreement with AF Ocean Investment Management Company (“the Service Provider”) for an additional year. The Company shares 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. 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 | 9 Months Ended |
Sep. 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 ($322,787) for the nine month period ended September 30, 2015. We have an estimated tax benefit of $120,400 at an effective tax rate of 37.3%. All net operating carry forwards have been utilized. During the six month period ended June 30, 2015 there was an adjustment to 2014 income tax expense of $47,999 recorded. This was removed in the nine month period ended September 30, 2015 due to the change in net income from $649,941 to 390,427 for the nine month period ended September 30, 2014. The change in net loss was directly related to the modification to the contract dated January 3, 2014 between the Company and Zhong Mei An Di Yin Shi Wen Hua Chuan Mei Ltd., Co that happened on August 17, 2015. Nine Month Period Ended September 30, (Unaudited) 2015 2014 (Restated) Tax Expense (Benefit) At The Statutory Rate $ (120,400 ) $ 232,263 Total $ ( ) $ 232,263 |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended |
Sep. 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 September 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 September 30, 2015. The Company has no options or warrants issued or outstanding. |
CORRECTION AND RESTATEMENT OF Q
CORRECTION AND RESTATEMENT OF QUARTER ENDING SEPTEMBER 2014 FINANCIALS | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
CORRECTION AND RESTATEMENT OF QUARTER ENDING SEPTEMBER 2014 FINANCIALS | NOTE 7. CORRECTION AND RESTATEMENT OF QUARTER ENDING SEPTEMBER 2014 FINANCIALS The Company’s consulting revenue for the nine month period ended September 30, 2014 decreased from $1,306,480 to $822,500, due to the consulting contract between the Company and Zhong Mei An Di Yin Shi Wen Hua Chuan Mei Ltd., Co dated January 3, 2014 being amended on August 17, 2015. The remaining $483,980 of the 1,306,480 will be held as an advance deposit for consulting work in 2016. The following tables break down the net effect of this change to the financials. Statement of Operations and Comprehensive Income Restated Financials Nine Month Period Ended September 30, 2014 Restated As Originally Filed Restated Net Effect Consulting revenue $ 1,306,480 $ 822,500 $ (483,980 ) General and administrative expense 111,721 46,393 (65,328 ) Total operating expenses 267,769 202,441 (65,328 ) profit (loss) from operations 1,038,711 620,059 (418,652 ) Other income 2,630 2,631 1 Profit (loss) income before tax 1,041,341 622,690 (418,651 ) Income tax expense (391,400 ) 232,263 159,137 Net income (loss) $ 649,941 $ 390,427 $ (259,514 ) Statement of Operations and Comprehensive Income Restated Financials Three Month Period Ended September 30, 2014 Restated As Originally Filed Restated Net Effect Consulting revenue $ 323,150 $ - $ 323,150 General and administrative expense 61,583 11,309 (50,274 ) Total operating expenses 112,948 62,674 (50,274 ) profit (loss) from operations 210,202 (62,674 ) (272,876 ) Profit (loss) income before tax 211,866 (61,010 ) (150,856 ) Income tax expense 178,600 (22,757 ) (155,843 ) Net income (loss) $ 33,266 $ (38,253 ) $ (71,519 ) Balance Sheet Restatement December 31, 2014 Restated As Originally Filed Restated Net Effect Accrued Income Tax $ 339,438 $ 223,524 $ (115,914 ) Total Current Liabilities 342,105 710,171 368,066 Total Liabilities 342,105 710,171 368,066 Retained Earnings 674,827 306,761 (368,066 ) Total Stockholder’s Equity 990,292 622,226 (368,066 ) |
RECLASSIFICATION
RECLASSIFICATION | 9 Months Ended |
Sep. 30, 2015 | |
Reclassification [Abstract] | |
RECLASSIFICATION | NOTE 8. RECLASSIFICATION Certain items have been reclassified during the nine month period ended September 30, 2014 for presentation purposes. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 9. 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 September 30, 2015, the current balance in AF Ocean Shanghai’s account held on behalf of the Company is $429,702. 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 with the Service Provider to provide management services to the Company for an additional year. The Company pays the Service Provider $20,480 per month. 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 from 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 | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10. SUBSEQUENT EVENTS Management has evaluated subsequent events through November 18, 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 ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 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 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 September30, 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 assessment. |
Earnings per Share | Earnings per Share. 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) | 9 Months Ended |
Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of tax expense (benefit) at statutory rate | Nine Month Period Ended September 30, (Unaudited) 2015 2014 (Restated) Tax Expense (Benefit) At The Statutory Rate $ (120,400 ) $ 232,263 Total $ ( ) $ 232,263 |
CORRECTION AND RESTATEMENT OF18
CORRECTION AND RESTATEMENT OF QUARTER ENDING SEPTEMBER 2014 FINANCIALS (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of break down the net effect of change to financials | Statement of Operations and Comprehensive Income Restated Financials Nine Month Period Ended September 30, 2014 Restated As Originally Filed Restated Net Effect Consulting revenue $ 1,306,480 $ 822,500 $ (483,980 ) General and administrative expense 111,721 46,393 (65,328 ) Total operating expenses 267,769 202,441 (65,328 ) profit (loss) from operations 1,038,711 620,059 (418,652 ) Other income 2,630 2,631 1 Profit (loss) income before tax 1,041,341 622,690 (418,651 ) Income tax expense (391,400 ) 232,263 159,137 Net income (loss) $ 649,941 $ 390,427 $ (259,514 ) Statement of Operations and Comprehensive Income Restated Financials Three Month Period Ended September 30, 2014 Restated As Originally Filed Restated Net Effect Consulting revenue $ 323,150 $ - $ 323,150 General and administrative expense 61,583 11,309 (50,274 ) Total operating expenses 112,948 62,674 (50,274 ) profit (loss) from operations 210,202 (62,674 ) (272,876 ) Profit (loss) income before tax 211,866 (61,010 ) (150,856 ) Income tax expense 178,600 (22,757 ) (155,843 ) Net income (loss) $ 33,266 $ (38,253 ) $ (71,519 ) Balance Sheet Restatement December 31, 2014 Restated As Originally Filed Restated Net Effect Accrued Income Tax $ 339,438 $ 223,524 $ (115,914 ) Total Current Liabilities 342,105 710,171 368,066 Total Liabilities 342,105 710,171 368,066 Retained Earnings 674,827 306,761 (368,066 ) Total Stockholder’s Equity 990,292 622,226 (368,066 ) |
SUMMARY OF SIGNIFICANT ACCOUN19
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | [1] | Sep. 30, 2015 | Sep. 30, 2014 | [1] | |
Accounting Policies [Abstract] | ||||||
Foreign currency translation loss | $ (10,807) | $ (9,726) | $ 15,060 | $ 5,328 | ||
Description of relative value from CNY To USD | from .1612 on July 1, 2015 to .1573 | |||||
[1] | Restated |
GOING CONCERN (Detail Textuals)
GOING CONCERN (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | [1] | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | [1] | |||
Going Concern [Abstract] | |||||||||
Working capital surplus | $ 404,779 | $ 404,779 | |||||||
Total assets | 1,207,000 | 1,207,000 | $ 1,332,397 | ||||||
Total liabilities | 802,221 | 802,221 | $ 710,171 | ||||||
Revenue | [1] | $ 822,500 | |||||||
Net gain (loss) | $ (46,982) | $ (38,253) | $ (202,387) | $ 390,427 | [1] | ||||
[1] | Restated |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) | 1 Months Ended | 9 Months Ended | ||||||
Apr. 27, 2015 | Feb. 28, 2015 | Dec. 23, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | [1] | Dec. 31, 2014 | [1] | |
Related Party Transaction [Line Items] | ||||||||
Current balance in AF Ocean Shanghai's account held on behalf of Company | $ 429,702 | $ 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% | |||||||
Management and accounting related services per month | $ 20,480 | |||||||
Andy Fan | ||||||||
Related Party Transaction [Line Items] | ||||||||
Advance received | $ 180,000 | |||||||
[1] | Restated |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2015 | Sep. 30, 2014 | [1] | Sep. 30, 2015 | Sep. 30, 2014 | [1] | |
Income Tax Disclosure [Abstract] | ||||||
Tax Expense (Benefit) At The Statutory Rate | $ (120,400) | $ 232,263 | ||||
Total | $ (27,950) | $ (22,757) | $ (120,400) | $ 232,263 | ||
[1] | Restated |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||||
Income Tax [Line Items] | |||||||||
United States Federal tax rate | 34.00% | ||||||||
State tax rate | 5.50% | ||||||||
Net loss before income taxes | $ (74,932) | $ (61,010) | [1] | $ (322,787) | $ 622,690 | [1] | |||
Estimated tax liability | 80,072 | $ 80,072 | $ 223,524 | [1] | |||||
Effective tax rate | 37.30% | ||||||||
Adjustment to 2014 income tax expense | $ 47,999 | ||||||||
Net Income (Loss) | $ (46,982) | (38,253) | [1] | $ (202,387) | 390,427 | [1] | |||
Previously reported | |||||||||
Income Tax [Line Items] | |||||||||
Net loss before income taxes | 211,866 | 1,041,341 | |||||||
Estimated tax liability | $ 339,438 | ||||||||
Net Income (Loss) | $ 33,266 | $ 649,941 | |||||||
[1] | Restated |
STOCKHOLDERS' EQUITY (Detail Te
STOCKHOLDERS' EQUITY (Detail Textuals) - shares | Sep. 30, 2015 | [1] | 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 | |
[1] | Restated |
CORRECTION AND RESTATEMENT OF25
CORRECTION AND RESTATEMENT OF QUARTER ENDING SEPTEMBER 2014 FINANCIALS (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||
Consulting revenue | [1] | $ 822,500 | |||||
General and administrative expense | $ 13,882 | $ 11,309 | [1] | $ 97,628 | 46,393 | [1] | |
Total operating expenses | 75,322 | 62,674 | [1] | 326,708 | 202,441 | [1] | |
Profit (loss) from operations | (75,322) | (62,674) | [1] | (326,708) | 620,059 | [1] | |
Other income | 390 | 1,664 | [1] | 3,921 | 2,631 | [1] | |
Profit (loss) income before tax | (74,932) | (61,010) | [1] | (322,787) | 622,690 | [1] | |
Income tax expense | (27,950) | (22,757) | [1] | (120,400) | 232,263 | [1] | |
Net gain (loss) | $ (46,982) | (38,253) | [1] | $ (202,387) | 390,427 | [1] | |
As Originally Filed | |||||||
Consulting revenue | 323,150 | 1,306,480 | |||||
General and administrative expense | 61,583 | 111,721 | |||||
Total operating expenses | 112,948 | 267,769 | |||||
Profit (loss) from operations | 210,202 | 1,038,711 | |||||
Other income | 2,630 | ||||||
Profit (loss) income before tax | 211,866 | 1,041,341 | |||||
Income tax expense | 178,600 | (391,400) | |||||
Net gain (loss) | 33,266 | 649,941 | |||||
Net Effect | |||||||
Consulting revenue | 323,150 | (483,980) | |||||
General and administrative expense | (50,274) | (65,328) | |||||
Total operating expenses | (50,274) | (65,328) | |||||
Profit (loss) from operations | (272,876) | (418,652) | |||||
Other income | 1 | ||||||
Profit (loss) income before tax | (150,856) | (418,651) | |||||
Income tax expense | (155,843) | 159,137 | |||||
Net gain (loss) | $ (71,519) | $ (259,514) | |||||
[1] | Restated |
CORRECTION AND RESTATEMENT OF26
CORRECTION AND RESTATEMENT OF QUARTER ENDING SEPTEMBER 2014 FINANCIALS (Details 1) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 | |
Accrued income tax | $ 80,072 | $ 223,524 | [1] |
Total Liabilities | 802,221 | 710,171 | [1] |
Total current liabilities | 802,221 | 710,171 | [1] |
Retained Earnings | 104,374 | 306,761 | [1] |
Total current liabilities | $ 404,779 | 622,226 | [1] |
As Originally Filed | |||
Accrued income tax | 339,438 | ||
Total Liabilities | 342,105 | ||
Total current liabilities | 342,105 | ||
Retained Earnings | 674,827 | ||
Total current liabilities | 990,292 | ||
Net Effect | |||
Accrued income tax | (115,914) | ||
Total Liabilities | 368,066 | ||
Total current liabilities | 368,066 | ||
Retained Earnings | (368,066) | ||
Total current liabilities | $ (368,066) | ||
[1] | Restated |
CORRECTION AND RESTATEMENT OF27
CORRECTION AND RESTATEMENT OF QUARTER ENDING SEPTEMBER 2014 FINANCIALS (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | [1] | ||
Consulting revenue | [1] | $ 822,500 | ||||
Advance deposit | $ 483,980 | $ 483,980 | ||||
Previously reported | ||||||
Consulting revenue | $ 323,150 | $ 1,306,480 | ||||
[1] | Restated |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Detail Textuals) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Apr. 27, 2015 | Dec. 23, 2013 | Sep. 30, 2015 | Dec. 31, 2014 | [1] | |
Commitments And Contingencies [Line Items] | |||||
Current balance in AF Ocean Shanghai's account held on behalf of Company | $ 429,702 | $ 837,296 | |||
Repayment of related party loan | $ 299,000 | ||||
AF Ocean Investment Management Company (Shanghai Ltd.) | Management Service Agreement | |||||
Commitments And Contingencies [Line Items] | |||||
Management fee receivable percentage | 10.00% | ||||
Management and accounting related services per month | $ 20,480 | ||||
[1] | Restated |