Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 14, 2016 | |
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 | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Cash and Cash Equivalents | $ 261,647 | $ 421,522 |
Escrow Funds Held By Related Party | 317,674 | 355,615 |
Prepaid Expenses | 1,198 | 2,917 |
Refundable Income Tax | 13,942 | 13,942 |
Total Current Assets | 594,461 | 793,996 |
Total Assets | 594,461 | 793,996 |
Current liabilities | ||
Accounts Payable | ||
Deferred Revenue | 483,980 | 483,980 |
Management Fee Liabilities | 130,522 | 130,522 |
Shareholder loan | 180,000 | 180,000 |
Total current liabilities | 794,502 | 794,502 |
Total Liabilities | 794,502 | 794,502 |
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, 2016 and December 31, 2015, respectively. | 1,256,284 | 1,256,284 |
Additional paid-in capital | (924,900) | (924,900) |
Accumulated other comprehensive income (loss) | (47,461) | (39,104) |
Accumulated Deficit | (483,964) | (292,786) |
Total stockholders' equity | (200,041) | (506) |
Total liabilities and stockholders' equity | $ 594,461 | $ 793,996 |
BALANCE SHEETS (Parentheticals)
BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue from Operations | ||||
Expenses | ||||
General and Administrative - Related Party | 89,693 | 47,330 | 150,173 | 66,380 |
General and Administrative - Officer Salary | 150,000 | 150,000 | ||
General and Administrative Expenses | 20,810 | 23,679 | 41,258 | 35,005 |
Total Operating Expenses | 110,503 | 221,009 | 191,431 | 251,385 |
Operating (Loss) Income | (110,503) | (221,009) | (191,431) | (251,385) |
Other Income (Expense) | ||||
Interest Income | 2 | 438 | 253 | 3,530 |
Total Other Income (Expense), net | 2 | 438 | 253 | 3,530 |
Net Income (Loss) Before Income Tax | (110,501) | (220,571) | (191,178) | (247,855) |
Provision For / (Benefit From) Income Taxes | (34,274) | (44,451) | ||
Net Income (Loss) | (110,501) | (186,297) | (191,178) | (203,404) |
Foreign Currency Gain (Loss) | 8,637 | (1,338) | (8,357) | (4,253) |
Comprehensive Income (Loss) | $ (101,864) | $ (187,635) | $ (199,535) | $ (207,657) |
Earnings (Loss) per share - Basic and Dilutive: (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding; Basic and Diluted (in shares) | 125,628,400 | 125,628,400 | 125,628,400 | 125,628,400 |
STATEMENTS OF CASH FLOWS (Unaud
STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows From Operating Activities | ||
Net Income (Loss) | $ (191,178) | $ (203,404) |
Changes In Operating Assets and Liabilities: | ||
Funds Held In Escrow By Related Party | 37,941 | 397,177 |
Accounts Payable and Accrued Expenses | 159,429 | |
Accrued Income Tax Liability | (67,503) | |
Prepaid Expenses | 1,719 | (26,385) |
Total Adjustments | 39,660 | 462,718 |
Net Cash (Used In) Provided By Operating Activities | (151,518) | 259,314 |
Cash Flows From Investing Activities | ||
Net Cash (Used In) Provided By Investing Activities | ||
Cash Flows From Financing Activities | ||
(Repayments To) Advances From Related Parties | 180,000 | |
Net Cash (Used In) Provided By Financing Activities | 180,000 | |
Foreign Currency Gain (Loss) | (8,357) | (4,253) |
Net Increase (Decrease) In Cash | (159,875) | 435,061 |
Cash At Beginning Of Year | 421,522 | 167,717 |
Cash At End Of Period | $ 261,647 | 602,778 |
Supplemental Disclosures Of Cash Flow Information: | ||
Income Taxes Paid | $ 23,052 |
NATURE OF BUSINESS
NATURE OF BUSINESS | 6 Months Ended |
Jun. 30, 2016 | |
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 Ellenton, Florida. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 filed with the Securities and Exchange Commission on March 30, 2016. 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, 2016. 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 | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016, total liabilities exceed total assets by $200,041. Total assets decreased from $793,996 at December 31, 2015 to $594,461 at June 30, 2016, and total liabilities increased from $794,502 at December 31, 2015 to $794,502 at June 30, 2016. During the six month period ended June 30, 2016 the Company had revenue of $0 and a net loss of ($191,178), as compared to revenue of $0 and a net loss of ($203,404) for the six month period ended June 30, 2015. 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, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 4. RELATED PARTY TRANSACTIONS We are negotiating new terms to the existing management agreement dated December 23, 2013 when the Company retained AF Ocean Shanghai for the collection and management of all funds received in the People's Republic of China on behalf of the Company. During the six month period ended June 30, 2016, payments totaling $52,745 were made for this management service. As of June 30, 2016, the current balance in AF Ocean Shanghai, account held on behalf of the Company is $317,674. 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 $20,000 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. (collectively, the "Services"). This amount also includes legal reviews of all SEC filings and rent for the Company's office space. The Company has an outstanding management fee liabilities of $130,522 due AF Ocean Investment Management Company. |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2016 | |
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 $(191,178) for the six month period ended June 30, 2016. |
DEFERRED REVENUE
DEFERRED REVENUE | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Revenue Disclosure [Abstract] | |
DEFERRED REVENUE | NOTE 6. DEFERRED REVENUE The Company has received funds in the amount of approximately $480,000 to provide services. As of the six month period ended June 30, 2016 no services have been performed on this contracted amount, but the Company intends to complete the contract in 2017. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 7. 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, 2016 the Company had 125,628,400 shares of common stock issued and outstanding. No shares were issued during the six month period ended June 30, 2016. The Company has no options or warrants issued or outstanding. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8. COMMITMENTS AND CONTINGENCIES Related Party We are negotiating new terms to the existing management agreement dated December 23, 2013 when the Company retained AF Ocean Shanghai for the collection and management of all funds received in the People’s Republic of China on behalf of the Company. As of June 30, 2016, the current balance in the account held on behalf of the Company is $317,674 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 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 | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9. SUBSEQUENT EVENTS Management has evaluated subsequent events through August 12, 2016, 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 ACCOUN15
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015 filed with the Securities and Exchange Commission on March 30, 2016. |
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, 2016. |
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 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. |
SUMMARY OF SIGNIFICANT ACCOUN16
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Accounting Policies [Abstract] | |
Foreign currency translation loss | $ (8,357) |
Description of relative value from CNY To USD | from .1530 on January 1, 2016 to .1505 |
GOING CONCERN (Detail Textuals)
GOING CONCERN (Detail Textuals) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Going Concern [Abstract] | |||||
Working capital | $ 200,041 | $ 200,041 | |||
Total assets | 594,461 | 594,461 | $ 793,996 | ||
Total liabilities | 794,502 | 794,502 | $ 794,502 | ||
Revenue from Operations | |||||
Net gain (loss) | $ (110,501) | $ (186,297) | $ (191,178) | $ (203,404) |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Detail Textuals) - USD ($) | May 01, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | |||
Current balance in AF Ocean Shanghai's account held on behalf of Company | $ 317,674 | $ 355,615 | |
Management Fee Liabilities | 130,522 | $ 130,522 | |
AF Ocean Investment Management Company (Shanghai Ltd.) | Management Service Agreement | |||
Related Party Transaction [Line Items] | |||
Renewal term of agreement | 1 year | ||
Management and accounting related services per month | $ 20,000 | 52,745 | |
Management Fee Liabilities | $ 130,522 |
INCOME TAXES (Detail Textuals)
INCOME TAXES (Detail Textuals) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
United States Federal tax rate | 34.00% | |||
State tax rate | 5.50% | |||
Net loss before income taxes | $ (110,501) | $ (220,571) | $ (191,178) | $ (247,855) |
DEFERRED REVENUE (Detail textua
DEFERRED REVENUE (Detail textuals) | 3 Months Ended |
Jun. 30, 2016USD ($) | |
Deferred Revenue Disclosure [Abstract] | |
Funds received to provide services | $ 480,000 |
STOCKHOLDERS' EQUITY (Detail Te
STOCKHOLDERS' EQUITY (Detail Textuals) - shares | Jun. 30, 2016 | Dec. 31, 2015 |
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 ($) | May 01, 2015 | Jun. 30, 2016 | Dec. 31, 2015 |
Commitments And Contingencies [Line Items] | |||
Current balance in AF Ocean Shanghai's account held on behalf of Company | $ 317,674 | $ 355,615 | |
AF Ocean Investment Management Company (Shanghai Ltd.) | Management Service Agreement | |||
Commitments And Contingencies [Line Items] | |||
Renewal term of agreement | 1 year | ||
Management and accounting related services per month | $ 20,000 | $ 52,745 |