American Heritage International (AHII) 10-Q 14 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 14, 2014
Document And Entity Information	'	'
Entity Registrant Name	'American Heritage International Inc.	'
Entity Central Index Key	'0001545236	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Is Entity a Well-known Seasoned Issuer?	'No	'
Is Entity a Voluntary Filer?	'No	'
Is Entity's Reporting Status Current?	'Yes	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	99,866,250
Document Fiscal Period Focus	'Q2	'
Document Fiscal Year Focus	'2014	'

Condensed_Balance_Sheets_Unaud

Condensed Balance Sheets (Unaudited) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current Assets	'	'
Cash	$95,039	$15,746
Accounts receivable	29,901	'
Inventory	72,531	33,220
Deposits	18,520	'
Prepaid expenses	22,500	'
Total Current Assets	238,491	48,966
Other Assets	'	'
Intangible assets, net of accumulated amortization of $7,625 and $2,542, respectively (Note 4)	22,875	27,959
Total Other Assets	22,875	27,959
Total Assets	261,366	76,925
Current Liabilities	'	'
Accounts payable	33,752	19,307
Accounts payable - related party (Note 5)	90,000	30,000
Related party loans (Note 5)	14,623	73,964
Total Current Liabilities	138,375	123,271
STOCKHOLDERS EQUITY (DEFICIT)	'	'
Preferred Stock, $0.001 par value, 20,000,000 shares authorized, 15,300 shares issued and outstanding (Note 7)	15	15
Common Stock, $0.001 par value, 500,000,000 shares authorized, 99,866,250 and 99,000,000 shares issued and outstanding, respectively (Note 6)	99,866	99,000
Additional Paid-in Capital	665,817	166,433
Deficit	-642,708	-311,794
Total Stockholders Equity (Deficit)	122,990	-46,346
Total Liabilities and Stockholders Equity (Deficit)	$261,366	$76,925

Condensed_Balance_Sheets_Unaud1

Condensed Balance Sheets (Unaudited) (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Net of Accumulated Amortization	$7,625	$2,542
Preferred Stock, par value	$0.00	$0.00
Preferred Stock, share authorized	20,000,000	20,000,000
Preferred Stock, issued	15,300	15,300
Common Stock, par value	$0.00	$0.00
Common Stock, shares authorized	500,000,000	500,000,000
Common Stock, issued	99,866,250	99,000,000

Statements_of_Operations_Unaud

Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Statement [Abstract]	'	'	'	'
Sales	$51,525	'	$90,086	'
Cost of Sales	38,000	'	56,532	'
Gross Profit	13,525	'	33,554	'
Operating Expenses	'	'	'	'
Advertising, promotions and marketing	6,352	'	35,715	'
Amortization	2,542	'	5,084	'
Consulting	41,728	'	71,728	'
Consulting - related party	30,000	'	60,000	'
Investor and public relations	8,166	'	45,090	'
Office	12,676	'	17,737	'
Professional fees	23,292	'	49,123	'
Regulatory fees	3,240	'	13,683	'
Travel and entertainment	6,518	'	16,308	'
Total Operating Expenses	134,514	'	314,467	'
Loss before Other Income (Expenses)	-120,989	'	-280,913	'
Other Income (Expenses)	'	'	'	'
Settlement on legal claim	'	'	-50,000	'
Total Other Income (Expenses)	'	'	-50,000	'
Loss before Discontinued Operations	-120,989	'	-330,913	'
Discontinued Operations	'	-21,677	'	-45,373
Net Loss	($120,989)	($21,677)	($330,913)	($45,373)
Net Loss Per Share - Basic and Diluted	$0	$0	$0	$0
Weighted Average Shares Outstanding - Basic and Diluted	99,866,250	145,500,000	99,866,250	145,500,000

Statements_of_Cash_Flows_Unaud

Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating Activities	'	'
Net loss	($330,913)	($45,373)
Less non-cash items:	'	'
Discontinued operations - depreciation	'	285
Amortization	5,084	'
Changes in operating assets and liabilities:	'	'
(increase) in accounts receivable	-29,901	'
(Increase) in security deposit	-18,520	'
(Increase) in inventory	-39,311	'
(Increase) in prepaid expenses	-22,500	'
Increase in accounts payable	14,445	1,318
Increase in accounts payable - related party	60,000	24,000
Net Cash Used in Operating Activities	-361,616	-19,770
Investing Activities	'	'
Acquisition of intangible assets	'	'
Net Cash Used in Investing Activities	'	'
Financing Activities	'	'
Proceeds from short-term debt	'	'
Proceeds from long-term debt	'	'
Proceeds from short-term debt - related party	6,069	'
Repayment of short-term debt - related party	-65,410	'
Proceeds from sale of common stock	500,250	'
Proceeds from contributed capital	'	17,900
Net Cash Provided by Financing Activities	440,909	17,900
Increase (Decrease) in Cash	79,293	-1,870
Cash - Beginning of Period	15,746	2,101
Cash - End of Period	95,039	231
Non-cash Financing and Investing Activities:	'	'
Contributed capital	'	17,900
Capital contributions - forgiveness of debt	'	'
Acquisition of equipment for note payable	'	'
Short-term loan settled with common shares	'	'
Acquisition of intangibles for preferred shares	'	'
Supplemental Disclosures:	'	'
Interest paid	'	'
Income taxes paid	'	'

Nature_of_Business

Nature of Business	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Business	'
	American Heritage International Inc. manufactures and distributes disposable electronic cigarettes. We offer our products through retail stores, distributors, independent retailers, and grocery and convenience store operators, as well as online in the United States. Our primary operations are based in Las Vegas, Nevada. We intend to take advantage of the rapid growth of the electronic cigarette industry and become one of the market leaders.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Summary of Significant Accounting Policies	'
	Unaudited Interim Financial Information
	These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended June 30, 2014 are not necessarily indicative of the results that can be expected for the full year.
	Use of Estimates
	The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. We regularly evaluate estimates and assumptions related to the useful life and recoverability of long-lived assets and deferred income tax asset valuation allowances. We base our estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by us may differ materially and adversely from our estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
	Long-Lived Assets
	We account for our long-lived assets in accordance with ASC Topic 360-10-05, "Accounting for the Impairment or Disposal of Long-Lived Assets." ASC Topic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. We assess recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the assets carrying value and fair value or disposable value.
	Intangible Assets
	Intangible assets are comprised primarily of the cost of certain intellectual property related to the electronic cigarette business including certain trademarks, product design and website. We evaluate our trademarks annually for impairment or earlier if there is an indication of impairment. If there is an indication of impairment of identified intangible assets not subject to amortization, we compare the estimated fair value with the carrying amount of the asset. An impairment loss is recognized to write-down the intangible asset to its fair value if it is less than the carrying amount. The fair value is calculated using the income approach. However, preparation of estimated expected future cash flows is inherently subjective and is based on our best estimate of assumptions concerning expected future conditions. As of June 30, 2014, the estimated fair values of trademarks and other intangible assets exceeded their respective carrying values. We amortize intangible assets on a straight-line basis over a period of three years.
	Revenue Recognition
	Revenue is recognized in accordance with Staff Accounting Bulletin ("SAB") No. 101, Revenue Recognition in Financial Statements, as revised by SAB No. 104. Revenue is derived from product sales and is recognized upon shipment to the customer, the sales price is fixed or determinable and collectability is reasonably assured. Ownership and title of our products pass to customers upon delivery of the products to customers. Returns are accepted, but are not significant to our overall operations. Net sales have been determined after deduction of discounts, slotting fees and other promotional allowances in accordance with ASC 605-50.
	Recent Pronouncements
	We continually assess any new accounting pronouncements to determine their applicability to us. Where it is determined that a new accounting pronouncement affects our financial reporting, we undertake a study to determine the consequence of the change to our financial statements and assure that there are proper controls in place to ascertain that our financial statements properly reflect the change.
	On June 10, 2014, the FASB published Accounting Standards Update No. 2014-10 "ASU No. 2014-10", Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. ASU No. 2014-10 removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. ASU No. 2014-10 will be applied retrospectively and will be effective for public business entities in interim and annual periods beginning after December 15, 2014. The requirements will be effective for non-public business entities for annual periods beginning after December 15, 2014, and interim and annual periods thereafter. However, both public and non-public entities will have additional time to adopt the amendments to ASC 810. Early adoption is permitted in all cases. We have applied ASU No. 2014-10 retrospectively by eliminating the inception to date column in our statements of operations and cash flows.

Going_Concern

Going Concern	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
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. We have begun operations but have not generated significant revenue to date. These conditions give rise to doubt about our ability to continue as a going concern. These financial statements do not include adjustments relating to the recoverability and classification of reported asset amounts or the amount and classification of liabilities that might be necessary should we be unable to continue as a going concern. Our continuation as a going concern is dependent upon our ability to obtain additional financing and to generate profits and positive cash flow. We will require a cash injection of $1,000,000 over the remainder of 2014 to achieve our business goals for fiscal 2014. We need these funds to purchase inventory and support accounts receivable and sustain planned operating losses.

Intangible_Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Intangible Assets	'
	On August 28, 2013, we entered into an Asset Purchase Agreement (the "Purchase Agreement") with American Heritage LLC and its principals. Under the Purchase Agreement, we acquired certain intellectual property related to the electronic cigarette business in exchange for 15,300 shares of our Series A Convertible
	Preferred Stock valued at $25,000. In addition, we capitalized an additional $5,500 related to our website development and package design. As of June 30, our intellectual property totaled $22,875, which is net of accumulated amortization of $7,625.

Related_Party_Debt_and_Transac

Related Party Debt and Transactions	6 Months Ended
	Jun. 30, 2014
Related Party Transactions [Abstract]	'
Related Party Debt and Transactions	'
	We were charged management fees by our former officer/director of $5,000 per month on a month-to-month basis. Total management fees are $nil and $30,000 for the six months ended June 30, 2014 and 2013, respectively.
	During the year ended December 31, 2013 our current officers/directors loaned us $61,964. During the three months ended June 30, 2014 we received further loans of $2,259 and we repaid $910 of loans outstanding. As at June 30, 2014 we owe our officers/directors a total of $14,623. These loans are unsecured, non-interest bearing and due on demand.
	Pursuant to two Executive Services Agreements effective October 1, 2013 with our current officers/directors we have accrued management fees of $5,000 per month for each of our two senior officers. As at June 30, 2014 we owe these senior officers a total of $90,000.

Common_Stock

Common Stock	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Common Stock	'
		a)	On January 31, 2014 we closed our $0.25 Unit non-brokered private placement and on March 20, 2014 we issued a total of 443,000 Units at $0.25 per Unit for total proceeds of $110,750. Each Unit contained one common share and one common share purchase warrant to acquire one additional common share at $0.40 per share expiring March 20, 2016.
		b)	On February 1, 2014 we opened a non-brokered private placement offering of 2,000,000 Units at $1.00 per Unit. On March 20, 2014, having received $403,250 towards this offering, we issued a total of 403,250 Units at $1.00 per Unit. Each Unit contained one common share and one common share purchase warrant to acquire one additional common share at $1.50 per share expiring March 20, 2016. This offering closed on March 31, 2014.
		c)	On March 20, 2014 we issued 20,000 common shares having a fair value of $30,000 pursuant to an Advisory Board Agreement. This amount is included in prepaid expense. This advisory board member is due advisory fees of $5,000 per month to be paid through issuance of common shares. As at June 30, 2014 a total of $15,000 was owed to an advisory board member to be paid by issuing 51,886 common shares. These shares have not yet been issued.

Subsequent_Events

Subsequent Events	6 Months Ended
	Jun. 30, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	We have evaluated all subsequent events through the date these financial statements were issued and determined that there are no subsequent events to record and the following subsequent events to disclose.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Unaudited Interim Financial Information	'
	Unaudited Interim Financial Information
	These financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and the SEC instructions to Form 10-Q. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. Operating results for the interim period ended June 30, 2014 are not necessarily indicative of the results that can be expected for the full year.
Use of Estimates	'
	Use of Estimates
	The preparation of financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. We regularly evaluate estimates and assumptions related to the useful life and recoverability of long-lived assets and deferred income tax asset valuation allowances. We base our estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by us may differ materially and adversely from our estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Long-Lived Assets	'
	Long-Lived Assets
	We account for our long-lived assets in accordance with ASC Topic 360-10-05, "Accounting for the Impairment or Disposal of Long-Lived Assets." ASC Topic 360-10-05 requires that long-lived assets be reviewed for impairment whenever events or changes in circumstances indicate that the historical cost carrying value of an asset may no longer be appropriate. We assess recoverability of the carrying value of an asset by estimating the future net cash flows expected to result from the asset, including eventual disposition. If the future net cash flows are less than the carrying value of the asset, an impairment loss is recorded equal to the difference between the assets carrying value and fair value or disposable value.
Intangible Assets	'
	Intangible Assets
	Intangible assets are comprised primarily of the cost of certain intellectual property related to the electronic cigarette business including certain trademarks, product design and website. We evaluate our trademarks annually for impairment or earlier if there is an indication of impairment. If there is an indication of impairment of identified intangible assets not subject to amortization, we compare the estimated fair value with the carrying amount of the asset. An impairment loss is recognized to write-down the intangible asset to its fair value if it is less than the carrying amount. The fair value is calculated using the income approach. However, preparation of estimated expected future cash flows is inherently subjective and is based on our best estimate of assumptions concerning expected future conditions. As of June 30, 2014, the estimated fair values of trademarks and other intangible assets exceeded their respective carrying values. We amortize intangible assets on a straight-line basis over a period of three years.
Revenue Recognition	'
	Revenue Recognition
	Revenue is recognized in accordance with Staff Accounting Bulletin ("SAB") No. 101, Revenue Recognition in Financial Statements, as revised by SAB No. 104. Revenue is derived from product sales and is recognized upon shipment to the customer, the sales price is fixed or determinable and collectability is reasonably assured. Ownership and title of our products pass to customers upon delivery of the products to customers. Returns are accepted, but are not significant to our overall operations. Net sales have been determined after deduction of discounts, slotting fees and other promotional allowances in accordance with ASC 605-50.
Recent Pronouncements	'
	Recent Pronouncements
	We continually assess any new accounting pronouncements to determine their applicability to us. Where it is determined that a new accounting pronouncement affects our financial reporting, we undertake a study to determine the consequence of the change to our financial statements and assure that there are proper controls in place to ascertain that our financial statements properly reflect the change.
	On June 10, 2014, the FASB published Accounting Standards Update No. 2014-10 "ASU No. 2014-10", Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. ASU No. 2014-10 removes the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of income, cash flows, and shareholder equity, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments also clarify that the guidance in Topic 275, Risks and Uncertainties, is applicable to entities that have not commenced planned principal operations. ASU No. 2014-10 will be applied retrospectively and will be effective for public business entities in interim and annual periods beginning after December 15, 2014. The requirements will be effective for non-public business entities for annual periods beginning after December 15, 2014, and interim and annual periods thereafter. However, both public and non-public entities will have additional time to adopt the amendments to ASC 810. Early adoption is permitted in all cases. We have applied ASU No. 2014-10 retrospectively by eliminating the inception to date column in our statements of operations and cash flows.

Going_Concern_Details_Narrativ

Going Concern (Details Narrative) (USD $)	6 Months Ended
	Jun. 30, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Cash injection	$1,000,000

Intangible_Assets_Details_Narr

Intangible Assets (Details Narrative) (USD $)	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013
Agreement date	28-Aug-13	'
Convertible Preferred Stock, issued series "A"	15,300	15,300
Shares issued	$15	$15
Capitalization of website development and package design	5,500	'
Intellectual property, value	22,875	27,959
Accumulated amortization	7,625	2,542
Intellectual Property [Member]	'	'
Intellectual property, value	22,875	'
Series A Preferred Stock [Member]	'	'
Convertible Preferred Stock, issued series "A"	15,300	'
Shares issued	$25,000	'

Related_Party_Debt_and_Transac1

Related Party Debt and Transactions (Details Narrative) (USD $)	6 Months Ended			3 Months Ended	12 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013	Jun. 30, 2014	Dec. 31, 2013
				Loan From Officer	Loan From Officer
Management fees, monthly	$5,000	'	'	'	'
Management fees, total	'	30,000	'	'	'
Loan amount	'	'	'	'	61,964
Proceeds from short-term debt	6,069	'	'	2,259	'
Repayment of short-term debt	-65,410	'	'	910	'
Related party loan	14,623	'	73,964	'	'
Accumulated fees	5,000	'	'	'	'
Accounts payable	$90,000	'	$30,000	'	'

Common_Stock_Details_Narrative

Common Stock (Details Narrative) (USD $)	3 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014
	Private Placement	Private Placement 1	Advisory Board Agreement	Advisory Board Agreement
Offering date	'	'2014-02-01	'2014-03-20	'
Offering, shares	'	2,000,000	'	'
Offering, per share	$0.25	$1	'	'
Shares issued, shares	443,000	403,250	20,000	'
Shares Outstanding, shares	'	'	'	51,886
Shares issued, par value	$0.25	$1	'	'
Total proceeds	$110,750	'	'	'
Proceeds recieved	'	403,250	'	'
Common shares, per unit	1	1	'	'
Common shares to purchase warrant, per unit	1	1	'	'
Purchase price to acquire additional common share	$0.40	$1.50	'	'
Closing date of Offer	'2014-01-31	'2014-03-31	'	'
Shares issued, fair value	'	'	$30,000	$15,000