Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 12, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | AXIOM HOLDINGS, INC. | |
Entity Central Index Key | 1,584,584 | |
Trading Symbol | aiom | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 340,000,000 | |
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 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Current Assets | ||
Prepaid expenses | $ 10,000 | $ 5,000 |
Total Current Assets | 10,000 | 5,000 |
TOTAL ASSETS | 10,000 | 5,000 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 11,705 | 14,960 |
Due to related party | 66,560 | 39,443 |
Total Current Liabilities | 78,265 | 54,403 |
TOTAL LIABILITIES | 78,265 | 54,403 |
Stockholders' Deficit | ||
Preferred stock: 50,000,000 authorized; $0.001 par value no shares issued and outstanding | ||
Common stock: 3,000,000,000 authorized; $0.001 par value 340,000,000 shares issued and outstanding, respectively | 340,000 | 340,000 |
Capital deficiency | (230,000) | (230,000) |
Accumulated deficit | (178,265) | (159,403) |
Total Stockholders' Deficit | (68,265) | (49,403) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 10,000 | $ 5,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 3,000,000,000 | 3,000,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued | 340,000,000 | 340,000,000 |
Common Stock, shares outstanding | 340,000,000 | 340,000,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating Expenses | ||||
Selling, general and administrative | 2,500 | 3,301 | 5,000 | 3,544 |
Professional fees | 5,785 | 6,621 | 13,862 | 14,038 |
Total operating expenses | 8,285 | 9,922 | 18,862 | 17,582 |
Loss Before Provision for Income Taxes | (8,285) | (9,922) | (18,862) | (17,582) |
Provision for income taxes | ||||
Loss from Continued Operations | (8,285) | (9,922) | (18,862) | (17,582) |
Loss from Discontinued Operations | (2,214) | (1,043) | ||
Net Loss | $ (8,285) | $ (12,136) | $ (18,862) | $ (18,625) |
Net loss per common share: basic and diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of common shares outstanding (in shares) | 340,000,000 | 340,000,000 | 340,000,000 | 340,000,000 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (18,862) | $ (18,625) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Expenses paid by a related party | 27,117 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (5,000) | (10,000) |
Accounts payable | (3,255) | 20,044 |
Net Cash Used in Continuing Operating Activities | (8,581) | |
Net Cash Provided by Discontinued Operating Activities | 1,630 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Net Cash Used in Investing Activities | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net Cash Provided By Financing Activities | ||
Net decrease in cash and cash equivalents | (6,951) | |
Cash and cash equivalents, beginning of period | 9,831 | |
Cash and cash equivalents, end of period | 2,880 | |
Supplemental cash flow information | ||
Cash paid for interest | ||
Cash paid for taxes |
ORGANIZATION AND DESCRIPTION OF
ORGANIZATION AND DESCRIPTION OF BUSINESS | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND DESCRIPTION OF BUSINESS | NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS Axiom Holdings, Inc. (the "Company") is a Nevada corporation incorporated on August 7, 2013, as At Play Vacations, Inc. It is based in Orlando, FL, USA. The Company incorporated wholly-owned subsidiaries, Quality Resort Hotels, Inc. ("QRH") in Florida on August 8, 2013 and Horizon Resources Co. Ltd ("Horizon") in the Cayman Islands on September 7, 2015. On June 23, 2016, QRH was legally dissolved with the state of FL (see note 5). The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and The Company's fiscal year end is December 31. |
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 Unaudited Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-KT, for the year ended December 31, 2015, as filed with the SEC on March 30, 2016. Basis of Presentation The Consolidated Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States. On October 1, 2015, we changed our fiscal year from September 30 to December 31, effective beginning with the year ended December 31, 2015. Basis of Consolidation These financial statements include the accounts of the Company and the wholly-owned subsidiary, Horizon Resources Co. Ltd. All material intercompany balances and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had no cash and cash equivalents as of June 30, 2016 and December 31, 2015. Due to Related Party The Company follows ASC 850, "Related Party Disclosures," Financial Instruments The Company follows ASC 820, "Fair Value Measurements and Disclosures", Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, prepaid expenses, and accounts payable and accrued liabilities and amounts due to related parties. Pursuant to ASC 820, the fair value of the Company's cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the Company's other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. Revenue Recognition The Company recognizes revenue when it is earned and realizable based on the following criteria: persuasive evidence that an arrangement exists, services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Net Loss per Share of Common Stock The Company has adopted ASC Topic 260, "Earnings per Share," The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. Discontinued Operations The Company follows ASC 205-20, "Discontinued Operations," Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. |
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 assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of June 30, 2016, the Company has a net loss from operations of $18,862 and an accumulated deficit of $178,265. The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending December 31, 2016. The ability of the Company to emerge from the development stage is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
DUE TO RELATED PARTY
DUE TO RELATED PARTY | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
DUE TO RELATED PARTY | NOTE 4 - DUE TO RELATED PARTY As of June 30, 2016, and December 31, 2015, the Company was obligated to our former Chief Executive Officer, who is also a significant stockholder, for a non-interest bearing demand loan with a balance of $66,560 and $39,443, respectively. This officer resigned in February 2016, but still remains a significant shareholder in the Company. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 5 - DISCONTINUED OPERATIONS The Company originally intended to be involved in the business of on-line travel and vacation booking. Based on management's analysis of the current operations, expected growth, and opportunities in the sector, in April, 2016, the Company has determined to discontinue operations related to on-line travel booking which was performed under the Company's subsidiary Quality Resort Hotels, Inc. Effective June 23, 2016, Quality Resor Hotels, Inc., was legally dissolved with the State of Florida. As the operations of Quality Resort Hotels, Inc. have been discontinued and the company legally dissolved, the Company has excluded results of the operations from its Consolidated Statement of Operations. The discontinued operations did not have any assets or liabilities as of June 30, 2016 or December 31, 2015. During the six month period ended June 30, 2016 and 2015, the discontinued operations consisted of the following: Six Months Ended June 30, 2016 2015 Revenues $ - $ 16,305 Cost of sales - 6,715 Gross Profit - 9,590 Operating Expenses Selling, general and administrative - 9,733 Professional - 900 Total operating expenses - 10,633 Loss from Discontinued Operations $ - $ (1,043 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 6 - SUBSEQUENT EVENTS Management has evaluated subsequent events through the date these financial statements were available to be issued. Based on our evaluation no other events have occurred that require disclosure. |
SUMMARY OF SIGNIFICANT ACCOUN12
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Statements | Unaudited Interim Financial Statements The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information and Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading. The results of operations for such interim periods are not necessarily indicative of operations for a full year. The accompanying unaudited financial statements should be read in conjunction with the financial statements and related notes included in the Company's Annual Report on Form 10-KT, for the year ended December 31, 2015, as filed with the SEC on March 30, 2016. |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States. On October 1, 2015, we changed our fiscal year from September 30 to December 31, effective beginning with the year ended December 31, 2015. |
Basis of Consolidation | Basis of Consolidation These financial statements include the accounts of the Company and the wholly-owned subsidiary, Horizon Resources Co. Ltd. All material intercompany balances and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash in banks, money market funds, and certificates of term deposits with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. The Company had no cash and cash equivalents as of June 30, 2016 and December 31, 2015. |
Due to Related Party | Due to Related Party The Company follows ASC 850, "Related Party Disclosures," |
Financial Instruments | Financial Instruments The Company follows ASC 820, "Fair Value Measurements and Disclosures", Level 1 Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. Level 2 Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 3 Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, prepaid expenses, and accounts payable and accrued liabilities and amounts due to related parties. Pursuant to ASC 820, the fair value of the Company's cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all of the Company's other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when it is earned and realizable based on the following criteria: persuasive evidence that an arrangement exists, services have been rendered, the price is fixed or determinable and collectability is reasonably assured. |
Net Loss per Share of Common Stock | Net Loss per Share of Common Stock The Company has adopted ASC Topic 260, "Earnings per Share," The Company has no potentially dilutive securities, such as options or warrants, currently issued and outstanding. |
Discontinued Operations | Discontinued Operations The Company follows ASC 205-20, "Discontinued Operations," |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management has considered all recent accounting pronouncements issued since the last audit of our financial statements. The Company's management believes that these recent pronouncements will not have a material effect on the Company's financial statements. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of discontinued operations | Six Months Ended June 30, 2016 2015 Revenues $ - $ 16,305 Cost of sales - 6,715 Gross Profit - 9,590 Operating Expenses Selling, general and administrative - 9,733 Professional - 900 Total operating expenses - 10,633 Loss from Discontinued Operations $ - $ (1,043 ) |
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] | |||||
Net loss from operations | $ (8,285) | $ (9,922) | $ (18,862) | $ (17,582) | |
Accumulated deficit | $ (178,265) | $ (178,265) | $ (159,403) |
DUE TO RELATED PARTY (Detail Te
DUE TO RELATED PARTY (Detail Textuals) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Related Party Transactions [Abstract] | ||
Amount of loan balance obligated to Chief Executive Officer | $ 66,560 | $ 39,443 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - Quality Resort Hotels, Inc - Discontinued Operations - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Revenues | $ 16,305 | |
Cost of sales | 6,715 | |
Gross Profit | 9,590 | |
Operating Expenses | ||
Selling, general and administrative | 9,733 | |
Professional | 900 | |
Total operating expenses | 10,633 | |
Loss from Discontinued Operations | $ (1,043) |