Senseonics (SENS) 10-K 18 Sep 15 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Jun. 30, 2015	Sep. 11, 2015	Dec. 31, 2014
Document And Entity Information
Entity Registrant Name	ASN Technologies, Inc.
Entity Central Index Key	1,616,543
Document Type	10-K
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--06-30
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 Public Float			$ 0
Entity Common Stock, Shares Outstanding		11,500,000
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Current assets
Cash	$ 996	$ 10,000
Total current assets	996	10,000
Total assets	996	10,000
Current Liabilities
Accrued expenses	46,505	2,919
Total Current liabilities	46,505	2,919
STOCKHOLDERS EQUITY
Common stock, $.001 par value, 100,000,000 shares authorized, 11,500,000 (June 30, 2014 – 10,000,000) shares issued and outstanding	11,500	$ 10,000
Additional paid in capital	13,500
Accumulated Deficit	(70,509)	$ (2,919)
Total stockholders equity	(45,509)	7,081
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY	$ 996	$ 10,000

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Jun. 30, 2014
Statement of Financial Position [Abstract]
Common Stock, Par Value	$ .001	$ .001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Issued and Outstanding	11,500,000	10,000,000

Statements of Operations

Statements of Operations - USD ($) None in scaling factor is -9223372036854775296	Jun. 30, 2014	Jun. 30, 2015
Expenses
General and administrative expenses		$ 14,804
Professional fees	$ 2,919	52,786
Total expenses	2,919	67,590
Net loss and comprehensive loss	$ (2,919)	$ (67,590)
Net loss per share Basic and diluted
Weighted average shares outstanding Basic and diluted	2,000,000	10,875,000

Shareholders Equity

Shareholders Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Beginning balance, shares at Jun. 25, 2014
Beginning balance, amount at Jun. 25, 2014
Common Stock Issued for Cash, Shares	10,000,000
Common Stock Issued for Cash, Value	$ 10,000			$ 10,000
Net loss				(2,919)
Ending balance, shares at Jun. 30, 2014	10,000,000
Ending balance, amount at Jun. 30, 2014	$ 10,000		$ (2,919)	7,081
Common Stock Issued for Cash, Shares	1,500,000
Common Stock Issued for Cash, Value	$ 1,500	$ 13,500		15,000
Net loss			$ (67,590)	(67,590)
Ending balance, shares at Jun. 30, 2015	11,500,000
Ending balance, amount at Jun. 30, 2015	$ 11,500	$ 13,500	$ (70,509)	$ (45,509)

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss for the period	$ 67,590
Change in non-cash working capital items
Increase (decrease) in accrued expenses	15,672
CASH USED IN OPERATING ACTIVITIES	(10,271)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from sale of common stock	15,000
NET INCREASE IN CASH	4,729
Cash, beginning of period	10,000
Cash, end of period	$ 996
SUPPLEMENTAL CASH FLOW INFORMATION
Interest paid
Income taxes paid

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Nature of Business ASN Technologies, Inc. (“ASN” or the “Company”) was incorporated in Nevada on June 26, 2014. ASN has not yet realized any revenues from its planned operations. ASN is currently in the business of developing a location-based mobile app for sharing information about social and other events. Basis of Presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. Accounting Basis The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a June 30 fiscal year end. 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 at the date of the balance sheet. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $996 cash as of June 30, 2015. Concentrations of Credit Risk The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents. Fair Value of Financial Instruments For purpose of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The Company’s financial instruments include cash and cash equivalents, and accrued expenses. The carrying amount of the Company’s short term financial instruments approximates fair value due to the relatively short period to maturity for these instruments. Risks and Uncertainties The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. See Note 4 regarding going concern matters. Income Taxes Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized. Basic Income (Loss) per Share Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no common stock equivalents as of June 30, 2015. Recent Accounting Pronouncements On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ 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 are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. ASN does not expect the adoption of this accounting pronouncement to have a significant impact on the Company’s results of operations, financial position or cash flows. Revenue Recognition The Company has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable. Stock-Based Compensation As of June 30, 2015, the Company has not issued any share-based payments to its employees or third-party consultants. The Company will account for stock options issued to employees and consultants under Accounting Standards Codification (“ASC”) 718 “Compensation-Stock Compensation”. Under ASC 718, share-based compensation cost to employees is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the employee’s requisite vesting period. The Company will measure compensation expense for its non-employee stock-based compensation under ASC 505 “Equity”. The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete. The fair value of the equity instrument is charged directly to stock-based compensation expense and credited to additional paid-in capital.

CAPITAL STOCK

CAPITAL STOCK	12 Months Ended
	Jun. 30, 2015
Equity [Abstract]
CAPITAL STOCK	The Company has 10,000,000 shares of $0.001 Preferred stock and 90,000,000 shares of $0.001 par value common stock authorized. On June 30, 2014, ASN issued 10,000,000 shares of common stock to its founding shareholder for $10,000 cash. On December 10, 2014, the Company issued 1,500,000 shares of common stock at $0.01 for cash proceeds of $15,000.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	As of June 30, 2015, the Company had net operating loss carry forwards of approximately $70,509 that may be available to reduce future years’ taxable income through 2033. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. The provision for Federal income tax consists of the following for the years ended June 30: 2015 2014 Federal income tax benefit attributable to: Current operations $ 22,981 $ 992 Less: valuation allowance (22,981 ) (992 ) Net provision for Federal income taxes $ — $ — The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows at June 30: 2015 2014 Deferred tax asset attributable to: Net operating loss carryover $ 23,973 992 Less: valuation allowance (23,973 ) (992 ) Net deferred tax asset $ — — Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $70,509 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership, occur net operating loss carry forwards may be limited as to use in future years.

GOING CONCERN

GOING CONCERN	12 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GOING CONCERN	ASN Technologies, Inc. has not generated any revenues, has losses from operations, and has limited working capital to carry out its business plan. These factors create substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern. The ability of ASN Technologies, Inc. to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations or acquiring or merging with a profitable company. Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirements; however, there can be no assurance the Company will be successful in these efforts.

COMMITMENTS

COMMITMENTS	12 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS	ASN neither owns nor leases any real or personal property. An officer has provided office services without charge. There is no obligation for the officer to continue this arrangement. Such costs are immaterial to the financial statements and accordingly are not reflected herein. The officers and directors are involved in other business activities and most likely will become involved in other business activities in the future.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	On August 27, 2015, the Company issued a promissory note payable in the amount of $ 9,000 bearing interest at 8% per annum. The note payable is due the sooner of 90 days from written demand for repayment or August 27, 2017. In accordance with ASC 855-10, the Company’s management has analyzed its operations through the date on which the financial statements were issued, and has determined except for events noted above it does not have any material subsequent events to disclose.

SUMMARY OF SIGNIFICANT ACCOUN13

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Nature of Business	ASN Technologies, Inc. (“ASN” or the “Company”) was incorporated in Nevada on June 26, 2014. ASN has not yet realized any revenues from its planned operations. ASN is currently in the business of developing a location-based mobile app for sharing information about social and other events.
Basis of Presentation	The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.
Accounting Basis	The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted a June 30 fiscal year end.
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 at the date of the balance sheet. Actual results could differ from those estimates.
Cash and Cash Equivalents	The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $996 cash as of June 30, 2015.
Concentrations of Credit Risk	The Company maintains its cash in bank deposit accounts, the balances of which at times may exceed federally insured limits. The Company continually monitors its banking relationships and consequently has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash and cash equivalents.
Fair Value of Financial Instruments	For purpose of this disclosure, the fair value of a financial instrument is the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced sale or liquidation. The Company’s financial instruments include cash and cash equivalents, and accrued expenses. The carrying amount of the Company’s short term financial instruments approximates fair value due to the relatively short period to maturity for these instruments.
Risks and Uncertainties	The Company's operations are subject to significant risk and uncertainties including financial, operational, technological, and regulatory risks including the potential risk of business failure. See Note 4 regarding going concern matters.
Income Taxes	Deferred income taxes reflect the net effect of (a) temporary difference between carrying amounts of assets and liabilities for financial purposes and the amounts used for income tax reporting purposes, and (b) net operating loss carry-forwards. No net provision for refundable Federal income tax has been made in the accompanying statement of loss because no recoverable taxes were paid previously. Similarly, no deferred tax asset attributable to the net operating loss carry-forward has been recognized, as it is not deemed likely to be realized.
Basic Income (Loss) per Share	Basic income (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no common stock equivalents as of June 30, 2015.
Recent Accounting Pronouncements	On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915). Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders’ 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 are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. The Company has elected to early adopt these amendments and accordingly have not labeled the financial statements as those of a development stage entity and have not presented inception-to-date information on the respective financial statements. ASN does not expect the adoption of this accounting pronouncement to have a significant impact on the Company’s results of operations, financial position or cash flows.
Revenue Recognition	The Company has yet to realize revenues from operations. Once the Company has commenced operations, it will recognize revenues when delivery of goods or completion of services has occurred provided there is persuasive evidence of an agreement, acceptance has been approved by its customers, the fee is fixed or determinable based on the completion of stated terms and conditions, and collection of any related receivable is probable.
Stock-Based Compensation	As of June 30, 2015, the Company has not issued any share-based payments to its employees or third-party consultants. The Company will account for stock options issued to employees and consultants under Accounting Standards Codification (“ASC”) 718 “Compensation-Stock Compensation”. Under ASC 718, share-based compensation cost to employees is measured at the grant date, based on the estimated fair value of the award, and is recognized as expense over the employee’s requisite vesting period. The Company will measure compensation expense for its non-employee stock-based compensation under ASC 505 “Equity”. The fair value of the option issued or committed to be issued is used to measure the transaction, as this is more reliable than the fair value of the services received. The fair value is measured at the value of the Company’s common stock on the date that the commitment for performance by the counterparty has been reached or the counterparty’s performance is complete. The fair value of the equity instrument is charged directly to stock-based compensation expense and credited to additional paid-in capital.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Schedule of Federal Income Tax Benefit	2015 2014 Federal income tax benefit attributable to: Current operations $ 22,981 $ 992 Less: valuation allowance (22,981 ) (992 ) Net provision for Federal income taxes $ — $ —
Schedule of Deferred Tax Asset	2015 2014 Deferred tax asset attributable to: Net operating loss carryover $ 23,973 992 Less: valuation allowance (23,973 ) (992 ) Net deferred tax asset $ — —

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Date of Incorporation	Jun. 26, 2014
Current Fiscal Year End	--06-30
Cash	$ 996	$ 10,000

CAPITAL STOCK (Details Narrativ

CAPITAL STOCK (Details Narrative) - USD ($)	Jun. 30, 2014	Jun. 30, 2015
Common Stock, Par Value	$ .001	$ .001
Common Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Par Value		$ .001
Preferred Stock, Shares Authorized		90,000,000
Common Stock Issued for Cash, Value	$ 10,000	$ 15,000
Issuance #1
Date of Issuance		Jun. 30, 2014
Common Stock Issued for Cash, Shares		10,000,000
Common Stock Issued for Cash, Value		$ 10,000
Issuance #2
Common Stock, Par Value		$ 0.01
Date of Issuance		Dec. 10, 2014
Common Stock Issued for Cash, Shares		1,500,000
Common Stock Issued for Cash, Value		$ 15,000

INCOME TAXES - Schedule of Fede

INCOME TAXES - Schedule of Federal Income Tax Benefit (Details) - USD ($)	Jun. 30, 2014	Jun. 30, 2015
Federal income tax benefit attributable to:
Current operations	$ 992	$ 22,981
Less: valuation allowance	$ (992)	$ (22,981)
Net provision for Federal income taxes

INCOME TAXES - Schedule of Defe

INCOME TAXES - Schedule of Deferred Tax Asset (Details) - USD ($)	Jun. 30, 2015	Jun. 30, 2014
Deferred tax asset attributable to:
Net operating loss carryover	$ 23,973	$ 992
Less: valuation allowance	$ (23,973)	$ (992)
Net deferred tax asset

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - Jun. 30, 2015 - USD ($)	Total
Income Tax Disclosure [Abstract]
Operating Loss Carryforwards	$ 70,509
Carryforward Expiration Date	Jan. 1, 2033
Effective Tax Rate	34.00%