Atlantic Alliance Partnership (AAPCF) 10-Q 13 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Aug. 13, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Atlantic Alliance Partnership Corp.
Entity Central Index Key	0001630940
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Entity Current Reporting Status	Yes
Document Fiscal Period Focus	Q2
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Shell Company	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		2,976,691
Entity File Number	001-37360
Entity Interactive Data Current	Yes
Entity Incorporation State Country Code	D8

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
ASSETS
Current Assets - Cash	$ 1,304	$ 684
TOTAL CURRENT ASSETS	1,304	684
Current Liabilities
Accounts payable and accrued expenses	226,957	198,078
Advances from related parties	38,195	25,000
TOTAL LIABILITIES	265,152	223,078
Commitments
Shareholders' Deficit
Preferred shares, no par value; unlimited shares authorized, none issued and outstanding
Ordinary shares, no par value; unlimited shares authorized; 2,976,691 shares issued and outstanding as of June 30, 2019 and December 31, 2018	521,130	521,130
Accumulated deficit	(784,978)	(743,524)
Total Shareholders' Deficit	(263,848)	(222,394)
TOTAL LIABILITIES AND SHAREHOLDERS' DEFICIT	$ 1,304	$ 684

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred shares, par value
Preferred shares, shares authorized	Unlimited	Unlimited
Preferred shares, shares issued
Preferred shares, shares outstanding
Ordinary shares, par value
Ordinary shares, authorized	Unlimited	Unlimited
Ordinary shares, shares issued	2,976,691	2,976,691
Ordinary shares, shares outstanding	2,976,691	2,976,691

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Operating costs	$ 15,784	$ 14,255	$ 41,454	$ 24,053
Net Loss	$ (15,784)	$ (14,255)	$ (41,454)	$ (24,053)
Weighted average shares outstanding, basic and diluted	2,976,691	2,976,691	2,976,691	2,976,691
Basic and diluted net loss per common share	$ (0.01)	$ 0	$ (0.01)	$ (0.01)

Condensed Statements of Changes

Condensed Statements of Changes in Shareholders' Deficit (Unaudited) - USD ($)	Ordinary Shares	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2017	$ 521,130	$ (761,405)	$ (240,275)
Beginning balance, shares at Dec. 31, 2017	2,976,691
Net loss		(9,798)	(9,798)
Ending balance at Mar. 31, 2018	$ 521,130	(771,203)	(250,073)
Ending balance, shares at Mar. 31, 2018	2,976,691
Beginning balance at Dec. 31, 2017	$ 521,130	(761,405)	(240,275)
Beginning balance, shares at Dec. 31, 2017	2,976,691
Net loss			(24,053)
Ending balance at Jun. 30, 2018	$ 521,130	(785,458)	(264,328)
Ending balance, shares at Jun. 30, 2018	2,976,691
Beginning balance at Mar. 31, 2018	$ 521,130	(771,203)	(250,073)
Beginning balance, shares at Mar. 31, 2018	2,976,691
Net loss		(14,255)	(14,255)
Ending balance at Jun. 30, 2018	$ 521,130	(785,458)	(264,328)
Ending balance, shares at Jun. 30, 2018	2,976,691
Beginning balance at Dec. 31, 2018	$ 521,130	(743,524)	(222,394)
Beginning balance, shares at Dec. 31, 2018	2,976,691
Net loss		(25,670)	(25,670)
Ending balance at Mar. 31, 2019	$ 521,130	(769,194)	(248,064)
Ending balance, shares at Mar. 31, 2019	2,976,691
Beginning balance at Dec. 31, 2018	$ 521,130	(743,524)	(222,394)
Beginning balance, shares at Dec. 31, 2018	2,976,691
Net loss			(41,454)
Ending balance at Jun. 30, 2019	$ 521,130	(784,978)	(263,848)
Ending balance, shares at Jun. 30, 2019	2,976,691
Beginning balance at Mar. 31, 2019	$ 521,130	(769,194)	(248,064)
Beginning balance, shares at Mar. 31, 2019	2,976,691
Net loss		(15,784)	(15,784)
Ending balance at Jun. 30, 2019	$ 521,130	$ (784,978)	$ (263,848)
Ending balance, shares at Jun. 30, 2019	2,976,691

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash Flows from Operating Activities:
Net loss	$ (41,454)	$ (24,053)
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	28,879	(28,576)
Net cash used in operating activities	(12,575)	(52,629)
Cash Flows from Financing Activities:
Advances from related parties	19,695
Repayment of advances from related party	(6,500)
Net cash provided by financing activities	13,195
Net Change in Cash	620	(52,629)
Cash - Beginning	684	73,573
Cash - Ending	$ 1,304	$ 20,944

Description of Organization and

Description of Organization and Business Operations	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS	NOTE 1. DESCRIPTION OF ORGANIZATION AND BUSINESS OPERATIONS Atlantic Alliance Partnership Corp. (the “Company”) is a blank check company incorporated in the British Virgin Islands on January 14, 2015. The Company was formed for the purpose of acquiring, engaging in a share exchange, share reconstruction and amalgamation, contractual control arrangement with, purchasing all or substantially all of the assets of, or engaging in any other similar initial business combination with one or more businesses or entities (“Business Combination”). Liquidity and Going Concern As of June 30, 2019, the Company had $1,304 in its operating bank accounts and a working capital deficit of $263,848. The Company is currently considering a search for a potential target company; however, as a result of the redemption of all of its outstanding Public Shares and the return of all funds held in the Trust Account, the Company continues to have a working capital deficit. The Company will need to raise additional capital through loans or additional investments from its shareholders, officers, directors, or third parties. However, the Company may not be able to obtain additional financing. If the Company is unable to raise additional capital, it may be required to take additional measures to conserve liquidity, which could include, but not necessarily be limited to, curtailing operations, suspending the pursuit of its business plan, and reducing overhead expenses. The Company cannot provide any assurance that new financing will be available to it on commercially acceptable terms, if at all. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the SEC on April 1, 2019, which contains the audited financial statements and notes thereto, together with Management’s Discussion and Analysis. The financial information as of December 31, 2018 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The interim results for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any future interim periods. Use of estimates The preparation of financial statements in conformity with GAAP 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 and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates. Loss per share Basic loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. At June 30, 2019 and 2018, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements.

Advances from Related Parties

Advances from Related Parties	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
ADVANCES FROM RELATED PARTIES	NOTE 3. ADVANCES FROM RELATED PARTIES As of June 30, 2019, the Company has received an aggregate of $44,695 in advances from two of its directors, of which $19,695 was received during the six months ended June 30, 2019, to be used for working capital purposes. The advances are non-interest bearing, unsecured and due on demand. Advances amounting to $38,195 were outstanding as of June 30, 2019.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
SHAREHOLDERS' EQUITY	NOTE 4. SHAREHOLDERS’ EQUITY Preferred Shares - Ordinary Shares -

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 5. SUBSEQUENT EVENTS The Company evaluates subsequent events and transactions that occur after the balance sheet date up to the date that the condensed financial statements were issued. Based upon this review, the Company did not identify subsequent events that would have required adjustment or disclosure in the condensed financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (the “SEC”). Certain information or footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted, pursuant to the rules and regulations of the SEC for interim financial reporting. Accordingly, they do not include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, or cash flows. In the opinion of management, the accompanying unaudited condensed financial statements include all adjustments, consisting of a normal recurring nature, which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited condensed financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the SEC on April 1, 2019, which contains the audited financial statements and notes thereto, together with Management’s Discussion and Analysis. The financial information as of December 31, 2018 is derived from the audited financial statements presented in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018. The interim results for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019 or for any future interim periods.
Use of estimates	Use of estimates The preparation of financial statements in conformity with GAAP 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 and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from those estimates.
Loss per share	Loss per share Basic loss per share is computed by dividing net loss by the weighted average number of ordinary shares outstanding during the period. At June 30, 2019 and 2018, the Company did not have any dilutive securities and other contracts that could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company. As a result, diluted loss per share is the same as basic loss per share for the periods presented.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting standards, if currently adopted, would have a material effect on the Company’s condensed financial statements.

Description of Organization a_2

Description of Organization and Business Operations (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Description of Organization and Business Operations (Textual)
Operating bank accounts, balance	$ 1,304	$ 684	$ 20,944	$ 73,573
Working capital deficit	$ 263,848

Advances from Related Parties (

Advances from Related Parties (Details)	6 Months Ended
	Jun. 30, 2019USD ($)Directors
Advances from Related Parties (Textual)
Advances from directors	$ 44,695
Advances outstanding	38,195
Advances to be used for working capital purposes	$ 19,695
Number of directors | Directors	2

Shareholders' Equity (Details)

Shareholders' Equity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Shareholders' Equity (Textual)
Ordinary stock, par value
Ordinary shares voting rights, description	Ordinary shares are entitled to one vote for each share.
Ordinary shares, authorized	Unlimited	Unlimited
Ordinary shares, issued	2,976,691	2,976,691
Ordinary shares, outstanding	2,976,691	2,976,691