Andes 7 10-Q 16 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 16, 2016
Document and Entity Information:
Entity Registrant Name	ANDES 7 INC.
Document Type	10-Q
Document Period End Date	Mar. 31, 2016
Trading Symbol	ande
Amendment Flag	false
Entity Central Index Key	1,650,205
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Common Stock, Shares Outstanding		10,100,000
Entity Incorporation, State Country Name	Delaware
Entity Incorporation, Date of Incorporation	Jul. 27, 2015

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash
Total current assets
TOTAL ASSETS
Current Liabilities
Due to related parties	$ 5,603
Accounts payable		$ 1,619
Total current liabilities	5,603	1,619
TOTAL LIABILITIES	$ 5,603	$ 1,619
Shareholders' Deficit:
Preferred stock, ($0.0001 par value, 5,000,000 shares authorized; none issued and outstanding.)
Common stock ($0.0001 par value, 100,000,000 shares authorized; 10,100,000 and 10,000,000 shares issued and outstanding, respectively)	$ 1,010	$ 1,000
Stock subscription receivable	(1,000)
Additional paid-in capital	2,869	1,250
Accumulated deficit	(8,482)	(3,869)
Total stockholders' deficit	$ (5,603)	$ (1,619)
TOTAL LIABILITIES & STOCKHOLDERS' DEFICIT

Condensed Balance Sheets Parent

Condensed Balance Sheets Parenthetical - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Condensed Balance Sheets Parenthetical
Preferred stock par value	$ 0.0001	$ 0.0001
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock shares issued
Preferred stock shares outstanding
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	100,000,000	100,000,000
Common stock shares issued	10,100,000	10,000,000
Common stock shares outstanding	10,100,000	10,000,000

Condensed Statement of Operatio

Condensed Statement of Operations	3 Months Ended
	Mar. 31, 2016USD ($)$ / sharesshares
Condensed Statement of Operations
Revenue
Operating Expenses:
General and administrative expenses	$ 4,613
Total operating expenses	4,613
Net loss from operations	(4,613)
Loss before income taxes	$ (4,613)
Provision for income taxes
Net Loss	$ (4,613)
Basic loss per share | $ / shares
Weighted average number of common shares outstanding | shares	10,052,747

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$ (4,613)	$ 0
Changes in operating assets and liabilities:
Net cash used in operating activities	$ (4,613)	0
Net cash used in investing activities		0
CASH FLOWS FROM FINANCING ACTIVITIES:
Advances from related party	$ 4,613	0
Net cash provided by financing activities	$ 4,613	0
Net increase (decrease) in cash		0
Cash at beginning of period		0
Cash at end of period		0
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Interest paid		0
Income taxes paid		0
NON-CASH FINANCING ACTIVITY:
Accounts payable credited to paid in capital	$ 1,619	0
Related party payable for stock redemption	$ 990	$ 0

1. Description of Business and

1. Description of Business and History	3 Months Ended
	Mar. 31, 2016
Notes
1. Description of Business and History	1. DESCRIPTION OF BUSINESS AND HISTORY Description of business On February 12, 2016, the Company entered into a Subscription Agreements with three subscribers for the issuance of its restricted common stock – Abina Asean, Co. Ltd., an entity organized under the laws of the Republic of Seychelles (8,000,000 shares), Toh Kean Ban (1,000,000 shares) and Dr. Ir. H.M. Itoc Tochija (1,000,000 shares). Each of the Subscription Agreements were the result of privately negotiated transactions without the use of public dissemination of promotional or sales materials. Each of the buyers represented they were “accredited investors,” and as such could bear the risk of such investment for an indefinite period of time and to afford a complete loss thereof. In addition, on February 12, 2016, Tech Associates, Inc. (“Tech”) was engaged to provide advisory and consulting services. Tech’s compensation is not based on the facilitation of or sale of securities; rather, Tech has been engaged to provide consulting services in the context of a “going public” strategy. Tech’s sole shareholder is Richard Chiang, who is a former control person of the Company by virtue of his prior controlling interest in the Company. In consideration of mutual releases between Richard Chiang and the Company, Mr. Chiang consented to the Company’s redemption of 9,900,000 shares at par value, i.e. $990, which had previously been issued to him in serving in director and officer capacities. The Company has no disputes or disagreements with Mr. Chiang. In order to effectuate the redemption, Mr. Chiang agreed to return the stock certificate representing the 10,000,000 shares previously issued in consideration of the issuance of a new stock certificate representing 100,000 shares of restricted common stock. Following the Consent, the Board of Directors accepted Mr. Chiang’s resignation from the Board of Directors as being in the best interests of the Company, and proceeded to appoint Mr. Andrew Khor Poh Kiang as Chairman of the Board pursuant to the Consent. In addition, Mr. Chiang resigned as the Company’s Chief Executive Officer, President, Secretary and Treasurer. On the same date as above, Andrew Khor Poh Kiang was named Chief Executive Officer and President, Lee Kok Keing was named Chief Financial Officer, Dr. Eric Chin Tek Mun was named Chief Operations Officer, Simon Chua Chooi Huat, was named Secretary, and Dr. Ng Mooi Eng was named Treasurer.

2. Summary of Significant Polic

2. Summary of Significant Policies	3 Months Ended
	Mar. 31, 2016
Notes
2. Summary of Significant Policies	2. SUMMARY OF SIGNIFICANT POLICIES Basis of presentation The interim unaudited financial statements present the balance sheets, statement of operations and cash flows of ANDES 7 Inc. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States. The interim financial information is unaudited. In the opinion of management, all adjustments necessary to present fairly the financial position as of March 31, 2016 and the results of operations and cash flows presented herein have been included in the financial statements. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results of operations for the full year. Use of estimates Cash and cash equivalents Earnings (loss) per share Stock-based compensation Income taxes The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25. Recent Accounting Pronouncements

3. Going Concern

3. Going Concern	3 Months Ended
	Mar. 31, 2016
Notes
3. Going Concern	3. GOING CONCERN The accompanying unaudited 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. The Company has incurred losses since inception and had a deficit accumulated of $8,482 as of March 31, 2016. The Company requires capital for its contemplated operational and marketing activities. The Company’s ability to raise additional capital through the future issuances of common stock is unknown. The obtainment of additional financing, the successful development of the Company’s contemplated plan of operations, and its transition, ultimately, to the attainment of profitable operations are necessary for the Company to continue operations. The ability to successfully resolve these factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments that may result from the outcome of these aforementioned uncertainties.

4. Stockholders' Equity

4. Stockholders' Equity	3 Months Ended
	Mar. 31, 2016
Notes
4. Stockholders' Equity	4. STOCKHOLDERS’ EQUITY Preferred Stock Common Stock Upon formation of the Company on July 27, 2015, the Board of Directors issued 10,000,000 shares of common stock for $1,000 in services to the founding shareholder of the Company. In addition, the founding shareholder made contributions of $1,619 and $1,250 to the Company for the period ended March 31, 2016 and December 31, 2015, respectively which is recorded as additional paid-in capital. On February 12, 2016, the Company entered into a Subscription Agreements with three subscribers for the issuance of 10,000,000 shares of restricted common stock at par value of $0.0001 for total proceeds of $1,000 (refer to Note 1). As of March 31, 2016 the proceeds have not yet been collected and have been debited to stock subscription receivable.

5. Related Party Transactions

5. Related Party Transactions	3 Months Ended
	Mar. 31, 2016
Notes
5. Related Party Transactions	5. RELATED PARTY TRANSACTIONS During the three months ended March 31, 2016, the CEO advanced the Company $4,613 to pay for certain Company expenses. The advance is unsecured, non-interest bearing and due upon demand. In consideration of mutual releases between Richard Chiang and the Company, Mr. Chiang consented to the Company’s redemption of 9,900,000 shares at par value, for $990, which had previously been issued to him in serving in director and officer capacities.

2. Summary of Significant Pol11

2. Summary of Significant Policies: Use of Estimates (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Use of Estimates	Use of estimates

2. Summary of Significant Pol12

2. Summary of Significant Policies: Cash and Cash Equivalents, Policy (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Cash and Cash Equivalents, Policy	Cash and cash equivalents

2. Summary of Significant Pol13

2. Summary of Significant Policies: Earnings Per Share, Policy (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Earnings Per Share, Policy	Earnings (loss) per share

2. Summary of Significant Pol14

2. Summary of Significant Policies: Stock-based compensation (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Stock-based compensation	Stock-based compensation

2. Summary of Significant Pol15

2. Summary of Significant Policies: Income Tax, Policy (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Income Tax, Policy	Income taxes The Company adopted section 740-10-25 of the FASB Accounting Standards Codification (“Section 740-10-25”) with regards to uncertainty income taxes. Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement. Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.

2. Summary of Significant Pol16

2. Summary of Significant Policies: Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2016
Policies
Recent Accounting Pronouncements	Recent Accounting Pronouncements

1. Description of Business an17

1. Description of Business and History (Details)	3 Months Ended
	Mar. 31, 2016
Details
Entity Incorporation, State Country Name	Delaware
Entity Incorporation, Date of Incorporation	Jul. 27, 2015

3. Going Concern (Details)

3. Going Concern (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Details
Accumulated deficit	$ 8,482	$ 3,869

4. Stockholders' Equity (Detail

4. Stockholders' Equity (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015
Details
Preferred stock shares authorized	5,000,000	5,000,000
Preferred stock par value	$ 0.0001	$ 0.0001
Common stock shares authorized	100,000,000	100,000,000
Common stock par value	$ 0.0001	$ 0.0001
Common stock shares issued	10,100,000	10,000,000
Common stock shares outstanding	10,100,000	10,000,000
Stock Issued During Period, Shares, Issued for Services			10,000,000
Stock Issued During Period, Value, Issued for Services			$ 1,000
Proceeds from Contributed Capital	$ 1,619	$ 1,250
Stock subscription receivable	$ 1,000

5. Related Party Transactions (

5. Related Party Transactions (Details) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Details
Advances from related party	$ 4,613	$ 0
Redemption of Shares in Related Party Transaction	9,900,000
Related Party Transaction, Amounts of Transaction	$ 990