Fah Mai 10-Q 21 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 18, 2018
Document And Entity Information
Entity Registrant Name	FAH MAI HOLDINGS, INC.
Entity Central Index Key	1,681,306
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		41,995,481
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,018

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
CURRENT ASSETS
Cash	$ 6,179	$ 81,118
Inventory	51,729	10,201
Total Current Assets	57,908	91,319
Advance to Related Entity - in anticipation of merger	395,752	266,430
TOTAL ASSETS	453,660	357,749
CURRENT LIABILITIES
Total Current Liabilities
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred Stock; $0.0001 par value, 20,000,000 shares authorized; no shares issued and outstanding
Common stock; $0.0001 par value, 100,000,000 shares authorized; 41,580,120 and 41,290,970 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	4,158	4,129
Additional Paid-in Capital	528,456	397,649
Accumulated Deficit	(81,916)	(43,249)
Accumulated Other Comprehensive Income ( Loss)	2,962	(780)
Total Stockholders' Equity (Deficit)	453,660	357,749
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)	$ 453,660	$ 357,749

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	20,000,000	20,000,000
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	41,580,120	41,290,970
Common stock, shares outstanding	41,580,120	41,290,970

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
REVENUES
OPERATING EXPENSES
General and Administrative Expenses	39,063	1,000
Total Operating Expenses	(39,063)	(1,000)
OPERATING LOSS	(39,063)	(1,000)
Other Income (Expense)	396
NET LOSS BEFORE INCOME TAXES	(38,667)	(1,000)
Provision for Income Taxes
NET LOSS	$ (38,667)	$ (1,000)
BASIC AND DILUTED LOSS PER SHARE	$ 0	$ 0
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	41,412,711	27,072,222
Other Comprehensive Loss
Exchange Differences arising on transactions from Foreign Operations	$ 3,742
Total Comprehensive Loss	$ (34,925)	$ (1,000)

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
OPERATING ACTIVITIES
Net loss	$ (38,667)	$ (1,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Expenses paid by stockholder and contributed as capital		1,000
Changes in operating assets and liabilities
Inventory	(41,528)
Net Cash Used in Operating Activities	(80,195)
INVESTING ACTIVITIES
Issuance of funds to related party	(129,322)
Net Cash Used in Investing Activities	(129,322)
FINANCING ACTIVITIES
Proceeds from sale of common stock	130,836
Net Cash Provided by Financing Activities	130,836
Effect of Exchange Rate Changes on Cash	3,742
NET DECREASE IN CASH	(74,939)
CASH AT BEGINNING OF PERIOD	81,118
CASH AT END OF PERIOD	6,179
CASH PAID FOR:
Interest
Income taxes

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	NOTE 1 – DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Nature of Operations Fah Mai Holdings, Inc. (formerly Finch Street Acquisition Corporation) (“Fah Mai” or the “Company”) was incorporated on July 22, 2016 under the laws of the state of Delaware to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions. The Company has been in the developmental stage since inception but has begun selling shares of common stock to foreign investors and acquiring an inventory of rare and collectible whisky. The Company will attempt to locate and negotiate with a business entity for the combination of that target company with the Company. The combination will normally take the form of a merger, stock-for-stock exchange or stock-for-assets exchange. In most instances, the target company will wish to structure the business combination to be within the definition of a tax-free reorganization under Section 351 or Section 368 of the Internal Revenue Code of 1986, as amended. The Company is contemplating a combination with a related entity as discussed in Note 4, which should be completed during the second quarter of 2018. The Company has been formed to provide a method for a foreign or domestic private company to become a reporting company with a class of securities registered under the Securities Exchange Act of 1934. On November 7, 2017, the Company acquired all outstanding shares of Fah Mai Holdings Limited and Platinum Cask Limited from Louis Haseman at his cost and they became wholly owned subsidiaries of the Company. These companies had no operations and neither assets nor liabilities. Basis of Presentation The summary of significant accounting policies presented below is designed to assist in understanding the Company’s consolidated financial statements. Such financial statements and accompanying notes are the representations of the Company’s management, who are responsible for their integrity and objectivity. These accounting policies conform to accounting principles generally accepted in the United States of America (“GAAP”) in all material respects, and have been consistently applied in preparing the accompanying financial statements. The Company has not earned any revenue from operations since inception. The Company chose December 31 st The accompanying unaudited condensed consolidated financial statements have been prepared by Fah Mai Holdings, Inc. (the “Company”) pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended December 31, 2017. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the year ending December 31, 2018. Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of Fah Mai Holdings, Inc. and its wholly owned subsidiaries, Fah Mai Holdings Limited and Platinum Cask Limited (collectively, the “Company”). All intercompany accounts have been eliminated upon consolidation. Basis of Valuing Whisky Inventory The Company purchases rare Scotch whisky for collection and possible marketing and re-sale. The inventory is recorded at the lower of cost (purchase price including fees) or market.

Going Concern

Going Concern	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Going Concern	NOTE 2 – GOING CONCERN The Company has not yet generated any revenue since inception to date and has sustained an operating loss of $38,667 for the three months ended March 31, 2018 compared to an operating loss of $1,000 for the three months ended March 31, 2017. The Company had a working capital surplus of $57,908 and an accumulated deficit of $81,916 as of March 31, 2018 compared to a working capital surplus of $91,319 and an accumulated deficit of $43,249 as of December 31, 2017. The Company’s continuation as a going concern is dependent on its ability to generate sufficient cash flows from operations and from stockholders to meet its obligations and/or obtaining additional financing from its members or other sources, as may be required. The Company’s independent auditors have issued a report raising substantial doubt about the Company’s ability to continue as a going concern. At present, the Company has no operations and the continuation of Fah Mai Holdings Inc. as a going concern is dependent upon financial support from its stockholders and its ability to obtain necessary equity financing to continue operations.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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 financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company had $6,179 and $81,118 held in cash as of as of March 31, 2018 and December 31, 2017, respectively. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of March 31, 2018 or December 31, 2017. Foreign Currency Translation The Company has functional currencies in the United States dollar and British Pounds Sterling and its reporting currency is the United States dollar. Management has adopted ASC 830-20, Foreign Currency Matters – Foreign Currency Transactions. Other Comprehensive Loss ASC 220, Other Comprehensive Loss, Fair Value of Financial Instruments In accordance with ASC 820, the carrying value of cash and cash equivalents and accounts payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the balance sheets for cash, accounts payable and accrued expenses approximate their fair market value based on the short-term maturity of these instruments. Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2018 and December 31, 2017, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration. Net Loss per Share The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the consolidated financial statements. The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. As of March 31, 2018 and December 31, 2017, there are no potentially dilutive common stock equivalents.

Advance to Related Entity

Advance to Related Entity	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Advance to Related Entity	NOTE 4 – ADVANCE TO RELATED ENTITY As of March 31, 2018 and December 31, 2017, the Company had issued funds to a related party entity in the amount of $395,752 and $266,430, respectively in anticipation of acquiring or merging the entity with the Company. Between January 1, 2018 and March 31, 2018, the Company received $130,836 from 21 individuals for the issuance of 289,150 shares of common stock at $0.30 - $0.65 per share. All of these proceeds have been loaned to a related party, Fah Mai Holdings Co., Ltd. (“Fah Mai Thailand”), a Thailand company formed in April 10, 2017 and controlled by the majority shareholders of the Company. Fah Mai Thailand is not considered a variable interest entity because it is not dependent upon financial support from the Company. The Company has recorded a receivable from a related entity on its books for these funds.

Whisky Inventory

Whisky Inventory	3 Months Ended
	Mar. 31, 2018
Inventory Disclosure [Abstract]
Whisky Inventory	NOTE 5 – WHISKY INVENTORY As of March 31, 2018 and December 31, 2017, the Company had a whisky inventory of $51,729 and $10,201, respectively. The inventory is recorded at the lower of cost (purchase price plus fees) or market. The inventory is made up of rare or special whisky that the Company is acquiring to collect, market, and sell.

Advances from Related Entity

Advances from Related Entity	3 Months Ended
	Mar. 31, 2018
Related Party Transactions [Abstract]
Advances from Related Entity	NOTE 6 – ADVANCES FROM RELATED ENTITY During the three months ended March 31, 2018 and 2017, a shareholder paid expenses in the Company’s behalf totaling $0 and $1,000, respectively, which have been recorded as additional paid-in capital.

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Common Stock	NOTE 7 – COMMON STOCK Between January 1, 2018 and March 31, 2018, the Company issued 289,150 shares of common stock to 21 individuals at $0.30 - $0.65 per share and received $130,836 in cash. The Company is authorized to issue 100,000,000 shares of common stock and 20,000,000 shares of preferred stock. As of March 31, 2018 and December 31, 2017, respectively, 41,580,120 and 41,290,970 shares of common stock and no preferred stock were issued and outstanding.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	NOTE 8 – SUBSEQUENT EVENTS Management has evaluated subsequent events, in accordance with FASB ASC Topic 855, “Subsequent Events,” through May 18, 2018, the date which the consolidated financial statements were available to be issued and there are no material subsequent events, except as detailed below: From April 1, 2018 through May 18, 2018, the Company issued 415,361 shares of common stock to 9 unaffiliated individuals at $.30 - $.65 per share for net proceeds of $207,889. All of these proceeds have been loaned to a related party, Fah Mai Holdings Co., Ltd., a Thailand company formed in April 10, 2017 and controlled by the majority shareholders of the Company. The Company has recorded a note receivable from a related party on its books for these funds.

Summary of Significant Accoun14

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
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 at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company had $6,179 and $81,118 held in cash as of as of March 31, 2018 and December 31, 2017, respectively.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash. The Company places its cash with high quality banking institutions. The Company did not have cash balances in excess of the Federal Deposit Insurance Corporation limit as of March 31, 2018 or December 31, 2017.
Foreign Currency Translation	Foreign Currency Translation The Company has functional currencies in the United States dollar and British Pounds Sterling and its reporting currency is the United States dollar. Management has adopted ASC 830-20, Foreign Currency Matters – Foreign Currency Transactions.
Other Comprehensive Loss	Other Comprehensive Loss ASC 220, Other Comprehensive Loss,
Fair Value of Financial Instruments	Fair Value of Financial Instruments In accordance with ASC 820, the carrying value of cash and cash equivalents and accounts payable approximates fair value due to the short-term maturity of these instruments. ASC 820 clarifies the definition of fair value, prescribes methods for measuring fair value, and establishes a fair value hierarchy to classify the inputs used in measuring fair value as follows: Level 1- Inputs are unadjusted quoted prices in active markets for identical assets or liabilities available at the measurement date. Level 2- Inputs are unadjusted quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, inputs other than quoted prices that are observable, and inputs derived from or corroborated by observable market data. Level 3- Inputs are unobservable inputs which reflect the reporting entity’s own assumptions on what assumptions the market participants would use in pricing the asset or liability based on the best available information. The carrying amounts reported in the balance sheets for cash, accounts payable and accrued expenses approximate their fair market value based on the short-term maturity of these instruments.
Income Taxes	Income Taxes Under ASC 740, “Income Taxes,” deferred tax assets and liabilities are recognized for the future tax consequences attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are established when it is more likely than not that some or all of the deferred tax assets will not be realized. As of March 31, 2018 and December 31, 2017, there were no deferred taxes due to the uncertainty of the realization of net operating loss or carry forward prior to expiration.
Net Loss Per Share	Net Loss per Share The computation of earnings per share of common stock is based on the weighted average number of shares outstanding at the date of the consolidated financial statements. The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. As of March 31, 2018 and December 31, 2017, there are no potentially dilutive common stock equivalents.

Going Concern (Details Narrativ

Going Concern (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Operating loss, net	$ 38,667	$ 1,000
Working capital surplus	57,908		$ 91,319
Accumulated deficit	$ 81,916		$ 43,249

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Cash	$ 6,179	$ 81,118
Cash balances in FDIC corp
Accumulated other comprehensive income (loss)	2,962	(780)
Deferred taxes due
Outstanding dilutive common stock equivalents

Advance to Related Entity (Deta

Advance to Related Entity (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Advance to related entity in anticipation of merger	$ 395,752		$ 266,430
Proceeds from sale of common stock	130,836
21 Individuals [Member]
Proceeds from sale of common stock	$ 130,836
Number of common shares issued during period, shares	289,150
21 Individuals [Member] | Minimum [Member]
Shares issued, price per share	$ 0.30
21 Individuals [Member] | Maximum [Member]
Shares issued, price per share	$ 0.65

Whisky Inventory (Details Narra

Whisky Inventory (Details Narrative) - USD ($)	Mar. 31, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Whisky inventory	$ 51,729	$ 10,201

Advances from Related Entity (D

Advances from Related Entity (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Related Party Transactions [Abstract]
Expenses paid by stockholder and contributed as capital		$ 1,000

Common Stock (Details Narrative

Common Stock (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Proceeds from sale of common stock	$ 130,836
Common stock shares authorized	100,000,000		100,000,000
Preferred stock, shares authorized	20,000,000		20,000,000
Common stock, shares issued	41,580,120		41,290,970
Common stock, shares outstanding	41,580,120		41,290,970
Preferred stock, shares issued
Preferred stock, shares outstanding
21 Individuals [Member]
Number of common shares issued during period, shares	289,150
Proceeds from sale of common stock	$ 130,836
21 Individuals [Member] | Minimum [Member]
Shares issued, price per share	$ 0.30
21 Individuals [Member] | Maximum [Member]
Shares issued, price per share	$ 0.65

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($)	2 Months Ended	3 Months Ended
	May 18, 2018	Mar. 31, 2018	Mar. 31, 2017
Proceeds from issuance of common stock		$ 130,836
Subsequent Event [Member] | 9 Unaffiliated Individuals [Member]
Number of common shares issued during period, shares	415,361
Proceeds from issuance of common stock	$ 207,889
Subsequent Event [Member] | 9 Unaffiliated Individuals [Member] | Minimum [Member]
Shares issued, price per share	$ .30
Subsequent Event [Member] | 9 Unaffiliated Individuals [Member] | Maximum [Member]
Shares issued, price per share	$ 0.65