QHSLab (USAQ) 10-Q 19 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information (USD $)	6 Months Ended
	Jun. 30, 2014
Document and Entity Information:	'
Entity Registrant Name	'American Biogenetic Sciences Inc.
Document Type	'10-Q
Document Period End Date	30-Jun-14
Amendment Flag	'false
Entity Central Index Key	'0000856984
Current Fiscal Year End Date	'--12-31
Entity Common Stock, Shares Outstanding	1,088,740
Entity Public Float	$54,242
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	'2014
Document Fiscal Period Focus	'Q2

American_Biogenetic_Sciences_I

American Biogenetic Sciences, Inc. - Balance Sheets (USD $)	Jun. 30, 2014		Dec. 31, 2013
Balance Sheets	'		'
Cash	$0		$0
Total current assets	0		0
Total Assets	0		0
Accounts payable - trade	8,625		2,250
Accrued interest expenses	44,502		38,760
Convertible note, related party	331,681		331,681
Advances from and accruals due to related party	8,000		0
Total current liabilities	392,808		372,691
Preferred stock	'	[1]	'	[1]
Common stock	109	[2]	109	[2]
Additional paid in capital	46,191		46,191
Accumulated deficit	-439,108		-418,991
Total Stockholders' Deficit	-392,808		-372,691
Total Liabilities and Stockholders' Deficit	$0		$0
[1]	$0.0001 par value; 10,000,000 shares authorized; none issued
[2]	$0.0001 par value; 100,000,000 shares authorized; 1,088,740 issued and outstanding at June 30, 2014 and December 31, 2013

American_Biogenetic_Sciences_I1

American Biogenetic Sciences, Inc. - Statements of Operations (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statements of Operations	'	'	'	'
Revenue	$0	$0	$0	$0
General and administrative	6,875	14,750	14,375	31,250
Interest expenses	2,918	2,280	5,742	4,560
Total costs and expenses	9,793	17,030	20,117	35,810
Net loss	($9,793)	($17,030)	($20,117)	($35,810)
Basic and diluted net loss	($0.01)	($0.02)	($0.02)	($0.03)
Basic and diluted	1,088,740	1,088,740	1,088,740	1,088,740

American_Biogenetic_Sciences_I2

American Biogenetic Sciences, Inc. - Statements of Cash Flows (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Statements of Cash Flows	'	'
Net loss	($20,117)	($35,810)
Expenses paid by issuance of common stock	0	0
Fair value of services provided by related parties	10,000	28,000
Increase (decrease) in accounts payable and accrued expenses	2,117	7,810
Cash flows used by operating activities	-8,000	0
Cash used in investing activities	0	0
Procceds from related party borrowings	8,000	0
Cash generated by financing activities	8,000	0
Change in cash	0	0
Cash - beginning of period	0	0
Cash - end of period	$0	$0

Note_1_The_Company

Note 1. The Company	6 Months Ended
	Jun. 30, 2014
Note 1. The Company	'
	Note 1. The Company
	American Biogenetic Sciences, Inc. (the "Company", “We” or the "Registrant") was incorporated in Delaware on September 1, 1983. Prior to ceasing its operations in 2002, the Company was engaged in the research, development and production of bio-pharmaceutical products. On September 19, 2002, the Registrant filed for bankruptcy under the U.S. Bankruptcy Code in the U.S. Bankruptcy Court Eastern District of New York. On November 4, 2005, the Company emerged from Bankruptcy Court. On August 13, 2010, the Company's sole officer/director transferred and assigned his control stock position to an unrelated third party but remained as the Company's sole executive officer/director.

Note_2_Going_Concern

Note 2. Going Concern	6 Months Ended
	Jun. 30, 2014
Note 2. Going Concern	'
	Note 2. Going Concern
	The accompanying financial statements have been prepared assuming the Company will continue as a going concern. The Company has incurred losses, has negative operational cash flows and has no revenues. The future of the Company is dependent upon Management's success in its efforts and limited resources to pursue and effect a business combination. These conditions raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might arise from this uncertainty.

Note_3_Basis_of_Presentation

Note 3. Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Note 3. Basis of Presentation	'
	Note 3. 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. In the opinion of management, the accompanying unaudited financial statements include all adjustments, consisting of only normal recurring accruals, necessary for a fair statement of financial position, results of operations, and cash flows. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and the accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2013. The accounting policies are described in the “Notes to the Financial Statements” in the 2013 Annual Report on Form 10-K and updated, as necessary, in this Form 10-Q. The year-end balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period.
	Accounting Policies
	Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.
	Cash and Cash Equivalents: For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents.
	Fair Value of Financial Instruments: ASC #825, "Disclosures about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2014. These financial instruments include accounts payable and accrued expenses. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values.
	Earnings per Common Share: Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common and dilutive equivalent shares outstanding during the period. Dilutive common equivalent shares consist of options to purchase common stock (only if those options are exercisable and at prices below the average share price for the period) and shares issuable upon the conversion of issued and outstanding preferred stock. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding as of June 30, 2014 or 2013.
	Income Taxes: The Company accounts for income taxes in accordance with ASC #740, "Accounting for Income Taxes," which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.
	ASC 740 also clarifies the accounting for uncertainty in tax positions. This guidance prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed "more-likely-than-not" to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. There are no uncertain tax positions taken by the Company on its tax returns. Tax years subsequent to 2005 remain open to examination by U.S. federal and state tax jurisdictions.
	Management of the Company is not aware of any additional needed liability for unrecognized tax benefits at June 30, 2014 and 2013. The Company has net operating losses of about $439,108, which begin to expire in 2025.
	Impact of recently issued accounting standards
	There were no new accounting pronouncements that had a significant impact on the Company’s operating results or financial position.

Note_4_Convertible_Notes_To_Re

Note 4. Convertible Notes To Related Party	6 Months Ended
	Jun. 30, 2014
Note 4. Convertible Notes To Related Party	'
	Note 4. Convertible Notes to Related Party
	On October 2, 2009, we issued a convertible promissory note in the amount of $76,000 to our sole officer/director. The note bears interest at the rate of 12% per annum until paid or the note and accrued interest is converted into shares of the Company's common stock at a conversion price of $0.001 per share. The convertible note was issued in consideration of cash advances made and for services provided to the Company by the sole officer/director, who was also the Company's controlling shareholder. On August 13, 2010, the Company's sole officer/director transferred and assigned his controlling stock position to an unrelated third party but remained as the Company's sole executive officer/director. In connection with the August 2010 change in control, the convertible note payable to sole officer/director together with accrued interest was also verbally assigned to the new controlling shareholder. A written agreement was entered into between the Company and the controlling shareholder on December 31, 2013 to assign the $76,000 convertible promissory note to the controlling shareholder.
	On December 31, 2013, we issued a convertible promissory note in the amount of $255,681 to our controlling shareholder. The note bears interest at the rate of 1% per annum until paid or the note and accrued interest is converted into shares of the Company's common stock at a conversion price of $0.25 per share. The note was issued in consideration of cash advances made and for services provided to the Company by its former sole officer/director and an entity controlled by our sole officer/director, who was also the Company's previous controlling shareholder.
	In accordance Accounting Standard Codification ("ASC #815"), "Accounting for Derivative Instruments and Hedging Activities", we evaluated the holder's non-detachable conversion right provision and liquidated damages clause, contained in the terms governing the note to determine whether the features qualify as an embedded derivative instruments at issuance. Such non-detachable conversion right provision and liquidated damages clause did not need to be accounted as derivative financial instruments.

Note_5_Related_Party_Transacti

Note 5. Related Party Transactions	6 Months Ended
	Jun. 30, 2014
Note 5. Related Party Transactions	'
	Note 5. Related Party Transactions
	An entity controlled by the Company's sole officer/director provided corporate securities compliance services to the Company valued at $5,000 during the three-month period ended June 30, 2014, which was recorded as accrued expenses and is reflected in the statement of operations as general and administrative expenses.
	Due Related Parties: Amounts due to related parties consist of advances made by our controlling shareholder for accounting fees and corporate regulatory compliance expenses provided by an entity controlled by the Company's sole officer/director. Such items due totaled $8,000 at June 30, 2014 and $0 at December 31, 2013.

Note_6_Commitments_and_Conting

Note 6. Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Note 6. Commitments and Contingencies	'
	Note 6. Commitments and Contingencies
	There are no pending or threatened legal proceedings as of June 30, 2014. The Company has no non-cancellable operating leases.

Note_3_Basis_of_Presentation_U

Note 3. Basis of Presentation: Use of Estimates, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Use of Estimates, Policy	'
	Use of Estimates: The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from the estimates.

Note_3_Basis_of_Presentation_C

Note 3. Basis of Presentation: Cash and Cash Equivalents, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Cash and Cash Equivalents, Policy	'
	Cash and Cash Equivalents: For financial statement presentation purposes, the Company considers those short-term, highly liquid investments with original maturities of three months or less to be cash or cash equivalents.

Note_3_Basis_of_Presentation_F

Note 3. Basis of Presentation: Fair Value of Financial Instruments, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Fair Value of Financial Instruments, Policy	'
	Fair Value of Financial Instruments: ASC #825, "Disclosures about Fair Value of Financial Instruments," requires disclosure of fair value information about financial instruments. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2014. These financial instruments include accounts payable and accrued expenses. Fair values were assumed to approximate carrying values for these financial instruments since they are short-term in nature and their carrying amounts approximate fair values.

Note_3_Basis_of_Presentation_E

Note 3. Basis of Presentation: Earnings Per Common Stock, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Earnings Per Common Stock, Policy	'
	Earnings per Common Share: Basic net loss per share is computed using the weighted average number of common shares outstanding during the period. Diluted net loss per common share is computed using the weighted average number of common and dilutive equivalent shares outstanding during the period. Dilutive common equivalent shares consist of options to purchase common stock (only if those options are exercisable and at prices below the average share price for the period) and shares issuable upon the conversion of issued and outstanding preferred stock. Due to the net losses reported, dilutive common equivalent shares were excluded from the computation of diluted loss per share, as inclusion would be anti-dilutive for the periods presented. There were no common equivalent shares required to be added to the basic weighted average shares outstanding to arrive at diluted weighted average shares outstanding as of June 30, 2014 or 2013.

Note_3_Basis_of_Presentation_I

Note 3. Basis of Presentation: Income Taxes, Policy (Policies)	6 Months Ended
	Jun. 30, 2014
Income Taxes, Policy	'
	Income Taxes: The Company accounts for income taxes in accordance with ASC #740, "Accounting for Income Taxes," which requires recognition of estimated income taxes payable or refundable on income tax returns for the current year and for the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income tax is based on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not expected to be realized.
	ASC 740 also clarifies the accounting for uncertainty in tax positions. This guidance prescribes a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination. If the tax position is deemed "more-likely-than-not" to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. There are no uncertain tax positions taken by the Company on its tax returns. Tax years subsequent to 2005 remain open to examination by U.S. federal and state tax jurisdictions.
	Management of the Company is not aware of any additional needed liability for unrecognized tax benefits at June 30, 2014 and 2013. The Company has net operating losses of about $439,108, which begin to expire in 2025.