Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Jun. 30, 2014 | |
Document and Entity Information: | ||
Entity Registrant Name | American Biogenetic Sciences Inc. | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 856984 | |
Current Fiscal Year End Date | -19 | |
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 | 2015 | |
Document Fiscal Period Focus | Q1 |
American_Biogenetic_Sciences_I
American Biogenetic Sciences, Inc. - Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | ||
Balance Sheets | ||||
Cash | $0 | $0 | ||
Total current assets | 0 | 0 | ||
Total Assets | 0 | 0 | ||
Accounts payable - trade | 10,800 | 12,800 | ||
Accrued interest expenses | 53,149 | 50,310 | ||
Convertible note, related party | 331,681 | 331,681 | ||
Advances from and accruals due to related party | 28,113 | 18,375 | ||
Total current liabilities | 423,743 | 413,166 | ||
Total liabilities | 423,743 | 413,166 | ||
Preferred stock | [1] | [1] | ||
Common stock | 109 | [2] | 109 | [2] |
Additional paid in capital | 46,191 | 46,191 | ||
Accumulated deficit | -470,043 | -459,466 | ||
Total Stockholders' Deficiency | -423,743 | -413,166 | ||
Total Liabilities and Stockholders' Deficiency | $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 March 31, 2015 and December 31, 2014 |
American_Biogenetic_Sciences_I1
American Biogenetic Sciences, Inc. - Statements of Operations (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statements of Operations | ||
Revenue | $0 | $0 |
General and administrative | 7,738 | 7,500 |
Interest expenses | 2,839 | 2,824 |
Total costs and expenses | 10,577 | 10,324 |
Net loss | ($10,577) | ($10,324) |
Basic and diluted net loss | ($0.01) | ($0.01) |
Basic and diluted | 1,088,740 | 1,088,740 |
American_Biogenetic_Sciences_I2
American Biogenetic Sciences, Inc. - Statements of Cash Flows (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Statements of Cash Flows | ||
Net loss | -10,577 | -10,324 |
Fair value of services provided by related parties | 0 | 5,000 |
Increase (decrease) in accounts payable and accrued expenses | 839 | 5,324 |
Cash flows used by operating activities | ($9,738) | $0 |
Cash used in investing activities | 0 | 0 |
Procceds from related party borrowings | 9,738 | 0 |
Cash generated by financing activities | 9,738 | 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 | 3 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 1. The Company | Note 1. The Company |
American Biogenetic Sciences, Inc. (the "Company", “We” or "ABS") 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 | 3 Months Ended |
Mar. 31, 2015 | |
Notes | |
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 doubts 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 | 3 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 3. Basis of Presentation | Note 3. Basis of Presentation |
In the opinion of management, the accompanying unaudited interim 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, 2014. The accounting policies are described in the “Notes to the Financial Statements” in the 2014 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 of America (US GAAP). The results of operations for the three months ended March 31, 2015 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 March 31, 2015. 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 March 31, 2015 or 2014. | |
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 March 31, 2015 and 2014. The Company has net operating losses of about $470,043, which begin to expire in 2026. | |
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 | 3 Months Ended |
Mar. 31, 2015 | |
Notes | |
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 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 control 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. On December 31, 2013, the note was formally assigned to our control shareholder. | |
On December 31, 2013, we issued another convertible promissory note in the amount of $255,681 to our controlling shareholder. The note bears interest at the rate of 1% per annum and matures after 1 year of the date of issuance 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 maturity date of this convertible promissory note was extended to December 31, 2015. The note was issued in consideration of cash advances made and for services provided to the Company by its sole officer/director and an entity controlled by our sole officer/director, who was also the Company's previous controlling shareholder. | |
In accordance with 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 | 3 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 5. Related Party Transactions | Note 5. Related Party Transactions |
Fair value of services: An entity controlled by the Company’s sole officer and director provided corporate securities compliance services to the Company valued at $3,500 during the three months ended March 31, 2015. As of March 31, 2015, $4,000 is outstanding in accounts payable. | |
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 March 31, 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 cash advances received from our controlling shareholder. Such items due totaled $28,113 at March 31, 2015 and $18,375 at December 31, 2014. |
Note_6_Commitments_and_Conting
Note 6. Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 6. Commitments and Contingencies | Note 6. Commitments and Contingencies |
There are no pending or threatened legal proceedings as of March 31, 2015. The Company has no non-cancellable operating leases. |
Note_7_Subsequent_Events
Note 7. Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Notes | |
Note 7. Subsequent Events | Note 7. Subsequent Events |
The Company evaluated its March 31, 2015 financial statements for subsequent events, through May 14, 2015, the date the financial statements were issued and there were no subsequent events that will affect the March 31, 2015 financial statements. |
Note_3_Basis_of_Presentation_U
Note 3. Basis of Presentation: Use of Estimates, Policy (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Policies | |
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) | 3 Months Ended |
Mar. 31, 2015 | |
Policies | |
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) | 3 Months Ended |
Mar. 31, 2015 | |
Policies | |
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 March 31, 2015. 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 Share, Policy (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Policies | |
Earnings Per Common Share, 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 March 31, 2015 or 2014. |
Note_3_Basis_of_Presentation_I
Note 3. Basis of Presentation: Income Taxes, Policy (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Policies | |
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 March 31, 2015 and 2014. The Company has net operating losses of about $470,043, which begin to expire in 2026. |
Note_3_Basis_of_Presentation_I1
Note 3. Basis of Presentation: Impact of Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Policies | |
Impact of Recently Issued Accounting Standards | 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. |