Nevada
|
22-3962936
|
(State or other jurisdiction of incorporation)
|
(I.R.S. Employer Identification No.)
|
345 S. FIGUEROA ST. SUITE M09 LOS ANGELES, CA
|
90071
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
o
|
Accelerated filer
|
o
|
Non-accelerated filer
|
o
|
Smaller reporting company
|
x
|
Page
|
||
3
|
||
PART I FINANCIAL INFORMATION |
|
|
ITEM 1
|
4
|
|
ITEM 2
|
13 | |
ITEM 3
|
16 | |
ITEM 4
|
16 | |
PART II OTHER INFORMATION | ||
ITEM 1
|
17 | |
ITEM 2
|
17 | |
ITEM 3
|
17 | |
ITEM 4
|
17 | |
ITEM 5
|
17 | |
ITEM 6
|
17 |
June 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Unaudited
|
||||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash
|
$ | 10,186 | $ | 10,026 | ||||
Prepaid expenses and other receivables
|
305 | 2,605 | ||||||
Prepaid income taxes
|
800 | 3,689 | ||||||
Due from affiliated company
|
509 | 509 | ||||||
Total Current Assets
|
11,800 | 16,829 | ||||||
Property and equipment, net
|
31,142 | 37,585 | ||||||
Long-term Investment
|
195,854 | 195,854 | ||||||
Total Assets
|
$ | 238,796 | $ | 250,268 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
|
||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued expenses
|
$ | 47,124 | $ | 12,623 | ||||
Deferred Revenue
|
500,000 | 500,000 | ||||||
Capitalized Lease, current
|
14,895 | 14,468 | ||||||
Due to affiliated company
|
118,451 | 110,102 | ||||||
Total Current Liabilities
|
680,470 | 637,193 | ||||||
Long-term Liabilities
|
||||||||
Capitalized Lease, noncurrent
|
14,322 | 23,101 | ||||||
Convertible note, officers
|
1,615,969 | 1,554,473 | ||||||
Total Long-term Liabilities
|
1,630,291 | 1,577,574 | ||||||
Commitments and contingencies
|
||||||||
Stockholders' Deficit
|
||||||||
Common stock, $.001 par value, 45,000,000 shares authorized,
8,704,669 shares issued and outstanding at June 30, 2011 and December 31, 2010
|
8,705 | 8,705 | ||||||
Capital deficiency
|
(1,126,292 | ) | (1,126,292 | ) | ||||
Accumulated deficit
|
(954,378 | ) | (846,912 | ) | ||||
Total Stockholders' Deficit
|
(2,071,965 | ) | (1,964,499 | ) | ||||
Total Liabilities and Stockholders' Deficit
|
$ | 238,796 | $ | 250,268 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Revenues:
|
||||||||||||||||
Management Fee
|
$ | - | $ | 21,000 | $ | - | $ | 42,000 | ||||||||
Total revenues
|
- | 21,000 | - | 42,000 | ||||||||||||
Operating expenses:
|
||||||||||||||||
General and administrative
|
30,967 | 37,151 | 52,054 | 77,769 | ||||||||||||
Payroll and related benefits
|
4,751 | 93,379 | 8,277 | 187,864 | ||||||||||||
Total operating expenses
|
35,718 | 130,530 | 60,331 | 265,633 | ||||||||||||
(Loss) from operations
|
(35,718 | ) | (109,530 | ) | (60,331 | ) | (223,633 | ) | ||||||||
Other Income (Expense)
|
||||||||||||||||
Interest expense
|
(23,484 | ) | (28,316 | ) | (47,134 | ) | (57,284 | ) | ||||||||
Total other (Expense)
|
(23,484 | ) | (28,316 | ) | (47,134 | ) | (57,284 | ) | ||||||||
(Loss) before income taxes
|
(59,202 | ) | (137,846 | ) | (107,465 | ) | (280,917 | ) | ||||||||
Income taxes
|
- | - | - | 800 | ||||||||||||
Net (loss)
|
$ | (59,202 | ) | $ | (137,846 | ) | $ | (107,465 | ) | $ | (281,717 | ) | ||||
Net (loss) per common share
|
||||||||||||||||
Basic
|
$ | (0.01 | ) | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||
Diluted
|
$ | (0.01 | ) | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.03 | ) | ||||
Weighted average common shares outstanding
|
||||||||||||||||
Basic
|
8,704,669 | 8,704,669 | 8,704,669 | 8,704,669 | ||||||||||||
Diluted
|
8,704,669 | 8,704,669 | 8,704,669 | 8,704,669 |
Six Months Ended June 30,
|
||||||||
2011
|
2010 | |||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (107,465 | ) | $ | (281,717 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation expense
|
6,443 | 6,443 | ||||||
Changes in operating assets and liabilities:
|
||||||||
Prepaid expenses and other receivables
|
2,300 | 5,730 | ||||||
Prepaid income taxes
|
2,889 | - | ||||||
Accounts payable and accrued expenses
|
34,500 | 66,502 | ||||||
Net cash (used in) operating activities
|
(61,333 | ) | (203,042 | ) | ||||
Cash flows from financing activities:
|
||||||||
Payments on auto loan
|
(8,352 | ) | (6,825 | ) | ||||
Advance from affiliated company
|
8,349 | (151,038 | ) | |||||
Proceeds from borrowings on line-of-credit from officers
|
72,850 | 428,685 | ||||||
Repayments of borrowings on line-of-credit from officers
|
(11,354 | ) | (56,316 | ) | ||||
Net cash provided by financing activities
|
61,493 | 214,506 | ||||||
Net increase in cash
|
160 | 11,464 | ||||||
Cash, beginning of period
|
10,026 | 5,785 | ||||||
Cash, end of period
|
$ | 10,186 | $ | 17,249 | ||||
Supplemental disclosures of cash flow information:
|
||||||||
Cash paid during the period
|
||||||||
Interest
|
$ | 111 | $ | (36 | ) | |||
Income taxes
|
$ | - | $ | 800 |
June 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
Automobile
|
$
|
64,431
|
$
|
64,431
|
||||
64,431
|
64,431
|
|||||||
Less: Accumulated depreciation
|
(33,289
|
)
|
(26,846
|
)
|
||||
$
|
31,142
|
$
|
37,585
|
ASAP HOTEL, INC.
|
||||||||
June 30, 2011
|
December 31, 2010
|
|||||||
Total assets
|
$
|
5,379,103
|
$
|
5,379,103
|
||||
Total liabilities
|
-
|
-
|
||||||
Net assets
|
5,379,103
|
5,379,103
|
||||||
ASAP Expo's 19.84% ownership
|
1,067,284
|
1,067,284
|
||||||
Ending balance of investment account
|
195,854
|
195,854
|
||||||
Difference
|
871,430
|
871,430
|
For the Year Ended December 31:
|
||||
2011
|
$
|
8,007
|
||
2012
|
16,015
|
|||
2013
|
6,673
|
|||
Less amount representing interest at 5% per annum
|
(1,478
|
)
|
||
29,217
|
||||
Less Current Portion
|
(14,895
|
)
|
||
Long Term Portion
|
$
|
14,322
|
Three Months Ended March 31,
|
||||||||
2011
|
2010
|
|||||||
Deferred tax assets:
|
||||||||
Net operating loss carryforwards
|
$
|
43,127
|
$
|
112,220
|
||||
Total deferred tax assets
|
43,127
|
112,220
|
||||||
Less: valuation allowance
|
(43,127
|
)
|
(112,220
|
)
|
||||
Net deferred tax assets
|
$
|
-
|
$
|
-
|
31.1
|
|
32.1
|
|
101.INS
|
XBRL Instance Document*
|
101.SCH
|
XBRL Taxonomy Extension Schema Document*
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document*
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document*
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document*
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document*
|
ASAP EXPO, INC.
(Registrant)
|
|||
Date: August 15, 2011
|
By:
|
/s/ Frank S. Yuan
|
|
Frank S. Yuan,
Chairman, Chief Executive Officer
|
|||
Exhibit No.
|
Description
|
Location
|
||
31.1
|
Filed herewith.
|
|||
32.1
|
Filed herewith.
|
|||
101.INS
|
XBRL Instance Document
|
Furnished electronically with this filing | ||
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
Furnished electronically with this filing | ||
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
Furnished electronically with this filing | ||
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
Furnished electronically with this filing | ||
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
Furnished electronically with this filing | ||
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Furnished electronically with this filing |
BALANCE SHEETS (Unaudited) (Parentheticals) (USD $)
|
Jun. 30, 2011
|
Dec. 31, 2010
|
---|---|---|
Common stock, par value (in Dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 45,000,000 | 45,000,000 |
Common stock, shares issued | 8,704,669 | 8,704,669 |
Common stock, shares outstanding | 8,704,669 | 8,704,669 |
STATEMENTS OF OPERATIONS (Unaudited) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2011
|
Jun. 30, 2010
|
Jun. 30, 2011
|
Jun. 30, 2010
|
|
Revenues: | Â | Â | Â | Â |
Management Fee | Â | $ 21,000 | Â | $ 42,000 |
Total revenues | Â | 21,000 | Â | 42,000 |
Operating expenses: | Â | Â | Â | Â |
General and administrative | 30,967 | 37,151 | 52,054 | 77,769 |
Payroll and related benefits | 4,751 | 93,379 | 8,277 | 187,864 |
Total operating expenses | 35,718 | 130,530 | 60,331 | 265,633 |
(Loss) from operations | (35,718) | (109,530) | (60,331) | (223,633) |
Other Income (Expense) | Â | Â | Â | Â |
Interest expense | (23,484) | (28,316) | (47,134) | (57,284) |
Total other (Expense) | (23,484) | (28,316) | (47,134) | (57,284) |
(Loss) before income taxes | (59,202) | (137,846) | (107,465) | (280,917) |
Income taxes | Â | Â | Â | 800 |
Net (loss) | $ (59,202) | $ (137,846) | $ (107,465) | $ (281,717) |
Net (loss) per common share | Â | Â | Â | Â |
Basic (in Dollars per share) | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.03) |
Diluted (in Dollars per share) | $ (0.01) | $ (0.02) | $ (0.01) | $ (0.03) |
Weighted average common shares outstanding | Â | Â | Â | Â |
Basic (in Shares) | 8,704,669 | 8,704,669 | 8,704,669 | 8,704,669 |
Diluted (in Shares) | 8,704,669 | 8,704,669 | 8,704,669 | 8,704,669 |
Document And Entity Information
|
6 Months Ended | |
---|---|---|
Jun. 30, 2011
|
Aug. 12, 2011
|
|
Document and Entity Information [Abstract] | Â | Â |
Entity Registrant Name | ASAP Expo, Inc. | Â |
Document Type | 10-Q | Â |
Current Fiscal Year End Date | --12-31 | Â |
Entity Common Stock, Shares Outstanding | Â | 8,704,669 |
Amendment Flag | false | Â |
Entity Central Index Key | 0001419275 | Â |
Entity Current Reporting Status | Yes | Â |
Entity Voluntary Filers | No | Â |
Entity Filer Category | Smaller Reporting Company | Â |
Entity Well-known Seasoned Issuer | No | Â |
Document Period End Date | Jun. 30, 2011 | |
Document Fiscal Year Focus | 2011 | Â |
Document Fiscal Period Focus | Q2 | Â |
"+ text.join( "
\n" ) +"
" + text[p] + "
\n"; } } }else{ formatted = '' + raw + '
'; } html = ''+ "\n"+''+ "\n"+''+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+' | '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
'+ "\n"+' | '+ "\n"+' '+ "\n"+'
NOTE 7 - CONVERTIBLE NOTE, OFFICERS
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Debt Disclosure [Text Block] |
NOTE
7 - CONVERTIBLE NOTE, OFFICERS
On
January 1, 2011, the Company obtained a convertible note from
Frank Yuan, the Company's Chief Executive Officer, and his
family which provides for borrowings up to a maximum of
$1,800,000 and is due on demand. The note carries an interest
rate of 6.0% per annum and is convertible into the Company's
equity securities at a conversion price of $0.04 given a
written notice of the contemplated conversion describing in
reasonable detail the material terms of such equity
securities and of the issue is provided. Prior to obtaining
the convertible note, the Company had an unsecured revolving
line-of-credit from Frank Yuan and certain of his family
members which is due upon demand and provided for
borrowings up to a maximum of $1,800,000, as amended.
The
balance of convertible note as of June 30, 2010 was
$1,615,969; the accrued and unpaid interest on the note was
$47,023 which is included in accounts payable and accrued
expenses. The balance of line-of-credit as of December 31,
2010 was $1,554,473 including unpaid interest of $160,620
which was transferred into principal at December 31,
2010.
|
NOTE 3 - LONG-TERM INVESTMENT
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Method Investments Disclosure [Text Block] |
NOTE
3 – LONG-TERM INVESTMENT
In
September 2009, the Company made a long-term investment in
ASAP Hotel, Inc. (“ASAP Hotel”) to purchase
19.84% of equity interest for $200,000. The equity
method has been used for this investment for the six months
ended June 30, 2011. The balance for the
investment including earnings from the investment as of June
30, 2011 was $195,854.
ASAP
Hotel had no activities for the six months ended June 30,
2011.
The
following table provides the summary of balance sheet
information for ASAP Hotel as of June 30, 2011:
The
difference of $871,430 was mainly due to the discount when
ASAP Expo purchased the 19.84% of ownership in ASAP Hotel.
ASAP Hotel’s net asset was $5,400,000 and ASAP Expo
invested $200,000 (instead of $1,071,430) to purchase the
19.84% of ownership in ASAP Hotel.
|
NOTE 9 - SHAREHOLDERS' DEFICIT
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Stockholders' Equity Note Disclosure [Text Block] |
NOTE
9 - SHAREHOLDERS' DEFICIT
Common
Stock
At
June 30, 2011, the Company has 45,000,000 shares of common
stock authorized and 8,704,669 shares issued and outstanding
at par value $0.001 per share.
Options
and Warrants
The
Company does not have a stock option plan or any options or
warrants issued and outstanding as of June 30, 2011.
|
NOTE 10 - COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Commitments and Contingencies Disclosure [Text Block] |
NOTE
10 - COMMITMENTS AND CONTINGENCIES
Operating
Lease
Starting
June 15, 2010, the Company leases office space under a
five-year lease term agreement with Shenzhen New World Group.
The lease provides for monthly lease payments of $0. Up to
November 2010, the Company subleased part of its office space
to one of its affiliated companies for monthly lease payment
of $2,000 and recorded it as management fee.
|
P\AR/#CO
M6H&'UE;8LNW-:D,P_CN\X\WF_FK7W_M7'Q:N;/.*OKHAC]>3_^873S8'QZNPN??
MG=_!J1_<+]X.G'?.Z^CSX^>7[X*)_=!_?S$J9C17A)[6D[\0Z:1(A`'>^.X=!&.0>JT_!ID
M0M:9C&`1P:K1BYNG:Q!W`*@'P%T,&34B3$J7('>T6GW!S%;1\N;'U=8"F^/N
MML1H:]P7+!I.P6[)F0*M7$GNWF$JP_3OIA]4CJF@VWW9$6C>5!B/\^W4<3P*08#'.\9V&]&+=ISAF;"(,*#IL9%)*=,ZW(8YB,V?3\4
M,!/2.!5N;3I>3!D`UUXX'*?.8,0>-W[P-ZX#WR":$N)\+[R""S^`F5<);AS/
M#TBE2_Q6!5*C>2B,:Q-93,RQ+G["=D\'V!,"9H22]!34\0V49V!_7FX&40<^=)M3"!)HC:9:!46<4H?;?P
M-/8P':S&L"N5@")O-'%#CXQ@4VXHE2F'+NCQ"/5KNMR[*AQM1-H!W-#P9J+V
M8HSNR.=A&K/G)6\V((JVULR%2$&@+\$&SC,&.(<'ARE@_%AO"A(D,(DKDD`%
M&;#F.:8P%PS&*L^J[&7$^_S(1]]%*-"6>>VXR"TZ56;K$*SVS-8!`?S,UJXQ
MB%L;\W4+^9)/;M$&J5?+Q@9!08XY;9:&]TS?YY$CFKX4*>,JDS\>;6:N8U^[
MOA6=:H5E0>JJ%#W"S%]6<4-`6IHKNF)R(+^6#D>E=TO-:'3LLTADK_;-ZQ2A
MVU-5$)8['*UJH6/,1*('V\C@7/K!R:HT\D#UE_'G\/-7'&D*TK:&ZS.HS,@O
MNN.AE?(6]T'W2G*8>\!ZE`.'`L$$)DF>'*4O#>Q]`0
M(Y9_6FRK9]M^A/G,Z/HNRT@A,>&4WKHL4RV.HP?BS?2[F[P5GW5=*SD;?8U0
MP+^_#9<">O\NU#GCFMO360?2D<_6@3&
NOTE 8 - INCOME TAXES
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] |
NOTE
8 - INCOME TAXES
As
of June 30, 2011, the Company had Federal net tax operating
loss carry forwards of approximately $955,178 available to
offset future taxable income. The carry forwards expire in
varying amounts through 2031.
The
tax effects of temporary differences that give rise to
significant portions of the deferred tax assets at June 30,
2011 and 2010 are presented below:
|
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Significant Accounting Policies [Text Block] |
NOTE
1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION
ASAP
Expo, Inc. (“ASAP Expo” or the
“Company” or “We” or
“Our”) d.b.a. ASAP International Holdings Inc.,
was incorporated on April 10, 2007 under the laws of the
State of Nevada.
Prior
to December 31, 2008, ASAP Expo was a wholly owned subsidiary
of China Yili Petroleum Company, a Nevada corporation
(“China Yili”), formerly named ASAP Show, Inc
(“ASAP”).
On
December 31, 2008, China Yili declared a dividend of 100% of
the outstanding shares of ASAP Expo to its
shareholders. The dividend declaration caused ASAP Expo
to spin-off from China Yili.
ASAP
Expo provides investment banking, management consulting and
global trading services for Chinese companies. The mission is
to bridge the China and the Western world.
The
Investment Banking Services division helps Chinese companies
list on the public trading markets in the United States of
America (“USA”) or Europe. Management Consultant
division assists our own portfolio companies to meet Western
management standards and enhance its value in the public
market arena. Global Business Services division provides
consulting to entities seeking business opportunities in the
USA, Europe, and China.
UNAUDITED
INTERIM FINANCIAL INFORMATION
These
unaudited interim consolidated financial statements have been
prepared in accordance with U.S. generally accepted
accounting principles (the “GAAP”) for interim
financial reporting and the rules and regulations of the
Securities and Exchange Commission that permit reduced
disclosure for interim periods. Therefore, certain
information and footnote disclosures normally included in
financial statements prepared in accordance with the GAAP
have been condensed or omitted. In the opinion of management,
all adjustments of a normal recurring nature necessary for a
fair presentation of the financial position, results of
operations and cash flows for the periods presented have been
made. The results of operations for the interim periods
presented are not necessarily indicative of the results to be
expected for the year ending December 31, 2011.
These
unaudited interim consolidated financial statements should be
read in conjunction with the consolidated financial
statements and related notes for the year ended December 31,
2010, included in the Company’s 2010 Annual Report on
Form 10-K.
GOING
CONCERN
The
accompanying financial statements have been prepared assuming
that the Company will continue as a going concern.
At
June 30, 2011, the Company has a capital deficiency of
$1,126,292 resulted from the accumulated deficit of its
parent company that was transferred to the Company upon
spin-off, negative working capital of $669,470 and a lack of
profitable operating history. The Company hopes to increase
revenues from its financial advisory services business. In
the absence of significant increases in revenues, the Company
intends to fund operations through additional debt and equity
financing arrangements. The successful outcome of future
activities cannot be determined at this time and there are no
assurances that if achieved, the Company will have sufficient
funds to execute its intended business plan or generate
positive operating results.
The
Company's success is dependent upon numerous items, certain
of which are the successful growth of revenues from its
services and its ability to obtain new customers in order to
achieve levels of revenues adequate to support the Company's
current and future cost structure, for which there is no
assurance. Unanticipated problems, expenses, and delays are
frequently encountered in establishing and maintaining
profitable operations. These include, but are not limited to,
competition, the need to develop customer support
capabilities and market expertise, technical difficulties,
market acceptance and sales and marketing. The failure of the
Company to meet any of these conditions could have a
materially adverse effect on the Company and may force the
Company to reduce or curtail operations. No assurance can be
given that the Company can achieve or maintain profitable
operations.
The
Company believes it will have adequate cash to sustain
operations until it achieves sustained profitability.
However, until the Company has a history of maintaining
revenue levels sufficient to support its operations and repay
its working capital deficit, the Company may require
additional financing. Sources of financing could include
capital infusions, additional equity financing or debt
offerings. There can be no assurance that funding will be
available on acceptable terms, if at all, or that such funds,
if raised, would enable the Company to achieve or sustain
profitable operations.
These
factors, among others, raise substantial doubt about the
Company's ability to continue as a going concern. The
accompanying financial statements do not include any
adjustments to reflect the possible future effects on the
recoverability and classification of assets or the
classification of liabilities that might result from the
outcome of these uncertainties.
USE
OF ESTIMATES
The
preparation of financial statements in conformity with the
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. Actual
results could differ from those estimates.
REVENUE
RECOGNITION
Accounting
Standards Codification (‘ASC”) 605, Revenue
Recognition which outlines the basic criteria that
must be met to recognize revenue and provide guidance for
presentation of revenue and for disclosure related to revenue
recognition policies in financial statements filed with
Securities and Exchange Commission. Management believes the
Company's revenue recognition policies conform to ASC
605.
Revenues
include consulting fees and management fee.
Consulting
Fees
The
Consulting fees are recognized when
earned. Consulting fees subject to refund are
recorded as deferred revenue until the project is completed
and the fees are no longer refundable.
Management
Fee
The
management fee is recognized when earned.
RECENTLY
ISSUED ACCOUNTING PRONOUNCEMENTS
In
April 2010, the FASB issued the amendment to ASC Topic 718,
“Compensation
– Stock Compensation”, which provides
clarification that an employee share-based payment award with
an exercise price denominated in the currency of a market in
which a substantial portion of the entity’s equity
securities trade should not be considered to contain a
condition that is not a market, performance, or service
condition. As a result, an entity would not classify such an
award as a liability if it otherwise qualifies as equity.
This topic was effective for periods beginning on or after
December 15, 2010. Adoption of this topic had no material
effect on the Company’s consolidated financial
statements.
|
NOTE 4 - DEFERRED REVENUE
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Deferred Revenue Disclosure [Text Block] |
NOTE
4 – DEFERRED REVENUE
Consulting
fees received for providing advisory services are subject to
refund until the client becomes publicly traded in the United
States or Europe, thus are recorded as deferred revenue until
the fees are no longer refundable.
At
June 30, 2011, the deferred revenue was $500,000 for the
advisory services being provided to ASAP Hotel for its
planned public listing in the US.
|
NOTE 5 - CAPITAL LEASE
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
|||||||||||||||||||||||||||||||||||||||||
Debt and Capital Leases Disclosures [Text Block] |
NOTE
5 - CAPITAL LEASE
In
2008, the Company entered into a lease arrangement to acquire
a vehicle. Future minimum payments and the obligations due
under the capital lease are as follows:
|
NOTE 6 - DUE TO AFFILIATED COMPANY
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Related Party Transactions Disclosure [Text Block] |
NOTE
6 – DUE TO AFFILIATED COMPANY
ASAP
Hotel advanced the Company $100,000 for the purpose of
acquiring used vehicles for ASAP Hotel and exporting them to
China. ASAP Hotel’s China WOFE is allowed to
import up to eight used vehicles into China. At
June 30, 2011 no automobiles had been purchased for, or
exported to, ASAP Hotel. In addition, ASAP Expo owed ASAP
Hotel $18,451 at June 30, 2011 for over reimbursed travel
expenses. The advances were non interest bearing and are
payable on demand.
At
June 30, 2011, ASAP Expo was owed $509 by Friendship Partners
LLC in which ASAP Expo’s officers are also members. The
advance was non interest bearing and are payable on
demand.
|
NOTE 2 - PROPERTY AND EQUIPMENT
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] |
NOTE
2 – PROPERTY AND EQUIPMENT
Property
and equipment consist of the following:
|
NOTE 11 - SUBSEQUENT EVENT
|
6 Months Ended |
---|---|
Jun. 30, 2011
|
|
Subsequent Events [Text Block] |
NOTE
11 – SUBSEQUENT EVENT
On
July 12, 2010, the Company refunded $300,000 of the advisory
services fee back to ASAP Hotel as ASAP Hotel has terminated
its plan of public listing in the USA. The
remaining $200,000 of advanced advisory services fee will
also be refunded.
|