Nevada
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22-3962936
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(State or other jurisdiction of incorporation)
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(I.R.S. Employer Identification No.)
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345 S. FIGUEROA ST. SUITE M09 LOS ANGELES, CA
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90071
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
|
o
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Smaller reporting company
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x
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Page
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3
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PART I FINANCIAL INFORMATION
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ITEM 1
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4
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ITEM 2
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12
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ITEM 3
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15
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ITEM 4
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15
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PART II OTHER INFORMATION
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ITEM 1
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16
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ITEM 2
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16
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ITEM 3
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16
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ITEM 4
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16
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ITEM 5
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16
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ITEM 6
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16
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September 30, 2011
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December 31, 2010
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|||||||
Unaudited
|
||||||||
ASSETS
|
||||||||
Current Assets
|
||||||||
Cash
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$ | 6,304 | $ | 10,026 | ||||
Accounts Receivable
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55,938 | - | ||||||
Prepaid expenses and other receivables
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- | 2,605 | ||||||
Prepaid income taxes
|
800 | 3,689 | ||||||
Due from affiliated company
|
509 | 509 | ||||||
Total Current Assets
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63,551 | 16,829 | ||||||
Property and equipment, net
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27,920 | 37,585 | ||||||
Long-term Investment
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- | 195,854 | ||||||
Total Assets
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$ | 91,471 | $ | 250,268 | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
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||||||||
Current Liabilities
|
||||||||
Accounts payable and accrued expenses
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$ | 73,674 | $ | 12,623 | ||||
Deferred Revenue
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- | 500,000 | ||||||
Capitalized Lease, current
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15,081 | 14,468 | ||||||
Due to affiliated company
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- | 110,102 | ||||||
Total Current Liabilities
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88,755 | 637,193 | ||||||
Long-term Liabilities
|
||||||||
Capitalized Lease, noncurrent
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10,481 | 23,101 | ||||||
Convertible note, officers
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1,718,988 | 1,554,473 | ||||||
Total Long-term Liabilities
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1,729,469 | 1,577,574 | ||||||
Commitments and contingencies
|
||||||||
Stockholders' Deficit
|
||||||||
Common stock, $.001 par value, 45,000,000 shares authorized,
8,704,669 shares issued and outstanding at September 30, 2011 and December 31, 2010
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8,705 | 8,705 | ||||||
Capital deficiency
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(1,126,292 | ) | (1,126,292 | ) | ||||
Accumulated deficit
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(609,166 | ) | (846,912 | ) | ||||
Total Stockholders' Deficit
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(1,726,753 | ) | (1,964,499 | ) | ||||
Total Liabilities and Stockholders' Deficit
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$ | 91,471 | $ | 250,268 |
Three Months Ended September 30,
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Nine Months Ended September 30,
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|||||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
Revenues:
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||||||||||||||||
Consulting fee
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$ | 401,329 | $ | - | $ | 401,329 | $ | - | ||||||||
Management Fee
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- | 21,000 | - | 63,000 | ||||||||||||
Total revenues
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401,329 | 21,000 | 401,329 | 63,000 | ||||||||||||
Operating expenses:
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||||||||||||||||
General and administrative
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22,862 | 19,907 | 74,916 | 97,676 | ||||||||||||
Payroll and related benefits
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3,736 | 95,883 | 12,013 | 283,747 | ||||||||||||
Total operating expenses
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26,598 | 115,790 | 86,929 | 381,423 | ||||||||||||
Income (Loss) from operations
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374,731 | (94,790 | ) | 314,400 | (318,423 | ) | ||||||||||
Other Income (Expense)
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||||||||||||||||
Investment Income (loss)
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(2,294 | ) | - | (2,294 | ) | - | ||||||||||
Interest expense
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(27,226 | ) | (37,464 | ) | (74,360 | ) | (94,748 | ) | ||||||||
Total other (Expense)
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(29,520 | ) | (37,464 | ) | (76,654 | ) | (94,748 | ) | ||||||||
Income (Loss) before income taxes
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345,211 | (132,254 | ) | 237,746 | (413,171 | ) | ||||||||||
Income taxes
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- | - | - | 800 | ||||||||||||
Net Income (loss)
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$ | 345,211 | $ | (132,254 | ) | $ | 237,746 | $ | (413,971 | ) | ||||||
Net (loss) per common share
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||||||||||||||||
Basic
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$ | 0.04 | $ | (0.02 | ) | $ | 0.03 | $ | (0.05 | ) | ||||||
Diluted
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$ | 0.04 | $ | (0.02 | ) | $ | 0.03 | $ | (0.05 | ) | ||||||
Weighted average common shares outstanding
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||||||||||||||||
Basic
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8,704,669 | 8,704,669 | 8,704,669 | 8,704,669 | ||||||||||||
Diluted
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8,704,669 | 8,704,669 | 8,704,669 | 8,704,669 |
Nine Months Ended September 30,
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||||||||
2011
|
2010 | |||||||
Cash flows from operating activities:
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||||||||
Net loss
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$ | 237,746 | $ | (413,971 | ) | |||
Adjustments to reconcile net loss to net cash
used in operating activities: |
||||||||
Depreciation expense
|
9,665 | 9,665 | ||||||
Bad debt on other receivable
|
305 | - | ||||||
Loss (gain) on investment
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2,294 | - | ||||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
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(55,938 | ) | - | |||||
Prepaid expenses and other receivables
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2,300 | 3,429 | ||||||
Prepaid income taxes
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2,889 | 848 | ||||||
Accounts payable and accrued expenses
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61,051 | 98,692 | ||||||
Deferred revenues
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(306,440 | ) | 7,000 | |||||
Net cash (used in) operating activities
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(46,128 | ) | (294,337 | ) | ||||
Cash flows from investing activities:
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- | - | ||||||
Cash flows from financing activities:
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||||||||
Payments on auto loan
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(12,007 | ) | (9,138 | ) | ||||
Advance from (Repayment to) affiliated company
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(110,102 | ) | 5,593 | |||||
Proceeds from borrowings on line-of-credit from officers
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483,250 | 514,485 | ||||||
Repayments of borrowings on line-of-credit from officers
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(318,735 | ) | (215,379 | ) | ||||
Net cash provided by financing activities
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42,406 | 295,561 | ||||||
Net (decrease) increase in cash
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(3,722 | ) | 1,224 | |||||
Cash, beginning of period
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10,026 | 5,785 | ||||||
Cash, end of period
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$ | 6,304 | $ | 7,009 | ||||
Supplemental disclosures of cash flow information:
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||||||||
Cash paid during the period
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||||||||
Interest
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$ | 686 | $ | 405 | ||||
Income taxes
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$ | (2,889 | ) | $ | (48 | ) | ||
Non-cash investing and financing activities:
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||||||||
Deferred revenue applied as return of capital from long-term investment
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$ | 193,560 | $ | - |
September 31,
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December 31,
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|||||||
2011
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2010
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|||||||
Automobile
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$ | 64,431 | $ | 64,431 | ||||
64,431 | 64,431 | |||||||
Less: Accumulated depreciation
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(36,511 | ) | (26,846 | ) | ||||
$ | 27,920 | $ | 37,585 |
ASAP HOTEL, INC.
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||||||||
July 1, 2011
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December 31, 2010
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|||||||
Total assets
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$ | 5,367,539 | $ | 5,379,103 | ||||
Total liabilities
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- | - | ||||||
Net assets
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5,367,539 | 5,379,103 | ||||||
ASAP Expo's 19.84% ownership
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1,064,990 | 1,067,284 | ||||||
Ending balance of investment account
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193,560 | 195,854 | ||||||
Difference
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871,430 | 871,430 |
For the Year Ended December 31:
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||||
2011
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$ | 4,003 | ||
2012
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16,015 | |||
2013
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6,673 | |||
Less amount representing interest at 5% per annum
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(1,129 | ) | ||
25,562 | ||||
Less Current Portion
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(15,081 | ) | ||
Long Term Portion
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$ | 10,481 |
Nine Months Ended September 30,
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||||||||
2011
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2010
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|||||||
Deferred tax assets:
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||||||||
Net operating loss carryforwards
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$ | - | $ | 112,220 | ||||
Total deferred tax assets
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- | 112,220 | ||||||
Less: valuation allowance
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- | (112,220 | ) | |||||
Net deferred tax assets
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$ | - | $ | - |
31.1
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32.1
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101.INS
|
XBRL Instance Document*
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101.SCH
|
XBRL Taxonomy Extension Schema Document*
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101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document*
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101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document*
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101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document*
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101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document*
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ASAP EXPO, INC.
(Registrant)
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|||
Date: November 14, 2011
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By:
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/s/ Frank S. Yuan
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Frank S. Yuan,
Chairman, Chief Executive Officer
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|||
Exhibit No.
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Description
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Location
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||
31.1
|
Filed herewith.
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|||
32.1
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Filed herewith.
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|||
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 $) | Sep. 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 | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2011 | Sep. 30, 2010 | Sep. 30, 2011 | Sep. 30, 2010 | |
Revenues: | ||||
Consulting fee | $ 401,329 | $ 401,329 | ||
Management Fee | 21,000 | 63,000 | ||
Total revenues | 401,329 | 21,000 | 401,329 | 63,000 |
Operating expenses: | ||||
General and administrative | 22,862 | 19,907 | 74,916 | 97,676 |
Payroll and related benefits | 3,736 | 95,883 | 12,013 | 283,747 |
Total operating expenses | 26,598 | 115,790 | 86,929 | 381,423 |
Income (Loss) from operations | 374,731 | (94,790) | 314,400 | (318,423) |
Other Income (Expense) | ||||
Investment Income (loss) | (2,294) | (2,294) | ||
Interest expense | (27,226) | (37,464) | (74,360) | (94,748) |
Total other (Expense) | (29,520) | (37,464) | (76,654) | (94,748) |
Income (Loss) before income taxes | 345,211 | (132,254) | 237,746 | (413,171) |
Income taxes | 800 | |||
Net Income (loss) | $ 345,211 | $ (132,254) | $ 237,746 | $ (413,971) |
Net (loss) per common share | ||||
Basic (in Dollars per share) | $ 0.04 | $ (0.02) | $ 0.03 | $ (0.05) |
Diluted (in Dollars per share) | $ 0.04 | $ (0.02) | $ 0.03 | $ (0.05) |
Weighted average common shares outstanding | ||||
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 | 9 Months Ended | |
---|---|---|
Sep. 30, 2011 | Nov. 11, 2011 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ASAP Expo, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 8,704,669 | |
Amendment Flag | false | |
Entity Central Index Key | 0001419275 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Sep. 30, 2011 | |
Document Fiscal Year Focus | 2011 | |
Document Fiscal Period Focus | Q3 |
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NOTE 7 - CONVERTIBLE NOTE, OFFICERS | 9 Months Ended |
---|---|
Sep. 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
(“CEO”), 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 September 30, 2010 was
$1,718,988; the accrued and unpaid interest on the note was
$73,674 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 | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 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. At July 1,
2011, the Company sold the 19.84% equity interest in ASAP
Hotel back to ASAP Hotel for its carrying balance of
$193,559.69. The equity method has been used for
this investment up to July 1, 2011.
ASAP
Hotel had no activities from January 1, 2011 to July 1,
2011.
The
following table provides the summary of balance sheet
information for ASAP Hotel as of July 1, 2011 and December
31, 2010, respectively:
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 | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Stockholders' Equity Note Disclosure [Text Block] |
NOTE
9 - SHAREHOLDERS' DEFICIT
Common
Stock
At
September 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 September 30,
2011.
|
NOTE 10 - COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
---|---|
Sep. 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.
|
NOTE 8 - INCOME TAXES | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Text Block] |
NOTE
8 - INCOME TAXES
As
of September 30, 2011, the Company had Federal net tax
operating loss carry forwards of approximately $601,108
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 September
30, 2011 and 2010 are presented below:
|
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
---|---|
Sep. 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, was
incorporated on April 10, 2007 under the laws of the State of
Nevada.
ASAP
Expo is a company that operates real estate, provides
investment banking and consulting services for Chinese
companies. The mission is to be the bridge between the China
and the Western world. The Company’s Global Business
Services division has added EB-5 Investment Visa consulting
to overseas individuals seeking opportunities in the U.S. The
Company’s Investment Banking Services division lists
Chinese companies on the public trading markets in the USA or
Europe. The Company’s Real Estate division assists with
institutional and high net worth individuals with acquisition
advisory and asset management.
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
September 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
May 2011, the FASB issued ASU 2011-04 Fair Value Measurement
(Topic 820): Amendments to Achieve Common Fair Value
Measurement and Disclosure Requirements in U.S. GAAP and
IFRSs. This ASU is the result of joint efforts by the FASB
and International Accounting Standards Board
(“IASB”) to develop a single, converged fair
value framework — that is, converged guidance on how
(not when) to measure fair value and on what disclosures to
provide about fair value measurements. Thus, there are few
differences between this ASU and its international
counterpart, IFRS 13. While this ASU is largely consistent
with existing fair value measurement principles in U.S. GAAP,
it expands Topic 820’s existing disclosure requirements
for fair value measurements and makes other amendments. Many
of these amendments were made to eliminate unnecessary
wording differences between U.S. GAAP and IFRSs. However,
some could change how the fair value measurement guidance in
Topic 820 is applied. This ASU is effective for interim and
annual periods beginning after December 15, 2011 for public
entities. This ASU is not expected to have a material impact
on the Company’s consolidated financial
statements.
In
June 2011, the FASB issued ASU 2011-05 Comprehensive Income
(Topic 220): Presentation of Comprehensive Income, which
revises the manner in which entities present comprehensive
income in their financial statements. This ASU removes the
presentation options in Topic 220 and requires entities to
report components of comprehensive income in either (1) a
continuous statement of comprehensive income or (2) two
separate but consecutive statements. This ASU does not change
the items that must be reported in other comprehensive
income. For public entities, the amendments are effective for
fiscal years, and interim periods within those years,
beginning after December 15, 2011. Early adoption is
permitted. This ASU does not require incremental disclosures
in addition to those required by Topic 250 or any transition
guidance. This ASU is not expected to have a material impact
on the Company’s consolidated financial statements
except for a revision of presentation of comprehensive
income.
|
"1*@Q+R=@4(;$/1K]F`0XAMJ++T\$=*NOB+
M)E`030%9>,LEAS[BP*I"P.!#RT(=QW25H;0&,?&I431MUO$6\]1(E*!/9)\%
M>Q!:LO5CQ+@)(2M@'K5]!?.W176"C;V,IPM`,8>]VE=8#WI00^
9-$^&
MG1N%#]-!QW&8\`Z1FKH@M0+]V[0G:*,6&QN9SF=7*JEA2$8^/K\"_\:4$R#,
MO:+$\->K-7G/)85FZ%'VGF;R_;UYT*[Q'9-7OCS .P)0*--/S^EW$UP
MUSML?*='@9^_O4M(ZI.'RCF-V[:/]::[_S2=\\QXW)6Y'!H+*M8N7VA2\-*0
MM@PM;^`[\/$#W!S,,]\!JTE8F`14N-]D,$A&`S3)'O5(\37S-
M52AUGO,5M#"^Z'06:6]1FF=6[PLRLRA8(AM0YU:%-0]"!#R]M=&@5#$PZ4UD
MT8E@]=JT-@@@D:*03`!SQ(Z%&YMODL)G7"DSSUZS:N)J3]MI,2I,E'SL$<&U
M+H.]T^RX3C"AD^LPDC%(6J4/@ZA9V2B@.7P*05@XME0PQ(,,`$_QD&>D/WB0
MAVD-)\,Y+*/*R
NOTE 4 - DEFERRED REVENUE | 9 Months Ended |
---|---|
Sep. 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.
In
July 2011, ASAP Hotel decided to determinate the plan of
going public. Of the $500,000 deferred revenue related to the
advisory services fee, $300,000 was refunded back to ASAP
Hotel, $193,560 was used as capital returned by ASAP Hotel to
redeem ASAP Expo’s 19.84% investment in ASAP Hotel, and
the remaining $6,440 was recorded as consulting fee for the
miscellaneous consulting work ASAP Expo did for ASAP
Hotel.
|
NOTE 5 - CAPITAL LEASE | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 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 | 9 Months Ended |
---|---|
Sep. 30, 2011 | |
Related Party Transactions Disclosure [Text Block] |
NOTE
6 – DUE TO AFFILIATED COMPANY
At
September 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 is
payable on demand.
|
NOTE 2 - PROPERTY AND EQUIPMENT | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] |
NOTE
2 – PROPERTY AND EQUIPMENT
Property
and equipment consist of the following:
|