U.S. SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549   

FORM 10-Q

(MARK ONE)
x	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the quarterly period ended June 30, 2015
OR
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
	For the transition period from  ______________ to ______________

Commission file number: 001-51554

ASAP EXPO, INC.

(Exact name of small business issuer as specified in its charter)

Nevada	22-3962936
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification Number)

9436 Jacob Lane, Rosemead, CA 91770	91770
(Address of principal executive offices)	(Zip Code)

Issuer's telephone number: (213) 625-1200

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.   Yes x    No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   Yes x   No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer o	Accelerated filer  o
Non-accelerated filer o	Smaller reporting company x
(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes o No x

Number of shares outstanding of the issuer's classes of common equity, as of August 14, 2015: 14,445,363 Shares of Common Stock (One Class)

Transitional Small Business Disclosure Format: Yes o    No x

TABLE OF CONTENTS

		Page
PART I   Financial Information
Item 1.	Condensed Financial Statements	3
	Condensed Balance Sheets as of June 30, 2015 (unaudited) and December 31, 2014	3
	Condensed Statements of Operations for the Three and Six Months Ended June 30, 2015 and  June 30, 2014 (unaudited)	4
	Condensed Statements of Cash Flows for the Six Months Ended June 30, 2015 and June 30, 2014 (unaudited)	5
	Notes to Condensed Financial Statements (unaudited)	6
Item 2.	Management's Discussion and Analysis or Plan of Operation	11
Item 3.	Controls and Procedures	14
PART II  Other Information
Item 1.	Legal Proceedings	15
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	15
Item 3.	Defaults Upon Senior Securities	15
Item 4.	Submission of Matters to a Vote of Security Holders	15
Item 5.	Other Information	15
Item 6.	Exhibits	15
Signatures		16

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ASAP EXPO, INC.

BALANCE SHEETS

	June 30,			December 31,
	2015			2014
	(Unaudited)
ASSETS
Current Assets
Cash & equivalents	$	83,107		$	41,420
Prepaid income taxes		800			800
Due from affiliated companies		54,444			19,859
Total Current Assets		138,351			62,079
Furniture and equipment, net		53,271			30,422
Total Assets	$	191,622		$	92,501
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current Liabilities
Accounts payable and accrued expenses	$	470,530		$	417,819
Auto loan, current		4,905			4,905
Income tax payable		195,692			116,158
Due to affiliated company		-			64,154
Total Current Liabilities		671,127			603,036
Long-Term Liabilities
Settlement payable, noncurrent		20,000			20,000
Auto loan, noncurrent		9,402			11,855
Note payable, officers		252,166			389,804
Total Long-Term Liabilities		281,568			421,659
Total Liabilities		952,695			1,024,695
Stockholders' Deficit
Common stock, $.001 par value, 45,000,000 shares authorized, 14,445,363 shares issued and outstanding at June 30, 2015 and December 31, 2014		14,445			14,445
Additional paid in capital		(902,272	)		(902,272	)
Retained earnings (Accumulated deficit)		126,754			(44,367	)
Total Stockholders' Deficit		(761,073	)		(932,194	)
Total Liabilities and Stockholders' Deficit	$	191,622		$	92,501

The accompanying notes are an integral part of these condensed unaudited financial statements.

3

ASAP EXPO, INC.

STATEMENTS OF OPERATIONS

(UNAUDITED)

	Three Months Ended June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
Revenues:
Commission income	$	-		$	-		$	-		$	625
Consulting fee		330,000			269,500			781,418			881,500
Total revenues		330,000			269,500			781,418			882,125
Cost of Sales
Consulting expense		86,000			157,500			322,000			448,500
Total cost of sales		86,000			157,500			322,000			448,500
Gross Profit		244,000			112,000			459,418			433,625
General and administrative		129,010			51,076			200,535			237,029
Income from operations		114,990			60,924			258,883			196,596
Other Income (Expense)
Interest expense		(3,925	)		(8,609	)		(8,175	)		(15,470	)
Total other income (expense), net		(3,925	)		(8,609	)		(8,175	)		(15,470	)
Income before income taxes		111,065			52,315			250,708			181,126
Income taxes provision		32,108			68,402			79,587			119,853
Net Income (loss)	$	78,957		$	(16,087	)	$	171,121		$	61,273
Net income (loss) per common share
Basic	$	0.01		$	(0.00	)	$	0.01		$	0.00
Diluted	$	0.01		$	(0.00	)	$	0.01		$	0.00
Weighted average common shares outstanding
Basic		14,445,363			14,445,363			14,445,363			14,445,363
Diluted		14,445,363			19,230,592			14,445,363			19,230,592

The accompanying notes are an integral part of these condensed unaudited financial statements.

4

ASAP EXPO, INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

	Six Months Ended June 30,
	2015			2014
Operating Activities:
Net Income (loss)	$	171,121		$	61,273
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation expense		3,861			2,575
Changes in operating assets and liabilities:
Accounts payable and accrued expenses		52,711			2,530
Income tax payable		79,534			76,795
Net cash provided by operating activities		307,227			143,173
Investing Activities:
Acquisitions of property and equipment		(26,710	)		(14,844	)
Advance to affiliated companies		(34,585	)		(31,131	)
Net cash used in investing activities		(61,295	)		(45,975	)
Financing Activities:
Payments on auto loan		(2,453	)		(2,453	)
Advance from (Repayment to) affiliated company		(64,156	)		(187,777	)
Proceeds from borrowings on note payable from officers		476			454,252
Repayments of borrowings on note payable from officers		(138,112	)		(548,582	)
Net cash used in financing activities		(204,245	)		(284,560	)
Net increase (decrease) in cash		41,687			(187,362	)
Cash, beginning of period		41,420			205,967
Cash, end of period	$	83,107		$	18,604
Supplemental disclosures of cash flow information:
Cash paid during the period
Interest	$	-		$	-
Income taxes	$	800		$	43,058

 The accompanying notes are an integral part of these condensed unaudited financial statements.

5

ASAP EXPO, INC.

NOTES TO UNAUDITED CONDENSED FINANCIAL STATEMENTS

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION

ASAP Expo, Inc. (“ASAP Expo” or the “Company”) d.b.a. ASAP International Holdings, was incorporated on April 10, 2007 under the laws of the State of Nevada.

ASAP Expo is a holding company that operates commercial real estate consulting for Chinese Institutions and high net worth individuals. Our mission is to be the bridge between China and the Western world.

ASAP Commercial Real Estate division advisory provides Chinese institutions and high net worth individuals with all real estate related services focusing on hospitality including acquisition advisory, financing, asset management, and strategic repositioning.

On the hospitality acquisition side, we represent buyers at all stages of the process, from advice on selection of brands, location, opportunity sourcing and due diligence to securing debt financing. Our clients have the advantage of our local market knowledge and contacts in capital markets around the globe, as well as our deep experience in real estate strategy and management.

Prior to July 2011, the investment banking services division was the core business of ASAP Expo. ASAP Expo helped small and medium sized businesses raise funds and promote business through capital markets.

In July 2011, ASAP Expo transitioned its core business to providing real estate advisory services from investment banking advisory services for Chinese companies.

Unaudited Interim Financial Information

These unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United State of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X 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 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, 2015.

The balance sheets and certain comparative information as of December 31, 2014 are derived from the audited financial statements and related notes for the year ended December 31, 2014 (“2014 Annual Financial Statements”), included in the Company’s 2014 Annual Report on Form 10-K filed on April 15, 2015. These unaudited interim financial statements should be read in conjunction with the 2014 Annual Financial Statements.

BASIS OF PRESENTATION

The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America.

Cash and Cash Equivalents

Cash and cash equivalents consist of cash on hand, cash on deposit with banks, and highly liquid debt investments with a maturity of three months or less when purchased.

6

GOING CONCERN

The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern.

At June 30, 2015, the Company had an accumulated stockholders' deficit of $761,073 and a negative working capital of $532,776, which mainly resulted from the accumulated deficit of its former parent company that was transferred to the Company upon its spin-off from the parent company, and a lack of profitable operating history. The Company hopes to increase revenues from its real estate business and 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 fund, 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.

FAIR VALUE OF FINANCIAL INSTRUMENTS

The Company’s financial instruments consist of cash, prepaid expenses and other receivables, accounts payable, accrued liabilities and due to/from affiliated company.  The fair value of these financial instruments approximate their carrying amounts reported in the balance sheets due to the short term maturity of these instruments.

Fair Value Measurements

ASC Topic 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value, establishes a three-level valuation hierarchy for disclosure of fair value measurement and enhances disclosure requirements for fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. The three levels are defined as follows:

Level 1 - Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 - Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.

Level 3 - Inputs to the valuation methodology are unobservable and significant to the fair value measurement.

The Company’s adoption of fair value measurements and disclosures did not have a material impact on the financial statements and financial statement disclosures.

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.

7

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 are mainly consulting fees. The consulting fees are recognized when earned.  Consulting fees from real estate advisory services that are subject to refund are recorded as deferred revenue until the project is completed and the fees are no longer refundable.

INCOME TAXES

Income taxes are accounted for under the asset and liability method. Deferred income taxes are recognized for temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements, net of operating loss carry forwards and credits, by applying enacted statutory tax rates applicable to future years.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is not more likely than not that some portion or all of the deferred tax assets will be realized.  Current income taxes are provided for in accordance with the laws of the relevant taxing authorities.

EARNINGS PER SHARE

A basic earnings per share is computed by dividing net income to common stockholders by the weighted average number of shares outstanding for the year. Dilutive earnings per share include the effect of any potentially dilutive debt or equity under the treasury stock method, if including such instruments is dilutive.

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-3, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-3”).  ASU 2015-3 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than separately as an asset.  ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within those years, and is to be applied retrospectively. Early adoption is permitted.  The Company does not expect the adoption of ASU 2015-3 will have an impact on its results of operations or cash flows.

8

NOTE 2 - PROPERTY AND EQUIPMENT

Equipment consists of the following:

	June 30,			December 31,
	2015			2014
	(Unaudited)
Furniture & Fixtures	$	17,589		$	14,844
Office Equipment		2,255			-
Automobile		24,527			24,527
Leasehold Improvements		21,710			-
		66,081			39,371
Less: Accumulated depreciation		(12,810	)		(8,949	)
	$	53,271		$	30,422

NOTE 3 - DUE FROM (TO) AFFILIATED COMPANIES

At June 30, 2015 and December 31, 2014, ASAP Expo was owed $54,444 and $19,859 from an affiliated company in which ASAP Expo’s officers are also owners and officers. The advance has no written note, is non-interest bearing and payable on demand to the Company and expected to be paid within one year.

At June 30, 2015, and December 31, 2014, ASAP Expo owed $0 and $64,154 to affiliated companies in which ASAP Expo’s officers are also owners and officers.

NOTE 4 – SETTLEMENT PAYABLE

Based upon the settlement agreement for a lawsuit settled and dismissed in June 2011, the Company has a $120,000 outstanding settlement balance to be paid $100,000 in October 2015 and $20,000 in October 2016which is included in the accounts payable and accrued expense on the balance sheet. The Company was involved in the lawsuit by one of its former affiliates, ASAP Hotel.

NOTE 5 - AUTO LOAN

In June 2013, the Company entered into a zero down and 0% interest financing arrangement to acquire a vehicle. Future minimum payments and the obligations due under the auto loan are as follows:

For the Year Ended December 31:	(Unaudited)
2015		2,453
2016		4,905
2017		4,905
2018		2,044
		14,307
Less Current Portion		(4,905	)
Long Term Portion	$	9,402

NOTE 6 - NOTE PAYABLE, 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. On December 31, 2014, the convertible note was amended to waive the right of conversion and will be used as a line of credit.

The balance of the note payable as of June 30, 2015 was $252,166; the accrued interest on the note was $279,251, which is included in accounts payable and accrued expenses. The balance of the convertible note as of December 31, 2014 was $389,804 and the accrued interest on the note was $271,075.

9

NOTE 7 - INCOME TAXES

The income taxes provision for the six months ended June 30, 2015 consists of current income taxes of $93,871 and 2014 over-accrued federal taxes of $14,284.

As of June 30, 2015 and 2014, the Company had state net tax operating loss carry forwards of $0 and $276,918 available to offset future taxable income. The Company reserved a full deferred tax assets valuation allowance so its balance sheet reported no deferred tax assets as of June 30, 2015 and December 31, 2014 on the basis of the Company’s history of losses that more likely than not the Company will not realize operating loss carry forwards in the foreseeable future. The effective tax rate was lower for the three and six months ended June 30, 2015 because the 2014 over-accrued income tax of $14,284 was reversed in June 2015 when the actual tax return was filed.

Uncertain Tax Positions

Interest associated with unrecognized tax benefits is classified as income tax and penalties are included in selling, general and administrative expenses in the statements of operations and comprehensive income.

For the three and six months ended June 30, 2015 and 2014, the Company had no unrecognized tax benefits and related interest and penalties expenses. Currently, the Company is not subject to examination by major tax jurisdictions.

NOTE 8 - SHAREHOLDERS' DEFICIT

Common Stock

At June 30, 2015, the Company had 45,000,000 shares of common stock authorized and 14,445,363 shares issued and outstanding at par value $0.001 per share.

NOTE 9 - COMMITMENT

Starting January 1, 2014, the Company leased office space from one of its officer under a month by month basis. The lease provides for monthly lease payments of $3,500.

NOTE 10 – CONCENTRATION

For the six months ended June 30, 2015, two customers accounted for 59% and 22% of the Company’s consulting fee income.  For the six months ended June 30, 2014, three customers accounted for 63%, 24% and 11% of the Company’s consulting fee income. The loss of any of these customers could have a material adverse effect on the Company’s financial position and results of operations. 

10

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATIONS

The following discussion of the financial condition and results of operations of the Company should be read in conjunction with the audited financial statements and the related notes thereto included elsewhere in this annual report for the period ended December 31, 2014. This annual report contains certain forward-looking statements and the Company's future operating results could differ materially from those discussed herein. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to announce publicly the results of any revisions of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments.

OVERVIEW

ASAP Expo’s (“ASAP” or “The Company” or “Our” or “We”) mission is to be the bridge between China and the Western world. ASAP is a holding company that assists Chinese institutional and high net worth individuals with acquisition advisory and asset management of U.S. hotels.

Our investors include AVIC International USA, Junson Capital, Urban Commons, Sky Harbor Management, Shenzhen New World, American Curvet, and USA Heritage.

From August 2010 until now, our group has provided consulting services regarding purchasing 20 hotels primarily in California, Florida, Colorado, Connecticut, Georgia and Michigan. Hotel brands include Marriott, Hilton, Westin, Doubletree by Hilton, Four Points by Sheraton, and Holiday Inn. We are one of the most active hotel buyers in the market.

ASAP believes we will continue this growth for the next couple of years, taking advantage of current below replacement cost assets with reasonable cap rates and value-added opportunities in the current U.S. hotel market.

RESULTS OF OPERATIONS

Revenues

Since the Company’s primary business is based upon potential transactions in real estate, the Company is subject to variances in revenues due to investors sentiment towards real estate.

We believe our services revenue is typically seasonal. Historically, during normal economic conditions, this seasonality has caused revenue, operating income, net income and cash flows from operating activities to be lower in the first six months of the year and higher in the second half of the year. We believe the concentration of earnings and cash flows in the last six months of the year has historically been due to an industry-wide focus of clients to complete transactions towards the end of the calendar year. However, this seasonality did not occur in 2007 or 2008 during the disruptions facing all global capital markets, and in particular the U.S. commercial real estate markets, and this historical pattern of seasonality may or may not continue.

Substantially all of our revenues are in the form of consulting fees collected from our clients, usually negotiated on a transaction-by-transaction basis. The Company’s consulting fees primarily consist of revenue derived from transaction commission received from acquisition advisory. The Company earns the consulting fees by sourcing the deal, underwriting financials, coordinating due diligence on all contracts, recommending lenders, hiring third party property management companies, and negotiating franchise agreements. Another revenue source for the Company includes asset management fees, which consist of supervision of daily, weekly, and monthly operating results of the hotel, review of capital expenditure requests, communication with lenders, negotiating personal and real property tax assessments, and most importantly, oversight on brand relations.

The Company’s clients include concentration of two main clients. Our concentration of clients does provide a risk for revenue growth. The Company has established strong relationships with our clients. Our business and client relationships, and our culture and philosophy are firmly centered on putting the clients’ interests first. We have been building strong reputation in the hospitality industry which is bringing several new potential clients. We expect to have steady revenue streams from our two major clients while building a new client base for future revenue growth. We believe that our product offerings, asset management services, client diversification, expertise in a property types and national platform have the potential to create a sustainable revenue stream within the U.S. commercial real estate sector.

11

During the three and six months ended June 30, 2015, the Company earned consulting fees of $330,000 and $781,418, respectively, as compared to consulting fees of $269,500 and $881,500 for the same periods last year. The increase in consulting fees during the three months ended June 30, 2015 is mainly because the Company is receiving monthly advisory fees from more hotels. The decrease in consulting fee during the six months ended June 30, 2015 is mainly because the Company closed a hotel acquisition deal at a lower fee and received mostly monthly advisory fees from existing hotel clients. The Company occasionally acts as a merchandise purchasing agent and earns commission. During the six months ended June 30, 2015, commission income was $0 as compared to $625 for the same period last year.

Cost of Sales

In the course of providing real estate advisory services and asset management services, the Company pays consulting fees for finding properties and other services that facilitate the closing of deals.  

Cost of sales consisting mainly consulting expense, is primarily the result of the commissions and other incentive compensation incurred directly related to acquisition advisory services. Therefore, the fluctuation in revenue may directly impact the cost of sales.

For the three and six months ended June 30, 2015 and 2014, the Company incurred consulting expenses of $86,000 and $322,000, respectively for providing advisory services in real estate acquisition as compared to $157,500 and $448,500 incurred in the same periods last year. The lower consulting expenses were mainly because the Company closed a hotel acquisition deal at a lower fee, and accordingly incurred lower consulting expenses related to the acquisition.

Operating Expenses

General and administrative (“G&A”) expenses consist primarily of administrative personnel costs, facilities expenses, and professional fee expenses.

For the three months ended June 30, 2015, G&A expenses increased $77,934 or 152.6% to $129,010 from $51,076 for the same period last year. The increase in the second quarter of 2015 was mainly due to higher personnel expenses as more employees were hired, higher professional fees and rent expense.

For the six months ended June 30, 2015, G&A expenses decreased by $36,494 or 15.4% to $200,535 as compared to $237,029 for the same period last year. The decrease in the six months ended June 30, 2015 was mainly due to lower personnel costs as one highly compensated officer was removed from payroll, partially offset by higher professional fees and rent expense.

Interest Expense

Interest expense decreased to $3,925 during the three months ended June 30, 2015 from $8,609 for the same period last year and decreased to $8,175 during the six months ended June 30, 2015 from $15,470 for the same period last year. These decreases were due to the lower average note payable balances.

Net Income

The Company recorded a net income of $78,957 for the three months ended June 30, 2015 as compared to a net loss of $16,087 for the same period last year. The increase in net income was mainly due to the higher gross profit, lower interest expense and lower income tax provision due to the 2013 under-accrued income tax recorded in the first half of 2014, offset by higher G&A expenses.

The Company had a net income of $171,121 for the six months ended June 30, 2015 as compared to a net income of $61,273 for the same period last year. The increase in net income was mainly due to the higher gross profit, lower G&A expenses, lower interest expense and lower income tax provision due to the 2013 under-accrued income tax recorded in the first half of 2014.

LIQUIDITY AND CAPITAL RESOURCES

The Company's working capital deficit was $532,776 at June 30, 2015, as compared to a working capital deficit of $540,957 at December 31, 2014. During the next twelve months, ASAP Expo will focus on its real estate transactions to generate additional revenue. With the net revenue from its services, and continuing support from its major shareholders to provide a note payable, management believes ASAP Expo will have enough net working capital to sustain its business for another 12 months.

12

The Company has a convertible note (the "Yuan Note") from Frank Yuan and his family, which is due on demand, and provides for borrowings up to a maximum total of $1,800,000. On December 31, 2014, the convertible note was amended to waive the right of conversion and will be used as a line of credit The Yuan Note carries an interest rate of 6.0% per annum. The total balance as of June 30, 2015 was $252,166, and the accrued interest was $279,251. The balance of the convertible note as of December 31, 2014 was $389,804 and the accrued interest on the note was $271,075.

The forecast of the period of time through which ASAP Expo’s financial resources will be adequate to support its operations is a forward-looking statement that involves risks and uncertainties. ASAP Expo’s actual funding requirements may differ materially as a result of a number of factors, including unknown expenses associated with the cost of providing real estate advisory, investment banking, and management consulting services.

The Company has no commitments to make capital expenditures for the fiscal year ending December 31, 2015.

Over the next two to five years, the Company plans to utilize a combination of internally generated funds from operations and potential debt and equity financing to fund its long-term growth.

The Report of the Company's Independent Registered Public Accounting Firm on our December 31, 2014 financial statements includes an explanatory paragraph stating that the Company has suffered recurring losses from operations and has an accumulated stockholders' deficit, which raises substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

At the present time, the Company has received no commitments for the funds required for its planned capital investments.  Obtaining those funds, if the Company can do so, will require that it issues substantial amounts of equity securities or incur significant debts.  The Company believes that the expected return on those investments will justify the cost.  However, the Company’s plan, if accomplished, will significantly increase the risks to its liquidity.

CRITICAL ACCOUNTING POLICIES

The preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the United States of America requires management to make judgments, assumptions and estimates that affect the amounts reported in the our financial statements and the accompanying notes. The amounts of assets and liabilities reported on our balance sheet and the amounts of revenues and expenses reported for each of our fiscal periods are affected by estimates and assumptions, which are used for, but not limited to, the accounting for revenue recognition, stock based compensation and the valuation of deferred taxes. Actual results could differ from these estimates. The following critical accounting policies are significantly affected by judgments, assumptions and estimates used in the preparation of the financial statements:

Revenue Recognition

Accounting Standards Codification (“ASC”) 605, "Revenue Recognition" 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 are mainly 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. 

Income Taxes

The Company accounts for income taxes under ASC 740, "Income Taxes." Under ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Management provides a valuation allowance for significant deferred tax assets when it is more likely than not that such asset will not be recovered.

13

RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-3, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-3”).  ASU 2015-3 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts, rather than separately as an asset.  ASU 2015-3 is effective for annual reporting periods beginning after December 15, 2015, including interim periods within those years, and is to be applied retrospectively. Early adoption is permitted.  The Company does not expect the adoption of ASU 2015-3 will have an impact on its results of operations or cash flows.

ITEM 3. CONTROLS AND PROCEDURES

Our management evaluated, with the participation of our Chief Executive Officer and Chief Financial Officer, the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this Report.  Based on this evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that our disclosure controls and procedures are effective to ensure that information we are required to disclose in reports that we file or submit under the Securities Exchange Act of 1934 (i) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (ii) is accumulated and communicated to our management, as appropriate, to allow timely decisions regarding required disclosure.  Our disclosure controls and procedures include components of our internal control over financial reporting and, as such, are designed to provide reasonable assurance that such information is accumulated and communicated to our management.  Management’s assessment of the effectiveness of our internal control over financial reporting is expressed at the level of reasonable assurance that the control system, no matter how well designed and operated, can provide only reasonable, but not absolute, assurance that the control system’s objectives will be met (see the section below in this Item 3 entitled Limitations on the Effectiveness of Internal Controls).

Changes in Internal Controls Over Financial Reporting

There have been no changes in our internal controls over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934, as amended) that occurred during the period covered by this Report, that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Limitations on the Effectiveness of Internal Controls

Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will necessarily prevent all fraud and material error. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving our objectives and our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective at that reasonable assurance level. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the internal control. The design of any system of controls is also based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate.

14

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Management currently is not aware of any legal matters or pending litigation that would have a significant effect on the Company’s financial statements as of June 30, 2015.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

None.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

31.1	Certifications of the Chief Executive Officer Under Section 302 of the Sarbanes-Oxley Act
32.1	Certifications of the Chief Executive Officer Under Section 906 of the Sarbanes-Oxley Act
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*

* Furnished electronically with this filing

15

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	ASAP EXPO, INC. (Registrant)
Date: August 14, 2015	By:	/s/ Frank S. Yuan
		Frank S. Yuan, Chairman, Chief Executive Officer

16