Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Dec. 29, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | ASIA PROPERTIES INC | |
Entity Central Index Key | 1,070,789 | |
Document Type | 10-Q/A | |
Document Period End Date | Mar. 31, 2017 | |
Amendment Flag | true | |
Amendment Description | We have filed this Amended Form 10-Q for March 31, 2017 in order to clarify the statement regarding outstanding shares on the first page of this form. | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 1,617,199,362 | |
Trading Symbol | ASPZ | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,017 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash | $ 599 | $ 362 |
Total Assets | 599 | 362 |
Current liabilities | ||
Accounts payable | 44,823 | 17,533 |
Accrued Liabilities | 46,162 | 42,662 |
Due to Shareholders | 192,882 | 190,399 |
Line of Credit (Note 3) | 60,412 | 59,169 |
Total Current liabilities | 344,279 | 309,763 |
Stockholders’ deficit | ||
Common stock, $0.001 par value, 2,000,000,000 authorized shares (67,199,362 Issued and outstanding March 31, 2017 and December 31, 2016, respectively) (Note 4) | 67,199 | 67,199 |
Additional paid-in capital | 5,668,629 | 5,668,629 |
Accumulated deficit | (6,079,508) | (6,045,229) |
Total stockholders’ deficit | (343,680) | (309,401) |
Total liabilities and deficiency | $ 599 | $ 362 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 67,199,362 | 67,199,362 |
Common stock, shares outstanding | 67,199,362 | 67,199,362 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating expenses | ||
General and administrative expenses | $ 7,271 | $ 875 |
Professional Fee | 24,000 | 3,000 |
Interest expense and bank charges | 3,008 | 2,374 |
Loss before income tax | (34,279) | (6,249) |
Income tax expense | ||
Net loss | $ (34,279) | $ (6,249) |
Weighted average number of shares: Basic and diluted | $ 67,199,362 | $ 67,199,362 |
Net loss per share – Basic and diluted | (0.0005) | 0 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows used in operating activities | ||
Net loss | $ (34,279) | $ (6,249) |
Changes in operating assets and liabilities | ||
Shares issued for debt | ||
Increase in accounts payables and accrued liabilities | 30,790 | 5,641 |
Net cash used in operating activities | (3,489) | (608) |
Cash flows from financing activities | ||
Advances from line of credit | 1,243 | 1,942 |
Repayment to shareholders | 2,483 | (1,273) |
Net cash provided by financing activities | 3,726 | 669 |
Net increase in cash | 237 | 61 |
Cash and Cash Equivalents, beginning of period | 362 | 842 |
Cash and Cash Equivalents, end of period | 599 | 903 |
Supplemental Disclosure of Cash Flow Information: | ||
Cash paid for interest | 3,008 | 1,671 |
Cash paid for taxes |
Organization, Development Stage
Organization, Development Stage and Going Concern | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Development Stage and Going Concern | 1. Organization, Development Stage and Going Concern Asia Properties, Inc. (the “Company”) was incorporated in Nevada, the United States of America on April 6, 1998. Our management intends to seek opportunities to invest in real estate. The Company currently does not hold any material property interests. These unaudited condensed interim financial statements have been prepared on the basis of a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business. The Company is in the development stage and has not yet realized profitable operations and has relied on non-operational sources to fund operations. The Company has suffered recurring losses and additional future losses are anticipated as the Company has not yet been able to generate revenue. In addition, as of March 31, 2017, the Company has net losses for the three months ended of $34,279 (March 31, 2016 - $6,249), a working capital deficiency of $343,680 (December 31, 2016 - $309,401) and an accumulated deficit of $6,079,508 (December 31, 2016 -$6,045,229). The Company’s ability to continue, as a going concern is dependent on successfully executing its business plan, which includes the raising of additional funds. The Company will continue to seek additional forms of debt or equity financing, but it cannot provide assurances that it will be successful in doing so. These circumstances raise substantial doubt as to the ability of the Company to meet its obligations as they come due and accordingly, the appropriateness of the use of accounting principles applicable to a going concern. The accompanying unaudited condensed interim financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Such adjustment could be material. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and the Securities Exchange Commission (“SEC”) instructions to Form 10-Q and Article 8 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2016 and notes thereto included in the Form 10-K filed with the SEC on November 9, 2017. The accompanying unaudited condensed financial statements are expressed in United States dollars (“USD”), which is the functional and reporting currency of the Company. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position and results of operations for the interim periods presented have been reflected herein. Operating results for the three months ended March 31, 2017, are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. Use of Estimates and Significant Judgment In preparing the unaudited condensed interim financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. The significant areas requiring the use of management estimates are related to the accrued liabilities. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ materially from those estimates. Recent Accounting Pronouncements The Company evaluated all recent accounting pronouncements issued and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. Management does not expect to have a significant impact of this ASU on the Company’s financial statements. |
Line of Credit
Line of Credit | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Line of Credit | 3. Line of Credit The Company has a revolving credit facility with Wells Fargo for a maximum business line amount of $62,500. Interest is charged at 13.25% annually. As at March 31, 2017, the balance amounted to $60,412 (December 31, 2016 - $59,169). The line of credit is secured personally by a shareholder of the Company. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Common Stock | 4. Common Stock The following table summarizes common stock issuances: Number of Shares Common Stock Amount Balance as of December 31, 2016 67,199,362 67,199 Shares issued for investment and held in escrow a - - Balance as of March 31, 2017 67,199,362 67,199 a) On January 19, 2015, the Company issued 950,000,000 shares of restricted common stock for the purchase of 100% shares of Asia Innovation Technology Limited and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow as disclosed in Note 5. Number of Shares Common Stock Amount Balance as of December 31, 2016 67,199,362 67,199 Shares issued for investment and held in escrow a - - Balance as of March 31, 2017 67,199,362 67,199 The Company’s authorized capital consists of 2,000,000,000 shares of common stock. At March 31, 2017 and December 31, 2016, there were 1,017,199,362 shares of common stock issued and outstanding comprising of 982,186,650 restricted shares, including 950,000,000 shares of restricted common stock for the purchase of 100% shares of Asia Innovation Technology Limited and its assets, as disclosed above and 35,012,712 non-restricted shares. These restricted shares will be available for sale under Rule 144 of the Securities Act of 1933, as amended, when the conditions of Rule 144 have been met. |
Pending Transaction
Pending Transaction | 3 Months Ended |
Mar. 31, 2017 | |
Pending Transaction | |
Pending Transaction | 5. Pending Transaction On January 6, 2015, the Company signed a Sale and Purchase Agreement (the “Agreement”) to acquire 100% of the shares of Asia Innovation Technology Limited, a Hong Kong corporation (“AITL”), registered in the British Virgin Islands. Pursuant to the Agreement, the Company agreed to issue 950 million restricted common shares of the Company to the shareholders of AITL in exchange of 100% of the shares of AITL and all of its assets. As per clause 6.4 of the Agreement, shares issued shall be held in escrow and shall be deemed to be in full control of the Company until the closing of transaction which is outstanding, pending completion of certain conditions relating to the valuation of assets to be acquired and audit of the financial position. The Company issued 950,000,000 shares, which are held in escrow. The transaction has not yet been closed, pending completion of the above closing conditions. Upon closing, the transaction will be recorded in accordance with the guidance provided under ASC Topic 805 - Business Combination. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 6. Subsequent Events The Company’s management has evaluated subsequent events up to November 13, 2017, the date the unaudited condensed interim financial statements were issued, pursuant to the requirements of ASC 855 and has determined the following material subsequent events: On April 14, 2017, the Company has entered into a Sale and Purchase Agreement (the “Agreement”) to acquire 100% of the shares and assets Sino King Management Limited, (“SKML”) a company incorporated under the laws of British Virgin Islands. Pursuant to the Agreement, Asia Properties, Inc. has agreed to issue 600 million restricted common shares of the Company to acquire 100% of the shares and assets of SKML. The closing of the Agreement is subject to certain conditions, which have not been fulfilled as of the filing of this document. Additionally, at the Closing, ASPZ shall deliver to SKML, Stock certificate(s) representing six hundred million shares issued in the name or names designated by SKML. It is understood that the stock certificates so delivered will display the required restrictive legend pursuant to Rule 144 of the United States Securities and Exchange Act. The Agreement further states that both Parties agree that all shares issued, pursuant to the terms and conditions of the agreement, shall be held in escrow and shall be deemed to be in the full control of Asia Properties, Inc. until the Closing. |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”) for interim financial information and the Securities Exchange Commission (“SEC”) instructions to Form 10-Q and Article 8 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements and should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2016 and notes thereto included in the Form 10-K filed with the SEC on November 9, 2017. The accompanying unaudited condensed financial statements are expressed in United States dollars (“USD”), which is the functional and reporting currency of the Company. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of financial position and results of operations for the interim periods presented have been reflected herein. Operating results for the three months ended March 31, 2017, are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. |
Use of Estimates and Significant Judgement | Use of Estimates and Significant Judgment In preparing the unaudited condensed interim financial statements in conformity with US GAAP, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates. The significant areas requiring the use of management estimates are related to the accrued liabilities. Although these estimates are based on management’s knowledge of current events and actions management may undertake in the future, actual results may ultimately differ materially from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company evaluated all recent accounting pronouncements issued and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations or cash flows of the Company. The amendments in this Update require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update do not provide a definition of restricted cash or restricted cash equivalents. The amendments in this Update are effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. Management does not expect to have a significant impact of this ASU on the Company’s financial statements. |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Summary of Common Stock Issuances | The following table summarizes common stock issuances: Number of Shares Common Stock Amount Balance as of December 31, 2016 67,199,362 67,199 Shares issued for investment and held in escrow a - - Balance as of March 31, 2017 67,199,362 67,199 a) On January 19, 2015, the Company issued 950,000,000 shares of restricted common stock for the purchase of 100% shares of Asia Innovation Technology Limited and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow as disclosed in Note 5. Number of Shares Common Stock Amount Balance as of December 31, 2016 67,199,362 67,199 Shares issued for investment and held in escrow a - - Balance as of March 31, 2017 67,199,362 67,199 |
Organization, Development Sta14
Organization, Development Stage and Going Concern (Details Narrative) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Net loss | $ 34,279 | $ 6,249 | |
Working capital deficit | 343,680 | $ 309,401 | |
Accumulated deficit | $ 6,079,508 | $ 6,045,229 |
Line of Credit (Details Narrati
Line of Credit (Details Narrative) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Line of credit facility, maximum borrowing capacity | $ 62,500 | |
Interest rate | 13.25% | |
Line of credit | $ 60,412 | $ 59,169 |
Common Stock (Details Narrative
Common Stock (Details Narrative) - shares | 12 Months Ended | |
Dec. 31, 2016 | Mar. 31, 2017 | |
Common stock, shares authorized | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued | 1,017,199,362 | 1,017,199,362 |
Common stock, shares outstanding | 1,017,199,362 | 1,017,199,362 |
Restricted Shares [Member] | ||
Issuance of common stock, shares | 982,186,650 | |
Number of restricted common stock shares issued to purchase of assets | 950,000,000 | |
Percentage of restricted common stock purchased in acquisition | 100.00% | |
Non Restricted Shares [Member] | ||
Issuance of common stock, shares | 35,012,712 |
Common Stock - Schedule of Comm
Common Stock - Schedule of Common Stock Issuance (Details) | 3 Months Ended | |
Mar. 31, 2017USD ($)shares | ||
Number of shares beginning balance, shares | shares | 67,199,362 | |
Number of shares beginning balance | $ | $ 67,199 | |
Shares issued for investment and held in escrow, shares | shares | [1] | |
Shares issued for investment and held in escrow | $ | [1] | |
Number of shares ending balance, shares | shares | 67,199,362 | |
Number of shares ending balance, | $ | $ 67,199 | |
Asia Innovation Technology Limited [Member] | ||
Number of shares beginning balance, shares | shares | 67,199,362 | |
Number of shares beginning balance | $ | $ 67,199 | |
Shares issued for investment and held in escrow, shares | shares | [1] | |
Shares issued for investment and held in escrow | $ | [1] | |
Number of shares ending balance, shares | shares | 67,199,362 | |
Number of shares ending balance, | $ | $ 67,199 | |
[1] | On January 19, 2015, the Company issued 950,000,000 shares of restricted common stock for the purchase of 100% shares of Asia Innovation Technology Limited and its assets. The acquisition has not yet closed on the date of this filing and the shares are held in escrow as disclosed in Note 5. |
Common Stock - Schedule of Co18
Common Stock - Schedule of Common Stock Issuance (Details) (Parenthetical) - Asia Innovation Technology Limited [Member] | Jan. 19, 2017shares |
Number of restricted common stock shares issued to purchase of assets | 950,000,000 |
Percentage of restricted common stock purchased in acquisition | 100.00% |
Pending Transaction (Details Na
Pending Transaction (Details Narrative) - AITL [Member] - shares | Jan. 06, 2016 | Jan. 06, 2015 |
Percentage of acquire shares and assets | 100.00% | |
Restricted stock issued, shares | 950,000,000 | |
Exchange percentage of shares | 100.00% | |
Number of common stock shares issued - held in escrow | 950,000,000 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Subsequent Event [Member] - Sale and Purchase Agreement [Member] - Sino King Management Limited [Member] | Apr. 14, 2017shares |
Percentage to acquire shares and assets | 100.00% |
Restricted stock issued, shares | 600,000,000 |