0001014897-12-000374.txt : 20121114 0001014897-12-000374.hdr.sgml : 20121114 20121114120843 ACCESSION NUMBER: 0001014897-12-000374 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121114 DATE AS OF CHANGE: 20121114 FILER: COMPANY DATA: COMPANY CONFORMED NAME: American Business Services, Inc. CENTRAL INDEX KEY: 0001532882 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 841194104 STATE OF INCORPORATION: CO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-177525 FILM NUMBER: 121202361 BUSINESS ADDRESS: STREET 1: 4980 SILVER PINE DRIVE CITY: CASTLE ROCK STATE: CO ZIP: 80108 BUSINESS PHONE: 303-730-7939 MAIL ADDRESS: STREET 1: 4980 SILVER PINE DRIVE CITY: CASTLE ROCK STATE: CO ZIP: 80108 10-Q 1 abs10q3q12v1.htm FORM 10-Q ABS Form 10-Q

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549


FORM 10-Q


[x]     Quarterly Report Pursuant to Section 13 or 15(d) Securities Exchange Act of 1934 for Quarterly Period Ended September 30, 2012


-OR-


[ ]     Transition Report Pursuant to Section 13 or 15(d) of the Securities And Exchange Act of 1934 for the transaction period from _________ to________


Commission File Number  333-39942


American Business Services, Inc.

 (Exact name of registrant as specified in its charter)


 

 

 

Colorado

 

84-1194104

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification Number)


 

 

 

4980 Silver Pine Drive

Castle Rock, Colorado

 

80108

(Address of principal executive offices)

 

(Zip Code)


303-730-7939

 (Registrant's telephone number, including area code)


Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 [ ]


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 (section 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 [ ]   No [ ]


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerate filer, or a small reporting company as defined by Rule 12b-2 of the Exchange Act):




Large accelerated filer        [  ]

 

Non-accelerated filer             [  ]

Accelerated filer                 [  ]

 

Smaller reporting company   [x]


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


The number of outstanding shares of the registrant's common stock, November 14, 2012:   Common Stock  -  6,480,000







































2



AMERICAN BUSINESS SERVICES, INC.

FORM 10-Q

For the quarterly period ended September 30, 2012

INDEX


PART 1 – FINANCIAL INFORMATION

 

 

 

 

 

Page

Item 1.  Financial Statements (Unaudited)

 

4

Item 2.  Management's Discussion and Analysis of

  Financial Condition and Results of Operations

 

10

Item 3.  Quantitative and Qualitative Disclosure

  About Market Risk

 

13

Item 4.  Controls and Procedures

 

13


PART II – OTHER INFORMATION



 

 

 

Item 1.  Legal Proceedings

 

14

Item 1A.  Risk Factors

 

14

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

 

14

Item 3.  Defaults upon Senior Securities

 

14

Item 4.  Mine Safety Disclosures

 

14

Item 5.  Other Information

 

14

Item 6.  Exhibits

 

14

 

 

 

SIGNATURES

 

15



3



AMERICAN BUSINESS SERVICES, INC.

CONSOLIDATED BALANCE SHEETS


 

Dec. 31, 2011

 

September 30, 2012 (Unaudited)

ASSETS

 

 

 

Current assets

 

 

 

      Cash

 $ 3,059

 

 $  13,456

             Total current assets

 3,059

 

13,456

Total Assets

 $ 3,059

 

 $  13,456

 

 

 

 

LIABILITIES & STOCKHOLDERS' EQUITY

 

 

Current liabilities

 

 

 

      Accrued interest payable

 $         -

 

 $       359

      Note payable - related party - current portion

11,800

 

11,800

          Total current liabilities

11,800

 

12,159

      Notes payable - related party

12,000

 

12,000

Total Liabilities

23,800

 

24,159

 

 

 

 

Stockholders' Equity

 

 

 

      Preferred stock, $.001 par value; 10,000,000 shares authorized;

          none issued and outstanding

 -

 

 -

      Common stock, $.001 par value; 90,000,000 shares authorized;

         6,480,000 shares issued and outstanding

6,480

 

6,480

      Additional paid in capital

(1,680)

 

(1,680)

      Retained earnings (deficit)

            (25,541)

 

(15,503)

Total Stockholders' Equity

(20,741)

 

(10,703)

 

 

 

 

Total Liabilities and Stockholders' Equity

 $   3,059

 

 $  13,456


The accompanying notes are an integral part of the consolidated financial statements.


4



AMERICAN BUSINESS SERVICES, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


 

Three Months Ended September 30, 2011

 

Three Months Ended September 30, 2012

 

Nine Months Ended September 30, 2011

 

Nine Months Ended September 30, 2012

Revenue

 $14,980

 

 $12,080

 

 $68,051

 

 $34,080

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

     Depreciation

-

 

-

 

459

 

 -

     Reserve expense - note receivable

2,000

 

-

 

10,000

 

 -

     General and administrative

42,583

 

1,832

 

119,515

 

 23,683

 

44,583

 

1,832

 

129,974

 

 23,683

 

 

 

 

 

 

 

 

Income (loss) from operations

(29,603)

 

10,248

 

(61,923)

 

10,397

 

 

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

 

 

     Other income

 -

 

-

 

151

 

 -

      Interest expense

 -

 

(121)

 

-

 

 (359)

 

 -

 

 (121)

 

151

 

 (359)

 

 

 

 

 

 

 

 

Income (loss) before provision for income taxes

(29,603)

 

 10,127

 

(61,772)

 

 10,038

 

 

 

 

 

 

 

 

Provision for income tax

 -

 

-

 

 -

 

 -

 

 

 

 

 

 

 

 

Net income (loss)

 $(29,603)

 

 $10,127

 

 $(61,772)

 

 $10,038

 

 

 

 

 

 

 

 

Net income (loss) per share

 

 

 

 

 

 

 

(Basic and fully diluted)

 $    (0.00)

 

 $    0.00

 

 $     (0.01)

 

 $    0.00

 

 

 

 

 

 

 

 

Weighted average number of common shares outstanding

6,000,000

 

6,480,000

 

 6,000,000

 

6,480,000


The accompanying notes are an integral part of the consolidated financial statements.


5



AMERICAN BUSINESS SERVICES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)


 

Nine Months Ended September 30, 2011

 

Nine Months Ended September 30, 2012

Cash Flows From Operating Activities:

 

 

 

     Net income (loss)

 $(61,772)

 

 $10,038

          

 

 

 

     Adjustments to reconcile net loss to net cash provided by (used for) operating activities:

 

 

 

         Depreciation

 459

 

 -

         Reserve expense - notes receivable

 10,000

 

 -

         Accrued payables

 -

 

 359

Net cash provided by (used for) operating activities

  (51,313)

 

 10,397

 

 

 

 

Cash Flows From Investing Activities:

 

 

 

 

  -

 

 -

Net cash provided by (used for) investing activities

-

 

 -

 

 

 

 

Cash Flows From Financing Activities:

 

 

 

 

 -

 

-

Net cash provided by (used for) financing activities

 -

 

-

 

 

 

 

Net Increase (Decrease) In Cash

(51,313)

 

10,397

 

 

 

 

Cash At The Beginning Of The Period

 60,900

 

3,059

 

 

 

 

Cash At The End Of The Period

 $    9,587

 

 $ 13,456

 

 

 

 

Schedule Of Non-Cash Investing And Financing Activities

 

 

None

 

 

 

 

 

 

 

Supplemental Disclosure

 

 

 

Cash paid for interest

 $             -

 

 $           -

Cash paid for income taxes

 $             -

 

 $           -


The accompanying notes are an integral part of the consolidated financial statements.


6



AMERICAN BUSINESS SERVICES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

(Unaudited)


NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:


American Business Services, Inc. (the “Company”), was incorporated in the State of Colorado on September 20, 1991. The Company consults with companies in the area of marketing, raising capital, operations, going public, merging from a private company into a public company, going private and other areas of consulting. The Company may also engage in any other business permitted by law, as designated by the Board of Directors of the Company.


Basis of Presentation


The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.


Principles of consolidation


The accompanying consolidated financial statements include the accounts of American Business Services, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.


Cash and cash equivalents


The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.


Accounts receivable


The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.


7



Property and equipment


Property and equipment are recorded at cost and depreciated under accelerated and straight line methods over each item's estimated useful life.


Long-Lived Assets


In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.


Revenue recognition


Revenue is recognized on an accrual basis after services have been performed under contract terms, the event price to the client is fixed or determinable, and collectability is reasonably assured. Standard contract policy calls for partial payment up front with balance due upon receipt of final billing.


Use of Estimates


The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.


Income tax


The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.


8



Net income (loss) per share


The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.


Financial Instruments


The carrying value of the Company’s financial instruments, including cash and cash equivalents and accrued payables, as reported in the accompanying balance sheet, approximates fair value.


Stock based compensation


The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.





9



ITEM 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.


Trends and Uncertainties.

We are currently not aware of any trends that are reasonably likely to have a material impact on our liquidity.  The company may never become profitable if it does not obtain sufficient funds or obtain alternate financing to complete our new business plan.


In October 2011, ABS changed its tax status from a Subchapter S corporation to a Subchapter C corporation.


Promissory Notes Outstanding

As of September 30, 2012, ABS had six promissory notes outstanding as described below:


1.   A convertible promissory note to VentureVest Capital Corporation, dated December 31, 2007 in the amount of $11,800 for money which VentureVest Capital loaned to ABS in 2007, which loan was made to be used as working capital for ABS.  This is not an arms length transaction and was a related party transactions, as VentureVest Capital Corporation is controlled by Mr. Ray, an officer and director of ABS.  This note matured on December 31, 2011, and was renewed on January 1, 2012.  The note now matures on December 31, 2012.  The note bears an annual interest of 4% as of January 1, 2010.  No interest has been paid on this note to date.


Promissory Notes Receivable as of September 30, 2012.


There were three convertible promissory notes made to Centennial Growth Equities in 2007 and 2008, for a total of $25,100, which was for funds loaned to Centennial Growth Equities and was used as working capital.  These notes were not arms length transactions and were related party transactions as Mr. Ray, the president of ABS, was also a principal of Centennial Growth Equities at the time the transactions were made.


   a.  A note from Centennial Growth Equities, Inc. a company controlled by Mr. Ray, an officer and director at the time the note was made, dated January 10, 2007 in the amount of $17,000, for money that ABS loaned to Centennial Growth Equities in 2006.  This note matured on December 31, 2008, and was renewed through December 31, 2012.  The note has been accruing interest as of January 1, 2011 at an annual interest of 4% per annum.  No interest has been paid on this note to date.


   b.  A note from Centennial Growth Equities, Inc. a company controlled by Mr. Ray, an officer and director at the time the note was made, dated January 10, 2007, in the amount of $4,200, for money that ABS loaned to Centennial Growth Equities in 2007.  This note matured on December 31, 2011, and was renewed through December 31, 2013.  The note


10



began accruing interest as of January 1, 2012 at a rate of 4% per annum.  No interest has been paid on this note to date.


   c.  A note from Centennial Growth Equities, Inc. a company controlled by Mr. Ray, and officer and director at the time the note was made, dated January 10, 2007 in the amount of $3,900 for money that ABS loaned to Centennial Growth Equities in 2008.  This note matured on December 31, 2011, and was renewed through December 31, 2012.  The note began accruing interest as of January 1, 2012 at a rate of 4% per annum.  No interest has been paid on this note to date.


   d.  A convertible note from Strategic Dental Management Corp., an unaffiliated entity controlled by Brian Ray, son of Mr. Phil Ray, an officer and director of ABS.  This is a related party transaction.  The note is dated June 26, 2010 in the amount of $6,000 for money that ABS loaned to Strategic Dental Management to be used as working capital. The note is non-interest bearing through December 2011, and bears a monthly compound interest thereafter at 6% per annum.  The Note was renewed through December 31, 2013.  No interest has been paid on this note to date.


   e.  A note from Original Source Music, Inc., an unaffiliated entity, dated June 1, 2010 in the amount of $2,000 for money loaned to Original Source Music by ABS in 2010.  This amount was used as working capital.  


The Company lends money through notes receivable on an ongoing basis to various companies related by common control. The notes are due to be repaid to the Company at various dates through December 2011. The notes are non-interest bearing through the due dates, bearing monthly compound interest thereafter at 4%-6% per annum. The Company recorded no interest revenue on the notes receivable in 2010 and 2011. The Company has established a reserve for any loans not repaid within one year. At December 31, 2010 and 2011 the Company had $35,100 in notes receivable outstanding, with a corresponding note reserve of $25,100 and $35,100. Note reserve expense in 2010 and 2011 was $3,900 and $10,000.


As of December 31, 2010 and 2011 the Company owed a related party under a note payable $11,800, due in full December 31, 2013, bearing no interest until December 31, 2013 with monthly compound interest thereafter at 4% per annum.  The note is convertible anytime at the holder’s option into common shares of the Company at $.05 per share.


Liquidity and Capital Resources


For the nine months ended September 30, 2012 and 2011, we did not pursue any investing activities.


11



For the nine months ended September 30, 2012 and 2011, we did not pursue any financing activities.


Results of Operations


For the three months ended September 30, 2012, we had revenue of $12,080.  We had general and administrative expenses of $1,832 and interest expenses of $121.  As a result, we had net income of $10,127 for the three months ended September 30, 2012.


Comparatively, for the three months ended September 30, 2011, we had revenues of $14,980.  We had reserve expense – note receivable of $2,000, and general and administrative expenses of $42,583.  As a result, we had net loss of $29,603 for the three months ended September 30, 2011.


The decrease in the loss from operations between the three months ended September 30, 2011 and 2012 was primarily due to reduced general and administrative costs as a result of our shift in business focus.


For the nine months ended September 30, 2012, we earned revenues of $34,080.  We had general and administrative expenses of $23,683, and interest expense of $359.  As a result, we had net income of $10,038 for the nine months ended September 30, 2012.


Comparatively, for the nine months ended September 30, 2011, we had revenues of $68,051.  We had depreciation expenses of $459, reserve expense – note receivable of $10,000, and general and administrative expenses of $119,515.  We had other income of $151.  As a result, we had net loss of $61,772 for the nine months ended September 30, 2011.


The decrease in the loss from operations between the nine months ended September 30, 2011 and 2012 was primarily due to reduced general and administrative costs as well as increased revenues as a result of our shift in business focus.


We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources.  If we are unable to raise funds for the above purposes, it is uncertain if we will be able to continue as a going operation.


In June 2010, ABS sold shares of stock of Community Alliance, Inc. for a net amount of $109,494.  There was 0 basis in this stock.  The stock was received when Fresh Ideas Media, Inc., a company of which ABS owns stock, did a share for share spinout of Community Alliance, Inc. in May 2007.


ABS acquired 50,000 shares of Fresh Ideas Media, Inc. on May 23, 2007 for $0.10 per share for a total of $5,000.


12



In March 2009, Community Alliance, Inc., a wholly owned subsidiary, was spun out of the parent company, Fresh Ideas Media, Inc.  This was done as a Form 10 spin-out, and done on a share for share basis.  Thus, as a result of the spin, ABS received 50,000 shares of common stock of Community Alliance, Inc.  While ABS did pay for the shares of Fresh Ideas Media, Inc., ABS received the 50,000 shares of Community Alliance, Inc. with no payment.


We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources.


General and administrative expenses will continue to increase as we implement sales and marketing initiatives.



Item 3.  Quantitative and Qualitative Disclosures About Market Risk


Not applicable for smaller reporting companies.



Item 4.  Controls and Procedures


During the period ended September 30, 2012, there were no changes in our internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


Evaluation of Disclosure Controls and Procedures


Under the supervision and with the participation of our management, including our chief executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of September 30, 2012.  Based on this evaluation, our chief executive officer and principal financial officers have concluded such controls and procedures to be effective as of September 30, 2012 to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms and to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Act is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.


13



PART II – OTHER INFORMATION


Item 1.   Legal Proceedings

None


Item 1A.  Risk Factors  

Not applicable for smaller reporting companies


Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

None


Item 3.   Defaults Upon Senior Securities.

None


Item 4.   Mine Safety Disclosures

Not Applicable


Item 5.   Other Information

None


Item 6.   Exhibits


Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32* - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

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

*  Filed herewith

**XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.


14



SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.


Dated: November 14, 2012


American Business Services, Inc.


By:

/s/Phil E. Ray

Phil E. Ray

Chief Executive Officer

Chief Financial Officer


15





 EX-31 2 abs10q3q12ex31.htm EXHIBIT 31 302 Certification

302 CERTIFICATION


I, Phil E. Ray, certify that:


         1. I have reviewed this quarterly report on Form 10-Q of American Business Services, Inc.;


         2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


         3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


         4. I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:


      a.  Designed such disclosure controls and procedures, or caused such disclosure controls and procedures, to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;


      b.  Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


      c.  Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and


      d.  Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


         5. I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):


         a.  All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and


         b.  any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.


Date: November 14, 2012

/s/Phil E. Ray

Phil E. Ray

Chief Executive Officer

Chief Financial Officer




 EX-32 3 abs10q3q12ex32.htm EXHIBIT 32 906 Certification

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


The undersigned officer of American Business Services, Inc. (the "Company"), hereby certifies, to such officer's knowledge, that the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


/s/Phil E. Ray

Phil E. Ray

Chief Executive Officer

Chief Financial Officer


November 14, 2012



 EX-101.INS 4 absi-20120930.xml XBRL INSTANCE DOCUMENT 10-Q 2012-09-30 false American Business Services, Inc. 0001532882 --12-31 6480000 0 Smaller Reporting Company Yes Yes No 2012 Q3 3059 13456 3059 13456 3059 13456 0 359 11800 11800 11800 12159 12000 12000 23800 24159 0 0 6480 6480 -1680 -1680 -25541 -15503 -20741 -10703 3059 13456 14980 12080 68051 34080 0 0 2000 0 42583 1832 119515 23683 44583 1832 129974 23683 -29603 10248 -61923 10397 0 0 151 0 0 -121 0 -359 -29603 10127 -61127 10038 0 0 0 0 -29603 10127 0.00 0.00 -0.01 0.00 6000000 6480000 6000000 6480000 -61772 10038 459 0 10000 0 0 359 -51313 10397 0 0 0 0 -51313 10397 60900 3059 9587 13456 0 0 0 0 <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><b>NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</b></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>American Business Services, Inc. (the &#147;Company&#148;), was incorporated in the State of Colorado on September 20, 1991. The Company consults with companies in the area of marketing, raising capital, operations, going public, merging from a private company into a public company, going private and other areas of consulting. The Company may also engage in any other business permitted by law, as designated by the Board of Directors of the Company.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.</p> <pre><u>Principles of consolidation</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The accompanying consolidated financial statements include the accounts of American Business Services, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Cash and cash equivalents</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.</p> <pre><u>Accounts receivable</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Property and equipment</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>Property and equipment are recorded at cost and depreciated under accelerated and straight line methods over each item's estimated useful life. </p> <pre><u>Long-Lived Assets</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.</p> <pre><u>Revenue recognition</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>Revenue is recognized on an accrual basis after services have been performed under contract terms, the event price to the client is fixed or determinable, and collectability is reasonably assured. Standard contract policy calls for partial payment up front with balance due upon receipt of final billing.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt'><u>Income tax</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Net income (loss) per share</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.</p> <pre><u>Financial Instruments</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The carrying value of the Company&#146;s financial instruments, including cash and cash equivalents and accrued payables, as reported in the accompanying balance sheet, approximates fair value. </p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Stock based compensation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>American Business Services, Inc. (the &#147;Company&#148;), was incorporated in the State of Colorado on September 20, 1991. The Company consults with companies in the area of marketing, raising capital, operations, going public, merging from a private company into a public company, going private and other areas of consulting. The Company may also engage in any other business permitted by law, as designated by the Board of Directors of the Company.</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Basis of Presentation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.</p> <!--egx--><pre><u>Principles of consolidation</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The accompanying consolidated financial statements include the accounts of American Business Services, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Cash and cash equivalents</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.</p> <!--egx--><pre><u>Accounts receivable</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Property and equipment</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>Property and equipment are recorded at cost and depreciated under accelerated and straight line methods over each item's estimated useful life. </p> <!--egx--><pre><u>Long-Lived Assets</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.</p> <!--egx--><pre><u>Revenue recognition</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>Revenue is recognized on an accrual basis after services have been performed under contract terms, the event price to the client is fixed or determinable, and collectability is reasonably assured. Standard contract policy calls for partial payment up front with balance due upon receipt of final billing.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Use of Estimates</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt'><u>Income tax</u></p> <p style='margin:0in;margin-bottom:.0001pt'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.</p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Net income (loss) per share</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.</p> <!--egx--><pre><u>Financial Instruments</u></pre> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The carrying value of the Company&#146;s financial instruments, including cash and cash equivalents and accrued payables, as reported in the accompanying balance sheet, approximates fair value. </p> <!--egx--><p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'><u>Stock based compensation</u></p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>&nbsp;</p> <p style='margin:0in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph'>The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.</p> 0001532882 2012-01-01 2012-09-30 0001532882 2012-06-30 0001532882 2011-12-31 0001532882 2012-09-30 0001532882 2012-07-01 2012-09-30 0001532882 2011-07-01 2011-09-30 0001532882 2011-01-01 2011-09-30 0001532882 2010-12-31 iso4217:USD shares iso4217:USD shares EX-101.SCH 5 absi-20120930.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 000160 - Disclosure - Note 1. 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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Accounts Receivable (Policies)
 9 Months Ended
Sep. 30, 2012
Accounts Receivable:  
Accounts Receivable 
Accounts receivable

The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.

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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Cash and Cash Equivalents (Policies)
 9 Months Ended
Sep. 30, 2012
Cash and Cash Equivalents:  
Cash and Cash Equivalents

Cash and cash equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.

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American Business Services, Inc. - Consolidated Balance Sheets (USD $)
Sep. 30, 2012
Dec. 31, 2011
Cash $ 13,456 $ 3,059
Total Current Assets 13,456 3,059
TOTAL ASSETS 13,456 3,059
Accrued interest payable 359 0
Note payable - related party - current portion 11,800 11,800
Total Current Liabilities 12,159 11,800
Notes payable - related party 12,000 12,000
Total Liabilities 24,159 23,800
Preferred stock, $0.001 par value, 10,000,000 shares authorized; none issued and outstanding 0 0
Common stock, $0.001 par value, 90,000,000 shares authorized; 6,480,000 shares issued and outstanding 6,480 6,480
Additional paid-in capital (1,680) (1,680)
Retained earnings (deficit) (15,503) (25,541)
Total Stockholders' Equity (10,703) (20,741)
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 13,456 $ 3,059
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Business Description and Basis of Presentation (Policies)
 9 Months Ended
Sep. 30, 2012
Business Description and Basis of Presentation:  
Business Description and Basis of Presentation

American Business Services, Inc. (the “Company”), was incorporated in the State of Colorado on September 20, 1991. The Company consults with companies in the area of marketing, raising capital, operations, going public, merging from a private company into a public company, going private and other areas of consulting. The Company may also engage in any other business permitted by law, as designated by the Board of Directors of the Company.

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Principles of Consolidation (Policies)
 9 Months Ended
Sep. 30, 2012
Principles of Consolidation:  
Principles of Consolidation 
Principles of consolidation

The accompanying consolidated financial statements include the accounts of American Business Services, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.
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American Business Services, Inc. - Consolidated Statements of Operations (Unaudited) (USD $)
 3 Months Ended 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Sep. 30, 2012
Sep. 30, 2011
Revenue $ 12,080 $ 14,980 $ 34,080 $ 68,051
Depreciation 0 0 0 459
Reserve expense - notes receivable 0 2,000 0 10,000
General and administrative 1,832 42,583 23,683 119,515
Total operating expenses 1,832 44,583 23,683 129,974
Income (loss) from operations 10,248 (29,603) 10,397 (61,923)
Other income 0 0 0 151
Interest expense (121) 0 (359) 0
Income (loss) before provision for income taxes 10,127 (29,603) 10,038 (61,127)
Provision for income tax 0 0 0 0
Net income (loss) $ 10,127 $ (29,603) $ 10,038 $ (61,772)
Net income (loss) per share (Basic and fully diluted) $ 0.00 $ 0.00 $ 0.00 $ (0.01)
Weighted Average Number of Common Shares Outstanding 6,480,000 6,000,000 6,480,000 6,000,000
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Stock Based Compensation (Policies)
 9 Months Ended
Sep. 30, 2012
Stock Based Compensation:  
Stock Based Compensation

Stock based compensation

 

The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.
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Document and Entity Information (USD $)
 9 Months Ended
Sep. 30, 2012
Jun. 30, 2012
Document and Entity Information:    
Entity Registrant Name American Business Services, Inc.  
Document Type 10-Q  
Document Period End Date Sep. 30, 2012  
Amendment Flag false  
Entity Central Index Key 0001532882  
Current Fiscal Year End Date --12-31  
Entity Common Stock, Shares Outstanding   6,480,000
Entity Public Float   $ 0
Entity Filer Category Smaller Reporting Company  
Entity Current Reporting Status Yes  
Entity Voluntary Filers Yes  
Entity Well-known Seasoned Issuer No  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q3  
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American Business Services, Inc. - Consolidated Statements of Cash Flows (Unaudited) (USD $)
 9 Months Ended
Sep. 30, 2012
Sep. 30, 2011
Net income (loss) $ 10,038 $ (61,772)
Depreciation 0 459
Reserve expense - notes receivable 0 10,000
Accrued payables 359 0
Net cash provided by (used for) operating activities 10,397 (51,313)
Net cash provided by (used for) investing activities 0 0
Net cash provided by (used for) financing activities 0 0
Net Increase (Decrease) in Cash 10,397 (51,313)
Cash Balance at beginning of period 3,059 60,900
Cash Balance at end of period 13,456 9,587
Cash paid for interest 0 0
Cash paid for income taxes $ 0 $ 0
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Revenue Recognition (Policies)
 9 Months Ended
Sep. 30, 2012
Revenue Recognition:  
Revenue Recognition 
Revenue recognition

Revenue is recognized on an accrual basis after services have been performed under contract terms, the event price to the client is fixed or determinable, and collectability is reasonably assured. Standard contract policy calls for partial payment up front with balance due upon receipt of final billing.
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Long-lived Assets (Policies)
 9 Months Ended
Sep. 30, 2012
Long-lived Assets:  
Long-lived Assets 
Long-Lived Assets

In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Net Income (loss) Per Share (Policies)
 9 Months Ended
Sep. 30, 2012
Net Income (loss) Per Share:  
Net Income (loss) Per Share

Net income (loss) per share

 

The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Use of Estimates (Policies)
 9 Months Ended
Sep. 30, 2012
Use of Estimates:  
Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Income Tax (Policies)
 9 Months Ended
Sep. 30, 2012
Income Tax:  
Income Tax

Income tax

 

The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Financial Instruments (Policies)
 9 Months Ended
Sep. 30, 2012
Financial Instruments:  
Financial Instruments 
Financial Instruments

The carrying value of the Company’s financial instruments, including cash and cash equivalents and accrued payables, as reported in the accompanying balance sheet, approximates fair value.

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Note 1. Organization, Operations and Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2012
Note 1. Organization, Operations and Summary of Significant Accounting Policies:  
Note 1. Organization, Operations and Summary of Significant Accounting Policies:

NOTE 1. ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

 

American Business Services, Inc. (the “Company”), was incorporated in the State of Colorado on September 20, 1991. The Company consults with companies in the area of marketing, raising capital, operations, going public, merging from a private company into a public company, going private and other areas of consulting. The Company may also engage in any other business permitted by law, as designated by the Board of Directors of the Company.

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

Principles of consolidation

The accompanying consolidated financial statements include the accounts of American Business Services, Inc. and its wholly owned subsidiary. All intercompany accounts and transactions have been eliminated in consolidation.

 

Cash and cash equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.

Accounts receivable

The Company reviews accounts receivable periodically for collectability and establishes an allowance for doubtful accounts and records bad debt expense when deemed necessary.

 

Property and equipment

 

Property and equipment are recorded at cost and depreciated under accelerated and straight line methods over each item's estimated useful life. 

Long-Lived Assets

In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment. If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.

Revenue recognition

Revenue is recognized on an accrual basis after services have been performed under contract terms, the event price to the client is fixed or determinable, and collectability is reasonably assured. Standard contract policy calls for partial payment up front with balance due upon receipt of final billing.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Income tax

 

The Company accounts for income taxes pursuant to ASC 740. Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

 

Net income (loss) per share

 

The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding. Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.

Financial Instruments

The carrying value of the Company’s financial instruments, including cash and cash equivalents and accrued payables, as reported in the accompanying balance sheet, approximates fair value.

 

Stock based compensation

 

The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.
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Note 1. Organization, Operations and Summary of Significant Accounting Policies: Property and Equipment (Policies)
 9 Months Ended
Sep. 30, 2012
Property and Equipment:  
Property and Equipment

Property and equipment

 

Property and equipment are recorded at cost and depreciated under accelerated and straight line methods over each item's estimated useful life.

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