0001062993-17-002580.txt : 20170515 0001062993-17-002580.hdr.sgml : 20170515 20170515164401 ACCESSION NUMBER: 0001062993-17-002580 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 31 CONFORMED PERIOD OF REPORT: 20160930 FILED AS OF DATE: 20170515 DATE AS OF CHANGE: 20170515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFC BUILDING TECHNOLOGIES INC. CENTRAL INDEX KEY: 0001533030 STANDARD INDUSTRIAL CLASSIFICATION: CUTLERY, HANDTOOLS & GENERAL HARDWARE [3420] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-181259 FILM NUMBER: 17845045 BUSINESS ADDRESS: STREET 1: 101 1/2 MARY STREET WEST CITY: WHITBY STATE: A6 ZIP: L1N 2R4 BUSINESS PHONE: (905) 430-6433 MAIL ADDRESS: STREET 1: 101 1/2 MARY STREET WEST CITY: WHITBY STATE: A6 ZIP: L1N 2R4 FORMER COMPANY: FORMER CONFORMED NAME: AUTO TOOL TECHNOLOGIES INC. DATE OF NAME CHANGE: 20111019 10-Q 1 form10q-sept302016.htm FORM 10-Q AFC Building Technologies Inc. - Form 10-Q - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF [X] 1934

For the quarterly period ended September 30, 2016

or

[   ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number 333-181259

AFC BUILDING TECHNOLOGIES INC.
(Exact name of registrant as specified in its charter)

Nevada N/A
(State or other jurisdiction of incorporation or (IRS Employer Identification No.)
organization)  
   
101 Mary Street West, Whitby, ON, Canada L1N 2R4
(Address of principal executive offices) (Zip Code)

(905) 430-6433
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has 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 (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

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

Large accelerated filer [   ] Accelerated filer                   [   ]
Non-accelerated filer   [   ] Smaller reporting company [X]
(Do not check if a smaller reporting company) Emerging growth company [X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
[   ] YES        [X] NO

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.
[   ] YES        [   ] NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
34,760,008 common shares issued and outstanding as of May 12, 2017.


TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION   1
     
Item 1. Financial Statements 1
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations  7
 
Item 3. Quantitative and Qualitative Disclosures About Market Risk 12
     
Item 4. Controls and Procedures 12
     
PART II – OTHER INFORMATION   12
     
Item 1. Legal Proceedings 12
     
Item 1A. Risk Factors 12
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 13
     
Item 3. Defaults Upon Senior Securities 13
     
Item 4. Mine Safety Disclosures 13
     
Item 5. Other Information 13
     
Item 6. Exhibits 13
     
SIGNATURES   14


PART I – FINANCIAL INFORMATION

Item 1.             Financial Statements

Our unaudited consolidated interim financial statements for the three and nine month periods ended September 30, 2016 and 2015 form part of this quarterly report. Unless otherwise specified our financial statements are expressed in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles with the instructions to Form 10-Q and Article 8 of Regulation S-X.

Operating results for the nine month period ended September 30, 2016 are not necessarily indicative of the results that can be expected for the year ending December 31, 2016.


AFC Building Technologies Inc.
Balance Sheets
(Expressed in US dollars)

    September 30,     December 31,  
    2016     2015  
    (Unaudited)        
ASSETS            
             
Current Assets            
             
   Cash $  37   $  163  
             
Total Assets $  37   $  163  
             
LIABILITIES AND STOCKHOLDERS’ DEFICIT            
             
Current Liabilities            
             
   Accounts payable and accrued liabilities $  71,013   $  68,304  
   Due to related party (Note 2)   8,021     8,021  
Total Liabilities   79,034     76,325  
             
Commitments and Contingencies (Note 1)            
             
Stockholders’ Deficit            
             
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding        
             
Common stock, $0.001 par value, 200,000,000 shares authorized, 34,760,008 and 34,760,008 shares issued and outstanding, respectively   34,760     34,760  
             
Additional paid in capital   201,369     201,369  
             
Accumulated deficit   (315,126 )   (312,291 )
             
Total Stockholders’ Deficit   (78,997 )   (76,162 )
             
Total Liabilities and Stockholders’ Deficit $  37   $  163  

(The accompanying notes are an integral part of these financial statements)

1


AFC Building Technologies Inc.
Statements of Operations and Comprehensive Loss
(Expressed in US dollars)
(Unaudited)

    Three Months Ended     Nine Months Ended  
    September 30,     September 30,  
    2016     2015     2016     2015  
                         
Expenses                        
                         
       Bank charges and interest $  42   $  42   $  126   $  126  
       Selling, marketing and administrative   1,873         2,709     3,555  
                         
Total Operating Expenses   1,915     42     2,835     3,681  
                         
Loss Before Other Expenses   (1,915 )   (42 )   (2,835 )   (3,681 )
                         
Other Expenses                        
                         
       Gain on foreign exchange       3,958         6,933  
                         
Income (Loss) before taxes   (1,915 )   3,916     (2,835 )   3,252  
                         
Income taxes                
                         
Net Income (Loss) from continuing operations   (1,915 )   3,916     (2,835 )   3,252  
                         
Discontinued Operations                        
   Loss from discontinued operations               (78,316 )
                         
Net Income (Loss)   (1,915 )   3,916     (2,835 )   (75,064 )
                         
Foreign currency translation adjustments               14,671  
                         
Comprehensive Income (Loss) $  (1,915 ) $  3,916   $  (2,835 ) $  (60,393 )
                         
Income (Loss) per common share:                        
   Income (Loss) From Continuing                        
   Operations – Basic and Diluted $  (0.00 ) $  0.00   $  (0.00 ) $  (0.00 )
   Income (Loss) From Discontinued                        
   Operations – Basic and Diluted $  (0.00 ) $  0.00   $  (0.00 ) $  (0.00 )
                         
Weighted Average Shares Outstanding   34,760,008     34,760,008     34,760,008     34,760,008  

(The accompanying notes are an integral part of these financial statements)

2


AFC Building Technologies Inc.
Statements of Cash Flows
(Expressed in US dollars)
(Unaudited)

    Nine Months Ended  
    September 30,  
    2016     2015  
Operating Activities            
     Net Loss $  (2,835 ) $  (75,064 )
     Adjustments to reconcile net loss to cash used in operating activities:        
           Depreciation expense       142  
     Changes in operating assets and liabilities:            
           Prepaid expenses       2,915  
           Inventories       236  
           Accounts receivable       (62,693 )
           Due to related party       11,925  
           Accounts payable and accrued liabilities   2,709     (27,079 )
Net Cash Used in Operating Activities   (126 )   (149,618 )
Financing Activities            
     Bank overdraft       31,616  
     Net change in line of credit       76,148  
Net Cash Provided By Financing Activities       107,764  
Effect of Exchange Rate Changes on Cash       (3,214 )
Decrease In Cash   (126 )   (45,068 )
Cash - Beginning of Period   163     45,272  
Cash - End of Period $  37   $  204  
             
Supplemental Disclosures            
     Interest paid $  –   $  5,542  
     Income taxes paid $  –   $  –  

(The accompanying notes are an integral part of these financial statements)

3


AFC Building Technologies Inc.
Notes to Financial Statements
September 30, 2016 and 2015

1.

Nature of Operations

   

AFC Building Technologies Inc. (the “Company”) was incorporated under the laws of the State of Nevada on May 10, 2011. Effective January 10, 2014, the Company changed its name from Auto Tool Technologies Inc. to AFC Building Technologies Inc. The Company was engaged in the sales and distribution of hand tools in Canada.

   

On June 30, 2015, the Company decided that continuing the operations of its wholly-owned subsidiary, DSL Products Limited (“DSL”) would no longer be economically feasible. All of the shares of DSL held by the Company were returned to DSL for cancellation and as of June 30, 2015 the Company no longer held any interest in DSL. The Company determined the operations of DSL met the criteria of being reported as a discontinued operation. The results of operations from DSL are presented as “Loss from discontinued operations” in the Statements of Operations. Unless otherwise noted, the discussion in the notes to these Financial Statements relates solely to the Company's continuing operations. The Company is in the process of determining a new line of business.

   

Going Concern

   

These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and note holders, the ability of the Company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. Since June 30, 2015, the Company has not generated any revenues, has a working capital deficit of $78,997, and has an accumulated deficit of $315,126. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These condensed financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

   

Summary of Significant Accounting Policies

   

Basis of Presentation

   

The unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the Securities and Exchange Commission (“SEC”) instructions for companies filing Form 10-Q. In the opinion of management, the unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of September 30, 2016, and the results of operations and cash flows for the periods ended September 30, 2016 and 2015. The financial data and other information disclosed in the notes to the interim financial statements related to the periods are unaudited. The results for the nine-month period ended September 30, 2016 are not necessarily indicative of the results to be expected for any subsequent quarter or the entire year ending December 31, 2016. The unaudited interim financial statements have been condensed and certain information and footnote disclosure normally included in financial statements in accordance with GAAP have been omitted pursuant to the Securities and Exchange Commission's rules and regulations and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these unaudited interim financial statements should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the year ended December 31, 2015, included in the Company’s Form 10-K filed on April 20, 2017 with the SEC.

   

Discontinued Operations

   

The results of discontinued operations are presented separately, net of tax, from the results of ongoing operations for all periods presented. The expenses included in the results of discontinued operations are the direct operating expenses incurred by the disposed components that may be reasonably segregated from the costs of the ongoing operations of the Company. The Company disposed of DSL on June 30, 2015.

4


AFC Building Technologies Inc.
Notes to Financial Statements
September 30, 2016 and 2015

Use of Estimates

   

The preparation of these consolidated financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, collectability of receivables and related bad debt expenses, inventory shrinkage and write off, deferred income tax asset valuations and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

   
2.

Related Party Transactions


  a)

At September 30, 2016, the Company owed $8,021 (December 31, 2015 - $8,021) to the President of the Company. These were monies advanced for general working capital purposes, (i.e. accounting and professional fees) as required. The amount is unsecured, non-interest bearing and due on demand.

     
  b)

During the three months ended September 30, 2016, the Company incurred $1,873 (2015 - $27,640) of contractor expenses to the President of the Company.


3.

Discontinued Operations and Deconsolidation of Subsidiary

   

On June 30, 2015, the Company discontinued the operations of its wholly-owned subsidiary DSL. DSL sold hand tools in Canada. All of the shares of DSL held by the Company were returned to DSL for cancellation and as of June 30, 2015 the Company no longer held any interest in DSL. The Company recorded the deconsolidation of the subsidiary as an equity transaction, which resulted in a charge of $65,068 to additional paid in capital. The Company has recognized the separation of DSL in accordance with Accounting Standards Codification (ASC) 205-20, Discontinued Operations. As such, the historical results of DSL have been classified as discontinued operations.

   

Summarized results of the discontinued operation are as follows for the nine months ended September 30, 2015:


      Nine Months  
      Ended  
      September 30,  
      2015  
         
  Revenue $  359,017  
  Cost of Sales   265,888  
  Gross Profit   93,129  
         
  Expenses      
     Bank charges and interest   6,811  
     Selling, marketing and administrative   136,290  
  Total Expenses   143,101  
  Other Expenses      
     Gain (Loss) on foreign exchange   (28,344 )
  Net Income (Loss) from Discontinued Operations      
    $  (78,316 )

5


AFC Building Technologies Inc.
Notes to Financial Statements
September 30, 2016 and 2015

Cash flows from discontinued operations:

      Nine Months  
      Ended  
      September 30,  
      2015  
       Operating cash flows $  (149,490 )
       Investing cash flows    
       Financing cash flows   107,765  
  Net cash flows used by discontinued operations $  (41,725 )

4.

Licensing Agreement

   

On June 30, 2015, the Company entered into a license agreement with a shareholder of the Company. Pursuant to the agreement, the Company received an exclusive worldwide license in regards to 15 domain names related to the automotive e-commerce business for a period of 40 years. In consideration for the granting of the license, the Company will pay to the licensor a royalty of 2.5% of gross sales for any revenue derived from the use of the licensed domains.

   
5.

Subsequent Events

   

Management has evaluated subsequent events pursuant to ASC Topic 855, and has determined there are no subsequent events to disclose.

6


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

Forward-Looking Statements

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

Unless otherwise specified our financial statements are expressed in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles.

In this quarterly report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to “common shares” refer to the common shares in our capital stock.

As used in this quarterly report and unless otherwise indicated, the terms “we”, “us”, “our” and “our company” mean AFC Building Technologies Inc., a company incorporated under the laws of the state of Nevada, and our formerly wholly-owned subsidiary, DSL Products Limited, a company incorporated under the laws of the Province of Ontario, Canada, unless otherwise indicated.

General Overview

We were incorporated under the laws of the state of Nevada on May 10, 2011. Our fiscal year end is December 31. Our business offices are currently located at 101 Mary Street West, Whitby, Ontario, Canada, L1N 2R4. The address of agent for service in Nevada and registered corporate office is c/o National Registered Agents, Inc. of Nevada, 100 East William Street, Suite 204, Carson City, NV, 89701. Our telephone number is (905) 430-6433.

Our Current Business

7


On June 30, 2015, we decided that continuing the operations of our wholly-owned subsidiary, DSL Products Limited (“DSL”) would no longer be economically feasible. All of the shares of DSL held by us were returned to DSL for cancellation and as of June 30, 2015 we no longer held any interest in DSL. Concurrently with the discontinuation of the DSL operations, we entered into a license agreement for an exclusive worldwide license in regards to 15 domain names related to the automotive e-commerce business. In consideration for the granting of the license, we will pay to the licensor a royalty of 2.5% of gross sales for any revenue derived from the use of the licensed domains. Consistent with our historical operations in this area, we intend to continue to pursue automotive e-commerce opportunities.

Cash Requirements

Based on our planned expenditures, we will require approximately $30,000 over the next 12 months. In order to provide funds, we plan to pursue additional equity financing from private investors or possibly a registered public offering. We do not currently have any definitive arrangements in place for the completion of any further private placement financings and there is no assurance that we will be successful in completing any further private placement financings. If we are unable to achieve the necessary additional financing, then we plan to reduce the amounts that we spend on our business activities and administrative expenses in order to be within the amount of capital resources that are available to us.

We have not investigated the availability of commercial loans or other debt financing to supplement or meet our cash requirements. In the uncertain event that any such debt financing alternatives were available to us on acceptable terms, they would increase our liabilities and future cash commitments.

Future Financings

We will continue to rely on equity sales of our common shares and funding from directors and shareholders in order to continue to fund our business operations. Issuances of additional shares will result in dilution to existing stockholders. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

Results of Continuing Operations

The following summary of our results of operations should be read in conjunction with our financial statements for the quarter ended September 30, 2016, which are included herein.

8


Three Months Ended September 30, 2016 and September 30, 2015

Our operating results for the three months ended September 30, 2016 and September 30, 2015 are summarized as follows:

    Three     Three  
    Months     Months  
    Ended     Ended  
    September 30,     September 30,  
    2016     2015  
Revenue $  -   $  -  
Cost of sales   -     -  
Bank charges and interest   42     42  
Selling, marketing and administrative   1,837     -  
Gain on foreign exchange   -     3,958  
Net Income (Loss) from continuing operations   (1,915 )   3,916  
Loss from discontinued operations   -     -  
Net Income (Loss) $  (1,915 ) $  3,916  

Our financial statements report a net loss of $1,915 for the three month period ended September 30, 2016 compared to a net income of $3,916 for the three month period ended September 30, 2015. Our net income during the three months ended September 30, 2015 resulted entirely from continuing operations, and specifically from a gain on foreign exchange. By comparison our net loss for the three months ended September 30, 2016 resulted primarily from selling, marketing and administrative expenses incurred in continuing operations, without any offsetting gains.

Nine Months Ended September 30, 2016 and September 30, 2015

Our operating results for the nine months ended September 30, 2016 and September 30, 2015 are summarized as follows:

    Nine     Nine  
    Months     Months  
    Ended     Ended  
    September 30,     September 30,  
    2016     2015  
Revenue $  -   $  -  
Cost of sales   -     -  
Bank charges and interest   126     126  
Selling, marketing and administrative   2,709     3,555  
Gain on foreign exchange   -     6,933  
Net Income (Loss) from continuing operations   (2,835 )   3,252  
Income (Loss) from discontinued operations   -     (78,316 )
Net Loss $  (2,835 ) $  (75,064 )

9


Our financial statements report a net loss of $2,835 for the nine month period ended September 30, 2016 compared to a net loss of $75,064 for the nine-month period ended September 30, 2015. Our net loss for the nine months ended September 30, 2016 has decreased approximately 96% from the same period in 2015, primarily as a result of our discontinuation and disposal of DSL as of June 30, 2015, whereupon all of the revenues and expenses for DSL were reclassified and shown as “Loss from discontinued operations” on the statement of operations.

For the nine months ended September 30, 2016 we incurred a net loss from continuing operations of $2,835 compared to net income of $3,252 from continuing operations during the same period in 2015. Our net income from continuing operations during the nine months ended September 30, 2015 resulted entirely from a gain on foreign exchange. By comparison our net loss from continuing operations for the nine months ended September 30, 2016 resulted primarily from selling, marketing and administrative expenses incurred in continuing operations, without any offsetting gains.

Liquidity and Financial Condition

Working Capital

    At     At  
    September     December  
    30,     31,  
    2016     2015  
Current assets $  37   $  163  
Current liabilities   79,034     76,325  
Working capital (deficit) $  78,997   $  76,162  

Our total current assets as of September 30, 2016 were $37 as compared to total current assets of $163 as of December 31, 2015. The increase in liabilities during the period ended September 30, 2016 resulted entirely from an increase accounts payable and accrued liabilities without an increase in liabilities due to related parties.

Cash Flows

    Nine     Nine  
    Months     Months  
    Ended     Ended  
    September 30,     September 30,  
    2016     2015  
Net cash used in operating activities $  (126 ) $ (149,618 )
Net cash provided by financing activities   -     107,764  
Decrease cash during period $  (126 ) $            (45,068 )

10


Operating Activities

Net cash used in operating activities was $126 in the nine months ended September 30, 2016 compared with net cash used in operating activities of $149,618 in the nine months ended September 30, 2015. This significant net cash used in operating activities during the six months ended June 30, 2015 resulted from the discontinuation of our subsidiary, DSL, during that period, and the reclassification of all of the revenues and expenses for DSL as a loss from operations.

Financing Activities

Net cash provided by financing activities was $0 in the nine months ended September 30, 2016 compared to $107,764 provided by financing activities in the nine months ended September 30, 2015. Funds provided during the nine months ended September 30, 2016 were from a bank overdraft and a line of credit. We did not draw on our bank overdraft or line of credit during the nine months ended September 30, 2016

Going Concern

Our consolidated financial statements for the nine month period ended September 30, 2016 have been prepared on a going concern basis and contain an additional explanatory paragraph which identifies issues that raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The continuation of our company as a going concern is dependent upon the continued financial support from our shareholders and note holders, the ability of our company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. As at September 30, 2016, our company has not generated any revenues, has a working capital deficit of $78,997, and has an accumulated deficit of $315,126. These factors raise substantial doubt regarding our company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should our company be unable to continue as a going concern.

Critical Accounting Policies

These financial statements and related notes are expressed in US dollars. The consolidated financial statements include the accounts of the Company and its formerly wholly-owned subsidiary, DSL Products Limited. All inter-company accounts and transactions have been eliminated. The Company’s fiscal year-end is December 31.

11


Item 3.             Quantitative and Qualitative Disclosures About Market Risk

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4.             Controls and Procedures

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer (our principal executive officer, principal financial officer and principle accounting officer) to allow for timely decisions regarding required disclosure.

As of the end of our quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our chief executive officer and chief financial officer (our principal executive officer, principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our chief executive officer and chief financial officer (our principal executive officer, principal financial officer and principle accounting officer) concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report.

Changes in Internal Control over Financial Reporting

There were no changes in our internal control over financial reporting during the quarterly period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 1.             Legal Proceedings

We know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

Item 1A.          Risk Factors

As a “smaller reporting company”, we are not required to provide the information required by this Item.

12


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

Not applicable.

Item 6.             Exhibits

Exhibit Description
Number  
(3)

Articles of Incorporation and Bylaws

3.1

Articles of Incorporation (incorporated by reference from our Registration Statement on Form S-1 filed on May 9, 2012)

3.2

By-laws (incorporated by reference from our Registration Statement on Form S-1 filed on May 9, 2012)

3.3

Certificate of Amendment ((incorporated by reference to our Current Report on Form 8-K filed on January 13, 2014)

(10)

Material Contracts

10.1

Consulting Agreement dated December 30, 2011 between our company and Cindy Kelly & Associates (incorporated by reference from our Registration Statement on Form S-1 filed on May 9, 2012)

10.2

Share Purchase Agreement dated December 30, 2011 between our company and Rossland Asset Management Ltd. (incorporated by reference from our Registration Statement on Form S-1 filed on May 9, 2012)

(21)

Subsidiaries of the Registrant

21.1

DSL Products Limited, a wholly-owned Ontario corporation

(31)

Rule 13a-14(a)/15d-14(a) Certifications

31.1*

Section 302 Certification under the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

(32)

Section 1350 Certifications

32.1*

Section 906 Certification under the Sarbanes-Oxley Act of 2002 of the Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer

101*

Interactive Data File

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.

**

Furnished herewith. Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 hereto are deemed not filed or part of any registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, and otherwise are not subject to liability under those sections.

13


SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

    AFC BUILDING TECHNOLOGIES INC.
    (Registrant)
     
     
     
Dated: May 15, 2017 By: /s/ Cindy Lee Kelly
    Cindy Lee Kelly
    President, Chief Executive Officer, Chief Financial
    Officer, Secretary, Treasurer and Director
    (Principal Executive Officer, Principal Financial
    Officer and Principal Accounting Officer)
   

14


EX-31.1 2 exhibit31-1.htm EXHIBIT 31.1 AFC Building Technologies Inc. - Exhibit 31.1 - Filed by newsfilecorp.com

EXHIBIT 31.1

CERTIFICATION PURSUANT TO
18 U.S.C. ss 1350, AS ADOPTED PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

I, Cindy Lee Kelly, certify that:

1.

I have reviewed this annual report on Form 10-Q of AFC Building Technologies 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.

The registrant's other certifying officer(s) and I are 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 our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us 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 our 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 our 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.

The registrant's other certifying officer(s) and I have disclosed, based on our 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: May 15, 2017  
   
   
/s/ Cindy Lee Kelly  
Cindy Lee Kelly  
President, Chief Executive Officer, Chief Financial  
Officer, Secretary, Treasurer and Director  
(Principal Executive Officer, Principal Financial  
Officer and Principal Accounting Officer)  


EX-32.1 3 exhibit32-1.htm EXHIBIT 32.1 AFC Building Technologies Inc. - Exhibit 32.1 - Filed by newsfilecorp.com

EXHIBIT 32.1

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

I, Cindy Lee Kelly, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

(1)

the Quarterly Report on Form 10-Q of AFC Building Technologies Inc. for the three and nine months ended September 30, 2016 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

   
(2)

the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of AFC Building Technologies Inc.

Dated: May 15, 2017

 

  /s/ Cindy Lee Kelly
  Cindy Lee Kelly
  President, Chief Executive Officer, Chief Financial Officer,
  Secretary, Treasurer and Director
  (Principal Executive Officer, Principal Financial Officer and
  Principal Accounting Officer)
  AFC Building Technologies Inc.

 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to AFC Building Technologies Inc. and will be retained by AFC Building Technologies Inc. and furnished to the Securities and Exchange Commission or its staff upon request.


EX-101.INS 4 afct-20160930.xml XBRL INSTANCE FILE --12-31 afct AFC BUILDING TECHNOLOGIES INC. 2016-09-30 0001533030 No Smaller Reporting Company No 10-Q false 34760008 Yes 2016 Q3 0001533030 2017-05-12 0001533030 2016-01-01 2016-09-30 0001533030 2016-09-30 0001533030 2015-12-31 0001533030 2016-07-01 2016-09-30 0001533030 2015-07-01 2015-09-30 0001533030 2015-01-01 2015-09-30 0001533030 2014-12-31 0001533030 2015-09-30 shares iso4217:USD iso4217:USD shares pure utr:Y 37 163 37 163 71013 68304 8021 8021 79034 76325 0 0 0 0 34760 34760 201369 201369 -315126 -312291 -78997 -76162 37 163 0.001 0.001 50000000 50000000 0.001 0.001 200000000 200000000 34760008 34760008 34760008 34760008 42 42 126 126 1873 0 2709 3555 1915 42 2835 3681 -1915 -42 -2835 -3681 0 3958 0 6933 -1915 3916 -2835 3252 0 0 0 0 -1915 3916 -2835 3252 0 0 0 -78316 -1915 3916 -2835 -75064 0 0 0 14671 -1915 3916 -2835 -60393 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 34760008 34760008 34760008 34760008 0 142 0 -2915 0 -236 0 62693 0 -11925 2709 -27079 -126 -149618 0 31616 0 76148 0 107764 0 -3214 -126 -45068 45272 204 0 5542 0 0 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">1.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Nature of Operations</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">AFC Building Technologies Inc. (the &#8220;Company&#8221;) was incorporated under the laws of the State of Nevada on May 10, 2011. Effective January 10, 2014, the Company changed its name from Auto Tool Technologies Inc. to AFC Building Technologies Inc. The Company was engaged in the sales and distribution of hand tools in Canada.</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">On June 30, 2015, the Company decided that continuing the operations of its wholly-owned subsidiary, DSL Products Limited (&#8220;DSL&#8221;) would no longer be economically feasible. All of the shares of DSL held by the Company were returned to DSL for cancellation and as of June 30, 2015 the Company no longer held any interest in DSL. The Company determined the operations of DSL met the criteria of being reported as a discontinued operation. The results of operations from DSL are presented as &#8220;Loss from discontinued operations&#8221; in the Statements of Operations. Unless otherwise noted, the discussion in the notes to these Financial Statements relates solely to the Company's continuing operations. The Company is in the process of determining a new line of business.</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Going Concern</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and note holders, the ability of the Company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. Since June 30, 2015, the Company has not generated any revenues, has a working capital deficit of $78,997, and has an accumulated deficit of $315,126. These factors raise substantial doubt regarding the Company&#8217;s ability to continue as a going concern. These condensed financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. </p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Summary of Significant Accounting Policies</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Basis of Presentation</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">The unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the Securities and Exchange Commission (&#8220;SEC&#8221;) instructions for companies filing Form 10-Q. In the opinion of management, the unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of September 30, 2016, and the results of operations and cash flows for the periods ended September 30, 2016 and 2015. The financial data and other information disclosed in the notes to the interim financial statements related to the periods are unaudited. The results for the nine-month period ended September 30, 2016 are not necessarily indicative of the results to be expected for any subsequent quarter or the entire year ending December 31, 2016. The unaudited interim financial statements have been condensed and certain information and footnote disclosure normally included in financial statements in accordance with GAAP have been omitted pursuant to the Securities and Exchange Commission's rules and regulations and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these unaudited interim financial statements should be read in conjunction with the Company&#8217;s annual audited financial statements and notes thereto for the year ended December 31, 2015, included in the Company&#8217;s Form 10-K filed on April 20, 2017 with the SEC.</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Discontinued Operations</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">The results of discontinued operations are presented separately, net of tax, from the results of ongoing operations for all periods presented. The expenses included in the results of discontinued operations are the direct operating expenses incurred by the disposed components that may be reasonably segregated from the costs of the ongoing operations of the Company. The Company disposed of DSL on June 30, 2015.</p> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Use of Estimates</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">The preparation of these consolidated financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, collectability of receivables and related bad debt expenses, inventory shrinkage and write off, deferred income tax asset valuations and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company&#8217;s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> </table> 78997 315126 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">2.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;">Related Party Transactions</p> </td> </tr> </table> <br/> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td width="5%">&#160;</td> <td valign="top" width="5%">a)</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> At September 30, 2016, the Company owed $8,021 (December 31, 2015 - $8,021) to the President of the Company. These were monies advanced for general working capital purposes, (i.e. accounting and professional fees) as required. The amount is unsecured, non-interest bearing and due on demand. </p> </td> </tr> <tr> <td width="5%">&#160;</td> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td valign="top" width="5%">b)</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> During the three months ended September 30, 2016, the Company incurred $1,873 (2015 - $27,640) of contractor expenses to the President of the Company. </p> </td> </tr> </table> 8021 8021 1873 27640 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">3.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;">Discontinued Operations and Deconsolidation of Subsidiary</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> On June 30, 2015, the Company discontinued the operations of its wholly-owned subsidiary DSL. DSL sold hand tools in Canada. All of the shares of DSL held by the Company were returned to DSL for cancellation and as of June 30, 2015 the Company no longer held any interest in DSL. The Company recorded the deconsolidation of the subsidiary as an equity transaction, which resulted in a charge of $65,068 to additional paid in capital. The Company has recognized the separation of DSL in accordance with Accounting Standards Codification (ASC) 205-20, <i>Discontinued Operations</i> . As such, the historical results of DSL have been classified as discontinued operations. </p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;">Summarized results of the discontinued operation are as follows for the nine months ended September 30, 2015:</p> </td> </tr> </table> <br/> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">Nine Months</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">Ended</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">September 30,</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="center" nowrap="nowrap" style="border-bottom: 2px solid rgb(0, 0, 0);" width="17%">2015</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> <td width="1%">&#160;</td> <td width="17%">&#160;</td> <td width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">Revenue</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="17%"> 359,017 </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Cost of Sales</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 265,888 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Gross Profit</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 93,129 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> <td width="1%">&#160;</td> <td width="17%">&#160;</td> <td width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">Expenses</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="left" bgcolor="#e6efff" width="17%">&#160;</td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160; &#160;Bank charges and interest</td> <td align="left" width="1%">&#160;</td> <td align="right" width="17%"> 6,811 </td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">&#160; &#160;Selling, marketing and administrative</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 136,290 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Total Expenses</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 143,101 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">Other Expenses</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="left" bgcolor="#e6efff" width="17%">&#160;</td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">&#160; &#160;Gain (Loss) on foreign exchange</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> (28,344 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">Net Income (Loss) from Discontinued Operations</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="left" bgcolor="#e6efff" width="17%">&#160;</td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);">&#160;</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="17%"> (78,316 </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%">)</td> </tr> </table> <p align="center" style="font-family: times new roman,times,serif; font-size: 10pt;">&#160;</p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">&#160;</p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;">Cash flows from discontinued operations:</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">Nine Months</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">Ended</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">September 30,</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">2015</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">&#160; &#160; &#160;Operating cash flows</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="17%"> (149,490 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160; &#160; &#160;Investing cash flows</td> <td align="left" width="1%">&#160;</td> <td align="right" width="17%"> &#8211; </td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">&#160; &#160; &#160;Financing cash flows</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 107,765 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Net cash flows used by discontinued operations</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> (41,725 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> </table> <p>&#160;</p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">Nine Months</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">Ended</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">September 30,</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="center" nowrap="nowrap" style="border-bottom: 2px solid rgb(0, 0, 0);" width="17%">2015</td> <td align="left" style="border-bottom: 2px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> <td width="1%">&#160;</td> <td width="17%">&#160;</td> <td width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">Revenue</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="17%"> 359,017 </td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Cost of Sales</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 265,888 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">Gross Profit</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 93,129 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> <td width="1%">&#160;</td> <td width="17%">&#160;</td> <td width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">Expenses</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="left" bgcolor="#e6efff" width="17%">&#160;</td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160; &#160;Bank charges and interest</td> <td align="left" width="1%">&#160;</td> <td align="right" width="17%"> 6,811 </td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">&#160; &#160;Selling, marketing and administrative</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 136,290 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Total Expenses</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 143,101 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">Other Expenses</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="left" bgcolor="#e6efff" width="17%">&#160;</td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">&#160; &#160;Gain (Loss) on foreign exchange</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> (28,344 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">Net Income (Loss) from Discontinued Operations</td> <td align="left" bgcolor="#e6efff" width="1%">&#160;</td> <td align="left" bgcolor="#e6efff" width="17%">&#160;</td> <td align="left" bgcolor="#e6efff" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);">&#160;</td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 3px double rgb(0, 0, 0);" width="17%"> (78,316 </td> <td align="left" style="border-bottom: 3px double rgb(0, 0, 0);" width="2%">)</td> </tr> </table> 359017 265888 93129 6811 136290 143101 -28344 -78316 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">Nine Months</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">Ended</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">September 30,</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160;</td> <td align="left" width="1%">&#160;</td> <td align="center" nowrap="nowrap" width="17%">2015</td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff">&#160; &#160; &#160;Operating cash flows</td> <td align="left" bgcolor="#e6efff" width="1%">$</td> <td align="right" bgcolor="#e6efff" width="17%"> (149,490 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left">&#160; &#160; &#160;Investing cash flows</td> <td align="left" width="1%">&#160;</td> <td align="right" width="17%"> &#8211; </td> <td align="left" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);">&#160; &#160; &#160;Financing cash flows</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">&#160;</td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> 107,765 </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">&#160;</td> </tr> <tr valign="top"> <td width="5%">&#160;</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);">Net cash flows used by discontinued operations</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%">$</td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="17%"> (41,725 </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="2%">)</td> </tr> </table> -149490 0 107765 -41725 65068 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">4.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Licensing Agreement</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;"> On June 30, 2015, the Company entered into a license agreement with a shareholder of the Company. Pursuant to the agreement, the Company received an exclusive worldwide license in regards to 15 domain names related to the automotive e-commerce business for a period of 40 years. In consideration for the granting of the license, the Company will pay to the licensor a royalty of 2.5% of gross sales for any revenue derived from the use of the licensed domains. </p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> </table> 15 40 0.025 <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; font-size: 10pt; border-collapse: collapse; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%">5.</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Subsequent Events</p> </td> </tr> <tr> <td width="5%">&#160;</td> <td>&#160;</td> </tr> <tr> <td width="5%">&#160;</td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt;margin:inherit;">Management has evaluated subsequent events pursuant to ASC Topic 855, and has determined there are no subsequent events to disclose.</p> </td> </tr> </table> EX-101.SCH 5 afct-20160930.xsd XBRL SCHEMA FILE 101 - Document - Document and Entity Information link:calculationLink link:presentationLink link:definitionLink 102 - Statement - Consolidated Balance Sheets link:calculationLink link:presentationLink link:definitionLink 103 - Statement - Consolidated Balance Sheets (Parenthetical) link:calculationLink link:presentationLink link:definitionLink 104 - Statement - Consolidated Statements of Operations and Comprehensive Income (Loss) link:calculationLink link:presentationLink link:definitionLink 105 - Statement - Consolidated Statements of Cash Flows link:calculationLink link:presentationLink link:definitionLink 106 - Disclosure - Nature of Operations link:calculationLink link:presentationLink link:definitionLink 107 - Disclosure - Going Concern link:calculationLink link:presentationLink link:definitionLink 108 - Disclosure - Summary of Significant Accounting Policies link:calculationLink link:presentationLink link:definitionLink 109 - Disclosure - Related Party Transactions link:calculationLink link:presentationLink link:definitionLink 110 - Disclosure - Discontinued Operations and Deconsolidation of Subsidiary link:calculationLink link:presentationLink link:definitionLink 111 - Disclosure - Licensing Agreement link:calculationLink link:presentationLink link:definitionLink 112 - Disclosure - Common Stock link:calculationLink link:presentationLink link:definitionLink 113 - Disclosure - Income Taxes link:calculationLink link:presentationLink link:definitionLink 114 - Disclosure - Subsequent Events link:calculationLink link:presentationLink link:definitionLink 115 - Disclosure - Property and Equipment link:calculationLink link:presentationLink link:definitionLink 116 - Disclosure - Line of Credit link:calculationLink link:presentationLink link:definitionLink 117 - Disclosure - Major Customers link:calculationLink link:presentationLink link:definitionLink 118 - Disclosure - Summary of Significant Accounting Policies (Policies) link:calculationLink link:presentationLink link:definitionLink 119 - Disclosure - Discontinued Operations and Deconsolidation of Subsidiary (Tables) link:calculationLink link:presentationLink link:definitionLink 120 - Disclosure - Income Taxes (Tables) link:calculationLink link:presentationLink link:definitionLink 121 - Disclosure - Property and Equipment (Tables) link:calculationLink link:presentationLink link:definitionLink 122 - Disclosure - Line of Credit (Tables) link:calculationLink link:presentationLink link:definitionLink 123 - Disclosure - Major Customers (Tables) link:calculationLink link:presentationLink link:definitionLink 124 - Disclosure - Nature of Operations (Narrative) (Details) link:calculationLink link:presentationLink link:definitionLink 125 - Disclosure - Related Party Transactions (Narrative) (Details) link:calculationLink link:presentationLink link:definitionLink 126 - Disclosure - Discontinued Operations and Deconsolidation of Subsidiary (Narrative) (Details) link:calculationLink link:presentationLink link:definitionLink 127 - Disclosure - Licensing Agreement (Narrative) (Details) link:calculationLink link:presentationLink link:definitionLink 128 - Disclosure - Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures (Details) link:calculationLink link:presentationLink link:definitionLink 129 - Disclosure - Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures (Details) link:calculationLink link:presentationLink link:definitionLink EX-101.CAL 6 afct-20160930_cal.xml XBRL CALCULATION FILE EX-101.DEF 7 afct-20160930_def.xml XBRL DEFINITION FILE EX-101.LAB 8 afct-20160930_lab.xml XBRL LABEL FILE Document and Entity Information [Abstract] Document and Entity Information [Abstract] Statement [Table] Legal Entity [Axis] Entity [Domain] Statement [Line Items] Document Type Amendment Flag Amendment Description Document Period End Date Trading Symbol Entity Registrant Name Entity Central Index Key Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Entity Current Reporting Status Entity Voluntary Filers Entity Well Known Seasoned Issuer Entity Public Float Document Fiscal Year Focus Document Fiscal Period Focus Statement of Financial Position [Abstract] ASSETS Current Assets Cash Accounts receivable, net of allowances of $0 and $0, respectively Inventory Prepaid expenses Current assets of discontinued operations Total Current Assets Long-term assets of discontinued operations Property and equipment, net of accumulated depreciation of $20,068 (2013 $20,962) Total Assets LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Checks written in excess of funds on deposit Accounts payable Accrued liabilities Accounts payable and accrued liabilities Due to related party Long-term Line of Credit Current liabilities of discontinued operations Total Liabilities Commitments and Contingencies Stockholders' Deficit Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding Common stock, $0.001 par value, 200,000,000 shares authorized, 34,760,008 and 34,760,008 shares issued and outstanding, respectively Additional paid in capital Accumulated deficit Accumulated other comprehensive income Total Stockholders' Deficit Total Liabilities and Stockholders' Deficit Preferred Stock, Par Value Per Share Preferred Stock, Shares Authorized Common Stock, Par Value Per Share Common Stock, Shares Authorized Common Stock, Shares, Issued Common Stock, Shares, Outstanding Statement of Operations [Abstract] Revenue Cost of Sales Gross Profit Expenses Bank charges and interest Selling, marketing and administrative Total Operating Expenses Loss Before Other Expenses Other Expenses Gain on foreign exchange Income (Loss) before taxes Income taxes Net Income (Loss) from continuing operations Discontinued Operations Loss from discontinued operations Net Income (Loss) Foreign currency translation adjustments Comprehensive Income (Loss) Income (Loss) per common share: Income (Loss) From Continuing Operations - Basic and Diluted Income (Loss) From Discontinued Operations - Basic and Diluted Weighted Average Shares Outstanding Statement of Cash Flows [Abstract] Operating Activities Net Loss Adjustments to reconcile net loss to cash used in operating activities: Depreciation expense Changes in operating assets and liabilities: Prepaid expenses Inventories Accounts receivable Due to related party Accounts payable and accrued liabilities Net Cash Used in Operating Activities Financing Activities Bank overdraft Proceeds from issuance of common stock Net change in line of credit Net Cash Provided By Financing Activities Effect of Exchange Rate Changes on Cash Decrease In Cash Cash - Beginning of Period Cash - End of Period Supplemental Disclosures Interest paid Income taxes paid Supplemental disclosure of non-cash investing and financing activities Forgiveness of debt by related party Forgiveness of debt by related party Distribution of subsidiary to shareholder Distribution of subsidiary to shareholder Notes to Financial Statements [Abstract] Notes to Financial Statements [Abstract] Nature of Operations [Text Block] Going Concern [Text Block] Summary of Significant Accounting Policies [Text Block] Related Party Transactions [Text Block] Discontinued Operations and Deconsolidation of Subsidiary [Text Block] Licensing Agreement [Text Block] Licensing Agreement Common Stock [Text Block] Income Taxes [Text Block] Subsequent Events [Text Block] Property and Equipment [Text Block] Line of Credit [Text Block] Major Customers [Text Block] Basis of Presentation and Principles of Consolidation [Policy Text Block] Use of Estimates [Policy Text Block] Cash and Cash Equivalents [Policy Text Block] Accounts Receivable and Allowance for Doubtful Accounts [Policy Text Block] Inventory [Policy Text Block] Property and Equipment [Policy Text Block] Long lived assets [Policy Text Block] Financial Instruments/Concentrations [Policy Text Block] Shipping and Freight [Policy Text Block] Foreign Currency Translation [Policy Text Block] Comprehensive Income (Loss) [Policy Text Block] Basic and Diluted Net Loss Per Share [Policy Text Block] Income Taxes [Policy Text Block] Revenue Recognition [Policy Text Block] Advertising Costs [Policy Text Block] Discontinued Operations [Policy Text Block] Recent Accounting Pronouncements [Policy Text Block] Schedule of Disposal Groups, Including Discontinued Operations Balance Sheet Disclosures [Table Text Block] Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures [Table Text Block] ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementDisclosuresTableTextBlock Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures [Table Text Block] Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures Schedule of Income Tax Expense [Table Text Block] Schedule of Property, Plant and Equipment [Table Text Block] Schedule of Short-term Debt [Table Text Block] Schedule of Sales for Major Customers [Table Text Block] Nature Of Operations 1 Nature Of Operations 1 Nature Of Operations 2 Nature Of Operations 2 Related Party Transactions, by Related Party [Axis] Related Party [Domain] Controlling shareholder [Member] President of the Company [Member] Related Party Transaction [Axis] Related Party Transaction [Domain] Contractor expenses [Member] Contractor expenses Related Party Transactions 1 Related Party Transactions 1 Related Party Transactions 2 Related Party Transactions 2 Related Party Transactions 3 Related Party Transactions 3 Related Party Transactions 4 Related Party Transactions 4 Discontinued Operations And Deconsolidation Of Subsidiary 1 Discontinued Operations And Deconsolidation Of Subsidiary 1 Licensing Agreement 1 Licensing Agreement 1 Licensing Agreement 2 Licensing Agreement 2 Licensing Agreement 3 Licensing Agreement 3 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 1 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 1 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 2 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 2 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 3 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 3 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 4 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 4 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 5 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 5 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 6 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 6 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 7 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 7 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 8 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 8 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 1 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 1 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 2 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 2 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 3 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 3 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 4 Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 4 Current assets of discontinued operations Total Current Assets Total Assets Current liabilities of discontinued operations Total Liabilities Total Stockholders Deficit Total Liabilities and Stockholders Deficit Gross Profit Total Operating Expenses Loss Before Other Expenses Income (Loss) before taxes Income taxes Net Income (Loss) from continuing operations Discontinued Operations Net Income (Loss) Comprehensive Income (Loss) Prepaid expenses (IncreaseDecreaseInPrepaidExpense) Inventories Accounts receivable Due to related party (IncreaseDecreaseInDueFromRelatedParties) Accounts payable and accrued liabilities (IncreaseDecreaseInAccountsPayableAndAccruedLiabilities) Net Cash Used in Operating Activities Net Cash Provided By Financing Activities Decrease In Cash Scheduleofdisposalgroupsincludingdiscontinuedoperationsincomestatementdisclosures [Table Text Block] Nature Of Operations Zero Three Five Two Seven Zero Pxkz Gz C L Two K Onef Nature Of Operations Zero Three Five Two Seven Zerop Vsc T C Twomp J Qm Related Party Transactions Zero Three Five Two Seven Zeroz Lvywqb Bgv M Q Related Party Transactions Zero Three Five Two Seven Zero Eight Sevenqw Nine C Q S Fivecwl Related Party Transactions Zero Three Five Two Seven Zeroz Cr M Vf D Two N Zd X Related Party Transactions Zero Three Five Two Seven Zero Sbp Qng X R Tggm Discontinued Operations And Deconsolidation Of Subsidiary Zero Three Five Two Seven Zerofk L Rb Sixb T Threen Three V Licensing Agreement Zero Three Five Two Seven Zero Eightmn L M H R Twobw Jx Licensing Agreement Zero Three Five Two Seven Zerov Three Zeroy Five S Q J Nzq Six Licensing Agreement Zero Three Five Two Seven Zero One Bf Lrz D Ninepg H W Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures Zero Three Five Two Seven Zeroq Three Vy Jz N Four Two Q D G Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures Zero Three Five Two Seven Zerozz Gl R Eight J P D Vbt Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures Zero Three Five Two Seven Zero Dhs W Four Ninez F C M Six R Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures Zero Three Five Two Seven Zerob P H Nine T Threex P Sevenb Wq Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures Zero Three Five Two Seven Zeroh Zero Two Ttwx Zerogyxt Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures Zero Three Five Two Seven Zero P X N Cxsp Fg B Ky Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures Zero Three Five Two Seven Zero Threecr Zero Zero B Sevenhvxf Six Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures Zero Three Five Two Seven Zerob N Lh Q Oneny Eightw Hn Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures Zero Three Five Two Seven Zero Five Mw Foury One Twovht Onew Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures Zero Three Five Two Seven Zerod G Zero Threer Eight Eight Xk M C R Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures Zero Three Five Two Seven Zero Seven K Three Sixv B Vb V G Lv Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures Zero Three Five Two Seven Zerol C Tr Two Sevenshwb Ninep EX-101.PRE 9 afct-20160930_pre.xml XBRL PRESENTATION FILE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.7.0.1
Document and Entity Information - shares
9 Months Ended
Sep. 30, 2016
May 12, 2017
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Sep. 30, 2016  
Trading Symbol afct  
Entity Registrant Name AFC BUILDING TECHNOLOGIES INC.  
Entity Central Index Key 0001533030  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   34,760,008
Entity Current Reporting Status Yes  
Entity Voluntary Filers No  
Entity Well Known Seasoned Issuer No  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q3  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets - USD ($)
Sep. 30, 2016
Dec. 31, 2015
Current Assets    
Cash $ 37 $ 163
Total Assets 37 163
Current Liabilities    
Accounts payable and accrued liabilities 71,013 68,304
Due to related party 8,021 8,021
Total Liabilities 79,034 76,325
Commitments and Contingencies 0 0
Stockholders' Deficit    
Preferred stock, $0.001 par value, 50,000,000 shares authorized, no shares issued and outstanding 0 0
Common stock, $0.001 par value, 200,000,000 shares authorized, 34,760,008 and 34,760,008 shares issued and outstanding, respectively 34,760 34,760
Additional paid in capital 201,369 201,369
Accumulated deficit (315,126) (312,291)
Total Stockholders' Deficit (78,997) (76,162)
Total Liabilities and Stockholders' Deficit $ 37 $ 163
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2016
Dec. 31, 2015
Preferred Stock, Par Value Per Share $ 0.001 $ 0.001
Preferred Stock, Shares Authorized 50,000,000 50,000,000
Common Stock, Par Value Per Share $ 0.001 $ 0.001
Common Stock, Shares Authorized 200,000,000 200,000,000
Common Stock, Shares, Issued 34,760,008 34,760,008
Common Stock, Shares, Outstanding 34,760,008 34,760,008
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($)
3 Months Ended 9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Sep. 30, 2016
Sep. 30, 2015
Expenses        
Bank charges and interest $ 42 $ 42 $ 126 $ 126
Selling, marketing and administrative 1,873 0 2,709 3,555
Total Operating Expenses 1,915 42 2,835 3,681
Loss Before Other Expenses (1,915) (42) (2,835) (3,681)
Other Expenses        
Gain on foreign exchange 0 3,958 0 6,933
Income (Loss) before taxes (1,915) 3,916 (2,835) 3,252
Income taxes 0 0 0 0
Net Income (Loss) from continuing operations (1,915) 3,916 (2,835) 3,252
Discontinued Operations        
Loss from discontinued operations 0 0 0 (78,316)
Net Income (Loss) (1,915) 3,916 (2,835) (75,064)
Foreign currency translation adjustments 0 0 0 14,671
Comprehensive Income (Loss) $ (1,915) $ 3,916 $ (2,835) $ (60,393)
Income (Loss) per common share:        
Income (Loss) From Continuing Operations - Basic and Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
Income (Loss) From Discontinued Operations - Basic and Diluted $ 0.00 $ 0.00 $ 0.00 $ 0.00
Weighted Average Shares Outstanding 34,760,008 34,760,008 34,760,008 34,760,008
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.7.0.1
Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Operating Activities    
Net Loss $ (2,835) $ (75,064)
Adjustments to reconcile net loss to cash used in operating activities:    
Depreciation expense 0 142
Changes in operating assets and liabilities:    
Prepaid expenses 0 2,915
Inventories 0 236
Accounts receivable 0 (62,693)
Due to related party 0 11,925
Accounts payable and accrued liabilities 2,709 (27,079)
Net Cash Used in Operating Activities (126) (149,618)
Financing Activities    
Bank overdraft 0 31,616
Net change in line of credit 0 76,148
Net Cash Provided By Financing Activities 0 107,764
Effect of Exchange Rate Changes on Cash 0 (3,214)
Decrease In Cash (126) (45,068)
Cash - Beginning of Period 163 45,272
Cash - End of Period 37 204
Supplemental Disclosures    
Interest paid 0 5,542
Income taxes paid $ 0 $ 0
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations
9 Months Ended
Sep. 30, 2016
Nature of Operations [Text Block]
1.

Nature of Operations

   
 

AFC Building Technologies Inc. (the “Company”) was incorporated under the laws of the State of Nevada on May 10, 2011. Effective January 10, 2014, the Company changed its name from Auto Tool Technologies Inc. to AFC Building Technologies Inc. The Company was engaged in the sales and distribution of hand tools in Canada.

   
 

On June 30, 2015, the Company decided that continuing the operations of its wholly-owned subsidiary, DSL Products Limited (“DSL”) would no longer be economically feasible. All of the shares of DSL held by the Company were returned to DSL for cancellation and as of June 30, 2015 the Company no longer held any interest in DSL. The Company determined the operations of DSL met the criteria of being reported as a discontinued operation. The results of operations from DSL are presented as “Loss from discontinued operations” in the Statements of Operations. Unless otherwise noted, the discussion in the notes to these Financial Statements relates solely to the Company's continuing operations. The Company is in the process of determining a new line of business.

   
 

Going Concern

   
 

These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders and note holders, the ability of the Company to obtain necessary equity financing to continue operations, and ultimately the attainment of profitable operations. Since June 30, 2015, the Company has not generated any revenues, has a working capital deficit of $78,997, and has an accumulated deficit of $315,126. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These condensed financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

   
 

Summary of Significant Accounting Policies

   
 

Basis of Presentation

   
 

The unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the Securities and Exchange Commission (“SEC”) instructions for companies filing Form 10-Q. In the opinion of management, the unaudited condensed financial statements have been prepared on the same basis as the annual financial statements and reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the financial position as of September 30, 2016, and the results of operations and cash flows for the periods ended September 30, 2016 and 2015. The financial data and other information disclosed in the notes to the interim financial statements related to the periods are unaudited. The results for the nine-month period ended September 30, 2016 are not necessarily indicative of the results to be expected for any subsequent quarter or the entire year ending December 31, 2016. The unaudited interim financial statements have been condensed and certain information and footnote disclosure normally included in financial statements in accordance with GAAP have been omitted pursuant to the Securities and Exchange Commission's rules and regulations and do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these unaudited interim financial statements should be read in conjunction with the Company’s annual audited financial statements and notes thereto for the year ended December 31, 2015, included in the Company’s Form 10-K filed on April 20, 2017 with the SEC.

   
 

Discontinued Operations

   
 

The results of discontinued operations are presented separately, net of tax, from the results of ongoing operations for all periods presented. The expenses included in the results of discontinued operations are the direct operating expenses incurred by the disposed components that may be reasonably segregated from the costs of the ongoing operations of the Company. The Company disposed of DSL on June 30, 2015.

 

Use of Estimates

   
 

The preparation of these consolidated financial statements in accordance with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, collectability of receivables and related bad debt expenses, inventory shrinkage and write off, deferred income tax asset valuations and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.

   
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions
9 Months Ended
Sep. 30, 2016
Related Party Transactions [Text Block]
2.

Related Party Transactions


  a)

At September 30, 2016, the Company owed $8,021 (December 31, 2015 - $8,021) to the President of the Company. These were monies advanced for general working capital purposes, (i.e. accounting and professional fees) as required. The amount is unsecured, non-interest bearing and due on demand.

     
  b)

During the three months ended September 30, 2016, the Company incurred $1,873 (2015 - $27,640) of contractor expenses to the President of the Company.

XML 17 R8.htm IDEA: XBRL DOCUMENT v3.7.0.1
Discontinued Operations and Deconsolidation of Subsidiary
9 Months Ended
Sep. 30, 2016
Discontinued Operations and Deconsolidation of Subsidiary [Text Block]
3.

Discontinued Operations and Deconsolidation of Subsidiary

   
 

On June 30, 2015, the Company discontinued the operations of its wholly-owned subsidiary DSL. DSL sold hand tools in Canada. All of the shares of DSL held by the Company were returned to DSL for cancellation and as of June 30, 2015 the Company no longer held any interest in DSL. The Company recorded the deconsolidation of the subsidiary as an equity transaction, which resulted in a charge of $65,068 to additional paid in capital. The Company has recognized the separation of DSL in accordance with Accounting Standards Codification (ASC) 205-20, Discontinued Operations . As such, the historical results of DSL have been classified as discontinued operations.

   
 

Summarized results of the discontinued operation are as follows for the nine months ended September 30, 2015:


      Nine Months  
      Ended  
      September 30,  
      2015  
         
  Revenue $ 359,017  
  Cost of Sales   265,888  
  Gross Profit   93,129  
         
  Expenses      
     Bank charges and interest   6,811  
     Selling, marketing and administrative   136,290  
  Total Expenses   143,101  
  Other Expenses      
     Gain (Loss) on foreign exchange   (28,344 )
  Net Income (Loss) from Discontinued Operations      
    $ (78,316 )

 

 

Cash flows from discontinued operations:

      Nine Months  
      Ended  
      September 30,  
      2015  
       Operating cash flows $ (149,490 )
       Investing cash flows    
       Financing cash flows   107,765  
  Net cash flows used by discontinued operations $ (41,725 )

 

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.7.0.1
Licensing Agreement
9 Months Ended
Sep. 30, 2016
Licensing Agreement [Text Block]
4.

Licensing Agreement

   
 

On June 30, 2015, the Company entered into a license agreement with a shareholder of the Company. Pursuant to the agreement, the Company received an exclusive worldwide license in regards to 15 domain names related to the automotive e-commerce business for a period of 40 years. In consideration for the granting of the license, the Company will pay to the licensor a royalty of 2.5% of gross sales for any revenue derived from the use of the licensed domains.

   
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.7.0.1
Subsequent Events
9 Months Ended
Sep. 30, 2016
Subsequent Events [Text Block]
5.

Subsequent Events

   
 

Management has evaluated subsequent events pursuant to ASC Topic 855, and has determined there are no subsequent events to disclose.

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.7.0.1
Discontinued Operations and Deconsolidation of Subsidiary (Tables)
9 Months Ended
Sep. 30, 2016
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures [Table Text Block]
      Nine Months  
      Ended  
      September 30,  
      2015  
         
  Revenue $ 359,017  
  Cost of Sales   265,888  
  Gross Profit   93,129  
         
  Expenses      
     Bank charges and interest   6,811  
     Selling, marketing and administrative   136,290  
  Total Expenses   143,101  
  Other Expenses      
     Gain (Loss) on foreign exchange   (28,344 )
  Net Income (Loss) from Discontinued Operations      
    $ (78,316 )
Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures [Table Text Block]
      Nine Months  
      Ended  
      September 30,  
      2015  
       Operating cash flows $ (149,490 )
       Investing cash flows    
       Financing cash flows   107,765  
  Net cash flows used by discontinued operations $ (41,725 )
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.7.0.1
Nature of Operations (Narrative) (Details)
9 Months Ended
Sep. 30, 2016
USD ($)
Nature Of Operations 1 $ 78,997
Nature Of Operations 2 $ 315,126
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.7.0.1
Related Party Transactions (Narrative) (Details)
9 Months Ended
Sep. 30, 2016
USD ($)
Related Party Transactions 1 $ 8,021
Related Party Transactions 2 8,021
Related Party Transactions 3 1,873
Related Party Transactions 4 $ 27,640
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.7.0.1
Discontinued Operations and Deconsolidation of Subsidiary (Narrative) (Details)
9 Months Ended
Sep. 30, 2016
USD ($)
Discontinued Operations And Deconsolidation Of Subsidiary 1 $ 65,068
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.7.0.1
Licensing Agreement (Narrative) (Details)
9 Months Ended
Sep. 30, 2016
yr
Licensing Agreement 1 15
Licensing Agreement 2 40
Licensing Agreement 3 2.50%
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures (Details)
9 Months Ended
Sep. 30, 2016
USD ($)
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 1 $ 359,017
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 2 265,888
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 3 93,129
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 4 6,811
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 5 136,290
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 6 143,101
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 7 (28,344)
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Income Statement Disclosures 8 $ (78,316)
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.7.0.1
Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures (Details)
9 Months Ended
Sep. 30, 2016
USD ($)
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 1 $ (149,490)
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 2 0
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 3 107,765
Discontinued Operations And Deconsolidation Of Subsidiary Schedule Of Disposal Groups Including Discontinued Operations Cash Flows Disclosures 4 $ (41,725)