UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 10-K

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934.

FOR THE FISCAL YEAR ENDED DECEMBER 31, ~~2014~~2015

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934.

FOR THE TRANSITION PERIOD FROM __________, 20__________ , TO __________, 20__________ .

COMMISSION FILE NUMBER 000-28978

AMERICAN FIBER GREEN PRODUCTS, INC.

(Exact Name of Registrant as Specified in its Charter)

NEVADA		91-1705387
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification Number)
(State or Other Jurisdictionof Incorporation or Organization)		(I.R.S. EmployerIdentification Number)

4209 RALEIGH STREET, TAMPA, FL 33619

(Address of Principal Executive Offices)

(813) 247-2770

(Registrant's Telephone Number, Including Area Code)

SECURITIES REGISTERED PURSUANT TO SECTION 12(G) OF THE ACT:

TITLE OF EACH CLASS:

PREFERRED STOCK, PAR VALUE $0.001 PER SHARE

COMMON STOCK, PAR VALUE $0.001 PER SHARE

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Acts. ¨ YES x NO

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. ¨ YES x NO

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

Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-B contained in this form, and no disclosure will be contained, to the best of registrant's knowledge, in definitive proxy of information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405) during the preceding 12 months. ¨ YES x NO

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of "accelerated filer and large 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

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

The aggregate market value of the voting and non-voting common equity held by non-affiliates of the registrant was approximately $1,550,000 as of the last business day of the registrant's most recently completed second fiscal quarter, based upon the closing sale price on the OTC:BB reported for such date. Shares of common stock held by each officer and director and by each person who owns 10% or more of the outstanding common stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

There were 17,700,556 shares of the Registrant's $.001 par value common stock outstanding as of May 6, 2016.

There were 17,638,556 shares of the Registrant's $.001 par value common stock outstanding as of April 14, 2015.

AMERICAN FIBER GREEN PRODUCTS, INC.

ANNUAL REPORT ON FORM 10-K

FOR THE YEAR ENDED

DECEMBER 31, ~~2014~~2015

TABLE OF CONTENTS

		PAGE
PART I
Item 1	Description		43
Item 1A	Risk Factors		1211
Item 1B	Unresolved Staff Comments		1211
Item 2	Properties		1211
Item 3	Legal Proceedings		1211
Item 4	Mine Safety Disclosures		1211
PART II
Item 5	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities		1312
Item 6	Selected Financial Data		1413
Item 7	Management's Discussion and Analysis of Financial Condition and Results of Operations		1413
Item 7A	Quantitative and Qualitative Disclosures About Market Risk		1817
Item 8	Financial Statements and Supplementary Data		~~F-1~~18
Item 9	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure		19
Item 9A	Controls and Procedures		19
Item 9B	Other Information		2021
PART III
Item 10	Directors and Executive Officers and Corporate Governance		2122
Item 11	Executive Compensation		2223
Item 12	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		2324
Item 13	Certain Relationships and Related Party Transactions, and Director Independence		24
Item 14	Principal Accounting Fees and Services		2425
PART IV
Item 15	Exhibits, Financial Statement Schedules		2526
Signatures			2627

AMERICAN FIBER GREEN PRODUCTS, INC.

This Annual Report on Form 10-K and the documents incorporated herein by reference contain forward-looking statements that have been made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on current expectations, estimates and projections about American Fiber Green Products, Inc.'s industry, management beliefs, and assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict; therefore, actual results and outcomes may differ materially from what is expressed or forecasted in any such forward-looking statements.

PART I

ITEM 1. DESCRIPTION OF BUSINESS

Company History

American Fiber Green Products, Inc., formerly known as Amour Fiber Core, Inc. until May 26, 2004, came into existence as a result of the following transactions:

	·	In March of 1993, William Amour founded Amour Hydro Press, Inc. (AHP) to conduct research and development to commercialize proprietary technology that would allow the company to process waste fiberglass and resins into new commercially viable products.

	·	In January of 1996 the Board of Directors authorized the merger of AHP with Amour Fiber Core, Inc. a Washington corporation. Each common share of Amour Hydro Press, Inc. was exchanged for 280 common shares of Amour Fiber Core, Inc. The authorized shares of Amour Fiber Core, Inc. were 5,000,000 shares. The company operated under this configuration until June 1998 when the Board of Directors approved a three for one forward split (3:1) increasing the authorized from 5,000,000 to 15,000,000 common shares. Amendments to the Articles of Incorporation were filed with the State of Washington. Although approved and recorded the 3:1 forward split was not reported to the transfer agent of the company. The resulting change in common stock was from 3,675,996 to 11,027,988 common shares issued and outstanding.

Within months of these actions, William Amour, founder and driving force behind the business was diagnosed with cancer and died in 1999. Attempts by the board to continue the operation of Amour Fiber Core, Inc. resulted in substantially more debt and ultimately the cessation of operations. The value of the company was in the exclusive rights to the proprietary technology, as well as the resources developed to source raw material and vendors and the ability to create viable products from waste material. There were 884 shareholders of record at the time of William Amour's passing and they remained committed to the success of the Company. The Company ceased operations in January 2000, however, management continued to search for investors to be able to restart production.

On September 15, 2001, after several months of discussion and negotiations with Barb Amour and Gerald Rau, directors of Amour Fiber Core, Inc., Kenneth McCleave (unaffiliated with the registrant prior to the merger) incorporated American Leisure Products, Inc. (ALP) a Florida corporation, of which Kenneth McCleave was the sole shareholder of the 100,000 issued and outstanding shares for the purpose of merger with Amour Fiber Core, Inc. (AFC) The terms and conditions of said merger included Mr. McCleave's assistance in resolution of a number of problems restricting Amour. Litigation with the landlord and disgruntled note holders threatened the collapse of the company unless amicable resolution was achieved. The terms of the merger were established and the concerns were resolved over the subsequent 24 months.

In May of 2004, following appropriate shareholder consent and board action, Amour Fiber Core, Inc. (Washington) merged with a newly formed Nevada corporation of the same name and with the same issued and outstanding shares (11,027,988). Amour Fiber Core, Inc. (Nevada) has authorized 350,000,000 common and 5,000,000 preferred shares.

On May 24, 2004, Amour Fiber Core, Inc. (Nevada) then entered into an Agreement and Plan of Merger with American Leisure Products, Inc., a Florida corporation with a total issued and outstanding of 100,000 common shares. A 1:6 reverse split of the Amour Fiber Core, Inc. shares held by the AFC shareholders reduced the issued and outstanding common shares of AFC (Nevada) from 11,027,988 to 1,837,998. The merger called for each share of ALP to convert to 73.52 shares of Amour Fiber Core, Inc. (Nevada). The sole shareholder of ALP received 7,352,000 shares of Amour Fiber Core, Inc. (Nevada) in the merger (i.e. a conversion ratio of 73.52:1). Following this transaction, Amour Fiber Core, Inc. (Nevada) had 9,189,998 shares outstanding.

Following this merger and in keeping with the Shareholder Consent and subsequent board action, the name of Amour Fiber Core, Inc. (Nevada) was changed to American Fiber Green Products, Inc. American Leisure Products, Inc. (a Florida corporation) became a wholly owned subsidiary of American Fiber Green Products, Inc. The assets and opportunities of American Fiber Green Products, Inc. (f/k/a Amour Nevada and Amour Washington) were moved to a newly formed, Amour Fiber Core, Inc., (a Florida Corporation) as a wholly owned subsidiary. The resulting structure is American Fiber Green Products, Inc. (Nevada) holding 100% of the stock of American Leisure Products, Inc. (Florida) and Amour Fiber Core, Inc. (Florida).

Amour Fiber Core, Inc

AFC's primary purpose is performing reclamation manufacturing of commercial fiberglass products from molded fiberglass waste and outdated resin waste. The Company has advanced reclamation techniques combined with a proprietary process to reclaim fiberglass waste products, obsolete fiberglass molded products and outdated or excess fiberglass resins. These waste products are key ingredients in the production of the Amour fiberglass products. Management believes that its ability to transform fiberglass waste into viable commercial products will cause diversion of thousands of tons of refuse from landfills and transform the waste into recycled products with commercial applications. The Company has exclusive rights to two patents for its technologies. Three sources of income are expected; tipping fees, sale of sub-licensing agreements and marketing of finished goods.

American Leisure Products, Inc.

The Company's second operating subsidiary is American Leisure Products, Inc. ("ALP"), which was incorporated in Florida on September 15, 2001, in order to merge with Amour Fiber Core, Inc. Following the merger on May 24, 2004, ALP began to focus on producing a variety of fiberglass products that provide recreational enjoyment, such as the "Hot Rod" car industry and the "Marine Industry". Various molds, tooling and equipment were located or built to facilitate this plan of operation. ALP plans to grow through acquisition and strategic partnerships for production of fiberglass cars and boats. Our fiberglass production facilities will also provide future revenue through the production of fiberglass vintage car replicas, boats and other leisure products from current molds and tooling and future acquired molds. See ~~Plan~~Management's Discussion and Analysis of ~~Operation~~Financial Condition and Results of Operations under Part 2, Item 7.

COMPANY AND BUSINESS OVERVIEW

The Company's executive management team is:

Kenneth W. McCleave, Chairman of the Board

Daniel L. Hefner, President, Chief Executive Officer and Director

Frank D. Puissegur, Chief Financial Officer

Our business plan is to engage in both fiberglass reclamation manufacturing and production of fiberglass leisure products from virgin material.

We have developed, tested and placed into limited commercial production a new technology for fiberglass reclamation manufacturing. We have adapted this technology to establish a manufacturing business. From the research and development in Amour's early stages, many different products have been prototyped and tested. Our plan is to produce general planks or boards for marine decking and seawalls. From the planking, we will continue to "brand" our name through park benches and picnic tables, as well as a variety of additional products.

The Company may offer contracts for sub-licensing of our patented technology. The Company believes that licensing our technology to businesses in both foreign and domestic markets could be an effective method of maximizing the return on our investment in the research and development of our fiberglass recycling technology, without significant additional capital outlays. Additionally, such licensing agreements could increase our public visibility and general awareness of our technology. The licensee would be required to pay an upfront fee for the sub-license, equipment and training prior to delivery and a royalty fee to the Company for each item produced by the licensee. If the wholesale price of the licensee's produced products is significantly below the production costs of products produced by the Company, the Company may also offer to purchase product from the licensees. Management believes that establishing licensees in various foreign countries could be an effective means of introducing our technology into new markets without major capital outlays.

The sub-licensing agreements would be for a ten year period with two five year renewal extensions possible. The one-time fee for the sub-licensing will be variable from a low of $1,000,000 up to $20,000,000 depending upon coverage area. Construction of the processing plant will also be an income stream with the Company providing prefabricated equipment and erection to the sub-licensee. The revenue is variable by components, configuration and distance. Royalties will be required from sub-licensees based upon the products and volume on a sliding scale. Finally, Company owned facilities will produce products to be sold commercially.

Additionally, the Company plans to generate revenues by making waste generators aware of our proprietary process for the recycling of fiberglass. The Amour division will offer an alternative to "filling the landfills" by offering its process through Sub-License Agreements worldwide. Currently, most of the world's fiberglass is not being recycled and is discarded into landfills. Waste generators will be solicited to pay tipping fees that currently go to the landfills for disposal of the waste, to Amour Fiber Core, Inc. By becoming a client of American Fiber Green Products, Inc. the waste generator will now become part of a genuine recycling operation, achieving coveted 'green status'. Amour will receive 'inventory' at a profit or for minimal cost. Subject to payment, the Company entered into a sub-license agreement in March 2013 for the Mid Atlantic region of the USA. The Sub-Licensee, Allied Recycling Corporation (ARC) to date has failed to fund the agreement and is subject to cancellation of the agreement.

See ~~the~~Management's ~~discussion~~Discussion and Analysis of ~~the~~Financial ~~Company's~~Condition ~~plan~~and Results of ~~operations~~Operations under Part 2, Item 7.

The Company's corporate offices and manufacturing facilities are presently located at 4209 Raleigh Street, Tampa, Florida 33619. Our website is www.americanfibergreenproducts.com.

In Western States, where the Company's facilities were originally located, the typical cost to a manufacturer to dispose of fiberglass waste in an approved landfill varies from $25 - $140 per ton, plus shipping costs. The disposal fee for resin waste in an approved landfill is typically $250 - $350 per 55 gallon drum, plus shipping costs. These costs appear to be representative of the disposal costs of these types of waste throughout the United States. The goal of the Company is to expand its manufacturing capacity to support the processing of a significant percentage of the outdated resins and molded fiberglass waste which are shipped to landfills. The Company will accept resins and fiberglass waste materials from a variety of suppliers. Past suppliers have included the US Navy, The Boeing Company, various boat manufacturers and general fiberglass manufacturers. The Company anticipates that adequate fiberglass wastes and related materials can be obtained from domestic sources; however, should these sources prove to be inadequate, the Company can purchase new materials to supplement any deficiency.

The processing fees charged by the Company will range from $100 - $250 per 55 gallon drum for disposal of resins and an average processing fee of $120 per ton for molded fiberglass waste. The revenue from these items is driven by the geographical location of the manufacturing facility. As the Company expands production of the manufacturing plant, it is anticipated that the Company will receive additional processing fees from new manufacturers who will utilize the Company's recycling services.

GROWTH STRATEGY

Management believes that there are significant opportunities to increase revenues and market position in the recycling and manufacturing industries through the following:

	·	Optimizing our marketing plan;

	·	Maintaining our state-of-the-art technology position;

	·	Managing our raw material inventory;

	·	Expanding our products so that new products may be offered;

	·	Increasing our sales volume;

	·	Expanding to regional offices; and,

	·	Maintaining a conservative balance sheet and disciplined capital spending program.

Once production commences, the Company will market these product lines:

	·	Railroad ties;

	·	Parking stops;

	·	Dock Fendering Systems;

	·	Vessel Fendering Systems;

	·	Bridge Fendering Systems; and, Seawalls.

Focusing on Developing Amour as a Brand Name

Increasing Amour's reputation and name/brand recognition among its customers, manufacturers, employees, management, shareholders, and the investment community is a primary goal of management.

Regulatory Mandates

The Company's business model takes into consideration regulatory mandates.

The Company maintains a website with the address www.americanfibergreenproducts.com. The Company is not including the information contained on its website as part of, or incorporating it by reference into, this report on Form 10-K. The Company will make available, free of charge, through our website, all filings as soon as reasonably practicable as we electronically file these materials with, or otherwise furnish them to, the Securities and Exchange Commission ("SEC").

The Company is an electronic filer with the SEC and the SEC maintains an Internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC at http://www.sec.gov.

The Company intends to apply for and receive certification from regulatory agencies, including the Department of Ecology and the US Environmental Protection Agency, to accept certain wastes, including molded fiberglass, resins and related materials. The Company's manufacturing process and facilities require no additional environmental clearances, other than compliance with the standard regulations and rules which are applicable to US manufacturers of fiberglass products.

Actions by Federal, state and local governments concerning environmental matters could result in laws or regulations that could increase the costs of producing the products manufactured by the Company or otherwise adversely affect demand for its products. The Company does not currently anticipate any material adverse effect on its operations, financial conditions or competitive position as a result of its efforts to comply with environmental requirements. Some risk of environmental liability is inherent in the nature of the Company's business and there can be no assurance that material environmental liabilities will not arise. It is also possible that future developments in environmental regulations could lead to material environmental compliance or cleanup costs. If the Company were to lose its certification to accept fiberglass wastes, it would be necessary to use new resins in the manufacturing process, which could reduce the Company's cost advantage.

In compliance with the general intent of Federal and local environmental regulations as they apply to the disposal of outdated resins and fiberglass wastes, some suppliers of recyclable materials require approval or certification of the Company as one of their "authorized" recipients prior to utilization of the Company's services. In conjunction with these procedural requirements, the Company will seek certification that the Company's process is approved and the Company is authorized as a recipient of outdated resins and fiberglass wastes.

The Company's products are required to meet material regulations by various federal, state, and local government agencies and the performance standards or requirements of its various customers. As an example, vehicle bumper stops are required to meet standards and guidelines established by the US Department of Transportation (DOT). Additionally, many customers request samples of products for testing prior to committing the Company's product to open purchase order procurement. The Company has actively supported potential customers in the testing and evaluation of each product and anticipates the continuation of this procedure as the Company expands its customer base and introduces new products.6

How We Will Manage Our Operations

We will electronically hand off to our in-house Customer Care Representatives the handling of customer calls, sales, verifications, billing and shipping. Customer orders will be processed in our Florida operations facility. Both of our subsidiaries' success will rest on our ability to satisfy our customer's needs. Our products meet with instant market approval through carefully crafted aesthetics, function, features and competitive pricing.

We hold weekly meetings with all key members of the operational areas of the Company, including sales, compliance, billing, shipping and administration. Such operational weekly meetings result in a thorough discussion of weekly results and problems, with plans and goals for the week set at such meetings. Prospective customers view our material through our website with information of how to contact Amour Fiber Core or American Leisure Products. Once a customer contacts us, our Customer Care Representatives will explain the benefits of our service, qualify the prospective customer, and answers any questions they may have. All of these factors help to solidify customer retention rates and expected long-term brand loyalty.

The overall marketing plan for our product is based on the following fundamentals:

Amour Fiber Core

	·	Verify the customers are qualified;

	·	Establish Licensee's for each specific product they will market;

	·	Identify a continuous supply of new opportunities, to fill the sales "funnel";

	·	Ship the products directly;

	·	Maintain contact with the customer (to ensure on-going education and regulatory compliance);

	·	Establish a distribution network;

	·	Develop a system to minimize delivery lead time.;

	·	Establish protocols to promote follow up sales or referrals from existing customers; and,

	·	Obtain feedback from the customer base to continually improve the product and the sales channel.

American Leisure Products

	·	Establish a professional, qualified and capable distribution dealer network;

	·	Identify a continuous supply of new opportunities to fill the sales "funnel";

	·	Manage a system to minimize delivery lead time;

	·	Manage the systems to promote follow up sales or referrals from existing customers; and,

	·	Obtain feedback from the customer base to continually improve the product and the sales channel.

AMERICAN LEISURE PRODUCTS

GENERAL DEVELOPMENT OF BUSINESS

American Leisure Products (ALP) will produce fiber- reinforced plastic composite parts. Although ALP will produce products from its own molds and tooling, we will also be able to serve as an outsource to many industries, including: transportation, marine, commercial and architectural. The reputation and experience of our production employees creates a demand for our services in the market place. Our experience in building custom molds for multiple industries is in high demand. Generally, the explosive demand for composite recreational products to fill the demands of affluent 'baby boomers' with leisure time on their hands bodes well for ALP and other producers for several years to come. ALP has positioned itself to be a leader within the Fiberglass Reinforced Plastic (FRP) industry by means of its unique designs and product variety, as well as the experience and skill of its employees and management.

GROWTH STRATEGY

Growth is intended to be achieved by establishing brand recognition for American Leisure Products, both as an owned product line and as a reliable outsource for the FRP manufacturing industry. ALP will increase its customer base requiring FRP products to be built as our reputation for quality and delivery reliability becomes known. These customers require products to be built as they do not have the facilities and/or knowledge to produce these products in-house.

In addition to the outside work, ALP intends to produce "in-house" products described below that the Company owns or controls. These products will focus on the recreation industry. Growth will be achieved by establishing dealers for the replica car bodies and FRP parts and by participating in rallies and gatherings of hobbyists for the various products. Support will be available through employees who can assist with questions, printed material, and commitments by the Company and the dealer at national shows, all linked through the Company's web site. Advertisement in regional and national publications will increase brand recognition. Our research shows that the dealer network in the "hot markets" in the US could reach a potential of 200 plus dealers. The use of the Internet will allow communication with worldwide customers.

PRODUCTS

ANTIQUE “"REPLICARS”"

Nostalgic replica automobiles (commonly referred to as Hot Rods) are provided at completion levels to a range of customers from the hobbyist who wants to build his own car to the enthusiast who wants to buy a complete automobile ready to drive away. These cars are offered in a number of packages configured to serve every segment of the market:

· Phase 1: These parts packages include all of the major body components. The customer will build the car from the ground up. This customer is normally a serious hobbyist with tools, equipment or and the required skills. · Phase 2: These parts packages include all components required, less the engine and the interior. This includes the frame, suspension, breaks, body, steering, wheels, etc. This customer is the hobbyist who wants to build a car and has the space, some equipment, but wants all of the components (already fitted) and complete. · Phase 3: This level is for the enthusiast who does not have the place, time, equipment, or skills to build an automobile. Building the cars at various stages will reduce a major part of the dealer’'s time. The Company will support the dealers with cars (nick-named rollers). These “"rollers”" will be assembled based on various stages of work with easy step-by-step processes to complete. By building the cars in these stages, it will allow the final car to be completed with a minimum of effort.

BOATS

ALP will produce fiberglass boats from molds and tooling that will be exclusive to ALP. These boats have long histories and continue to receive regional and nation recognition for their quality construction, unique style and the fierce loyalty of their owners. ALP will produce trawlers, sailboats and flats boats from their own exclusive lines as well as provide outsource service for other manufacturers as need and opportunity allow.

OTHER PRODUCTS

From time to time as opportunities arise, ALP may opt to develop other products to build for their own account or others. The level of skill and expertise of the management and employees of ALP enhances their imagination and market awareness. Design and /or redesign of a product for the market is within their in-house skills as well as the ability to build the tooling and molds that bring those designs to reality and to market.

FUTURE GROWTH STRATEGY

We will expand the dealer network through direct marketing from the factory. Each dealer will have an area that will be negotiated based on commitments and the demographics that needs to be covered. The "Dealer Package" will be for a certain minimum requirement and a commitment for delivery of additional cars for the remaining year based on the geographic area of the dealer.

See ~~the~~Management's ~~discussion~~Discussion and Analysis of ~~the~~Financial ~~Company's~~Condition ~~plan~~and Results of ~~operations~~Operations under Part 2, Item 7.

~~ANTIQUE “REPLICAR” RENTAL~~9

ANTIQUE "REPLICAR" RENTAL

Our market research indicates a viable business opportunity using our manufactured vintage car products in a rental fleet network in vacation areas. Demand for a fresh, new, fun alternative form of transportation is an exciting prospect for consumers and investors alike.

	·	Rental locations will be established throughout the country to satisfy the demand for exotic and premium rentals in locations such as Miami, FL, Daytona, FL, Las Vegas, NV, Los Angeles, CA, etc. The Company intends to use these centers to rent, service, and sell its products.

	·	Parts and service. The parts required to assemble these vintage cars will be made available to our dealer network as well as retail consumers. Through the use of our web site, both dealers and consumers will be able to interface with the factory for their needs. The service category includes revenues from customers for the repair of damaged items or items that need to be installed.

COMPETITION - AMOUR FIBER CORE RECYCLING

The Company is aware of several experimental fiberglass recycling projects and a few prototype or development stage commercial fiberglass recycling companies. Most of these competitors utilize a process which grinds the fiberglass into a fine powder and feeds the powder into the fluid being sprayed, under pressure, onto fiberglass molds. The Company is not aware of any fiberglass recycling companies which utilize any process similar to the Company's proprietary process; however, it is possible that others are in the early stages of developing other fiberglass recycling technologies. The Company believes that the patent issued to the Amour Family Trust and licensed to the Company will be sufficient to prevent any potential competitors from utilizing any process similar to that used by the Company.

PRODUCTS

The Company will compete worldwide with a variety of manufacturers of wood, plastic, concrete and fiberglass products, including many large industrial corporations with resources significantly greater than those of the Company.

The Company competes with new fiberglass products based upon price. New fiberglass products are manufactured with new resins and new glass fibers, which add raw material costs to the wholesale price of the product. Manufacturing of the Company's product does not incur the same raw materials costs and, therefore, to the extent the Company utilizes recyclable resins and fiberglass wastes, the Company's products may have a sales price advantage. There are a number of businesses that make or could make fiberglass tables and benches. In general, these businesses must purchase raw materials to manufacture their products and therefore have higher costs of goods sold.

Like other fiberglass products, the Company's products are typically sold at a price higher than similar wood products; however, like other fiberglass products, the Company's products have strong resistance to moisture, dry rot and surface damage. The Amour products also present features of higher strength and durability. The Company believes these long-term benefits off-set the higher price of the product. The Company's products are similar in cost to new and recycled plastic products. The advantages that the Company's products have over plastic products are higher modulus of rupture and elasticity, higher compression allowance, higher density and better structural integrity.

AMERICAN LEISURE PRODUCTS

The Company believes its products provide an overall better value for the customer when compared to its competition, because of exceptional features such as selling kits that allow for lower cost entry into the hobby. Even though the feature benefits may be compelling, ALP products will remain competitively priced. The Company does not anticipate erosion in margin due to competition. The leisure market is expanding rapidly and maintenance of market share will ensure growth. Most of the competitors in this market offer a cost effective, reliable product that will meet or exceed the functional application requirements.

The distinguishing advantages for ALP are a competitive price point, a superior product, ongoing product evaluation, and quality control and support. A complete technical comparison is available which gives ALP an advantage over its competitors by providing a greater perceived value to the Customer.

EMPLOYEES

As of December 31, ~~2014~~2015, the Company employed three full-time employees. The Company may engage independent contractors and other temporary employees in its operations as required. None of the Company's employees are represented by a labor union and the Company considers its employee relations to be good. The Company believes that its future success will depend in part on its continued ability to attract, hire and retain qualified personnel.

ITEM 1A. RISK FACTORS

The risk to the company's business model is that the time it takes to fund, organize and begin operations will leave the door open for others to create a competitive solution that could cause us to lose our uniqueness.

ITEM 1B. UNRESOLVED STAFF COMMENTS

Not applicable

ITEM 2. PROPERTIES

Our office and production facilities are located at 4209 Raleigh Street, Tampa, Florida 33619. Currently, a related company, Public Acquisition Company, has a lease/option on the property where AFGP is located. No rental fee was charged in ~~2014~~2015 by the related party, but there is no guarantee that this arrangement will continue. The office is approximately 1,000 square feet and is in a condition adequate for our operations. The production facilities are presently sufficient for operations. Additional adjacent property is available for lease or purchase. The terms of the lease agreement require thirty days written notice by either party to terminate the lease.

ITEM 3. LEGAL PROCEEDINGS

The Company is not involved in any legal proceedings and is not aware of any pending or threatened claims that are not in the normal course of business.

The Company expects that it may become subject to legal proceedings and claims from time to time in the ordinary course of its business, including, but not limited to, claims of alleged infringement of the trademarks and other intellectual property rights of third parties by the Company and its licensees. Such claims, even if not meritorious, could result in the expenditure of significant financial and managerial resources.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

~~Not applicable.~~11

PART II

The Company's common stock is traded on the Over The Counter Bulletin Board (OTCBB) under the symbol "AFBG". The table below sets forth the high and low bid prices for the Company's common stock for each calendar quarter of the prior and current year. Quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission, and may not represent actual transactions.

	BID PRICES
	LOW		HIGH
FISCAL 2015
First Quarter (January 1, 2015 through March 31, 2015)	$	0.16	$	0.27
Second Quarter (April 1, 2015 through June 30, 2015)	$	0.16	$	0.35
Third Quarter (July 1, 2015 through September 30, 2015)	$	0.10	$	0.28
Fourth Quarter (October 1, 2015 through December 31, 2015)	$	0.11	$	0.29
FISCAL 2014
First Quarter (January 1, 2014 through March 31, 2014)	$	0.2014	$	0.37
Second Quarter (April 1, 2014 through June 30, 2014)	$	0.2113	$	0.38
Third Quarter (July 1, 2014 through September 30, 2014)	$	0.13	$	0.3132
Fourth Quarter (October 1, 2014 through December 31, 2014)	$	0.14	$	0.28
FISCAL 2013
First Quarter (January 1, 2013 through March 31, 2013)	$	0.10	$	0.24
Second Quarter (April 1, 2013 through June 30, 2013)	$	0.10	$	0.22
Third Quarter (July 1, 2013 through September 30, 2013)	$	0.10	$	0.27
Fourth Quarter (October 1, 2013 through December 31, 2013)	$	0.16	$	0.38

Currently there are no outstanding warrants or options to purchase stock and the Company has 1,089 shareholders of record at December 31, ~~2014~~2015.

PENNY STOCK REGULATIONS:

The Company's common stock is subject to provisions of Section 15(g) and Rule 15g-9 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), commonly referred to as the "penny stock rule." Section 15(g) sets forth certain requirements for transactions in penny stocks, and Rule 15g-9(d) incorporates the definition of "penny stock" that is found in Rule 3a51-1 of the Exchange Act. The SEC generally defines "penny stock" to be any equity security that has a market price less than $5.00 per share, subject to certain exceptions. As long as the Company's common stock is deemed to be a penny stock, trading in the shares will be subject to additional sales practice requirements on broker-dealers who sell penny stocks to persons other than established customers.

Dividends

The Company does not anticipate paying any cash dividends on its Common Stock in the foreseeable future. The Company expects to retain, if any, its future earnings for expansion or development of the Company's business. The decision to pay dividends, any, in the future is within the discretion of the Board of Directors and will depend upon the Company's earnings, capital requirements, financial condition and other relevant factors such as contractual obligations. There can be no assurance that dividends can or will ever be paid.

During the year ended December 31, 2015, there was no modification of any instruments defining the rights of holders of the Company's common stock and no limitation or qualification of the rights evidenced by the Company's common stock as a result of the issuance of any other class of securities or the modification thereof.

During the year ended December 31, 2014, there was no modification of any instruments defining the rights of holders of the Company's common stock and no limitation or qualification of the rights evidenced by the Company's common stock as a result of the issuance of any other class of securities or the modification thereof.12

ITEM 6. SELECTED FINANCIAL DATA

Not applicable.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

THIS FILING CONTAINS FORWARD-LOOKING STATEMENTS. THE WORDS "ANTICIPATED," "BELIEVE," "EXPECT," "PLAN," "INTEND," "SEEK," "ESTIMATE," "PROJECT," "WILL," "COULD," "MAY," AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS. THESE STATEMENTS INCLUDE, AMONG OTHERS, INFORMATION REGARDING FUTURE OPERATIONS, FUTURE CAPITAL EXPENDITURES, AND FUTURE NET CASH FLOW. SUCH STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL PERFORMANCE AND INVOLVE RISKS AND UNCERTAINTIES, INCLUDING, WITHOUT LIMITATION, GENERAL ECONOMIC AND BUSINESS CONDITIONS, CHANGES IN FOREIGN, POLITICAL, SOCIAL, AND ECONOMIC CONDITIONS, REGULATORY INITIATIVES AND COMPLIANCE WITH GOVERNMENTAL REGULATIONS, THE ABILITY TO ACHIEVE FURTHER MARKET PENETRATION AND ADDITIONAL CUSTOMERS, AND VARIOUS OTHER MATTERS, MANY OF WHICH ARE BEYOND THE COMPANY'S CONTROL. SHOULD ONE OR MORE OF THESE RISKS OR UNCERTAINTIES OCCUR, OR SHOULD UNDERLYING ASSUMPTIONS PROVE TO BE INCORRECT, ACTUAL RESULTS MAY VARY MATERIALLY AND ADVERSELY FROM THOSE ANTICIPATED, BELIEVED, ESTIMATED, OR OTHERWISE INDICATED. CONSEQUENTLY, ALL OF THE FORWARD-LOOKING STATEMENTS MADE IN THIS FILING ARE QUALIFIED BY THESE CAUTIONARY STATEMENTS AND THERE CAN BE NO ASSURANCE OF THE ACTUAL RESULTS OR DEVELOPMENTS.

The following discussion and analysis should be read in conjunction with the Company's consolidated financial statements and related notes thereto included elsewhere in this registration statement. Portions of this document that are not statements of historical or current fact are forward-looking statements that involve risk and uncertainties, such as statements of our plans, objectives, expectations and intentions. The cautionary statements made in this registration statement should be read as applying to all related forward-looking statements wherever they appear in this registration statement. Our actual results could differ materially from those anticipated in the forward-looking statements. Factors that could cause our actual results to differ materially from those anticipated include those discussed in "Risk Factors," "Business" and "Forward-Looking Statements. "The following management discussion should be read together with the AFGP's consolidated financial statements included in this registration statement See "Index to Financial Statements" at page F-1. Those consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America.

GENERAL OVERVIEW

American Fiber Green Products, Inc.

From its inception, American Fiber Green Products, Inc. (f/k/a Amour Hydro Press, Inc; Amour Fiber Core, Inc. [Washington]; Amour Fiber Core, Inc.[Nevada]) has had a focus on the production of Fiberglass Reinforced Plastic (FRP) products to take to market, beginning with the patented recycling technology developed by William Amour, the company's founder.

After spending millions of dollars on research and development and proving that the technology could, in fact, recycle fiberglass waste and produce superior fiberglass products, the Company was forced to suspend operations due to the death of Mr. Amour in 1999. Several years of stagnation and distress left the Company, its creditors and its nearly 850 shareholders on the verge of total loss. In 2001 Kenneth McCleave started dialogue with the Management and shareholders of the Company about merging with American Leisure Products, Inc., a company that would use virgin materials to produce vintage cars, boats and other FRP products.

1413

These discussions resulted in a concerted effort by McCleave and his team, as well as the Officers and Directors of the Company, to establish support for and confidence in the proposed plan of merger. In May of 2004 after much creditor negotiation, resolution of legal matters and personal visits with hundreds of shareholders representing over 70% of the issued and outstanding shares of the Company's common stock, the merger was completed between Amour Fiber Core, Inc. (Nevada) and American Leisure Products, Inc. (Florida) Simultaneously, the combined companies effected a name change to American Fiber Green Products, Inc. (AFGP) The company established that the future operations of the two merged companies would represent two divisions of AFGP. Amour Fiber Core, Inc. (Florida) had been formed to be a subsidiary of American Fiber Green Products, Inc. specifically fiberglass waste recycling. American Leisure Products, Inc. (Florida) will produce fiberglass components from new materials.

Amour Fiber Core

We plan to generate revenues from several areas: a technology and proprietary process for the recycling of fiberglass. Revenues can be produced from the following areas:

Amour Fiber Core primary focus will be to recycle fiberglass, produce products from recycled material and sell license agreements for its process. The Company has developed, tested and previously placed into limited commercial production, a new technology for fiberglass reclamation manufacturing. It has adapted this technology to establish a manufacturing business. From the research and development in Amour's early stages many different products have been prototyped and tested. Building on this foundation, management has determined that the pilot plant, anticipated to be constructed in Florida in ~~2015~~2016 will produce general planking or boards for marine decking and seawalls. Marketing the planking we will help to "brand" our name through park benches and picnic tables as part of our first line of finished goods.

We intend to offer contracts for our licensing of our ~~patented~~ technology. The Company believes that licensing its technology to businesses in foreign countries and the North American market can be an effective method to maximize the return on its investment in the continued development of its fiberglass recycling technology, without significant additional capital outlays. Additionally, such licensing agreements will increase the Company's public visibility and general awareness of its technology. The licensee will be required to pay an upfront fee for the sub-license, equipment and training prior to delivery and a royalty fee to the Company for each item produced by the licensee. If the wholesale price of the licensee's produced products are significantly below the production costs of products produced by the Company, the Company may also offer to purchase product from the licensees. The Company believes the establishment of licensees in various foreign countries is an effective means of introducing the Company's technology into new markets without major capital outlays.

American Leisure Products.

American Leisure Products (ALP) will produce FRP parts within the fiberglass industry. In addition, the Company will produce parts from the company owned molds for the after-market hot rod industry and the marine industry. ALP will produce and sell vintage car bodies, boats, and other fiberglass components in the leisure products line. The leisure market has been defined in recent years as one of the fastest growing market segments because of 'baby boomers' who have reached a point of financial affluence and increasing leisure time. Their desire to enjoy the 'fruits of their labor' has created a massive market that our products will feed. The company currently owns molds for several products, but will also be acquiring additional molds and tooling as funding is achieved through debt or equity or the combination.

RESULTS OF OPERATIONS

Revenues.

The Company had $479,390 in revenue for the year ended December 31, 2015 and $453,274 in revenue for the year ended December 31, 2014. The Company had suspended all operations for the past several years while management effected the changes in corporate structure, built a management team, studied the market trends, and generated investment interest in the Company's business model and opportunity. The Company plans to build a pilot plant in 2016 and has purchased part of the required equipment. The Company has begun the process of identifying a network of sub-licensees to collect and process waste fiberglass and to produce finished goods from that process. These sub-licenses will provide income to the Company in initial fees for acquiring the license as well as ongoing revenue from production royalties.

The Company had $426,254 in revenue for the year ended December 31, 2014 and $336,118 in revenue for the year ended December 31, 2013. The Company had suspended all operations for the past several years while management effected the changes in corporate structure, built a management team, studied the market trends, and generated investment interest in the Company's business model and opportunity. The Company plans to build a pilot plant in 2015. The Company has begun the process of identifying a network of sub-licensees to collect and process waste fiberglass and to produce finished goods from that process. These sub-licenses will provide income to the Company in initial fees for acquiring the license as well as ongoing revenue from production royalties.14

Cost of Sales

The Company had cost of sales of $~~195~~164,~~457~~814 and $82210,~~578~~134 for the years ended December 31, ~~2014~~2015 and ~~2013~~2014. The ~~increase~~decrease in cost of sales is due to ~~the~~streamlining ~~increased sales~~ and ~~related~~mechanization ~~travel~~of ~~costs associated with certain jobs~~operations.

Expenses

~~Marketing,~~Operating ~~general and administrative~~ expenses for the years ended December 31, ~~2014~~2015 and ~~2013~~2014 were $~~534~~428,~~203~~768 and $~~275~~495,~~366~~453, respectively. The ~~increase~~decrease in the current year was due to angreater ~~increase~~familiarity inthrough ~~compensation~~repeat ~~expense and consulting expenses~~customers.

The Company incurred interest expense for year ended December 31, ~~2014~~2015, of $4570,~~381~~810. Interest for the year ended December 31, ~~2013~~2014 was $6645,~~686~~381. Interest was charged based on the stated interest rates set forth in the notes.

Income tax expense.

The Company has incurred net operating losses since inception. At December 31, ~~2014~~2015 the Company had a net operating loss carry forward of approximately $3,~~135~~665,000. For U.S. tax purposes the net operating losses will begin expiring in twenty years. We have had a change of ownership as defined by the Internal Revenue Code section 382, in 2004, resulting from the merger. As a result, a substantial annual limitation may be imposed upon the future utilization of our net operating loss carry forwards.

GENERAL TRENDS AND OUTLOOK

We believe that our immediate outlook is extremely favorable, as we believe there is no other company competing with us on a nationwide basis in our market niche for recycling fiberglass and only a limited numbers of companies competing with us in of our products within American Leisure Products. However, there is no assurance that such national competitor will not arise in the future. We do not anticipate any major changes in the Recycling industry. We believe that ~~2015~~2016 will be a significant growth year, and besides the operational business strategies discussed above, we intend to implement the following plans in ~~2015~~2016 in order to maintain and expand our opportunity.

The Company continues to seek funding which will allow us to staff our facility in Tampa, Florida, with customer service representatives and logistical support personnel, to build our Pilot Plant and complete our tooling requirements. Currently this facility is limited in staff. The Tampa plant will serve as the selling platform for the sub-licensing of Amour Fiber Core's patented technology. Additionally, we will utilize this facility to directly distribute American Leisure's products to the market.

~~As we gain strength and stability in the U.S. domestic market~~Additionally, ~~we intend to expand our influence and market in other areas of~~ the ~~world~~Company ~~through~~anticipates ~~our~~opening ~~license~~at ~~agreements.~~least ~~Inquiries~~one ~~about~~additional ~~acquiring~~facility ~~use~~for ofits ~~the Amour~~ recycling ~~technology~~process. ~~have~~Texas ~~been received from Japan, Australia, England, France, Turkey, Egypt,~~ and ~~the~~Kansas ~~African~~are ~~continent,~~candidates ~~Indonesia,~~for ~~Ireland,~~this ~~the Caribbean basin and Canada~~plant.

As we gain strength and stability in the U.S. domestic market, we intend to expand our influence and market in other areas of the world through our license agreements. Inquiries about acquiring use of the Amour recycling technology have been received from Japan, Australia, England, France, Turkey, Egypt, and the African continent, Indonesia, Ireland, the Caribbean basin and Canada.

1615

LIQUIDITY AND CAPITAL RESOURCES

During the years ended December 31, ~~2014~~2015 and ~~2013~~2014 the Company ~~provided~~used cash from operating activities of ($~~171~~9,~~597~~009) and provided cash from operating activities of $82132,~~373~~146, respectively. The decrease in cash used is due primarily to the start-up of operations and generating revenues to off-set fixed costs.

During the years ended December 31, ~~2014~~2015 and ~~2013~~2014 the Company used cash in investing activities of $0 and ($29,500) ~~and $0~~ respectively. The Company ~~anticipates~~did anot ~~need~~purchase toany ~~increase purchasing~~fixed ~~equipment~~assets ~~for~~during ~~the production stage, projected to commence in~~ 2015.

During the years ended December 31, ~~2014~~2015 and ~~2013~~2014 the Company used cash from financing activities of $~~113~~2,~~084~~956 and ~~used cash from financing activities of~~ $9974,~~370~~850, respectively. This ~~increase~~decrease of cash ~~provided~~used by financing activities is primarily due to the ~~increase~~decrease in ~~other~~loans ~~notes payable related party. The Company has not raised any money~~ from ~~sale of its common stock and has not attained any significant cash from loans, other than those funds provided by~~ related parties.

The aggregate value of outstanding loans as of December 31, ~~2014~~2015 is $~~552~~502,~~469~~590. This amount is comprised of convertible notes payable of $284,500 and notes payables – related party of $~~182~~133,~~969~~090 and a note payable of $85,000. Convertible notes payable and notes payable – related party are due on demand, with accumulated interest at rates specified in each note. The note payable is due November 2016 as a balloon payment with regular monthly interest payments. Cash flows from operations have been derived primarily from increased liabilities and issuance of equity. As of December 31, ~~2014~~2015, working capital deficit was $2,~~334~~247,~~898~~431. As current operating cash flow is insufficient to finance the Company's planned growth, we will continue to seek additional financing from alternative sources, including bank loans, supplier agreements and other financing arrangements.

The Company's financial statements have been prepared assuming that the Company will continue as a going concern. For the year ended December 31, ~~2014~~2015, the Company had a net loss of $~~328~~185,~~480~~002, cash ~~provided~~used by operations of $79,~~352~~009 and negative working capital of $2,~~335~~247,~~798~~431. In view of these matters, recoverability of recorded asset amounts shown in the accompanying consolidated financial statements is dependent upon the Company's ability to continue operations and to sustain a level of profitability. The Company has financed its activities principally from private funding. The Company intends to finance its future development activities and its working capital needs during the next twelve months largely from debt and equity financings until such time that funds provided by operations are sufficient to fund working capital requirements. However, there can be no assurance that any such financing will be available, and that if available, that it will be available on terms that are favorable or acceptable to the Company.

We have no known demands or commitments and are not aware of any events or uncertainties as of December 31, ~~2014~~2015 that will result in or that are reasonably likely to materially increase or decrease our current liquidity.

The planned construction of the Pilot Plant is expected to cost approximately $550,000. The Company plans to acquire funding for the construction from outside investors, establishment of license agreements, government grants or through a stock offering.

UNPREDICTABILITY OF FUTURE REVENUES; POTENTIAL FLUCTUATIONS IN QUARTERLY OPERATING RESULTS; SEASONALITY

As a result of the Company's limited operating history, the Company is unable to accurately forecast its revenues. The Company's current and future expense levels are based largely on its investment plans and estimates of future revenues and are to a large extent fixed and expected to increase.

Sales and operating results generally depend on the volume of, timing of and ability to fulfill the number of orders received and the ability to obtain raw materials at a reasonable price. The Company may be unable to adjust spending in a timely manner to compensate for any unexpected revenue shortfall. Accordingly, any significant shortfall in revenues in relation to the Company's planned expenditures would have an immediate adverse effect on the Company's business, prospects, financial condition and results of operations. Further, as a strategic response to changes in the competitive environment, the Company may from time to time make certain pricing, service or marketing decisions which could have a material adverse effect on its business, prospects, financial condition and results of operations.

The Company expects to experience significant fluctuations in its future quarterly operating results due to a variety of factors, many of which are outside the Company's control. Factors that may adversely affect the Company's quarterly operating results include (i) the Company's ability to retain customers, attract new customers at a steady rate and maintain customer satisfaction, we cannot be sure that we will be able to attract sufficient customers to maintain or grow revenue and consequently our long term growth and success may be negatively impacted (ii) the announcement or introduction of new technology by the Company and its competitors, we cannot be sure that our competition will not significantly impact our customer base, and thereby negatively impact our revenues, with new and improved technology; (iii) price competition or higher prices in the industry we cannot be sure that we will be able to maintain our current pricing structure and gross margins to be able to compete with new competitors at reasonable prices; (iv) the Company's ability to upgrade and develop its systems and infrastructure and attract new personnel in a timely and effective manner, the Company cannot be sure that it will be able to raise sufficient capital in order for it to grow its infrastructure; (v) governmental regulation, the Company must comply with regulations from several governmental agencies to ensure compliance of products, recycling processes and manufacturing facilities, but there is no assurance that the regulations will not change or become more restrictive in the future, thereby limiting the ability of the Company to produce cost effective products.

Capital Stock

Preferred Stock

Although the board has authorized 5,000,000 shares of preferred stock, par value $0.001, none has been issued.

CAPITAL RESOURCES

We expect to incur capital expenditures in the future. Since our inception, the research and development has been completed. For each division in ~~2015-~~2016, we expect to have total capital expenditures of $825,000 -- Amour Fiber Core $550,000 for the pilot plant and American Leisure Products $275,000.

OFF-BALANCE SHEET ARRANGEMENTS

We do not have any 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 investors.

CRITICAL ACCOUNTING POLICIES

We prepare our financial statements in conformity with GAAP, which requires management to make certain estimates and assumptions and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the financial statements are prepared and actual results could differ from our estimates and such differences could be material. We have identified below the critical accounting policies which are assumptions made by management about matters that are highly uncertain and that are of critical importance in the presentation of our financial position, results of operations and cash flows. Due to the need to make estimates about the effect of matters that are inherently uncertain, materially different amounts could be reported under different conditions or using different assumptions. On a regular basis, we review our critical accounting policies and how they are applied in the preparation our financial statements.

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

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

None.

~~None.~~17

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

AMERICAN FIBER GREEN PRODUCTS, INC.

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, ~~2014~~2015 AND ~~2013~~ 2014

~~REPORTS~~REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

CONTENTS

Reports of Independent Registered Public Accounting Firms			F-2
Report of Independent Registered Public Accounting Firm			F-1
Financial Statements:
Consolidated Balance Sheets			F-32
Consolidated Statements of Operations			F-43
Consolidated Statements of Changes in Stockholders' Deficit			F-54
Consolidated Statements of Cash Flows			F-65
Notes to Consolidated Financial Statements			F-76

~~F-1~~18

~~Messineo~~STEVENSON & ~~Co,~~COMPANY ~~CPAs~~CPAS ~~LLC2471~~LLC NA ~~McMullen~~PCAOB ~~Booth~~Registered RdAccounting ~~Ste~~Firm 12421 N Florida Ave.Suite. ~~302Clearwater~~113Tampa, FL ~~33759-1362T:~~ 33612(~~518~~813) ~~530~~443-~~1122F: (727) 674-0511~~0619

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

ToThe ~~the~~ Board of Directors of and Stockholders

American Fiber Green Products, Inc.

~~Tampa~~We have audited the accompanying balance sheet of American Fiber Green Products, FLInc. as of December 31, 2015 and 2014, and the related statement of operations, stockholders' deficiency, and cash flows for the years ended December 31, 2015 and 2014. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We ~~have~~conducted ~~audited~~our ~~the~~audit ~~accompanying~~in ~~consolidated~~accordance ~~balance~~with ~~sheets~~the standards of ~~American~~the ~~Fiber~~Public ~~Green~~Company ~~Products,~~Accounting ~~Inc.~~Oversight asBoard of(United ~~December~~States). ~~31,~~Those ~~2014~~standards ~~and~~require ~~2013~~that we plan and perform the ~~related~~audits ~~consolidated~~to obtain reasonable assurance about whether the financial statements are free of ~~operations~~material misstatement. The Company is not required to have, ~~stockholders'~~nor ~~equity~~were ~~and~~we ~~cash~~engaged ~~flows~~to ~~for~~perform, ~~the~~an ~~year~~audit ~~then~~of ~~ended~~its internal control over financial reporting. ~~These~~Our audits included consideration of internal control over financial ~~statements~~reporting as a basis for designing audit procedures that are appropriate in the ~~responsibility~~circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's ~~management.~~internal ~~Our~~control ~~responsibility~~over isfinancial toreporting. Accordingly, we express anno such opinion. An audit includes examining, on ~~these~~a test basis, evidence supporting the amounts and disclosures in the financial statements, ~~based~~assessing onthe accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

WeIn ~~conducted~~ our ~~audit~~opinion, ~~in accordance with~~ the ~~standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the~~ financial statements ~~are~~referred ~~free~~to ofabove ~~material~~present ~~misstatement. The Company was not required to have~~fairly, ~~nor~~in ~~were~~all wematerial ~~engaged to perform~~respects, anthe ~~audit of its internal control over~~ financial ~~reporting.~~position ~~Our audit included consideration~~ of ~~internal~~American ~~control~~Fiber ~~over~~Green ~~financial~~Products, ~~reporting~~Inc. as aof ~~basis~~December ~~for~~31, ~~designing~~2015 ~~audit~~and ~~procedures that were appropriate in the circumstances~~2014, ~~but~~and ~~not for~~ the ~~purpose~~results of ~~expressing~~its anoperations ~~opinion~~and onits ~~the~~cash ~~effectiveness~~flows offor the ~~Company’s~~years ~~internal~~then ~~control~~ended ~~over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures~~ in ~~the~~conformity ~~financial~~with ~~statements. An audit also includes assessing the~~ accounting principles ~~used~~generally ~~and~~accepted ~~significant~~in ~~estimates made by management, as well as evaluating~~ the ~~overall~~United ~~financial~~States ~~statement~~of ~~presentation~~America. ~~We believe that our audits provide a reasonable basis for our opinion.~~

InThe ~~our~~accompanying ~~opinion,~~financial statements have been prepared assuming that the ~~consolidated~~Company ~~financial~~will ~~statements~~continue ~~referred~~as toa ~~above~~going ~~present~~concern. ~~fairly,~~As shown in ~~all~~the ~~material~~accompanying ~~respects~~financial statements, the ~~financial~~Company ~~position~~has ofsignificant ~~American~~net ~~Fiber~~losses ~~Green~~and ~~Products,~~cash ~~Inc~~flow deficiencies. asThose ofconditions ~~December~~raise ~~31,~~substantial ~~2014~~doubt ~~and~~about ~~2013~~the ~~and~~Company's ~~the~~ability ~~results~~to ofcontinue ~~its~~as ~~operations~~a ~~and~~going ~~its~~concern. ~~cash~~Management's ~~flows~~plans ~~for~~regarding ~~the~~those ~~years~~matters ~~then~~are ~~ended~~described in ~~conformity~~Note ~~with~~2. ~~accounting~~The ~~principles~~financial ~~generally~~statements ~~accepted~~do innot ~~the~~include ~~United~~any ~~States~~adjustments that might result from the outcome of ~~America~~this uncertainty.

~~The~~/s/ ~~accompanying~~Stevenson ~~financial~~& ~~statements have been prepared assuming that the~~ Company ~~will~~CPAS continue as a going concern. As discussed in Note 2 to the financial statements, the Company has recurring operating losses, working capital deficiencies, negative cash flows from operating activities, adverse financial ratios, and a stockholders' deficit. The Company currently relies on shareholder funding of operating activities and is requiring traditional financing or equity funding to continue its operating activities. These conditions raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.LLC

~~Messineo~~Stevenson & ~~Co,~~Company ~~CPAs~~CPAS LLC

~~Clearwater~~Tampa, Florida

~~April~~May 156, ~~2015~~2016

F-21

AMERICAN FIBER GREEN PRODUCTS, INC.

CONSOLIDATED BALANCE SHEETS

		December 31,	~~December 31,~~				~~December 31,~~
			2014				2013
		2015				2014
ASSETS
Current Assets
Cash and cash equivalents	~~Cash and cash equivalents~~	$	$16,349	~~29,531~~		$	$28,314	~~518~~
	Accounts receivable			-				37,930
Accounts receivable, net of allowance for doubtful accounts of $97,939 and $0, respectively			97,939				-
	Prepaid expenses			2,349				-
Other receivable			-				27,020
Total Current Assets				31,880				38,448
Prepaid expenses			-				2,349
Property and equipment, net of accumulated
Total Current Assets			114,288				57,683
	depreciation of $54,352 and $50,536, respectively			39,663				13,979
Property and equipment, net of accumulated depreciation of $59,973 and $54,352, respectively			34,042				39,663
Notes receivable, related parties				238,978				229,665
TOTAL ASSETS		$	148,330			$	97,346
Interest receivable, related parties				117,074				96,768
LIABILITIES AND STOCKHOLDERS' DEFICIT
	TOTAL ASSETS		$	427,595			$	378,860
Current Liabilities
LIABILITIES AND STOCKHOLDERS' DEFICIT
Accounts payable		$	204,059			$	191,673
Current Liabilities
Accrued expenses			21,649				16,173
	Accounts payable		$	177,126			$	188,477
Deferred salaries			875,932				669,352
	Accrued expenses			16,173				6,762
Accrued interest payable			757,489				713,579
	Deferred salaries			908,331				1,008,298
Note payable, related party			133,090				182,535
	Accrued interest payable			713,579				981,340
Note payable			85,000				85,000
	Note payable, related party			182,969				416,743
Convertible notes payable, related party			284,500				284,500
	Note payable			85,000				-
Total Current Liabilities			2,361,719				2,142,812
	Convertible notes payable, related party			284,500				284,500
TOTAL LIABILITIES			2,361,719				2,142,812
Total Current Liabilities				2,367,678				2,886,120
Stockholders' Deficit
	TOTAL LIABILITIES			2,367,678				2,886,120
Preferred stock: 5,000,000 authorized; $0.001 par value; no shares issued and outstanding			-				-
Stockholders' Deficit
Common stock: 350,000,000 authorized; $0.001 par value 17,700,556 and 17,638,556 shares issued and outstanding			17,700				17,638
Preferred stock: 5,000,000 authorized; $0.001 par value;
Additional paid in capital			3,522,525				3,505,508
	no shares issued and outstanding			-				-
Accumulated deficit			(5,753,614	)			(5,568,612	)
Common stock: 350,000,000 authorized; $0.001 par value
Total Stockholders' Deficit			(2,213,389	)			(2,045,466	)
	17,638,556 and 12,383,155 shares issued and outstanding			17,638				12,383
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT		$	148,330			$	97,346
Common stock payable				14,450				-
Additional paid in capital				3,530,458				2,654,506
Accumulated deficit				(5,502,629	)			(5,174,149	)
Total Stockholders' Deficit				(1,940,083	)			(2,507,260	)
	TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT		$	427,595			$	378,860

~~See~~The ~~Auditor's~~accompanying ~~Report~~notes ~~and~~are ~~notes~~an tointegral ~~the~~part ~~audited~~of these financial statements.

F-32

AMERICAN FIBER GREEN PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF OPERATION

			For the Year Ended
		2015				2014
			December 31,
Revenues		$	479,390			$	453,274
			2014				2013
Cost of sales			164,814				210,134
Revenues			$	426,254			$	336,118
Gross Profit			314,576				243,140
Cost of sales				195,457				82,578
Operating Expenses
	Gross Profit			230,797				253,540
Stock based compensation			14,500				181,319
Operating Expenses
Bad debt expense			97,939				-
	Marketing and sales			41,751				52,091
Compensation			213,875				244,475
	Compensation			300,744				171,079
Professional			25,202				26,259
	Professional			16,157				15,320
General and administrative			77,252				43,400
	General and administrative			175,551				36,876
Total operating expenses			428,768				495,453
	Total operating expenses			534,203				275,366
Net Income (Loss) from operations			(114,192	)			(252,313	)
Net loss from operations				(303,406	)			(21,826	)
Other income (expense)
Other income (expense)
Interest expense			(70,810	)			(45,381	)
	Interest expense			(45,381	)			(66,686	)
Net Income (Loss)		$	(185,002	)		$	(297,694	)
	Interest Income			20,307				16,939
BASIC AND DILUTED INCOME (LOSS) PER SHARE		$	(0.01	)		$	(0.02	)
Net loss			$	(328,480	)		$	(71,573	)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING			17,643,992				16,433,370
BASIC AND DILUTED LOSS PER SHARE			$	(0.02	)		$	(0.01	)
WEIGHTED AVERAGE NUMBER OFSHARES OUTSTANDING				16,433,370				12,315,716

~~See~~The ~~Auditor's~~accompanying ~~Report~~notes ~~and~~are ~~notes~~an tointegral ~~the~~part ~~audited~~of these financial statements.

F-43

AMERICAN FIBER GREEN PRODUCTS, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS' DEFICIT

									Common			Additional
								Additional
		Common Stock	~~Common Stock~~					Paid in	~~Stock~~		Accumulated	~~Paid in~~			~~Accumulated~~
		Shares	~~Shares~~		Amount	~~Amount~~		Capital	~~Payable~~		Deficit	~~Capital~~		Total	~~Deficit~~			~~Total~~
Balance of December 31, 2012				11,543,235		$	11,543		$	-		$	2,556,826		$	(5,102,576	)	$	(2,534,207	)
Balance of December 31, 2013			12,383,155		$	12,383		$	2,654,506		$	(5,174,149	)	$	(2,507,260	)
	Shares issued in exchange for services			839,920			840						83,160						84,000
Adjustment to prior period			-		$	-		$	-		$	(96,769	)	$	(96,769	)
	Options issued												14,520						14,520
Balance of December 31, 2013			12,383,155		$	12,383		$	2,654,506		$	(5,270,918	)	$	(2,604,029	)
	Net loss															(71,573	)		(71,573	)
Shares exchanged for accrued interest			2,521,008			2,521			297,479						300,000
Balance of December 31, 2013				12,383,155		$	12,383		$	-		$	2,654,506		$	(5,174,149	)	$	(2,507,260	)
Shares exchanged for deferred salaries			1,836,448			1,836			325,970						327,806
	Shares exchanged for accrued interest			2,521,008			2,521						297,479						300,000
Shares exchanged for accrued interest and notes payable			264,045			264			46,868						47,132
	Shares exchanged for deferred salaries			1,836,448			1,836						325,970						327,806
Stock issued for compensation			133,900			134			31,185						31,319
	Shares exchanged for accrued interest and notes payable			264,045			264						46,868						47,132
Stock issued for services			500,000			500			149,500						150,000
	Stock issued for compensation			133,900			134						31,185						31,319
Net loss												(297,694	)		(297,694	)
	Stock issued for services									14,450									14,450
Balance of December 31, 2014			17,638,556		$	17,638		$	3,505,508		$	(5,568,612	)	$	(2,045,466	)
	Stock issued for services			500,000			500						149,500						150,000
Stock issued for cash			12,000			12			2,567						2,579
	Options issued												24,950						24,950
Stock issued for services			50,000			50			14,450						14,500
Net loss	~~Net loss~~											(185,002	)		(185,002	~~(328,480~~)	)		~~(328,480~~	)
Balance of December 31, 2014				17,638,556		$	17,638		$	14,450		$	3,530,458		$	(5,502,629	)	$	(1,940,083	)
Balance of December 31, 2015			17,700,556		$	17,700		$	3,522,525		$	(5,753,614	)	$	(2,213,389	)

~~See~~The ~~Auditor's~~accompanying ~~Report~~notes ~~and~~are ~~notes~~an tointegral ~~the~~part ~~audited~~of these financial statements.

F-54

AMERICAN FIBER GREEN PRODUCTS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

	For the Year EndedDecember 31,
	2015			2014
	2014			2013
Cash Flows from Operating Activities:
Net loss	$	(328,480	)	$	(71,573	)
Net Income (Loss)	$	(185,002	)	$	(297,694	)
Adjustments to reconcile net loss to net cash used in operating activities:
Adjustments to reconcile net loss to
Depreciation and amortization		3,816			6,406
net cash (used) provided by operating activities:
Stock-based compensation		220,719			98,520
Depreciation and amortization		5,621			3,816
Bad debt expense		97,939			-
Stock-based compensation		14,500			181,319
Changes in operating assets and liabilities:
(Increase) decrease in operating assets:
Accounts receivable		37(195,~~930~~878	)		2737,~~763~~930
Non-trade receivables and other assets		~~(29~~27,~~619~~020	)		(1620,~~939~~307	)
Prepaid and other assets		(2,349	)		-
Increase (decrease) in operating liabilities:
Accounts payable and accrued expenses		4117,~~741~~862			4612,~~839~~607
Deferred compensation		~~227~~206,~~839~~580			63214,~~000~~475
Total adjustments		~~500~~175,~~077~~993			~~225~~429,~~589~~840
Net Cash Provided by Operating Activities		171,597			154,016
Net Cash (Used) Provided by Operating Activities		(9,009	)		132,146
Cash Flows from Investing Activities:
Acquisition of property and equipment		~~(29,500~~-	)		-(29,500	)
Net Cash Used in Investing Activities		~~(29,500~~-	)		-(29,500	)
Cash Flows from Financing Activities:
Related party loans, net		(~~198~~5,~~084~~535	)		(~~154~~120,~~981~~231	)
Proceeds from loans		85,000			-
Proceeds from issuance of common stock		2,579			-
Net Cash Used by Financing Activities		(113,084	)		(154,981	)
Proceeds from loans		-			45,381
Net Increase in Cash and Cash Equivalents		29,013			(965	)
Net Cash Provided (Used) by Financing Activities		(2,956	)		(74,850	)
Cash and Cash Equivalents, beginning of period		518			1,483
Net Increase in Cash and Cash Equivalents		(11,965	)		27,796
Cash and Cash Equivalents, end of period	$	29,531		$	518
Cash and Cash Equivalents, beginning of period		28,314			518
Cash and Cash Equivalents, end of period	$	16,349		$	28,314
Supplemental Disclosure Information:
Cash paid for interest	$	-		$	-
Cash paid for taxes	$	-		$	-
Common stock issued for deferred salaries	$	~~327,806~~-		$	-327,806
Common stock issued for forgiveness of notes payable and accrued interest	$	~~347,132~~-		$	-347,132
Common stock issued for services	$	150,000		$	-

~~See~~The ~~Auditor's~~accompanying ~~Report~~notes ~~and~~are ~~notes~~an tointegral ~~the~~part ~~audited~~of these financial statements .

F-65

AMERICAN FIBER GREEN PRODUCTS, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEARS ENDED DECEMBER 31, ~~2014~~2015 AND ~~2013~~2014

NOTE 1 - ORGANIZATION AND BUSINESS

American Fiber Green Products, Inc. came into existence as a result of the following transactions:

In March of 1993, William Amour founded Amour Hydro Press, Inc. (AHP) to conduct research and development to commercialize proprietary technology that would allow the company to process waste fiberglass and resins into new commercially viable products.

In January of 1996 the Board of Directors authorized the merger of AHP with Amour Fiber Core, Inc. a Washington corporation. Each common share of Amour Hydro Press, Inc. was exchanged for 280 common shares of Amour Fiber Core, Inc. The authorized shares of Amour Fiber Core, Inc. were 5,000,000 shares. The company operated under this configuration until June 1998 when the Board of Directors approved a three for one forward split (3:1) increasing the authorized from 5,000,000 to 15,000,000 common shares. Amendments to the Articles of Incorporation were filed with the State of Washington. Although approved and recorded the 3:1 forward split was not reported to the transfer agent of the company. The resulting change in common stock was from 3,675,996 to 11,027,988 common shares issued and outstanding.

On September 15, 2001, after several months of discussion and negotiations, Kenneth McCleave incorporated American Leisure Products, Inc. a Florida corporation, of which he was the sole shareholder of the 100,000 issued and outstanding shares for the purpose of merger with Amour Fiber Core, Inc. The terms and conditions of said merger included Mr. McCleave's assistance in resolution of a number of problems restricting Amour. Litigation with the landlord and disgruntled note holders threatened the collapse of the company unless amicable resolution was achieved. The terms of the merger were established and the concerns were resolved over the subsequent 24 months.

F-7

NOTE 2 - GOING CONCERN

The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern. The Company's continued existence is dependent upon the Company's ability to obtain additional debt and/or equity financing. The Company has incurred losses since inception, has an accumulated deficit, and negative cash flows from operating activities. These factors raise substantial doubt about the ability of the Company to continue as a going concern.

The Company anticipates beginning construction of a pilot plant within the next 12 months and expects to complete the project and to begin production of scrapped fiberglass reclamation as a raw material within the next 24 months. Although the cost of construction is not readily determinable, the Company estimates the cost to be approximately $550,000 for the pilot plant and as much as $1.6M for a full function plant. Management plans to raise additional funds through the sale of sub-licensing agreements, project financings or through future sales of their common stock, until such time as the Company's revenues are sufficient to meet its cost structure, and ultimately achieve profitable operations. There is no assurance that the Company will be successful in raising additional capital or achieving profitable operations. The consolidated financial statements do not include any adjustments that might result from the outcome of these uncertainties.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying consolidated financial statements include the activity of the Company and its wholly owned subsidiaries. All inter-company transactions have been eliminated in consolidation.

Basis of Presentation

The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the SEC. The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles (“"GAAP”") of the United States (See Note 2 regarding the assumption that the Company is a “"going concern”").

Principles of Consolidation

The consolidated financial statements include the accounts of American Fiber Green Products and its wholly-owned subsidiaries, American Leisure Products, Inc. (Florida) and Amour Fiber Core, Inc. (Florida). All material intercompany accounts and transactions are eliminated in consolidation. The year end for the Company and its subsidiaries is December 31.

Use of Estimates

The preparation of financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

F-8

Reclassification

Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses.

~~Certain amounts in the prior period financial statements have been reclassified to conform to the current period presentation. These reclassifications had no effect on reported losses.~~F-7

Financial Instruments

The Company’'s balance sheet includes certain financial instruments, which include cash, accounts receivable, notes receivable, interest receivable, accounts payable, accrued expenses, and notes payable. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.

ASC 820, Fair Value Measurements and Disclosures, defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’'s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:

	·	Level 1 - Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities

	·	Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means.

	·	Level 3 - Inputs that are both significant to the fair value measurement and unobservable.

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, ~~2014~~2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values due to the short-term nature of these instruments.

Cash and Cash Equivalents

The majority of cash is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. At December 31, ~~2014~~2015 and ~~2013~~2014, there were no cash equivalents.

Property and Equipment

Property and equipment are stated at cost and are depreciated over their estimated useful lives. Depreciation is currently recorded as General and Administrative expense. At such time as assets are transferred to revenue generating production, their associated depreciation will be recorded as Cost of Sales. Property and equipment consist of mold tooling, with estimated useful lives of 10 years, and equipment, with estimated lives of 5 years.

Property and equipment are stated at cost and are depreciated over their estimated useful lives. Depreciation is currently recorded as Marketing, General and Administrative expense. At such time as assets are transferred to revenue generating production, their associated depreciation will be recorded as Cost of Sales. Property and equipment consist of mold tooling, with estimated useful lives of 10 years, and equipment, with estimated lives of 5 years.F-8

Long-lived assets such as property, ~~equipment~~ and ~~identifiable~~equipment ~~intangibles~~ are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate commensurate with the risk associated with the recovery of the assets. We did not recognize any impairment losses for any periods presented.

F-9

Revenue Recognition

The Company recognizes revenues from 1) tipping fees in the acquisition of scrap fiberglass, 2) sale of products produced with reclaimed fiberglass, 3) fees charged for licensing and installation of the proprietary reclamation and manufacturing processes, 4) royalties charged to licensees for revenues generated by using our licensed processes, 5) sales of other fiberglass products (reproduction cars, boats). Revenue is recorded when products and services are provided to the customer. For the years ended December 31, ~~2014~~2015 and ~~2013~~2014, the Company has only produced revenue from the tipping fees.

Stock Based Compensation

In December 2004, the FASB issued FASB ASC No. 718, Compensation – Stock Compensation (“"ASC 718”"). Under ASC 718, companies are required to measure the compensation costs of share-based compensation arrangements based on the grant-date fair value and recognize the costs in the financial statements over the period during which employees are required to provide services. Share-based compensation arrangements include stock options, restricted share plans, performance-based awards, share appreciation rights and employee share purchase plans. As such, compensation cost is measured on the date of grant at their fair value. Such compensation amounts, if any, are amortized over the respective vesting periods of the option grant.

Equity instruments (“"instruments”") issued to other than employees are recorded on the basis of the fair value of the instruments, as required by FASB ASC 718. FASB ASC No. 505, Equity Based Payments to Non-Employees (“"ASC 505”") defines the measurement date and recognition period for such instruments. In general, the measurement date is (a) when a performance commitment, as defined, is reached or (b) when the earlier of (i) the non-employee performance is complete or (ii) the instruments are vested. The measured value related to the instruments is recognized over a period based on the facts and circumstances of each particular grant as defined in the ASC 505.

Advertising

The costs of advertising are expensed as incurred. Advertising expense was $0 for the years ended December 31, ~~2014~~2015 and ~~2013~~2014, respectively.

Research and Development Costs

Project development costs are expensed as incurred. The cost of equipment that will be acquired or constructed for project development activities, and that have alternative future uses, both in project development, marketing or sales, will be classified as property and equipment and depreciated over their estimated useful lives. To date, project development costs include the development, engineering, and marketing expenses related to the Company's fiberglass reclamation process and associated product development.

Deferred Income Taxes and Valuation Allowance

The Company accounts for income taxes under ASC 740 Income Taxes. Under the asset and liability method of ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period the enactment occurs. A valuation allowance is provided for certain deferred tax assets if it is more likely than not that the Company will not realize tax assets through future operations. No deferred tax assets or liabilities were recognized as of December 31, 2015 or 2014.

F-10

Earning / Loss per Share

The Company computes basic and diluted earnings per share amounts in accordance with ASC Topic 260, Earnings per Share. The Company presents basic loss per share ("EPS") and diluted EPS on the face of the consolidated statement of operations. Basic loss per share is computed as net loss divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options, warrants, and other convertible securities. As of December 31, ~~2014~~2015 and ~~2013~~2014, there existed notes payable with conversion features (see Notes Payable footnote) which, due to the net loss, had an anti-dilutive effect and therefore were not recognized. ~~As of December 31, 2014:~~

Recently Issued Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, we believe that the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption.

NOTE 4 - ~~NOTES~~STOCKHOLDERS' ~~RECEIVABLE – RELATED PARTY~~EQUITY

The Company has made loans to several companies, both owned by officers and stockholders of the Company and to unrelated parties. The purpose of these loans was to invest in other fiberglass manufacturing businesses in order to facilitate the development and production of fiberglass products. The collectability and extended terms of these notes receivable are in consideration of amounts payable to the same officers and stockholders. The Company does not expect repayment of these amounts to occur during the next 12 months.

Notes receivable are made up of the following:

	2014		2013
Note receivable, related party, 10% interest, past maturity	$	53,599	$	53,599
Note receivable, related party, 10% interest, past maturity		20,253		20,253
Note receivable, related party, 8% interest, past maturity		14,700		14,700
Note receivable, related party, 8% interest, past maturity		3,000		3,000
Note receivable, related party, 8% interest		147,426		138,113
	$	238,978	$	229,665

Based on rates and terms of the notes, the Company has recognized $20,306 and $16,939 of interest income for the years ended December 31, 2014 and 2013, respectively. The accumulated interest receivable, under these notes, is $117,074 and $96,768 for the years ended December 31, 2014 and 2013, respectively.

The above related party transactions are not necessarily indicative of the terms and amounts that would have been incurred had comparable agreements been made with independent parties.

NOTE 5 - STOCKHOLDERS' EQUITY

Founder Shares

In May 2004, the Board of Amour Fiber Core Inc. a Washington corporation approved to reincorporate it in Nevada and reduce the number of shares outstanding. It merged into a newly organized Nevada corporation (also named "Amour Fiber Core, Inc."), and each share of Amour Fiber Core, Inc. (Washington) was converted into 1/6 of a share of Amour Fiber Core, Inc. (Nevada). As a result, the surviving corporation, Amour Fiber Core, Inc. (Nevada) has a total of (1,837,998) shares outstanding. Amour Fiber Core Inc. (Nevada) has 350 million shares of Common Stock authorized and 5 million shares of "blank check" preferred authorized.

F-11

On May 24, 2004, Amour Fiber Core, Inc. (Nevada) then entered into an Agreement and Plan of Merger with American Leisure Products, Inc., a Florida corporation with a total issued and outstanding of 100,000 common shares. The 1:6 reverse split of the Amour Fiber Core, Inc. shares held by the AFC shareholders reduced the issued and outstanding common shares of AFC (Nevada) from 11,027,988 to 1,837,998. The merger called for each share of ALP to convert to 73.52 shares of Amour Fiber Core, Inc. (Nevada). The sole shareholder of ALP received 7,352,000 shares of Amour Fiber Core, Inc. (Nevada) in this reverse merger. Following the transaction, Amour Fiber Core, Inc. (Nevada) had 9,189,998 shares outstanding. The assets of ALP (Tooling) were added to the assets of AFC in a purchase transaction with a corresponding capital contribution amount of $50,000 recorded as Additional Paid-In Capital.

At the time of this reverse merger, the smaller combining entity (ALP), a) holds a majority of the voting rights, (80.0%) of the combined company (AFC) common shares outstanding; and b) comprises the senior management of the combined company.

The Company issued 839,920 shares of common stock in exchange for services during the year ended December 31, 2013. These shares were valued at the fair market value of the stock at the date of grant, resulting in the recognition of $84,000 in compensation expense. The Company issued 157,500 shares of common stock in exchange for services during the year ended December 31, 2012. These shares were valued at the fair market value of the stock at the date of grant, resulting in the recognition of $91,350 in compensation expense.

The employment agreement of the officers has a provision for the issuance of 100,000 options to be issued annually, upon the anniversary date (June 1), no options were issued in 2015 or 2014.

In accordance with the employment agreement of the officer, provision is made for the issuance of 100,000 options to be issued annually, upon the anniversary date (June 1). The Company has valued the options, using the Black Scholes Method, resulting in compensation expense in the amount of $24,950 and $14,520 for the years ending December 31, 2014 and 2013, respectively. The following assumptions were used in the calculation:F-10

Weighted Average:
	2014			2013
Dividend rate		0.0	%		0.0	%
Risk-free interest rate		0.062	%		1.03	%
Expected lives (years)		3.0			5.0
Expected price volatility		213.6	%		101.6	%
Forfeiture Rate		0.0	%		0.0	%

NOTE 5 - PRIOR PERIOD ADJUSTMENT

As of December 31, 2013, the accumulated deficit has been increased by $96,769 to $5,270,918 for interest income recognized on related party notes receivable in prior years. The interest income should not have been recorded due to the notes being between related parties.

NOTE 6 - RELATED PARTY TRANSACTIONS

The Company is currently operating in a facility leased and operated by Tampa Fiberglass Inc. (TFI). TFI is owned by ~~Ken~~Kenneth McCleave, Chairman of AFGP. No occupancy cost has been charged to AFGP by TFI during ~~2014~~2015 or ~~2013~~2014 there is no assurance that this favorable treatment will continue in the future if AFGP begins to facilitate operations at that site.

The Company entered into an employment ~~agreement~~contract with atwo key ~~employee.~~employees ~~The~~on ~~employment~~January ~~agreement is for a period of three years~~1, ~~with~~2015 ~~prescribed~~under ~~percentage~~like ~~increases~~terms ~~beginning in 2007. Increases for 2007~~ and ~~2008~~conditions ~~were~~including ~~waived. A 5% increase was effective January 1, 2009 for~~ a ~~total annual rate under the employment agreement of~~ $63100,000. ~~The employment contract has been continued without change~~salary, onstock ~~agreement~~options ~~with parties involved,~~ and isprofit-sharing ~~expected~~- specifics to be ~~renewed~~determined inby ~~2014. The Company expects to renegotiate~~ the ~~terms and conditions of the contract.~~ Compensation isCommittee ~~currently~~and ~~accrued~~approved ~~(see~~by ~~footnote “Deferred Wages”), as specified within~~ the ~~terms~~Board of ~~the employment contract~~Directors. ~~The~~For ~~contract~~the ~~specifies~~year's ~~minimum~~ended ~~bonus~~December ~~of $15~~31,~~000~~ ~~(other~~2015 ~~than minimum is at discretion of the Board of Directors)~~ and ~~annual~~2014, ~~options~~no ~~(100,000~~stock options, ~~effective~~or ~~June~~profit ~~1st,~~sharing ~~at a strike price of average closing price of prior month). Both the bonus and options~~ were ~~waved~~recorded inor ~~prior years, due to lack of revenue producing activity~~accrued. ~~Options have been issued since 2012.~~

The Company also entered into an employment contract with another key employee on January 1, 2014 under like terms and conditions including a $100,000 salary. Specifics will be determined by the Compensation Committee and approved by the Board of Directors.

On February 20, 2014, the Company exchanged 2,521,008 shares of common stock for $300,000 of accrued interest.

F-12

On February 20, 2014 the Company issued 133,900 shares of common stock to an existing shareholder for marketing services provided to the Company. The shares were valued at the fair market value at the date of grant and recorded compensation expense in the amount of $31,319.

The Company issued 264,045 shares of common stock in conversion of $35,290 of notes payable, related party and $11,842 of accrued interest during the year ended December 31, 2014.

The above related party transactions are not necessarily indicative of the terms and amounts that would have been incurred had comparable agreements been made with independent parties.

NOTE 7 - DEFERRED WAGES

The Company has accrued salaries owed to four individuals. Three of the individuals' employment contracts are expired. All balances due are fixed without any interest or other escalating cost. The Company does not expect to make any payments on these deferred wages during the next twelve months, but the balances are classified as current liabilities.

The Company issued 1,836,448 shares of common stock to related parties for deferred salaries during the year ended December 31, 2014. These shares were valued at the fair market value of the stock at the date of grant, resulting in a reduction of deferred salaries of $327,806.

~~Deferred~~During ~~wages~~the ~~are~~year ~~$908,331~~ended ~~and~~December $131,~~008~~ 2014,~~298~~ asthe Company reduced the amount of ~~December~~deferred ~~31,~~wages ~~2014~~for ~~and~~one ~~2013~~employee by $238,979 ~~respectively~~for related party notes receivable.

Deferred wages are $875,932 and $669,532 as of December 31, 2015 and 2014, respectively.

F-11

NOTE 8 - CONVERTIBLE NOTES PAYABLE

The Company has issued convertible notes payables to the following individuals:

	2014		2013
	2015		2014
Three notes payable to Robert Chipala or assigns dated June 4, 1998, July 10, 1999 and December 11, 1999, interest rate at 10.5%, 10.5% and 0% respectively principle and interest payable on demand, convertible to common stock at $0.05 per share.		133,000		133,000
Three notes payable to Robert Chlipala or assigns dated June 4, 1998, July 10, 1999 and December 11, 1999, interest rate at 10.5%, 10.5% and 0% respectively principle and interest payable on demand, convertible to common stock at $0.05 per share.		133,000		133,000
One note payable to Gerald Rau or assigns, dated 4/1/2000, interest rate at 8.75%, past due and convertible to common stock at $0.05 per share		101,500		101,500
Three notes payable to Les Smyth or assigns, dated September 15, 1998, June 14, 1999 and June 14, 1999, interest rates at 14%, past due and convertible to common stock at $0.05 per share		50,000		50,000
Total convertible notes		284,500		284,500

The Company acquired the above notes as of the date of merger, May 24, 2004. In the negotiations, the original notes were modified to include a conversion feature, in exchange for indefinitely extending the payment date. At the time of the debt modification, the conversion rate was based on the then fair market value of the stock. The Company examined the agreement and based on calculations determined that there was no beneficial conversion at that time, as the face value was equivalent to the conversion. The Conversion feature was extended to interest accrued, through the date of the modification only.

The loans are convertible into shares of common stock at a rate of $0.05 per share, the then fair market value of the shares. The total original amount of the loans still outstanding at December 31, 2014 is $284,500 plus previously accrued interest of $222,655, through the date of modification. The total common shares, if converted, would be approximately 10,143,000 shares as of December 31, 2014.

As of December 31, ~~2014~~2015 and ~~2013~~2014, the above notes had accrued interest payable of $~~360~~388,~~721~~542 and $~~639~~360,~~855~~721, respectively.

F-13

NOTE 9 - NOTES PAYABLE- RELATED PARTIES

Related party notes payables are due to PAC (Public Acquisition Company (a wholly owned business of Kenneth McCleave and Daniel Hefner), Nimble Boat Works (a wholly owned business of Kenneth McCleave), and Daniel L. Hefner (President and Chief Executive Officer of AFGP) for cash advances made to AFGP.

	2014			2013
	2015			2014
Eight notes payable Due to PAC, dated May 14, 2004, through December 2012, interest rates at 10% and 8%, principle and interest due on demand	$	~~204~~135,~~431~~153		$	~~351~~204,~~764~~431
Note Payable to ICF, interest rate at 8%, payable on demand		-			7,000
Two notes payable to Due to Nimble Boat Works, interest rate at 8% payable on demand		(18,630	)		(18,630	)
Two notes payable to Due to Nimble Boat Works, interest rate at 8% payable on demand		(18,630	)		(13,380	)
Three notes to Due to Dan Hefner, interest rate at 8%, payable on demand		1,857			(17,251	)
Three notes to Due to Dan Hefner, interest rate at 8% , payable on demand		(17,251	)		67,971
Three notes to Due to Kenneth McCleave, interest rate at 8%, payable on demand		14,710			14,419
Three notes to Due to Kenneth McCleave, interest rate at 8% , payable on demand		14,419			3,388
Total	$	133,090		$	182,969
Total	$	182,969		$	416,743

On February 20, 2014, the Company exchanged 2,521,008 shares of common stock for $300,000 of accrued interest.

Interest accrued on the above loans is $~~352~~368,~~858~~947 and $~~341~~352,~~484~~858 at December 31, ~~2014~~2015 and ~~2013~~2014, respectively.

F-12

NOTE 10 - NOTES PAYABLE

During the year ended December 31, 2014, the Company signed a note payable with two individuals. The note is for $85,000, secured, due November 2016 and bears interest at 18% per annum. Monthly interest payments are required on the unpaid principle balance, which balloons at the maturity of the note.

NOTE 11 - INCOME TAXES

The Company has incurred significant operating losses since its inception and, therefore, no tax liabilities have been incurred for the periods presented. The amount of unused tax losses available to carry forward and apply against taxable income in future years totaled approximately $3,~~135~~665,000 at December 31, ~~2014~~2015. The loss carry -forwards expire beginning in 2013, 20 years after inception. Due to the Company's continued losses, management has established a valuation allowance equal to the amount of deferred tax asset because it is more likely than not that the Company will not realize this benefit.

In addition, Amour is not current in their federal and state income tax filings. The Company has not determined the tax implications and considering the net operating losses and that Amour has not had active operations or income for a significant period, the effect of non-filing is not expected to be significant.

Temporary differences affecting the deferred tax asset are as follows:

December 31,	~~2014~~2015			~~2013~~2014
Accumulated deficit	$	5,~~502~~753,~~629~~614		$	5,~~174~~568,~~149~~612
Difference between tax and book for related party accruals:
Stock based compensation		(~~222~~427,~~094~~939	)		(~~232~~413,~~120~~439	)
Wages		(1875,~~236,137~~932	)		(1669,~~008,298~~352	)
Interest expense		(~~909~~784,~~646~~389	)		(~~884~~713,~~571~~579	)
	$	3,134,752		$	3,049,160
Net operating loss carry forward	$	3,665,354		$	3,772,242
Valuation allowance		(3,134,752	)		(3,049,160	)
Deferred Tax Asset	$	-		$	-

~~F-14~~The valuation allowance increased by $69,500 during the year ended December 31, 2015.

The valuation allowance decreased by $12,927 during the year ended December 31, 2014 and decreased by $139,694 during the year ended December 31, 2013.

Current and Deferred Taxes, at statutory rates are as follows:

	2014			2013
	2015			2014
Current Tax Calculation:
Federal Income Taxes		436,~~400~~300			4748,~~500~~800
State Income Taxes, net of benefit		~~500~~3,800			5,~~000~~200
		4,900			52,500
		40,100			54,000
Benefit of net operating loss carryforward		(40,100	)		(54,000	)
		-			-
Deferred Tax Calculation:
Federal Income Taxes		(1,~~870~~956,~~900~~200	)		(1,~~759~~893,~~200~~300	)
State Income Taxes, net of benefit		(~~198~~207,100	)		(~~186~~200,~~300~~500	)
		(2,069,000	)		(1,945,500	)
		(2,163,300	)		(2,093,800	)
Valuation allowance		2,~~069~~163,~~000~~300			12,~~945~~093,~~500~~800
	$	-		$	-

The years ended December 31, 2008 through 2015 remain open subject for income tax purposes.

~~The years ended December 31, 2006 through 2014 remain open, subject for income tax purposes.~~F-13

NOTE 12 - COMMITMENTS AND CONTINGENCIES

The Company follows ASC 450-20, Loss Contingencies, to report accounting for contingencies. Liabilities for loss contingencies arising from claims, assessments, litigation, fines and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment can be reasonably estimated. There were no commitments or contingencies as of December 31, ~~2014~~2015 and ~~2013~~2014.

The Company entered into an employment agreement with an employee on July 1, 2014. The employment agreement is for a period of five years. The employee is scheduled to receive 50,000 shares of common stock valued at $0.289 per share ($14,450) for the first 6 months of service. Additional increments of 50,000 shares of common stock will be awarded at each of the following 6 month period until the Company is able to acquire funding sufficient to replace the stock issuance with a cash compensation agreement or until terminated. Upon obtaining funding and operations sufficient to consistently establish a cash compensation schedule, the Employee’s salary will be $60,000 annually plus a year-end bonus to be negotiated. At December 31, 2014, the Company has recorded a common stock payable for $14,450, which as of this filing, have not yet been issued, and a compensation expense of $14,450 for the year ended December 31, 2014.

During the year ended December 31, 2014, the Company issued 500,000 shares of common stock valued at $0.30 per share ($150,000) to a vendor for services to be rendered from July 31, 2014 to December 31, 2014. The Company has recorded consulting expense in the amount of $150,000 for the year ended December 31, 2014.

The Company's operations are subject to production of a new processing technology. Significant technical and regulatory changes can have a dramatic effect on product opportunities. Design and development of new processes are critical elements to achieve and maintain profitability in the Company's new industry segment.

The Company operates under several storage leases for its operations. Currently, all arrangements have been made on a month to month basis. Terms are expected to be defined upon the production at those sights.

The Company may be subject to federal, state and local environmental laws and regulations. The Company does not anticipate expenditures to comply with such laws and does not believe that regulations will have a material impact on the Company's financial position, results of operations, or liquidity. The Company believes that its operations comply, in all material respects, with applicable federal, state, and local environmental laws and regulations.

In the normal course of business, the Company may become a party to litigation matters involving claims against the Company. The Company's management is unaware of any pending or threatened assertions and there are no current matters that would have a material effect on the Company’'s financial position or results of operations.

~~F-15~~NOTE 13 – SUBSEQUENT EVENTS

There were no material events that occurred subsequent to December 31, 2015 that require recognition or disclosure in these financial statements.

F-13

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISLCOSURE

~~None~~On June 26, 2015, the Board of Directors of American Fiber Green Products, Inc. (the "Company") approved the withdrawal of Peter Messineo & Co. CPAs, LLC ("M&CO") as the Company's independent registered public accounting firm, effective as of June 26, 2015. In December 2015, Peter Messineo & Co. CPAs and Peter Messineo were suspended from practicing before the SEC.

On July 3, 2015, the Board of Directors of the Company approved the engagement of Stevenson & Company CPAS LLC as the Company's new independent registered public accounting firm, effective as of July 3, 2015. Stevenson & Company CPAS LLC conducted the review engagement on the Company's quarterly Financial Statements commencing with the June 30, 2015 quarterly review.

For more information regarding our change in accountants, see our Current Report on Form 8-K dated and filed with the SEC on April 20, 2016.

ITEM 9(A). CONTROLS AND PROCEDURES

DISCLOSURE CONTROLS AND PROCEDURES

EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES

Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer have concluded that, at December 31, ~~2014~~2015, such disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, or persons performing similar functions, as appropriate, to allow timely decisions regarding required disclosure.

MANAGEMENT'S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the company’'s principal executive and principal financial officers and effected by the company’'s board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that:

· Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company; · Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and, · Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company’'s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

AsBecause of ~~December~~its ~~31,~~inherent ~~2014~~limitations, ~~management assessed the effectiveness of our~~ internal control over financial reporting ~~based~~may onnot ~~the~~prevent ~~criteria~~or ~~for~~detect ~~effective~~misstatements. ~~internal~~Projections ~~control~~of ~~over~~any ~~financial~~evaluation ~~reporting~~of ~~established~~effectiveness into ~~Internal~~future ~~Control--Integrated~~periods ~~Framework~~are ~~issued~~subject byto the ~~Committee~~risk ofthat ~~Sponsoring~~controls ~~Organizations~~may become inadequate because of changes in conditions, or that the ~~Treadway~~degree ~~Commission~~of ~~(“COSO”)~~compliance ~~and~~with ~~SEC~~the ~~guidance~~policies onor ~~conducting~~procedures ~~such~~may ~~assessments~~deteriorate. ~~Based~~All oninternal ~~that~~control ~~evaluation~~systems, ~~they~~no ~~concluded~~matter ~~that~~how well designed, ~~during~~have ~~the~~inherent ~~period~~limitations. ~~covered~~Therefore, byeven ~~this~~those ~~report,~~systems ~~such~~determined ~~internal~~to ~~controls~~be ~~and~~effective ~~procedures~~can ~~were~~provide ~~not~~only ~~effective~~reasonable toassurance ~~detect~~with ~~the~~respect ~~inappropriate~~to ~~application~~financial ofstatement USpreparation ~~GAAP~~and ~~rules~~presentation. asBecause ~~more~~of ~~fully~~the ~~described~~inherent ~~below.~~limitations ~~This~~of ~~was~~internal ~~due~~control, tothere ~~deficiencies~~is a risk that ~~existed~~material inmisstatements ~~the~~may ~~design~~not be prevented or ~~operation~~detected ofon ~~our~~a timely basis by internal ~~controls~~control over financial reporting. ~~that~~However, ~~adversely~~these ~~affected~~inherent ~~our~~limitations ~~internal~~are ~~controls~~known ~~and~~features ~~that~~of ~~may~~the befinancial ~~considered~~reporting process. Therefore, it is possible to bedesign ~~material~~into ~~weaknesses~~the process safeguards to reduce, though not eliminate, this risk.

As of December 31, 2015, management assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") and SEC guidance on conducting such assessments. Based on that evaluation, they concluded that, during the period covered by this report, such internal controls and procedures were not effective to detect the inappropriate application of US GAAP rules as more fully described below. This was due to deficiencies that existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were lack of a majority of outside directors on board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; inadequate segregation of duties consistent with control objectives and affecting the functions of authorization, recordkeeping, custody of assets, and reconciliation; and, management dominated by a single individual/small group without adequate compensating controls.

Management believes that the material weaknesses did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.

Management’'s Remediation Initiatives

In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:

We will create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to us. And, we plan to appoint one or more outside directors to our board of directors who shall be appointed to an audit committee resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made by management when funds are available to us.

Management believes that the appointment of one or more outside directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of outside directors on our Board.

We will work as quickly as possible to implement these initiatives; however, the lack of adequate working capital and positive cash flow from operations will likely slow this implementation.

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

There were no changes in our internal control over financial reporting that occurred during the fourth fiscal quarter ended December 31, ~~2014~~2015 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

AUDITOR'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

This Annual Report does not include an attestation report of the Company's independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the Company to provide only management's report in this Annual Report.

ITEM 9B. OTHER INFORMATION

None

~~None~~21

PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

The following table sets forth the names and ages of our current directors and executive officers, their principal offices and positions The Board of Directors elects our executive officers annually. Our directors serve one-year terms or until their successors are elected and accept their positions. The executive officers serve terms of one year or until their death, resignation or removal by the Board of Directors. There are no family relationships or understandings between any of the directors and executive officers. In addition, there was no arrangement or understanding between any executive officer and any other person pursuant to which any person was selected as an executive officer.

NAME OF DIRECTOR OR EXECUTIVE OFFICER	AGE	CURRENT POSITION AND OFFICE
Daniel L. Hefner	6465	President, Chief Executive Officer and Director
Kenneth W. McCleave	6263	Chairman of the Board of Directors
Frank D. Puissegur	5657	Chief Financial Officer

Daniel L. Hefner, 6465 is President of American Fiber Green Products, Inc.(AFBG) and has been President of American Commerce Solutions, Inc. (OTC: BB: AACS) since September, 2002 and Chief Executive Officer since March 2002. He previously served as Executive Vice President from June 2000 to June 2001 and as interim President from June 2001 through February 2002. Mr. Hefner has been a director of the Company since June 2000. Mr. Hefner formerly served as President of International Machine and Welding, Inc. He formerly served as President, and is now serving as Vice President of International Commerce and Finance, Inc. an investment/consulting company for manufacturing and technology companies, and he has held these positions since August 1999. Mr. Hefner has been active for over twenty years as an independent consultant to individuals or business seeking to begin operations or to create turnarounds of existing business. Mr. Hefner additionally maintains licensure as a Florida Real Estate Broker. During the same period, Mr. Hefner also operated his own independent real estate brokerage operation where he continues to serve as President and Chief Executive Officer. From March to October 1999, Mr. Hefner was Chief Operating Officer for Chronicle Communications, Inc. (OTCBB: CRNC), a Tampa based printer and publishing firm.

Kenneth W. McCleave is a 6263 year old entrepreneur with a special knack for sales and marketing. Starting in business as a boiler-room, telemarketing top salesman, Mr. McCleave rose to owner, CEO and President of multi-million dollar Sports Holding, Inc. selling and distributing motorcycle and water craft parts and boat manufacturing from 1987 through 1990 and United Printing and Publishing, a web printing company from 1990 through 1998. In 1998 Mr. McCleave orchestrated the sale of UPP to the publicly traded, Chronicle Communications, Inc. and became the President of this OTC: Bulletin Board holding company. After assuring proper transition to the new management, Mr. McCleave left to found his latest ventures, Affordable Fiberglass Group and American Leisure Products, Inc., which merged with Amour Fiber Core Inc. a Washington State based fiberglass recycling company.

Throughout his business career Mr. McCleave has been personally responsible for the success of the sales and marketing of the products and services offered to a wide variety of customers. Gifted at setting up efficient manufacturing and recycling operations Mr. McCleave has a penchant for maximizing limited resources. He has demonstrated a tireless drive to succeed and with proper capitalization will move this latest venture into high visibility and profitability with a service and group of products that will delight the concerned and investing public.

Frank D. Puissegur, graduated from the University of South Florida in 1981 with a BA in Accountancy. He earned his CPA certificate in 1984. Mr. Puissegur has spent his entire career in public accounting. Frank was appointed to the Florida Board of Accountancy in 2000. While on the board he served in several capacities including chairing the probable cause committee, the laws and rules committee, and the board itself. Mr. Puissegur was reappointed to the board in 2004 and served the maximum allowed term of eight years. He continues to sit on the continuing education committee, another committee that he chaired while an active member of the board.

AUDIT COMMITTEE

The Audit Committee consists of Frank Puissegur, Daniel Hefner and Kenneth McCleave. The Audit Committee selects the independent auditors; reviews the results and scope of the audit and other services provided by the Company's independent auditors and reviews and evaluate the Company's internal control functions. The board of directors has determined that Frank Puissegur is the audit committee "financial expert"; as such term is defined under federal securities law. However, as an Officer of the Company, he is not considered "independent" as disclosed in Management's Report on Internal Control Over Financial Reporting. He is an expert by virtue of: (i) education and experience as a principal financial officer, principal accounting officer, controller, public accountant or auditor or experience in one or more positions that involve the performance of similar functions; (ii) experience actively supervising a principal financial officer, principal accounting officer, controller, public accountant, auditor or person performing similar functions; (iii) experience overseeing or assessing the performance of companies or public accountants with respect to the preparation, auditing or evaluation of financial statements; and (iv) other relevant experience.

CODE OF ETHICS

We have adopted a code of ethics meeting the requirements of Section 406 of the Sarbanes-Oxley Act of 2002. We believe our code of ethics is reasonably designed to deter wrong doing and promote honest and ethical conduct; provide full, fair, accurate, timely and understandable disclosure in public reports; comply with applicable laws; ensure prompt internal reporting of violations; and provide accountability for adherence to the provisions of the code of ethics.

ITEM 11. EXECUTIVE COMPENSATION

The following table sets forth the total compensation paid to or accrued, during the years ended December 31, ~~2014~~2015 and ~~2013~~2014 to AFGP's highest paid executive officers. No restricted stock awards, long-term incentive plan payout or other types of compensation, other than the compensation identified in the chart below, were paid to these executive officers during that fiscal year.

Summary Compensation Table

Name and principal position (a)		Year (b)			Salary($) (c)				Bonus($) (d)				Stock Awards ($) (2) (e)				Option Awards($) (2) (f)				Non-Equity Incentive Plan(g)				Non-qualified Deferred Compensation Earnings($)				All other compensation ($) (i)				Total($) (j)
Name and principalposition(a)	Year(b)		Salary($) (c)				Bonus($) (d)				Stock Awards ($) (2) (e)				Option Awards($) (2) (f)				Non-Equity Incentive Plan(g)				Non-qualified Deferred Compensation Earnings($)				All other compensation ($) (i)				Total($) (j)
Kenneth McCleave
Kenneth McCleave,
Chairman	2015	~~2014~~	$	100,000	$	~~100,000~~		—		—		—		—		—	$	~~14,520~~		—		—		—		—		—		—	$	100,000	$	~~114,520~~
of the Board	2014	~~2013~~	$	100,000	$	~~63,000~~		—	$	—		—		—		—	$	~~14,520~~		—		—		—		—		—		—	$	100,000	$	~~77,520~~
of Directors
Daniel Hefner,
Chief Executive	2015	~~2014~~	$	100,000		~~100,000~~		—		—		—		—		—		—		—		—		—		—		—		—	$	100,000		~~100,000~~
Officer	2014	~~2013~~	$	100,000		—		—		—		—		—		—		—		—		—		—		—		—		—	$	100,000		—
and President
Frank D. Puissegur
Frank D. Puissegur,
Chief Financial	2015	~~2014~~		—		—		—		—	$	14,500		—		—		—		—		—		—		—		—		—	$	14,500		—
Officer	2014	~~2013~~		—		—		—		—		—		—		—	$	—		—		—		—		—		—		—		—	$	—

2223

We may hire additional executive employees and/or change the compensation paid to and benefits received by our current executive employees, as our Board of Directors deems advisable or necessary. We plan to reimburse our executive employees for all travel expenses incurred in connection with the business of the Company. To date, the Company's Board of Directors has not adopted any retirement, pension, profit sharing or other similar programs for our executive employees.

No officers or directors of the Company have received compensation in excess of $100,000 per year.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

The following table sets forth information as to the ownership of shares of our Common Stock as of December 31, ~~2014~~2015 with respect to (i) holders known to American Fiber Green Products who beneficially own more than five percent (5%) of the outstanding Common Stock, (ii) each director, (iii) President and certain other executive officers, and (iv) all directors and executive officers as a group. The percentage of ownership has been calculated based on 17,~~638~~700,556 shares of Common Stock outstanding as of December 31, ~~2014~~2015.

	Common Stock Beneficially Owned Number of Shares of Common Stock		Percentage of Class
Kenneth McCleave, 9401 Oak Street, Riverview, FL 33569*		4,597,171		26.1	%
Kenneth McCleave,9401 Oak Street, Riverview, FL 33569*		4,597,171		25.97	%
Daniel Hefner, 1502 N. Taylor Road, Brandon, FL 33510*		3,008,246		17.1	%
Daniel Hefner,1502 N. Taylor Road, Brandon, FL 33510*		3,008,246		17.0	%
Robert Maxwell, N/A, Florida		1,206,240		6.8	%
Robert Maxwell,Bartow, Florida		1,206,240		6.815	%
Frank Puissegur, Box 6196 Lakeland, FL 33807*		100,000		.5	%
Frank Puissegur,Box 6196 Lakeland, FL 33807*		150,000		.847	%
Barb Amour, Monroe, WA 98272		673,111		3.83.8	%
Barb Amour, Brandon, Florida		673,111		3.803	%
*All officers and directors as a group (5 persons)		9,~~584~~634,768		54.43	%

As used in this table, "beneficial ownership" means the sole or shared power to vote or to direct the voting of a security or the sole or shared investment power with respect to a security (i.e., the power to dispose of or to direct the disposition of a security)

The Company is currently operating in a facility leased and operated by Public Acquisition Company (PAC). PAC is owned by Kenneth McCleave, Chairman of ~~AFGP~~AFBG and Daniel L. Hefner. No occupancy cost has been charged to ~~AFGP~~AFBG by PAC as of December 31, ~~2014~~2015 and ~~2013~~2014. There is no assurance that this favorable treatment will continue in the future if AFGP begins to facilitate operations at that site.

Please refer to Notes to Financial Statement, Notes 6 through Note 9.

~~Please refer to Notes to Financial Statement, Notes 6 through Note 9.~~24

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

Audit Fees

The aggregate audit fees billed for the years ended December 31, ~~2014~~2015 and ~~2013~~2014 was $922,~~500~~000 and $60,~~750,~~ respectively. Audit services include the audits of the financial statements included in the Company's annual reports on Form 10-K and reviews of interim financial statements included in the Company's quarterly reports on Form 10-Q.

Audit-Related Fees

None.

Tax Fees

None

All Other Fees

None

Audit Committee Pre-Approval Process, Policies and Procedures

Our principal auditors have performed their audit procedures in accordance with pre-approved policies and procedures established by our Board of Directors. Our principal auditors have informed our Board of the scope and nature of each service provided. With respect to the provisions of services other than audit, review, or attest services, our principal accountants brought such services to the attention of our Board of Directors, or one or more members of our Board of Directors to whom authority to grant such approval had been delegated by the Board, prior to commencing such services.

ITEM 15. EXHIBITS

EXHIBIT		DESCRIPTION
2.1		Merger between Hydro Press and Amour, dated 3/12/93*
2.2		Agreement and Plan of Merger between Amour Fiber Core [Nevada] and
2.3		American Leisure Products, dated 5/24/2004*
3.1		Article of Incorporation of Amour Fiber Core, Inc. [Washington], dated 12/22/95*
3.2		Article of Amendment for 3 to 1 forward split dated 6/9/98*
3.3		Articles of Incorporation of American Leisure Products, Inc., dated 9/2/2001*
3.4		Articles of Incorporation of Amour Fiber Core, Inc. [Florida], dated 9/15/2001*
3.5		Articles of Incorporation of Amour Fiber Core, Inc. [Nevada], dated March 2004*
3.6		Bylaws*
10		Employment Agreement with Kenneth W. McCleave, dated 10/1/2001*
10.2		Exclusive license agreement with the Amour Family Trust *
31.1		Certification of the Chief Financial Officer
31.2		Certification of the Principal Executive Officer
32		Certification pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.1		Certification pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2		Certification pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS **		XBRL Instance Document

101.SCH **		XBRL Taxonomy Extension Schema Document

101.CAL **		XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF **		XBRL Taxonomy Extension Definition Linkbase Document

101.LAB **		XBRL Taxonomy Extension Label Linkbase Document

101.PRE **		XBRL Taxonomy Extension Presentation Linkbase Document

___________________

* These exhibits are filed as part of Form 10SB registration statement filed with the SEC on February 22, 2007 and incorporated by reference.

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

SIGNATURES

Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.

	AMERICAN FIBER GREEN PRODUCTS, INC.
Date: April 15, 2015	By:	/s/ Daniel L. Hefner
Date: May 9, 2016	By:	/s/ Daniel L. Hefner
		Daniel L. Hefner, President and Director (Principal Executive Officer)
		Daniel L. Hefner,President and Director(Principal Executive Officer)
Date: April 15, 2015	By:	/s/ Frank D. Puissegur
Date: May 9, 2016	By:	/s/ Frank D. Puissegur
		Frank D. Puissegur, Chief Financial Officer and Principal Accounting Officer
		Frank D. Puissegur,Chief Financial Officer andPrincipal Accounting Officer

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Filing Compare · American Fiber Green Products, Inc.