UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(MARK ONE)
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2015
OR
¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from __________ to __________
Commission File No. 000-54838
CASSIDY VENTURES INC. |
(Exact name of registrant as specified in its charter) |
Nevada |
|
None |
(State or other jurisdiction of incorporation or organization) |
|
(I.R.S. Employer Identification No.) |
297 President Street
Brooklyn, New York 11231
(Address of principal executive offices, zip code)
(212) 729-6448
(Registrant's telephone number, including area code)
________________________________________________________________
(Former name, former address and former fiscal year, if changed since last report)
Indicate by check mark whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ¨ No x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (check one):
Large accelerated filer |
¨ |
Accelerated filer |
¨ |
Non-accelerated filer |
¨ |
Smaller reporting company |
x |
(Do not check if a smaller reporting company) |
|
|
Indicate by check mark whether the registrant is a shell company (as defined in Exchange Act Rule 12b-2 of the Exchange Act): Yes x No ¨
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ¨ No ¨
APPLICABLE ONLY TO CORPORATE ISSUERS
As of May 29, 2015, there were 135,000,000 shares of common stock, $0.001 par value per share, outstanding.
CASSIDY VENTURES INC.
(An Exploration Stage Company)
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED MARCH 31, 2015
INDEX
Index |
|
|
Page |
|
|
|
|
|
|
Part I. Financial Information |
|
|
|
|
|
|
|
|
Item 1. |
Financial Statements |
|
4 |
|
|
|
|
|
|
|
Balance Sheets as of March 31, 2015 and June 30, 2014 (unaudited). |
|
|
4 |
|
|
|
|
|
|
|
|
Statements of Operations for the three and nine months ended March 31, 2015 and 2014 (unaudited). |
|
|
5 |
|
|
|
|
|
|
|
|
Statements of Cash Flows for the nine months ended March 31, 2015 and 2014 (unaudited). |
|
|
6 |
|
|
|
|
|
|
|
|
Notes to Financial Statements (unaudited). |
|
|
7 |
|
|
|
|
|
|
|
Item 2. |
Management's Discussion and Analysis of Financial Condition and Results of Operations. |
|
|
8 |
|
|
|
|
|
|
|
Item 3. |
Quantitative and Qualitative Disclosures About Market Risk. |
|
|
12 |
|
|
|
|
|
|
|
Item 4. |
Controls and Procedures. |
|
|
12 |
|
|
|
|
|
|
|
Part II. Other Information |
|
|
|
|
|
|
|
|
|
Item 1. |
Legal Proceedings. |
|
|
13 |
|
|
|
|
|
|
|
Item 1A. |
Risk Factors. |
|
|
13 |
|
|
|
|
|
|
|
Item 2. |
Unregistered Sales of Equity Securities and Use of Proceeds. |
|
|
13 |
|
|
|
|
|
|
|
Item 3. |
Defaults Upon Senior Securities. |
|
|
13 |
|
|
|
|
|
|
|
Item 4. |
Mine Safety Disclosures. |
|
|
13 |
|
|
|
|
|
|
|
Item 5. |
Other Information. |
|
|
13 |
|
|
|
|
|
|
|
Item 6. |
Exhibits. |
|
|
14 |
|
|
|
|
|
|
|
Signatures |
|
|
15 |
|
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Quarterly Report on Form 10-Q of Cassidy Ventures Inc., a Nevada corporation (the "Company"), contains "forward-looking statements," as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "could", "expects", "plans", "intends", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: the volatility of minerals prices, the possibility that exploration efforts will not yield economically recoverable quantities of minerals, accidents and other risks associated with mineral exploration and development operations, the risk that the Company will encounter unanticipated geological factors, the Company's need for and ability to obtain additional financing, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company's exploration and development plans, other factors over which we have little or no control; and other factors discussed in the Company's filings with the Securities and Exchange Commission ("SEC").
Our management has included projections and estimates in this Form 10-Q, which are based primarily on management's experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
CASSIDY VENTURES INC.
Balance Sheets
(Unaudited)
|
|
March 31, 2015 |
|
|
June 30, 2014 |
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
Current Assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
295 |
|
|
$ |
- |
|
Total current assets |
|
|
295 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS |
|
$ |
295 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
LIABILITIES & STOCKHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
Current Liabilities |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
7,050 |
|
|
$ |
20,328 |
|
Accounts payable and accrued expenses-related party |
|
|
390,000 |
|
|
|
255,000 |
|
Shareholder advances |
|
|
65,859 |
|
|
|
24,683 |
|
Total current liabilities |
|
|
462,909 |
|
|
|
300,011 |
|
TOTAL LIABILITIES |
|
|
462,909 |
|
|
|
300,011 |
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' DEFICIT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 256,000,000 shares authorized; 135,000,000 shares issued and outstanding at March 31, 2015 and at June 30, 2014. |
|
|
135,000 |
|
|
|
135,000 |
|
Additional paid-in capital |
|
|
(24,500 |
) |
|
|
(24,500 |
) |
Accumulated deficit |
|
|
(573,114 |
) |
|
|
(410,511 |
) |
TOTAL STOCKHOLDERS' DEFICIT |
|
|
(462,614 |
) |
|
|
(300,011 |
) |
|
|
|
|
|
|
|
|
|
TOTAL LIABILITITES & STOCKHOLDERS' DEFICIT |
|
$ |
295 |
|
|
$ |
- |
|
See Notes to Financial Statements
CASSIDY VENTURES INC.
Statements of Operations
(Unaudited)
|
|
Three Months Ended |
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
March 31, 2015 |
|
|
March 31, 2014 |
|
|
March 31, 2015 |
|
|
March 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Costs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consulting fee expense |
|
$ |
45,000 |
|
|
$ |
45,000 |
|
|
$ |
135,000 |
|
|
$ |
135,000 |
|
Professional fees |
|
|
3,250 |
|
|
|
2,860 |
|
|
|
21,425 |
|
|
|
11,131 |
|
General and administative |
|
|
845 |
|
|
|
762 |
|
|
|
6,178 |
|
|
|
3,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
|
49,095 |
|
|
|
48,622 |
|
|
|
162,603 |
|
|
|
149,236 |
|
Net Loss |
|
$ |
(49,095 |
) |
|
$ |
(48,622 |
) |
|
$ |
(162,603 |
) |
|
$ |
(149,236 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
$ |
(0.00 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding |
|
|
135,000,000 |
|
|
|
135,000,000 |
|
|
|
135,000,000 |
|
|
|
135,000,000 |
|
See Notes to Financial Statements
CASSIDY VENTURES INC.
Statements of Cash Flows
(Unaudited)
|
|
Nine Months Ended |
|
|
Nine Months Ended |
|
|
|
March 31, 2015 |
|
|
March 31, 2014 |
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
Net loss |
|
$ |
(162,603 |
) |
|
$ |
(149,236 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses |
|
|
(13,278 |
) |
|
|
10,705 |
|
Accounts payable and accrued expenses-related party |
|
|
135,000 |
|
|
|
135,000 |
|
Net cash used in operating activities |
|
|
(40,881 |
) |
|
|
(3,531 |
) |
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from shareholder advances |
|
|
41,176 |
|
|
|
3,531 |
|
|
|
|
|
|
|
|
|
|
Net cash provided by financing activities |
|
|
41,176 |
|
|
|
3,531 |
|
|
|
|
|
|
|
|
|
|
Net change in cash |
|
|
295 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning of period |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of period |
|
$ |
295 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid during year for : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
|
$ |
- |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
$ |
- |
|
|
$ |
- |
|
See Notes to Financial Statements
Cassidy Ventures, Inc.
Notes to Financial Statements
March 31, 2015
(Unaudited)
NOTE 1 NATURE OF OPERATIONS
Cassidy Ventures, Inc. (the "Company") was incorporated in the State of Nevada on September 14, 2009, and its year-end is June 30. The Company has no revenues and a limited operating history.
The accompanying unaudited interim financial statements of Cassidy Ventures, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC") and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's 10K Annual Report filed with the SEC. In the opinion of management, all adjustments consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for our interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosure contained in the audited financial statements, for fiscal 2014, as reported, have been omitted.
The Company has elected to adopt application of Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements; it no longer presents or discloses inception-to-date information and other remaining disclosure requirements of Topic 915.
NOTE 2 GOING CONCERN
These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred a loss since inception resulting in an accumulated deficit of $573,114 as at March 31, 2015 and further losses are anticipated in the development of its business raising substantial doubt about the Company's ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand, loans from directors and/or private placement of common stock.
There is no guarantee that the Company will be able to raise any capital through any type of offering.
NOTE 3 RELATED PARTY TRANSACTIONS
As of March 31, 2015 and June 30, 2014, there are loans from the shareholder totalling $65,859 and $24,683 respectively. These advances are unsecured, due on demand and carry no interest or collateral.
On February 1, 2015, the Company entered into a 24 month consulting agreement with William Drury, an Officer of this Company and WICAWIBE LLC. 297 President Street, Brooklyn, NY 11231. The agreement expires on January 31, 2017 and the monthly fee is $15,000. Mr Drury has agreed to defer payment of said fees until the Company receives additional operating capital or upon completion of the extended agreement.
As of March 31, 2015 the accrued expense is $390,000. During the three and nine months ended March 31, 2015, the Company incurred $45,000 and $135,000 in consulting expense respectively.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.
The following information should be read in conjunction with (i) the financial statements of Cassidy Ventures Inc., a Nevada corporation (the "Company"), and exploration-stage company, and the notes thereto appearing elsewhere in this Form 10-Q together with (ii) the more detailed business information and the June 30, 2014 audited financial statements and related notes included in the Company's Form 10-K (File No. 333-176939; the "Form 10-K"), as filed with the Securities and Exchange Commission on October 14, 2014. Statements in this section and elsewhere in this Form 10-Q that are not statements of historical or current fact constitute "forward-looking" statements
OVERVIEW
The Company was incorporated in the State of Nevada on September 14, 2009 and established a fiscal year end of June 30. It is an exploration-stage company.
Going Concern
To date the Company has little operations or revenues and consequently has incurred recurring losses from operations. No revenues are anticipated until we complete the financing we endeavor to obtain, as described in the Form 10-K, and implement our initial business plan. The ability of the Company to continue as a going concern is dependent on raising capital to fund our business plan and ultimately to attain profitable operations. Accordingly, these factors raise substantial doubt as to the Company's ability to continue as a going concern.
Our activities have been financed from the proceeds of share subscriptions and loans from shareholders. From our inception to March 31, 2015, we raised a total of $47,500 from private offerings of our common stock, and we have incurred $65,859 in unsecured, no-term, no interest loans from related-party shareholder advances.
The Company plans to raise additional funds through debt or equity offerings. There is no guarantee that the Company will be able to raise any capital through this or any other offerings.
CRITICAL ACCOUNTING POLICIES
The discussion and analysis of our financial condition and results of operations are based on our condensed consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States ("US GAAP"). The preparation of these condensed consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. We have identified the policies below as critical to our business operations and to the understanding of our financial results:
Basis of Accounting
The Company's financial statements are prepared using the accrual method of accounting and are presented in United States Dollars.
Basic Earnings (loss) per Share
The Company computes net income (loss) per share in accordance with ASC 260, Earnings per Share. ASC 260 specifies the computation, presentation and disclosure requirements for earnings (loss) per share for entities with publicly held common stock.
Basic net earnings (loss) per share amounts are computed by dividing the net earnings (loss) by the weighted average number of common shares outstanding. Diluted earnings (loss) per share are the same as basic earnings (loss) per share due to the lack of dilutive items in the Company.
Cash Equivalents
The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
Mineral Property Costs
The Company has been in the exploration stage since its formation on September 14, 2009 and has not yet realized any revenues from its planned operations. All exploration expenditures are expensed as incurred. Costs of acquisition and option costs of mineral rights are capitalized upon acquisition. Mine development costs incurred to develop new ore deposits, to expand the capacity of mines, or to develop mine areas substantially in advance of current production are also capitalized once proven and probable reserves exist and the property is a commercially mineable property. Costs incurred to maintain current production or to maintain assets on a standby basis are charged to operations. If the Company does not continue with exploration after the completion of the feasibility study, the mineral rights will be expensed at that time. Costs of abandoned projects are charged to mining costs including related property and equipment costs. To determine if these costs are in excess of their recoverable amount periodic evaluation of carrying value of capitalized costs and any related property and equipment costs are based upon expected future cash flows and/or estimated salvage value in accordance with Accounting Standards Codification (ASC) 360, Property, Plant and Equipment.
Use of Estimates and Assumptions
The preparation of financial statements in conformity with generally accepted accounting principles 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.
Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.
Income Taxes
Income taxes are provided in accordance with ASC 740, Income Taxes. A deferred tax asset or liability is recorded for all temporary differences between financial and tax reporting and net operating loss carry forwards. Deferred tax expense (benefit) results from the net change during the year of deferred tax assets and liabilities.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Foreign Currency Translation
The Company's functional and reporting currency is the United States dollar. Occasional transactions may occur in Canadian dollars. Monetary assets and liabilities denominated in foreign currencies are translated using the exchange rate prevailing at the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are translated at rates of exchange in effect at the date of the transaction. Average monthly rates are used to translate expenses. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of net income (loss).
Fair Value of Financial Instruments
The carrying amount of cash and current liabilities approximates fair value due to the short maturity of these instruments. These fair value estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.
Environmental Costs
Environmental expenditures that relate to current operations are expensed or capitalized as appropriate. Expenditures that relate to an existing condition caused by past operations and which do not contribute to current or future revenue generation are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the cost can be reasonably estimated. Generally, the timing of these accruals coincides with the earlier of completion of a feasibility study of the Company's commitments to plan of action based on the then known facts.
Stock Based Compensation
The Company records stock-based compensation using the fair value method of valuing stock options and other equity-based compensation issued. The Company has not granted any stock options since its inception. Accordingly, no stock-based compensation has been recorded.
Start-Up expenses
As a start-up company, the costs associated with start-up activities are expensed as incurred. Accordingly, start-up costs associated with the Company's formation have been included in the Company's general and administrative expenses.
Recent Accounting Pronouncements
The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
PLAN OF OPERATION
Our plan of operation for the twelve months following the date of this filing is to complete the first and second phases of the three phased exploration program on our claim. In addition to the $19,000 we anticipate spending for the first two phases of the exploration program as outlined below, we anticipate spending an additional $16,000 on general and administration expenses including fees payable in connection with complying with reporting obligations, and general administrative costs. Total expenditures over the next 12 months are therefore expected to be approximately $35,000. If we experience a shortage of funds prior to funding we may utilize funds from our directors, however they have no formal commitment, arrangement or legal obligation to advance or loan funds to the company.
Phase 1: Localized soil surveys, trenching and sampling over known and indicated mineralized zones.
Phase 2: VLF-EM and magnetometer surveys.
Phase 3: Positive areas will need to be diamond drill tested. The amount of drilling will depend on the success of phase 1 and 2.
BUDGET
|
|
Cost ($) |
|
Phase 1 |
|
|
7,000 |
|
Phase 2 |
|
|
12,000 |
|
Phase 3 |
|
|
75,000 |
|
Total |
|
|
94,000 |
|
We commenced Phase 1 of the exploration program on August 1, 2012. Approximately, $4862 was expended on the Mobert Property between August 1, 2012 and September 21, 2012.
On September 21, 2012, the Company received its 2012 Soil Sampling Program report for soil sampling for the Mobert Property. The report, prepared by Fladgate Exploration Consulting Corporation, confirmed that soil samples were taken from the Mobert Property. The report states, in relevant part:
"B-horizon soil sampling was planned over roughly one quarter of the Property. A grid was created consisting of eleven lines spaced 100m apart, with a total of 141 planned samples spaced at 25m. Eight samples were unable to be taken due to ground conditions, leaving 133 samples taken in total.
All samples were prepared and analysed through Accurassay Laboratories, located in Thunder Bay, Ontario. All samples sent for analyses are dried at 60°C and subjected to a jaw crusher, proceeding afterwards through an 80-mesh sieve. Samples were analysed for gold, and the Accurassay procedure ALFA3 was selected for fire assay and ICP finish, with minimal sample needed (30g). Detection limits for ALFA3 range from 3 – 10,000ppb.
Results from the 2012 soil sampling program are pending."
The Company has not received the 2012 soil sampling results.
Following phase one of the exploration program, if it proves successful in identifying mineral deposits, we intend to proceed with phase two of our exploration program. Subject to the results of phase 1, we anticipate commencing with phase 2 in fall 2015. We will require additional funding to proceed with phase 3 work on the claim; we have no current plans on how to raise the additional funding. We cannot provide any assurance that we will be able to raise sufficient funds to proceed with any work after the first two phases of the exploration program.
Results of Operations
Three-Month and Nine-Month Periods Ended March 31, 2015 and 2014
We recorded no revenues for the three and nine months ended March 31, 2015 and 2014.
For the three months ending March 31, 2015, consulting fee expenses were $45,000, professional fees were $3,250, and general and administrative expenses were $845. For the three months ending March 31, 2014, consulting fee expenses were $45,000, professional fees were $2,860, and general and administrative expenses were $762.
For the nine months ending March 31, 2015, consulting fee expenses were $135,000, professional fees were $21,425, and general and administrative expenses were $6,178. For the nine months ending March 31, 2014, consulting fee expenses were $135,000, professional fees were $11,131, and general and administrative expenses were $3,105.
Liquidity and Capital Resources
At March 31, 2015, we had a cash balance of $295. We do not have sufficient cash on hand to commence Phase 1 of our exploration program or to fund our ongoing operational expenses at all. We will need to raise funds to commence our exploration program and fund our ongoing operational expenses. Additional funding will likely come from equity financing from the sale of our common stock or sale of part of our interest in our mineral claims. If we are successful in completing an equity financing, existing shareholders will experience dilution of their interest in our Company. We do not have any financing arranged and we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our exploration activities and ongoing operational expenses. In the absence of such financing, our business will likely fail. There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our exploration of our minerals claims and our business will fail.
Subsequent Events
None through date of this filing.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 3.
ITEM 4. CONTROLS AND PROCEDURES.
DISCLOSURE CONTROLS AND PROCEDURES
Under the supervision and with the participation of our management, our principal executive officer and our principal financial officer are responsible for conducting 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 Securities Exchange Act of 1934, as of the end of the fiscal year covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive officer and principal financial officer concluded as of the evaluation date that our disclosure controls and procedures were not effective as of March 31, 2015.
There were no changes in the Company's internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Company's internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS.
The Company is not currently subject to any legal proceedings. From time to time, the Company may become subject to litigation or proceedings in connection with its business, as either a plaintiff or defendant. There are no such pending legal proceedings to which the Company is a party that, in the opinion of management, is likely to have a material adverse effect on the Company's business, financial condition or results of operations.
ITEM 1A. RISK FACTORS.
As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
None.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES.
None.
ITEM 4. MINE SAFETY DISCLOSURES.
None.
ITEM 5. OTHER INFORMATION.
None.
ITEM 6. EXHIBITS.
(a) Exhibits required by Item 601 of Regulation SK.:
Number |
|
Description |
|
|
|
3.1.1 |
|
Articles of Incorporation (1) |
|
|
|
3.1.2 |
|
Certificate of Amendment (2) |
|
|
|
3.2 |
|
Bylaws (1) |
|
|
|
31.1 |
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2 |
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1 |
|
Certification of Principal Executive Officer and Principal Financial Officer 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 |
_____________
(1) Incorporated by reference to the Registrant's Form S-1 (File No. 333-176939), filed with the Commission on September 21, 2011.
(2) Incorporated by reference to the Registrant's Form 10-K (File No. 000-54838), filed with the Commission on October 15, 2013.
* 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 the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
|
CASSIDY VENTURES INC. |
|
(Name of Registrant) |
|
|
Date: July 21, 2015 |
By: |
/s/ William Drury |
|
|
Name: |
William Drury |
|
|
Title: |
Secretary and Treasurer (principal executive officer, principal accounting officer and principal financial officer) |
|
EXHIBIT INDEX
Number |
|
Description |
|
|
|
3.1.1 |
|
Articles of Incorporation (1) |
|
|
|
3.1.2 |
|
Certificate of Amendment (2) |
|
|
|
3.2 |
|
Bylaws (1) |
|
|
|
31.1 |
|
Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
31.2 |
|
Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|
|
|
32.1 |
|
Certification of Principal Executive Officer and Principal Financial Officer 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 |
_____________
(1) Incorporated by reference to the Registrant's Form S-1 (File No. 333-176939), filed with the Commission on September 21, 2011.
(2) Incorporated by reference to the Registrant's Form 10-K (File No. 000-54838), filed with the Commission on October 15, 2013.
* 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.
16
EXHIBIT 31.1
SECTION 302 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER OF CASSIDY VENTURES INC.
I, William Drury, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Cassidy Ventures Inc.; |
|
|
2. |
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
|
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a(e) and 15d(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a(f) and 15d(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: July 21, 2015 |
By: |
/s/ William Drury |
|
|
|
William Drury |
|
|
|
Secretary and Treasurer (principal executive officer, principal accounting officer and principal financial officer) |
|
EXHIBIT 31.2
SECTION 302 CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER OF CASSIDY VENTURES INC.
I, William Drury, certify that:
1. |
I have reviewed this quarterly report on Form 10-Q of Cassidy Ventures Inc.; |
|
|
2. |
Based on my knowledge, this quarterly report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this quarterly report; |
|
|
3. |
Based on my knowledge, the financial statements, and other financial information included in this quarterly report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this quarterly report; |
|
|
4. |
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a(e) and 15d(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a(f) and 15d(f)) for the registrant and have: |
|
(a) |
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
(b) |
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
(c) |
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
|
(d) |
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. |
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
|
(a) |
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
|
|
|
|
(b) |
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
Date: July 21, 2015 |
By: |
/s/ William Drury |
|
|
|
William Drury |
|
|
|
Secretary and Treasurer (principal executive officer, principal accounting officer and principal financial officer) |
|
EXHIBIT 32.1
SECTION 906 CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL
FINANCIAL OFFICER OF CASSIDY VENTURES INC.
In connection with the accompanying Quarterly Report on Form 10-Q of Cassidy Ventures Inc. for the quarter ended March 31, 2015, the undersigned, William Drury, Secretary and Treasurer of Cassidy Ventures Inc., does hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
|
(1) |
such Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
|
|
|
|
(2) |
the information contained in such Quarterly Report on Form 10-Q for the quarter ended March 31, 2015 fairly presents, in all material respects, the financial condition and results of operations of Cassidy Ventures Inc. |
Date: July 21, 2015 |
By: |
/s/ William Drury |
|
|
|
Secretary and Treasurer |
|
|
|
(principal executive officer, principal accounting officer and principal financial officer) |
|
Artisan Consumer Goods (PK) (USOTC:ARRT)
Historical Stock Chart
From Jul 2024 to Aug 2024
Artisan Consumer Goods (PK) (USOTC:ARRT)
Historical Stock Chart
From Aug 2023 to Aug 2024