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 December 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 Number: 333-59114
AMAIZE BEVERAGE CORPORATION |
(Exact name of small business issuer as specified in charter) |
Nevada | | 33-0730042 |
(State or other jurisdiction of | | (I.R.S. Employer |
incorporation or organization) | | Identification No.) |
5042 Wilshire Blvd. #34708, Los Angeles, CA | | 90036 |
(Address of principal executive offices) | | (Zip Code) |
(949) 287-3164
(Issuer'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 registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports,), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No ¨
Indicate by check mark whether the registrant is a larger accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "larger accelerated filer" and "smaller or a 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 Exchange Act) Yes ¨ No x
Indicate the number of shares of the registrant's common stock outstanding of each of the insurer's common stock, as of the latest practicable date.
The number of shares outstanding of the registrant's only class of common stock, $0.001 par value per share, was 15,558,030 as of February 5, 2016. The registrant has no outstanding non-voting common equity.
AMAIZE BEVERAGE CORPORATION
(formerly) SNACKHEALTHY, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED DECEMBER 31, 2015
TABLE OF CONTENTS
| | | PAGE | |
| | | | |
PART I. FINANCIAL INFORMATION | | | | |
| | | | | |
Item 1. | Financial Statements | | | 3 | |
| | | | | |
| (a) Condensed Balance Sheets (unaudited) | | | 3 | |
| (b) Condensed Statements of Operations (unaudited) | | | 4 | |
| (c) Condensed Statements of Cash Flows (unaudited) | | | 5 | |
| (d) Notes to Condensed Financial Statements (unaudited) | | | 6 | |
| | | | | |
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | | | 11 | |
| | | | | |
Item 3. | Quantitative and Qualitative Disclosures about Market Risk | | | 17 | |
| | | | | |
Item 4. | Controls and Procedures | | | 19 | |
| | | | | |
PART II. OTHER INFORMATION | | | | |
| | | | | |
Item 1. | Legal Proceedings | | | 21 | |
| | | | | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | | | 21 | |
| | | | | |
Item 3. | Defaults On Senior Securities | | | 21 | |
| | | | | |
Item 4. | Mine Safety Disclosures | | | 21 | |
| | | | | |
Item 5. | Other Information | | | 21 | |
| | | | | |
Item 6. | Exhibits | | | 22 | |
| | | | | |
Signatures | | | 23 | |
PART I - FINANCIAL INFORMATION
ITEM 1 - FINANCIAL STATEMENTS
Amaize Beverage Corporation (formerly SnackHealthy, Inc.)
Balance Sheets
(Unaudited)
| | December 31, | | | June 30, | |
| | 2015 | | | 2015 | |
ASSETS |
Current Assets | | | | | | |
Cash | | $ | 2,001 | | | $ | 2,001 | |
Total Current Assets | | | 2,001 | | | | 2,001 | |
| | | | | | | | |
Property and Equipment | | | | | | | | |
Office equipment (net of accumulated depreciation) | | | 6,537 | | | | 7,961 | |
Total Fixed Assets | | | 6,537 | | | | 7,961 | |
| | | | | | | | |
Total Assets | | $ | 8,538 | | | $ | 9,962 | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS' DEFICIT |
Current Liabilities | | | | | | | | |
Accounts payable | | $ | 131,437 | | | $ | 123,496 | |
Accounts payable - related party | | | 6,625 | | | | 8,875 | |
Accrued liabilities | | | 6,545 | | | | 6,545 | |
Directors' fees | | | - | | | | 157,500 | |
Liability for lawsuit judgement | | | 200,761 | | | | 200,761 | |
Liability for lease judgement | | | 181,968 | | | | 181,968 | |
Payroll taxes | | | 3,592 | | | | 3,592 | |
Shareholder loans | | | 41,560 | | | | 23,027 | |
Total Current Liabilities | | | 572,488 | | | | 705,764 | |
| | | | | | | | |
Total Liabilities | | | 572,488 | | | | 705,764 | |
| | | | | | | | |
Commitments and Contingencies | | | - | | | | - | |
| | | | | | | | |
Stockholders' Deficit | | | | | | | | |
Preferred stock, $0.001 Par value, 25,000,000 authorized: No shares issued | | | - | | | | - | |
Common stock, $0.001 par value: 200,000,000 shares authorized 15,558,030 and 11,261,030 issued and outstanding at December 31, 2015 and June 30, 2015 respectively. | | | 15,558 | | | | 11,261 | |
Additional paid-in capital | | | 52,478,532 | | | | 50,744,846 | |
Deficit accumulated | | | (53,058,040 | ) | | | (51,451,909 | ) |
Total Stockholders' Deficit | | | (563,950 | ) | | | (695,802 | ) |
| | | | | | | | |
Total Liabilities and Stockholders' Deficit | | $ | 8,538 | | | $ | 9,962 | |
The accompanying notes are an integral part of these unaudited financial statements.
Amaize Beverage Corporation
(formerly SnackHealthy, Inc.)
Statements of Operations
(Unaudited)
| | For the three months ended December 31, 2015 | | | For the three months ended December 31, 2014 | | | For the six months ended December 31, 2015 | | | For the six months ended December 31, 2014 | |
| | | | | | | | | | | | | |
| | | | | | | | | | | | |
Revenues | | $ | - | | | $ | - | | | $ | - | | | $ | - | |
Cost of revenues | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
Gross profit | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
General and administrative expenses | | | 1,100,511 | | | | 87,135 | | | | 1,590,006 | | | | 145,695 | |
Loss on settlement of liabilities with equity- related party | | | - | | | | - | | | | 16,125 | | | | | |
Total operating expenses | | | 1,100,511 | | | | 87,135 | | | | 1,606,131 | | | | 145,695 | |
| | | | | | | | | | | | | | | | |
Operating loss | | | (1,100,511 | ) | | | (87,135 | ) | | | (1,606,131 | ) | | | (145,695 | ) |
| | | | | | | | | | | | | | | | |
Provision for income taxes | | | - | | | | - | | | | - | | | | - | |
| | | | | | | | | | | | | | | | |
Net loss | | $ | (1,100,511 | ) | | $ | (87,135 | ) | | $ | (1,606,131 | ) | | $ | (145,695 | ) |
| | | | | | | | | | | | | | | | |
Net loss per share - basic and diluted | | $ | (0.08 | ) | | $ | (0.02 | ) | | $ | (0.13 | ) | | $ | (0.03 | ) |
| | | | | | | | | | | | | | | | |
Weighted average number of common shares outstanding, basic and fully diluted | | | 13,060,628 | | | | 5,480,913 | | | | 12,294,253 | | | | 5,474,164 | |
The accompanying notes are an integral part of these unaudited financial statements.
Amaize Beverage Corporation
(formerly SnackHealthy, Inc.)
Statements of Cash Flows
(Unaudited)
| | For the Six Months ended December 31, 2015 | | | For the Six Months ended December 31, 2014 | |
Cash Flows from Operating Activities | | | | | | |
Net loss | | $ | 1,606,131 | | | $ | (145,695 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | |
Depreciation | | | 1,424 | | | | 1,424 | |
Amortization of websites and license | | | - | | | | 1,250 | |
Shares issued for accounts payable - related party | | | 8,875 | | | | - | |
Loss on settlement of liabilities for equity | | | 16,125 | | | | - | |
Shares issued for services | | | 112,500 | | | | 44,250 | |
Shares issued for Directors' fees | | | 162,000 | | | | - | |
Shares issued for services - related party | | | 1,438,483 | | | | - | |
Changes in operating assets and liabilities | | | | | | | | |
Increase (decrease) in accured liabilities | | | - | | | | 19,320 | |
Increase in accounts payable | | | 7,941 | | | | 36,942 | |
Decrease in Directors' fees | | | (157,500 | ) | | | - | |
Decrease in accounts payable - related party | | | (2,250 | ) | | | - | |
Net Cash Used in Operations | | | (18,533 | ) | | | (42,509 | ) |
| | | | | | | | |
Cash Flows from Investing Activities | | | - | | | | - | |
Net Cash Provided by (Used In) Financing Activities | | | - | | | | - | |
| | | | | | | | |
Cash Flows from Financing Activities | | | | | | | | |
Shareholder loans advanced | | | 18,533 | | | | 42,509 | |
Net Cash Provided by Financing Activities | | | 18,533 | | | | 42,509 | |
| | | | | | | | |
Net Increse (Decrease) in Cash | | | - | | | | - | |
| | | | | | | | |
Cash - Beginning of Period | | | 2,001 | | | | 1,815 | |
| | | | | | | | |
Cash - Ending of Period | | $ | 2,001 | | | $ | 1,815 | |
| | | | | | | | |
Supplemental Disclosure: | | | | | | | | |
Income taxes paid | | $ | - | | | $ | - | |
Interest paid | | $ | - | | | $ | - | |
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | | | | | | | | |
Shares issued for services | | $ | 112,500 | | | $ | 44,250 | |
Shares issued for services - related party | | $ | 1,438,483 | | | $ | - | |
Settlement of Directors' fees for shares | | $ | 162,000 | | | $ | - | |
Settlement of accounts payable for shares - related party | | $ | 8,875 | | | $ | - | |
Loss on settlement of liabilities with equity - related party | | $ | 16,125 | | | $ | - | |
The accompanying notes are an integral part of these unaudited financial statements.
AMAIZE BEVERAGE CORPORATION
(formerly SnackHealthy, Inc.)
FOOTNOTES TO UNAUDITED FINANCIAL STATEMENTS
For the Six Month Periods Ended December 31, 2015 and 2014
Note 1. The Company
On October 4, 2013, Healthient, Inc. ("the Company") changed its name to SnackHealthy, Inc. and dissolved its sole wholly-owned subsidiary SnackHealthy, Inc., a Nevada corporation. As of June 26, 2015, a majority of the shareholders of the Company representing not less than 9,327,859 shares of common stock (82.83%) consented in writing to change the Company's name to Amaize Beverage Corporation. Such approval and consent constitute the approval and consent of a majority of the total number of shares of outstanding common stock and are sufficient under the Nevada General Corporation Law and the Company's Bylaws to approve the above action. On August 13, 2015, Amaize Beverage Corporation, previously known as SnackHealthy, Inc., a Nevada corporation filed an amendment to its articles of incorporation (the "Amendment") with the Secretary of State of the state of Nevada. The Amendment provided for the change of the Company's name from SnackHealthy, Inc., to Amaize Beverage Corporation. The name change and the change of the Company's trading symbol were subsequently declared effective by the Financial Industry Regulatory Authority as of August 19, 2015.
The Company has developed a healthy beverage product line containing a unique strain of purple corn which is high in antioxidant value. The beverages are all natural, low calorie, gluten free, and non-GMO. The Company plans to distribute and sell the beverages through large retailers and club stores in the United States.
Note. 2 Significant Accounting Policies
Basis of Presentation
The accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America for interim financial information. Therefore, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles in the United States for fiscal yearend financial statements. However, the Company has recorded all transactions and adjustments necessary to fairly present the financial statements included in this Form 10-Q. The adjustments made are normal and recurring. The following notes describe only the material changes in accounting policies, account details or financial statement notes during the six month period ended December 31, 2015. Therefore, please read these financial statements and notes to the financial statements together with the audited financial statements and notes thereto in our Annual Report on Form 10-K for the year ended June 30, 2015. The income statement for the three and six months ended December 31, 2015 cannot necessarily be used to project results for the full year.
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, the disclosure of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
Basic and Diluted Net Loss per Common Share
Net loss per common share is computed pursuant to FASB Accounting Standards Codification No. 260, Earnings per Share. Basic net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed in the same way as for basic net loss.
Reclassifications
Certain amounts previously presented for prior period have been reclassified. The reclassifications had no effect on net loss, total assets, or stockholders' deficit.
Recent Accounting Pronouncements
The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
Note 3. Going Concern
The financial statements have been prepared assuming that the Company will continue as a going concern 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 incurred a net loss of $1,606,131 for the six months ended December 31, 2015 and accumulated losses of $53,058,040 since inception to December 31, 2015. Net cash used in operations for the six months ended December 31, 2015 was $18,533 and as of December 31, 2015, we had a working capital deficit of $570,487. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and implement its business plan.
Management believes that the actions presently being taken and the success of future operations will be sufficient to enable the Company to continue as a going concern, however, there can be no assurance that the raising of equity will be successful or that the Company will be able to achieve profitability. Failure to achieve the needed equity funding or establish profitable operations would have a material adverse effect on the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Note 4. Commitments and Contingencies
On July 16, 2015 the Company's Board of Directors approved the major terms of the compensation of Ms. West, our Founder, Chairman of the Board of Directors, former Chief Executive Officer and now Executive Vice President, which includes an annual salary equal to 400,000 shares of the Company's stock paid on a monthly basis, a stock grant of 500,000 shares of the Company's common stock, which vest over a period of five years and a one-time bonus of 150,000 shares of the Company's stock. On July 20, 2015, the Company authorized the issuance of 100,000 shares valued at $100,000 to Northeast Capital Group, a company owned and controlled by Ms. West as part of the compensation.
On November 11, 2015 the Company's Board of Directors approved an amendment to the terms of the non-cash compensation for Ms. West. The amendment provides for cancellation of the previous restricted stock grant of 500,000 shares of the Company's stock vesting over five years and replaces it with a restricted stock grant of 3,500,000 shares of the Company's stock vesting over a period of five years. On November 11, 2015, the Company authorized the issuance of 3,170,539 shares valued at $1,077,983 to Panacea Holdings, Inc., a company owned and controlled by Ms. West as part of the compensation. The Company has not yet finalized the employment agreements with the Company's Chief Executive Officer, Richard Damion and A. R. Grandsaert, the Company's President.
Lease Commitments
The Company gave up its leased office space in Jupiter, Florida in January 2014, and acquired a new office in Newport Beach, California. The Florida leaseholder obtained a judgment in the amount of $181,968 for the remainder of the monthly lease payments through June 2016 pursuant to the terms of the lease agreement plus legal fees of $1,487. The Company has recorded the full amount of the judgment, however it believes that when the facility is re-leased it may not have to pay the full amount. Upon the leaseholder's execution of a new lease with a new tenant, the Company plans to file for the release of the amount of the judgment over and above the actual loss incurred by the leaseholder. There is no guarantee the property will be re-leased or that such a filing will be successful and that the Company will be able to mitigate its loss in this way.
In January 2014, the Company entered into a lease at the rate of $1,439 per month which ended December 2014. In January 2015, the Company was equipped to operate in a virtual environment. We believe that our existing arrangement which provides for virtual pbx telephone, à la carte conference space, address services, mail forwarding and hosting facilities to be highly cost effective and adequate to meet our current needs. The Company plans to seek suitable additional space when needed.
The Company has not invested in any real property at this time, nor does the Company intend to do so. The Company has no formal policy with respect to investments in real estate or investments with persons primarily engaged in real estate activities.
Legal
In June of 2013, a former officer of the Company filed a lawsuit against the Company and its President and directors alleging several counts, including a breach of contract and fiduciary duty, and seeking damages in the amount of $122,300 and other unspecified damages. On March 20, 2015 the court entered a final judgment in the amount of $200,761 comprised of the principal amount of $122,344 plus prejudgment interest from September 15, 2012 through the date of judgment in the amount of $54,421, costs in the amount of $773, and attorney's fees of $23,222. The court dismissed the case against any party not listed in the final order and the case is now closed as to all parties. As of March 31, 2015 the Company had accrued in full for this liability of $200,761 in its financial statements and signed a settlement agreement.
Note 5. Stockholders' Deficit
The Company has authorized 200,000,000 shares of common stock with a par value of $0.001 and 25,000,000 shares of preferred stock with a par value of $0.001.
During the year ended June 30, 2015, the Company issued 115,000 shares of common stock for services valued at $199,250 and 2,500,000 shares of common stock for services to a related party valued at $1,250,000. Shareholder loans from a related party in the amount of $127,146 were settled by the issuance of 3,178,650 shares of common stock resulting in a non-cash loss on settlement of liabilities of $1,462,179.
During the six months ended December 31, 2015 the Company issued 3,683,039 shares of common stock valued at $1,438,483 for services rendered by related parties, 112,500 shares of common for services valued at $112,500, 476,461 shares of common stock in payment of Directors' fees and 25,000 shares of common stock in payment of an account payable to a related party valued at $25,000 resulting in a non-cash loss on settlement of liabilities of $16,145.
At December 31, 2015 the Company had a balance of 4,716,000 common shares remaining to be issued in satisfaction of a settlement agreement. Under the agreement, the shares can be drawn upon at any time, provided that the number of shares of common stock of the Company beneficially owned by the purchaser of the Siesta Flow LLC claim does not exceed 9.99%. The number of shares required to settle this liability has not been changed by the Company's recent reverse spilt in the number of its issued and outstanding shares of common stock.
Non-Employee Stock Options and Warrants
The Company accounts for non-employee stock options and warrants under ASC 718, whereby option and warrant costs are recorded based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Unless otherwise provided for, the Company covers option and warrant exercises by issuing new shares.
There are no warrants or stock options issued or outstanding.
Note 6. Loans from Directors and Shareholders
During the six months ended December 31, 2015 a shareholder advanced the Company $18,533.
During the year ended June 30, 2015, the Company issued 3,178,650 shares of common stock valued at $1,589,325 in settlement of shareholder loans of $127,146 resulting in a non-cash loss of $1,462,179 on settlement of liabilities with equity. As of December 31, 2015 the balance of the loan outstanding was $41,560. The loan is non-interest bearing and due on demand.
Share valuations are determined by the closing quoted share price of the stock on the date the issuance is authorized by the Board of Directors.
Note 7. Income Taxes
The components of the deferred tax asset are as follows:
| | December 31, 2015 | | | June 30, 2015 | |
Deferred tax assets | | | | | | |
Net operating loss carry-forward and other nominal temporary differences | | $ | 10,185,000 | | | $ | 9,860,000 | |
Valuation allowance | | | (10,185,000 | ) | | | (9,860,000 | ) |
Net deferred tax assets | | $ | - | | | $ | - | |
The Company had available approximately $50,925,000 at December 31, 2015 and $49,300,000 at June 30, 2015 of unused federal and Florida net operating loss carry-forwards that may be applied against future taxable income. These net operating loss carry-forwards expire through 2033. There is no assurance that the Company will realize the benefit of the net operating loss carry-forwards. ASC No. 740 requires a valuation allowance to be recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. The change in the valuation allowance was $325,000 for the six month period ended December 31, 2015.
Reconciliation of the differences between the statutory tax rate and the effective income tax rate is as follows at December 31, 2015 and June 30, 2015 respectively:
Statutory rate | | | 15 | % |
State taxes, net of federal tax benefit | | | 5 | % |
Effective tax rate | | | 20 | % |
Note 8. Subsequent Events
The Company has evaluated subsequent events from December 31, 2015 through the date the financial statements were available to be issued and has determined that, other than as disclosed above, there have been no subsequent events after December 31, 2015 for which disclosure is required.
ITEM 2 - MANAGEMENT'S DISCUSSION OF FINANCIAL CONDITION AND RESULTS OF OPERATION
Forward-Looking Statements
This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect" or "anticipate" and any other similar words. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward- looking statements include, among others, the following:
● | product liability claims; |
| |
● | our relationship with, and our ability to influence the actions of, our distributors; |
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● | adverse publicity associated with our industry, products or ingredients; |
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● | improper action by our employees in violation of applicable law; |
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● | changing consumer preferences and demands; |
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● | loss or departure of any member of our senior management team which could negatively impact our distributor and/or buyer relations and operating results; |
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● | the competitive nature of our business; |
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● | regulatory matters governing our products, including potential governmental or regulatory actions concerning the safety or efficacy of our products or ingredients; |
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● | risks associated with operating internationally and the effect of economic factors, including foreign exchange, inflation, pricing and currency devaluation risks; |
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● | our dependence on increased penetration of existing markets; |
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● | contractual limitations on our ability to expand our business; |
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● | our reliance on our information technology infrastructure and outside manufacturers; |
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● | the sufficiency of trademarks and other intellectual property rights; |
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● | product concentration; |
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● | our reliance on our management team; |
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● | uncertainties relating to the application of transfer pricing, duties, value added taxes, and other tax regulations, and changes thereto; |
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● | changes in tax laws, treaties or regulations, or their interpretation; |
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● | any collateral impact resulting from the ongoing worldwide financial "crisis," including the availability of liquidity to us, our customers and our suppliers or the willingness of our customers to purchase products in a recessionary economic environment; and; |
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● | whether we will purchase any of our shares in the open markets or otherwise. |
OVERVIEW
As a development stage food and beverage company we have been primarily engaged in developing our infrastructure and our product portfolio which was designed to help people achieve and maintain their healthy weight. We commenced sales of two products from our product lines in the third quarter of fiscal year 2011 and had net revenue of $314,980 for the fiscal year ended June 30, 2012.
During 2013, we began to implement our strategic plan, which provides for future growth of our existing core brands through a new expanded distribution method, innovation and advertising. Our primary focus was on decreasing general and administrative costs associated with network marketing and improving sales and profit margins through pricing strategies and enhanced packaging and product configuration. To accomplish this we began the process of phasing out the network marketing sales in order to better position the Company to serve retailers and ultimately, the end consumer. We completed this project in the last quarter of fiscal 2013 in order to focus on mass retail distribution of beverages. To more effectively facilitate the process of shifting to retail distribution, in November 2013, Richard Damion joined our Company as the acting Chief Executive Officer. He was then approved by the Board of Directors as the Company's Chief Executive Officer in January, 2014. Since the hiring of Mr. Damion, the Company has focused on the export of branded organic and natural food products mainly in Asia and the development of a new line of healthy beverages.
During this time of transition into the beverage market, we generated no revenues during the fiscal years ended June 30, 2015 or 2014.
We determined during the first quarter of 2015 that we would transition out of our lower margin, perishable snack food product lines and have focused our resources solely on developing our new healthy beverages. Amaize Beverage Corporation will continue to focus on developing its healthy beverage product line with a plan to sell to large retailers and club stores in the United States. The Company recently completed development of a unique "better for you" beverage with purple corn as its primary ingredient. Purple corn has historical roots of over thousands of years yet is newly rediscovered for its incredible health benefits. Leading Research & Development companies in the United States have been gathering data on its health benefits and working on integrating its benefits into a number of consumer products. The beverage, with super antioxidant status, is a unique blend of fruits and spices, offering extraordinary health benefits and great taste. Our initial portfolio design includes three beverage lines; Amaize™ 100% Natural Purple Corn Beverage, Amaizing Tea™ and Amaizing Lemonade™. We plan to launch our Amaize™ 100% Natural Purple Corn Drink ahead of our blended teas and blended lemonades to establish our distribution network with a one of a kind product and to later, 'red-carpet' our tea and lemonade beverages through an established distribution system. The fact that the average American drinks over seven drinks per day allows plenty of opportunity to market a healthy drink, helping us to achieve our mission of providing a positive healthy delicious beverage. While there can be no assurance, management believes that this strategy will ultimately prove successful. The launch of these beverages is subject to the Company's ability to obtain the necessary funding.
Amaize Beverage Corporation is a virtual company with a focus on staying lean through the use of cloud based technologies, maintaining low overhead, subcontracting services, creating sales through commissioned brokers, developing products through reputable co-packers and keeping little to no inventory except for use in sales and business development activities.
Industry wide factors that affect us include the increasing prevalence of obesity in adults and children and demand for healthier, all-natural products which are driving the demand for healthier food and beverage alternatives worldwide.
Significant Accounting Policies
For the Company's significant accounting policies see "Footnote 2" to the accompanying December 31, 2015 condensed unaudited financial statements.
Presentation
"Net sales," reflect distribution allowances, handling and shipping income, represent what we collect and recognize as net revenues in our financial statements.
Our "gross profit" consists of net sales less "cost of sales," which represents the prices we pay to our raw material suppliers and manufacturers of our products as well as costs related to product shipments to our warehouse and distribution center, duties and tariffs, expenses relating to shipment of products to customers and importers and similar expenses.
"Selling fees" consist of commissions, overrides and production bonuses.
Our "operating margins" consist of net sales, less cost of sales and selling fees.
"General and administrative expenses" represent our operating expenses, components of which include labor and benefits, sales and marketing events, professional fees, travel and entertainment, marketing, occupancy costs, communication costs, bank fees, depreciation and amortization and other miscellaneous operating expenses.
RESULTS OF OPERATIONS
Our results of operations for the periods below are not necessarily indicative of results of operations for future periods, which depend on numerous factors, including our ability to distribute our products through major retailers, open new markets, penetrate existing markets, and our ability to secure, develop and introduce new products.
Three Months Ended December 31, 2015 Compared to Three Months Ended December 31, 2014
and Six Months Ended December 31, 2015 Compared to Six Months Ended December 31, 2014
Revenue
The Company revised its sales method from network marketing sales through individual brand partners to direct to consumer and retail store sales at the end of its fiscal year June 30, 2013. The Company had no revenues in the three months ended December 31, 2015 and December 31, 2014, nor did it have revenues during the six months ended December 31, 2015 or 2014.
Cost of Revenues
The Company recognized no cost of sales in the three and six months periods ended December 31, 2015 or 2014 as it recognized no sales during these periods.
Gross Profit
The Company recognized no gross profit in the three and six months ended December 31, 2015 and 2014 due to the factors described above.
Selling Expenses
The Company incurred no selling expenses in the three months and six months ended December 31, 2015 and 2014 as it had no sales activity in these periods.
General and Administrative Expenses
General and administrative expenses comprised the following for the three months ended December 31, 2015 and 2014:
| GENERAL AND ADMINISTRATIVE | |
| December 31, 2015 | | | December 31, 2014 | |
| | | | | |
Independent contractors | $ | 1,082,483 | | | $ | 44,500 | |
Directors' fees | | 4,500 | | | | - | |
Professional fees | | 10,161 | | | | 26,566 | |
Technology | | 2,308 | | | | 3,457 | |
Travel and entertainment | | 207 | | | | 5,863 | |
Office expenses | | 140 | | | | - | |
Telephone | | - | | | | 391 | |
Rent | | - | | | | 5,021 | |
Amortization | | - | | | | 625 | |
Depreciation | | 712 | | | | 712 | |
| $ | 1,100,511 | | | $ | 87,135 | |
General and administrative expenses consist primarily of professional advisor fees, audit fees and travel associated with exploring new opportunities. Our general and administrative expenses for the three months ended December 31, 2015 were $1,013,376 more than for the three months ended December 31, 2014. The increase was primarily due to the non-cash payment of services to a related party valued at $1,077,983 classified as independent contractors. The increase was offset by decreases in most other expenses.
General and administrative expenses comprised the following for the six months ended December 31, 2015 and 2014.
| GENERAL AND ADMINISTRATIVE | |
| December 31, 2015 | | | December 31, 2014 | |
| | | | | |
Independent contractors | $ | 1,445,108 | | | $ | 48,250 | |
Directors' fees | | 4,500 | | | | - | |
Professional fees | | 17,945 | | | | 33,432 | |
Technology | | 66,760 | | | | 5,876 | |
Product development | | 50,000 | | | | - | |
Travel and entertainment | | 3,635 | | | | 26,112 | |
Office expenses | | 289 | | | | 466 | |
Telephone | | 345 | | | | 1,106 | |
Rent | | - | | | | 10,085 | |
Amortization | | - | | | | 1,250 | |
Depreciation | | 1,424 | | | | 1,424 | |
Other | | - | | | | 17,694 | |
| $ | 1,590,006 | | | $ | 145,695 | |
General and administrative expenses consist primarily of professional advisor fees, audit fees and travel associated with exploring new opportunities. Our general and administrative expenses for the six months ended December 31, 2015 were $1,144,311 more than for the six months ended December 31, 2014. The increase was primarily due to the non-cash payment of services to related parties valued at $1,438,483 classified as independent contractors, increase in product development of $50,000, increase in technology expense of $60,884, offset by decreases in other expenses.
Settlement of Liabilities with Equity
During the six months ended December 31, 2015 the Company issued 25,000 common shares valued at $25,000 in settlement of loans payable to a related party of $8,575 resulting in a non-cash loss on settlement of liabilities of $16,425. During the three and six month ended December 31, 2015 the Company issued 476,461 restricted shares of common stock in payment of Directors' fees in the amount of $162,000.
Provision for Income Taxes
We incurred taxable losses; consequently no liability to taxation was incurred during the three and six months ended December 31, 2015 or 2014.
Net Loss
The net loss for the three months ended December 31, 2015 was $1,100,511 as compared to $87,135 for the three months ended December 31, 2014. The net loss for the six months ended December 31, 2015 was $1,606,131 as compared to $154,695 for the six months ended December 31, 2014. The variances between the periods arose due the factors described above.
Liquidity and Capital Resources
The Company had a cash balance of $2,001 at December 31, 2015 and a working capital deficit as follows:
$ | 2,001 | |
| 572,488 | |
$ | (570,487 | ) |
The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and to successfully implement its business plan. Management believes that the actions presently being taken and the success of future operations may be sufficient to enable the Company to continue as a going concern. However, there can be no assurance that the raising of equity will be successful. Failure to achieve the needed equity funding could have a material adverse effect on the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Cash Flows
The following table summarizes selected items from our accompanying Statement of Cash Flows for the six months ended December 31, 2015 and December 31, 2014.
Net cash provided by (used in): | | December 31, 2015 | | | December 31, 2014 | |
Operating activities | | $ | (18,533 | ) | | $ | (42,509 | ) |
Investment activities | | | - | | | | - | |
Financing activities | | | 18,533 | | | | 42,509 | |
Total change in cash | | $ | - | | | $ | - | |
During the six months ended December 31, 2015 and 2014, the Company's operating expenses were paid by a shareholder from their bank account in the amounts of $18,533 and $42,509 respectively. Accordingly, there was no movement in the Company's own bank account during the period.
Off Balance Sheet Arrangements
At December 31, 2015 we had no material off balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K.
ITEM 3 - Quantitative and Qualitative Disclosures about Market Risk
As a Smaller Reporting Company, as defined by Rule 12b-2 of the Exchange Act and in Item 10 (f) (1) of Regulation S-K, we are electing scaled disclosure reporting obligations and therefore are not required to provide the information requested by this Item.
This document contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are "forward-looking statements" for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Forward-looking statements may include the words "may," "will," "estimate," "intend," "continue," "believe," "expect" or "anticipate" and any other similar words. Although we believe that the expectations reflected in any of our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Our future financial condition and results of operations, as well as any forward-looking statements, are subject to change and to inherent risks and uncertainties, such as those disclosed or incorporated by reference in our filings with the Securities and Exchange Commission. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward- looking statements include, among others, the following:
● | product liability claims; |
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● | our relationship with, and our ability to influence the actions of, our distributors; |
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● | adverse publicity associated with our industry, products or ingredients; |
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● | improper action by our employees in violation of applicable law; |
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● | changing consumer preferences and demands; |
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● | loss or departure of any member of our senior management team which could negatively impact our distributor and/or buyer relations and operating results; |
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● | the competitive nature of our business; |
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● | regulatory matters governing our products, including potential governmental or regulatory actions concerning the safety or efficacy of our products or ingredients; |
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● | risks associated with operating internationally and the effect of economic factors, including foreign exchange, inflation, pricing and currency devaluation risks; |
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● | our dependence on increased penetration of existing markets; |
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● | contractual limitations on our ability to expand our business; |
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● | our reliance on our information technology infrastructure and outside manufacturers; |
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● | the sufficiency of trademarks and other intellectual property rights; |
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● | product concentration; |
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● | our reliance on our management team; |
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● | uncertainties relating to the application of transfer pricing, duties, value added taxes, and other tax regulations, and changes thereto; |
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● | changes in tax laws, treaties or regulations, or their interpretation; |
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● | any collateral impact resulting from the ongoing worldwide financial "crisis," including the availability of liquidity to us, our customers and our suppliers or the willingness of our customers to purchase products in a recessionary economic environment; and; |
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● | whether we will purchase any of our shares in the open markets or otherwise. |
ITEM 4 - Controls and Procedures
Evaluation of Disclosure Controls and Procedures
A system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-l5(e)) under the Securities Exchange Act of 1934,as amended the "Exchange Act" are controls and other procedures that are designed to provide reasonable assurance that the information that the Company is required to disclose in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated to the Company's management, including the Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can only provide reasonable assurance of achieving their control objectives, and management necessarily is required to use its judgment in evaluating the cost-benefit relationship of possible controls and procedures. In addition, the design of any system of controls is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Moreover, over time, controls may become inadequate because of changes in conditions, or the degree of compliance with policies or procedures may deteriorate. Because of the inherent limitations in a control system, misstatements due to error or fraud may occur and not be detected.
The Company's Chief Executive Officer and Chief Financial Officer are responsible for establishing and maintaining disclosure controls and procedures for the Company, and have concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were not effective as of the end of the period covered by this report, based on their evaluation of these controls and procedures required by paragraph (b) of Rules 13a-15(f) and 15d-15(f), due to certain material weaknesses in our internal control over financial reporting as discussed below.
Internal Control over Financial Reporting
The Company's management is responsible for establishing and maintaining adequate internal controls over financial reporting for the Company. Due to limited resources, Management conducted an evaluation of internal controls based on criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"). The results of this evaluation determined that our internal control over financial reporting was ineffective as of December 31, 2015, due to material weaknesses. A material weakness in internal control over financial reporting is defined as a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements will not be prevented or detected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less severe than a material weakness, yet important enough to merit attention by those responsible for oversight of our financial reporting.
Management's assessment identified the following material weaknesses in internal control over financial reporting:
| ● | The small size of our Company limits our ability to achieve the desired level of separation of internal controls and financial reporting. We currently do not have independent directors on our Board of Directors to review and oversee the financial policies and procedures of the Company. |
| ● | We do not have a functional audit committee since our Board of Directors acts as the audit committee. |
| ● | We have not achieved the desired level of documentation of our internal controls and procedures. When the Company obtains sufficient funding, this documentation will be strengthened through utilizing a third party consulting firm to assist management with its internal control documentation and further help to limit the possibility of any lapse in controls occurring. |
As a result of the material weaknesses in internal control over financial reporting described above, the Company's management has concluded that, as of December 31, 2015, the Company's internal control over financial reporting was not effective based on the criteria in Internal Control - Integrated Framework issued by the COSO.
To date, the Company has not been able to establish an Audit Committee with an independent director due its limited financial resources. When the Company obtains sufficient funding, Management intends to add establish its Audit Committee and charge them with assisting the Company in addressing the material weaknesses noted above. The Company's lack of current financial resources makes it impossible for the Company to hire the appropriate personnel needed to overcome these weaknesses and ensure that appropriate controls and separation of responsibilities of a larger organization exist. We also will continue to follow the standards for the Public Company Accounting Oversight Board (United States) for internal control over financial reporting to include procedures that:
| ● | Pertain to the maintenance of records in reasonable detail accurately that fairly reflect the transactions and dispositions of the Company's assets; |
| ● | Provide reasonable assurance that transactions are recorded as necessary to permit preparation of the financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and the Board of Directors; 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. |
Changes in Internal Control over Financial Reporting
Our management determined that there were no changes made in our internal controls over financial reporting during the three months ended December 31, 2015 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.
This quarterly report does not include an attestation report of the Company's 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 rules of the Securities and Exchange Commission that permit the Company to provide only management's report in this period report.
PART II - OTHER INFORMATION
ITEM 1 - LEGAL PROCEEDINGS
In June 2013, a former officer of the Company filed a lawsuit against the Company and its President and directors alleging several counts, including a breach of contract and fiduciary duty, and seeking damages in the amount of $122,300 and other unspecified damages. On March 20, 2015 the court entered a final judgment in the amount of $200,761 comprised of the principal amount of $122,344 plus prejudgment interest from September 15, 2012 through the date of judgment in the amount of $54,421, costs in the amount of $773, and attorney's fees of $23,222. A full provision for this liability has been recorded in our financial statements during the year ended June 30, 2015. The court dismissed the case against any party not listed in the final order and the case is now closed as to all parties (see Note 4. Commitments and Contingencies to the financial statements).
On July 24, 2014, A&M Acquisitions LLC, obtained a judgment against the Company, a director and former director for default of the remainder of the Florida office lease through July 2016 in the amount of $181,968 including attorney's fees of $1,488 (see Note 4. Commitments and Contingencies to the financial statements). A full provision for this liability was recorded in our financial statements during the year ended June 30, 2014.
ITEM 2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On December 2, 2015 the Company issued 3,170,539 shares of common stock for services to a related party valued at $1,077,983 and 476,461 shares of common stock for the payment of Directors' fees in the amount of $162,000.
The shares of the Company's common stock were issued and sold in reliance upon the exemption provided by Section 4(a)(2) and Regulation D of the Securities Act of 1933.
ITEM 3 - DEFAULTS UPON SENIOR SECURITIES
During the six months ended December 31, 2015 the Company had no senior securities issued and outstanding.
ITEM 4 - MINE SAFETY DISCLOSURES
Not applicable to our Company.
ITEM 5 - OTHER INFORMATION
None.
ITEM 6 - EXHIBITS
(a) Exhibits
Exhibit No. | | Description |
| | |
Exhibit 31.1 | | CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT |
| | |
Exhibit 31.2 | | CERTIFICATION OF THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT |
| | |
Exhibit 32.1 | | CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT |
101.INS | | XBRL Instance Document |
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101.SCH | | XBRL Schema Document |
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101.CAL | | XBRL Calculation Linkbase Document |
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101.DEF | | XBRL Definition Linkbase Document |
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101.LAB | | XBRL Label Linkbase Document |
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101.PRE | | XBRL Presentation Linkbase Document |
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.
| AMAIZE BEVERAGE CORPORATION |
| | | |
Date: February 16, 2016 | By: | /s/ Richard Damion | |
| | Richard Damion | |
| | Chief Executive Officer | |
| | | |
| By: | /s/ William Lindberg | |
| | William Lindberg | |
| | Chief Financial Officer | |
23
EXHIBIT 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT
I, Richard Damion, certify that:
1. | I have reviewed this report on Form 10-Q of Amaize Beverage Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for 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) | Designated such internal control over financial reporting, or caused such internal control over financial reporting to be designated 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 affect 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: February 16, 2016 | By: | /s/ Richard Damion | |
| | Richard Damion | |
| | Chief Executive Officer | |
EXHIBIT 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT
TO SECTION 302 OF THE SARBANES-OXLEY ACT
I, William Lindberg, certify that:
1. | I have reviewed this report on Form 10-Q of Amaize Beverage Corporation; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for 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) | Designated such internal control over financial reporting, or caused such internal control over financial reporting to be designated 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 affect 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: February 16, 2016 | By: | /s/ William Lindberg | |
| | William Lindberg | |
| | Chief Financial Officer | |
EXHIBIT 32
CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO 18 U.S.C. SS. 1350 ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
In connection with the Report of Amaize Beverage Corporation (the "Company") on Form 10-Q for the quarterly period ended December 31, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), we, Richard Damion, Chief Executive Officer and William Lindberg, Chief Financial Officer of the Company, certify pursuant to 18 U.S.C. section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002, that:
| (1) | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
| | |
| (2) | The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. |
| | | | |
/s/ Richard Damion | | | /s/ William Lindberg | |
Richard Damion | | | William Lindberg | |
Chief Executive Officer | | | Chief Financial Officer | |
| | | | |
February 16, 2016 | | | February 16, 2016 | |
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v3.3.1.900
Condensed Balance Sheets - USD ($)
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Current Assets |
|
|
Cash |
$ 2,001
|
$ 2,001
|
Total Current Assets |
2,001
|
2,001
|
Property and Equipment |
|
|
Office equipment (net of accumulated depreciation) |
6,537
|
7,961
|
Total Fixed Assets |
6,537
|
7,961
|
Total Assets |
8,538
|
9,962
|
Current Liabilities |
|
|
Accounts payable |
131,437
|
123,496
|
Accounts payable - related party |
6,625
|
8,875
|
Accrued liabilities |
$ 6,545
|
6,545
|
Directors' fees |
|
157,500
|
Liability for lawsuit judgement |
$ 200,761
|
200,761
|
Liability for lease judgement |
181,968
|
181,968
|
Payroll taxes |
3,592
|
3,592
|
Shareholder loans |
41,560
|
23,027
|
Total Current Liabilities |
572,488
|
705,764
|
Total Liabilities |
$ 572,488
|
$ 705,764
|
Commitments and Contingencies |
|
|
Stockholders' Deficit |
|
|
Preferred stock, $0.001 Par value, 25,000,000 authorized: No shares issued |
|
|
Common stock, $0.001 par value: 200,000,000 shares authorized 15,558,030 and 11,261,030 issued and outstanding at December 31, 2015 and June 30, 2015 respectively |
$ 15,558
|
$ 11,261
|
Additional paid-in capital |
52,478,532
|
50,744,846
|
Deficit accumulated |
(53,058,040)
|
(51,451,909)
|
Total Stockholders' Deficit |
(563,950)
|
(695,802)
|
Total Liabilities and Stockholders' Deficit |
$ 8,538
|
$ 9,962
|
X |
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v3.3.1.900
Condensed Balance Sheets (Parenthetical) - $ / shares
|
Dec. 31, 2015 |
Jun. 30, 2015 |
Stockholders' Deficit |
|
|
Preferred stock, Par value |
$ 0.001
|
$ 0.001
|
Preferred stock, authorized |
25,000,000
|
25,000,000
|
Preferred stock, shares issued |
|
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, shares issued |
15,558,030
|
11,261,030
|
Common stock, shares outstanding |
15,558,030
|
11,261,030
|
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v3.3.1.900
Condensed Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Dec. 31, 2015 |
Dec. 31, 2014 |
Condensed Statements Of Operations |
|
|
|
|
Revenues |
|
|
|
|
Cost of revenues |
|
|
|
|
Gross profit |
|
|
|
|
General and administrative expenses |
$ 1,100,511
|
$ 87,135
|
$ 1,590,006
|
$ 145,695
|
Loss on settlement of liabilities with equity - related party |
|
|
16,125
|
|
Total operating expenses |
$ 1,100,511
|
$ 87,135
|
1,606,131
|
$ 145,695
|
Operating loss |
$ (1,100,511)
|
$ (87,135)
|
$ (1,606,131)
|
$ (145,695)
|
Provision for income taxes |
|
|
|
|
Net loss |
$ (1,100,511)
|
$ (87,135)
|
$ (1,606,131)
|
$ (145,695)
|
Net loss per share-basic and diluted |
$ (0.08)
|
$ (0.02)
|
$ (0.13)
|
$ (0.03)
|
Weighted average number of common shares outstanding - basic and diluted |
13,060,628
|
5,480,913
|
12,294,253
|
5,474,164
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v3.3.1.900
Condensed Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Cash Flows from Operating Activities |
|
|
Net loss |
$ (1,606,131)
|
$ (145,695)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
$ 1,424
|
1,424
|
Amortization of websites and license drink |
|
$ 1,250
|
Shares issued for accounts payable - related party |
$ 8,875
|
|
Loss on settlement of liabilities for equity |
16,125
|
|
Shares issued for services |
112,500
|
$ 44,250
|
Shares issued for Directors' fees |
162,000
|
|
Shares issued for services related party |
$ 1,438,483
|
|
Changes in operating assets and liabilities |
|
|
Increase (decrease) in accured liabilities |
|
$ 19,320
|
Increase in accounts payable |
$ 7,941
|
$ 36,942
|
Decrease in Directors' fees |
(157,500)
|
|
Decrease in accounts payable - related party |
(2,250)
|
|
Net Cash Used in Operations |
$ (18,533)
|
$ (42,509)
|
Cash Flows from Investing Activities |
|
|
Net Cash Provided by (used in) Investing Activities |
|
|
Cash Flows from Financing Activities |
|
|
Shareholder loans advanced |
$ 18,533
|
$ 42,509
|
Net Cash Provided by Financing Activities |
$ 18,533
|
$ 42,509
|
Net increase (decrease) in Cash |
|
|
Cash - Beginning of Period |
$ 2,001
|
$ 1,815
|
Cash - Ending of Period |
$ 2,001
|
$ 1,815
|
Supplemental Disclosure |
|
|
Income taxes paid |
|
|
Interest paid |
|
|
Supplemental Disclosure of Non-Cash Investing and Financing Activities: |
|
|
Shares issued for services |
$ 112,500
|
$ 44,250
|
Shares issued for services - related party |
1,438,483
|
|
Settlement of Directors' fees for shares |
$ 162,000
|
|
Settlement of accounts payable for shares-related party |
8,875
|
|
Loss on settlement of liabilities with equity - related party |
$ 16,125
|
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v3.3.1.900
The Company
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
1. The Company |
On
October 4, 2013, Healthient, Inc. ("the Company") changed its name to SnackHealthy, Inc. and dissolved its sole wholly-owned
subsidiary SnackHealthy, Inc., a Nevada corporation. As of June 26, 2015, a majority of the shareholders of the Company representing
not less than 9,327,859 shares of common stock (82.83%) consented in writing to change the Company's name to Amaize Beverage Corporation.
Such approval and consent constitute the approval and consent of a majority of the total number of shares of outstanding common
stock and are sufficient under the Nevada General Corporation Law and the Company's Bylaws to approve the above action. On August
13, 2015, Amaize Beverage Corporation, previously known as SnackHealthy, Inc., a Nevada corporation filed an amendment to its
articles of incorporation (the "Amendment") with the Secretary of State of the state of Nevada. The Amendment provided
for the change of the Company's name from SnackHealthy, Inc., to Amaize Beverage Corporation. The name change and the change of
the Company's trading symbol were subsequently declared effective by the Financial Industry Regulatory Authority as of August
19, 2015.
The Company has developed a healthy
beverage product line containing a unique strain of purple corn which is high in antioxidant value. The beverages are all natural,
low calorie, gluten free, and non-GMO. The Company plans to distribute and sell the beverages through large retailers and club
stores in the United States.
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v3.3.1.900
Significant Accounting Policies
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
2. Significant Accounting Policies |
Basis
of Presentation
The
accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting principles
in the United States of America for interim financial information. Therefore, the financial statements do not include all of the
information and footnotes required by generally accepted accounting principles in the United States for fiscal year end financial
statements. However, the Company has recorded all transactions and adjustments necessary to fairly present the financial statements
included in this Form 10-Q. The adjustments made are normal and recurring. The following notes describe only the material changes
in accounting policies, account details or financial statement notes during the six month period ended December 31, 2015. Therefore,
please read these financial statements and notes to the financial statements together with the audited financial statements and
notes thereto in our Annual Report on Form 10-K for the year ended June 30, 2015. The income statement for the three and six months
ended December 31, 2015 cannot necessarily be used to project results for the full year.
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, the disclosure
of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses
during the period. Actual results could differ from those estimates.
Basic
and Diluted Net Loss per Common Share
Net
loss per common share is computed pursuant to FASB Accounting Standards Codification No. 260, Earnings per Share. Basic
net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during
the period. Diluted net loss per share is computed in the same way as for basic net loss.
Reclassifications
Certain
amounts previously presented for prior period have been reclassified. The reclassifications had no effect on net loss, total assets,
or stockholders' deficit.
Recent
Accounting Pronouncements
The
Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption
of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
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v3.3.1.900
Going Concern
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
3. Going Concern |
The
financial statements have been prepared assuming that the Company will continue as a going concern 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
incurred a net loss of $1,606,131 for the six months ended December 31, 2015 and accumulated losses of $53,058,040 since inception
to December 31, 2015. Net cash used in operations for the six months ended December 31, 2015 was $18,533 and as of December 31,
2015, we had a working capital deficit of $570,487. This raises substantial doubt about its ability to continue as a going concern.
The ability of the Company to continue as a going concern is dependent on the Company's ability to raise additional capital and
implement its business plan.
Management
believes that the actions presently being taken and the success of future operations will be sufficient to enable the Company
to continue as a going concern, however, there can be no assurance that the raising of equity will be successful or that the Company
will be able to achieve profitability. Failure to achieve the needed equity funding or establish profitable operations would have
a material adverse effect on the Company's ability to continue as a going concern. The financial statements do not include any
adjustments that might result from the outcome of this uncertainty.
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v3.3.1.900
Commitments and Contingencies
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
4. Commitments and Contingencies |
On
July 16, 2015 the Company's Board of Directors approved the major terms of the compensation of Ms. West, our Founder, Chairman
of the Board of Directors, former Chief Executive Officer and now Executive Vice President, which includes an annual salary equal
to 400,000 shares of the Company's stock paid on a monthly basis, a stock grant of 500,000 shares of the Company's common stock,
which vest over a period of five years and a one-time bonus of 150,000 shares of the Company's stock. On July 20, 2015, the Company
authorized the issuance of 100,000 shares valued at $100,000 to Northeast Capital Group, a company owned and controlled by Ms.
West as part of the compensation.
On
November 11, 2015 the Company's Board of Directors approved an amendment to the terms of the non-cash compensation for Ms. West.
The amendment provides for cancellation of the previous restricted stock grant of 500,000 shares of the Company's stock vesting
over five years and replaces it with a restricted stock grant of 3,500,000 shares of the Company's stock vesting over a period
of five years. On November 11, 2015, the Company authorized the issuance of 3,170,539 shares valued at $1,077,983 to Panacea Holdings,
Inc., a company owned and controlled by Ms. West as part of the compensation. The Company has not yet finalized the employment agreements with the Company's Chief Executive
Officer, Richard Damion and A. R. Grandsaert, the Company's President.
Lease
Commitments
The
Company gave up its leased office space in Jupiter, Florida in January 2014, and acquired a new office in Newport Beach, California.
The Florida leaseholder obtained a judgment in the amount of $181,968 for the remainder of the monthly lease payments through
June 2016 pursuant to the terms of the lease agreement plus legal fees of $1,487. The Company has recorded the full amount of
the judgment, however it believes that when the facility is re-leased it may not have to pay the full amount. Upon the leaseholder's
execution of a new lease with a new tenant, the Company plans to file for the release of the amount of the judgment over and above
the actual loss incurred by the leaseholder. There is no guarantee the property will be re-leased or that such a filing will be
successful and that the Company will be able to mitigate its loss in this way.
In
January 2014, the Company entered into a lease at the rate of $1,439 per month which ended December 2014. In January 2015, the
Company was equipped to operate in a virtual environment. We believe that our existing arrangement which provides for virtual
pbx telephone, à la carte conference space, address services, mail forwarding and hosting facilities to be highly cost
effective and adequate to meet our current needs. The Company plans to seek suitable additional space when needed.
The
Company has not invested in any real property at this time, nor does the Company intend to do so. The Company has no formal policy
with respect to investments in real estate or investments with persons primarily engaged in real estate activities.
Legal
In
June of 2013, a former officer of the Company filed a lawsuit against the Company and its President and directors alleging several
counts, including a breach of contract and fiduciary duty, and seeking damages in the amount of $122,300 and other unspecified
damages. On March 20, 2015 the court entered a final judgment in the amount of $200,761 comprised of the principal amount of $122,344
plus prejudgment interest from September 15, 2012 through the date of judgment in the amount of $54,421, costs in the amount of
$773, and attorney's fees of $23,222. The court dismissed the case against any party not listed in the final order and the case
is now closed as to all parties. As of March 31, 2015 the Company had accrued in full for this liability of $200,761 in its financial
statements and signed a settlement agreement.
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v3.3.1.900
Stockholders' Deficit
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
5. Stockholders' Deficit |
The
Company has authorized 200,000,000 shares of common stock with a par value of $0.001 and 25,000,000 shares of preferred stock
with a par value of $0.001.
During
the year ended June 30, 2015, the Company issued 115,000 shares of common stock for services valued at $199,250 and 2,500,000
shares of common stock for services to a related party valued at $1,250,000. Shareholder loans from a related party in the amount
of $127,146 were settled by the issuance of 3,178,650 shares of common stock resulting in a non-cash loss on settlement of liabilities
of $1,462,179.
During
the six months ended December 31, 2015 the Company issued 3,683,039 shares of common stock valued at $1,438,483 for services rendered
by related parties, 112,500 shares of common for services valued at $112,500, 476,461 shares of common stock in payment of Directors'
fees and 25,000 shares of common stock in payment of an account payable to a related party valued at $25,000 resulting in a non-cash
loss on settlement of liabilities of $16,145.
At
December 31, 2015 the Company had a balance of 4,716,000 common shares remaining to be issued in satisfaction of a settlement
agreement. Under the agreement, the shares can be drawn upon at any time, provided that the number of shares of common stock of
the Company beneficially owned by the purchaser of the Siesta Flow LLC claim does not exceed 9.99%. The number of shares required
to settle this liability has not been changed by the Company's recent reverse spilt in the number of its issued and outstanding
shares of common stock.
Non-Employee
Stock Options and Warrants
The
Company accounts for non-employee stock options and warrants under ASC 718, whereby option and warrant costs are recorded based
on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably
measurable. Unless otherwise provided for, the Company covers option and warrant exercises by issuing new shares.
There
are no warrants or stock options issued or outstanding.
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- DefinitionThe entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.
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v3.3.1.900
Loans from Directors and Shareholders
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
6. Loans from Directors and Shareholders |
During
the six months ended December 31, 2015 a shareholder advanced the Company $18,533.
During
the year ended June 30, 2015, the Company issued 3,178,650 shares of common stock valued at $1,589,325 in settlement of shareholder
loans of $127,146 resulting in a non-cash loss of $1,462,179 on settlement of liabilities with equity. As of December 31, 2015
the balance of the loan outstanding was $41,560. The loan is non-interest bearing and due on demand.
Share
valuations are determined by the closing quoted share price of the stock on the date the issuance is authorized by the Board of
Directors.
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- DefinitionThe entire disclosure for deposit liabilities including data and tables. It may include a description of the entity's deposit liabilities, the aggregate amount of time deposits (including certificates of deposit) in denominations of $100,000 or more at the balance sheet date; the aggregate amount of any demand deposits that have been reclassified as loan balances, such as overdrafts, at the balance sheet date; deposits that are received on terms other than those in the normal course of business, the amount of accrued interest on deposit liabilities; securities, mortgage loans or other financial instruments that serve as collateral for deposits; for time deposits having a remaining term of more than one year, the aggregate amount of maturities for each of the five years following the balance sheet date; and the weighted average interest rate for all deposit liabilities held by the entity.
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v3.3.1.900
Income Taxes
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
7. Income Taxes |
The
components of the deferred tax asset are as follows:
|
|
December
31,
2015 |
|
|
June
30,
2015 |
|
Deferred tax assets |
|
|
|
|
|
|
Net operating
loss carry-forward and other nominal temporary differences |
|
$ |
10,185,000 |
|
|
$ |
9,860,000 |
|
Valuation allowance |
|
|
(10,185,000 |
) |
|
|
(9,860,000 |
) |
Net deferred tax
assets |
|
$ |
- |
|
|
$ |
- |
|
The
Company had available approximately $50,925,000 at December 31, 2015 and $49,300,000 at June 30, 2015 of unused federal and Florida
net operating loss carry-forwards that may be applied against future taxable income. These net operating loss carry-forwards expire
through 2033. There is no assurance that the Company will realize the benefit of the net operating loss carry-forwards. ASC No.
740 requires a valuation allowance to be recorded when it is more likely than not that some or all of the deferred tax assets
will not be realized. The change in the valuation allowance was $325,000 for the six month period ended December 31, 2015.
Reconciliation
of the differences between the statutory tax rate and the effective income tax rate is as follows at December 31, 2015 and June
30, 2015 respectively:
Statutory rate |
|
|
15 |
% |
State taxes, net
of federal tax benefit |
|
|
5 |
% |
Effective tax
rate |
|
|
20 |
% |
|
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v3.3.1.900
Subsequent Events
|
6 Months Ended |
Dec. 31, 2015 |
Notes to Financial Statements |
|
8. Subsequent Events |
The
Company has evaluated subsequent events from December 31, 2015 through the date the financial statements were available to be
issued and has determined that, other than as disclosed above, there have been no subsequent events after December 31, 2015 for
which disclosure is required.
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v3.3.1.900
Significant Accounting Policies (Policies)
|
6 Months Ended |
Dec. 31, 2015 |
Significant Accounting Policies Policies |
|
Basis of Presentation |
The
accompanying financial statements of the Company have been prepared in accordance with generally accepted accounting
principles in the United States of America for interim financial information. Therefore, the financial statements do not
include all of the information and footnotes required by generally accepted accounting principles in the United States for
fiscal year end financial statements. However, the Company has recorded all transactions and adjustments necessary to fairly
present the financial statements included in this Form 10-Q. The adjustments made are normal and recurring. The following
notes describe only the material changes in accounting policies, account details or financial statement notes during the six
month period ended December 31, 2015. Therefore, please read these financial statements and notes to the financial statements
together with the audited financial statements and notes thereto in our Annual Report on Form 10-K for the year ended June
30, 2015. The income statement for the three and six months ended December 31, 2015 cannot necessarily be used to project
results for the full year.
|
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, the disclosure
of contingent assets and liabilities on the date of the financial statements and the reported amounts of revenues and expenses
during the period. Actual results could differ from those estimates.
|
Basic and Diluted Net Loss per Common Share |
Net
loss per common share is computed pursuant to FASB Accounting Standards Codification No. 260, Earnings per Share. Basic
net loss per share is computed by dividing net loss by the weighted average number of shares of common stock outstanding during
the period. Diluted net loss per share is computed in the same way as for basic net loss.
|
Reclassifications |
Certain
amounts previously presented for prior period have been reclassified. The reclassifications had no effect on net loss, total assets,
or stockholders' deficit.
|
Recent Accounting Pronouncements |
The
Company has reviewed all recently issued, but not yet effective, accounting pronouncements and does not believe the future adoption
of any such pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.
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v3.3.1.900
Income Taxes (Tables)
|
6 Months Ended |
Dec. 31, 2015 |
Income Taxes Tables |
|
Components of the deferred tax assets |
The
components of the deferred tax asset are as follows:
|
|
December
31,
2015 |
|
|
June
30,
2015 |
|
Deferred tax assets |
|
|
|
|
|
|
Net operating
loss carry-forward and other nominal temporary differences |
|
$ |
10,185,000 |
|
|
$ |
9,860,000 |
|
Valuation allowance |
|
|
(10,185,000 |
) |
|
|
(9,860,000 |
) |
Net deferred tax
assets |
|
$ |
- |
|
|
$ |
- |
|
|
Effective income tax rate |
Reconciliation
of the differences between the statutory tax rate and the effective income tax rate is as follows at December 31, 2015 and June
30, 2015 respectively:
Statutory
rate |
|
|
15 |
% |
State
taxes, net of federal tax benefit |
|
|
5 |
% |
Effective
tax rate |
|
|
20 |
% |
|
X |
- DefinitionTabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.
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v3.3.1.900
Going Concern (Details Narrative) - USD ($)
|
6 Months Ended |
|
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Going Concern Details Narrative |
|
|
|
Net loss |
$ (1,606,131)
|
$ (145,695)
|
|
Accumulated loss |
(53,058,040)
|
|
$ (51,451,909)
|
Net cash used in operations |
(18,533)
|
$ (42,509)
|
|
Working capital deficit |
$ 570,487
|
|
|
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|
6 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Jun. 30, 2015 |
Stockholders Deficit Details Narrative |
|
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
Common stock, par value |
$ 0.001
|
$ 0.001
|
Preferred stock, authorized |
25,000,000
|
25,000,000
|
Preferred stock, Par value |
$ 0.001
|
$ 0.001
|
Common stock issued for services, shares |
112,500
|
115,000
|
Common stock issued for services, value |
$ 112,500
|
$ 199,250
|
Common stock issued for services - related party, Shares |
3,683,039
|
25,000,00.
|
Common stock issued for services - related party, Amount |
$ 1,438,483
|
$ 1,250,000
|
Common stock in payment of Directors fees |
476,461
|
|
Common stock related party, Shares |
25,000
|
3,178,650
|
Common stock related party, Amount |
$ 25,000
|
$ 127,146
|
Non-cash loss on settlement of liabilities |
$ 16,145
|
$ 1,462,179
|
Remaining common shares to be issued |
4,716,000
|
|
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|
6 Months Ended |
12 Months Ended |
Dec. 31, 2015 |
Dec. 31, 2014 |
Jun. 30, 2015 |
Loans From Directors And Shareholders Details Narrative |
|
|
|
Shareholder loans advanced |
$ 18,533
|
$ 42,509
|
|
Shareholder loans |
41,560
|
|
$ 23,027
|
Common stock issued, Shares |
|
|
3,178,650
|
Common stock issued, Amount |
|
|
1,589,325
|
Common stock related party, Amount |
25,000
|
|
127,146
|
Non-cash loss on settlement of liabilities |
$ 16,145
|
|
$ 1,462,179
|
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|
Dec. 31, 2015 |
Jun. 30, 2015 |
Deferred tax assets |
|
|
Net operating loss carry-forward and other nominal temporary differences |
$ 10,185,000
|
$ 9,860,000
|
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$ (10,185,000)
|
$ (9,860,000)
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|
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