The following discussion and analysis is intended to help you understand our financial condition and results of operations for the nine months ending March 31, 2018. You should read the following discussion and analysis together with our audited financial statements for the year ended June 30, 2017 and the notes to the financial statements included in this report on Form 10-Q. You should understand that we are no longer in the distribution of cork products. Thus our future financial condition and results of operations will have no relationship to our historical financial condition and results of operations.
This section of this Form 10-Q includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our predictions.
Executive Overview
The Company was incorporated in the state of Nevada on October 7, 2014. From inceptions (October 7, 2014) until September 8, 2017, Jasmin Corp., was in the business of the production and distribution of cork products.
On September 8, 2017, Jean-Paul Chavanz, the previous sole officer and director and majority shareholder of Jasmin Corp., entered into a stock purchase agreement for the sale of an aggregate of 2,000,000 shares of Common Stock of the Company, representing 79% of the issued and outstanding shares of common stock of the Company. Pursuant to this agreement, the Company decided to discontinue its business plan of producing and distributing Cork products and explore new opportunities. As part of the transition all the Company's assets were retained by the former majority shareholder and the liabilities were assumed by Mr. Chavanz as well. As a result of this strategic shift all historical results of the Company should be classified as discontinued operations in accordance with ASC 105-20.
On September 11, 2017 Mr. Dan Xu was appointed its Chief Executive Officer, Chief Financial Officer and sole Director and Mr. Richard Rappaport was appointed Secretary. In addition Mr. Jean-Paul Chavanaz submitted his resignations from all executive officer positions with the Company, including Chief Executive Officer and President effective September 11, 2017, and submitted his resignation as a member of the Board.
The information presented below with regard to the quarter ended March 31, 2018 should be read as historic information on the Company. As a result of the decision to discontinue operations, the Company as of the date of this filing is an empty shell with no liquidity, no capital resources, and no operations other than the search for new business opportunities.
Results of Operations
We had no revenues and $2,465 in expenses consisting of transfer agent fees of $450; consulting services of $2,000 and bank service charges of $15 for the three months ended March 31, 2018. In the three months ended March 31, 2017, we had gross revenues of $9,485, cost of sales of $536, operating expenses of $6,397, and a net income of $2,252. The Company has decided to discontinue its business plan of producing and distributing of cork products.
Our decrease in revenues and operating expense to $2,465 for the three months ended March 31, 2018 compared to the three months ended March 31, 2017, reflects the Company's decision to discontinue its operations as of September 8, 2017. We will, in all likelihood, incur operating expenses without corresponding revenues, as we return the Company to current in its reporting obligations and as we commence the search for a business combination with a company with ongoing business activities. We will depend upon our sole officer and director to make loans to the Company to meet any costs that may occur. All such advances will be interest-free loans or equity contributions.
We had no revenues, and $9,146 in expenses consisting of professional fees of 5,906; $2,000 in consulting expenses; $1,225 in transfer agent fees and $15 in bank service charges for the nine months ended March 31, 2018. In the nine months ended March 31, 2017, we had gross revenues of $16,385, cost of sales of $1,685, operating expenses of $17,000, and a net loss of $1,850. The Company has decided to discontinue its business plan of producing and distributing of cork products.
Our decrease in revenues and liabilities to $9,146 for the nine months ended March 31, 2017 reflects the Company's decision to discontinue its operations as of September 8, 2017. We will, in all likelihood, incur operating expenses without corresponding revenues, as we return the Company to current in its reporting obligations and as we commence the search for a business combination with a company with ongoing business activities. We will depend upon our sole officer and director to make loans to the Company to meet any costs that may occur. All such advances will be interest-free loans or equity contributions.