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EX-31.1 - EXHIBIT 31.1 - Corix Bioscience, Inc.exhibit311.htm
EX-32.1 - EXHIBIT 32.1 - Corix Bioscience, Inc.exhibit321.htm

 

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

FORM 10-Q

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

FOR THE QUARTERLY PERIOD ENDED OCTOBER 31, 2010

OR

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

Commission file number 333-150548

AFFINITY MEDIAWORKS CORP.
(formerly Green Bikes Rental Corporation)

(Exact name of registrant as specified in its charter)

 

Nevada

7350

75-3265854

(State or other jurisdiction of incorporation)

(Primary Standard Industrial Classification Code)

(IRS Employer Identification No.)

 

 

455 Route 306 Suite M#2922

Monsey, New York 10952

(604) 716-1675

(Address, including zip code, and telephone number, including
area code, of registrants principal executive offices)

 

 

Business Filings Incorporated
6100 Neil Road, Suite 500
Reno, Nevada 89511
(608) 827-5300
(Name, address, including zip code, and telephone number, including
area code, of agent for service)


 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was require to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   þ   No o

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act.  (Check one):


Large accelerated filer  o      Accelerated filer  o     Non-accelerated filer  o     Smaller reporting company þ

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  þ     No  o

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

As of December 14, 2010 the registrant had 50,166,000 shares of common stock outstanding.

 

 

 

 

                

             

[affinitymediaworks10q001.jpg]

 


Table of Contents



PART I – FINANCIAL INFORMATION

 

3

 

Item 1.  Financial Statements.

3

 

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

4

 

Item 3.  Quantitative Disclosures About Market Risk.

7

 

Item 4.  Controls and Procedures.

8

PART II – OTHER INFORMATION

 

9

 

Item 1.  Legal Proceedings.

9

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

9

 

Item 3.  Defaults Upon Senior Securities.

9

 

Item 4.  Submission of Matters to a Vote of Security Holders.

9

 

Item 5.  Other Information.

9

 

Item 6.  Exhibits.

9

SIGNATURES

 

10

 

 

 

2

                

             

PART I.  FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS.


AFFINITY MEDIAWORKS CORP.

(Formerly Green Bikes Rental Corporation)



October 31, 2010


 

Index

Balance Sheets (Unaudited)

F-1

Statements of Operations (Unaudited)

F-2

Statements of Cash Flows (Unaudited)

F-3

Statement of Changes in Stockholders’ Deficit (Unaudited)

F-4

Notes to the Unaudited Financial Statements

F-5

 

 

 

3

                

             

AFFINITY MEDIAWORKS CORP.

(formerly Green Bikes Rental Corporation)

(A Development Stage Company)

Balance Sheets

As of October 31, 2010 and January 31, 2010

(unaudited)

 

October 31,

2010

January 31,

2010

ASSETS

 

 

 

 

 

Current Assets

 

 

 

 

 

Cash

$             17

$          1,049

Note Receivable

338,000

-

Interest Receivable

5,633

-

 

 

 

Total Assets

$   343,650

$          1,049

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS DEFECIT

 

 

 

 

 

Current Liabilities

 

 

 

 

 

Accounts payable

$        8,682

$        5,937

Accrued Management Fees

150,000

60,000

Due to related parties

       4,250

3,405

 

162,932

69,342

 

 

 

Stockholders Deficit

 

 

 

 

 

Preferred stock, 75,000,000 shares authorized, $.00001 par value,  none  issued and outstanding

-

-

 

 

 

Common stock, 75,000,000 shares authorized, $.00001 par value,  50,166,000 shares issued and outstanding

502

502

Stock Payable

608,400

-

 

 

 

Additional paid-in capital

68,023

63,372

 

 

 

Deficit accumulated during the development stage

(496,207)

 (132,167)

 

 

 

Total Stockholders Deficit

180,718

(68,293)

 

 

 

Total Liabilities and Stockholders Deficit

$        343,650

$          1,049



See the accompanying summary of accounting policies and notes to the financial statements.




F-1

                

             

AFFINITY MEDIAWORKS CORP.

(formerly Green Bikes Rental Corporation)

(A Development Stage Company)

Statements of Operations

For the Three and Nine Months Ended October 31, 2010, and 2009 and from

December 17, 2007 (Inception) Through October 31, 2010

(unaudited)

 

For the Three Months Ended

For the Three Months Ended

For the Nine Months Ended

For the Nine Months Ended

December 17, 2007 (inception) through

 

October 31, 2010

October 31, 2009

October 31, 2010

October 31, 2009

October, 2010

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

Consulting services

$            750

$            750

$            2,250

$            2,250

$ 8,500

General and administrative

58

68

83

870

13,123

Rent

750

750

2,250

2,250

8,500

Legal and accounting

3,750

-

4,690

10,002

50,773

Interest Expense

-

18

-

204

544

Management Fees

30,000

-

90,000

-

150,000

Loss on Acquisition of Note Receivable

-

-

270,400

-

270,400

 

 

 

 

 

 

Total Expenses

35,308

1,586

369,673

15,576

501,840

 

 

 

 

 

 

       Interest Income

(5,633)

-

(5,633)

-

(5,633)

 

 

 

 

 

 

Net Loss

$   (29,675)

$      (1,586)

$  (364,040)

$    (15,576)

$  (496,207)

 

 

 

 

 

 

Net Loss Per Common Share Basic and Diluted

$        (0.00)

$        (0.00)

$        (0.01)

$        (0.00)

 

 

 

 

 

 

 

Weighted Average Number of Common Shares Outstanding

50,166,000

50,166,000

50,166,000

50,166,000



See the accompanying summary of accounting policies and notes to the financial statements.




F-2

                

             

AFFINITY MEDIAWORKS CORP.

(formerly Green Bikes Rental Corporation)

(A Development Stage Company)

Statements of Cash Flows

For the Nine Months Ended October 31, 2010 and 2009 and from

December 17, 2007 (Inception) Through October 31, 2010

(unaudited)

 

For the Nine Months Ended

For the Nine Months Ended

December 17, 2007 (inception) through

 

October 31, 2010

October 31, 2009

October 31, 2010

 

$

$

$

Operating Activities

 

 

 

 

 

 

 

Net loss

(364,040)

(15,576)

(496,207)

 

 

 

 

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

 

Donated Capital  consulting services and rent expense

4,651

4,636

17,151

Imputed interest on shareholder advance

-

68

544

Loss on Acquisition of Note Receivable

270,400

-

270,400

 

 

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

Increase (Decrease) in accounts payable

93,590

(4,126)

162,932

Interest receivable

(5,633)

-

(5,633)

 

 

 

 

Net Cash Provided by (Used in) Operating Activities

    (1,032)

    (14,998)

(50,813)

 

 

 

 

Financing Activities

 

 

 

 

 

 

 

Proceeds from the sale of common stock

-

-

50,830

Advance from related party

-

-

-

 

 

 

 

Net Cash Provided by Financing Activities

-

-

50,830

 

 

 

 

Increase (decrease) in Cash

  (1,032)

  (14,998)

17

 

 

 

 

Cash Beginning of Period

1,049

16,135

-

 

 

 

 

Cash End of Period

17

1,137

17

 

 

 

 

Supplemental Disclosures:

 

 

 

 

 

 

 

Interest paid

Income taxes paid

Non-Cash Activities:

 

 

 

Issuance of stock for note receivable

608,400

608,400



See the accompanying summary of accounting policies and notes to the financial statements.




F-3

                

             

AFFINITY MEDIAWORKS CORP.

(formerly Green Bikes Rental Corporation)

(A Development Stage Company)

Statement of Changes in Stockholders Deficit

For the Period from December 17, 2007 (Inception)

Through October 31, 2010

(unaudited)

 

 

Additional

 

 

 

 

Common Stock

Paid-in

Stock

Accumulated

 

 

Shares

 

Amount

Capital

Payable

Deficit

Total

Balances at December 17, 2007

-

 

$         -

$             -

$            -

$            -

$           -

Issuance of founders shares

100,000,000

 

1,000

(1,000)

-

-

-

Donated services

-

 

-

500

-

-

500

Net loss

-

 

-

-

-

(905)

(905)

Balances at  January 31, 2008

100,000,000

 

    $ 1,000

$       (500)

$           -

$      (905)

$    (405)

Issuance of founders shares

10,155,000

 

102

    50,825

-

-

50,830

Donated services

-

 

-

    6,000

-

-

6,000

Imputed interest in shareholder advances

-

 

-

      272

 

 

272

Shares returned

(60,000,000)

 

(600)

       60

-

-

-

Net loss

-

 

-

-

-

(48,093)

(48,093)

Balances at  January 31, 2009

50,166,000

 

    $    502

$       57,100

$           -

$      (48,998)

$    8,604

Donated services

-

 

-

    6,000

-

-

6,000

Imputed interest in shareholder advances

-

 

-

272

-

-

272

Net loss

-

 

-

-

-

(83,169)

(83,169)

Balances at  January 31, 2010

50,166,000

 

    $    502

$       63,372

$           -

$      (132,167)

$    (68,293)

Donated services

-

 

-

4,651

-

-

4,651

Stock Payable for Note Receivable

-

 

-

-

608,400

-

608,400

Net loss

-

 

-

-

-

(364,040)

(364,040)

Balances at  October 31, 2010

50,166,000

 

    $    502

$       68,023

$      608,400

$      (496,207)

$    180,718



See the accompanying summary of accounting policies and notes to the financial statements.




F-4

                

             

AFFINITY MEDIAWORKS CORP.

(formerly Green Bikes Rental Corporation)

 (A Development Stage Company)

Notes to the Financial Statements

(unaudited)


NOTE 1 - BASIS OF PRESENTATION


The accompanying unaudited interim financial statements of Affinity Mediaworks Corp. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with Affinitys audited 2009 annual financial statements and notes thereto filed with the SEC on form 10-K.  In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the result of operations for the interim periods presented havebeen reflected herein.  The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.  Notes to the financial statements, which would substantially duplicate the disclosure required in Affinitys 2009 annual financial statements have been omitted.


NOTE 2 - GOING CONCERN


Affinity Mediaworks' financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities and commitments in the normal course of business for the foreseeable future.  Since inception, the Company has accumulated losses aggregating to $496,207 and has insufficient working capital to meet operating needs for the next twelve months as of October 31, 2010, all of which raise substantial doubt about Affinitys ability to continue as a going concern.


NOTE 3 - RELATED PARTY TRANSACTIONS


During the three months ended October 31, 2010 the Company recognized a total of $1,500 for donated services provided by the President and Director of the Company.


NOTE 4 - COMMON STOCK


Affinity Mediaworks' issued 5,000,000 shares of common stock (founder's shares) on December 17, 2007 to the President and Director of the Company.  In addition, 508,300 shares of common stock were issued to the public on May 15, 2008 for $50,830.


NOTE 5 NOTES RECEIVABLE


As of October 31, 2010, the Company had note receivable of $338,000 and related interest receivable of $5,633. 

 

 

 

F-5

                

             

ITEM 2.MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

This section of the report 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, which apply only as of the date of this report.  These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.

Plan of Operation

We are a start-up corporation and have not yet generated or realized any revenues from our business operations.

Our auditors have issued a going concern opinion.  This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay our bills.  This is because we have not generated any revenues and no revenues are anticipated until we begin our operations.  As of October 31, 2010 we had cash of $17.  Our current cash holdings will not satisfy our liquidity requirements and we will require additional financing to pursue our planned business activities


We intend to become involved in the development, finance, sales, acquisition, distribution and marketing of high quality intellectual property devoted for the entertainment and leisure markets, through films under budgets from $4 to $8 million.  We believe that our product line will represent a timely opportunity with the potential for fast acceptance in the international marketplace.


We are also finalizing its plan to vertically integrate in all aspects of the industry, including pre and post production services.  These ancillary services are priced at a level where we can become a key provider of solutions to the independent and small film sector.  The services that we will offer will help provide a monthly revenue stream that will create an independent profit center within our organization and provide supplemental cash flow to us while our major film projects are being shot and carried to market.


To date we have entered into an agreement with Insight Film Studios/Odyssey Film Studios to Produce 12 feature films over the next year.  Insight/Odyssey is considered by many industry insiders as the largest independent film production company in Canada and one of the largest in the world.


In addition, we have entered into an agreement with Briton Ventures of the United Kingdom to produce 12 pictures with a budget cap of $10 million USD per project.  Briton Ventures will provide up to 50% of the budgets and we will provide the other 50% funding through bankable tax credits and distribution contracts.

 

 

 

4

                

             

Limited Operating History; Need for Additional Capital

There is no historical financial information about us upon which to base an evaluation of our performance.  We are in development stage operations and have not yet generated any revenues.  We cannot guarantee we will be successful in our business operations.  Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns.

We have no assurance that future financing will be available to us on acceptable terms.  If financing is not available to us on satisfactory terms, we may be unable to continue, develop or expand our operations.  Equity financing could result in additional dilution to our existing shareholders.


Results of Operations for the three months ended October 31, 2010 and from December 17, 2007 (Date of Inception) to October 31, 2010.

 

Lack of Revenues


We are a development stage company with limited operations since our inception on December 17, 2007 to October 31, 2010.  We have not generated any revenues.  As of October 31, 2010, we have an accumulated deficit of $496,207.  At this time, our ability to generate any significant revenues continues to be uncertain.  Our financial statements contain an additional explanatory paragraph in Note 2, which identifies issues that raise substantial doubt about our ability to continue as a going concern.  Our financial statements do not include any adjustment that might result from the outcome of this uncertainty.


Net Loss


We incurred a net loss of $29,675 for the three months ended October 31, 2010, compared to a net loss of $1,586 for the same period in 2009.  From inception on December 17, 2007 to October 31, 2010, we have incurred a net loss of $496,207.  Our basic and diluted loss per share was $0.00 for the three months ended October 31, 2010, and $0.00 for the same period in 2009. 


Expenses


Our total operating expenses increased from $1,586 to $35,308 for the three months ended October 31, 2010 compared to the same period in 2009.  This increase in expenses is mostly due to higher management and legal and accounting fees.  Since our inception on December 17, 2007 to October 31, 2010, we have incurred total operating expenses of $501,840.

 

Our consulting fees remained unchanged at $750 for the three months ended October 31, 2010 compared to the same period in 2009.  Since our inception on December 17, 2007 until October 31, 2010 we have spent $8,500 on consulting fees.

 

 

 

5

                

             

Our rent expense remained unchanged at $750 for the three months ended October 31, 2010 compared to the same period in 2009.  Since our inception on December 17, 2007 until October 31, 2010 we have spent $8,500 on rent.


Our management fees increased from $nil to $30,000 for the three months ended October 31, 2010 compared to the same period in 2009.  This increase in expenses is due to the fact that we resumed paying fees to our management.  Since our inception on December 17, 2007 until October 31, 2010 we have spent $150,000 on management fees


Our general and administrative expenses consist of bank charges, travel, meals and entertainment, office maintenance, communication expenses (internet, fax and telephone), courier, postage costs, office supplies.  Our general and administrative expenses decreased $10 from $68 to $58 for the three months ended October 31, 2010 compared to the same period in 2009.  Since our inception on December 17, 2007 until October 31, 2010 we have spent $13,123 on general and administrative expenses.


Our legal and accounting fees increased by $3,750 from $nil for the three months ended October 31, 2009 to $3,750 for the same period in 2010, mainly due to increased legal and auditing services provided in the three month period ended October 31, 2010.  Since our inception on December 17, 2007 until October 31, 2010 we have spent $50,773 on legal and accounting expenses.


Results of Operations for the nine months ended October 31, 2010


Lack of Revenues


We have not generated any revenues as of October 31, 2010.


Net Loss


We incurred a net loss of $364,040 for the nine months ended October 31, 2010, compared to a net loss of $15,576 for the same period in 2009.  Our basic and diluted loss per share was $0.01 for the nine months ended October 31, 2010, and $0.00 for the same period in 2009. 


Expenses


Our total operating expenses increased from $15,576 to $369,673 for the nine months ended October 31, 2010 compared to the same period in 2009.  This increase in expenses is mostly due to higher management fees and a loss on acquisition of note receivable. 

 

 

 

6

                

             

Our consulting fees remained unchanged at $2,250 for the nine months ended October 31, 2010 compared to the same period in 2009. 


Our rent expense remained unchanged at $2,250 for the nine months ended October 31, 2010 compared to the same period in 2009. 


Our management fees increased from $nil to $90,000 for the nine months ended October 31, 2010 compared to the same period in 2009.  This increase in expenses is due to the fact that we resumed paying fees to our management.  


Our general and administrative expenses consist of bank charges, travel, meals and entertainment, office maintenance, communication expenses (internet, fax and telephone), courier, postage costs, office supplies.  Our general and administrative expenses decreased $787 from $870 to $83 for the nine months ended October 31, 2010 compared to the same period in 2009. 


Our legal and accounting fees decreased by $5,312 to $4,690 for the nine months ended October 31, 2010 from $10,002 for the same period in 2009, mainly due to decreased legal and auditing services provided in the nine month periods ended October 31, 2010.

 

Our net cash used in operating activities decreased by $13,966 to $1,032 for the nine months ended October 31, 2010 from $14,998 for the same period in 2009, mainly due to increased accounts payable an loss on acquistion of note receivable.

 

Our net cash at end of period decreased by $1,120 to $17 for the nine months ended October 31, 2010 from $1,137 for the same period in 2009.


Off-Balance Sheet Arrangements

 

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


Inflation

 

The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position.  The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

 

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

 

 

7

                

             

ITEM 4.  CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act (defined below)).  Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of the end of the period covered in this report, our disclosure controls and procedures were not effective to ensure that information required to be disclosed in reports filed under the Securities Exchange Act of 1934, as amended (the "Exchange Act") is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

Our management, including our principal executive officer and principal financial officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error or fraud.  A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.  Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs.  Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.  Accordingly, management believes that the financial statements included in this report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented.

Changes in Internal Control over Financial Reporting

In addition, our management with the participation of our Principal Executive Officer and Principal Financial Officer have determined that no change in our internal control over financial reporting occurred during or subsequent to the quarter ended October 31, 2010 that has materially affected, or is (as that term is defined in Rules 13(a)-15(f) and 15(d)-15(f) of the Securities Exchange Act of 1934) reasonably likely to materially affect, our internal control over financial reporting.

 

 

8

                

             

PART II.  OTHER INFORMATION



ITEM 1.  LEGAL PROCEEDINGS.

 

Not applicable.

 

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.

 

None.

 

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES.

 

None.

  

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

 

None.

 

ITEM 5.  OTHER INFORMATION.

 

None.

 

ITEM 6.  EXHIBITS.


Exhibit Number

Description

31.1

Certification of the Chief Executive Officer Pursuant to Rule 13a-14 or 15d-14 of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of the Chief Executive Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 

 

9

                

             

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Affinity Mediaworks Corp.

    

Date:  December 20, 2010

 

By:  /s/ Scott Cramer

 

 

Scott Cramer

 

 

President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer and Director

  

 

 

10