Attached files
| file | filename |
|---|---|
| EX-31.1 - CERT 302 - Tanke Biosciences Corp | ex31-1.htm |
| EX-32.1 - CERT 906 - Tanke Biosciences Corp | ex32-1.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No. 1)
(Mark One)
x Annual Report Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
For the Fiscal Year Ended December 31, 2009
o 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: 000-53529
Greyhound Commissary, Inc.
(Exact name of registrant as specified in its charter)
| Nevada | 26-3853855 | ||
| (State or other jurisdiction of | (I.R.S. Employer | ||
| incorporation of organization) | Identification No.) |
2681 East Parleys Way, Suite 204, Salt Lake City, Utah 84109
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (801) 322-3401
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock, $0.001 par value
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o No x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No x
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 1934during 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 o
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. 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.
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Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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x
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(Do not check if a smaller reporting company)
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes x No o
The aggregate market value of the voting stock held by non-affiliates of the registrant based on the closing sales price, or the average bid and asked price on such stock, as of June 30, 2010, the last business day of the registrant’s most recently completed second quarter, was $-0-. Shares of the registrant’s common stock held by each executive officer and director and by each entity or person that, to the registrant’s knowledge, owned 10% or more of registrant’s outstanding common stock as of June 30, 2010 have been excluded in that such persons may be deemed to be affiliates of the registrant. This determination of affiliate status is not necessarily a conclusive determination for other purposes.
The number of shares of the registrant’s common stock outstanding as of January 11, 2011 was 3,397,787.
DOCUMENTS INCORPORATED BY REFERENCE
A description of "Documents Incorporated by Reference" is contained in Part IV, Item 15.
EXPLANATORY NOTE
This Amendment No. 1 to the Annual Report on Form 10-K/A for Greyhound Commissary, Inc. amends the Annual Report on Form 10-K for the year ended December 31, 2009 filed with the SEC on April 28, 1010. This Amendment No. 1 is being filed solely to revise the Report of Independent Registered Public Accounting Firm for the December 31, 2009 financial statements of Sadler, Gibb & Associates, L.L.C., which erroneously referenced a company other that Greyhound Commissary, Inc.
We have also included financial statements, an updated signature page and currently dated certifications as required by Sections 302 and 906 of the Sarbanes-Oxley Act of 2002.
PART 1V
Item 15. Exhibits, Financial Statement Schedules
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(a)
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Exhibits
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Exhibit No.
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Exhibit Name | ||
| 3.1* | Certificate of Incorporation | ||
| 3.2* | By-Laws | ||
| 4.1* | Instrument defining rights of stockholders (See Exhibit No. 3.1, Certificate of Incorporation) | ||
| 31.1 | Certification of C.E.O. and Principal Accounting Officer Pursuant to Section 302 | ||
| of the Sarbanes-Oxley Act of 2002 | |||
| 32.1 | Certification of C.E.O. and Principal Accounting Officer Purusuant to 18 U.S.C. Sectin 1350 | ||
| as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||
| *Previously filed as an exhibit to the Form 10-SB filed December 16, 2008. | |||
- 2 -
Greyhound Commissary, Inc.
(A Development Stage Company)
FINANCIAL STATEMENTS
December 31, 2009
- 3 -
C O N T E N T S
| Report of Independent Registered Public Accounting Firm | 5 | ||
| Balance Sheets | 6 | ||
| Statements of Operations | 7 | ||
| Statements of Stockholders' Equity (Deficit) | 8 | ||
| Statements of Cash Flows | 9 | ||
| Notes to the Financial Statements | 10 | ||
- 4 -
SADLER, GIBB & ASSOCIATES, L.L.C.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors
Greyhound Commissary, Inc.
(A development stage company.)
We have audited the accompanying balance sheet of Greyhound Commissary, Inc., as of December 31, 2009 and 2008, and the related statements of income, stockholders’ equity and cash flows for the years then ended, and for the preiod from inception on May 24, 1989 through December 31, 2009. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion the financial statements referred to above present fairly, in all material respects, the financial position of Greyhound Commissary, Inc. as of December 31, 2009 and 2008, and the results of their operations and their cash flows for the years then ended, and for the preiod from inception on May 24, 1989 through December 31, 2009, in conformity with U.S. generally accepted accounting principles.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has had a loss from operations since inception of $78,365, an accumulated deficit of $80,825, and working capital deficit of $32,226, which raises substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
SADLER, GIBB AND ASSOCIATES, LLC
Salt Lake City, UT
April 27, 2010
- 5 -
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GREYHOUND COMMISSARY, INC.
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(A DEVELOPMENT STAGE COMPANY)
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BALANCE SHEETS
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ASSETS
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December 31,
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December 31,
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|||||||
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2009
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2008
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CURRENT ASSETS
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Cash
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- | - | ||||||
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Prepaid expenses
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$ | - | $ | 750 | ||||
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Total Current Assets
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- | 750 | ||||||
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TOTAL ASSETS
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$ | - | $ | 750 | ||||
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LIABILITIES & STOCKHOLDERS' EQUITY (DEFICIT)
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CURRENT LIABILITIES
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Accounts payable and accrued expenses
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$ | 1,500 | $ | - | ||||
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Note payable related party
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30,726 | 17,311 | ||||||
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Total Current Liabilities
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32,226 | 17,311 | ||||||
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TOTAL LIABILITIES
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32,226 | 17,311 | ||||||
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STOCKHOLDERS' EQUITY (DEFICIT)
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Common stock: $0.001 par value;
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50,000,000 shares authorized, 3,397,787
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shares issued and outstanding
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3,398 | 3,398 | ||||||
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Additional paid in capital
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45,201 | 39,201 | ||||||
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Deficit accumulated during the development stage
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(80,825 | ) | (59,160 | ) | ||||
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Total Stockholders' Equity (Deficit)
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(32,226 | ) | (16,561 | ) | ||||
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TOTAL LIABILITIES & STOCKHOLDERS'
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||||||||
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EQUITY (DEFICIT)
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$ | - | $ | 750 | ||||
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The accompanying notes are an integral part of these financial statements.
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- 6 -
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GREYHOUND COMMISSARY, INC.
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(A DEVELOPMENT STAGE COMPANY)
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STATEMENTS OF OPERATIONS
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(Unaudited)
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From Inception
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On May 24,
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For the Years Ended
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1989 through
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December 31,
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December 31,
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2009
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2008
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2009
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REVENUES
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$ | - | $ | - | $ | - | ||||||
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OPERATING EXPENSES
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General and administrative
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19,831 | 17,937 | 78,365 | |||||||||
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Total Operating Expenses
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19,831 | 17,937 | 78,365 | |||||||||
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LOSS FROM OPERATIONS
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(19,831 | ) | (17,937 | ) | (78,365 | ) | ||||||
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OTHER INCOME (EXPENSE)
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Interest expense
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(1,834 | ) | (581 | ) | (2,460 | ) | ||||||
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Total Other Income (Expense)
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(1,834 | ) | (581 | ) | (2,460 | ) | ||||||
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INCOME BEFORE TAXES
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(21,665 | ) | (18,518 | ) | (80,825 | ) | ||||||
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Income taxes
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- | - | - | |||||||||
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NET LOSS
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$ | (21,665 | ) | $ | (18,518 | ) | $ | (80,825 | ) | |||
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BASIC LOSS PER SHARE
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$ | (0.01 | ) | $ | (0.01 | ) | ||||||
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Weighted Average Shares
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Outstanding
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3,397,787 | 3,397,787 | ||||||||||
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The accompanying notes are an integral part of these financial statements.
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- 7 -
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GREYHOUND COMMISSARY, INC.
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(A DEVELOPMENT STAGE COMPANY)
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STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)
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Total
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Additional
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Stockholders'
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Common Stock
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Paid-In
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Accumulated
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Equity
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Shares
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Amount
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Capital
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Deficit
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(Deficit)
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Balance May 24, 1989
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- | $ | - | $ | - | $ | - | $ | - | |||||||||||
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Shares issued for services
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at $1.00 per share
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397,787 | 398 | 30,201 | - | 30,599 | |||||||||||||||
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Shares issued for services
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at $0.001 per share
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3,000,000 | 3,000 | - | - | 3,000 | |||||||||||||||
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Net loss from inception through
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December 31, 2004
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- | - | - | (33,599 | ) | (33,599 | ) | |||||||||||||
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Balance December 31, 2004
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3,397,787 | 3,398 | 30,201 | (33,599 | ) | - | ||||||||||||||
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Net loss for the year ended
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December 31, 2005
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- | - | - | - | - | |||||||||||||||
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Balance December 31, 2005
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3,397,787 | 3,398 | 30,201 | (33,599 | ) | - | ||||||||||||||
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Net loss for the year ended
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December 31, 2006
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- | - | - | - | - | |||||||||||||||
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Balance December 31, 2006
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3,397,787 | 3,398 | 30,201 | (33,599 | ) | - | ||||||||||||||
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Contributed services
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- | - | 3,000 | - | 3,000 | |||||||||||||||
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Net loss for the year ended
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December 31, 2007
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- | - | - | (7,043 | ) | (7,043 | ) | |||||||||||||
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Balance December 31, 2007
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3,397,787 | 3,398 | 33,201 | (40,642 | ) | (4,043 | ) | |||||||||||||
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Contributed services
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- | - | 6,000 | - | 6,000 | |||||||||||||||
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Net loss for the year ended
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December 31, 2008
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- | - | - | (18,518 | ) | (18,518 | ) | |||||||||||||
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Balance December 31, 2009
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3,397,787 | 3,398 | 39,201 | (59,160 | ) | (16,561 | ) | |||||||||||||
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Contributed services
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- | - | 6,000 | - | 6,000 | |||||||||||||||
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Net los for the year ended
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December 31, 2009
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- | - | - | (21,665 | ) | (21,665 | ) | |||||||||||||
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Balance, December 31, 2009
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3,397,787 | $ | 3,398 | $ | 45,201 | $ | (80,825 | ) | $ | (32,226 | ) | |||||||||
The accompanying notes are an integral part of these financial statements.
- 8 -
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GREYHOUND COMMISSARY, INC.
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(A DEVELOPMENT STAGE COMPANY)
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STATEMENTS OF CASH FLOWS
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From Inception
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On May 24,
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For the Years Ended
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1989 through
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December 31,
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December 31,
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2009
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2008
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2009
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OPERATING ACTIVITIES
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Net loss
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$ | (21,665 | ) | $ | (18,518 | ) | $ | (80,825 | ) | |||
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Adjustments to reconcile net income to
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net cash provided by operating activities:
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Common stock issued for services
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- | - | 33,599 | |||||||||
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Contributed services
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6,000 | 6,000 | 15,000 | |||||||||
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Changes in operating assets and liabilities:
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(Increase) decrease in prepaid expenses
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750 | (750 | ) | - | ||||||||
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Increase (decrease) in accounts payable
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1,500 | 1,500 | ||||||||||
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NET CASH USED BY
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OPERATING ACTIVITIES
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(13,415 | ) | (13,268 | ) | (30,726 | ) | ||||||
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INVESTING ACTIVITIES
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- | - | - | |||||||||
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FINANCING ACTIVITIES
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Proceeds from common stock issued
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- | - | - | |||||||||
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Increase in payables - related parties
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13,415 | 13,268 | 30,726 | |||||||||
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NET CASH PROVIDED BY
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FINANCING ACTIVITIES
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13,415 | 13,268 | 30,726 | |||||||||
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NET CHANGE IN CASH
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- | - | - | |||||||||
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CASH - Beginning of period
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- | - | - | |||||||||
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CASH - End of period
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$ | - | $ | - | $ | - | ||||||
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SUPPLEMENTAL CASH FLOW DISCLOSURE:
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CASH PAID FOR:
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Interest
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$ | - | $ | - | $ | - | ||||||
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Income taxes
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$ | - | $ | - | $ | - | ||||||
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NON CASH FINANCING ACTIVITIES:
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$ | - | $ | - | $ | - | ||||||
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The accompanying notes are an integral part of these financial statements.
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- 9 -
GREYHOUND COMMISSARY, INC.
(A Development Stage Company)
Notes to Financial Statements
December 31, 2009 and 2008
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
| Nature of Business |
Greyhound Commissary, Inc. (the Company) was incorporated in the State of Idaho on May 24, 1989. The Company was reincorporated in the State of Nevada on November 1, 2007. The Company is a development stage company and has not commenced principle operations as of the balance sheet date.
Use of 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 at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Basic (Loss) per Common Share
Basic (loss) per share is calculated by dividing the Company’s net loss applicable to common shareholders by the weighted average number of common shares during the period. Diluted earnings per share is calculated by dividing the Company’s net income available to common shareholders by the diluted weighted average number of shares outstanding during the year. The diluted weighted average number of shares outstanding is the basic weighted number of shares adjusted for any potentially dilutive debt or equity. There are no such common stock equivalents outstanding as of December 31, 2007 and 2006.
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For the
Year Ended
December 31,
2009
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For the
Year Ended
December 31,
2008
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Loss (numerator)
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$ | (21,665 | ) | $ | (18,518 | ) | ||
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Shares (denominator)
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3,397,787 | 3,397,787 | ||||||
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Per share amount
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$ | (0.01 | ) | $ | (0.01 | ) | ||
Dividends
The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.
Comprehensive Income
The Company has no component of other comprehensive income. Accordingly, net income equals comprehensive income for the period ended December 31, 2009.
Advertising Costs
The Company’s policy regarding advertising is to expense advertising when incurred. The Company had not incurred any advertising expense as of December 31, 2009.
- 10 -
GREYHOUND COMMISSARY, INC.
(A Development Stage Company)
Notes to Financial Statements
December 31, 2009 and 2008
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Cash and Cash Equivalents
For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.
Income Taxes
The Company provides for income taxes under Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes. SFAS No. 109 requires the use of an asset and liability approach in accounting for income taxes. Deferred tax assets and liabilities are recorded based on the differences between the financial statement and tax bases of assets and liabilities and the tax rates in effect when these differences are expected to reverse. The Company’s predecessor operated as entity exempt from Federal and State income taxes.
SFAS No. 109 requires the reduction of deferred tax assets by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized.
The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 39% to net the loss before provision for income taxes for the following reasons:
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December 31, 2009
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December 31, 2008
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Income tax expense at statutory rate
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$ | (8,449 | )) | $ | (7,222 | ) | ||
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Common stock issued for services
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2,340 | 2,340 | ||||||
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Valuation allowance
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6,109 | 4,882 | ||||||
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Income tax expense per books
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$ | - | $ | - | ||||
Net deferred tax assets consist of the following components as of:
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December 31, 2008
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December 31, 2007
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NOL carryover
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$ | 6,109 | $ | 4,882 | ||||
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Valuation allowance
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(6,109 | ) | (4,882 | ) | ||||
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et deferred tax asset
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$ | - | $ | - | ||||
Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of $32,976 for federal income tax reporting purposes are subject to annual limitations. When a change in ownership occurs, net operating loss carry forwards may be limited as to use in future years.
- 11 -
GREYHOUND COMMISSARY, INC.
(A Development Stage Company)
Notes to Financial Statements
December 31, 2009 and 2008
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Impairment of Long-Lived Assets
The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.
Accounting Basis
The basis is accounting principles generally accepted in the United States of America. The Company has adopted a December 31 fiscal year end.
Stock-based compensation.
As of December 31, 2009, the Company has not issued any share-based payments to its employees.
The Company adopted SFAS No. 123-R effective January 1, 2006 using the modified prospective method. Under this transition method, stock compensation expense includes compensation expense for all stock-based compensation awards granted on or after January 1,2006, based on the grant-date fair value estimated in accordance with the provisions of SFAS No. 123-R.
Recent Accounting Pronouncements
In May 2009, the FASB issued SFAS 165 (ASC 855-10) entitled “Subsequent Events”. Companies are now required to disclose the date through which subsequent events have been evaluated by management. Public entities (as defined) must conduct the evaluation as of the date the financial statements are issued, and provide disclosure that such date was used for this evaluation. SFAS 165 (ASC 855-10) provides that financial statements are considered “issued” when they are widely distributed for general use and reliance in a form and format that complies with GAAP. SFAS 165 (ASC 855-10) is effective for interim and annual periods ending after June 15, 2009 and must be applied prospectively. The adoption of SFAS 165 (ASC 855-10) during the year ended December 31, 2009 did not have a significant effect on the Company’s financial statements as of that date or for the quarter or year-to-date period then ended. In connection with preparing the accompanying audited financial statements as of December 31, 2009, management evaluated subsequent events through the date such financial statements were issued (filed with the SEC).
- 12 -
GREYHOUND COMMISSARY, INC.
(A Development Stage Company)
Notes to Financial Statements
December 31, 2009 and 2008
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Recent Accounting Pronouncements (Continued)
In June 2009, the FASB issued SFAS 168, The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles. (“SFAS 168” pr ASC 105-10) SFAS 168 (ASC 105-10) establishes the Codification as the sole source of authoritative accounting principles recognized by the FASB to be applied by all nongovernmental entities in the preparation of financial statements in conformity with GAAP. SFAS 168 (ASC 105-10) was prospectively effective for financial statements issued for fiscal years ending on or after September 15, 2009 and interim periods within those fiscal years. The adoption of SFAS 168 (ASC 105-10) on July 1, 2009 did not impact the Company’s results of operations or financial condition. The Codification did not change GAAP, however, it did change the way GAAP is organized and presented. As a result, these changes impact how companies reference GAAP in their financial statements and in their significant accounting policies. The Company implemented the Codification in this Report by providing references to the Codification topics alongside references to the corresponding standards.
With the exception of the pronouncements noted above, no other accounting standards or interpretations issued or recently adopted are expected to have a material impact on the Company’s financial position, operations or cash flows.
Revenue Recognition
The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.
NOTE 2 - GOING CONCERN
The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern. However, the Company has accumulated deficit of $80,825 as of December 31, 2009. The Company currently has limited liquidity, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.
Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
- 13 -
GREYHOUND COMMISSARY, INC.
(A Development Stage Company)
Notes to Financial Statements
December 31, 2009 and 2008
NOTE 3 - NOTE PAYABLE-RELATED PARTY
The Company has a note payable due to a shareholder with a balance of $30,726 and $16,561 as of December 31, 2009 and 2008, respectively. The note payable is unsecured, accrues interest at 8% per annum and is due upon demand. The proceeds of the note are used to pay for the Company’s basic operating expenses, which include legal fees, accounting and audit fees, and filing fees, etc. The related-party lender is shareholder of the Company, and has informally agreed to finance the Company’s short-term operations due to the fact that the Company has no cash or revenue-producing operations as of December 31, 2009.
NOTE 4 – CONTRIBUTED SERVICES
During the years ended December 31, 2009 and 2008, a related-party has contributed various administrative services to the Company. These services include basic management and accounting services, and utilization of office space and equipment. These services have been valued at $6,000 for each of the years ended December 31, 2009 and 2008.
NOTE 5 - SUBSEQUENT EVENTS
In accordance with SFAS 165 (ASC 855-10) Company management reviewed all material events through April 26, 2010 and there are no material subsequent events to report.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Greyhound Commissary, Inc. | |||
| By: | /S/ GEOFF WILLIAMS | ||
| Geoff Williams | |||
| President and C.E.O. | |||
| Principal Financial Officer | |||
| Principal Accounting Officer | |||
| Dated: January 12, 2011 | |||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| /S/ GEOFF WILLIAMS | President, C.E.O. and Director | January 12, 2011 | |
| Geoff Williams | Principal Financial Officer | ||
| Principal Accounting Officer | |||
| /S/ NANCY AH CHONG | Secretary and Director | January 12, 2011 | |
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