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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549 

 FORM 10-Q/A

 Amendment No.1

 

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

For the quarterly period ended May 31, 2012

 

TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

For the transition period from ______ to _______

 

Commission File Number 333-170091

 

ANTAGA INTERNATIONAL CORP.

(Exact name of registrant as specified in its charter)

 

Nevada   68-0678499
(State of incorporation)   (I.R.S. Employer Identification No.)

 

4405 Powell Ave,
Montreal, QC, H4P 1E5

(Address of principal executive offices)

 

(514) 967-4372

(Registrant’s telephone number)

 

 

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     ☐ No

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☑Yes     ☐ No (Not required)

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer Accelerated Filer

 

Non-Accelerated Filer Smaller Reporting Company

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). 

Yes  ☐ No  ☐

 

As of May 31, 2012, there were 4,885,000 shares of the registrant’s $0.001 par value common stock issued and outstanding.

 
 

 

ANTAGA INTERNATIONAL CORP.*

The sole purpose of this Amendment to the Registrant’s Quarterly Report on Form 10-Q for the period ended May 31, 2012 (the “10-Q”), is to furnish the Interactive Data File exhibits required by Item 601(b)(101) of Regulation S-K. No other changes have been made to the 10-Q, and this Amendment has not been updated to reflect events occurring subsequent to the filing of the 10-Q.

 

TABLE OF CONTENTS 

     
  Page
   
PART I. FINANCIAL INFORMATION  
   
ITEM 1. FINANCIAL STATEMENTS 3
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 7
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 14
ITEM 4. CONTROLS AND PROCEDURES 14
   
PART II. OTHER INFORMATION  
  15
ITEM 1. LEGAL PROCEEDINGS  
ITEM 1A. RISK FACTORS 15
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 15
ITEM 3. DEFAULTS UPON SENIOR SECURITIES 15
ITEM 4. MINE SAFETY DISCLOSURES 15
ITEM 5. OTHER INFORMATION 15
ITEM 6. EXHIBITS 15
   

Special Note Regarding Forward-Looking Statements

 

Information included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Antaga International Corp. (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

*Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or "ANTR" refers to Antaga International Corp.

 
 

 

PART I - FINANCIAL INFORMATION

 

ITEM 1. CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

 

 

INDEX   F-1

Unaudited Consolidated Balance Sheet as of May 31, 2012

 

F-2

Unaudited Consolidated Statement of Operations for the Three Months Ended May 31, 2012 and 2011 and the nine Months Ended May 31, 2012 and 2011 and since inception

 

F-3

Unaudited Consolidated Statement of Cash Flows for the nine Months Ended May 31, 2012 and 2011

 

F-4
Notes to Condensed Consolidated Financial Statements Unaudited F-5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

F-1

 
 

 

ANTAGA INTERNATIONAL CORP.

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED BALANCE SHEETS

AS OF MAY 31, 2012 AND AUGUST 31, 2011

 

 

 

Assets
   May 31,  August 31,
   2012 (unaudited)  2011 (audited)
       
Current Assets          
Cash  $130   $14,230 

 

Total Current Assets

   130    14,230 
           
Total Assets  $130   $14,230 
Liabilities and Stockholders’ Equity (deficit)          
           
           

 

Total Liabilities

  $—     $—   
           
Stockholders’ Equity          
           
 Common stock, $0.001par value, 75,000,000 shares authorized;          
4,885,000 shares issued and outstanding   4,885    4,885 
Additional paid-in-capital   20,115    20,115 
Deficit accumulated during the development stage   (27,870)   (10,770)
 
Total stockholders’ equity
   130    14,230 
 
Total liabilities and stockholders’ equity
  $130   $14,230 
           

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

F-2

 

 

 

 

 

 

 

 

 

ANTAGA INTERNATIONAL CORP

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS PERIODS ENDED MAY 31, 2012 AND 2011, AND

FOR THE PERIOD FROM JUNE 10, 2009 (INCEPTION) TO MAY 31, 2012

(Unaudited)

 

Three months Ended

May 31, 2012

Three months Ended

May 31, 2011

Nine months Ended

May 31, 2012

Nine months Ended

May 31, 2011

Period From

June 10, 2009 (Inception), to

May 31, 2012

Expenses
  General and Administrative Expenses $             3,000 $              1500  $         17,100 $            6,310 $            27,870
     Net (loss) from Operation before Taxes (3,000)              (1500) (17,100) (6,310) (27,870)
Provision for Income Taxes 0 0 0 0 0
Net (loss) $          (3,000) $          (1500)                   $       (17,100) $         (6,310)  $        (27,870)
(Loss) per common share – Basic and diluted $            (0.00) $          (0.00) $ (0.00) $           (0.00)  

Weighted Average Number of Common

Shares Outstanding

       4,885,000       4,885,000      4 4,885,000 4,885,000  

 

 

                 

 

 

 

The accompanying notes are an integral part of these financial statements.
F-3

 

 

ANTAGA INTERNATIONAL CORP

(A DEVELOPMENT STAGE COMPANY)

STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS PERIODS ENDED MAY 31, 2012 AND 2011

FOR THE PERIOD FROM JUNE 10, 2009 (INCEPTION) TO MAY 31, 2012(unaudited)

 

 
 

Nine

months ended

May 31, 2012

 

Nine months ended

May 31,

2011

 

Period From

June 10 (Inception),

2009 to

May 31,

2012

Operating Activities        
    Net (loss) (17,100) $ (6,960) $ (27,870)
 

Net cash (used) for operating activities

 

(17,100)

 

 

(6,960)

 

(27,870)

           
           
Financing Activities          
  Loans from Director 3,000   -   3,000
  Sale of common stock -   -   25,000
 

 

Net cash provided by financing activities

 

-

 

 

-

 

25,000

             
Net increase (decrease) in cash and equivalents (17,100)   (6,960)   130
           
Cash and equivalents at beginning of the period 14,230   22,235   -

 

Cash and equivalents at end of the period

 

130

 

$

 

16,775

 

$

130

             
             
  Supplemental cash flow information:          
             
  Cash paid for:          
             
  Interest                                                                                               - $ - $ -
 

 

Taxes

 

-

 

$

 

-

 

$

 

-

             
             
Non-Cash Activities   $   $  
                     

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these financial statements.

F-4

 
 

 

ANTAGA INTERNATIONAL CORP

(A DEVELOPMENT STAGE COMPANY)

NOTES TO THE FINANCIAL STATEMENTS

MAY 31, 2012 AND MAY 31, 2011

(Unaudited)

 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization and Description of Business

Antaga International Corp (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on June 10, 2009. The Company is in the development stage as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.” Since inception through June 10, 2009, the Company has not generated any revenue and has accumulated losses of $27,870. The Company intends to commence business operations in nutritional supplements distribution.

 

Going Concern

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $27,870 as of May 31, 2012 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and/or private placement of common stock. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty.

 

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.

The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At May 31, 2012 and 2011 the Company's bank deposits did not exceed the insured amounts.

 

Basic Income (Loss) Per Share

The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.

 

Income Taxes

The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the fiscal year ended May 31, 2012 and 2011.

 

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting).  The Company has adopted a August 31 fiscal year end.

 

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.

 

 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Recent accounting pronouncements

We have reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and we do not believe any of these pronouncements will have a material impact on the company.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

 

Stock-Based Compensation

As of May 31, 2012 and 2011, the Company has not issued any stock-based payments to its employees.

Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options.

 

Revenue Recognition

The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

 

NOTE 2 – COMMON STOCK

 

The Company has 75,000,000 common shares authorized with a par value of $ 0.001 per share.

On July 21, 2009, the Company issued 2,500,000 shares of its common stock at $0.001 per share for total proceeds of $2,500. On August 14, 2009, the Company issued 675,000 shares of its common stock at $0.008 per share for total proceeds of $5,400. On August 27, 2009, the Company issued 450,000 shares of its common stock at $0.01 per share for total proceeds of $4,500. On October 2, 2009, the Company issued 1,260,000 shares of its common stock at $0.01 per share for total proceeds of $12,600.

Total shares outstanding as of May 31, 2012 and 2011 were 4,885,000.

 

NOTE 3 – INCOME TAXES

As of May 31, 2012, the Company had net operating loss carry forwards of $27,870 that may be available to reduce future years’ taxable income through 2032. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

 

NOTE 4 – SUBSEQUENT EVENTS

 

In accordance with SFAS 165 (ASC 855-10) the Company has analyzed its operations subsequent to August 31, 2011 to the date these financial statements were filed with the Securities and Exchange Commission, and has determined that it does not have any material subsequent events to disclose in these financial statements.

 

 

[END NOTES TO FINANCIALS]
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

 

FORWARD LOOKING STATEMENTS

 

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

 

GENERAL

 

We are in the business of distribution of nutritional supplements which are designed to have a positive effects on health, well being and improve physical and mental performance. We plan to work with a Canadian manufacturer, MVP Biotech, and distribute their sport supplement products. Our plan is to distribute the product in Canada and in Scandinavian Europe, such as Sweden, Finland, Denmark, and Norway.

 

Since inception through May 31, 2012, the Company has not generated any revenue and has accumulated losses of $27,870.

 

We are planning to sell a range of products: from whey protein, creatine, glutamine, BCAA, to weight loss pills and multi vitamins being produced from the Canadian company MVP Biotech.

 

Types of our nutritional supplements

 

The products that we plan to distribute in the next 12 months are:

 

- WHEY PROTEIN POWDER 2, 5 & 10 LBS (VANLLA ICE CREAM, COOKIE DOUGH, CHOCALATE BROWNIE, MOCHACHINO, STRAWBERRY SHORTCAKE, BANANA RUSH, ORANGE MANGO)

- CREATINE 1000G

- GLUTAMINE 1000G

- L-LYSINE 500MG/100CAPS

- L-ARGININE 500MG/100CAPS

- L-TYROSINE 500MG/100CAPS

- METHYLSULFONYLMETHANE (MSM) 1000MG/250CAPS

 

The products being sold are food supplements. It cannot be taken instead of regular healthy food; therefore cannot be a meal replacement.

 

Raw Materials for Nutritional Supplements

 

Raw materials used in making the company’s anticipated nutritional supplement products are purchased worldwide with the assurance that they meet all required specifications. MVP does not depend upon any one major manufacturer in particular.  All of the major suppliers are located in particular regions, such as Canada, India and China. Prior to be released for production, the raw materials are tested to insure that they meet applicable specifications by approved external analysis lab All raw materials have a certificate of compliance, a document certifying that the manufacturing site complies with Good Manufacturing Practices (GMP) standards. promulgated by the US Food and Drug Administration.  All the raw materials are of high availability

 

The whey protein powder is a collection of globular proteins and it contains five main protein fractions and six minor ones. The four main are:  beta - lactobulin (approx 55%), alpha lactalbumin(approx 20%), glycomacropeptide (GMP) ( approx 10%), serum albumin (approx. 8%) and immunoglobulins

 

Creatine contains: creatine monohydrate, creatine ethyl ester, creatine alpha ketoglutarate, tricreatine malate, creatine orotate and creatine pyruvate.

 

Glutamine is composed mainly from L-Glutamine HCL and glutamine ethyl ester.

 

 

Results of Operation

 

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

 

We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

 

Three and six Month Period Ended May 31, 2012 Compared to Three and six Month Period Ended May 31, 2011..

 

Our net loss for the three month period ended May 31, 2012 was $3,000 compared to a net loss of $1500 for the three month period ended May 31, 2011. As for the nine month period ended May 31, 2012 our net loss was $17,100 compared to a net loss $6,310 May 31, 2011. During the three and nine month periods ended May 31, 2012 and 2011 we have not generated any revenue.

 

During the three month period ended May 31, 2012, we incurred general and administrative expenses $3,000 compared to $1500 incurred for the three month period ended May 31, 2011. General and administrative fee expenses incurred during the three month periods ended May 31, 2012 and 2011 were generally related to corporate overhead, financial and administrative contracted services.

The weighted average number of shares outstanding was 4,885,000 for the three month period ended May 31, 2012 and 2011.

 

Liquidity and Capital Resources

 

Three and Six Month Period Ended May 31, 2012

 

As at May 31, 2012, our total assets were $130 compared to $14,230 in total assets at August 31, 2011. Total assets were comprised of $130 in cash. As at May 31, 2012, our current liabilities were $0.

Stockholders’ equity was $130 as of May 31, 2012 compare to stockholders' equity of $14,230 as of August 31, 2011.

 

Cash Flows from Operating Activities

 

We have not generated positive cash flows from operating activities. For the three month period ended May 31, 2012, net cash flows used in operating activities was $3,000. Net cash flows used in operating activities was $1500 for the three month period ended May 31, 2011.

 

Cash Flows from Investing Activities

 

For the three and nine month period ended May 31, 2012, the Company has not generated any cash flows from investing activities.

Cash Flows from Financing Activities

We have financed our operations primarily from either advancements or the issuance of equity. For the three month period ended May 31, 2012. For the period from inception (June 10, 2009) to May 31, 2012, net cash provided by financing activities was $27,870 received from proceeds from issuance of common stock, and directors loan.

 

Plan of Operation and Funding

 

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

 

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.

 

Off-Balance Sheet Arrangements

 

As of the date of this Quarterly Report, we do not have any 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 are material to investors.

 

Going Concern

 

The independent auditors' review report accompanying our August 31, 2011 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

 

QUARTERLY EVENTS

 

As previously reported in Current Report on Form 8-K as filed with the commission on May 11, 2012, Georgi Parrik resigned from all positions with the Company, including but not limited to, that of President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and Director on May 10, 2012. The resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

As of May 10, 2012, Chih-Wei Chang was appointed as the Company’s Chief Executive Officer, Chief Financial Officer and a Chairman of the Board of Directors.

 

 

 

 
 

 

 

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Our exposure to market risks includes, but is not limited to, the following risks: changes in commodity price risks and equity price risks. We do not use derivative financial instruments as part of an overall strategy to manage market risk.

 

Equity Price Risk

 

We have in the past sought and will likely in the future seek to acquire additional funding by sale of common stock and other equity instruments. Movements in the price of our common stock have been volatile in the past and may also be volatile in the future. As a result, there is a risk that we may not be able to sell common stock or other equity at an acceptable price to meet future funding requirements.

 

Commodity Price Risk

 

We currently have only limited production but expect to produce increasing amounts of gold, silver, other precious and base metals in this fiscal year. As we increase production and sales, changes in the price of gold and other minerals could significantly affect our results of operations and cash flows.

Gold prices may fluctuate widely from time to time and are affected by numerous factors, including the following: expectations with respect to the rate of inflation, exchange rates, interest rates, global and regional political and economic circumstances and governmental policies, including those with respect to gold holdings by central banks. The demand for, and supply of, gold affect gold prices, but not necessarily in the same manner as demand and supply affect the prices of other commodities. The supply of gold consists of a combination of new mine production and existing stocks of bullion and fabricated gold held by governments, public and private financial institutions, industrial organizations and private individuals. The demand for gold primarily consists of jewelry and investments. Additionally, hedging activities by producers, consumers, financial institutions and individuals can affect gold supply and demand. While gold can be readily sold on numerous markets throughout the world, its market value cannot be predicted for any particular time. We do not presently expect to hedge the sale of any of our anticipated production.

 

ITEM 4.  CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 ("Exchange Act").

 

Based on this evaluation, our principal executive and principal financial and accounting officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934) were effective as of May 31, 2012.

 

Audit committee

 

The Company has established an independent audit committee of the Board of Directors, The audit committee’s duties are to recommend to the Company’s Board of Directors the engagement of an independent registered public accounting firm to audit the Company’s financial statements and to review the Company’s accounting and auditing principles. The audit committee would review the scope, timing and fees for the annual audit and the results of audit examinations performed by the internal auditors and independent registered public accounting firm, including their recommendations to improve the system of accounting and internal controls. The audit committee will, at all times, be comprised exclusively of directors who are, in the opinion of the Company’s Board of Directors, free from any relationship which would interfere with the exercise of independent judgment as a committee member and who possess an understanding of financial statements and generally accepted accounting principles.

 

Compensation committee

 

The Company has established an independent compensation committee of the Board of The compensation committee reviews and approves the Company’s salary and benefits policies, including compensation of executive officers.

 

Changes in Internal Control over Financial Reporting

 

As previously reported in Current Report on Form 8-K as filed with the commission on May 11, 2012, Georgi Parrik resigned from all positions with the Company, including but not limited to, that of President, Chief Executive Officer, Chief Financial Officer, Treasurer, Secretary and Director on May 10, 2012. The resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

As of May 10, 2012, Chih-Wei Chang was appointed as the Company’s Chief Executive Officer, Chief Financial Officer and a Chairman of the Board of Directors.

PART II - OTHER INFORMATION

 

ITEM 1.  LEGAL PROCEEDINGS

 

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

 

ITEM 1A. RISK FACTORS

 

Our Annual Report on Form 10-K for the fiscal year ended August 31, 2011 includes a detailed discussion of our risk factors.

 

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

 

NONE

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

NONE.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

N/A.

 

ITEM 5. OTHER INFORMATION

 

NONE

 

ITEM 6. EXHIBITS

3.1   Articles of Incorporation (Filed as Exhibit 3.1 to Registration Form S-1, filed with the Securities and Exchange Commission on October 22, 2010)
3.2   Bylaws of the Company (Filed as Exhibit 3.2 to Registration Form S-1, filed with the Securities and Exchange Commission on October 22, 2010)
31.01   Certification of Principal Executive Officer Pursuant to Rule 13a-14  (Filed herewith)
31.02   Certification of Principal Financial Officer Pursuant to Rule 13a-14   (Filed herewith)
32.01   CEO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act (Filed herewith)
32.02   CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act (Filed herewith)

 

 

 

 

 

 

 

 

 

 

 

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized.

ANTAGA INTERNATIONAL CORP.

 

 

       
Date: July 23, 2012   By: /s/ Chih-Wei Chang
      Chih-Wei Chang
      Chief Executive Officer, Chief Financial
      Officer and Director