Attached files
| file | filename |
|---|---|
| EXCEL - IDEA: XBRL DOCUMENT - AYTU BIOPHARMA, INC | Financial_Report.xls |
| EX-32.1 - EXHIBIT 32.1 - AYTU BIOPHARMA, INC | rosewind10qx32.htm |
| EX-31.1 - EXHIBIT 31.1 - AYTU BIOPHARMA, INC | rosewind10qx31.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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For Quarter Ended: February 28, 2013
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Commission File Number 000-53121
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ROSEWIND CORPORATION
(Exact name of registrant as specified in its charter)
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COLORADO
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47-0883144
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(State or other jurisdiction of
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(I.R.S. Employer Identification No.)
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incorporation or organization)
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16200 WCR 18 E, Loveland, Colorado
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80537
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(Address of principal executive offices)
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(Zip code)
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(970) 635-0346
(Registrant's telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report.)
Indicate by check mark whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act of 1934 during the past 12 months, 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 definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12(b) of the Exchange Act.
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Large accelerated filer o
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Accelerated filer o
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Non-accelerated filer o
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Smaller Reporting Company þ
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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 o No þ
As of March 31, 2013, 4,889,402 shares of common stock, no par value of registrant were outstanding.
\
Table of Contents
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Page
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PART I FINANCIAL INFORMATION
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Item 1. Financial Statements for the period ended November 30, 2012
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Balance Sheets (Unaudited)
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3
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Statements of Operations (Unaudited)
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4
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Statements of Changes in Shareholders’ Equity (Deficit) (Unaudited)
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5
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Statements of Cash Flows (Unaudited)
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8
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Notes to Consolidated Financial Statements (Unaudited)
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9
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
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11
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
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12 |
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Item 4. Controls and Procedures
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12
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PART II OTHER INFORMATION
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Item 1. Legal Proceedings
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13
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Item 1A. Risk Factors
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13
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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18 |
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Item 3. Defaults Upon Senior Securities
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18
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Item 4. Submission of Matters to a Vote of Security Holders
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18
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Item 5. Other Information
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18
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Item 6. Exhibits
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18
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Signatures
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19
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2
ROSEWIND CORPORATION
(A Development Stage Company)
Balance Sheets
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February 28,
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August 31,
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|||||||
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2013
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2012
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|||||||
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Assets
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(unaudited)
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|||||||
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Current Assets:
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||||||||
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Cash
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$ | 3,186 | $ | 109 | ||||
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Prepaid asset
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— | 77 | ||||||
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Total current assets
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3,186 | 186 | ||||||
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Property and equipment, net
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9,927 | 12,461 | ||||||
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Total assets
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$ | 13,113 | $ | 12,647 | ||||
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Liabilities and Shareholders’ Equity (Deficit)
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||||||||
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Current liabilities:
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||||||||
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Accounts payable
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$ | 14,018 | $ | 5,843 | ||||
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Accrued interest payable, related party
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10,603 | 8,469 | ||||||
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Loans payable to related party
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83,327 | 68,053 | ||||||
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Total current liabilities
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107,948 | 82,365 | ||||||
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Shareholders’ equity (deficit):
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||||||||
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Preferred stock, no par value; 5,000,000 shares authorized,
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||||||||
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no shares issued and outstanding
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— | — | ||||||
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Common stock, no par value; 300,000,000 shares authorized,
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4,889,402 and 4,856,068 shares issued and outstanding, respectively
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412,027 | 407,027 | ||||||
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Additional paid-in capital
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38,041 | 34,641 | ||||||
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Accumulated deficit
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(500 | ) | (500 | ) | ||||
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Deficit accumulated during development stage
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(544,403 | ) | (510,886 | ) | ||||
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Total shareholders' equity (deficit)
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(94,835 | ) | (69,718 | ) | ||||
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Total liabilities and shareholders' equity (deficit)
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$ | 13,113 | $ | 12,647 | ||||
See accompanying notes to financial statements
3
ROSEWIND CORPORATION
(A Development Stage Company)
Statements of Operations
(Unaudited)
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March 1,
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||||||||||||||||||||
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2005
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||||||||||||||||||||
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(Inception)
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||||||||||||||||||||
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For the Three Months Ended
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For the Six Months Ended
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Through
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||||||||||||||||||
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February 28,
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February 28,
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February 28,
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||||||||||||||||||
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2013
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2012
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2013
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2012
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2013
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Revenue
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$ | — | $ | — | $ | — | $ | — | $ | 3,500 | ||||||||||
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Operating expenses:
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||||||||||||||||||||
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Professional fees
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3,402 | 4,047 | 13,107 | 12,481 | 165,706 | |||||||||||||||
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Contributed services, related party (Note 3)
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1,050 | 750 | 3,400 | 2,400 | 33,551 | |||||||||||||||
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General and administrative
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8,099 | 4,426 | 14,876 | 13,218 | 326,494 | |||||||||||||||
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Total operating expenses
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12,551 | 9,223 | 31,383 | 28,099 | 525,751 | |||||||||||||||
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Loss from operations
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(12,551 | ) | (9,223 | ) | (31,383 | ) | (28,099 | ) | (522,251 | ) | ||||||||||
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Other Income (Expense)
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||||||||||||||||||||
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Other income
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— | — | — | — | 274 | |||||||||||||||
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Interest expense
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(1,108 | ) | (856 | ) | (2,134 | ) | (1,647 | ) | (22,426 | ) | ||||||||||
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Total other expenses
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(1,108 | ) | (856 | ) | (2,134 | ) | (1,647 | ) | (22,152 | ) | ||||||||||
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Net loss
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$ | (13,659 | ) | $ | (10,079 | ) | $ | (33,517 | ) | $ | (29,746 | ) | $ | (544,403 | ) | |||||
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Basic and diluted net loss per share
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$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.01 | ) | $ | (0.01 | ) | ||||||||
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Basic and diluted weighted average
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||||||||||||||||||||
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common shares outstanding
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4,889,402 | 4,789,235 | 4,876,510 | 4,776,137 | ||||||||||||||||
See accompanying notes to financial statements
4
ROSEWIND CORPORATION
(A Development Stage Company)
Statements of Changes in Shareholders' Equity (Deficit)
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Deficit
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|||||||||||||||||||||||||||||||||
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Accumulated
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Accumulated
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||||||||||||||||||||||||||||||||
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Additional
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Other
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Common
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During
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||||||||||||||||||||||||||||||
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Common Stock
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Paid-in
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Comprehensive
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Stock
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Accumulated
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Development
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Total
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|||||||||||||||||||||||||||
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Shares
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Amount
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Capital
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Loss
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Subscription
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Deficit
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Stage
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Equity
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||||||||||||||||||||||||||
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Balance at March 1, 2005 (inception)
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100,000 | $ | 500 | $ | 100 | $ | — | $ | — | $ | (500 | ) | $ | — | $ | 100 | |||||||||||||||||
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Common stock issued in exchange for a
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|||||||||||||||||||||||||||||||||
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Sailing vessel at $0.034 per share on
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|||||||||||||||||||||||||||||||||
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March 4, 2005
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1,150,000 | 39,000 | — | — | — | — | — | 39,000 | |||||||||||||||||||||||||
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Net loss, period ended August 31, 2005
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— | — | — | — | — | — | (18,677 | ) | (18,677 | ) | |||||||||||||||||||||||
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Balance at August 31, 2005
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1,250,000 | 39,500 | 100 | — | — | (500 | ) | (18,677 | ) | 20,423 | |||||||||||||||||||||||
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Common stock issued for services on
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|||||||||||||||||||||||||||||||||
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September 20, 2005 at $0.04 per share
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700,000 | 28,000 | — | — | — | — | — | 28,000 | |||||||||||||||||||||||||
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Common stock issued for services on
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|||||||||||||||||||||||||||||||||
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September 20, 2005 to arelated party at
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|||||||||||||||||||||||||||||||||
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$0.04 per share
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700,000 | 28,000 | — | — | — | — | — | 28,000 | |||||||||||||||||||||||||
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Various common stock issuances for cash
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at $0.10 per share
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500,000 | 50,000 | — | — | — | — | — | 50,000 | |||||||||||||||||||||||||
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Contributed capital
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— | — | 1,965 | — | — | — | — | 1,965 | |||||||||||||||||||||||||
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Net loss, year ended August 31, 2006
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— | — | — | — | — | — | (70,441 | ) | (70,441 | ) | |||||||||||||||||||||||
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Balance at August 31, 2006
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3,150,000 | 145,500 | 2,065 | — | — | (500 | ) | (89,118 | ) | 57,947 | |||||||||||||||||||||||
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Contributed capital
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— | — | 925 | — | — | — | — | 925 | |||||||||||||||||||||||||
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Office space contributed by an officer
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— | — | 1,200 | — | — | — | — | 1,200 | |||||||||||||||||||||||||
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Services contributed by an officer
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— | — | 7,271 | — | — | — | — | 7,271 | |||||||||||||||||||||||||
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Foreign currency exchange gain
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— | — | — | 417 | — | — | — | 417 | |||||||||||||||||||||||||
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Net loss, year ended August 31, 2007
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— | — | — | — | — | — | (48,954 | ) | (48,954 | ) | |||||||||||||||||||||||
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Balance at August 31, 2007
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3,150,000 | 145,500 | 11,461 | 417 | — | (500 | ) | (138,072 | ) | 18,806 | |||||||||||||||||||||||
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Common stock issued for cash on
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|||||||||||||||||||||||||||||||||
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November16, 2007 at $0.25 per share
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239,000 | 59,750 | — | — | — | — | — | 59,750 | |||||||||||||||||||||||||
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Contributed capital
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— | — | 669 | — | — | — | — | 669 | |||||||||||||||||||||||||
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Office space contributed by an officer
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— | — | 1,200 | — | — | — | — | 1,200 | |||||||||||||||||||||||||
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Services contributed by an officer
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— | — | 2,674 | — | — | — | — | 2,674 | |||||||||||||||||||||||||
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Foreign currency exchange gain
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— | — | — | 32 | — | — | — | 32 | |||||||||||||||||||||||||
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Net loss, year ended August 31, 2008
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— | — | — | — | — | — | (57,173 | ) | (57,173 | ) | |||||||||||||||||||||||
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Balance at August 31, 2008
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3,389,000 | 205,250 | 16,004 | 449 | — | (500 | ) | (195,245 | ) | 25,958 | |||||||||||||||||||||||
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Contributed capital
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— | — | 1,757 | — | — | — | — | 1,757 | |||||||||||||||||||||||||
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Office space contributed by
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|||||||||||||||||||||||||||||||||
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an officer
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— | — | 1,200 | — | — | — | — | 1,200 | |||||||||||||||||||||||||
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Services contributed by an officer
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— | — | 1,510 | — | — | — | — | 1,510 | |||||||||||||||||||||||||
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Foreign currency exchange loss
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— | — | — | (1,214 | ) | — | — | — | (1,214 | ) | |||||||||||||||||||||||
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Various Common stock issuances for cash
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|||||||||||||||||||||||||||||||||
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at $0.20 per share
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80,500 | 16,100 | — | — | — | — | — | 16,100 | |||||||||||||||||||||||||
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Net loss, year ended August 31, 2009
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— | — | — | — | — | — | (58,894 | ) | (58,894 | ) | |||||||||||||||||||||||
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Balance at August 31, 2009
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3,469,500 | $ | 221,350 | $ | 20,471 | $ | (765 | ) | $ | — | $ | (500 | ) | $ | (254,139 | ) | $ | (13,583 | ) | ||||||||||||||
See accompanying notes to financial statements
5
ROSEWIND CORPORATION
(A Development Stage Company)
Statements of Changes in Shareholders' Equity (Deficit)
(Continued)
|
Deficit
|
|||||||||||||||||||||||||||||||||
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Accumulated
|
Accumulated
|
||||||||||||||||||||||||||||||||
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Additional
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Other
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Common
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During
|
||||||||||||||||||||||||||||||
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Common Stock
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Paid-in
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Comprehensive
|
Stock
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Accumulated
|
Development
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Total
|
|||||||||||||||||||||||||||
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Shares
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Amount
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Capital
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Loss
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Subscription
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Deficit
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Stage
|
Equity
|
||||||||||||||||||||||||||
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Balance at August 31, 2009
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3,469,500 | $ | 221,350 | $ | 20,471 | $ | (765 | ) | $ | — | $ | (500 | ) | $ | (254,139 | ) | $ | (13,583 | ) | ||||||||||||||
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Office space contributed by
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|||||||||||||||||||||||||||||||||
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an officer
|
— | — | 1,200 | — | — | — | — | 1,200 | |||||||||||||||||||||||||
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Services contributed by an officer
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— | — | 1,380 | — | — | — | — | 1,380 | |||||||||||||||||||||||||
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Various common stock issuances for cash
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|||||||||||||||||||||||||||||||||
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at $0.20 per share
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44,500 | 8,900 | — | — | — | — | — | 8,900 | |||||||||||||||||||||||||
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Common stock issued for cash on July 24, 2010
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|||||||||||||||||||||||||||||||||
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at $0.15 per share
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33,334 | 5,000 | — | — | — | — | — | 5,000 | |||||||||||||||||||||||||
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Foreign currency exchange gain
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— | — | — | 765 | — | — | — | 765 | |||||||||||||||||||||||||
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Common stock subscribed on June 2, 2010
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— | — | — | — | 1,000 | — | — | 1,000 | |||||||||||||||||||||||||
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Net loss, year ended August 31, 2010
|
— | — | — | — | — | (60,270 | ) | (60,270 | ) | ||||||||||||||||||||||||
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Balance at August 31, 2010
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3,547,334 | 235,250 | 23,051 | — | 1,000 | (500 | ) | (314,409 | ) | (55,608 | ) | ||||||||||||||||||||||
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Office space contributed by
|
|||||||||||||||||||||||||||||||||
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an officer
|
— | — | 1,200 | — | — | — | — | 1,200 | |||||||||||||||||||||||||
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Services contributed by an officer
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— | — | 3,050 | — | — | — | — | 3,050 | |||||||||||||||||||||||||
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Various common stock issuances for cash
|
|||||||||||||||||||||||||||||||||
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at $0.15 per share
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290,003 | 43,500 | — | — | — | — | — | 43,500 | |||||||||||||||||||||||||
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Common stock subscribed on November 30,
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|||||||||||||||||||||||||||||||||
| 2010 | 6,667 | 1,000 | — | — | (1,000 | ) | — | — | — | ||||||||||||||||||||||||
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Conversion of related party note into common
|
|||||||||||||||||||||||||||||||||
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stock at $0.10 per share on December
|
|||||||||||||||||||||||||||||||||
| 10, 2011 | 490,654 | 49,065 | — | — | — | — | — | 49,065 | |||||||||||||||||||||||||
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Common stock issued for services on
|
|||||||||||||||||||||||||||||||||
|
August 3, 2011 to a related party at
|
|||||||||||||||||||||||||||||||||
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$0.15 per share
|
250,000 | 37,500 | — | — | — | — | — | 37,500 | |||||||||||||||||||||||||
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Common stock issued for services on
|
|||||||||||||||||||||||||||||||||
|
August 4, 2011 at $0.15 per share
|
150,000 | 22,500 | — | — | — | — | — | 22,500 | |||||||||||||||||||||||||
|
Net loss year ended August 31, 2011
|
— | — | — | — | — | — | (136,802 | ) | (136,802 | ) | |||||||||||||||||||||||
|
Balance at August 31, 2011
|
4,734,658 | 388,815 | 27,301 | — | — | (500 | ) | (451,211 | ) | (35,595 | ) | ||||||||||||||||||||||
|
Office space contributed by
|
|||||||||||||||||||||||||||||||||
|
an officer
|
— | — | 1,200 | — | — | — | — | 1,200 | |||||||||||||||||||||||||
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Services contributed by an officer
|
— | — | 6,140 | — | — | — | — | 6,140 | |||||||||||||||||||||||||
|
Common stock issuance for cash on
|
|||||||||||||||||||||||||||||||||
|
September 28, 2011 at $0.15 per share
|
39,910 | 5,987 | — | — | — | — | — | 5,987 | |||||||||||||||||||||||||
|
Common stock issuance for cash on
|
|||||||||||||||||||||||||||||||||
|
January 27, 2012, at $0.15 per share
|
40,000 | 6,000 | — | — | — | — | — | 6,000 | |||||||||||||||||||||||||
|
Common stock subscribed on February 27,
|
|||||||||||||||||||||||||||||||||
| 2012 | — | — | — | — | 1,500 | — | — | 1,500 | |||||||||||||||||||||||||
|
Common stock issuance for cash on
|
|||||||||||||||||||||||||||||||||
|
March 5, 2012 at $0.15 per share
|
10,000 | 1,500 | — | — | (1,500 | ) | — | — | — | ||||||||||||||||||||||||
|
Common stock issuance for cash on
|
|||||||||||||||||||||||||||||||||
|
April 17, 2012 at $0.15 per share
|
20,000 | 3,000 | — | — | — | — | — | 3,000 | |||||||||||||||||||||||||
|
Common stock issuance for cash on
|
|||||||||||||||||||||||||||||||||
|
May 7, 2012 at $0.15 per share
|
11,500 | 1,725 | — | — | — | — | — | 1,725 | |||||||||||||||||||||||||
|
Net loss year ended August 31, 2012
|
— | — | — | — | — | — | (59,675 | ) | (59,675 | ) | |||||||||||||||||||||||
|
Balance at August 31, 2012
|
4,856,068 | $ | 407,027 | $ | 34,641 | $ | — | $ | — | $ | (500 | ) | $ | (510,886 | ) | $ | (69,718 | ) | |||||||||||||||
See accompanying notes to financial statements
6
ROSEWIND CORPORATION
(A Development Stage Company)
Statements of Changes in Shareholders' Equity (Deficit)
(Continued)
|
Deficit
|
|||||||||||||||||||||||||||||||||
|
Accumulated
|
Accumulated
|
||||||||||||||||||||||||||||||||
|
Additional
|
Other
|
Common
|
During
|
||||||||||||||||||||||||||||||
|
Common Stock
|
Paid-in
|
Comprehensive
|
Stock
|
Accumulated
|
Development
|
Total
|
|||||||||||||||||||||||||||
|
Shares
|
Amount
|
Capital
|
Loss
|
Subscription
|
Deficit
|
Stage
|
Equity
|
||||||||||||||||||||||||||
|
Balance at August 31, 2012
|
4,856,068 | $ | 407,027 | $ | 34,641 | $ | — | $ | — | $ | (500 | ) | $ | (510,886 | ) | $ | (69,718 | ) | |||||||||||||||
|
Office space contributed by
|
|||||||||||||||||||||||||||||||||
|
an officer (unaudited)
|
— | — | 600 | — | — | — | — | 600 | |||||||||||||||||||||||||
|
Services contributed by an officer (unaudited)
|
— | — | 2,800 | — | — | — | — | 2,800 | |||||||||||||||||||||||||