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EXCEL - IDEA: XBRL DOCUMENT - DINO ENERGY Corp | Financial_Report.xls |
EX-32.2 - CERTIFICATION - DINO ENERGY Corp | ex322.htm |
EX-32.1 - CERTIFICATION - DINO ENERGY Corp | ex321.htm |
EX-31.1 - CERTIFICATION - DINO ENERGY Corp | ex311.htm |
EX-31.2 - CERTIFICATION - DINO ENERGY Corp | ex312.htm |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended April 30, 2013
[_] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from ______________________ to ______________________
Commission File No. 333-178199
DINO ENERGY CORPORATION
(formerly known as GYSAN HOLDINGS, INC.)
(Exact name of small business issuer as specified in its charter)
Nevada | Not Applicable | |
(State or other jurisdiction of incorporation or formation) | (I.R.S. employer identification number) |
Unit 7, 833 - 1st Avenue N.W.
Calgary, AB, Canada T2N 0A4
(Address of principal executive offices) (Zip Code)
Registrant's telephone number: (403) 229-2351
_______________________________________________
Securities registered under Section 12(b) of the Exchange Act:
None
Securities registered under Section 12(g) of the Exchange Act:
Common Stock, $.0001 par value per share
(Title of Class)
Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [ ]
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
State the number of shares outstanding of each of the issuer's classes of common equity, as of April 30, 2013: 78,616,000 shares of common stock.
Transitional Small Business Disclosure Format (check one): Yes [ ] No [X]
1
DINO ENERGY CORPORATION
(formerly known as GYSAN HOLDINGS, INC.)
UNAUDITED CONSOLIDATED INTERIM FINANCIAL STATEMENTS INDEX
PART I FINANCIAL INFORMATION:
Item 1.
Consolidated Financial Statements (unaudited).........................................................
3
Condensed Consolidated Balance Sheets................................................................
3
Condensed Consolidated Statements of Operations (unaudited)...............................
4
Condensed Consolidated Statements of Stockholders Equity (unaudited)................
5
Condensed Consolidated Statements of Cash Flows (unaudited)..............................
6
Notes to the Consolidated Financial Statements (unaudited) .................................... 7-12
Item 2.
Management's Discussion and Analysis of Financial Condition
and Results of Operations.........................................................................................
13
Item 3.
Quantitative and Qualitative Disclosure About Market Risks.....................................
15
Item 4T
Controls and Procedures .........................................................................................
15
PART II OTHER INFORMATION:
Item 1.
Legal Proceedings.....................................................................................................
16
Item 1A.
Risk Factors ..............................................................................................................
16
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds .....................................
16
Item 3.
Defaults Upon Senior Securities ................................................................................
16
Item 5.
Other Information .......................................................................................................
16
Item 6.
Exhibits .......................................................................................................................
16
Signatures ...................................................................................................................................
17
2
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Condensed Consolidated Balance Sheets
April 30, (unaudited) | October 31, (audited) | |||
ASSETS | ||||
Current | ||||
Cash and cash equivalents | $ | 3,124 | $ | 1,986 |
Prepaid expenses | - | 12,127 | ||
Sales tax receivable | 1,195 | - | ||
4,319 | 14,113 | |||
Long term deposits (Note 7) | 165,104 | - | ||
Property and equipment (Note 4) | 722 | - | ||
Total Assets | $ | 170,145 | $ | 14,113 |
LIABILITIES | ||||
Current | ||||
Accounts payable | $ | 86,984 | $ | 24,108 |
Due to shareholder (Note 5) | 278,206 | 44,719 | ||
Total Liabilities | 365,190 | 68,827 | ||
STOCKHOLDERS' EQUITY | ||||
Capital Stock | ||||
Authorized | ||||
100,000,000 common shares, voting, par value $.0001 each | ||||
90,000,000 preferred shares, par value $.0001 each | ||||
Issued | ||||
78,616,000 and 13,616,000 common shares, respectively | 6,500 | 2,000 | ||
45,000,000 preferred shares | 4,500 | - | ||
Additional paid in capital | 724 | - | ||
Accumulated deficit | (207,659) | (56,939) | ||
Accumulated other comprehensive loss | 890 | 225 | ||
Total Stockholders' Equity | (195,045) | (54,714) | ||
Total Liabilities and Stockholders' Equity | $ | 170,145 | $ | 14,113 |
The accompanying notes are an integral part of these condensed consolidated financial statements
3
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Condensed Consolidated Statements of Operations
(unaudited)
Three months ended 2013 | Six months ended 2013 | |||
Expenses | ||||
Professional fees | $ | 60,561 | $ | 90,528 |
Consulting fees | 3,418 | 22,704 | ||
General & administration | 14,879 | 16,606 | ||
Depreciation | 543 | 543 | ||
79,401 | 130,381 | |||
Loss from operations | (79,401) | (130,381) | ||
Other income | (160) | (160) | ||
Net loss for the period | (79,561) | (130,541) | ||
Other comprehensive income | ||||
Foreign currency adjustment | 434 | 665 | ||
Comprehensive loss | $ | (79,127) | $ | (129,876) |
Basic and diluted loss per share | $ | (0.001) | $ | (0.002) |
Weighted average number of shares outstanding | 78,616,000 | 66,157,667 |
The accompanying notes are an integral part of these condensed consolidated financial statements
4
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Condensed Consolidated Statements of Stockholders Equity
(unaudited)
Capital Stock | Preferred Stock | ||||||||||||||
Shares | Amount | Shares | Amount | Additional Paid in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit) | Total | ||||||||
Balance, April 12, 2012 | 13,616,000 | $ | 2,000 | - | $ | - | $ | - | $ | - | $ | $ | 2,000 | ||
Net loss for the period ended October 31, 2012 | - | - | - | - | - | - | (56,939) | (56,939) | |||||||
Other comprehensive loss for the period ended October 31, 2012 | - | - | - | - | - | 225 | - | 225 | |||||||
Balance, October 31, 2012 | 13,616,000 | 2,000 | - | - | - | 225 | (56,939) | (54,714) | |||||||
Reorganization for reverse merger (Note 1) | 65,000,000 | 4,500 | 45,000,000 | 4,500 | 724 | - | (20,179) | (10,455) | |||||||
Net loss for the period ended April 30, 2013 | - | - | - | - | - | - | (130,541) | (130,541) | |||||||
Other comprehensive income for the period ended April 30, 2013 | - | - | - | - | - | 665 | - | 665 | |||||||
Balance, April 30, 2013 | 78,616,000 | $ | 6,500 | 45,000,000 | $ | 4,500 | $ | 724 | $ | 890 | $ | (207,659) | $ | (195,045) |
The accompanying notes are an integral part of these condensed consolidated financial statements
5
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Condensed Consolidated Statements of Cash Flows
(unaudited)
Six months ended 2013 | ||
Operating activities | ||
Net loss for the period | $ | (130,541) |
Item not requiring an outlay of cash: | ||
Depreciation | 543 | |
Changes in non-cash working capital: | ||
Prepaid expenses and deposits | 12,127 | |
Accounts payable | 54,430 | |
Sales tax receivable | (270) | |
Due to (from) shareholder | 213,072 | |
Net cash provided by (used in) operating activities | 149,361 | |
Investing activities | ||
Payment of long-term deposits | (165,104) | |
Net cash used in investing activities | (165,104) | |
Financing activities | ||
Cash acquired from reverse merger | 16,221 | |
Net cash provided by financing activities | 16,221 | |
Net cash decrease for the period | 478 | |
Foreign exchange translation | 660 | |
Cash and cash equivalents, beginning of the period | 1,986 | |
Cash and cash equivalents, end of the period | $ | 3,124 |
The accompanying notes are an integral part of these condensed consolidated financial statements
6
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Notes to the Condensed Consolidated Financial Statements
April 30, 2013
(unaudited)
NOTE 1 NATURE AND CONTINUANCE OF OPERATION
Dino Energy Corporation, formerly Gysan Holdings Inc., (the Corporation) was incorporated in the state of Nevada, United States on March 11, 2011. On June 10, 2011, the Corporation acquired Gysan Enterprises Ltd. of Calgary, Alberta, Canada as its wholly owned subsidiary. Gysan Enterprises Ltd. (Gysan Alberta) was incorporated on November 4, 2009 with its head office located in Calgary, Alberta, Canada. Gysan Alberta provides supporting services to an auction company to establish a new flooring division and focuses on selling and marketing various types of floor coverings, namely, hardwood, engineered, and laminates to the local market. Corporation clients include homeowners, business owners, and custom builders from Calgary and the surrounding areas.
On January 23, 2013, the Corporation acquired all the outstanding shares of Dino Energy Investments, Ltd. (Dino), a British Virgin Island Company incorporated on April 12, 2012, from Dinos current shareholders in exchange for 65,000,000 common shares and 45,000,000 preferred shares of the Corporation. As a result of the transaction, Dino has become a wholly-owned subsidiary of the Corporation (Note 3). Dino is a newly-formed oil and gas company and it has recently entered into an agreement with First Nation Group in Alberta, Canada (First Nation) for the exploration, development and production of hydrocarbon resources on and under the First Nations reserve lands (the Exploration Agreement). The rights granted to Dino under the Exploration Agreement are subject to regulatory and governmental approval as well as a number of other conditions precedents (Note 7). It is expected that Dino, as a subsidiary of the Corporation, will conduct all exploration and production activities through a wholly-owned subsidiary incorporated under the laws of Alberta, Canada. As operations for Dino commenced in June 2012, there are no figures as at April 30, 2012 to present.
Although the Corporation was the legal acquirer, the transaction was accounted for as a recapitalization of Dino in the form of a reverse merger, whereby Dino becomes the accounting acquirer and was deemed to have retroactively adopted the capital structure of the Corporation. Accordingly, the accompanying condensed consolidated financial statements reflect the historical consolidated financial statements of Dino for all periods presented, and do not include the historical financial statements of the Corporation. All costs associated with the reverse merger transaction were expensed as incurred.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
This summary of significant accounting policies is presented to assist in understanding the condensed consolidated financial statements. The condensed consolidated financial statements and notes are the representations of the Corporations management, who is responsible for their integrity and objectivity. These condensed consolidated financial statements have been prepared in accordance with the instructions to form 10-Q, and therefore, do not included all the information necessary for a fair presentation of financial position, results of operations and cash flows in conformity with generally accepted accounting principles. These condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statement and footnotes thereto included in the Companys filed form 10-K.
7
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Notes to the Condensed Consolidated Financial Statements
April 30, 2013
(unaudited)
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
Basis of Presentation
The Corporations condensed consolidated financial statements included herein are prepared under the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America. These condensed consolidated financial statements include the Corporations wholly owned subsidiaries, Gysan Enterprises Ltd., Dino Energy Investment, Ltd. and 100 percent of its asset, liabilities and net income or loss. All inter-company accounts and transactions have been eliminated.
While the information presented in the accompanying interim condensed consolidated financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operation and cash flows for the interim periods presented. All adjustments are of a normal recurring nature. Operating results for the period ended April 30, 2013 are not necessarily indicative of the results that can be expected for the year ended October 31, 2013.
The functional currency of the Corporation is Canadian dollars (C$). The Corporation maintains its financial statements in American currency.
Financial Instruments
Fair Value
The guidance for fair value measurements establishes the authoritative definition of fair value, sets out a framework for measuring fair value and outlines the required disclosures regarding fair value measurements. Fair value is the price that would be received to sell an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date. The Company uses a three-tier fair value hierarchy based upon observable and non-observable inputs as follows:
§
Level 1 observable inputs such as quoted prices in active markets;
§
Level 2 inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
§
Level 3 unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
Cash is measured using level 1 inputs.
8
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Notes to the Condensed Consolidated Financial Statements
April 30, 2013
(unaudited)
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
Assets and Liabilities that are measured at Fair Value on a Recurring Basis
The fair value hierarchy requires the use of observable market data when available. In instances in which the inputs used to measure fair value fall into different levels of the fair value hierarchy, the fair value measurement has been determined based on the lowest level input that is significant to the fair value measurement in its entirety.
The Companys assessment of the significance of a particular item to the fair value measurement in its entirety requires judgment, including the consideration of inputs specific to the asset or liability.
The fair value of financial instruments consisting of cash and cash equivalents, accounts payable and due to shareholder were estimated to approximate their carrying values based on the short-term maturity of these instruments.
Risks
Financial instruments that potentially subject the Corporation to credit risk consist principally of cash.
Management does not believe the Corporation is exposed to significant credit risk. Management, as well, does not believe the Corporation is exposed to significant interest rate risks during the period presented in these financial statements.
Fair Value Measurements
The Corporation follows FASB ASC 820, Fair Value Measurements and Disclosures, for all financial instruments and non-financial instruments accounted for at fair value on a recurring basis. This new accounting standard establishes a single definition of fair value and a framework for measuring fair value, sets out a fair value hierarchy to be used to classify the source of information used in fair value measurement and expands disclosures about fair value measurements required under other accounting pronouncements. It does not change existing guidance as to whether or not an instrument is carried at fair value. The Corporation defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
When determining the fair value measurements for assets and liabilities, which are required to be recorded at fair value, the Corporation considers the principal or most advantageous market in which the Corporation would transact and the market-based risk measurements or assumptions that market participants would use in pricing the asset or liability, such as inherent risk, transfer restrictions and credit risk.
9
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Notes to the Condensed Consolidated Financial Statements
April 30, 2013
(unaudited)
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D.)
The Corporation has adopted FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Corporation has not elected the fair value option for any eligible financial instruments.
Currency risks
The Corporation incurs expenditures in Canadian dollars. Consequently, some assets and liabilities are exposed to Canadian dollar foreign currency fluctuations. As at April 30, 2013, cash, accounts receivable, advances from related parties and accounts payable and accrued charges were all denominated in Canadian dollars.
Recent Accounting Pronouncements
In December 2011, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2011-11 Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). ASU 2011-11 requires that an entity disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. ASU 2011-11 is effective for annual and interim periods beginning on or after January 1, 2013. The adoption of this standard did not have a material impact on these financial statements.
10
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Notes to the Condensed Consolidated Financial Statements
April 30, 2013
(unaudited)
NOTE 3 BUSINESS ACQUISITION
On November 16, 2012, the Corporation entered into a share exchange agreement whereby The Corporation would acquire all of the issued and outstanding shares of Dino Energy Investments, Ltd. (Dino). The agreement was completed on January 23, 2013 where the Corporation acquired all issued and outstanding shares of Dino in exchange for 65,000,000 common shares and 45,000,000 preferred shares of The Corporation (Note 1).
The acquisition constitutes a reverse merger and is accounted for in accordance with Accounting Standards Codification 805 Business Combinations, as the former shareholders of Dino now control 94% of the outstanding and issued voting shares of the Corporation and therefore, Dino is deemed to be the acquirer for accounting purposes. Under these accounting principles, the post-merger financial statements represent the historical assets and liabilities of Dino and the legal equity structure of the Corporation.
The allocation of purchase consideration for net assets of $9,895 at January 23, 2013 is as follows:
Cash | $ | 16,221 |
Accounts receivable | 925 | |
Property and equipment | 1,820 | |
Accounts payable and accrued liabilities | (8,446) | |
Due to related parties | (20,415) | |
Net liabilities acquired | $ | (9,895) |
NOTE 4 EQUIPMENT
April 30, 2013 | |||
Accumulated | |||
Cost | Depreciation | Net | |
Automobile | $ 7,223 | $ (6,501) | $ 722 |
NOTE 5 DUE TO SHAREHOLDER
As at April 30, 2013, the Company was obligated to a shareholder for funds advanced to the Company for working capital. The advances are unsecured and no interest rate or payback schedule has been established.
NOTE 6 CAPITAL STOCK
As at April 30, 2013, there were no warrants or options outstanding.
11
Dino Energy Corporation
(formerly Gysan Holdings Inc.)
Notes to the Condensed Consolidated Financial Statements
April 30, 2013
(unaudited)
NOTE 7 FIRST NATION AGREEMENT
On July 20, 2012, Dino entered into an exploration right acquisition agreement (the Exploration Agreement) with a First Nation group in Alberta, Canada (the First Nation) for the exploration, development and production of hydrocarbon resources on and under the First Nations reserve lands. The Exploration Agreement includes a number of conditions precedents including a deposit of $50,000 (CAD) required for the negotiation, preparation and execution of the Agreement and any additional agreements. This amount is included in long term deposits at April 30, 2013.
As part of the Exploration Agreement, Dino was required to provide an initial deposit of $10,000,000(CAD) to be held in escrow until the earlier of issuance of the lease under the Exploration Agreement or the termination of the Agreement. This amount was revised to $2,000,000(CAD) in an amendment to the Exploration Agreement dated October 24, 2012. At April 30, 2013, the Company has made a deposit of $150,000 (CAD) and equipment toward this amount. These are included in long term deposits at April 30, 2013.
As part of the Exploration Agreement, the Company is also required to contribute up to $25,000,000 (CAD) to the construction of infrastructure, housing and the community multiplex within five years of issuance of the lease under the Exploration Agreement. No expenditures for construction have been made to date.
12
Dino Energy Corporation
(formerly known as GYSAN HOLDINGS INC.)
MANAGEMENTS DISCUSSION AND ANALYSIS
FOR THE THREE-MONTH PERIOD ENDED APRIL 30, 2013
The following discussion should be read in conjunction with the unaudited financial statements of the Company and the consolidated financial statements of Gysan Enterprises Ltd. and Dino Energy Investments, Ltd., its wholly-owned subsidiaries and the related notes that appear elsewhere in this quarterly reports. The financial statements of the Company are stated in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles.
FORWARD LOOKING STATEMENTS
The following discussion contains forward-looking statements that reflect the Companys plans, estimates and beliefs. The actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this Quarterly Report on Form 10-Q.
OVERVIEW
The Company was incorporated under the name Gysan Holdings Inc. (Gysan or the Corporation) in the State of Nevada, United States on March 11, 2011. On June 10, 2011, Gysan acquired Gysan Enterprises Ltd. of Calgary, Alberta, Canada as its wholly owned subsidiary. Gysan Enterprises Ltd. (Gysan Alberta) was incorporated on November 4, 2009 with its head office located in Calgary, Alberta, Canada. Gysan Alberta provides supporting services to an auction company to establish a new flooring division and focuses on selling and marketing various types of floor coverings, namely, hardwood, engineered, and laminates to the local market. Corporation clients include homeowners, business owners, and custom builders from Calgary and the surrounding areas.
On January 23, 2013, Gysan Holdings, Inc. acquired all the outstanding shares of Dino Energy Investments, Ltd. (DEI), a British Virgin Island Company incorporated on April 12, 2012, from DEIs current shareholders in exchange for 65,000,000 common shares and 45,000,000 preferred shares of Gysan. As a result of the transaction, DEI has become a wholly-owned subsidiary of Gysan (Note 3). DEI is a newly-formed oil and gas company and it has recently entered into an agreement with First Nation Group in Alberta, Canada (First Nation) for the exploration, development and production of hydrocarbon resources on and under the First Nations reserve lands (the Exploration Agreement). The rights granted to DEI under the Exploration Agreement are subject to regulatory and governmental approval as well as a number of other conditions precedents (Please see Note 7 to the financial statements). It is expected that DEI, as a subsidiary of the Company, will conduct all oil exploration and production activities through a wholly-owned subsidiary incorporated under the laws of Alberta, Canada.
On March 13, 2013, the shareholders of the Company approved Articles of Amendment that changed the Companys name to Dino Energy Corporation (Dino). Subsequently, the Articles of Amendment have been filed with the Secretary of State of Nevada and the name of the Company has been changed to Dino Energy Corporation.
13
RESULT OF OPERATIONS
Assets
Total assets increased from $14,113 at October 31, 2012 to $170,145 at April 30, 2013. Total assets consist of current assets and non-current assets. At April 30, 2013, total current assets, comprising of all cash, cash equivalents, and sales tax receivable were $4,319 compared to $14,113 at October 31, 2012. The decrease was primarily due to the decrease in prepaid expenses. At April 30, 2013, total non-current assets, comprising of long term deposits and a motor vehicle, were $165,826, compared to $0 at October 31, 2012.
Liabilities
Total liabilities increased from $68,827 at October 31, 2012 to $365,190 at April 30, 2013. Total liabilities consist of current liabilities. The increase in current liabilities is primarily a result of a shareholder fund advanced to the company for use as working capital.
Three Months Ended April 30, 2013
Revenue
The company had no sales revenue for the three months ended April 30, 2013.
Operating Expenses
Operating expenses for the three months ended April 30, 2013 were $79,401, comprised of $60,561 in professional fees, $3,418 in consulting fees, $14,879 in general and administration expenses, and $543 in depreciation expenses.
Earnings after Taxes
The Company incurred a net loss of $79,561 for the three months ended April 30, 2013.
Cash Flow from Operations
The Company generated a cash flow of $149,361 from its operations for the three months ended April 30, 2013. During the quarter, the Company has not completed any financing.
LIQUIDITY AND CAPITAL RESOURCES
As of April 30, 2013, the Company had a negative working capital of $360,871.
FINANCIAL CONDITION
14
The Company currently anticipates that its available cash resources will not be sufficient to meet its anticipated working capital for at least the next 12 months. The Company may need to raise additional capital to fund our operations.
If additional funds are raised through further issuances of equity or convertible debt securities, the percentage ownership of current stockholders will be reduced and holders of those new securities may have rights, preferences and privileges senior to those of current shareholders.
In addition, the Company may not be able to obtain additional financing on favorable terms, if at all. If adequate funds are not available or are not available to the Company on favorable terms, the business, results of operations and financial condition of the Company could be adversely affected.
SUBSEQUENT EVENTS
In May, 2013, the Company submitted an application to FINRA to have its trading symbol changed to DINO. At this time, FINRA has not acted on this application.
Item 3.
Quantitative and Qualitative Disclosure About Market Risks.
Not Applicable.
Item 4T.
Controls and Procedures.
(a)
Evaluation of disclosure controls and procedures.
As required by paragraph (b) of Rules 13a-15 or 15d-15 under the Securities Exchange Act of 1934, the Companys principal executive officer and principal financial officer have evaluated the Companys disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act) as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation these officers have concluded that as of the end of the period covered by this Quarterly Report on Form 10-Q, our disclosure controls and procedures were effective and were adequate to insure that the information required to be disclosed by the Company in reports it files or submits under the Exchange Act were recorded, processed, summarized and reported within the time period specified in the Commissions rules and forms. It is also important to point out that all internal control systems, no matter how well designed, have inherent limitations and may not prevent or detect misstatements. Therefore even those systems determined to be effective can only provide reasonable assurance with respect to financial reporting reliability and financial statements preparation and presentation.
(b)
Changes in internal controls.
There have been no significant changes in our internal controls or other factors that would significantly affect such controls and procedures subsequent to the date we completed our evaluation. Therefore, no corrective actions were taken.
15
PART II - OTHER INFORMATION
Item 1.
Legal Proceedings.
To the best knowledge of the Companys officers and directors, the Company is currently not a party to any material pending legal proceeding.
Item 1A.
Risk Factors.
Not applicable as a smaller reporting company.
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds.
There were no sales of unregistered securities during the three (3) month period ending April 30, 2013. However, see discussion under the heading of Overview above.
Item 3.
Defaults Upon Senior Securities.
None.
Item 5.
Other Information.
None.
Item 6.
Exhibits
(a)
Exhibits
*3.1
Certificate of Incorporation
*3.2
Amended and Restated Certificate of Incorporation
*3.3
By-laws
*4.0
Stock Certificate
31.1
Certification pursuant to Section 302 of Sarbanes Oxley Act of 2002
31.2
Certification pursuant to Section 302 of Sarbanes Oxley Act of 2002
32.1
Certification pursuant to Section 906 of Sarbanes Oxley Act of 2002
32.2
Certification pursuant to Section 906 of Sarbanes Oxley Act of 2002
* Filed as an exhibit to the Company's registration statement on Form S-1, as filed with the Securities and Exchange Commission on November 28, 2011 and incorporated herein by this reference.
(b) Reports of Form 8-K
None.
16
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: June 13, 2013
GYSAN HOLDINGS, INC.
By: /s/ Eric David Lawson
Name: Eric David Lawson
Title: President
17