Attached files
file | filename |
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EX-32.1 - EXHIBIT 32.1 SECTION 906 CERTIFICATION - APT Systems Inc | f10ka013114_ex32z1.htm |
EX-31.2 - EXHIBIT 31.2 SECTION 302 CERTIFICATION - APT Systems Inc | f10ka013114_ex31z2.htm |
EX-31.1 - EXHIBIT 31.1 SECTION 302 CERTIFICATION - APT Systems Inc | f10ka013114_ex31z1.htm |
EX-32.2 - EXHIBIT 32.2 SECTION 906 CERTIFICATION - APT Systems Inc | f10ka013114_ex32z2.htm |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
(Amendment No.1)
X .
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended January 31, 2014
.
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File No. 000-54865
APT SYSTEMS, INC. |
(Exact name of issuer as specified in its charter) |
Delaware |
| 99-0370904 |
(State or other jurisdiction of incorporation) |
| (IRS Employer File Number) |
505 Montgomery Street |
11th Floor |
San Francisco, CA 94111 |
(Address of principal executive offices)(Zip Code) |
|
3400 Manulife Place |
10180-101 Street |
Edmonton, AB T5J 3S4 |
(Former address of principal executive offices) |
|
(780) 270-6048 |
(Registrant's telephone number, including area code) |
|
Securities to be Registered Pursuant to Section 12(b) of the Act: None |
|
Securities to be Registered Pursuant to Section 12(g) of the Act: |
|
Common Stock, $0.001 per share par value |
Indicate by check mark if registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes . No X .
Indicate by check mark if registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes . No X .
Indicate by check mark whether the registrant (1) has filed all Reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 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 X . 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 (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files.. Yes X . No .
Check if there is no disclosure of delinquent filers in response to Item 405 of Regulation S-K is contained in this form and no disclosure will be contained, to the best of Registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K. .
Indicate by check mark whether the registrant is a large accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of large accelerated filer, accelerated filer, and small reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer | . | Accelerated filer | . |
Non-accelerated filer | . (Do not check if a smaller reporting company) | Smaller reporting company | X . |
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 aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrants most recently completed second fiscal quarter. The aggregate market value of the voting stock held by non-affiliates computed by reference to the price at which the stock was sold was $1,612,000.
As of May 20, 2014, registrant had outstanding 8,830,000 shares of common stock.
Documents incorporated by reference: None.
2
FORM 10-K/A
(Amendment No. 1)
APT SYSTEMS, INC.
INDEX
PART II | 5 |
|
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Item 9A. Controls and Procedures. | 5 |
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PART IV | 7 |
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Item 15. Exhibits, Financial Statement Schedules. | 7 |
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Signatures | 8 |
3
Certain Terms Used in this Report
For purposes of this report, unless otherwise indicated or the context otherwise requires, all references herein to APT Systems, APT, the Company, we, us, and our, refer to APT Systems, Inc., a Delaware corporation.
Forward-Looking Statements
The following discussion contains forward-looking statements regarding us, our business, prospects and results of operations that are subject to certain risks and uncertainties posed by many factors and events that could cause our actual business, prospects and results of operations to differ materially from those that may be anticipated by such forward-looking statements. Factors that may affect such forward-looking statements include, without limitation: our ability to successfully develop new products and services for new markets; the impact of competition on our revenues, changes in law or regulatory requirements that adversely affect or preclude clients from using us for certain applications; delays our introduction of new products or services; and our failure to keep pace with our competitors.
When used in this discussion, words such as "believes", "anticipates", "expects", "intends" and similar expressions are intended to identify forward-looking statements, but are not the exclusive means of identifying forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. We undertake no obligation to revise any forward-looking statements in order to reflect events or circumstances that may subsequently arise. Readers are urged to carefully review and consider the various disclosures made by us in this report and other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks and factors that may affect our business.
EXPLANATORY NOTE
APT Systems, Inc. (the Company, we, us or our) is filing this Amendment No. 1 on Form 10-K/A (the Amendment) to our Annual Report on Form 10-K for the year ended January 31, 2014, originally filed with the Securities and Exchange Commission (the SEC) on May 29, 2014 (the Original Form 10-K), to amend Item 9A - Controls and Procedures to include a statement identifying the framework used by management to evaluate the effectiveness of the Companys internal control over financial reporting, which was inadvertently omitted from the Original Form 10-K, and to revise the certifications from the Companys principal executive officer and principal financial and accounting officer to replace the term small business issuer with the term registrant.
Except as described above, this Amendment does not modify or update in any way the financial position, results of operations, cash flows or other disclosures in, or exhibits to, the Original Form 10-K, nor does it reflect events occurring after the Original Form10-K. Accordingly, this Amendment should be read in conjunction with the Original Form 10-K.
4
PART II
Item 9A. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
An evaluation was performed under the supervision of our management, including our Chief Executive Officer (principal executive officer) and Chief Financial Officer (principal financial and accounting officer), of the effectiveness of the design and operation of our 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 Annual Report. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that, as of January 31, 2014, our disclosure controls and procedures were not effective to ensure that information we are required to disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SECs rules and forms due to material weaknesses in our internal controls described below.
Managements Annual Report on Internal Control Over Financial Reporting
Management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f). Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.
Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America. Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the financial statements.
Despite these controls, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Therefore, even those systems determined to be effective can provide only reasonable assurance of achieving their control objectives. Furthermore, smaller reporting companies, like us, face additional limitations. Smaller reporting companies employ fewer individuals and can find it difficult to employ resources for complicated transactions and effective risk management. Additionally, smaller reporting companies tend to utilize general accounting software packages that lack a rigorous set of software controls.
Our management, including our Chief Executive Officer and Chief Financial Officer, assessed the effectiveness of our internal control over financial reporting as of January 31, 2014 based on the criteria established in Internal Control Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this assessment, management believes that as of January 31, 2014, our internal control over financial reporting was not effective based on those criteria.
Managements assessment identified several material weaknesses in our internal control over financial reporting. These material weaknesses include the following:
·
Lack of appropriate segregation of duties;
·
Limited capability to interpret and apply accounting principles generally accepted in the United States;
·
Lack of formal accounting policies and procedures that include multiple levels of review.
5
This annual report does not include an attestation report of our registered public accounting firm regarding our internal controls over financial reporting. Managements report was not subject to attestation by our registered public accounting firm pursuant to Section 404(c) of the Sarbanes-Oxley Act that permit us to provide only managements report in this annual report.
Changes in Internal Control Over Financial Reporting.
We have made no change in our internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART IV
Item 15. Exhibits, Financial Statement Schedules.
(a)
The following documents were filed as part of the Annual Report on Form 10-K filed with the SEC on May 29, 2014.
(1)
Financial Statements: Our following financial statements were included in a separate section of the Annual Report on Form 10-K filed with the SEC on May 29, 2014 commencing on the pages referenced below:
APT Systems, Inc. Financial Statements
|
| Page |
Report of Independent Registered Public Accounting Firm |
| F-1 |
Balance Sheets |
| F-2 |
Statements of Operations |
| F-3 |
Statements of Shareholders Equity (Deficit) |
| F-4 |
Statement of Cash Flows |
| F-5 |
Notes to Financial Statements |
| F-6 |
(2)
Financial Statement Schedules: All financial statement schedules called for under Regulation S-X are not required under the related instructions, are not material or are not applicable and, therefore, have been omitted or are included in the consolidated financial statements or notes thereto included elsewhere in the Annual Report on Form 10-K filed with the SEC on May 29, 2014.
(3)
Exhibits: See Item 15(b) below.
(b)
The following documents are filed as exhibits to this Amendment No. 1 to the Annual Report on Form 10-K or have been previously filed with the SEC as indicated and are incorporated herein by reference:
Exhibit Number |
| Description |
3.1* |
| Articles of Incorporation |
|
|
|
3.2* |
| Bylaws |
|
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|
4.1* |
| APT Systems, Inc. 2012 Equity Incentive Plan |
|
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4.2** |
| 19% Convertible Note dated January 8, 2014 |
|
|
|
31.1 |
| Certification of Principal Executive Officer pursuant to Section 302 |
|
|
|
31.2 |
| Certification of Principal Financial Officer pursuant to Section 302 |
|
|
|
32.1 |
| Certification of Principal Executive Officer pursuant to Section 906 |
|
|
|
32.2 |
| Certification of Principal Financial Officer pursuant to Section 906 |
|
|
|
101.INS** |
| XBRL Instance Document |
101.SCH** |
| XBRL Taxonomy Schema |
101.CAL** |
| XBRL Taxonomy Calculation Linkbase |
101.DEF** |
| XBRL Taxonomy Definition Linkbase |
101.LAB** |
| XBRL Taxonomy Label Linkbase |
101.PRE ** |
| XBRL Taxonomy Presentation Linkbase |
In accordance with SEC Release 33-8238, Exhibits 32.1 and 32.2 are being furnished and not filed.
* Previously filed with Form S-1 Registration Statement, on May 23, 2012
** Previously filed with the Annual Report on Form 10-K for the year ended January 31, 2014, on May 29, 2014
7
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
APT Systems, Inc.
By: /s/ Glenda Dowie
Glenda Dowie, President and Chief Executive Officer
(Principal Executive Officer)
By: /s/ Carl Hussey
Carl Hussey, Treasurer and Chief Financial Officer
(Principal Financial and Accounting Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following person on behalf of the registrant and in the capacities and on the dates indicated.
|
| President, Chief Executive Officer and Director |
|
|
/s/ Glenda Dowie |
| (Principal Executive Officer) |
| January 14, 2015 |
Glenda Dowie |
| Title |
| Date |
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|
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/s/ Joseph Gagnon |
| Secretary, Chief Technology Officer and Director |
| January 14, 2015 |
Joseph Gagnon |
| Title |
| Date |
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|
|
|
| Treasurer, Chief Financial Officer and Director |
|
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/s/ Carl Hussey |
| (Principal Financial and Accounting Officer) |
| January 14, 2015 |
Carl Hussey |
| Title |
| Date |
8