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EX-31.1 - I, HONG MEI MA, CERTIFY THAT: - Vibe Ventures Inc.ex31.htm
EX-32.1 - IN CONNECTION WITH THE ANNUAL REPORT OF VIBE VENTURES INC. ON FORM 10-Q FOR THE QUARTER ENDED JULY 31, 2015 AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON THE DATE HEREOF (THE REPORT), I, HONG MEI MA, PRINCIPAL EXECUTIVE OFFICER AND PRINCIPAL OF - Vibe Ventures Inc.ex32.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended: July 31, 2015

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE EXCHANGE ACT OF 1934

For the transition period from _________ to _________

 

Commission File Number: 333-164081

 

Vibe Ventures Inc.

(Exact Name of Registrant as Specified in its Charter)

 

Nevada

(State of other jurisdiction of incorporation or organization)

 

N/A 

(IRS Employer Identification Number)

 

Room 1707-A, 17th Floor, CTS Center 219 Zhong Shan Wu Road

Guangzhou, PR China 510030

(Address of principal executive offices)

 

86-13-8088-21282

(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 Exchange Act 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:

[X]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 (Section 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 [X]No

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K:

[ ]

 

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. (Check one):

[ ] Large accelerated filer

[ ] Accelerated filer

[ ]Non-accelerated filer

[X] 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 [X]No

 

The aggregate value of voting and non-voting common equity of Vibe Ventures Inc. owned by non-affiliates as of July 31, 2015 was $0.

Number of shares of each class of Vibe Ventures Inc.’s stock outstanding as of July 31, 2015: 4,000,000 shares of Common Stock.

 

 

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Part I - FINANCIAL INFORMATION

 

 

Vibe Ventures Inc.
(A Development Stage Company)
Balance Sheets
 
                               
                        July 31, October 31,    
                        2015 2014    
                        (Unaudited) (Audited)    
                  ASSETS            
Current Assets                      
Cash and Cash Equivalents          $                  -  $                          -    
TOTAL CURRENT ASSETS                
                               
Website Development Costs                
                               
TOTAL ASSETS                $                  -  $                          -    
                               
                  LIABILITIES             
                               
Current Liabilities                    
  Accounts Payable and Accured Liabilities      $           1,250  $                  3,000    
  Line of Credit                $         55,033  $                51,422    
  Shareholder Loan                              294                         294    
TOAL CURRENT LIABILITIES                     56,577                    54,716    
                               
                               
Stockholders' Equity                    
Common Stock                      
Authorized:                      
4,000,000 common shares at $0.001 par value                   4,000                      4,000    
(Deficit) accumulated during the development stage             (60,577)                   (58,716)    
                               
TOTAL  STOCKHOLDERS' EQUITY               (56,577)                   (54,716)    
                               
TOTAL LIABILITIES AND STOCKHOLDERS'  EQUITY  $                  -  $                          -    
                               
                               
                               
The accompanying notes are an integral part of these financial statements.

 

 

 

 

Vibe Ventures Inc.
(A Development Stage Company)
Statements of Operations
For the Three Months and the Nine Months Ended July 31, 2015 and  2014
 ( Unaudited)
                     
            For the Three Months Ended For the Nine Months Ended  
            July 31, July 31, July 31, July 31,  
            2015 2014 2015 2014  
Revenues    $                       -  $                       -  $                  -  $                            -  
                     
General and Administration Expenses          
  Professional Fees     $                       -  $               2,000  $                  -  $                     2,000  
  Office Expense                               -                           -                      -                                -  
  Filing Fees                               -                           -                      -                                -  
  Bank charges                                -                           -               1,861                                -  
                                      -                   2,000               1,861                         2,000  
                     
Operating loss                               -                 (2,000)             (1,861)                       (2,000)  
                     
Net (loss) for the period    $                       -  $             (2,000)  $         (1,861)  $                   (2,000)  
                     
Net (loss) per share                
  Basic and diluted                               -                           -                      -                                -  
                     
Weighted Average Shares Outstanding          
  Basic and diluted              
            4,000,000 4,000,000 4,000,000 4,000,000  
                     
The accompanying notes are an integral part of these financial statements.

 

 

 

 

 

Vibe Ventures Inc.
(A Development Stage Company)
Statement of Cash Flows
For the Nine Months Ended July 31, 2015 and 2014
(Unaudited)
 
                For the Nine Months Ended
               
                July 31, July 31,
                2015 2014
                   
Cash Flow from Operating Activities          
  Net (loss) for the period        $                       (1,861)  $                    (2,000)
  Imputed interest on related party transactions                                          -                                 -
Changes in non-cash working capital items          
  Accounts payable and accured liabilities                                  (1,750)                                 -
  Line of Credit                                    3,611                         2,000
   Shareholder's Loan                                           -                                 -
                   
Net Cash Flow Used in Operating Activities        $                                -  $                             -
                   
                   
                   
Net change in cash                                          -                                 -
                   
Cash, Beginning of Period                                          -  - 
                   
Cash,  End of Period        $                                -  $                             -
                   
                   
                   
                   
The accompanying notes are an integral part of these financial statements.

 

 

 

Vibe Ventures Inc.

(A Development Stage Company)

Notes to the Financial Statements

For the Nine Months Ended July 31, 2015

NOTE 1 – Nature and Continuance of Operations

The Company is a development stage company, which was incorporated on October 19, 2009. Operations started on that Date.

These financial statements have been prepared on a going concern basis. The company has accumulated a deficit of $60,577 since its inception and has yet to achieve profitable operations 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. Its ability to continue as a going concern is dependent upon the ability of the Company to generate 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 plans to continue to provide for its working capital needs by seeking loans from its shareholders. These financial statements do not include any adjustments to the recoverability and classification of assets, or the amount and classification of liabilities that may be necessary should the Company be unable to continue as a going concern.

 

The Company’s year-end is October 31.

NOTE 2 - Summary of Significant Accounting Policies

The financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America. Because a precise determination of many assets and liabilities is dependent upon future events, the preparation of financial statements for a period necessarily involves the use of estimates, which have been made using careful judgment. Actual results may vary from these estimates.

The financial statements have, in management's opinion, been properly prepared within the framework of the significant accounting policies summarized below:

Development Stage Company

The Company complies with the FASB Accounting Standards Codification (ASC) Topic 915 Development Stage Entities for its characterization of the Company as development stage.

Impairment of Long Lived Assets

Long-lived assets are reviewed for impairment in accordance ASC Topic 360, "Accounting for the Impairment or Disposal of Long- lived Assets". Under ASC Topic 360, long-lived assets are tested for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. An impairment charge is recognized or the amount, if any, which the carrying value of the asset exceeds the fair value.

Commitments and Contingencies

 

The Company neither owns nor leases any real or personal property, an officer has provided office services without charge.  Such costs are immaterial to the financial statements and accordingly are not reflected herein.  The officer and director are involved in other business activities and most likely will become involved in other business activities in the future.

 

Foreign Currency Translation

The Company is located and operating outside of the United States of America in Guangzhou, China. The Company maintains the accounting records in U.S. Dollars. 

Each asset, liability, revenue, and expense is translated into U.S. dollars using published exchange rates in effect on that date. At period end, monetary assets and liabilities are re-measured using published exchange rates on that date. The foreign exchange gains or losses are included in the Statement of Operations.

 

The Company's currency exposure is insignificant and immaterial as of July 31, 2015.

 

Financial Instruments

The carrying value of the Company's financial instruments consisting of cash equivalents and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.

Income Taxes

he company has not commenced operations and has not generated any revenue and has not made a provision for income taxes.

 

The Company does not have any material uncertainties with respect to its provisions for income taxes.

 

Basic and Diluted Net Loss Per Share

In accordance with FASB Topic 260, "Earnings Per Share', the basic net loss per common share is computed by dividing net loss available to common stockholders by the weighted average     number of common shares outstanding. Diluted net loss per common share is computed similar to basic net loss per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. As at July 31, 2015, diluted net loss per share is equivalent to basic net loss per share.

Stock Based Compensation

The Company accounts for stock options and similar equity instruments issued in accordance with ASC Topic 718, " Compensation- Stock Compensation".  Accordingly, compensation costs attributable to stock options or similar equity instruments granted are measured at the fair value at the grant date, and expensed over the expected vesting period.   Transactions in which goods or services are received in exchange for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. ASC Topic 718, requires excess tax benefits be reported as a financing cash inflow rather than as a reduction of taxes paid.

The Company did not grant any stock options during the period ended July 31, 2015.

Comprehensive Income

The Company adopted FASB Topic 220, Reporting Comprehensive Income, which establishes standards for reporting and display of comprehensive income, its components and accumulated balances. The Company is disclosing this information on its Statement of Stockholders' Equity.  Comprehensive income comprises equity except those resulting from investments by owners and distributions to owners. 

The Company has no elements of "other comprehensive income" during the period ended July 31, 2015.

New Accounting Standards

Management does not believe that any recently issued, but not yet effective accounting standards if currently adopted could have a material effect on the accompanying financial statements.

NOTE 3- Capital Stock

On October 19, 2009 the Company authorized 75,000,000 shares of commons stock with a par value of

$0.001 per share.

 

On October 19, 2009 the Company issued 4,000,000 shares of common stock for a purchase price of $0.001 per share to its sole director. The Company received aggregate gross proceeds of $4,000.00.

 

As of July 31, 2015 there were no outstanding stock options or warrants.

 

NOTE 4- Related Party Transactions

The Company’s sole officer loaned the company $294. The loan is non-interest bearing, unsecured and due upon demand.

 

The Company neither owns nor leases any real or personal property. An officer has provided office services without charge.  The officer and director of Vibe Ventures, Inc. are involved in other business activities and most likely will become involved in other business activities in the future.

 

NOTE 5 -Line of Credit

 

The Company has a $200,000 line of credit from a financial company. The loan is secured by common shares of the Company to be issued pursuant to a conversion right held by the lender. On July 13, 2015, the company changed their interest structure on their $200,000.00 Line of Credit from a financial company to 0% annually. Any unpaid balances with any outstanding interest are due upon demand by lender.

 

 

Item 2: Management's Discussion and Analysis of Financial Condition and Results of Operations

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The following cautionary statements identify important factors that could cause our actual results to differ materially from those projected in forward-looking statements made in this Annual Report on Form 10-K (this "Report") and in other reports and documents published by us from time to time. Any statements about our beliefs, plans, objectives, expectations, assumptions, future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "believes," "will likely result," "are expected to," "will continue," "is anticipated," "estimated," "intend," "plan," "projection," "outlook" and the like, constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). However, as we issue "penny stock," as such term is defined in Rule 3a51-1 promulgated under the Exchange Act, we are ineligible to rely on these safe harbor provisions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of our Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned to carefully read all "Risk Factors" set forth under Item 1A and not to place undue reliance on any forward-looking statements. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments, except as required by the Exchange Act. New factors emerge from time to time, and it is not possible for us to predict which will arise or to assess with any precision the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Unless otherwise provided in this Report, references to the "Company," the "Registrant," the "Issuer," "we," "us," and "our" refer to Vibe Ventures Inc.

3

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PART I

ITEM 1: BUSINESS

Introduction

We were incorporated in Nevada on, October 19, 2009 and are a company in the development stage. We are planning on becoming a content software based company targeting the local tourism China market. In addition, we are developing a website and also designing and developing our "Video Library" which will advertise our product, our prices that would be delivered to all end users in China. We plan to lead the industry in compiling a comprehensive tourism content video/digital library while building profitable relationships with other product and service providers within the tourism industry.

Results of Operations 

The Company has not generated any revenues for the six months ended July 31, 2015 and 2014.

 

The Company experienced general and administration expenses of $0 for the nine months ended July 31, 2015 and $2,000 for the nine months ended July 31,2014.

 

For the nine months ended July 31, 2015, the company experienced a net loss of $0.

 

Liquidity and Capital Resources

During the nine months period ended July 31, 2015, the Company did not have any working capital needs. As of July 31, 2015, the Company has cash and cash equivalence in the amount of $0. Management does not expect that the current level of cash on hand will be sufficient to fund our operation for the next twelve month period. In the event that additional funds are required to maintain operations, our officers and directors have agreed to advance us sufficient capital to allow us to continue operations. We may also be able to obtain more future loans from our shareholders, but there are no agreements or understandings in place currently.

 

We believe that we will require additional funding to expand our business and ensure its future profitability. We anticipate that any additional funding will be in the form of equity financing from the sale of our common stock. However, we do not have any agreements in place for any future equity financing. In the event we are not successful in selling our common stock, we may also seek to obtain short-term loans from our director.

 

Off-Balance Sheet Arrangements

None

 

Item 3. Quantitative Disclosures About Market Risks

 

As a "smaller reporting company", we are not required to provide the information required by this Item.

 

 

Item 4. Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our president (our principal executive officer, principal accounting officer and principal financial officer) to allow for timely decisions regarding required disclosure. In designing and evaluating our disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.

 

As of July 31, 2015, the end of the nine month period ended covered by this report, our president (our principal executive officer, principal accounting officer and principal financial officer) carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer, principal accounting officer and principal financial officer) concluded that our disclosure controls and procedures were effective as of the end of the period covered by this annual report.

 

There have been no changes in our internal controls over financial reporting that occurred during the period ended July 31, 2015 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

 

PART II: OTHER INFORMATION

 

Items 1. Legal Proceedings

 

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.

 

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds

 

None

 

Item 3 Defaults Upon Senior Securities

 

None

 

Item 4 Submission of Matters to a Vote of Security Holders

 

None

 

Item 5 Other Information

 

None

 

Item 6: Exhibits

Exhibit No. Document Description
31.1 Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1 Certification of the Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized June 15, 2015.

Vibe Ventures Inc.

By: /s/ Hong Mei Ma

Name: Hong Mei Ma

Title: Principal Executive Officer Principal Financial Officer and Principal Accounting Officer

Dated: September 14, 2015