Attached files
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2015
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to
Commission file number 000-55482
ATLANTIS GAMING CORPORATION
(Exact name of registrant as specified in its charter)
CAMPING RIDGE ACQUISITION CORPORATION
(Former name of registrant as specified in its charter)
Delaware 47-4223605
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
3753 Howard Hughes Parkway
Suite 200
Las Vegas, Nevada 89169
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: 717-652-8015
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Exchange Act:
Common Stock, $.0001 par value per share
(Title of class)
Indicate by check mark if the registrant is a well-known seasoned issuer,
as defined in Rule 405 of the Securities Act
[ ] Yes [ X ] No
Indicate by check mark if the registrant is not required to file
reports pursuant to Section 13 or Section 15(d) of the Act.
[ ] Yes [ X ] No
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.
[ X ] Yes [ ] No
Indicate by check mark whether the registrant has submitted electronically
and posted on its corporate Website, 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).
[ X ] Yes [ ] No
Indicate by check mark if disclosure of delinquent filers pursuant to
Item 405 of Regulation S-K (Section 229.405 of this chapter) 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.
[ X ] Yes [ ] No
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", "non-accelerated filer", and "smaller
reporting company" in Rule 12b-2 of the Exchange Act.
Large Accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [ X ]
(do not check if smaller reporting company)
Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Exchange Act).
[ X ] Yes [ ] No
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
registrant's most recently completed second fiscal quarter.
$ 0
Indicate the number of shares outstanding of each of the registrant's
classes of common stock as of the latest practicable date.
Class Outstanding at
March 30, 2016
Common Stock, par value $0.0001 5,500,000
Documents incorporated by reference: Form 10-12G/A filed
September 11, 2015
PART I
Item 1. Business
Atlantis Gaming Corporation ("Atlantis" or the "Company")
(formerly Camping Ridge Acquisition Corporation) was incorporated on
May 21, 2015 under the laws of the State of Delaware to engage in any
lawful corporate undertaking, including, but not limited to, selected mergers
and acquisitions. The Company has been in the developmental stage since
inception.
In addition to a change in control of its management and shareholders,
the Company's operations to date have been limited to issuing shares and
filing a registration statement on Form 10 pursuant to the Securities
Exchange Act of 1934. The Company was formed to provide a method for a
foreign or domestic private company to become a reporting company with a
class of securities registered under the Securities Exchange Act of 1934.
On September 11, 2015, the Company registered its common stock on a
Form 10 registration statement filed pursuant to the Securities Exchange
Act of 1934 (the "Exchange Act") and Rule 12(g) thereof which became
automatically effective 60 days thereafter.
The Company files with the Securities and Exchange Commission periodic
and current reports under Rule 13(a) of the Exchange Act, including
quarterly reports on Form 10-Q and annual reports Form 10-K.
Subsequent Events
On January 18, 2016, the Company filed a Form 8-K to report
the following events: the Company redeemed an aggregate of 19,500,000
of the then 20,000,000 shares of outstanding stock at a redemption price
of par.
James Cassidy and James McKillop, both directors of the Company
and the then president and vice president, respectively, each resigned
such directorships and all offices of the Company. Messrs. Cassidy
and McKillop each beneficially retain 250,000 shares of the Company's
common stock.
Donald L. Bailey was named as the sole director of the Company
and serves as its Chief Executive Officer, Secretary and Treasurer.
The Company issued 5,000,000 shares of its common stock at par
representing 90% of the then total outstanding 5,500,000 shares of
common stock.
The Company changed its name to Atlantis Gaming Corporation.
The Company has no employees and only one director who also serves as
the Company's sole officer.
CURRENT ACTIVITIES
The Company has entered into an agreement with Tiber Creek
Corporation of which the former president of the Company is the president
and controlling shareholder. Tiber Creek Corporation assists companies to
become public reporting companies and for the preparation and filing of a
registration statement pursuant to the Securities Act of 1933, and the
introduction to brokers and market makers.
The Company has not entered into any definitive or binding agreements
and there are no assurances that such transactions will occur, it is
actively pursuing the following avenues of development:
The Company anticipates that it will combine with a private company,
or through other methods, to develop and market online gaming including
commercial wagering from non-U.S. bettors. The Company also intends
to develop additional software and technology to enhance and market
its gaming systems.
No agreements have been executed and if the Company makes any
acquisitions,mergers or other business combination, it will file a
Form 8-K.
If and when the Company chooses to enter into a business combination with
such private company or another, it will likely file a registration statement
after such business combination is effected.
A combination will normally take the form of a merger, stock-for-stock
exchange or stock-for-assets exchange. The Company may wish to structure
the business combination to be within the definition of a tax-free
reorganization under Section 351 or Section 368 of the Internal Revenue
Code of 1986, as amended.
As of December 31, 2015, the Company had not generated revenues and
had no income or cash flows from operations since inception. At December
31, 2015, the Company had sustained a net loss of $1,062 and a deficit of
$1,062.
The Company's independent auditors have issued a report raising
substantial doubt about the Company's ability to continue as a going
concern. At present, the Company has no operations and the continuation
of the Company as a going concern is dependent upon financial support from
its stockholders, its ability to obtain necessary equity financing to
continue operations and/or to successfully locate and negotiate with a
business entity for a business combination that would provide a basis
of possible operations.
Tiber Creek Corporation paid, without expectation of repayment, all
expenses incurred by the Company until the change in control at which time
new management of the Company undertook payment of such expenses. Because
of the absence of any on-going operations, these expenses are anticipated
to be relatively low.
There is no assurance that the Company will ever be profitable.
Item 2. Properties
The Company has no properties and at this time has no
agreements to acquire any properties. The Company currently uses
the offices of Management at no cost to the Company. The Company
expects this arrangement to continue until the Company completes
a change in control.
Item 3. Legal Proceedings
There is no litigation pending or threatened by or against the
Company.
Management is aware that certain current and prior blank check
companies of which Messrs. Cassidy and McKillop were the officers and
directors have received subpeonas for documents in regard to a formal
investigation by the Securities and Exchange Commission (In the matter
HO-12590) requesting documentation regarding the share ownership of
those companies. Management has no independent knowledge or information
regarding these subpeonas but believes it is part of a wider review by
the SEC concerning the filing of management ownership reports.
Item 4. Mine Safety Disclosures.
Not applicable.
PART II
Item 5. Market for Registrant's Common Equity, Related Stockholder
Matters and Issuer Purchases of Equity Securities
There is currently no public market for the Company's securities.
Following a business combination, a target company will normally
wish to cause the Company's common stock to trade in one or more United
States securities markets. The target company may elect to take the
steps required for such admission to quotation following the business
combination or at some later time.
At such time as it qualifies, the Company may choose to apply for
quotation of its securities on the OTC Bulletin Board.
The OTC Bulletin Board is a dealer-driven quotation service.
Unlike the Nasdaq Stock Market, companies cannot directly apply to be
quoted on the OTC Bulletin Board, only market makers can initiate
quotes, and quoted companies do not have to meet any quantitative
financial requirements. Any equity security of a reporting company not
listed on the Nasdaq Stock Market or on a national securities exchange is
eligible.
As such time as it qualifies, the Company may choose to apply for
quotation of its securities on the Nasdaq Capital Market.
In general there is greatest liquidity for traded securities on
the Nasdaq Capital Market and less on the OTC Bulletin Board. It is
not possible to predict where, if at all, the securities of the Company
will be traded following a business combination.
Since inception, the Company has sold securities which
were not registered as follows:
NUMBER OF
DATE NAME SHARES
May 21, 2015 James Cassidy (1) 10,000,000
9,750,000 redeemed
May 21, 2015 James McKillop 10,000,000
9,750,000 redeemed
January 18, 2016 Donald L. Bailey 5,000,000
(1) James M. Cassidy, the former president and a director of the
Company, is the sole shareholder and director of Tiber Creek
Corporation, a Delaware corporation, which company has agreed to
assist the Company in registering its stock and introductions to
the brokerage community.
Item 6. Selected Financial Data.
There is no selected financial data required to be filed for
a smaller reporting company.
Item 7. Management's Discussion and Analysis of Financial Condition
and Results of Operations
The Company has no operations nor does it currently engage in any
business activities generating revenues. The Company's principal
business objective is to achieve a business combination with a target
company or to develop its business plan without such combination.
A combination will normally take the form of a merger, stock-for-stock
exchange or stock-for-assets exchange. In most instances the target
company will wish to structure the business combination to be within the
definition of a tax-free reorganization under Section 351 or Section 368
of the Internal Revenue Code of 1986, as amended.
No assurances can be given that the Company will be successful in
locating or negotiating with any target company.
As of December 31, 2015, the Company had not generated revenues
and had no income or cash flows from operations since inception. At
December 31, 2015, the Company had sustained net loss of $1,065.
The Company's independent auditors have issued a report raising
substantial doubt about the Company's ability to continue as a going
concern. At present, the Company has no operations and the continuation
of the Company as a going concern is dependent upon financial support
from its stockholders, its ability to obtain necessary equity financing
to continue operations and/or to successfully locate and negotiate with
a business entity for the combination of that target company with
the Company.
Subsequent Events
On January 20, 2016, the Company filed a Form 8-K to report
the following events: the Company redeemed an aggregate of 19,500,000
of the then 20,000,000 shares of outstanding stock at a redemption price
of par.
James Cassidy and James McKillop, both then directors of the Company
and the then president and vice president, respectively, resigned such
directorships and all offices of the Company. Messrs. Cassidy
and McKillop each beneficially retain 250,000 shares of the Company's
common stock.
Donald L. Bailey was named as the sole director of the Company
and serves as its Chief Executive Officer, Secretary and Treasurer.
The Company issued 5,000,000 shares of its common stock at par
representing 90% of the then total outstanding 5,500,000 shares of
common stock.
Management paid all expenses incurred by the Company until the
change in control. New management will pay all current expenses. There
is no expectation of repayment for such expenses.
2015 Year-End Analysis
The Company has received no income, has had no operations
nor expenses, other than Delaware state fees and accounting fees
as required for incorporation and for the preparation of the
Company's financial statements.
Item 8. Financial Statements and Supplementary Data
The financial statements for the year ended December 31, 2015
are attached hereto.
Item 9. Changes in and Disagreements with Accountants on
Accounting and Financial Disclosure
There were no changes in or disagreements with accountants on
accounting and financial disclosure for the period covered by this
report.
Item 9A. Controls and Procedures
Pursuant to Rules adopted by the Securities and Exchange Commission.
the Company carried out an evaluation of the effectiveness of the design
and operation of its disclosure controls and procedures pursuant to
Exchange Act Rules. This evaluation was done as of the end of the fiscal
year under the supervision and with the participation of the Company's
principal executive officer (who was also the principal financial officer).
Subsequent to such evaluation there has been a change in control of
the Company. Presently there is only one officer and director of the Company
and all reporting and analysis are conducted and received by him. Consequently
management believes that there has been no significant change in internal
controls or in other factors that could significantly affect internal controls
subsequent to the date of the evaluation in that in both instances such control
was solely under the supervision of the president. Based upon that evaluation,
he believes that the Company's disclosure controls and procedures are effective
in gathering, analyzing and disclosing information needed to ensure that the
information required to be disclosed by the Company in its periodic reports is
recorded, summarized and processed timely. The principal executive officer
is directly involved in the day-to-day operations of the Company.
Management's Report of Internal Control over Financial Reporting
The Company is responsible for establishing and maintaining
adequate internal control over financial reporting in accordance with
the Rule 13a-15 of the Securities Exchange Act of 1934. The Company's
officer, its president, conducted an evaluation of the effectiveness
of the Company's internal control over financial reporting as of
December 31, 2015, based on the criteria establish in Internal
Control Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on this evaluation,
management concluded that the Company's internal control over financial
reporting was effective as of December 31, 2015, based on those criteria.
A control system can provide only reasonably, not absolute, assurance
that the objectives of the control system are met and no evaluation
of controls can provide absolute assurance that all control issues have
been detected.
Anton & Chia, LLP, the independent registered public accounting
firm for the Company, has not issued an attestation report on the
effectiveness of the Company's internal control over financial
reporting.
Changes in Internal Control Over Financial Reporting
There were no changes in the Company's internal controls over
financial reporting during its fourth fiscal quarter that materially
affected, or are reasonably likely to materially affect, its internal
control over financial reporting. A change in control of the Company
subsequent to the fourth quarter resulted in a change in the internal
control over financial reporting in that the named officer of the Company
changed but control remained with the chief executive officer of the
Company.
Item 9B. Other information
Not applicable.
PART III
Item 10. Directors, Executive Officers, and Corporate Governance;
The Directors and Officers of the Company subsequent to the change
in control of January 18, 2016 are as follows:
Name Positions and Offices Held
----------------- -----------
Donald L. Bailey Chief Executive Officer, Secretary, Treasurer,
Director
Management of the Company
The Company has no full time employees. Donald L. Bailey is the
sole officer and director of the Company since the change in control.
There are no agreements or understandings for the officer or
director to resign at the request of another person and the above-
named officer and director is not acting on behalf of nor will act
at the direction of any other person.
Set forth below are the names of the directors and officers of
the Company, all positions and offices with the Company held, the
period during which they have served as such, and the business
experience during at least the last five years:
There are no agreements or understandings for the above-named
officers or directors to resign at the request of another person and
the above-named officers and directors are not acting on behalf of
nor will act at the direction of any other person.
Donald L. Bailey serves as the sole director and officer of the
Company. Mr. Bailey has over 30 years experience in business management
and architectural computer design and development. Mr. Bailey founded
Atlantis Gaming Corporation (a private company not the filer) which
is involved in casino management and consulting "think tank" for the
gaming industry. In 1996, Mr. Bailey, utilizing his computer and
management experience, created one of the first Internet casino. For
the past ten years, Mr. Bailey has served as president of Atlantis
Internet Group and has designed and patented several gaming software,
network and proprietary gaming systems. As a pioneer of Internet gaming
software platforms, Mr. Bailey is the original designer for all Atlantis
products and designs ranging from numerous internet casinos, Web Director
Assistance (an operator assisted search engine technology), Good-as-Gold
(an online ATM), Casino Gateway Network (an online gaming system) to
Architectural Casino Hotel Designs & Development.
Conflicts of Interest
There are no binding guidelines or procedures for resolving
potential conflicts of interest. Failure by management to resolve
conflicts of interest in favor of the Company could result in
liability of management to the Company. However, any attempt by
shareholders to enforce a liability of management to the Company
would most likely be prohibitively expensive and time consuming.
Code of Ethics. The Company has not at this time adopted a
Code of Ethics pursuant to rules described in Regulation S-K. The
Company has two persons who are the only shareholders and who serve as
the directors and officers. The Company has no operations or business and
does not receive any revenues or investment capital. The adoption of an
Ethical Code at this time would not serve the primary purpose of such a
code to provide a manner of conduct as the development, execution and
enforcement of such a code would be by the same persons and only
persons to whom such code applied. Furthermore, because the Company
does not have any activities, there are activities or transactions
which would be subject to this code. At the time the Company enters
into a business combination or other corporate transaction, the current
officers and directors will recommend to any new management that such a
code be adopted. The Company does not maintain an Internet website on
which to post a code of ethics.
Corporate Governance. For reasons similar to those described
above, the Company does not have a nominating nor audit committee of the
board of directors. At this time, the Company consists of two shareholders
who serve as the corporate directors and officers. The Company has no
activities, and receives no revenues. At such time that the Company enters
into a business combination and/or has additional shareholders and a larger
board of directors and commences activities, the Company will propose
creating committees of its board of directors, including both a nominating
and an audit committee. Because there are only two shareholders of the
Company, there is no established process by which shareholders to the
Company can nominate members to the Company's board of directors.
Similarly, however, at such time as the Company has more shareholders and
an expanded board of directors, the new management of the Company may
review and implement, as necessary, procedures for shareholder nomination
of members to the Company's board of directors.
Item 11. Executive Compensation
The Company's officers and directors do not receive any
compensation for services rendered to the Company, nor have they
received such compensation in the past. The officers and directors
are not accruing any compensation pursuant to any agreement with the
Company.
No retirement, pension, profit sharing, stock option or
insurance programs or other similar programs have been adopted by
the Company for the benefit of its employees.
The Company does not have a compensation committee for
the same reasons as described above.
Item 12. Security Ownership of Certain Beneficial Owners and
Management and Related Stockholder Matters
The following table sets forth, as of January 18, 2015 each
person known by the Company to be the beneficial owner of five
percent or more of the Company's common stock and the director and
officer of the Company. The Company does not have any compensation
plans and has not authorized any securities for future issuance.
Except as noted, the holder thereof has sole voting and investment
power with respect to the shares shown.
Name and Address Amount of Beneficial Percent of
of Beneficial Owner Ownership Outstanding Stock
Donald L. Bailey 5,000,000 91%
3753 Howard Hughes Parkway
Las Vegas, NV 89169
James M. Cassidy 250,000 4.5%
215 Apolena Avenue
Newport Beach, CA 92662
James K. McKillop 250,000 4.5%
9454 Wilshire Boulevard
Beverly Hills, California 90212
All Executive Officers and 5,000,000 86%
Directors as a Group (1 Person)
(1) As of December 31, 2015, Messrs. Cassidy and McKillop were the sole
shareholders with each owning 10,000,000 shares of the 20,000,000 outstanding.
The Company redeemed 9,750,000 shares from each of Messrs. Cassidy and McKillop
in January 2016 and issued 5,000,000 shares to Mr. Bailey.
Item 13. Certain Relationships and Related Transactions and
Director Independence
The Company has issued a total of 25,000,000 shares of common
stock pursuant to Section 4(2) of the Securities Act of which 19,500,000
have been redeemed.
As the organizers and developers of the Company, James M. Cassidy
and James McKillop may be considered promoters. Mr. Cassidy has provided
services to the Company without charge consisting of preparing and filing
the charter corporate documents and preparing this registration statement.
The Company is not currently required to maintain an independent
director as defined by Rule 4200 of the Nasdaq Capital Market nor does
it anticipate that it will be applying for listing of its securities on
an exchange in which an independent directorship is required. It is unlikely
that Mr. Bailey would be considered an independent director if it were to do
so.
Item 14. Principal Accounting Fees and Services.
The Company has no activities, no income and no expenses
except for independent audit and Delaware state fees. The Company's
president has donated his time in preparation and filing of all
state and federal required taxes and reports.
Audit Fees
The aggregate fees incurred for each of the last two years for
professional services rendered by the independent registered public
accounting firm for the audits of the Company's annual financial
statements and review of financial statements included in the Company's
Form 10-K and Form 10-Q reports and services normally provided in
connection with statutory and regulatory filings or engagements were
as follows:
December 31, 2015
-----------------
Audit-Related Fees $ 750
The Company does not currently have an audit committee serving
and as a result its board of directors performs the duties of an audit
committee. The board of directors will evaluate and approve in advance,
the scope and cost of the engagement of an auditor before the auditor
renders audit and non-audit services. The Company does not rely on pre-
approval policies and procedures.
PART IV
Item 15. Exhibits, Financial Statement Schedules
There are no financial statement schedules nor exhibits filed
herewith.
Exhibits:
31 Certification of the Chief Executive Officer and Chief
Financial Officer pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002
32 Certification of the Chief Executive Officer and Chief
Financial Officer pursuant to Section 906 of
the Sarbanes-Oxley Act of 2002
FINANCIAL STATEMENTS
Report of Independent Registered Public Accounting Firm 1
Balance Sheet as of December 31, 2015 2
Statement of Operations for the period from May 21, 2015
(Inception) to December 31, 2015 3
Statement of Changes in Stockholders' Deficit for the Period
from May 21, 2015 (Inception) to December 31, 2015 4
Statement of Cash Flows for the period from May 21, 2015
(Inception) to December 31, 2015 5
Notes to Financial Statements 6-8
ANTON & CHIA, LLP CERTIFIED PUBLIC ACCOUNTANTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders of
Atlantis Gaming Corporation:
We have audited the accompanying balance sheet of Atlantis Gaming
Corporation (the "Company") as of December 31, 2015, and the related
statement of operations, stockholders' deficit, and cash flows for
the period from May 21, 2015 (Inception) through December 31, 2015.
The Company' management is responsible for these financial statements.
Our responsibility is to express an opinion on these financial statements
based on our audit.
We conducted our audit in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. The Company is not
required to have, nor were we engaged to perform, an audit of its internal
control over financial reporting. Our audit included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audit provides a
reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly,
in all material respects, the financial position of the Company as of
December 31, 2015, and the results of its operations and its cash flows for
the period from May 21, 2015 (Inception) through December 31, 2015, in
conformity with accounting principles generally accepted in the United
States of America.
The accompanying financial statements have been prepared assuming that the
Company will continue as a going concern. As discussed in Note 2 to the
financial statements, the Company has had no revenues and income since
inception. These conditions, among others, raise substantial doubt about
the Company's ability to continue as a going concern. Management's plans
concerning these matters are also described in Note 2, which includes the
raising of additional equity financing or merger with another entity. The
financial statements do not include any adjustments that might result from
the outcome of this uncertainty.
/s/ Anton & Chia, LLP
Newport Beach, CA
April 13, 2016
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ATLANTIS GAMING CORPORATION
BALANCE SHEET
ASSETS
December 31, 2015
-----------------
Current assets
Cash $ 0
-----------------
Total assets $ 0
=================
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities
Accrued liabilities $ 750
-----------------
Total liabilities $ 750
-----------------
Stockholders' deficit
Common Stock; $0.0001 par value, 2,000
100,000,000 shares authorized;
20,000,000 shares issued and
outstanding as of 12/31/2015
Discount on Common Stock (2,000)
Additional paid-in capital 312
Accumulated deficit (1,062)
-----------------
Total stockholders' deficit (750)
-----------------
Total Liabilities and stockholders' equity $ 0
=================
The accompanying notes are an integral part of these financial statements
2
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ATLANTIS GAMING CORPORATION
STATEMENT OF OPERATIONS
For the period from May 21,
2015 (Inception) to
December 31, 2015
-----------------
Revenue $ -
Cost of revenue -
-----------------
Gross profit -
Operating expenses 1,062
-----------------
Operating loss (1,062)
Loss before income taxes (1,062)
-----------------
Income tax expense -
-----------------
Net loss $ (1,062)
=================
Loss per share - basic and diluted $ (0)
-----------------
Weighted average shares-basic and diluted 20,000,000
=================
The accompanying notes are an integral part of these financial statements
3
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ATLANTIS GAMING CORPORATION
STATEMENT OF CHANGES IN STOCKHOLDERS' DEFICIT
Discount Addi- Total
Common Stock on tional Accumu- Stock-
-------------------- Common Paid-In lated holders'
Shares Amount Stock Capital Deficit Deficit
Balance, May 21,
2015 (Inception) - $ - $ - $ - $ - $ -
Issuance of
common stock 20,000,000 2,000 (2,000) - - 0
Additional paid-in
capital - - - 312 - 312
Net loss - - - (1,062) (1,062)
=========== ======= ======= ========= ======== ======
Balance,
December 31, 2015 20,000,000 $ 2,000 $(2,000) $ 312 $(1,062) $ (750)
=========== ======= ======== ========= ======== ======
The accompanying notes are an integral part of these financial statements
4
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ATLANTIS GAMING CORPORATION
STATEMENT OF CASH FLOWS
For the period from
May 21, 2015
(Inception) to
December 31, 2015
------------------
OPERATING ACTIVITIES
Net loss $ (1,062)
------------------
Non-Cash adjustments to reconcile loss
to net cash
Expenses paid by stockholder and
contributed as capital 312
Changes in Operating Assets and Liabilities
Accrued liabilities 750
------------------
Net cash used in operating activities 0
------------------
Net increase in cash 0
Cash, beginning of period -
------------------
Cash, end of period $ 0
==================
Supplemental cash information
Non-cash transaction--common stock
issued to founders for no
consideration $ 2,000
Interest paid 0
-----------------
Income tax paid 0
-----------------
The accompanying notes are an integral part of these financial statements
5
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ATLANTIS GAMING CORPORATION
Notes to the Financial Statements
NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS
Atlantis Gaming Corporation (formerly "Camping Ridge Acquisition Corporation")
("Atlantis" or the "Company") was incorporated on May 21, 2015 under the laws
of the state of Delaware to engage in any lawful corporate undertaking,
including, but not limited to, selected mergers and acquisitions. The Company
has been in the developmental stage since inception and its operations to date
have been limited to issuing shares to its original shareholders. The Company
will attempt to locate and negotiate with a business entity for the combination
of that target company with the Company. The combination will normally take
the form of a merger, stock-for-stock exchange or stock-for-assets exchange.
In most instances the target company will wish to structure the business
combination to be within the definition of a tax-free reorganization under
Section 351 or Section 368 of the Internal Revenue Code of 1986, as
amended. No assurances can be given that the Company will be successful
in locating or negotiating with any target company. The Company has been
formed to provide a method for a foreign or domestic private company to
become a reporting company with a class of securities registered under the
Securities Exchange Act of 1934.
BASIS OF PRESENTATION
The summary of significant accounting policies presented below is designed
to assist in understanding the Company's financial statements. Such financial
statements and accompanying notes are the representations of the Company's
management, who are responsible for their integrity and objectivity. These
accounting policies conform to accounting principles generally accepted in
the United States of America ("GAAP") in all material respects, and have been
consistently applied in preparing the accompanying financial statements.
USE OF ESTIMATES
The preparation of financial statements in conformity with GAAP requires
management to make estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets
and liabilities at the date of the financial statements, and the
reported amounts of revenues and expenses during the reporting periods.
Actual results could differ from those estimates.
CASH
Cash and cash equivalents include cash on hand and on deposit at banking
institutions as well as all highly liquid short-term investments with original
maturities of 90 days or less. The Company did not have cash equivalents as
of December 31, 2015.
CONCENTRATION OF RISK
Financial instruments that potentially subject the Company to concentrations
of credit risk consist principally of cash. The Company places its cash with
high quality banking institutions. The Company did not have cash balances
in excess of the Federal Deposit Insurance Corporation limit as of December 31,
2015.
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ATLANTIS GAMING CORPORATION
Notes to Financial Statements
INCOME TAXES
Under ASC 740, "Income Taxes," deferred tax assets and liabilities are
recognized for the future tax consequences attributable to temporary
differences between the financial statement carrying amounts of existing
assets and liabilities and their respective tax bases. Deferred tax assets and
liabilities are measured using enacted tax rates expected to apply to taxable
income in the years in which those temporary differences are expected to be
recovered or settled. Valuation allowances are established when it is more
likely than not that some or all of the deferred tax assets will not be
realized. As of December 31, 2015 there were no deferred taxes due to the
uncertainty of the realization of net operating loss or carry forward prior
to expiration.
LOSS PER COMMON SHARE
Basic loss per common share excludes dilution and is computed by dividing
net loss by the weighted average number of common shares outstanding
during the period. Diluted loss per common share reflect the potential
dilution that could occur if securities or other contracts to issue common
stock were exercised or converted into common stock or resulted in the
issuance of common stock that then shared in the loss of the entity. As of
December 31, 2015, there are no outstanding dilutive securities.
FAIR VALUE OF FINANCIAL INSTRUMENTS
The Company follows guidance for accounting for fair value measurements
of financial assets and financial liabilities and for fair value measurements
of nonfinancial items that are recognized or disclosed at fair value in the
financial statements on a recurring basis. Additionally, the Company adopted
guidance for fair value measurement related to nonfinancial items that are
recognized and disclosed at fair value in the financial statements on a
nonrecurring basis. The guidance establishes a fair value hierarchy that
prioritizes the inputs to valuation techniques used to measure fair value.
The hierarchy gives the highest priority to unadjusted quoted prices in
active markets for identical assets or liabilities (Level 1 measurements)
and the lowest priority to measurements involving significant unobservable
inputs (Level 3 measurements). The three levels of the fair value hierarchy
are as follows:
Level 1 inputs are quoted prices (unadjusted) in active markets for identical
assets or liabilities that the Company has the ability to access at the
measurement date.
Level 2 inputs are inputs other than quoted prices included within Level 1
that are observable for the asset or liability, either directly or indirectly.
Level 3 inputs are unobservable inputs for the asset or liability.
The carrying amounts of financial assets such as cash approximate their fair
values because of the short maturity of these instruments.
NOTE 2 - GOING CONCERN
The Company has not yet generated any revenue since inception to date and
has sustained operating loss of $1,062 from inception (May 21, 2015) to
December 31, 2015. The Company had no working capital and an accumulated
deficit of $1,062 as of December 31, 2015. The Company's continuation as a
going concern is dependent on its ability to generate sufficient cash flows
from operations to meet its obligations and/or obtaining additional financing
from its members or other sources, as may be required.
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ATLANTIS GAMING CORPORATION
Notes to Financial Statements
The accompanying financial statements have been prepared assuming that
the Company will continue as a going concern; however, the above condition
raises substantial doubt about the Company's ability to do so. The
financial statements do not include any adjustments to reflect the possible
future effects on the recoverability and classification of assets or the
amounts and classifications of liabilities that may result should the
Company be unable to continue as a going concern.
In order to maintain its current level of operations, the Company will require
additional working capital from either cash flow from operations or from the
sale of its equity. However, the Company currently has no commitments
from any third parties for the purchase of its equity. If the Company is unable
to acquire additional working capital, it will be required to significantly
reduce its current level of operations.
NOTE 3 - RECENT ACCOUNTING PRONOUNCEMENTS
On June 12, 2015, the Financial Accounting Standards Board ("FASB") issued
Accounting Standards Update (ASU) No. 2015-10-Technical Corrections and
Improvements. The amendments in this Update cover a wide range of Topics
in the Codification. The amendments in this Update represent changes to make
minor corrections or minor improvements to the Codification that are not
expected to have a significant effect on current accounting practice or
create a significant administrative cost to most entities. This Accounting
Standards Update is the final version of Proposed Accounting Standards Update
2014-240-Technical Corrections and Improvements, which has been deleted.
Transition guidance varies based on the amendments in this Update. The
amendments in this Update that require transition guidance are effective
for all entities for fiscal years, and interim periods within those fiscal
years, beginning after December 15, 2015. Early adoption is permitted,
including adoption in an interim period. All other amendments will be
effective upon the issuance of this Update. Management is in the process
of assessing the impact of this ASU on the Company's financial statements.
On April 30, 2015, the Financial Accounting Standards Board ("FASB") issued
Accounting Standards Update (ASU) No. 2015-06 Earnings Per Share (Topic 260):
Effects on Historical Earnings per Units of Master Limited Partnership Dropdown
Transactions. Under Topic 260, Earnings Per Share, master limited partnerships
(MLPs) apply the two-class method to calculate earnings per unit (EPU) because
the general partner, limited partners, and incentive distribution rights
holders each participate differently in the distribution of available cash.
When a general partner transfers (or "drops down") net assets to a master
limited partnership and that transaction is accounted for as a transaction
between entities under common control, the statements of operations of the
master limited partnership are adjusted retrospectively to reflect the
dropdown transaction as if it occurred on the earliest date during which
the entities were under common control. The amendments in this Update
specify that for purposes of calculating historical EPU under the two-class
method, the earnings (losses) of a transferred business before the date
of a dropdown transaction should be allocated entirely to the general
partner interest, and previously reported EPU of the limited partners
would not change as a result of a dropdown transaction. Qualitative
disclosures about how the rights to the earnings (losses) differ
before and after the dropdown transaction occurs also are required.
This Accounting Standards Update is the final version of Proposed
Accounting Standards Update EITF-14A Earnings Per Share Effects on
Historical Earnings per Unit of Master Limited Partnership Dropdown
Transactions (Topic 260), which has been deleted. Effective for fiscal
years beginning after December 15, 2015, and interim periods within
those fiscal years. Earlier application is permitted. The amendments
in this Update should be applied retrospectively for all financial
statements presented. Management is in the process of assessing the
impact of this ASU on the Company's financial statements.
In January 2015, the Financial Accounting Standards Board ("FASB")
issued Accounting Standards Update (ASU) No. 2015-01 Income
Statement Extraordinary and Unusual Items (Subtopic 225-20):
Simplifying Income Statement Presentation by Eliminating the
Concept of Extraordinary Items. The objective of this Update
is to simplify the income statement presentation requirements in
Subtopic 225-20 by eliminating the concept of extraordinary items.
Extraordinary items are events and transactions that are
distinguished by their unusual nature and by the infrequency
of their occurrence. Eliminating the extraordinary classification
simplifies income statement presentation by altogether removing
the concept of extraordinary items from consideration. This
Accounting Standards Update is the final version of Proposed
Accounting Standards Update 2014-220 Income Statement
Extraordinary Items (Subtopic 225-20), which has been deleted.
Effective for fiscal years, and interim periods within those
iscal years, beginning after December 15, 2015. A reporting
entity may apply the amendments prospectively. A reporting entity
also may apply the amendments retrospectively to all prior periods
presented in the financial statements. Early adoption is permitted
provided that the guidance is applied from the beginning of the
fiscal year of adoption. The effective date is the same for both
public business entities and all other entities. Management is
in the process of assessing the impact of this ASU on the Company's
financial statements.
NOTE 4 STOCKHOLDERS' DEFICIT
On May 21, 2015, the Company issued 20,000,000 founders common stock
to two directors and officers. The Company is authorized to issue
100,000,000 shares of common stock and 20,000,000 shares of preferred
stock. As of December 31, 2015, 20,000,000 shares of common stock and no
preferred stock were issued and outstanding. Subsequently 19,500,000
shares of the outstanding common stock was redeemed and 5,000,000 shares
issued to Daniel Bailey, the new sole director and officer.
7
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.
ATLANTIS GAMING CORPORATION
By: /s/ Daniel L. Bailey
Daniel L. Bailey,
Chief Executive Officer
Principal executive officer
Dated: April 13, 2016
By: /s/ Daniel L. Bailey
Daniel L. Bailey
Principal financial officer
Dated: April 13, 2016
Pursuant to the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the
registrant and in the capacities and on the dates indicated.
NAME OFFICE DATE
/s/ Daniel L. Bailey Director April 13, 2016
