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EX-32.1 - EXHIBIT 32.1 - GETELMAN CORP. | f32exhibitamend.htm |
EX-31.1 - EXHIBIT 31.1 - GETELMAN CORP. | f31exhibitam.htm |
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U.S. SECURITIES AND EXCHANGE COMMISSION Form 10-Q/A |
Mark One
[ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended JULY 31, 2016
[ ] 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. 333-209891
GETELMAN CORP.
(Exact name of registrant as specified in its charter)
Nevada (State or Other Jurisdiction of Incorporation or Organization) | 30-0876722 IRS Employer Identification Number | 8748 Primary Standard Industrial Classification Code Number |
2235 E. Flamingo Rd., Suite 355,
Las Vegas, NV 89119
Tel. 725-777-0799
Email: getelmancorp@gmail.com
(Address and telephone number of principal executive offices)
(Address and telephone number of principal executive offices)
1 | Page
Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [X]
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X ] No [ ]
Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years.
N/A
Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes[ ] No[ ]
Applicable Only to Corporate Registrants
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the most practicable date:
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Class | Outstanding as of November 1, 2016 |
Common Stock, $0.001 | 12,570,000 |
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PART 1 | FINANCIAL INFORMATION |
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ITEM 1. | FINANCIAL STATEMENTS | 4 |
| BALANCE SHEETS | 4 |
| STATEMENTS OF OPERATIONS | 5 |
| STATEMENTS OF CASH FLOWS | 6 |
| NOTES TO FINANCIAL STATEMENTS | 7 |
ITEM 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 10 |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 12 |
ITEM 4. | CONTROLS AND PROCEDURES | 12 |
PART II. | OTHER INFORMATION |
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ITEM 1. | LEGAL PROCEEDINGS | 12 |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 13 |
ITEM 3 | DEFAULTS UPON SENIOR SECURITIES | 13 |
ITEM 4 | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | 13 |
ITEM 5 | OTHER INFORMATION | 13 |
ITEM 6 | EXHIBITS | 13 |
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Balance Sheets
ASSETS |
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| July 31, 2016 (Unaudited) | January 31, 2016 | |
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CURRENT ASSETS |
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Cash and cash equivalents | $ | 28,687 | $ 10,056 | ||
Prepaid Rent |
| - | 500 | ||
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Total Current Assets |
| 28,687 | 10,556 | ||
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Non-current Assets |
| 2,292 | - | ||
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TOTAL ASSETS | $ | 30,979 | $ 10,556 | ||
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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CURRENT LIABILITIES |
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Related party payable |
| 2,172 | 2,172 | ||
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Total Current Liabilities |
| 2,172 | 2,172 | ||
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Long-term notes payable |
| - | - | ||
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TOTAL LIABILITIES |
| 2,172 | 2,172 | ||
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STOCKHOLDERS' EQUITY |
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Common stock, $0.001 par value, 75,000,000 shares authorized, |
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12,570,000 issued and outstanding (10,000,000 issued and outstanding as of January 31, 2016) |
| 12,570 | 10,000 | ||
Additional paid-in-capital |
| 23,130 |
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Accumulated deficit |
| (6,893) | (1,616) | ||
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Total Stockholders' Equity |
| 28,807 | 8,384 | ||
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 30,979 | $ 10,556 |
The accompanying notes are an integral part of these financial statements.
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Statements of Operations For the three and six month period ended July 31, 2016 and for the period from July 12, 2015 (Inception) to July 31, 2015
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| Three months period ended July 31, 2016 (Unaudited) | For the period from July 12, 2015 (Inception) to July 31, 2015 | Six months period ended July 31, 2016 (Unaudited) |
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REVENUES | $ | - | $ - | $ 1,500 | ||
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OPERATING EXPENSES |
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General and administrative |
| 2,228 | 822 | 6,777 | ||
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Total Operating Expenses |
| 2,228 | 822 | 6,777 | ||
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Net Operating Loss |
| (2,228) | (822) | (5,277) | ||
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NET LOSS | $ | (2,228) | $ (822) | $ (5,277) | ||
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BASIC AND DILUTED LOSS PER SHARE | $ | (0.00) | $ (0.00) | $ (0.00) | ||
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WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING |
| 12,158,043 | - | 11,147,967 |
The accompanying notes are an integral part of these financial statements
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Statements Of Cash Flows For the six month period ended July 31, 2016 and for the period from July 12, 2015 (Inception) to July 31, 2015
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| Six months period ended July 31, 2016 (Unaudited) | For the period from July 12, 2015 (Inception) to July 31, 2015 | |||
CASH FLOWS FROM OPERATING ACTIVITIES |
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Net loss | $ | (5,277) | $ | (822) | ||||
Adjustments to reconcile net loss to net cash from operating activities: |
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Depreciation and amortization |
| 208 |
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Changes in current assets and liabilities: |
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(Increase) / decrease in prepaid expenses |
| 500 |
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Increase / (decrease) in accounts payable |
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Increase/ (decrease) in accrued liabilities |
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Net cash used in operating activities |
| (4,569) |
| (822) | ||||
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Cash flows used in investing activities |
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Purchase of property and equipment |
| (2,500) |
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Net cash (used in) provided by investing activities |
| (2,500) |
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Cash flows provided by financing activities |
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Cash proceeds from sale of common stock |
| 25,700 |
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Payments/(Advances) on cash advances from related party |
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| 822 | ||||
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Net cash provided by financing activities |
| 25,700 |
| 822 | ||||
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Net change in cash |
| 18,631 |
| 0 | ||||
Cash at beginning of period |
| 10,056 |
| 0 | ||||
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Cash at end of period | $ | 28,687 | $ | 0 |
The accompanying notes are an integral part of these financial statements.
6 | Page
GETELMAN CORP.
NOTES TO THE AUDITED FINANCIAL STATEMENTS
FOR THE SIX MONTHS PERIOD ENDED JULY 31, 2016
NOTE 1 ORGANIZATION AND BASIS OF PRESENTATION
GETELMAN CORP. (the Company) is a corporation established under the corporation laws in the State of Nevada on July 12, 2015.
The Company intends to commence operations in the business of corporate team building consulting service.
The Companys activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the companys business plan.
The Company has adopted January 31 fiscal year end.
Basis of Presentation
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America.
NOTE 2 GOING CONCERN
The Companys financial statements as of July 31, 2016 been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has incurred a cumulative net loss from inception (July 12, 2015) to July 31, 2016 of $6,893. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Managements plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates
Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from managements estimates and assumptions.
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Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At July 31, 2016 the Company's bank deposits did not exceed the insured amounts.
Advertising Costs
The Companys policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during year ended July 31, 2016.
Basic and Diluted Loss Per Share
Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.
Stock-Based Compensation
As of July 31 2016, the Company has not issued any stock-based payments to its employees.
Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Property and Equipment and Depreciation Policy
Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years.
Income Taxes
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
New Accounting Pronouncements
There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.
Subsequent Events
The Company has evaluated all transactions from July 31, 2016 through the financial statement issuance date for subsequent event disclosure consideration.
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NOTE 4 CAPTIAL STOCK
The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.
NOTE 5 RELATED PARTY TRANSACTIONS
In support of the Companys efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.
Since July 12, 2015 (Inception) through July 31, 2016, the Companys sole officer and director loaned the Company $2,172 to pay for incorporation costs and operating expenses. As of July 31, 2016, the amount outstanding was $2,172. The loan is non-interest bearing, due upon demand and unsecured.
NOTE 6 INCOME TAX
As of July 31, 2016 the Company had net operating loss carry forwards of $6,893 that may be available to reduce future years taxable income through 2036. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.
FORWARD LOOKING STATEMENTS
Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
Business
Our company prepares to offer event planning for the corporate market. We plan to target medium and small companies, which we refer to as clients or customers, as in most cases big enterprises have their own established event planning teams.
Our company plans to concentrate on team-building corporate events, offering various sorts of scripts for outdoor corporate retreats, as well as for indoor corporate parties. We anticipate that adventurous services we offer to unite co-workers and to build a strong team will attract customers. We intend to offer a great variety of activities acceptable for most ages, and suitable for people of average physical conditions, such as RPGs (role-play games), Treasure Hunt games, outdoor quests, sport competitions or any other sorts of outdoor activities, as well as quizzes, indoor quests (known as quests of a closed room) and many other different indoor activities. Taking into consideration our clients requirements, our company may provide event scripts which may combine several activities in a single event. Depending on the customers demand, corporate parties with music performers to follow the corporate retreat can be offered. In addition to the planning of the events, our company plans to offer hosting events as well, for which we intend employ entertainers, MCs or hosts of our own. Which also means organizing those parties and decorating are the duties of our company. We believe that its cost effective for small and medium-sized business to work with our company, because once they have their event properly planned, they wont be troubled to search another third party to carry the plan out. Within the process of the business development we may think of additional services, such as lodging/ accommodation at our premises, catering, transferring by transport to the location of the event. If the client company wishes so, we also intend to provide filming, or photographic shooting of the events we conduct, to be distributed on DVDs among employees of the client company, and to be used later for advertizing purposes as well. We plan to post the edited video snippets and photos to our website, which we anticipate to be one of the key elements in attracting customers interest and advertising our services. Providing feature of having an account on our website, belonging to a company we intend to grant our loyal customers with discounts and special offers, and to distribute advertising prospects along with the update information regarding our services.
Clients
Our company is providing services to corporate customers only. The corporate customer is a company that contracts with our company to plan and typically host an event for the company. We anticipate that small and medium-sized corporations will be turning to our company to plan the events.
RESULTS OF OPERATION
We are a development stage company with limited operations since our inception on July 12, 2015 to July 31, 2016. As of July 31, 2016, we had total assets of $30,979 and total liabilities of $2,172. Since our inception to July 31, 2016, we have accumulated a deficit of $6,893. We anticipate that we will continue to incur substantial losses in the next 12 months. Our financial statements have been prepared assuming that we will continue as a going concern. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.
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Three Month Period Ended July 31, 2016 compared to the period from July 12,2015 (Inception) to July 31, 2016
Our net loss for the three month period ended July 31, 2016 was $2,228 compared to $822 for the period from July 12, 2015 (Inception) to July 31, 2016.
The weighted average number of shares outstanding was 12,158,043 for the three month period ended July 31, 2016.
Six Month Period Ended July 31, 2016
Our net loss for the six month period ended July 31, 2016 was $5,277. During the six month period ended July 31, 2016, we have generated revenue of $1,500.
The weighted average number of shares outstanding was 11,147,967 for the Six month period ended July 31, 2016.
LIQUIDITY AND CAPITAL RESOURCES
As of July 31, 2016, our total assets were $30,979 compared to $10,556 in total assets at January 31, 2016. As of July 31, 2016 our total assets were comprised of $28,687 in cash and $2,292 in equipment.
As of July 31, 2016, our current liabilities were $2,172. Current liabilities were comprised of $2,172 in payable to related party.
Stockholders equity was $8,384 as of January 31, 2016 compared $28,807 as of July 31, 2016.
Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities. For the six month period ended July 31, 2016, net cash flows used in operating activities was $4,569 consisting of a net loss of $5,277, depreciation expenses of $208 and decrease in prepaid expenses of $500.
Cash Flows from Investing Activities
For the six month period ended July 31, 2016 net cash flows used in investing activities was $2,500.
Cash Flows from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the six month period ended July 31, 2016, net cash provided by financing activities was $25,700, received from proceeds from issuance of common stock.
PLAN OF OPERATION AND FUNDING
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next twelve months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
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OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
GOING CONCERN
The independent auditors' report accompanying our January 31, 2016 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
No report required.
ITEM 4. CONTROLS AND PROCEDURES
Our disclosure controls and procedures are designed to ensure that information required to be disclosed in reports that we file or submit under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission. Our principal executive officer and principal financial and accounting officer have reviewed the effectiveness of our disclosure controls and procedures (as defined in the Securities Exchange Act of 1934 Rules 13(a)-15(e) and 15(d)-15(e)) within the end of the period covered by this Quarterly Report on Form 10-Q and have concluded that the disclosure controls and procedures are effective to ensure that material information relating to the Company is recorded, processed, summarized, and reported in a timely manner.
There have been no changes in the Company's internal control over financial reporting during the last quarterly period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
No report required.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
No report required.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No report required.
ITEM 5. OTHER INFORMATION
No report required.
ITEM 6. EXHIBITS
Exhibits:
31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).
32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.
101.INS XBRL Instance Document *
101.SCH XBRL Taxonomy Extension Schema Document *
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document *
101.DEF XBRL Taxonomy Extension Definition Document *
101.LAB XBRL Taxonomy Extension Label Linkbase Document *
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document *
*Previously filed
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| GETELMAN CORP. |
Dated: November 1, 2016 | By: /s/ Mark Gitelman |
| Mark Gitelman, President |
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