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, 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 number 000-55678
FAH MAI HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
FINCH STREET ACQUISITION CORPORATION
(Former name of registrant as specified in its charter)
Delaware 81-3361351
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
1414/390 Sukhumvit Road
Prakanong Klongtoey
Bangkok W1 10110
(Address of principal executive offices) (zip code)
Registrant's telephone number, including area code: +66 9080 7617
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
April 11, 2017
Common Stock, par value $0.0001 19,263,367
Preferred Stock, par value $0.0001 1,000
Documents incorporated by reference: Form 10-12G/A filed
August 9, 2016
PART I
Item 1. Business
Fah Mai Holdings, Inc. (formerly Finch Street Acquisition
Corporation) ("Finch" or the "Company") was incorporated on July 22,
2016 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 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.
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. 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.
As of December 31, 2016, the Company had not generated revenues and
had no income or cash flows from operations since inception. At December
31, 2016, the Company had sustained net loss of $7,562 and an accumulated
deficit of $7,562.
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.
There is no assurance that the Company will ever be profitable.
Subsequent Event
On February 6, 2017, the Company changed its name to Fah Mai
Holdings, Inc. in expectation of the subsequent change in control.
On February 26, 2017, subsequent to the date covered by this
Report, the following events occurred which resulted in
a change of control of the Company:
1. The Company cancelled an aggregate of 19,500,000 of the then
20,000,000 shares of outstanding stock valued at par.
2. James M. Cassidy resigned as the Company's president, secretary
and director and James McKillop resigned as the Company's vice
president and director.
3. Louis Joseph Haseman was named sole director of the Company and was
named President, Secretary and Chief Financial Officer of the Company.
On February 27, 2017, the Company issued 40,000,000 shares of its
common stock to its then sole officer and director, Louis Joseph Haseman.
Subsequent to the change in control, the Company has one officer and
director.
The Company intends to serve as a company to raise funds
for the development of companies to be acquired that have excellent growth
strategies and returns for the investor. New management of the Company has
experience in marketing, fund raising and business development. The
Company hopes to show high returns by undertaking a high risk diverse
portfolio ranging from construction to antiques to collectible whiskey
to sunscreen.
The Company has an agreement with Tiber Creek Corporation
which assists companies in becoming public companies and assists companies
with introductions to the financial community. The former president of the
Company is the sole officer and director of Tiber Creek Corporation.
The services provided by Tiber Creek included using the Company as a
vehicle for becoming public.
There is no agreement nor contractual relationship between the
Company and Tiber Creek to perform or provide services to the other.
However, as a non-operating blank check company, the Company was available
for use by a client of Tiber Creek which wished to use a reporting company
incident to the process of registering securities and becoming a
reporting company.
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.
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.
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 CONSIDERATION
July 22, 2016 James Cassidy (1) 10,000,000 Services
February 26, 2017 9,750,000 redeemed
July 22, 2016 James McKillop 10,000,000 Services
February 26, 2017 9,750,000 redeemed
February 27, 2017 Louis Joseph Haseman 40,000,000 Services
(1) James M. Cassidy, 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.
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.
In implementing a structure for a particular business acquisition, the
Company may become a party to a merger, consolidation, reorganization,
joint venture, licensing agreement or other arrangement with another
corporation or entity.
As of December 31, 2016, the Company had not generated revenues
and had no income or cash flows from operations since inception. At
December 31, 2016, the Company had sustained net loss of $7,562.
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.
Management will pay all expenses incurred by the Company until a
change in control is effected. There is no expectation of repayment
for such expenses.
The president of the Company is also its director.
2016 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, 2016
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 is also the principal financial officer).
There has been a change in control in the Company subsequent to the
date of the internal evaluation. However, given that the Company
has only one officer and director there does not
appear to be any significant changes in internal controls or in other
factors that could significantly affect internal controls subsequent to
the date of the evaluation. Based upon that evaluation, the principal
executive officer 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, 2016, 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 not effective as of December 31, 2016, 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.
KCCW Accountancy Corp., the independent registered public accounting
firm of 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. Subsequent to the period covered
by this Report and the fourth fiscal quarter, the Company effected a
change in control. New management consists of one officer and
director who is also a shareholder. Such person maintains
complete financial reporting control as the primary officer. Such
control by the primary officer is the same as was in effect prior
to the change in control.
Item 9B. Other information
Not applicable.
PART III
Item 10. Directors, Executive Officers, and Corporate Governance;
The Directors and Officers of the Company on December 31, 2016
the date of this Report were as follows:
Name Age Positions and Offices Held
----------------- ------ --------------------------
James Cassidy 81 President, Secretary, Director
James McKillop 57 Vice President, Director
Subsequent Officers and Directors
The Directors and Officers of the Company subsequent to the
period covered by this Report are as follows:
Name Positions and Offices Held
----------------- ----------------------
Louis Joseph Haseman President, Secretary, Director
Chief Financial Officer
Management of The Company
The Company has no employees. Mr. Haseman is the only officer
and director of the Company.
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:
Louis Joseph Haseman
Louis Joseph Haseman serves as President, Secretary, Chief Financial
Officer and sole director of the Company. From 2010 to the present,
Mr. Haseman has been the director and owner of HGT Co., Ltd. with two
operating brands: Exotic Golf Holidays which specializes in golf holidays
located around the Indian Ocean and Quality Health Travel which specializes
in medical tourism including plastic surgery, hip replacements and stem cell
treatment. From 2011 to the present, Mr. Haseman has served as the owner of
Sunscreen Island Co., Ltd. which is the exclusive importer and distributor
of the Island Tribe sunscreen brand in Thailand and the Philippines. Since
2012 to the present, Mr. Haseman has also been part owner of Epikurean
Resorts, a luxury hotel and resorts management and development
company. From 2015-2016, Mr. Haseman was the owner of Euro Facade Tech
Thailand Co., Ltd., a global containment wall and design company.
Recent Blank Check Companies
James Cassidy, the former president and a director of the Company
and James McKillop, former vice president and a director of the Company,
are involved with other existing blank check companies, and in creating
additional similar companies. The initial business purpose of each
of these companies was or is to engage in a business combination with
an unidentified company or companies and each were or will be classified
as a blank check company until completion of a business combination.
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 no operations or business and does not receive any revenues.
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.
If the Company enters into a business combination management will
propose adoption of 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 has only one officer
and one director. The Company 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.
Management of the Company intends to 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 December 31, 2016, 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
James M. Cassidy 10,000,000 50%
215 Apolena Avenue
Newport Beach, CA 92662
(redeemed 9,750,000 February, 2017)
James K. McKillop 10,000,000 50%
9454 Wilshire Boulevard
Beverly Hills, California 90212
(Redeemed 9,750,000 February, 2017)
All Executive Officers and 20,000,000 100%
Directors as a Group (2 Persons)
Subsequent to the period covered by this Report:
The following table sets forth, as of April 11, 2017, each person
currently 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.
Name and Address Amount of Beneficial Percent of (1)
of Beneficial Owner Ownership Outstanding Stock
Louis Joseph Haseman 40,000,000 98.7%
Directors as a Group 40,000,000 98.7%
(1 Person)
(1) Based on 40,500,000 shares outstanding
Item 13. Certain Relationships and Related Transactions and
Director Independence
The Company has issued a total of 19,263,367 shares of common
stock pursuant to Section 4(2) of the Securities Act .
As the organizers and developers of the Company, James M. Cassidy
and James McKillop may be considered promoters. Mr. Cassidy 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 the current director 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 in 2016 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, 2016
-----------------
Audit-Related Fees $ 5,250
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
Financial Statements 2-5
Notes to Financial Statements 6-8
______________________________________________________________________
KCCW Accountancy Corp. CERTIFIED PUBLIC ACCOUNTANTS
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors
Fah Mai Holdings, Inc.
(formerly Finch Street Acquisition Corporation)
We have audited the accompanying balance sheet of Fah Mai Holdings,
Inc. (the "Company") as of December 31, 2016, and the related statements
of operations, changes in stockholders' deficit and cash flows for the Period
from July 22, 2016 (Inception) to December 31, 2016. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based
on our audit.
We conducted our audit in accordance with 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 was 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. Our audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our audit also includes 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, 2016 and the results of its operations and its cash flows
from July 22, 2016 (Inception) to December 31, 2016 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/ KCCW Accountancy Corp.
Alhambra, California
April 11, 2017
1
______________________________________________________________________
FAH MAI HOLDINGS, INC.
BALANCE SHEET
ASSETS
December 31, 2016
------------------
Current assets
Cash $ -
---------------
Total assets $ -
===============
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current liabilities
Accrued liabilities $ 5,250
---------------
Total liabilities 5,250
---------------
Stockholders' deficit
Preferred stock, $0.0001 par value,
20,000,000 shares authorized; none
outstanding as of December 31, 2016 -
Common stock, $0.0001 par value, 100,000,000
shares authorized; 20,000,000 shares issued
and outstanding as of December 31, 2016 2,000
Additional paid-in capital 312
Accumulatd deficit (7,562)
---------------
Total stockholders' deficit (5,250)
---------------
Total liabilities and stockholders'
deficit $ -
================
The accompanying notes are an integral part of these financial statements.
2
______________________________________________________________________
FAH MAI HOLDINGS, INC.
STATEMENT OF OPERATIONS
For the period from
July 22, 2016
(Inception) to
Deember 31, 2016
-----------------
Revenue $ -
Cost of revenue -
-----------------
Gross profit -
Operating expenses $ 7,562
-----------------
Operating loss (7,562)
Loss before income taxes (7,562)
==================
Income tax expense -
Net loss $ (7,562)
==================
Loss per share - basic and diluted $ (0.00)
==================
Weighted average shares-basic and diluted 20,000,000
------------------
The accompanying notes are an integral part of these financial statements.
3
______________________________________________________________________
FAH MAI HOLDINGS, INC.
STATEMENT OF STOCKHOLDERS' DEFICIT
Common Stock Additional Accumu- Total
------------------- Paid-in lated Stockholders'
Shares Amount Capital Deficit Deficit
---------- ------- --------- ------- -------
Balance,
July 22, 2016
(Inception) - $ - $ - $ - $ -
Issuance of
common stock
for service 20,000,000 2,000 - - 2,000
Additional paid-in
capital - - 312 - 312
Net loss - - - (7,562) (7,562)
Balance,
December 31,
2016 20,000,000 $ 2,000 $ 312 $(7,562) $(5,250)
========== ======== ======= ======== ========
The accompanying notes are an integral part of these financial statements.
4
______________________________________________________________________
FAH MAI HOLDINGS, INC.
STATEMENT OF CASH FLOWS
For the period from
July 22, 2016
(Inception) to
December 31, 2016
--------------
OPERATING ACTIVITIES
Net loss $ (7,562)
Non-cash adjustments to reconcile net loss to net cash:
Expenses paid for by stockholder and contributed
as capital 312
Common Stock issued for services 2,000
Changes in Operating Assets and Liabilities:
Accrued liability (5,250)
-------------
Net cash (used in) operating activities -
-------------
FINANCING ACTIVITIES
Proceeds from issuance of common stock -
Proceeds from stockholders contribution -
-------------
Net cash provided by financing activities -
-------------
Net increase in cash -
Cash, beginning of period -
-------------
Cash, end of period $ -
=============
SUPPLEMENTAL DISCLOSURES:
Cash paid during the period for:
Income Tax $ -
=============
Interest $ -
=============
NON-CASH TRANSACTION:
Common stock issued to founders for no consideration $ 2,000
=============
The accompanying notes are an integral part of these financial statements.
5
______________________________________________________________________
FAH MAI HOLDINGS, INC.
Notes to Financial Statements
NOTE 1 NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NATURE OF OPERATIONS
Fah Mai Holdings, Inc. (formerly Finch Street Acquisition Corporation)
("Fah Mai" or the "Company") was incorporated on July 22, 2016 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.
In February, 2017, in anticipation of the subsequent change in control, the
Company filed a Form 8-K announcing the change in its name to Fah Mai
Holdings, Inc.
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.
The Company has not earned any revenue from operations since inception.
Accordingly, the Company's activities have been accounted for as those of
a "Development Stage Enterprise" as set forth in ASC 915, "Development
Stage Entities." Among the disclosures required by ASC 915, are that the
Company's financial statements be identified as those of a development stage
company, and that the statements of operations, stockholders' equity and cash
flows disclose activity since the date of the Company's inception. The Company
chose December 31 as its fiscal year end.
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 AND CASH EQUIVALENTS
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, 2016.
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,
2016.
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FAH MAI HOLDINGS, INC.
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, 2016 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, 2016, 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 losses of $7,562 during the period ended December 31,
2016. The Company had a working capital deficit of $5,250 and an accumulated
deficit of $7,562 as of December 31, 2016. 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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FAH MAI HOLDINGS, INC.
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
In November 2016, the FASB issued Accounting Standards Update No. 2016-18,
"Statement of Cash Flows (Topic 230): Restricted Cash" ("ASU 2016-18").
The new guidance is intended to reduce diversity in practice by adding or
clarifying guidance on classification and presentation of changes in
restricted cash on the statement of cash flows. ASU 2016-18 is effective
for annual and interim periods beginning after December 15, 2017. Early
adoption is permitted. The amendments in this update should be applied
retrospectively to all periods presented. The Company is currently
evaluating the impact of adopting ASU 2016-18, which will only impact
the Company if it has restricted cash in the future.
In August 2016, the FASB issued ASU 2016-15, "Statement of Cash Flows (Topic
230): Classification of Certain Cash Receipts and Cash Payments" ("ASU 2016-
15"). ASU 2016-15 will make eight targeted changes to how cash receipts and
cash payments are presented and classified in the statement of cash flows.
ASU 2016-15 is effective for fiscal years beginning after December 15, 2017.
The new standard will require adoption on a retrospective basis unless it
is impracticable to apply, in which case it would be required to apply the
amendments prospectively as of the earliest date practicable. The Company
is currently in the process of evaluating the impact of ASU 2016-15 on its
condensed financial statements.
In August 2014, the FASB issued ASU No. 2014-15, "Presentation of Financial
Statements Going Concern (Subtopic 205-40): Disclosure of Uncertainties
about an Entity's Ability to Continue as a Going Concern". This standard is
intended to define management's responsibility to evaluate whether there is
substantial doubt about an organization's ability to continue as a going
concern and to provide related footnote disclosures. Under U.S. GAAP,
financial statements are prepared under the presumption that the reporting
organization will continue to operate as a going concern, except in limited
circumstances. Financial reporting under this presumption is commonly
referred to as the going concern basis of accounting. The going concern
basis of accounting is critical to financial reporting because it
establishes the fundamental basis for measuring and classifying assets and
liabilities. Currently, U.S. GAAP lacks guidance about management's
responsibility to evaluate whether there is substantial doubt about the
organization's ability to continue as a going concern or to provide related
footnote disclosures. This ASU provides guidance to an organization's
management, with principles and definitions that are intended to reduce
diversity in the timing and content of disclosures that are commonly
provided by organizations today in the financial statement footnotes.
The amendments are effective for annual periods ending after December 15,
2016, and interim periods within annual periods beginning after December 15,
2016. Early application is permitted for annual or interim reporting periods
for which the financial statements have not previously been issued. The
Company is currently evaluating the impact of this accounting standard.
Other recent accounting pronouncements issued by the FASB (including its
Emerging Issues Task Force) and the United States Securities and Exchange
Commission did not or are not believed by management to have a material
impact on the Company's present or future financial statements.
NOTE 4 ACCRUED LIABILITIES
As of December 31, 2016, the Company had accrued professional fees
of $5,250.
NOTE 5 STOCKHOLDERS' DEFICIT
On July 22, 2016, the Company issued 20,000,000 founders common stock
to two directors and officers pro rata as founder shares for services
rendered to the Company, valued at $0.0001 par value per share, for a
total of $2,000. 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, 2016, 20,000,000 shares of common stock and no
preferred stock were issued and outstanding.
NOTE 5 SUBSEQUENT EVENT
On February 26, 2017, subsequent to the date covered by this
Report, the Company effected a change of its control. The Company
cancelled an aggregate of 19,500,000 shares of the then 20,000,000
shares of outstanding stock valued at par. James M. Cassidy resigned as
the Company's president, secretary and director and James McKillop resigned
as the Company's vice president and director. Louis Joseph Haseman was
then named sole director of the Company and was named President, Secretary
and Chief Financial Officer of the Company.
On February 27, 2017, the Company issued 40,000,000 shares of its
common stock to its then sole officer and director, Louis Joseph Haseman.
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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.
FAH MAI HOLDINGS, INC.
(formerly )
FINCH STREET ACQUISITION CORPORATION
By: /s/ Louis Joseph Haseman
Louis Joseph Haseman, President
Principal executive officer
Dated: April 11, 2017
By: /s/ Louis Joseph Haseman
Principal financial officer
Dated: April 11, 2017
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/ Louis Joseph Haseman Director April 11, 2017
