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EX-32 - EXHIBIT 32.1 -- J. SCOTT SITRA CERTIFICATION - Tiger Reef, Inc.ex321.htm
EX-31 - EXHIBIT 31.1 -- J. SCOTT SITRA CERTIFICATION - Tiger Reef, Inc.ex311.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended: March 31, 2017

 

or

 

¨ 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: 000-55333

 

              Tiger Reef, Inc.                  

 (Exact name of registrant as specified in its charter)

 

                   Colorado                    

(State or other jurisdiction of

incorporation or organization)

             46-3073820              

(I.R.S. Employer

Identification Number)

 

           Wellsburg Street #7, Cole Bay, St. Maarten, Dutch West Indies           

 (Address of principal executive offices)

 

           Tel: (949) 264-1475, Fax: (949) 607-4052         

 (Registrant’s telephone number, including area code)

 

     Blue Water Bar & Grill, Inc., Wellsburg Street #7, Cole Bay, St. Maarten, Dutch West Indies           

 (Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or Section 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x      No ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulations S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes x      No ¨

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):

 


Large Accelerated Filer ¨                                                                                                        Accelerated Filer    ¨

Non-Accelerated Filer  ¨  (Do not check if a smaller reporting company)            Smaller Reporting Company x 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).  Yes ¨      No x 

 

The number of shares outstanding of the Registrant's common stock, $0.001 par value, as of May 22, 2017, was 22,794,500.


2


TABLE OF CONTENTS

 

Item

 

Page

 

 

 

PART I – FINANCIAL INFORMATION

 

4

 

Item 1

Financial Statements

 

4

 

Item 2

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

15

 

Item 3

Quantitative and Qualitative Disclosures About Market Risk

 

26

 

Item 4

Controls and Procedures

 

26

 

 

 

PART II – OTHER INFORMATION

 

27

 

Item 1

Legal Proceedings

 

27

 

Item 1A

Risk Factors

 

27

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

 

27

 

Item 3

Defaults Upon Senior Securities

 

27

 

Item 4

Mine Safety Disclosures

 

27

 

Item 5

Other Information

 

27

 

Item 6

Exhibits

 

28

Signatures

 

28

 

 

 

Forward-Looking Statements

 

Certain statements made in this Quarterly Report on Form 10-Q are “forward-looking statements” regarding the plans and objectives of management for future operations.  Such statements involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements of the Registrant to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements.  The forward-looking statements included herein are based on current expectations that involve numerous risks and uncertainties.  The Registrant’s plans and objectives are based, in part, on assumptions involving it continuing as a going concern and executing on its stated business plan and objectives.  Assumptions relating to the foregoing involve judgments with respect to, among other things, future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the control of the Registrant.  Although the Registrant believes its assumptions underlying the forward-looking statements are reasonable, any of the assumptions could prove inaccurate and, therefore, there can be no assurance the forward-looking statements included in this Quarterly Report will prove to be accurate.  In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Registrant or any other person that the objectives and plans of the Registrant will be achieved.

 

As used in this Quarterly Report, the terms "we", "us", "our", "Tiger Reef", “Registrant”, and “Issuer” mean Tiger Reef, Inc. (formerly Blue Water Bar & Grill, Inc.) unless the context clearly requires otherwise.


3


PART I – FINANICAL INFORMATION

 

 

Item 1.  Financial Statements

 

TIGER REEF, INC.

CONSOLIDATED BALANCE SHEETS

 

ASSETS

 

 

 

March 31,

2017

(unaudited)

 

December 31,

2016

(audited)

Current assets:

 

 

 

 

 

Cash and equivalents

$

3,614

$

-

 

 

 

3,614

 

-

 

 

 

 

 

Total assets:

$

3,614

$

-

 

 

LIABILITIES AND STOCKHOLDERS’ (DEFICIT)

 

Current liabilities:

 

 

 

 

 

Accounts payable

$

224,272

$

190,976

 

Short-term notes payable, related party

 

9,003

 

50,473

 

Convertible debt, net

 

65,000

 

-

 

Put premium

 

52,908

 

-

 

Accrued payroll

 

25,500

 

-

 

Accrued interest

 

427

 

-

 

Bank overdraft

 

-

 

203

 

   Total current liabilities

 

377,110

 

241,652

 

 

 

 

 

 

 

Total liabilities

$

377,110

$

241,652

 

 

 

 

 

Stockholders’ equity (deficit):

 

 

 

 

 

Preferred stock, $0.001 par value, 1,000,000 shares authorized

 

 

 

 

 

 

Series A Preferred stock, $0.001 par value, 250,000 shares    
    authorized;

    19,846 and -596- shares issued and outstanding, respectively

 

 

 

20

 

 

 

1

 

Common stock, $0.001 par value, 500,000,000 shares authorized;

    22,794,500 and 112,044,500 shares issued and outstanding,
    respectively

 

 

 

22,795

 

 

 

112,045

 

Additional paid-in capital

 

1,183,147

 

873,410

 

Accumulated deficit

 

(1,579,458)

 

(1,227,108)

 

 

 

 

 

 

 

Total stockholders’ equity (deficit)

$

(373,496)

$

(241,652)

 

 

 

 

 

Total liabilities and stockholders’ equity

$

3,614

$

-

 

 

 

 

The accompanying notes to the financial statements are an integral part of these statements.


4


TIGER REEF, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited)

 

 

 

 

For the 3-months ended

March 31,

 

 

 

 

2017

 

 

2016

 

 

 

 

 

 

Revenues, net

$

-

$

-

 

 

 

 

 

 

Cost of revenues

 

-

 

-

 

 

 

 

 

 

Gross profit

 

-

 

-

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

General and administrative

 

6,028

 

3,598

 

Accounting fees

 

3,250

 

9,500

 

Consulting fees

 

222,081

 

3,375

 

Legal fees

 

39,790

 

52,560

 

Stock transfer fees

 

1,359

 

714

 

Salaries

 

25,500

 

 

 

Total operating expenses

 

298,008

 

69,747

 

 

 

 

 

 

(Loss) from operations

 

(298,008)

 

(69,747)

 

 

 

 

 

 

Other income (expense):

 

 

 

 

 

Interest expense

 

(54,342)

 

(2,585)

 

Total other income (expense)

 

(54,342)

 

(2,585)

 

 

 

 

 

 

Provision for income taxes

 

-

 

-

 

 

 

 

 

 

Net (loss)

$

(352,350)

$

(72,332)

 

 

 

 

 

 

Loss per share,

   basic and diluted

 

$

 

(0.00)

 

$

 

(0.00)

 

 

 

 

 

 

Weighted average number of common shares
    outstanding, basic and diluted

 

 

108,522,278

 

 

107,797,992

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes to the financial statements are an integral part of these statements.


5


TIGER REEF, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY

For the period from December 31, 2016 to March 31, 2017

(unaudited)

 

 

 

 

 

Additional

 

 

 

Series A Preferred Stock

Common Stock

Paid in

Accumulated

 

 

Shares

Amount

Shares

Amount

Capital

Deficit

Total

Balance, December 31, 2016

596

$       1

112,044,500

$       112,045

$       873,410

$       (1,227,108)

$       (241,652)

 

 

 

 

 

 

 

 

Issuance of common shares for services

-

-

1,000,000

1,000

37,900

                         -   

38,900

Issuance of preferred shares for services

1,200

1

-

-

180,599

-

180,600

Share exchange

18,050

18

(90,250,000)

(90,250)

90,232

-

-

Imputed interest

                          -   

                    -   

-

-

1,006

                         -   

1,006

Net loss

                          -   

                    -   

                    -   

                    -   

                    -   

         (352,350)

         (352,350)

Balance, March 31, 2017

19,846

$       20

22,794,500

$       22,795

$   1,183,147

$      (1,579,458)

$          (373,496)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes to the consolidated financial statements are an integral part of these statements.


6


TIGER REEF, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

 

 

 

 

 

For the 3-months ended

March 31,

 

 

 

2017

 

 

2016

Cash flows from operating activities:

 

 

 

 

 

Net (loss)

$

(352,350)

$

(72,332)

 

Adjustments to reconcile net (loss) to net cash used in operating activities

 

 

 

 

 

 

Issuance of common shares for services

 

38,900

 

-

 

 

Issuance of preferred shares for services

 

180,600

 

-

 

 

Interest from conversion feature

 

52,908

 

 

 

 

Imputed interest on related party loan

 

1,006

 

2,585

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Increase in accrued payroll

 

25,500

 

-

 

 

Increase in accounts payable

 

33,520

 

45,962

 

 

 

 

 

 

 

 

Net cash used in operating activities

 

(19,916)

 

(23,785)

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

Purchase of property and equipment

$

-

$

(3,662)

 

 

 

 

 

 

 

Net cash used by investing activities

 

-

 

(3,662)

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

Increase in notes payable, related party

 

8,530

 

3,438

 

Payments to notes payable, related party

 

(50,000)

 

-

 

Issuance of convertible debt, net

 

65,000

 

-

 

Issuance of common stock for cash

 

-

 

25,000

 

 

 

 

 

 

 

Net cash provided by financing activities

 

23,530

 

28,438

 

 

 

 

 

Net increase (decrease) in cash

 

3,614

 

991

 

 

 

 

 

 

 

Cash – beginning of period

 

-

 

-

 

 

 

 

 

 

 

Cash – end of period

$

3,614

$

991

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

Issuance of preferred stock in share exchange

$

90,232

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes to the financial statements are an integral part of these statements.


7


TIGER REEF, INC.

NOTES TO FINANCIAL STATEMENTS

March 31, 2017

(unaudited)

 

 

NOTE 1 – Summary of Significant Accounting Policies

 

Organization

 

Tiger Reef, Inc. (“Company” or “Tiger Reef”) was incorporated under the laws of the State of Colorado on June 27, 2013 under the name Stream Flow Media, Inc.  The Company amended its Articles of Incorporation on October 14, 2015 to change its name to Blue Water Bar & Grill, Inc. and further amended its Articles of Incorporation on October 24, 2016 to change its name to Tiger Reef, Inc.  The Company is a diversified producer of ultra premium rums under the Tiger Reef® brand and a developer of Caribbean casual dining restaurant properties under the Mermaid Reef Ocean Grill & Lounge™ brand.

 

Unaudited Interim Financial Information

 

The unaudited condensed interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.

 

The condensed balance sheet as of December 31, 2016 has been derived from audited financial statements.

 

Operating results for the three months ended March 31, 2017 are not necessarily indicative of results that may be expected for the year ending December 31, 2017. These condensed financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2016 filed with the Company’s Form 10-K with the Securities and Exchange Commission on April 6, 2016.

 

 

Basis of Presentation

 

The Company is a diversified producer of ultra premium rums under the Tiger Reef® brand and a developer of Caribbean casual dining restaurant properties under the Mermaid Reef Ocean Grill & Lounge™ brand.

 

The Company has experienced net losses and negative cash flows from operations since inception and expects these conditions to continue for the foreseeable future. In addition, there is no assurance that once open the Company’s distilled spirits and future restaurants will be well received or that the Company will be able to generate sufficient cash flow to fund continued operations.

 

The above factors raise substantial doubt as to the Company's ability to continue as a going concern. The accompanying condensed financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty.

 

The consolidated financial statements include the accounts of Tiger Reef, Inc. and its wholly owned subsidiary Tiger Reef, Ltd. (hereafter referred collectively as the “Company” or “Tiger Reef”).

 

All significant intercompany balances and transactions have been eliminated in consolidation.

 

Use of Estimates

 

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

 

Cash and Cash Equivalents


8


For purposes of the statement of cash flows, the Company considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents.  As of March 31, 2017 and December 31, 2016, the Company had no cash equivalents.

 

Property, Plant and Equipment

 

Property, plant and equipment are recorded at cost. Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, generally 3 to 20 years. Leasehold improvements and leased equipment are amortized over the shorter of the term of the lease or the useful life of the improvement or equipment.

 

Fair Value of Financial Instruments

 

ASC 820, “Fair Value Measurements” and ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:

 

Level

 

Description

 

 

 

Level 1

 

Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

 

Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

 

Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

 

The estimated fair values of the Company’s financial instruments as of March 31, 2017 are as follows:

 

 

Fair Value Measurement at March 31, 2017 Using:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

 

 

 

 

 

3/31/17

 

Quoted Prices In Active Markets For Identical Assets

(Level 1)

 

 

Significant Other Observable Inputs

(Level 2)

 

 

 

Significant Unobservable Inputs

(Level 3)

Assets

 

 

 

 

 

 

 

 

 

Cash and equivalents

$

3,614

$

3,614

$

-

$

-

 

Total assets

$

3,614

$

3,614

$

-

$

-

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Accounts payable

$

224,272

$

224,272

$

-

$

-

 

Accrued payroll

 

25,500

 

25,500

 

-

 

-

 

Convertible debt, net

 

65,000

 

65,000

 

-

 

-

 

Put premium

 

52,908

 

52,908

 

 

 

 

 

Accrued interest

 

427

 

427

 

-

 

-

 

Notes payable, related party

 

9,003

 

9,003

 

-

 

-

 

Total liabilities

$

377,110

$

377,110

$

-

$

-


9


The estimated fair values of the Company’s financial instruments as of December 31, 2016 are as follows:

 

 

Fair Value Measurement at December 31, 2016 Using:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

 

 

 

 

 

12/31/16

 

Quoted Prices In Active Markets For Identical Assets

(Level 1)

 

 

Significant Other Observable Inputs

(Level 2)

 

 

 

Significant Unobservable Inputs

(Level 3)

Assets

 

 

 

 

 

 

 

 

 

Cash and equivalents

$

-

$

-

$

-

$

-

 

Total assets

$

-

$

-

$

-

$

-

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Accounts payable

$

190,976

$

190,976

$

-

$

-

 

Notes payable, related party

 

50,473

 

50,473

 

-

 

-

 

Bank overdraft facility

 

203

 

203

 

-

 

-

 

Total liabilities

$

241,652

$

241,652

$

-

$

-

 

Net Loss per Share Calculation

 

Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period.   Diluted earnings per shares is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.  As of March 31, 2017 and 2016, the Company had no dilutive financial instruments issued or outstanding.

 

Revenue Recognition

 

The Company follows the guidance of FASB ASC Topic 605 for revenue recognition.  In general, the Company recognizes revenue on four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured.  Determination of criteria (3) and (4) are based on management’s judgments regarding the fixed nature of the fee charged for services rendered and products delivered and the collectability of those fees. Revenue is generally recognized at the time of sale and is expected to consist of sales of food, beverages and general merchandise and souvenirs.

 

Income Taxes

 

The Company accounts for income taxes pursuant to FASB ASC 740, Income Taxes.  Under FASB ASC 740-10-25, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.  The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

 

The Company maintains a valuation allowance with respect to deferred tax assets.  The Company establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration the Company’s financial position and results of operations for the current period.  Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.

 

Changes in circumstances, such as the Company generating taxable income, could cause a change in judgment about its ability to realize the related deferred tax asset.  Any change in the valuation allowance will be included in income in the year of the change in estimate.

 

Fiscal Year

 

The Company elected December 31st for its fiscal year end.


10


Recent Accounting Pronouncements

 

There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on the Company's financial position, results of operations or cash flows.

 

NOTE 2 – GOING CONCERN

 

The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. As shown in the accompanying consolidated financial statements during fiscal period ended March 31, 2017, the Company has not established a source of revenues sufficient to cover its operating costs, and as such, has incurred an operating loss since its inception.  Further, as of March 31, 2017, the Company had an accumulated deficit of ($1,579,458).  These and other factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

The Company’s existence is dependent upon management’s ability to develop profitable operations and to obtain additional sources of financing. There can be no assurance that the Company’s financing efforts will result in profitable operations or the resolution of the Company’s liquidity problems. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern.

 

NOTE 3 – STOCKHOLDERS’ EQUITY

 

Preferred stock

 

The Company has authorized 1,000,000 shares of preferred stock, $0.001 par value.  The Company’s Board of Directors is authorized, without further action by the shareholders, to issue shares of preferred stock and to fix the designations, number, rights, preferences, privileges and restrictions thereof, including dividend rights, conversion rights, voting rights, terms of redemption, liquidation preferences and sinking fund terms.

 

On November 2, 2015, the Company’s board of directors designated 250,000 shares of preferred stock as Series A Preferred Stock at $0.001 par value.  Series A Preferred Stock ranks superior to all other classes of stock including common and other future classes of preferred in regard to liquidation, dissolution or winding up of the Company. The Series A Preferred Stock shall participate in all legal dividends declared by the board of directors, has 5,000 votes per share in all voting matters, and is convertible and redeemable by the Company into shares of common stock at a ratio of 5,000 shares of common stock for each share of Series A Preferred.

 

On November 2, 2015, the Company issued 97,625 shares of Series A Preferred Stock to Taurus Financial Partners, LLC (“Taurus”) as payment towards outstanding accounts payable to Taurus amounting to $97,625.  This transaction was mutually rescinded retroactively by both parties on February 25, 2016 resulting in the reinstatement of $97,625 in accounts payable to Taurus.  The accounts payable balance owed to Taurus was converted into and has been accounted for as a short-term note payable to a related party.  As of March 31, 2017 and December 31, 2016, this short-term note payable had accrued $1,006 and $6,754, respectively, in imputed interest.  This imputed interest has been recorded in the financial statements as additional paid-in capital.  No shares of Series A Preferred Stock were issued hereunder.

 

On October 18, 2016, the Company issued 596 shares of its Series A Preferred Stock in exchange for the retirement of $44,700 in outstanding debt owed to an unrelated party.  These shares of Series A Preferred stock were independently valued by Doty Scott Enterprises, Inc. at $89,698, or $150.50 a share, pursuant to the Statement of Financial Accounting Standard ASC 820-10-35-37, Fair Value in Financial Instruments.  As such, the Company recorded a one-time loss of ($44,998) for the conversion of this debt into shares of Series A Preferred Stock.

 

On February 15, 2017, the Company issued an aggregate of 1,200 shares of restricted Series A Preferred Stock to two consultants, Cornucopia Financial Group, Inc. (720 shares) and FNX Consulting, Inc. (480 shares).  Tiger Reef valued these shares at an aggregate of $180,600, or $150.50 a share.

 

On March 27, 2017, the Company issued 18,050 shares of restricted Series A Preferred Stock in exchange for 90,250,000 shares of outstanding common stock.  The ratio for this share exchange was 1 share of Series A Preferred Stock for every 5,000 shares of common stock offered.  The Company’s Board of Directors subsequently cancelled the shares of common stock received in this transaction.


11


As of March 31, 2017, the Company had 19,846 shares of Series A Preferred Stock issued and outstanding; there were no other shares or classes of preferred stock authorized or outstanding.

 

Common stock (Tiger Reef, Inc.)

 

The Company has authorized 500,000,000 shares of common stock, with a par value of $0.001 per share.

 

During the fiscal year ended December 31, 2016, the Company issued an aggregate of 3,585,000 shares of its common stock for services.  These shares had an aggregate value of $115,109, or an average price of $0.032 per share.

 

During the fiscal year ended December 31, 2016, the Company issued an aggregate of 850,000 shares of its common stock for an aggregate value of $152,500 in cash, or an average price of $0.179 per share.

 

During the three months ended March, 31, 2017, the Company issued an aggregate of 1,000,000 shares of its common stock for services.  These shares had an aggregate value of $38,900, or an average price of $0.03885 per share.

 

During the three months ended March, 31, 2017, the Company cancelled an aggregate of 90,250,000 shares of its common stock.

 

As of March 31, 2017, the Company had 22,794,500 shares of its common stock issued and outstanding.

 

Imputed Interest and Expenses Paid by Related Party

 

As of March 31, 2017 and December 31, 2016, the Company had outstanding notes payable to Taurus Financial Partners, LLC (“Taurus”) aggregating $9,003 and $50,473, respectively, for expenses paid on behalf of the Company which has been accounted for as a short-term note payable to a related party. During the three months ended March 31, 2017, the Company reduced the aggregate amount owed to Taurus by ($41,470), net.  Also during the three months ended March 31, 2017 and 2016 the Company imputed $1,006 and $2,585, respectively, in interest on the Taurus notes.  The imputed interest has been recorded in the financial statements as additional paid-in capital.

 

NOTE 4 – CONVERTIBLE DEBT

 

As of March 31, 2017 and December 31, 2016, the Company had the following convertible debt:

 

 

 

March 31, 2017

 

December 31, 2016

Convertible debt

$

65,000

$

-

Convertible debt, net

 

65,000

 

-

 

On March 1, 2017, the Company issued a convertible note payable for $35,000 to Eagle Equities, LLC (“Eagle Equities”). The Company agreed to pay 8% interest per annum on the principal amount and the maturity date is March 1, 2018. The note is convertible at the option of the holder at any time after 180 days at a rate of 55% of the lowest closing bid price of the Company’s common stock for the 15 prior trading days including the date upon which the conversion notice was received. The convertible note is treated as stock settled debt under ASC 480 and accordingly the Company is accreting a $28,363 put premium over 180 days from the execution of the convertible note. The put premium was expensed as an interest expense and as of March 31, 2017 the note had accrued $230 in interest.

 

On March 23, 2017, the Company issued a convertible note payable for $30,000 to Adar Bays, LLC (“Adar Bays”). The Company agreed to pay 8% interest per annum on the principal amount and the maturity date is March 23, 2018. The note is convertible at the option of the holder at any time after 180 days at a rate of 55% of the lowest closing bid price of the Company’s common stock for the 15 prior trading days including the date upon which the conversion notice was received. The convertible note is treated as stock settled debt under ASC 480 and accordingly the Company is accreting a $24,545 put premium over 180 days from the execution of the convertible note. The put premium was expensed as an interest expense and as of March 31, 2017 the note had accrued $197 in interest.

 

In addition to each of the above initial convertible promissory notes (“Initial Convertible Notes”), the Company issued to Eagle Equities another convertible promissory note for $35,000 and issued Adar Bays two additional convertible notes each in the amount of $30,000.  These additional convertible notes are termed "Back-End Notes". Each of these notes have the same terms as the Initial Convertible Notes. Each Back-End Note shall initially be paid for by an offsetting promissory note issued


12


to the Company by the lender ("Note Receivable") provided that prior to the conversion of the Back-End Notes, the holders must have paid off the Notes Receivable in cash. The Notes Receivable to Eagle Equities is due on November 1, 2017 and the Notes Receivable to Adar Bays are due on November 27, 2017, unless the Company did not meet the “current public information” requirement pursuant to Rule 144, in which case both the Back-End Notes and the Notes Receivable could both be cancelled. The Notes Receivable are initially secured by the pledge of the Back-End Notes, but may be exchanged for other collateral upon Company’s approval following a three (3) day written notice to the Company. The term of the Notes Receivable and the Back-End Notes are one year, upon which the outstanding principal and interest is payable. The amounts funded plus accrued interest under Back-End Notes are convertible into common stock at any time after the requisite Rule 144 holding period (subject to the condition above for the Back-End Notes), at a conversion price equal to 55% of the lowest closing bid price in the 15 trading days prior to the conversion.

 

In the event the Company redeems the Initial Convertible Notes in full, the Company is required to pay off all principal, interest and any other amounts owing multiplied by (i) 120% of the unpaid principal amount during the first 30 days; (ii) 126% of the unpaid principal amount between days 31 and 60; (iii) 132% of the unpaid principal amount between days 61 and 90; (iv) 138% of the unpaid principal amount between days 91 and 120; (v) 144% of the unpaid principal amount between days 121 and 150; and (vi) 150% of the unpaid principal amount between days 151 and 180.   There shall be no redemption after the 180th day. The Back-End Notes may not be prepaid, except that if the initial convertible notes are redeemed by the Company within six months of their issuance, all obligations of the Company and holders under the Back-End Notes and the Notes Receivable will be deemed satisfied and such notes shall automatically be deemed cancelled and of no further force or effect.

 

In the event of two specific defaults, which include the maintenance of a minimum trading price and an aggregate dollar trading volume of the Company's common shares, the holders may cancel the Back-End Notes and the related Notes Receivable and otherwise in the event of other defaults as defined in the securities purchase agreement, the amount of principal and accrued interest will become immediately due and payable and may be offset by amounts due to the Company by the holders. Additionally, the Back-End Notes will bear default interest at a rate of 16% per annum, or the highest rate of interest permitted by law.

 

Since the Back-End Notes are not convertible until the Notes Receivable are paid and also not for 180 days from the note dates, and the Notes Receivable and Back-End Notes have a right of setoff, the Notes Receivable and Back-End Notes and related accrued interest receivable and payable have been netted for presentation purposes on the accompanying consolidated balance sheet.

 

NOTE 5 – CONTINGENCY/LEGAL

 

As of March 31, 2017, and during the preceding ten years, no director, person nominated to become a director or executive officer, or promoter of the Company has been involved in any legal proceeding that would require disclosure hereunder.

 

From time to time, the Company may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities.  However, litigation is subject to inherent uncertainties for which the outcome cannot be predicted.  Any adverse result in these or other legal matters could arise and cause harm to the Company’s business.  The Company currently is not party to any claim or litigation the outcome of which, if determined adversely to the Company, would individually or in the aggregate be reasonably expected to have a material adverse effect on the Company’s business.

 

NOTE 6 – RELATED PARTY TRANSACTIONS

 

As of March 31, 2017 and December 31, 2016, the Company had outstanding notes payable to Taurus Financial Partners, LLC (“Taurus”) aggregating $9,003 and $50,473, respectively, for expenses paid on behalf of the Company which has been accounted for as a short-term note payable to a related party. During the three months ended March 31, 2017, the Company reduced the aggregate amount owed to Taurus by ($41,470).  Also during the three months ended March 31, 2017 the Company imputed $1,006 in interest on the Taurus notes.  The imputed interest has been recorded in the financial statements as additional paid-in capital.

 

NOTE 7 – SUBSEQUENT EVENTS

 

Issuance of Convertible Notes

 

Subsequent to the fiscal period ended March 31, 2017 the Company concluded financing involving three investors.  The table below summarizes each investor and the amount of financing received in this financing.  A more comprehensive disclosure


13


relating to this financing is hereby incorporated by reference to the Form 8-Ks filed with the SEC on April 7, 2017 and April 21, 2017.

 

Date Issued

 

Name of Investor

 

Face Amount of Note

 

 

 

 

 

April 3, 2017

 

Crown Bridge Partners, LLC

$

37,000

April 3, 2017

 

EMA Financial, LLC

 

42,500

April 17, 2017

 

Blackbridge Capital Growth Fund, LLC

 

75,000

 

 

 

$

154,500

 

No other material events or transactions have occurred during this subsequent event reporting period which required recognition or disclosure in the financial statements.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

[This space intentionally left blank]


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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

Our independent registered public accounting firm has issued a going concern opinion in their audit report dated April 5, 2017, which can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on April 6, 2017.  This means that our auditors believe there is substantial doubt that we can continue as an on-going business for the next 12 months.  We do not anticipate generating significant revenues until we are able to open our first restaurant.  Accordingly, we must raise additional cash from sources other than operations.

 

To meet our need for cash we are continually exploring new sources of financing, including raising funds through a secondary public offering, a private placement of securities and/or loans.  If we are unable to secure additional financing, we will either have to suspend operations until we do raise the cash or cease operations entirely.

 

The following discussion should be read in conjunction with our financial statements and the notes thereto and the other information included in this Quarterly Report as filed with the SEC on Form 10-Q.

 

Limited Operating History; Need for Additional Capital

 

There is limited historical financial information about us upon which to base an evaluation of our performance.  We are an emerging growth business with limited operating history.  We cannot guarantee that we will be successful in our business operations.  Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns, such as increases in marketing costs, increases in administration expenditures associated with daily operations, increases in accounting and audit fees, and increases in legal fees related to filings and regulatory compliance.

 

To become profitable and competitive, we have to successfully open operating restaurant properties throughout the Caribbean region and have our ultra premium rums available to consumers worldwide.  We anticipate relying on equity sales of our common stock in order to continue to fund our business operations until we are able to generate sufficient revenues to cover our operating expenses, which may never happen.  Issuances of additional shares will result in dilution to our then existing stockholders.  There is no assurance that we will be able to make any additional sales of our equity securities or arrange for debt or other financing to fund our planned business activities.

 

We are continually exploring new sources of financing to meet our need for additional cash, including raising funds through sales of our equity securities and loans.  We cannot provide any assurances that our efforts to secure additional financing will be successful.  We have no assurance that future financing will be available to us on acceptable terms.  If financing is not available on satisfactory terms, we may be unable to continue, develop, or expand our operations.  Further, future equity financing could result in additional and substantial dilution to existing shareholders.

 

Plan of Operations

 

Tiger Reef was incorporated under the laws of the State of Colorado on June 27, 2013 under the name Stream Flow Media, Inc.  We amended our Articles of Incorporation on October 14, 2015 to change our name to Blue Water Bar & Grill, Inc. and further amended its Articles of Incorporation on October 24, 2016 to change its name to Tiger Reef, Inc. Tiger Reef is a diversified producer of ultra premium rums under the Tiger Reef® brand and a developer of casual dining restaurant properties in the Caribbean.

 

The projected costs and other related expenses are estimates made by our management and our actual costs related to opening our proposed restaurants may differ significantly.

 

In addition to the foregoing, and unless otherwise noted, all of the cost estimates and forecasts throughout our business plan are mere estimates made by our management.  Our actual costs related to opening and operating the proposed restaurants may differ significantly from our estimates, which could have a negative impact on our overall business, cause our business to fail, and result in you losing all of your investment.


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Tiger Reef® Ultra Premium Rums

 

Tiger Reef has worked closely with a distinguished and multi-award winning Cuban Maestro Ronero (master rum maker) to formulate three new and very special ultra premium rums specifically for the US market.  These rums will be produced and bottled in the Dominican Republic and are expected to be available to US consumers as early as Fall 2017.

 

Mermaid Reef Ocean Grill & Lounge™

 

The Mermaid Reef Ocean Grill & Lounge (“Mermaid Reef”) concept is an intimate restaurant of between 80 to 100 seats, with both indoor and outdoor seating, featuring a variety of proteins, both from the ocean and the land, seasonal crispy vegetables, and an array of rich, delectable sauces to please even the most discriminating palette.  Each restaurant will be built on-site at an existing major Caribbean resort chain and, even though it will be operated as a resort amenity, each restaurant will also be actively marketed to non-resort guests and local residents.

 

Tiger Reef is currently in advanced negotiations for a leased restaurant space on the island of St. Maarten, Dutch West Indies to open the first Mermaid Reef.  Tiger Reef anticipates these discussions will result in an executed lease agreement sometime in Q2 2017.  Updates on these material discussions and the Caribbean restaurant concept will be provided to shareholders once finalized.

 

Keys for Success

 

To better achieve our business objectives and successfully compete with other restaurants, we have developed the following focal points and strategies we anticipate implementing in all of our future restaurants:

 

Create a Fun, Energetic, Destination Drinking and Dining Experience.  We wish to create and promote a fun and socially open atmosphere whereby our customers can, if they choose to do so, openly interact with one another.  Topics of discussion and frequent interest will often center around where each other is from, what activities have they done while on the island, and giving and receiving recommendations for future activities while on the island; sometimes the floor and bar staff will participate in these discussions and offer their own words of advice.  We intend to accomplish this by utilizing sectional floor and foot traffic planning, whereby the bar area will promote social interaction among customers, a stage area will feature local live entertainment performers to create a lively and festive atmosphere, and more intimate dining tables will be located further in the back to provide separation for those who just wish to dine alone and enjoy the island atmosphere.  We believe that if we are successful at achieving this goal, new customers – tourists, “local” ex-patriots and native locals alike – will become repeat, or “regular”, customers and subsequently promote the restaurant by word-of-mouth to their friends and family.

 

Distinctive Concept.  In each restaurant we wish to create a fun and consistent experience for our customers centered around our full bar service, dining offerings, and daily entertainment.  The restaurant’s concept will be carried throughout our customers’ entire visit and will involve all aspects of the experience, including the exterior design of the building, interior layout and decorum, employee greetings and uniforms, specialty drinks and menu items, and fun and creative souvenirs such as interestingly shaped drink glasses and bright and flamboyant t-shirts that can remind the customer of their vacation or make an excellent gift for someone back home.

 

Comfortable Adult Atmosphere.  Our restaurants will be primarily adult orientated.  While children will be welcomed during daytime hours as long as they are accompanied by a responsible adult at all times during their visit, no one under 21 years of age (or the minimum legal drinking age as established by statute) will be allowed into our restaurants after 10pm.  We believe that this policy will help maintain a fun and relaxed atmosphere that appeals to adult customers, and will help attract groups such as private parties and business organizations.

 

High Standard of Customer Service.  Because service is one the key areas restaurants differentiate themselves from one another – and a constant source of either compliments or complaints from customers – we intend to foster a high level of customer service among our employees, ranging from the general manager to the greeters, through intense training (cross training for all manager level employees and a one-week training course, complete with required testing on all food and drink offerings, operational procedures, and computer checkout for all other employees), constant monitoring (from the on-duty manager and surprise visits from “secret shoppers”), and emphasizing consideration of our customers first and foremost in all decisions.  From the moment a customer walks into the front door, we want them to experience a high level of guest service provided by a knowledgeable, energetic staff.  Bar tenders will be required to be able to free pour simultaneously from multiple liquor bottles and perform “flare” techniques (flipping, tossing, and twirling of liquor bottles) for our customers’ entertainment; greeters and servers will be required to introduce customers to the concept, explain the drink and entree menus and daily specials, and generally set the stage for a fun and memorable experience for them.


16


Provide Dining Value.  We believe that our restaurants should provide our customers with interesting, high quality, and generously portioned (covering the entire plate) menu items that are aesthetically appealing and result in the customer leaving fully satisfied.  Complementing the dining aspect, we intend to offer the customer a unique variety of original drinks, each designed to perpetuate and immerse the customer in the restaurant’s overall concept.  It is our goal to generate at least a US$35 average check per guest, inclusive of food and drinks.  We estimate that our overall gross sales will be comprised of 65% food and 35% drinks.  We anticipate achieving and maintaining a 30% food cost and 18% liquor cost, which relates to our actual cost of the product compared to the gross revenue the product generates.  For example, if we sold a fish entree for $20 our actual cost would be $6 and our gross profit would be $14.  Prices for entrees will start at around $12 for a hamburger and rise to $42 (or more) for a surf and turf dinner; prices for drinks will start at $3 for beer, $6 for basic well mixed drinks, and $8 for specialty drinks.

 

It is important to note that although we aspire to operate at or below the above food and liquor costs, we cannot guarantee that we will ever achieve such food or liquor costs or, if achieved, will be able to maintain them.

 

Operations and Management

 

Our ability to effectively manage an operation including high volume restaurants (annual gross sales of US$1,000,000 or more) with live entertainment offerings is critical to our overall success.  In order to maintain quality and consistency at each of our future restaurants we must carefully train and properly supervise our personnel and the establishment of, and adherence to, high standards relating to personnel performance, food and beverage preparation, entertainment productions and equipment, and maintenance of the restaurant facilities.  We believe our current management is capable of overseeing our planned growth over the next two years.  While staffing levels will vary from restaurant to restaurant depending on actual sales volumes, we anticipate our typical restaurant management staff to be comprised of a general manager, a kitchen manager (who also serves as the head chef) and a bar manager (who also serves as the head bartender); the kitchen manager and bar manager will also act as assistant general managers when the general manager is off-duty and will receive a slightly higher base salary compared to our other chefs and bartenders to compensate for their added responsibilities.

 

Recruiting.  We will actively recruit and select individuals who share our passion for customer service.  Our selection process includes testing and multiple interviews to aid in the selection of new employees, regardless of their prospective position.  We will offer a competitive compensation plan to our managers that includes a base salary, bonuses for achieving performance objectives, and possibly incentive stock options once they have worked for us for at least one full year.  For example, the general manager in our initial restaurant will most likely be offered a base salary of $3,500 a month, plus up to $1,000 a month in additional performance incentives for achieving minimum gross sales and exceeding the minimum targeted food, liquor, and labor costs, as determined by our executive management team.  In addition, all employees are entitled to discount meals at any of our future restaurants.

 

Training.  We believe that proper training is the key to exceptional customer service.  Each new management hire will go through an extensive training program, which will include cross-training in all management duties.  All non-management new hires will go through a standard training program where they will learn and be tested on all of our food and drink offerings, operational procedures, and our point-of-sale (POS) computer system.

 

Management Information Systems (MIS).  All of our future restaurants will be equipped with a variety of integrated management information systems.  These systems will include an easy-to-use point-of-sale (POS) computer system which facilitates the movement of customer food and drink orders between the customer areas and kitchen and bar operations, controls cash, handles credit card authorizations, keeps track of sales on a per employee basis for incentive awards purposes, and provides on-site and executive level management with real-time sales and inventory data.  Additionally, we intend to implement a centralized accounting system that will include a food cost program and a labor scheduling and tracking program.  Physical inventories of food and drink items will be performed on a weekly basis.  Further, daily, weekly, and monthly financial information will be provided to executive level management for analysis and comparison to our budget and to comparable restaurants.  By closely monitoring each restaurant’s gross sales, cost of sales, labor, and other cost trends we will be better able to control our costs, inventory levels, and identify problems with individual operations, if any, early on.

 

Secret Shopper.  Because we believe exceptional customer service is paramount to our success, we intend to implement a “secret shopper” program to monitor the quality control at all of our future restaurants.  Secret shoppers are independent persons who test the quality of our food, drink, and service as paying customers without the knowledge of the restaurant’s management or employees.  Secret shoppers then report their unbiased experiences to our executive level management.


17


Long-Term Growth Plan (5+ Years)

 

Ultra Premium Rums

 

Over the next five years we plan to expand and grow the Tiger Reef® brand of ultra premium rums into new territories, including:

 

 

Asia;

 

European Union;

 

Caribbean Region;

 

Australia; and

 

India.

 

Mermaid Reef Ocean Grill & Lounge™

 

Over the next five years we plan to focus on a disciplined growth strategy of opening one new Mermaid Reef restaurant each year.  We have also identified the following Caribbean islands we intend to eventually open a Mermaid Reef restaurant:

 

 

St. Maarten, Dutch West Indies

 

Aruba, Dutch West Indies;

 

Nassau, Bahamas;

 

Cozumel, Mexico;

 

Grand Cayman; and

 

Barbados.

 

We estimate that we will need to raise a minimum of $5 million to achieve the above listed goals and milestones.  This capital will most likely be raised through the sales of additional equity securities, which will have a dilutive effect on existing shareholders.

 

Sales and Marketing

 

Our marketing strategy is aimed at attracting new customers through both traditional and creative avenues.  We intend to focus on building a reputation among local customers (those living on the island) while directing our marketing efforts toward tourists staying on the island or visiting for the day on a cruise ship.  We intend to accomplish this through:

 

 

Grand opening promotions;

 

 

 

 

Traditional paid advertising (e.g. radio, television, newspaper, etc.);

 

 

 

 

Free media exposure (e.g. hosting charity events, food reviews, etc.); and

 

 

 

 

Working directly with tourism bureau representatives and transportation representatives (taxi association, bus association, day sail and charter businesses, etc.).

 

When opening a new restaurant we intend to host grand opening parties for local leaders, media personalities, hospitality employees such as resort and hotel staff, and tourism bureau representatives (inclusive of cruise ship industry representatives and hotel/resort industry representatives).  Our goal with courting these groups is to introduce them to our concept and court them to refer new customers to our restaurants and provide us with free future media exposure.

 

Afterwards we will sustain awareness through more traditional marketing methods, including radio and television spots, newspaper ads, billboards and road signs, and resort and hotel concierge promotional cards and discount coupons.

 

If our strategy is successful it will lead to “word of mouth” referrals, which is our ultimate goal.  This is accomplished by providing our customers with consistently excellent service and quality food and drinks.


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While we do not have a fixed marketing budget, we do anticipate launching each new restaurant with a marketing blitz campaign and tapering it down to less than 5% of the restaurant’s annual gross sales once it is sufficiently established with regular and recurring revenue.

 

Financing

 

We estimate that we will need to generate at least $1.5 million in additional financing in order to maintain our current level of operations and meet our planned fiscal 2017 capital expenditures.  Further, in order to proceed with our long-term plans, we anticipate that we will need to generate at least between $4 and $5 million in additional long-term financing.

 

We presently do not have an established or dependable source of financing.  Currently we are exploring various sources of new financing to meet our basic working capital needs and provide for our planned capital expenditures.  Without limiting our available options, future financings will most likely be through the sale of additional shares of our common stock.  It is possible that we could also offer warrants, options and/or rights in conjunction with any future issuances of our common stock.  However, we can give no assurance that sufficient financing will be available to us, and if available to us, in amounts or on terms acceptable to us.  If we are unable to obtain additional funds to meet our basic working capital needs, we may need to cease or curtail our business operations.  

 

Government Regulation

 

The restaurant industry is subject to many various laws which directly affect our organization and planned operations.  Each restaurant we open must comply with various licensing requirements and regulations by a number of governmental authorities, which typically include health, safety and fire authorities in the municipality where our restaurant is located.  The development and operation of a successful restaurant depends upon selecting and acquiring a suitable location, which is normally subject to zoning, land use, environmental, traffic, and other regulations.  Further, our operations will also be subject to various laws governing such matters as wages, health insurance requirements, working conditions, citizenship and work permit requirements, and mandatory overtime pay, all of which will directly affect our labor costs.

 

Additionally, because we anticipate a significant portion of our revenue to be generated from the sale of alcoholic beverages, we must comply with any and all regulations governing their sale.  Typically this requires the proper licensing at each restaurant location (in many cases it needs to be renewed on an annual basis).  Such licenses may be revoked or suspended for cause at any time.  These regulations often relate to many aspects of the restaurant, including the minimum age of patrons and employees, hours of operation, advertising, wholesale purchasing, inventory control and handling, and storage and dispensing of alcoholic beverages.   The failure of any of our future restaurants to obtain and retain such a license would limit its ability to generate sufficient revenues to achieve profitability at that particular location, which could subsequently impact our business’s overall revenues and ability to achieve (and if achieved, maintain) profitability.

 

Compliance with Environmental Laws

 

We have not incurred and do not anticipate incurring any expenses associated with environmental laws.

 

Patents and Trademarks

 

Our Tiger Reef trademark and logo have been registered with the U.S. Patent and Trademark Office (“USPTO”) with a serial number of 87158477, which is owned by our wholly-owned subsidiary, Tiger Reef Spirits, Ltd., an Anguilla International Business Company (“IBC”) that we formed on August 31, 2016.

 

Property and Equipment

 

Our principal executive office is located at Wellsburg Street #7, Cole Bay, St. Maarten, Dutch West Indies. This space is provided to us by our President and CEO, J. Scott Sitra, free of charge.  There is no written agreement or other material terms relating to this arrangement.


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Executive Offices and Telephone Number

 

Our executive office, US mailing address and main telephone number is currently:

 

Executive Office US Mailing Address (Mail Forwarding Service) 

 

Wellsburg Street #7 c/o The Mailbox #5241 

Cole Bay P. O. Box 523882 

St. Maarten, Dutch West Indies Miami, FL  33152 

 

Telephone and Other Contact Information Corporate Internet Websites 

 

Tel:(949) 264-1475 www.tigerreefinc.com 

Fax: (949) 607-4052 

E-Mail: info@tigerreefinc.com 

 

Jumpstart Our Business Startups Act

 

In April 2012, the Jumpstart Our Business Startups Act ("JOBS Act") was enacted into law. The JOBS Act provides, among other things:

 

 

Exemptions for emerging growth companies from certain financial disclosure and governance requirements for up to five years and provides a new form of financing to small companies;

 

 

 

 

Amendments to certain provisions of the federal securities laws to simplify the sale of securities and increase the threshold number of record holders required to trigger the reporting requirements of the Securities Exchange Act of 1934;

 

 

 

 

Relaxation of the general solicitation and general advertising prohibition for Rule 506 offerings;

 

 

 

 

Adoption of a new exemption for public offerings of securities in amounts not exceeding $50 million; and

 

 

 

 

Exemption from registration by a non-reporting company of offers and sales of securities of up to $1,000,000 that comply with rules to be adopted by the SEC pursuant to Section 4(6) of the Securities Act and exemption of such sales from state law registration, documentation or offering requirements.

 

In general, under the JOBS Act a company is an emerging growth company if its initial public offering ("IPO") of common equity securities was effected after December 8, 2011 and the company had less than $1 billion of total annual gross revenues during its last completed fiscal year. A company will no longer qualify as an emerging growth company after the earliest of:

 

(i) the completion of the fiscal year in which the company has total annual gross revenues of $1 billion or more,  

 

(ii) the completion of the fiscal year of the fifth anniversary of the company's IPO;  

 

(iii) the company's issuance of more than $1 billion in nonconvertible debt in the prior three-year period, or  

 

(iv) the company becoming a "larger accelerated filer" as defined under the Securities Exchange Act of 1934.  

 

The JOBS Act provides additional new guidelines and exemptions for non-reporting companies and for non-public offerings. Those exemptions that impact Tiger Reef are discussed below.

 

Financial Disclosure. The financial disclosure in a registration statement filed by an emerging growth company pursuant to the Securities Act of 1933 will differ from registration statements filed by other companies as follows:

 

(i) audited financial statements required for only two fiscal years; 

 

(ii) selected financial data required for only the fiscal years that were audited; and 


20


(iii) executive compensation only needs to be presented in the limited format now required for smaller reporting companies. (A smaller reporting company is one with a public float of less than $75 million as of the last day of its most recently completed second fiscal quarter)  

 

However, the requirements for financial disclosure provided by Regulation S-K promulgated by the Rules and Regulations of the SEC already provide certain of these exemptions for smaller reporting companies. Tiger Reef is a smaller reporting company. Currently a smaller reporting company is not required to file as part of its registration statement selected financial data and only needs audited financial statements for its two most current fiscal years and no tabular disclosure of contractual obligations.

 

The JOBS Act also exempts the company's independent registered public accounting firm from complying with any rules adopted by the Public Company Accounting Oversight Board ("PCAOB") after the date of the JOBS Act's enactment, except as otherwise required by SEC rule.

 

The JOBS Act also exempts an emerging growth company from any requirement adopted by the PCAOB for mandatory rotation of the company's accounting firm or for a supplemental auditor report about the audit.

 

Internal Control Attestation. The JOBS Act also provides an exemption from the requirement of the company's independent registered public accounting firm to file a report on the company's internal control over financial reporting, although management of the company is still required to file its report on the adequacy of the company's internal control over financial reporting.

 

Section 102(a) of the JOBS Act exempts emerging growth companies from the requirements in §14A(e) of the Securities Exchange Act of 1934 for companies with a class of securities registered under the 1934 Act to hold shareholder votes for executive compensation and golden parachutes.

 

Other Items of the JOBS Act. The JOBS Act also provides that an emerging growth company can communicate with potential investors that are qualified institutional buyers or institutions that are accredited to determine interest in a contemplated offering either prior to or after the date of filing the respective registration statement. The JOBS Act also permits research reports by a broker or dealer about an emerging growth company regardless if such report provides sufficient information for an investment decision. In addition the JOBS Act precludes the SEC and FINRA from adopting certain restrictive rules or regulations regarding brokers, dealers and potential investors, communications with management and distribution of a research reports on the emerging growth company IPO.

 

Section 106 of the JOBS Act permits emerging growth companies to submit 1933 Securities Act registration statements on a confidential basis provided that the registration statement and all amendments are publicly filed at least 21 days before the issuer conducts any road show. This is intended to allow the emerging growth company to explore the IPO option without disclosing to the market the fact that it is seeking to go public or disclosing the information contained in its registration statement until the company is ready to conduct a roadshow.

 

Election to Opt Out of Transition Period. Section 102(b) (1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a 1933 Act registration statement declared effective or do not have a class of securities registered under the 1934 Act) are required to comply with the new or revised financial accounting standard.

 

The JOBS Act provides a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. Tiger Reef has elected not to opt out of the transition period pursuant to Section 107(b).

 

Results of Operations

 

Three Months Ended March 31, 2017 and 2016

 

Revenues. We did not generate any revenue during the three months ended March 31, 2017 and 2016.

 

Operating Expenses. Our total operating expenses for three months ended March 31, 2017 were $298,008 compared to $69,747 for the three months ended March 31, 2016, which represents an increase of $228,261, or 327.3%. The increase in operating expenses is the result of continued cost increases related to our complying with our ongoing SEC reporting requirements, which have consisted primarily of legal, accounting and outside consulting fees.


21


Loss From Operations. We generated an operating loss of ($298,008) from operations during the three months ended March 31, 2017 compared to an operating loss of ($69,747) during the three months ended March 31, 2016, which represents an increase of $228,261, or 327.3%.  The increase in operating loss from operations is the result of continued cost increases related to our complying with our ongoing SEC reporting requirements, which have consisted primarily of legal, accounting and outside consulting fees.

 

Other income (expenses). During the three months ended March 31, 2017 and 2016 we recorded ($54,342) and ($2,585), respectively, in other expenses.  These other expenses were comprised of ($52,908) in put premiums related to newly issued convertible debt, ($427) in accrued interest, and ($1,006) in imputed interest during the three months ended March 31, 2017 and ($2,585) in imputed interest during the three months ended March 31, 2016. The imputed interest was recorded in our financial statements under additional paid-in capital.

 

Net Loss. We realized a net loss of ($352,350) during the three months ended March 31, 2017 compared to a net loss of ($72,332) during the three months ended March 31, 2016, which represents an increase of $280,018, or 387.1%. The increase in the net loss is the result of (i) put premium interest expenses related to convertible debt financing and (ii) continued cost increases related to our complying with our ongoing SEC reporting requirements, which have consisted primarily of legal, accounting and outside consulting fees.

 

Total Stockholders’ Deficit. Our stockholders’ deficit was ($373,496) as of March 31, 2017.

 

Liquidity and Capital Resources

 

As of March 31, 2017, we had assets valued at $3,614, which was comprised solely of cash.

 

As of March 31, 2017, we had total liabilities of ($377,112), which consisted of accounts payable of ($224,272), notes payable to a related party of ($9,003), net convertible debt of ($65,000), put premium of ($52,908), accrued payroll of ($25,500), and accrued interest of ($427).

 

In addition to the foregoing, we expect to incur continued losses through the fiscal year ending December 31, 2017, possibly even longer.  We estimate that we will need to generate at least $1.5 million in additional financing in order to maintain our current level of operations and meet our planned fiscal 2017 capital expenditures.  Further, in order to proceed with our long-term plans, we anticipate that we will need to generate at least between $4 and $5 million in additional long-term financing.  

 

Without limiting our available options, future financings will most likely be through the sale of additional shares of our common stock.  It is possible that we could also offer warrants, options and/or rights in conjunction with any future issuances of our common stock.  However, we can give no assurance that financing will be available to us, and if available to us, in amounts or on terms acceptable to us.  If we cannot secure adequate financing we may be forced to cease operations and you will lose your entire investment.

 

Convertible Debt

 

As of March 31, 2017 and December 31, 2016, Tiger Reef had the following convertible debt:

 

 

 

March 31, 2017

 

December 31, 2016

Convertible debt

$

65,000

$

-

Convertible debt, net

 

65,000

 

-

 

On March 1, 2017, Tiger Reef issued a convertible note payable for $35,000 to Eagle Equities, LLC (“Eagle Equities”). Tiger Reef agreed to pay 8% interest per annum on the principal amount and the maturity date is March 1, 2018. The note is convertible at the option of the holder at any time after 180 days at a rate of 55% of the lowest closing bid price of Tiger Reef’s common stock for the 15 prior trading days including the date upon which the conversion notice was received. The convertible note is treated as stock settled debt under ASC 480 and accordingly Tiger Reef is accreting a $28,363 put premium over 180 days from the execution of the convertible note. The put premium was expensed as an interest expense and as of March 31, 2017 the note had accrued $230 in interest.

 

On March 23, 2017, Tiger Reef issued a convertible note payable for $30,000 to Adar Bays, LLC (“Adar Bays”). Tiger Reef agreed to pay 8% interest per annum on the principal amount and the maturity date is March 23, 2018. The note is convertible at the option of the holder at any time after 180 days at a rate of 55% of the lowest closing bid price of Tiger Reef’s common


22


stock for the 15 prior trading days including the date upon which the conversion notice was received. The convertible note is treated as stock settled debt under ASC 480 and accordingly Tiger Reef is accreting a $24,545 put premium over 180 days from the execution of the convertible note. The put premium was expensed as an interest expense and as of March 31, 2017 the note had accrued $197 in interest.

 

In addition to each of the above initial convertible promissory notes (“Initial Convertible Notes”), Tiger Reef issued to Eagle Equities another convertible promissory note for $35,000 and issued Adar Bays two additional convertible notes each in the amount of $30,000.  These additional convertible notes are termed "Back-End Notes". Each of these notes have the same terms as the Initial Convertible Notes. Each Back-End Note shall initially be paid for by an offsetting promissory note issued to Tiger Reef by the lender ("Note Receivable") provided that prior to the conversion of the Back-End Notes, the holders must have paid off the Notes Receivable in cash. The Notes Receivable to Eagle Equities is due on November 1, 2017 and the Notes Receivable to Adar Bays are due on November 27, 2017, unless Tiger Reef did not meet the “current public information” requirement pursuant to Rule 144, in which case both the Back-End Notes and the Notes Receivable could both be cancelled. The Notes Receivable are initially secured by the pledge of the Back-End Notes, but may be exchanged for other collateral upon Company’s approval following a three (3) day written notice to Tiger Reef. The term of the Notes Receivable and the Back-End Notes are one year, upon which the outstanding principal and interest is payable. The amounts funded plus accrued interest under Back-End Notes are convertible into common stock at any time after the requisite Rule 144 holding period (subject to the condition above for the Back-End Notes), at a conversion price equal to 55% of the lowest closing bid price in the 15 trading days prior to the conversion.

 

In the event Tiger Reef redeems the Initial Convertible Notes in full, Tiger Reef is required to pay off all principal, interest and any other amounts owing multiplied by (i) 120% of the unpaid principal amount during the first 30 days; (ii) 126% of the unpaid principal amount between days 31 and 60; (iii) 132% of the unpaid principal amount between days 61 and 90; (iv) 138% of the unpaid principal amount between days 91 and 120; (v) 144% of the unpaid principal amount between days 121 and 150; and (vi) 150% of the unpaid principal amount between days 151 and 180.   There shall be no redemption after the 180th day. The Back-End Notes may not be prepaid, except that if the initial convertible notes are redeemed by Tiger Reef within six months of their issuance, all obligations of Tiger Reef and holders under the Back-End Notes and the Notes Receivable will be deemed satisfied and such notes shall automatically be deemed cancelled and of no further force or effect.

 

In the event of two specific defaults, which include the maintenance of a minimum trading price and an aggregate dollar trading volume of Tiger Reef's common shares, the holders may cancel the Back-End Notes and the related Notes Receivable and otherwise in the event of other defaults as defined in the securities purchase agreement, the amount of principal and accrued interest will become immediately due and payable and may be offset by amounts due to Tiger Reef by the holders. Additionally, the Back-End Notes will bear default interest at a rate of 16% per annum, or the highest rate of interest permitted by law.

 

Since the Back-End Notes are not convertible until the Notes Receivable are paid and also not for 180 days from the note dates, and the Notes Receivable and Back-End Notes have a right of setoff, the Notes Receivable and Back-End Notes and related accrued interest receivable and payable have been netted for presentation purposes on the accompanying consolidated balance sheet.

 

Going Concern Consideration

 

Our independent registered public accounting firm has issued a going concern opinion in their audit report dated April 5, 2017, which can be found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on April 6, 2017.  This means that our auditors believe there is substantial doubt that we can continue as an on-going business for the next 12 months.

 

Off –Balance Sheet Operations

 

As of March 31, 2017, we had no off-balance sheet activities or operations.


23


Critical Accounting Policies

 

Use of Estimates

 

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

 

Cash and Cash Equivalents

 

For purposes of the statement of cash flows, Tiger Reef considers highly liquid financial instruments purchased with a maturity of three months or less to be cash equivalents. As of March 31, 2017 and December 31, 2016, Tiger Reef had no cash equivalents.

 

Fair Value of Financial Instruments

 

ASC 820, “Fair Value Measurements” and ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. It establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. It prioritizes the inputs into three levels that may be used to measure fair value:

 

Level

 

Description

 

 

 

Level 1

 

Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

 

Applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

 

Applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

 

The estimated fair values of Tiger Reef’s financial instruments as of March 31, 2017 are as follows:

 

 

Fair Value Measurement at March 31, 2017 Using:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

 

 

 

 

 

3/31/17

 

Quoted Prices In Active Markets For Identical Assets

(Level 1)

 

 

Significant Other Observable Inputs

(Level 2)

 

 

 

Significant Unobservable Inputs

(Level 3)

Assets

 

 

 

 

 

 

 

 

 

Cash and equivalents

$

3,614

$

3,614

$

-

$

-

 

Total assets

$

3,614

$

3,614

$

-

$

-

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Accounts payable

$

224,272

$

224,272

$

-

$

-

 

Accrued payroll

 

25,500

 

25,500

 

-

 

-

 

Convertible debt, net

 

65,000

 

65,000

 

-

 

-

 

Put premium

 

52,908

 

52,908

 

 

 

 

 

Accrued interest

 

427

 

427

 

-

 

-

 

Notes payable, related party

 

9,003

 

9,003

 

-

 

-

 

Total liabilities

$

377,110

$

377,110

$

-

$

-


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The estimated fair values of Tiger Reef’s financial instruments as of December 31, 2016 are as follows:

 

 

Fair Value Measurement at December 31, 2016 Using:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

 

 

 

 

 

12/31/16

 

Quoted Prices In Active Markets For Identical Assets

(Level 1)

 

 

Significant Other Observable Inputs

(Level 2)

 

 

 

Significant Unobservable Inputs

(Level 3)

Assets

 

 

 

 

 

 

 

 

 

Cash and equivalents

$

-

$

-

$

-

$

-

 

Total assets

$

-

$

-

$

-

$

-

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

Accounts payable

$

190,976

$

190,976

$

-

$

-

 

Notes payable, related party

 

50,473

 

50,473

 

-

 

-

 

Bank overdraft facility

 

203

 

203

 

-

 

-

 

Total liabilities

$

241,652

$

241,652

$

-

$

-

 

Net Loss per Share Calculation

 

Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period.   Diluted earnings per shares is computed similar to basic loss per share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive.  During the periods ended March 31, 2017 and 2016 Tiger Reef had no dilutive financial instruments issued or outstanding.

 

Revenue Recognition

 

Tiger Reef recognizes revenue on four basic criteria that must be met before revenue can be recognized: (1) persuasive evidence of an arrangement exists; (2) delivery has occurred or services have been rendered; (3) the fee is fixed or determinable; and (4) collectability is reasonably assured.  Determination of criteria (3) and (4) are based on Management’s judgments regarding the fixed nature of the fee charged for services rendered and products delivered and the collectability of those fees.

 

Income Taxes

 

Tiger Reef accounts for income taxes pursuant to FASB ASC 740, Income Taxes.  Under FASB ASC 740-10-25, deferred tax assets and liabilities are determined based on temporary differences between the bases of certain assets and liabilities for income tax and financial reporting purposes.  The deferred tax assets and liabilities are classified according to the financial statement classification of the assets and liabilities generating the differences.

 

Tiger Reef maintains a valuation allowance with respect to deferred tax assets.  Tiger Reef establishes a valuation allowance based upon the potential likelihood of realizing the deferred tax asset and taking into consideration Tiger Reef’s financial position and results of operations for the current period.  Future realization of the deferred tax benefit depends on the existence of sufficient taxable income within the carryforward period under the Federal tax laws.

 

Changes in circumstances, such as Tiger Reef generating taxable income, could cause a change in judgment about its ability to realize the related deferred tax asset.  Any change in the valuation allowance will be included in income in the year of the change in estimate.

 

Election to Use Extended Transitional Period Under Jumpstart Our Business Startups Act (“JOBS Act”)

 

We have elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(2) of the JOBS Act, that allows us to delay the  adoption of new or revised accounting standards that have different effective dates for public and private companies until those standards apply to private companies. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates.


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Recent Accounting Pronouncements

 

There are various updates recently issued, most of which represented technical corrections to the accounting literature or application to specific industries and are not expected to a have a material impact on Tiger Reef's financial position, results of operations or cash flows.

 

Item 3.  Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable since we are a smaller reporting company.

 

Item 4.  Controls and Procedures

 

Disclosure Controls and Procedures

 

For the period covered by this report we conducted an evaluation under the supervision and with the participation of our principal executive officer and sole director, J. Scott Sitra, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act).

 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be presented or detected on a timely basis.

 

Based on management’s assessment, we have concluded that, as of March 31, 2017, our disclosure controls and procedures were not effective in timely alerting management to the material information relating to us required to be included in our annual and interim filings with the SEC.

 

Management has concluded that our disclosure controls and procedures had the following material weaknesses:

 

 

We were unable to maintain any segregation of duties within our financial operations due to our reliance on limited personnel in the finance function.  While this control deficiency has not resulted in any audit adjustments to our interim or annual financial statements, it could have resulted in a material misstatement that might have been prevented or detected by a segregation of duties;

 

 

 

 

Tiger Reef lacks sufficient resources to perform the internal audit function and does not have an Audit Committee;

 

 

 

 

We do not have an independent Board of Directors, nor do we have a board member designated as an independent financial expert to Tiger Reef.  The Board of Directors is comprised of one (1) member who also serves as Tiger Reef’s principal executive officer.  As a result, there is a lack of independent oversight of the management team, lack of independent review of our operating and financial results, and lack of independent review of disclosures made by Tiger Reef; and

 

 

 

 

Documentation of all proper accounting procedures is not yet complete.

 

These weaknesses have existed since our inception on June 27, 2013 and, as of March 31, 2017, have not been remedied.

 

To the extent reasonably possible given our limited resources, we intend to take measures to cure the aforementioned material weaknesses, including, but not limited to, the following:

 

 

Considering the engagement of consultants to assist in ensuring that accounting policies and procedures are consistent across the organization and that we have adequate control over financial statement disclosures;

 

 

 

 

Hiring additional qualified financial personnel, including a Chief Financial Officer, on a full-time basis;

 

 

 

 

Expanding our current board of directors to include additional independent individuals willing to perform directorial functions; and

 

 

 


26


 

Increasing our workforce in preparation for exiting the development stage and commencing revenue producing operations.

 

Since the recited remedial actions will require that we hire or engage additional personnel, these material weaknesses may not be overcome in the near-term due to our limited financial resources. Until such remedial actions can be realized, we will continue to rely on the limited advice of outside professionals and consultants.

 

Changes in Controls and Procedures

 

There have been no changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

 

PART II

 

Item 1.  Legal Proceedings

 

During the past ten years no director, person nominated to become a director or executive officer, or promoter of Tiger Reef has been involved in any legal proceeding that would require disclosure hereunder.

 

From time to time, we may become subject to various legal proceedings and claims that arise in the ordinary course of our business activities. However, litigation is subject to inherent uncertainties for which the outcome cannot be predicted.  Any adverse result in these or other legal matters could arise and cause harm to our business. We currently are not party to any claim or litigation the outcome of which, if determined adversely to us, would individually or in the aggregate be reasonably expected to have a material adverse effect on our business.

 

Item 1A.  Risk Factors

 

Not applicable since we are a smaller reporting company.

 

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3.  Default Upon Senior Securities

 

None.

 

Item 4.  Mine Safety Disclosures

 

Not Applicable.

 

Item 5.  Other Information

 

None.


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Item 6.  Exhibits

 

Exhibit

Number

 

 

Title of Document

 

 

Location

 

 

 

 

 

3.1

 

Articles of Incorporation

 

Incorporated by reference to registration statement on Amendment No. 1 to Form S-1 (File No. 333-194482) filed on April 22, 2014

3.2

 

Bylaws

 

Incorporated by reference to registration statement on Amendment No. 1 to Form S-1 (File No. 333-194482) filed on April 22, 2014

3.3

 

Amendment to Articles of Incorporation dated June 13, 2013

 

Incorporated by reference to registration statement on Amendment No. 1 to Form S-1 (File No. 333-194482) filed on April 22, 2014

3.4

 

Amended Articles of Incorporation Effected October 14, 2015

 

Incorporated by reference to current report on Form 8-K filed on October 15, 2015

3.5

 

Certificate of Designation for Series A Preferred Stock dated November 2, 2015

 

Incorporated by reference to current report on Form 8-K filed on November 2, 2015

3.6

 

Amended Certificate of Designation for Series A Preferred Stock dated June 14, 2016

 

Incorporated by reference to current report on Form 8-K filed on June 15, 2016

3.7

 

Amended Articles of Incorporation Effected October 24, 2016

 

Incorporated by reference to current report on Form 8-K filed on October 25, 2016

31.1

 

Section 302 Certifications under Sarbanes-Oxley Act of 2002

 

Filed herewith

32.1

 

Section 906 Certification under Sarbanes Oxley Act of 2002

 

Filed herewith

 

 

 

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 behalf by the undersigned, thereto duly authorized on this 22nd day of May, 2017.

 

 

 TIGER REEF, INC. 

 

 

 

 

 

By:

/s/ J. Scott Sitra

 

 

President, Chief Executive Officer

Secretary, Treasurer, Chief Financial Officer,

Principal Executive Officer,

Principal Financial Officer,

Principal Accounting Officer, and Sole Director


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