UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x	QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2017

 

Commission file number 333-202052

 

PARAMOUNT SUPPLY INC
(Exact name of registrant as specified in its charter)

 

Nevada
(State or other jurisdiction of incorporation or organization)

 

40 Lielais prospekts,

Ventspils, LV-3601 Latvia

supplyparamount@gmail.com

(Address of principal executive offices, including zip code.)

 

(702) 843-0232
(Telephone number, including area code)

 

Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 90 days. YES x NO ¨

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§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," "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

 

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

 

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 5,000,000 shares as of August 24, 2017.

1

PARAMOUNT SUPPLY INC.

FORM 10-Q

INDEX

PART 1 – FINANCIAL INFORMATION

Item 1.  Financial Statements		Page
Balance Sheets at June 30, 2017 (Unaudited)  and September 30, 2016		3
Statements of Operations for the three and nine months ended June 30, 2017 and 2016 (Unaudited)		4
Statements of Cash Flows for the nine months ended June 30, 2017 and 2016 (Unaudited)		5
Notes to Financial Statements (Unaudited)		6
Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations		13
Item 3.  Quantitative and Qualitative Disclosure About Market Risk		15
Item 4.  Controls and Procedures		15

PART II - OTHER INFORMATION

Item 1.  Legal Proceedings		16
Item 1A. Risk Factors		16
Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds		16
Item 3.  Defaults Upon Senior Securities		16
Item 4.  Mine Safety Disclosure		16
Item 5.  Other Information		16
Item 6.  Exhibits		16
SIGNATURES		17

2

ITEM 1. FINANCIAL STATEMENTS

 

PARAMOUNT SUPPLY INC.

BALANCE SHEETS

 

The accompanying notes are an integral part of these financial statements

3

PARAMOUNT SUPPLY INC.

STATEMENTS OF OPERATIONS

(UNAUDITED)

 

The accompanying notes are an integral part of these financial statements

 

4

 

PARAMOUNT SUPPLY INC.

STATEMENTS OF CASH FLOWS

FOR THE NINE MONTHS ENDED JUNE 30, 2017 AND 2016

(UNAUDITED)

	Nine Months Ended June 30, 2017	Nine Months Ended June 30, 2016
Operating Activities:
Net Income	$(342,434)	$(4,937)
Adjustment to reconcile net loss to net cash provided by operations
Changes in assets and liabilities:
Depreciation	375	375
Provision for Income Tax	-	-
Note payable - related party	(845)	-
Net cash provided by operating activities	$(342,904)	$(4,562)
Financing Activities
Due to related party	$  341,898	$        -
Net cash provided by financing activities	$  341,898	$        -
Investing Activities:
Net cash provided by investing activities	$             -	$          -
Net Increase (Decrease) in cash	$ (1,006)	$(4,562)
Cash, beginning of period	1,006	5,098
Cash, end of period	$              0	$     536
Supplemental disclosure of cash flow information
Cash paid during the period:
Taxes	$               0	$             0
Interest	$               0	$             0

 

The accompanying notes are an integral part of these financial statements

 

5

 

Paramount Supply Inc.

Notes to the Financial Statements

June 30, 2017

 

Note 1: Organization and Basis of Presentation

 

Paramount Supply Inc. (the "Company") is a for profit corporation established under the Corporation Laws of the State of Nevada on September 12, 2014.

 

The Company was formed for the purpose of marketing and distributing ladies fashion handbags. The Company is a newly created company and is subject to all risks inherent to the establishment of a start-up business enterprise. The Company's operations are based in Latvia, but use the U.S. dollar as its functional currency.

 

Our financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company's fiscal year-end is September 30.

 

The Financial Statements and related disclosures as of June 30, 2017 are unaudited pursuant to the rules and regulations of the United States Securities and Exchange Commission ("SEC"). Unless the context otherwise requires, all references to "Paramount", "Paramount Supply", "we", "us", "our" or the "company" are to Paramount Supply Inc.

 

Note 2: Significant Accounting Policies and Recent Accounting Pronouncements

 

Use of Estimates and Assumptions

 

The preparation of financial statements in conformity with generally accepted accounting principles 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 period. Actual results could differ from those estimates.

 

Due to the limited level of operations, the Company has not had to make material assumptions or estimates other than the assumption that the Company is a going concern.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.

 

Fair Value of Financial Instruments

 

ASC 825, "Disclosures about Fair Value of Financial Instruments", requires disclosure of fair value information about financial instruments. ASC 820, "Fair Value Measurements" defines fair value, establishes a framework for measuring fair value in generally accepted accounting principles, and expands disclosures about fair value measurements. Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of June 30, 2017.

 

6

 

Paramount Supply Inc.

Notes to the Financial Statements

June 30, 2017

 

The respective carrying values of certain on-balance-sheet financial instruments approximate their fair values. These financial instruments include cash, accrued liabilities and notes payable. Fair values were assumed to approximate carrying values for these financial instruments since they are short term in nature and their carrying amounts approximate fair value.

 

Development Stage Entity

 

The Company decided to early adopt ASU 2014-10 which eliminates the definition of a development stage entity, eliminates the development stage presentation and disclosure requirements under ASC 915, and amends provisions of existing variable interest entity guidance under ASC 810.

 

Basic and Diluted Loss Per Share

 

The Company computes earnings (loss) per share in accordance with ASC 260-10-45 "Earnings per Share", which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic earnings (loss) per share is computed by dividing net earnings (loss) available to common stockholders by the weighted average number of outstanding common shares during the period. Diluted earnings (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive earnings (loss) per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments, and therefore, basic and diluted earnings (loss) per share are equal.

 

Revenue Recognition

 

The company follows the guidelines of ASC 605-15 for revenue recognition. Revenue is recognized when all the following conditions have been met:

 

a.

the customer has prepaid for the product

b.

the product has been shipped from either the Company or one of our suppliers, and;

c.

the product has been delivered and signed for by the customer as evidence by the shipping company.

 

Customers are allowed to return the products within 30 days for exchange or refund if defects in manufacturing are identified. The company does not believe the 30 day exchange or refund will have a material impact on our revenue recognition as any product which has a defect in manufacturing will be returned to the supplier for replacement or refund for the customer based upon pursuant law and the Uniform Commercial Code. We do not make any allowance to returns. To date there have been no returns and given the terms with our suppliers that products would be returned directly to them for replacement we don't expect any returns so the allowance is currently deemed not necessary.

 

7

 

Paramount Supply Inc.

Notes to the Financial Statements

June 30, 2017

 

Based on the above, the Company determined that the revenue recognition for the sales is in accordance with the FASB ASC 605-15-25-1.

 

Income Taxes

 

We use the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. 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. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.

 

ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

 

Our effective tax rate for fiscal years 2017 and 2016 is 17%, which we expect to be fairly consistent in the near term. Our tax rate is also affected by discrete items that may occur in any given year, but are not consistent from year to year.

 

Income taxes are calculated and accrued for U.S. taxes only. The company does not currently accrue any Latvian taxes under Latvian corporate rules. As we become profitable, and have sustained revenue within Latvia, we may become subject to Latvian taxes.

 

Recent Accounting Pronouncements

 

The Financial Accounting Standards Board ("FASB") periodically issues new accounting standards in a continuing effort to improve standards of financial accounting and reporting. The Company has reviewed the recently issued pronouncements. During this review the Company decided to early adopt ASU 2014-10 which eliminates the definition of a development stage entity, eliminates the development stage presentation and disclosure requirements under ASC 915, and amends provisions of existing variable interest entity guidance under ASC 810.

 

8

 

Paramount Supply Inc.

Notes to the Financial Statements

June 30, 2017

 

On June 10, 2014, The Financial Accounting Standards Board ("FASB") issued Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, consolidation, which removes all incremental financial reporting requirements from GAAP for development stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. For the first annual period beginning after December 15, 2014, the presentation and disclosure requirements in Topic 915 will no longer be required for the public business entities. The revised consolidation standards are effective one year later, in annual periods beginning after December 15, 2015. Early adoption is permitted. The Company adopted the amendment as of fiscal year ended September 30, 2014.

 

There are several new accounting pronouncements issued by the Financial Accounting Standards Board ("FASB") which are not yet effective. Each of these pronouncements, as applicable, has been or will be adopted by the Company. As of March 31, 2017, none of these pronouncements is expected to have a material effect on the financial position, results of operations or cash flows of the Company.

 

Note 3: Going Concern

 

The accompanying financial statements and notes have been prepared assuming that the Company will continue as a going concern.

 

For the nine month period ended June 30, 2017, the Company had a net loss of $342,309. The significant loss was due to preproduction costs of $331,680 in the first quarter of 2017.  The Company's ability to continue as a going concern is dependent upon the Company's ability to generate sufficient revenues to operate profitably or raise additional capital through debt financing and/or through sales of common stock.

 

Management plans to fund operations of the Company sales, private placements of restricted securities or the issuance of stock in lieu of cash for payment of services until such a time as profitable operations are achieved. There are no written agreements in place for such funding or issuance of securities and there can be no assurance that such will be available in the future. Management believes that this plan provides an opportunity for the Company to continue as a going concern.

 

The failure to achieve the necessary levels of profitability or obtain additional funding if necessary would be detrimental to the Company.

 

Note 4: Concentrations

 

Initial sales are concentrated with one client. Sales are made without collateral and the credit-related losses are insignificant or non-existent. Accordingly, there is no provision made to include an allowance for doubtful accounts.

 

Note 5: Legal Matters

 

The Company has no known legal issues pending.

 

9

 

Paramount Supply Inc.

Notes to the Financial Statements

June 30, 2017

 

Note 6: Debt

 

Since inception the Director and President of the Company made the initial deposits to the Company's bank accounts (checking and savings) and paid a bill for professional services resulting in the amount $720 which is being carried as a loan payable. The loan is non-interest bearing, unsecured and due upon demand.  The loan was repaid on March 31, 2017.

On March 14, 2017, the Director and President of the Company advanced $331,680 for the payment of preproduction costs.  The loan is non-interest bearing, unsecured and due upon demand.

 

Note 7: Capital Stock

 

The Company has 75,000,000 shares of common stock with a par value of $0.001 per share.

 

On September 23, 2014, the Company issued 4,000,000 shares of common stock for a purchase price of $0.001 per share to its sole director. The Company received aggregate gross proceeds of $4,000.00.

 

On September 2, 2015, the Company issued 1,000,000 shares of common stock for a purchase price of $0.04 to 30 independent investors pursuant to an offering on Registration Statement on Form S-1. The Company received proceeds of $40,000.00.

 

As of March 31, 2017, there were no outstanding stock options or warrants.

 

Note 8: Fixed Assets

 

In September 2014, the Company purchased for $10,500 land and a small office located at 1 Varpuiela, Kakciems, Latvia, LV-2135. The building is valued at $7,500 and the land at $3,000. The Company utilizes the space as a primary office.

 

Fixed assets are stated at cost. The Company utilizes straight-line depreciation over the estimated useful life of the asset.

 

Land	0 years
Buildings	15 years
Office Equipment	7 years

 

During the nine months ended June 30, 2017, the Company recorded $375 in depreciation expense for the building. No depreciation was recorded for office equipment as the Company had not yet purchased any.

 

 

10

Paramount Supply Inc.

Notes to the Financial Statements

June 30, 2017

 

Note 9: Income Taxes

 

The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, "Income Taxes." Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity's financial statements or tax returns. 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.

 

The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. We have no material uncertain tax positions for any of the reporting periods presented.

 

Our effective tax rate for fiscal years 2017 and 2016 is 17%, which we expect to be fairly consistent in the near term. Our tax rate is also affected by discrete items that may occur in any given year, but are not consistent from year to year.

 

The components of income (loss) before income taxes were comprised of the following:

 

	Nine Months Ended June 30, 2017	Year Ended September 30, 2016
Tax jurisdictions from:
- U.S.	$(342,434)	$(4,593)
Income (loss) before income taxes	$(342,434)	$(4,593)

 

11

 

Paramount Supply Inc.

Notes to the Financial Statements

June 30, 2017

 

Provision for income taxes (at 17%) consisted of the following:

 

	Nine Months Ended June 30, 2017	Year Ended September 30, 2016
Current	$0	$0
Income Tax Expense	$0	$0

 

Paramount Supply Inc. is registered in the State of Nevada and is subject to United States of America tax law. As of June 30, 2017, the operations in the United States of America incurred $378,951 of cumulative net operating losses. 

 

Note 10: Related Party Transactions

The Company's sole officer and director, as of June 30, 2017, is involved in other business activities and may in the future, become involved in other business opportunities as they become available.

The Company has a related party transaction involving the Company's director as of June 30, 2016. The nature and details of the transaction are described in Note 6.

 

Note 11: Subsequent Events

Subsequent to the quarter ended June 30, 2017, Artis Jansons, the Company’s sole officer and director resigned and Mr. Tongqing Bao was appointed sole officer and director of the Company.  Mr. Jansons has agreed to acquire all of the Company’s assets as of March 31, 2017 for the assumption of the Company’s liabilities as that date.  The parties are currently finalizing the transaction documents to effectuate that agreement and anticipate that the transaction shall be completed prior to August 31, 2017.

The Company has evaluated events subsequent through the date these financial statements have been issued to assess the need for potential recognition or disclosure in this report. Such events were evaluated through the date these financial statements were available to be issued. Based upon this evaluation, it was determined that no subsequent events occurred that require recognition or disclosure in the financial statements.

 

12

 

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION.

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

The information contained in this quarterly report, including in the documents incorporated by reference into this report, include some statements that are not purely historical and that are "forward-looking statements." Such forward-looking statements include, but are not limited to, statements regarding our Company and management's expectations, hopes, beliefs, intentions or strategies regarding the future, including our financial condition, results of operations, and the expected impact of the offering on the parties' individual and combined financial performance. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipates," "believes," "continue," "could," "estimates," "expects," "intends," "may," "might," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "will," "would" and similar expressions, or the negatives of such terms, may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.

 

The forward-looking statements contained in this quarterly report are based on current expectations and beliefs concerning future developments and the potential effects on the parties and the transaction. There can be no assurance that future developments actually affecting us will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the parties' control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements.

 

Results of Operations

 

Our total assets at June 30, 2017 were $9,250, which was $0 cash in the bank and $9,250 in building/land assets. We currently anticipate that our legal and accounting fees over the next 12 months as a result of being a reporting company with the SEC will be approximately $8,000 per year.

 

We received the initial equity funding of $4,000 from Mr. Jansons, our prior sole officer and director who purchased 4,000,000 shares of our common stock at $0.001 per share.

 

On September 2, 2015, the Company issued a total of 1,000,000 shares of common stock to 30 independent investors for cash in the amount of $0.04 per share for a total of $40,000.

 

As June 30, 2017, the Company had 5,000,000 shares of common stock issued and outstanding.

 

As of June 30, 2017, there is a total of $331,680 in a note payable – related party that is owed by the Company to Artis Jansons, an officer and director for funds he advanced to pay preproduction costs. The note payable is interest free and payable on demand.

 

Our net income (loss) for the three months ended June 30, 2017 and 2016 was $(10,343) and $(10,357), respectively.  Although there was not a material decrease, the Company did not receive any revenues for the three months ended June 30, 2017 due to change of control of the Company and the limited pursuit of business during the transition.

 

Our net income (loss) for the nine months ended June 30, 2017 and 2016 was $(342,434) and $(3,478), respectively.  The significant increase was due to preproduction cots of $331,680 relating to creation of the private label.

 

13

The following table provides selected financial data about our Company for the period from the date of incorporation through June 30, 2017. For detailed financial information, see the financial statements included in this report.

 

Balance Sheet Data	June 30, 2017
Cash	$             0
Total assets	$      9,250
Total liabilities	$  344,201
Stockholders' equity	$(334,951)

Initial stages of our business development were funded by the sale of 1,000,000 common shares at a fixed price of $,04 per share for an aggregate of $40,000. The Company has been unable to raise sufficient capital to fully executed its business plan.  On March 18, 2017, Artis Jansons, an officer and director and majority shareholder, entered into an agreement to sell his common shares in the Company resulting in a change of control.  The 4,000,000 common shares were transferred to Tongqing Bao, a non-affiliate, effective May 16, 2017.  Mr. Jansons lent the proceeds of the sale to the Company to pay preproduction costs of the private label.  Mr. Jansons continued to act as an officer and director of the Company until subsequent to June 30, 2017.  Mr. Jansons has agreed to acquire all of the Company’s assets as of March 31, 2017 for the assumption of the Company’s liabilities as that date.  The parties are currently finalizing the transaction documents to effectuate that agreement and anticipate that the transaction shall be completed prior to August 31, 2017.

The Company has begun preliminary discussions with third parties regarding acquisitions for the Company that could increase our shareholder value. As of the date of filing this Report on Form 10-Q, we have not entered into any definitive agreement to change our direction. The business plan of our company below remains the same: we will continue with our business as planned. Nonetheless, as mentioned above, we intend to start discussions with third parties that could lead to another direction for the Company.

  

Liquidity and Capital Resources

At June 30, 2017, the Company had $0 in cash and there were outstanding liabilities of $344,076.  Tongqing Bao, the majority shareholder, has advanced the Company $10,218 to pay various expenses and has verbally agreed to continue to advance the Company funds relating to regulatory filings and fees in a limited scenario, but he has no legal obligation to do so.

In addition to Mr. Bao’s advances, for the nine months ended June 30, 2017, Mr. Jansons, an officer and director of the Company, lent $331,680 resulting in net cash provided by financing activities of $341,898.  For the nine months ended June 30, 2016, the Company received advances from Mr. Jansons of $100 resulting in net cash provided by investing activities of $100.

For the nine months ended June 30, 2017 and 2016, the Company did not pursue any investing activities.

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

 

14

ITEM 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable for a smaller reporting company.

ITEM 4. CONTROLS AND PROCEDURES.

 

Evaluation of Disclosure Controls and Procedures

 

Management maintains "disclosure controls and procedures," as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

 

In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of June 30, 2017.

 

Based on that evaluation, management concluded, as of the end of the period covered by this report, that our disclosure controls and procedures were effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Securities and Exchange Commission's rules and forms.

 

Changes in Internal Controls over Financial Reporting

 

As of the end of the period covered by this report, there have been no changes in the internal controls over financial reporting during the quarter ended June 30, 2017, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management's last evaluation.

 

15

PART II - OTHER INFORMATION

Item 1.   Legal Proceedings  

None

Item 1A.  Risk Factors

Not applicable for smaller reporting company.

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

None

Item 3.   Defaults Upon Senior Securities

None

Item 4.  Mine Safety Disclosures

Not Applicable

Item 5.   Other Information

None

Item 6.   Exhibits

Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32* - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS**   XBRL Instance Document

101.SCH**   XBRL Taxonomy Extension Schema Document

101.CAL**   XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**   XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**   XBRL Taxonomy Extension Label Linkbase Document

101.PRE**   XBRL Taxonomy Extension Presentation Linkbase Document

*  Filed herewith

**XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 

16

SIGNATURES

 

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

 

	Paramount Supply Inc. Registrant
Date: August 24, 2017	By:	/s/ Tongqing Bao
		Tongqing Bao
		(Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer & Sole Director)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

17