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Table of Contents

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

 

FORM 10-K

 

(MARK ONE) 

☒   ANNUAL REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

FOR THE FISCAL YEAR ENDED: APRIL 30, 2016

 

☐   TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _________ to ___________.

 

Commission file number 000-51126

 

OMNI GLOBAL TECHNOLOGIES, INC.
(Exact name of small business issuer as specified in its charter)

 

Nevada   88-0355407
(State or other jurisdiction of 
incorporation or organization)
  (IRS Employer 
Identification No.)

 

 

53 Calle Palmeras, Suite 802 San Juan Puerto Rico, 00901
(Address of principal executive offices)

 

787-767-0808
(Issuer's telephone number)

 

Business.VN, Inc.
(Former name, former address and former fiscal year, if changed since last report)

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐   No ☒

 

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐   No ☒

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐   No ☒

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 229.405 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 ☐   No ☒

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ☐

 

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

 

Large accelerated filer ☐ Accelerated filer ☐
Non-accelerated filer ☐  (Do not check if a smaller reporting company) Smaller reporting company ☒
Emerging growth company ☐     

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

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

 

The aggregate market value of the registrant’s voting and non-voting common stock held by non-affiliates of the registrant on July 31, 2016, the last business day of the registrant’s most recently completed fiscal quarter, computed by reference to the last sale price of the registrant’s common stock as reported by The NASDAQ Global Select Market on such date, was $-0-. This computation assumes that all executive officers, directors and persons known to the registrant to be the beneficial owners of more than ten percent of the registrant’s common stock are affiliates of the registrant. Such assumption should not be deemed conclusive for any other purpose.

 

State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of August 25, 2017 the issuer had 20,368,703 shares of its common stock issued and outstanding.

 

 

 
 

 

OMNI GLOBAL TECHNOLOGIES, INC., INC.

TABLE OF CONTENTS TO

FORM 10-K

FOR THE YEAR ENDED APRIL 30, 2016

 

 

        PAGE  
PART I
           
Item 1. Business     1  
Item 1A Risk Factors     1  
Item 2. Properties     1  
Item 3. Legal Proceedings     1  
Item 4. Mine Safety Disclosures     1  
           
PART II
           
Item 5. Market For Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities     2  
Item 6. Selected Financial Data.     2  
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations     2  
Item 8. Financial Statements and Supplementary Data     4  
Item 9 Changes in and Disagreements With Accountants on Accounting and Financial Disclosure;     5  
Item 9A. Controls And Procedures     5  
Item 9B. Other Information     6  
           
PART III
Item 10. Directors, Executive Officers and Corporate Governance     7  
Item 11. Executive Compensation     7  
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters     7  
Item 13. Certain Relationships and Related Transactions, and Director Independence     7  
Item 14. Principal Accounting Fees and Services     7  
           
PART IV
           
Item 15 Exhibits, Financial Statement Schedules     8  
Signatures 9  

 

 

 

 

 i 

 

 

 

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

 

The following are factors that could cause actual results or events to differ materially from those anticipated, and include, but are not limited to general economic, financial and business conditions, changes in and compliance with governmental laws and regulations, our ability to obtain additional financing from outside investors and/or bank and mezzanine lenders; and our ability to generate sufficient revenues to cover operating losses and position us to achieve positive cash flow.

 

Readers are cautioned not to place undue reliance on the forward-looking statements contained herein, which speak only as of the date hereof. We believe the information contained in this Form 10-K to be accurate as of the date hereof. Changes may occur after that date. We will not update that information except as required by law in the normal course of its public disclosure practices.

 

Additionally, the following discussion regarding our financial condition and results of operations should be read in conjunction with the financial statements and related notes.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 ii 

 

 

PART I

 

Item 1. Business

 

Description of Business

 

BACKGROUND

 

Unless the context otherwise requires, the terms "we", "our", "us", "OMNI", OMGT or "Omni Global Technologies, Inc." refers to Omni Global Technologies Inc. (formerly Business.vn, Inc.)

 

Omni Global Technologies, Inc. (“OMNI” or the "Company") was originally formed on September 15, 1995 as Interactive Processing, Inc., a Nevada corporation, to market high-tech consumer electronics through television home-shopping networks, retail stores, catalog companies and their website remotecontrols.com. In March 1999, the Company changed its name to Worldtradeshow.com, Inc. In April, 1999, the Company acquired intellectual property rights to a database and business plan and significantly changed its business plan to develop tradeshow software and market both physical and virtual tradeshow space through the Company's website.

 

The Company has been dormant since October 2008 and was under the control of a Receiver in Nevada’s Eighth Judicial District in #A14- 715484-P as of May 15, 2016. As of April 30, 2016 the Company had no assets. All liabilities outstanding as of April 30, 2009 have been carried over to the 2016 balance sheet; because these liabilities had not been technically discharged as of that date

 

Reverse Split and Name Change

 

On November 18, 2016, we effected a 1 for 150 reverse split and changed our name from Business.vn, Inc. to Omni Global Technologies, Inc., and the Company’s trading symbol changed from “BVNI” to “OMGT”. Under the guidelines of Staff Accounting Bulletin 4c, a capital structure change such as a stock split that occurs after the date of the most recent balance sheet must be given retroactive effect in the balance sheet. Accordingly, all references to the numbers of Common Shares and per share data in the accompanying financial statements have been adjusted to reflect this reverse split on a retroactive basis, unless indicated otherwise. As of April 30, 2016 we had 368,703 shares outstanding.

 

COMPETITION

 

Not applicable 

 

RESEARCH AND DEVELOPMENT

 

Not applicable

 

Item 1A. Risk Factors

 

None.

 

Item 2. Property

 

Description of Property

 

The Receiver for the Company provides office space at no cost to OMNI.

 

EMPLOYEES AND CONSULTING AGREEMENTS

 

OMNI currently has no employees, other than the Court Appointed Receiver for the Company.

 

Item 3. Legal Proceedings

 

In the opinion of management, there are no matters requiring recognition or disclosure as a loss contingency in accordance with Statement of Financial Standards No. 5. The Company is under the control of a Receiver in Nevada’s Eighth Judicial District in #A14-715484-P as of May 5, 2016.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

  

 

 

 1 

 

 

PART II

 

Item 5. Market for Common Equity, Related Stockholder Matters and Small Business Issuer Purchases of Equity Securities

 

(a) Market information. Our common stock is traded on the OTC Bulletin Board (OTCBB) under the symbol “OMGT”. The following table sets forth the range of high and low bid quotations for our common stock for each of the periods indicated as reported by the OTCBB. These quotations reflect inter-dealer prices, without retail markup, markdown or commission and may not represent actual transactions.

 

OMGT- Fiscal Year Ending April 30, 2016
Quarter Ended   High $     Low $  
July 31, 2015   $ N/A     $ N/A  
October 31, 2015   $ N/A     $ N/A  
January 31, 2016   $ N/A     $ N/A  
April 30, 2016   $ N/A     $ N/A  

 

We consider our common stock to be thinly traded and, accordingly, reported sales prices or quotations may not be a true market-based valuation of our common stock.

 

Stockholders.  As of May 30, 2017, there were 156 record holders of our common stock.

 

Item 6. Selected Financial Data.

 

None.

 

Item 7. Management's Discussion and Analysis or Plan of Operation

 

This Annual Report on Form 10-K and the information incorporated by reference may include "forward-looking statements," as defined in Section 27A of the Securities Act and Section 21E of the Exchange Act. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. All statements regarding expected financial position and operating results, business strategy, financing plans and the outcome of any contingencies are forward-looking statements. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements. Please refer to Part I, Item 1 ("Cautionary Statement Regarding Future Results, Forward-Looking Information/Statements and Certain Important Factors") of this Form 10-K for additional information. The following discussion should be read in conjunction with our consolidated financial statements and the related notes included in this Form 10-K.

 

GOING CONCERN

 

OMNI has experienced recurring losses, and an accumulated deficit of $11,075,075 as of April 30, 2016. The Company has been dormant since October 2008 and as of April 30, 2016 is under the control of a Receiver in Nevada’s Eighth Judicial District in #A14-715484-P. The Company had no assets as of April 30, 2016 and 2015, respectively.

  

FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS RELATED TO AN INVESTMENT IN OMNI GLOBAL TECHNOLOGIES, INC. STOCK

 

Some of the statements in this report or incorporated by reference are forward-looking, including, without limitation, the statements under the caption "Management's Discussion and Analysis or Plan of Operation". Forward-looking statements include those that contain words like "may," "will," "could," "should," "project," "believe," "anticipate," "expect," "plan," "estimate," "forecast," "potential," "intend," "maintain," "continue" and variations of these words or comparable words. In addition, all of the non-historical information herein is forward-looking, including any statement or implication about a future time, result or other circumstance. Forward-looking statements are not a guarantee of future performance and involve risks and uncertainties. Actual results may differ substantially from the results that the forward-looking statements suggest for various reasons. These forward-looking statements are made only as of the date of this report. We do not undertake to update or revise the forward-looking statements, whether as a result of new Information, future events or otherwise. (Note: The statutory safe harbors of the Private Securities Litigation Reform Act will not be available to us until such time as we become a reporting company.)

 

 

 2 

 

 

The forward-looking statements included herein are based on, among other items, assumptions that we will be able to meet our operating cash and any debt service requirements, that we will be able to successfully resolve disputes and other business matters as anticipated, that competitive and technological conditions within the medical device and electronic component industries will not affect us materially or adversely, that we will retain key personnel, that our forecasts will reasonably anticipate market demand for our products, and that there will be no significant unanticipated cost increases or other material adverse change in our operations or business. Among the factors that could cause actual results to differ materially are the following:

 

  · the impact of competitive products and their pricing;
     
  · potential effects of inflation;
     
  · lack of earnings visibility;
     
  · dependence upon certain customers or markets;
     
  · dependence upon suppliers;
     
  · difficulties in integrating any acquired businesses and realizing cost savings or productivity gains;
     
  · dependence on key personnel;
     
  · difficulties regarding hiring and retaining qualified personnel in a competitive labor market; and
     
  · Risks of doing business in international markets.

 

Other factors that could cause results to vary materially from current expectations are referred to elsewhere in this report.

 

Assumptions regarding the foregoing involve judgments that are difficult to make and future circumstances that are difficult to accurately predict. Forecasting and other management decisions are subjective in many respects and thus susceptible to interpretations and periodic revisions based on actual experience and business developments, the impact of which may cause us to alter our internal forecasts, and which may in turn affect expectations or future results. We do not undertake to publicly announce the changes that may occur in our expectations. Readers are cautioned against giving undue weight to any of the forward-looking statements. The inclusion of forward-looking information should not be regarded as a representation by us or any other person that our objectives or plans will be achieved. We are setting out some of the more specific risk factors below in full for the convenience of the readers:

 

The market price of our stock has fluctuated pursuant to the acquisition and our preparations for developing and marketing our products, and can be affected by economic and political uncertainties. Declines in the market price of our stock could adversely affect our ability to retain personnel with higher-priced stock incentives, to acquire businesses or assets in exchange for stock and/or to conduct future financing activities with the sale of stock.

 

NO DIVIDENDS EXPECTED.

 

We have not paid any cash or other dividends on our common shares since inception and we do not expect to pay any dividends in the future. We expect to use any earnings in our operations.

 

CONTROLS AND PROCEDURES

 

We have no capital on hand to achieve our goals, but we do not have any commitments to obtain such capital and cannot give assurance that we will be able to obtain capital as and when required.

 

Future revenue growth depends on our ability to improve the effectiveness and breadth of our sales organization.

 

 

 

 3 

 

 

OUR COMMON STOCK IS CONSIDERED A "PENNY STOCK" AND, AS SUCH, THE MARKET FOR OUR COMMON STOCK MAY BE FURTHER LIMITED BY CERTAIN SEC RULES.

 

As long as the price of our common stock remains below $5.00 per share, the stock is likely to be subject to certain "penny stock" rules promulgated by the SEC. Those rules impose certain sales practice requirements on brokers who sell penny stock to persons other than established customers and accredited investors (generally institutions with assets in excess of $5,000,000 or individuals with net worth in excess of $1,000,000). For transactions covered by the penny stock rules, the broker must make a special suitability determination for the purchaser and receive the purchaser's written consent to the transaction prior to the sale. Furthermore, the penny stock rules generally require, among other things, that brokers engaged in secondary trading of penny stocks provide customers with written disclosure documents, monthly statements of the market value of penny stocks, disclosure of the bid and ask prices, disclosure of the compensation to the brokerage firm, and disclosure of the sales person working for the brokerage firm. These rules and regulations adversely affect the ability of brokers to sell our common stock and limit the liquidity of our securities.

 

THE TRADING PRICE OF OUR COMMON STOCK IS VOLATILE AND COULD DECLINE SUBSTANTIALLY.

 

The trading price of our common stock is volatile and is likely to continue to be volatile. Our stock price could be subject to wide fluctuations in response to a variety of issues, including broad market factors that may have a material adverse impact on our stock price, regardless of our actual performance. The factors include, but are not limited to, the following:

 

·Periodic variations in the actual or anticipated financial results of our business or that of our competitors;
·Downward revisions in estimates of our future operating results or of the future operating results of our competitors;
·Material announcements by us or our competitors;
·Adverse changes in general market conditions or economic trends or in conditions or trends in the market in which we operate.

 

WE HAVE THE ABILITY TO ISSUE ADDITIONAL EQUITY SECURITIES, WHICH WOULD LEAD TO DILUTION OF OUR ISSUED AND OUTSTANDING COMMON STOCK.

 

The issuance of additional equity securities or securities convertible into equity securities would result in dilution of our existing stockholders' equity interests in us. Our Board of Directors has the authority to issue, without vote or action of stockholders, preferred stock in one or more series, and has the ability to fix the rights, preferences, privileges and restrictions of any such series. Any such series of preferred stock could contain dividend rights, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences or other rights superior to the rights of holders of our common stock. If we issue convertible preferred stock, a subsequent conversion may dilute the current common stockholders' interest.

 

WE DO NOT INTEND TO PAY CASH DIVIDENDS. AS A RESULT, STOCKHOLDERS WILL BENEFIT FROM AN INVESTMENT IN OUR COMMON STOCK ONLY IF IT APPRECIATES IN VALUE.

 

We have never paid a cash dividend on our common stock, and we do not plan to pay any cash dividends on our common stock in the foreseeable future. We currently intend to retain any future earnings to finance our operations and further expansion and growth of our business, including acquisitions. As a result, the success of an investment in our common stock will depend upon any future appreciation in its value. We cannot guarantee that our common stock will appreciate in value or even maintain the price at which stockholders have purchased their shares.

 

Overview.

 

The following discussion should be read in conjunction with our condensed financial statements, and the related notes included elsewhere in this Annual Report on Form 10-K for the fiscal year ended April 30, 2016. Certain statements contained herein may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, as discussed more fully herein.

  

RESULTS OF OPERATIONS

 

FISCAL YEAR ENDED APRIL 30, 2016 COMPARED TO THE CORRESPONDING PERIOD IN 2015

 

During the three month period ended January 31, 2008, we became dormant and are being managed by a Receiver. We did not record and revenues or incur any expense for the 12 month periods ended April 30, 2016 and 2015, respectively.

 

Liquidity and capital resources.

 

The Company had no cash on hand as of April 30, 2016 and had no ability to raise capital going forward.

 

Off-balance sheet arrangements.

 

We do not have any off-balance sheet financing arrangements or liabilities.

 

 

 

 4 

 

 

Critical accounting estimates and policies.

 

The Company has adopted all recently issued accounting pronouncements.

  

Item 8. Financial Statements

 

The financial statements and notes thereto are included in this Report and begin on page F-1 with the index to consolidated financial statements.

 

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

 

None.

 

Item 9A. Controls and Procedures

 

Evaluation of and Report on Internal Control over Financial Reporting

 

The management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934 as a process designed by, or under the supervision of, the company's principal executive and principal financial officers and effected by the company's board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and includes those policies and procedures that:

 

·Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
·Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and
·Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

 

Management assessed the effectiveness of the Company's internal control over financial reporting as of April 30, 2016. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework.

 

Based on its assessment, management concluded that, as of April 30, 2016 the Company's internal control over financial reporting was not effective based on those criteria.

 

This annual report does not include an attestation report of the Company's registered accounting firm regarding internal control over financial reporting. Management's report is not subject to attestation by the Company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission.

 

Iiem 9B. Other Information.

 

Not applicable.

 

 

 

 6 

 

PART III

 

 

Item 10. Directors, Executive Officers and Corporate Governance.

 

None.

 

Item 11. Executive Compensation.

 

None.

 

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

 

None.

 

Item 13. Certain Relationships and Related Transactions, and Director Independence.

 

None.

 

Item 14. Principal Accounting Fees and Services.

 

Not applicable.

 

 

 

 

 7 

 

 

PART IV

 

Item 15. Exhibits, Financial Statement Schedules.

 

 

EXHIBIT    
NUMBER   DESCRIPTION
     
3.1*   Articles of Incorporation of the Company Filed September 15, 1995 (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
4.1*   Form of Common Stock Certificate (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.1*   Business.com.vn MOU (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.2*   Hotels.vn Marketing agreement (Business.com.vn agreement) (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.3*   Hotels Extension document (Business.com.vn extension) (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.4*   Hi-Tek Reservation Engine agreement (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.5*   Maxsima discount card (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.6*   Hi-Tek service agreement (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.8*   My BajaGuide.com MOU (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.9*   Mexican association agreement (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.10*   DotVN agreement (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.11*   VTIC MOU (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.12*   Consulting Agreement (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.13*   Hi-Tek interest agreement (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.14*   Hi-Tek Reservation Engine Extension (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.15*   Independent contractors' agreement (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.16*   Independent contractors' agreement (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
10.17*   Hi-Tek Service agreement with attached schedule “A” (Incorporated by reference to Form 10SB12G/A filed on June 30, 2006)
31.1**   Certification of Receiver pursuant to Exchange Act Rule 13a-14(a)
32.1**   Certification of Receiver pursuant to Exchange Act Rule 13a-14(b) and 18 U.S.C. Section 1350

 

101.INS**   XBRL Instances 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

___________

* These documents are incorporated herein by reference as exhibits hereto. Following the description of each such exhibit is a reference to the document as it appeared in a specified report previously filed with the SEC, to which there have been no amendments or changes.

** Filed or Furnished herewith.

(A) Management contract or compensatory plan or arrangement.

 

 

 

 8 

 

 

SIGNATURES

 

In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  OMNI GLOBAL TECHNOLOGIES, INC.  
       
Date: August 30, 2017 By: /s/ Olivia Funk  
    Olivia Funk
Chief Executive Officer and Director
 

 

In accordance with the Exchange Act, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

 

 

 

 

 

 

 

 

 

 

 9 

 

 

 

Index To Financial Statements

 

    Page  
       
Report of Independent Registered Public Accounting Firm   F-2  
Balance Sheet as of April 30, 2016 and April 30, 2015 (unaudited)   F-3  
Statement of Operations for the Year ended April 30, 2016 and April 30, 2015 (unaudited)   F-4  
Statement of Cash Flows for the year ended April 30, 2016 and April 30, 2015(unaudited)   F-5  
Statements of Changes in Stockholders Deficit for the year ended April 30, 2016   F-6  
Notes to Financial Statements   F-7  

 

 

 

 

 

 

 

 

 

 

 

 F-1 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

 

 

To the Board of Directors and Stockholders of Omni Global Technologies, Inc.:

 

We have audited the accompanying balance sheet of Omni Global Technologies, Inc. (“the Company”) as of April 30, 2016 and the related statement of operations, stockholders’ equity (deficit) and cash flow for the year then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 

 

We conducted our audit in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.  An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.  We believe that our audit provide a reasonable basis for our opinions. 

 

In our opinion, the financial statement referred to above present fairly, in all material respects, the financial position of Omni Global Technologies, Inc., as of April 30, 2016, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles in the United States of America.

 

The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the Company's internal control over financial reporting. Accordingly, we express no such opinion.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company’s significant operating losses raise substantial doubt about its ability to continue as a going concern.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

 

/s/ BF Borgers CPA PC

 

BF Borgers CPA PC
Lakewood, CO
August 30, 2017

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 F-2 

 

 

OMNI GLOBAL TECHNOLOGIES, INC.

(Formerly Business.vn, Inc.)
Balance Sheets 
As of April 30, 2016 and April 30, 2015

 

  April 30, 
2016
   April 30, 
2015
 
      (unaudited) 
ASSETS 
Current assets        
Cash  $   $ 
Total assets  $     
           
LIABILITIES AND SHAREHOLDERS' DEFICIT 
Current liabilities          
Accounts payable  $429,679   $429,679 
Due to related parties   3,981,423    3,981,423 
Accrued liabilities   60,004    60,004 
Note payable   501,112    501,112 
Convertible note   53,000    53,000 
Total liabilities   5,025,218    5,025,218 
           
Shareholders' Deficit          
Preferred stock, $0.001 par value, 5,000,000 authorized. None issued        
Common stock; $0.001 par value; 400,000,000 shares authorized 368,703 and 368,703 shares issued and outstanding as of April 30, 2016 and April 30, 2015, respectively   368    368 
Additional paid-in capital   6,049,489    6,049,489 
Accumulated deficit   (11,075,075)   (11,075,075)
Total shareholders' deficit   (5,025,218)   (5,025,218)
Total liabilities and shareholders' deficit  $   $ 

 

The Accompanying Notes Are An Integral Part Of These Financial Statements.

 

 

 

 F-3 

 

 

OMNI GLOBAL TECHNOLOGIES, INC.

(Formerly Business.vn, Inc.)

Statements of Operations

 

 

For the years ending 
April 30,

 
   2016   2015 
       (unaudited) 
Revenue  $   $ 
Total general and administrative expenses        
Other (income) expense        
Net loss  $   $ 
           
Loss per common share:          
Basic and diluted  $(0.00)  $(0.00)
           
Weighted average shares outstanding:        
Basic and diluted   368,703    368,703 

 

The Accompanying Notes Are An Integral Part Of These Financial Statements.

  

 

 

 F-4 

 

 

OMNI GLOBAL TECHNOLOGIES, INC. 
(Formerly Business.vn, Inc.) 
Statement of Cash Flows

 

  For the Years Ended 
April 30,
 
   2016   2015 
       (unaudited) 
Cash flows from operating activities:          
Net loss  $   $ 
Net cash provided by (used in) operating activities        
           
Cash flows from investing activities:          
Net cash (used) provided by investing activities        
           
Cash flows from financing activities:          
Net cash provided by financing activities        
           
Net increase (decrease) in cash        
Cash, beginning of the period        
Cash, end of the period  $   $ 
           
Supplemental cash flow disclosure:          

 

The Accompanying Notes Are An Integral Part Of These Financial Statements.

 

 

 

 F-5 

 

 

OMNI GLOBAL TECHNOLOGIES, INC. 
(Formerly Business.vn) 
Statements of Changes in Stockholders Deficit

 

 

   Common Stock   Additional Paid-in   Stockholders     
   Shares   Amount   Capital   Deficit   Total 
                     
Balance, April 30, 2015 (Unaudited)   368,703   $368   $6,049,489   $(11,075,075)  $(5,025,218)
2016 Activity                    
Balance, April 30, 2016    368,703   $368   $6,049,489   $(11,075,075)  $(5,025,218)

 

The Accompanying Notes Are An Integral Part Of These Financial Statements.

 

 

 

 

 F-6 

 

 

OMNI GLOBAL TECHNOLOGIES, INC. 
(Formerly Business.vn) 

Notes to Financial Statements

 

 

1. Organization

 

Unless the context otherwise requires, the terms "we", "our", "us", "OMNI", OMGT or "Omni Global Technologies, Inc." refers to Omni Global Technologies Inc. (formerly Business.vn, Inc.)

 

Omni Global Technologies, Inc. (“OMNI” or the "Company") was originally formed on September 15, 1995 as Interactive Processing, Inc., a Nevada corporation, to market high-tech consumer electronics through television home-shopping networks, retail stores, catalog companies and their website remotecontrols.com. In March 1999, the Company changed its name to Worldtradeshow.com, Inc. In April, 1999, the Company acquired intellectual property rights to a database and business plan and significantly changed its business plan to develop tradeshow software and market both physical and virtual tradeshow space through the Company's website. The Company has never commenced operations

 

The Company has been dormant since October 2008 and was under the control of a Receiver in Nevada’s Eighth Judicial District in #A14- 715484-P as of May 15, 2016. As of April 30, 2016 the Company had no assets. All liabilities outstanding as of April 30, 2009 have been carried over to the 2016 balance sheet; because these liabilities had not been technically discharged as of that date

 

Reverse Split and Name Change

 

On November 18, 2016, the Company effected a 1 for 150 reverse split and changed its name from Business.vn, Inc., to Omni Global Technologies, Inc., and the Company’s trading symbol changed from “BVNI” to “OMGT”. Under the guidelines of Staff Accounting Bulletin 4c, a capital structure change such as a stock split that occurs after the date of the most recent balance sheet must be given retroactive effect in the balance sheet. Accordingly, all references to the numbers of Common Shares and per share data in the accompanying financial statements have been adjusted to reflect this forward split on a retroactive basis, unless indicated otherwise.

 

2. Summary of Significant Accounting Policies

 

Basis of Presentation

 

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses or recognized when incurred.

 

Income Taxes

 

The Company utilizes SFAS No. 115,  Accounting for Income Taxes , which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the tax basis of assets and liabilities and their financial reporting amounts based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

 

Going Concern

 

The Company has an accumulated deficit of $11,075,075 to date. We will need additional working capital to service debt and for ongoing operations, which raises substantial doubt about its ability to continue as a going concern. Management of the Company is working a strategy to meet operational shortfalls which may include equity funding, short term or long term financing or debt financing, to enable the Company to reach profitable operations, however, there can be no assurances that the plan will succeed nor that the Company will be able to execute its plans.

 

 

 

 F-7 

 

 

Basic and Diluted Net Loss Per Share

 

Net loss per share is calculated in accordance with SFAS No. 128,  Earnings Per Share  for the period presented. Basic net loss per share is based upon the weighted average number of common shares outstanding. Diluted net loss per share is based on the assumption that all dilative convertible shares and stock options were converted or exercised. Dilution is computed by applying the treasury stock method. Under this method, options and warrants are assumed exercised at the beginning of the period (or at the time of issuance, if later), and as if funds obtained thereby we used to purchase common stock at the average market price during the period.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain 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 revenue and expenses during the periods presented. Actual results could differ from those estimates.

 

Significant estimates made by management are, among others, realizability of long-lived assets, deferred taxes and stock option valuation. Management reviews its estimates on a quarterly basis and, where necessary, makes adjustments prospectively.

  

All intangible assets and goodwill have been written off as of April 30, 2016.

 

3. Provision for income taxes

 

As of April 30, 2016, the Company has a federal net operating loss carry forwards of $11,075,075 that can be utilized to reduce future taxable income. The net operating loss carry forward will expire through 2023 if not utilized. Utilization of the net operating loss and tax credit carry forward may be subject to substantial annual limitations due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating loss and tax credit carry forwards before utilization. The Company has provided a full valuation allowance on the deferred tax asset because of uncertainty regarding realizability.

 

4. Subsequent Events

 

On November 18, 2016, the Company effected a 1 for 150 reverse split and changed its name from Business.vn, Inc., to Omni Global Technologies, Inc., and the Company’s trading symbol changed from “BVNI” to “OMGT”.

 

 

 F-8