Attached files
| file | filename |
|---|---|
| EX-32.1 - CERTIFICATION - TEMIR CORP. | f10k2019ex32-1_temircorp.htm |
| EX-31.1 - CERTIFICATION - TEMIR CORP. | f10k2019ex31-1_temircorp.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended AUGUST 31, 2019
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File No. 333-213996
TEMIR CORP.
(Exact name of registrant as specified in its charter)
Nevada
(State or Other Jurisdiction of Incorporation or Organization)
| 98-1321204 | 7999 | |
| IRS Employer Identification Number | Primary Standard Industrial Classification Code Number |
Temir Corp.
Room 1204-06,12/F, 69 Jervois Street,
Sheung Wan, Hong Kong
Tel. 852-28527388
(Address and telephone number of registrant’s executive office)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether 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 shorter period that the registrant as 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K 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. Yes ☐ No ☒
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 | ☐ | 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 7(a)(2)(B) of the Securities Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) Yes ☐ No ☒
As of December 9, 2019, the registrant had 2,574,000 shares of common stock issued and outstanding. No market value has been computed based upon the fact that no active trading market has been established as of December 9, 2019.
Table Of Contents
i
ITEM 1. DESCRIPTION OF BUSINESS
FORWARD-LOOKING STATEMENTS
This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. These statements often can be identified by the use of terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management’s best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
As used in this annual report, the terms “we”, “us”, “our”, “the Company”, mean TEMIR CORP., unless otherwise indicated.
All dollar amounts refer to US dollars unless otherwise indicated.
DESCRIPTION OF BUSINESS
We were incorporated in the State of Nevada on May 19, 2016. We commence operations in tourism. Our principal office address is located at 54 Fruktovaya Street, Bishkek, Kyrgyzstan 720027. On July 15, 2019, our principal office has been relocated to room 1204-06, 12/F, 69 Jervois Street, Sheung Wan, Hong Kong.
Temir Corp. is a travel agency that organizes individual and group tours in Kyrgyzstan, such as cultural, recreational, sport, business, ecotours and other travel tours. Services and products provided by our company include custom packages according to the client’s specifications. We develop and offer our own tours in Kyrgyzstan as well as third-party suppliers.
As at July 15, 2019 the management of Temir Corp has been changed, new management team is planning to restructure the company’s business from travel agency to an investment holding with major business being diversified financials.
Not applicable.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
We do not own any property.
We are not currently involved in any legal proceedings and we are not aware of any pending or potential legal actions.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No report required.
1
ITEM 5. MARKET FOR EQUITY SECURITIES AND OTHER SHAREHOLDER MATTERS
MARKET INFORMATION
As of August 31, 2019 the 2,574,000 issued and outstanding shares of common stock were held by a total of 41 shareholders of record.
DIVIDENDS
We have never paid or declared any dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future.
SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS
We currently do not have any equity compensation plans.
ITEM 6. SELECTED FINANCIAL DATA
Not Applicable.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS
The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this Annual Report. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.
2
RESULTS OF OPERATIONS
As of AUGUST 31, 2019, our accumulated losses were $46,126. We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.
Year Ended AUGUST 31, 2019 compared to the year ended August 31, 2018
Revenue
During the year ended AUGUST 31, 2019, the Company did not generate any revenue compared to $8,500 for the year ended August 31, 2018. Total costs of the revenue were $0 for the year ended AUGUST 31, 2019 compared to $2,700 for the year ended August 31, 2018. During the year ended AUGUST 31, 2019, the Company has no gross profit compared to $5,800 for the year ended August 31, 2018.
Operating Expenses
During the year ended AUGUST 31, 2019, we incurred no expenses and professional fees compared to $39,485 for the year ended August 31, 2018. General and administrative and professional fee expenses incurred generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting and developmental costs.
Our net loss for the year ended AUGUST 31, 2019 was $15,329 compared to net loss of $33,685 for the year ended August 31, 2018.
LIQUIDITY AND CAPITAL RESOURCES
As at AUGUST 31, 2019 our current assets were $0 compared to $2,873 in current assets at AUGUST 31, 2018. As at AUGUST 31, 2019 our total assets were $0 compared to $3,656 in total assets at AUGUST 31, 2018. As at AUGUST 31, 2019, our current liabilities were $498 compared to $3,753 as of AUGUST 31, 2018.
Stockholders’ equity was $0 as of AUGUST 31, 2019 compared to $3,656 as of AUGUST 31, 2018.
Cash Flows from Operating Activities
For the year ended AUGUST 31, 2019, net cash flows used by operating activities was $0 consisting of net loss of $15,329.
For the year ended AUGUST 31, 2018, net cash flows used by operating activities was $32,720, consisting of net loss of $33,685, increase in prepaid expenses of $295 and amortization expenses of $668.
Cash Flows from Investing Activities
Cash flows used in investing activities during year ended AUGUST 31, 2019 was $783 compared to none during year ended AUGUST 31, 2018.
Cash Flows from Financing Activities
Cash flows provided by financing activities during the year ended AUGUST 31, 2019 were $11,175, consisting entirely of $3,753 loan from shareholder being written off and $14,928 contributed capital from a director. Cash flows provided by financing activities during the year ended AUGUST 31, 2018 were $532, consisting of $532 loan from shareholder.
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PLAN OF OPERATION AND FUNDING
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a start-up business and (ii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
MATERIAL COMMITMENTS
As of the date of this Annual Report, we do not have any material commitments.
PURCHASE OF SIGNIFICANT EQUIPMENT
We do not intend to purchase any significant equipment during the next twelve months.
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Annual Report, we do not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Not applicable.
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Item 8. Financial Statements and Supplementary Data
5
MICHAEL GILLESPIE & ASSOCIATES, PLLC
CERTIFIED PUBLIC ACCOUNTANTS
10544 ALTON AVE NE
SEATTLE, WA 98125
206.353.5736
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors
Temir Corp.
Opinion on the Financial Statements
We have audited the accompanying balance sheets of Temir Corp. as of August 31, 2019 and 2018 and the related statements of operations, changes in stockholders’ (deficit)/equity and cash flows for the periods then ended, and the related notes (collectively referred to as “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of August 31, 2019 and 2018 and the results of its operations and its cash flows for the periods then ended, in conformity with accounting principles generally accepted in the United States of America.
Going Concern
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note 2 to the financial statements, although the Company has limited operations it has yet to attain profitability. This raises substantial doubt about its ability to continue as a going concern. Management’s plan in regard to these matters is also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
/S/ MICHAEL GILLESPIE & ASSOCIATES, PLLC
We have served as the Company’s auditor since 2016.
Seattle, Washington
December 9, 2019
F-1
BALANCE SHEETS
(AUDITED)
| AUGUST 31, 2019 | AUGUST 31, 2018 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash | $ | - | $ | 2,873 | ||||
| Accounts receivable | - | - | ||||||
| Prepaid expenses | - | - | ||||||
| Total current assets | - | 2,873 | ||||||
| Other Assets | ||||||||
| Equipment | - | 783 | ||||||
| Total Assets | $ | - | $ | 3,656 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Loan from related parties | $ | - | $ | 3,753 | ||||
| Accounts payable | $ | 498 | $ | - | ||||
| Total current liabilities | 498 | 3,753 | ||||||
| Total Liabilities | 498 | 3,753 | ||||||
| Stockholders’ Equity | ||||||||
| Common stock, $0.001 par value, 75,000,000 shares authorized; 2,574,000 shares issued and outstanding | 2,574 | 2,574 | ||||||
| Additional Paid-in-Capital | 43,054 | 28,126 | ||||||
| Retained Earnings (Deficit) | (46,126 | ) | (30,797 | ) | ||||
| Total Stockholders’ equity | (498 | ) | (97 | ) | ||||
| Total Liabilities and Stockholders’ equity | $ | - | $ | 3,656 | ||||
The accompanying notes are an integral part of these financial statements.
F-2
STATEMENTS OF OPERATIONS
(AUDITED)
YEAR ENDED AUGUST 31, | YEAR ENDED AUGUST 31, | |||||||
| Revenue from continuing operations | $ | - | $ | 8,500 | ||||
| Cost of goods sold | - | (2,700 | ) | |||||
| Gross profit | - | 5,800 | ||||||
| Operating expenses | ||||||||
| General and administrative expenses | - | (39,485 | ) | |||||
| Net income (loss) from continuing operations | - | (33,685 | ) | |||||
| Discontinued operations | ||||||||
| Loss from operations of discontinued | (15,329 | ) | ||||||
| Income (Loss) before provision for income taxes | (15,329 | ) | (33,685 | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net income (loss) | $ | (15,329 | ) | $ | (33,685 | ) | ||
| Income (loss) per common share: | ||||||||
| Basic and Diluted | $ | (0.00 | ) | $ | (0.00 | ) | ||
| Weighted Average Number of Common Shares Outstanding: | ||||||||
| Basic and Diluted | 2,574,000 | 2,574,000 | ||||||
The accompanying notes are an integral part of these financial statements.
F-3
STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE YEARS ENDED AUGUST 31, 2019 AND 2018
(AUDITED)
| Number of Common Shares | Amount $ | Additional Paid-In-Capital $ | Deficit accumulated $ | Total $ | ||||||||||||||||
| Balances as of AUGUST 31, 2017 | 2,574,000 | 2,574 | 28,126 | 2,888 | 33,588 | |||||||||||||||
| Net income (loss) for the year | - | - | - | (33,685 | ) | (33,685 | ) | |||||||||||||
| Balances as of AUGUST 31, 2018 | 2,574,000 | 2,574 | 28,126 | (30,797 | ) | (97 | ) | |||||||||||||
| Net income (loss) for the year (1) | - | - | 14,928 | (15,329 | ) | (401 | ) | |||||||||||||
| Balances as of AUGUST 31, 2019 | 2,574,000 | 2,574 | 43,054 | (46,126 | ) | (498 | ) | |||||||||||||
| (1) | On July 15, 2019, Stanislav Pak, the former President and director of the Company, sold all his equity interests to present management team of the Company. He waived the loan due to him by the Company. On the completion of the transaction, the said loan was taken up as the additional paid-in-capital of the Company. |
The accompanying notes are an integral part of these financial statements.
F-4
STATEMENTS OF CASH FLOWS
(AUDITED)
| YEAR ENDED AUGUST 31, 2019 | YEAR ENDED AUGUST 31, 2018 | |||||||
| Cash flows from Operating Activities | ||||||||
| Net income (loss) | $ | - | $ | (33,683 | ) | |||
| Amortization expenses | - | 668 | ||||||
| Prepaid expenses | - | 295 | ||||||
| Net cash provided by operating activities | - | (32,720 | ) | |||||
| Cash flows from Discontinued Operating Activities | ||||||||
| Net income (loss) | $ | (15,329 | ) | $ | - | |||
| Accounts receivable | - | - | ||||||
| Current liabilities | 498 | - | ||||||
| Net cash provided by discontinued operating activities | (14,831 | ) | - | |||||
| Cash flows from Investing Activities | ||||||||
| Amortization of fixed assets | $ | 783 | $ | - | ||||
| Net cash used in investing activities | 783 | - | ||||||
| Cash flows from Financing Activities | ||||||||
| Proceeds from sale of common stock | - | - | ||||||
| Proceeds of loan from shareholder | (3,753 | ) | 532 | |||||
| Proceeds of additional paid-in-capital (2) | 14,928 | - | ||||||
| Net cash provided by financing activities | 11,175 | 532 | ||||||
| Net increase in cash and equivalents | (2,873 | ) | (32,188 | ) | ||||
| Cash and equivalents at beginning of the period | 2,873 | 35,061 | ||||||
| Cash and equivalents at end of the period | $ | - | $ | 2,873 | ||||
| Supplemental cash flow information: | ||||||||
| Cash paid for: | ||||||||
| Interest | $ | - | $ | - | ||||
| Taxes | $ | - | $ | - | ||||
| (2) | On July 15, 2019, Stanislav Pak, the former President and director of the Company, sold all his equity interests to present management team of the Company. He waived the loan due to him by the Company. On the completion of the transaction, the said loan was taken up as the additional paid-in-capital of the Company. The transaction is non-cash in nature and has been classified under cash flows from financing activities. |
The accompanying notes are an integral part of these financial statements.
F-5
NOTES TO THE UNAUDITED FINANCIAL STATEMENTS
AUGUST 31, 2019
(AUDITED)
NOTE 1 – ORGANIZATION AND BUSINESS
TEMIR CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on May 19, 2016. The Company commences operations in tourism. Temir Corp. is a travel agency that organizes individual and group tours in Kyrgyzstan, such as cultural, recreational, sport, business, ecotours and other travel tours. The company’s principal executive offices are located at 54 Frukovaya Street, Bishkek, Kyrgyzstan 720027. On July 15,2019, the company’s principal office has been relocated to Room 1204-06, 12/F, 69 Jervois Street, Sheung Wan, Hong Kong.
The Company has adopted August 31 fiscal year end.
NOTE 2 – GOING CONCERN
The Company’s financial statements as of AUGUST 31, 2019 been prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has retained deficit from inception (May 19, 2016) to AUGUST 31, 2019 of $46,126. These factors among others raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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.
Cash and Cash Equivalents
For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company’s bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At AUGUST 31, 2019 the Company’s bank deposits did not exceed the insured amounts.
F-6
Use of Estimates
Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.
Stock-Based Compensation
As of AUGUST 31, 2019, the Company has not issued any stock-based payments to its employees.
Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.
Revenue Recognition
The Company follows the guidance of the Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. We record revenue when persuasive evidence of an arrangement exists, the services have been provided, the price to the customer is fixed or determinable and collectability of the revenue is reasonably assured.
Property and Equipment
Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years.
Income Taxes
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
New Accounting Pronouncements
There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.
F-7
NOTE 4 – CAPITAL STOCK
The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. As of AUGUST 31, 2019, the Company had 2,574,000 shares issued and outstanding.
NOTE 5 – RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.
Since May 19, 2016 (Inception) through AUGUST 31, 2019, the Company has granted a loan to one of the company’s directors for the maximum amount of $14,928 to pay for incorporation costs and operating expenses. As of AUGUST 31, 2019, the amount outstanding was capitalized as additional paid-in- capital of the Company. The loan is non-interest bearing, due upon demand and unsecured.
Others than those stated above, there is no related party transaction with directors and officers of the company during the financial year ended August 31, 2019. During the period, there is a fully provision of $14,928 as a forgiven loan from the former CEO of the Company.
NOTE 6 – SUBSEQUENT EVENTS
The Company has evaluated subsequent events from AUGUST 31, 2019 to December 9, 2019 the date the financial statements were issued and has determined that there are no items to disclose.
F-8
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
None.
ITEM 9A. CONTROLS AND PROCEDURES
Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of AUGUST 31, 2019. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the year AUGUST 31, 2019 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
None.
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ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE COMPANY
|
Name and Address of Executive Officer and/or Director |
Age | Position | ||
|
Stanislav Pak 54 Fruktovaya Street, Bishkek, Kyrgyzstan 720027 |
46 |
President, Treasurer, Secretary and Director (Principal Executive, Financial and Accounting Officer) | ||
|
Roy Kong Hoi Chan Flat H, 12/F, Tower 2, Island Place, North Point. Hong Kong |
41 | President | ||
|
Alex Kwok Fai Yuen Flat G, 19/F, Block 2, Metro Harbour View, 8 Fuk Lee Street, Tai Kok Tsui, Hong Kong |
40 | Executive director | ||
|
Mark Ko Chiu Yip Flat A,8/F, Yuen Long Plaza, 251 Castle Peak Road, Hong Kong |
37 | Executive director | ||
|
Bon Pok Yin Cheung Room C, 3/F, Hung Kei Mansion, 5-8 Queen Victoria Street, Central,
|
41 | Non-executive director | ||
|
Alan Yuk Lun Wong Flat 6, 22/F, Kay Shun House, On Kay Court, Ngau Tau Kok, Hong Kong |
45 | Non-executive director | ||
|
Siu Nam Hau Flat A, 11/F, Olympian Mansion,9 Conduit Road, Hong Kong |
48 | Non-executive director | ||
|
Brian Hung Ngok Wong 1206, 12/F, 69 Jervois Street, Sheung Wan, Hong Kong |
53 | Chief Executive Officer | ||
|
Brian Kong Wai Chan Flat B, 18/F, 30 Johnston Road, Wanchai, Hong Kong |
39 | Chief Financial Officer |
Stanislav Pak has acted as our President, Treasurer, Secretary and sole Director since our incorporation on May 19, 2016 until he resigned on July 15, 2019. Mr. Pak owns 77.70% of the outstanding shares of our common stock. Mr. Pak graduated from Kyrgyz State University of Construction, Transport and Architecture in 2009. His qualification is engineer. From February 2006 to May 2012 he worked at OcOO” M.F.LINE”, a constructions company, as Assistant Director. From June 2012 to Present he has been working at OcOOO “TeDIS”, a workwear manufacture, as General Director.
Roy Chan appointed as our President on July 15, 2019. Roy is the founder of JTI Securities Limited and JTI Financial Services Group Limited. He has held senior management roles of JTI since 2011. Prior to joining JTI group, He has over 10 years’ working experience in banking and finance sectors.
Alex Yuen appointed as our executive director on July 15, 2019. Alex is a sole owner of professional consultancy firm which provide corporate advisory services. He started his career at Deloitte Touche Tohmatsu and has been focusing on risk management and regulatory compliance for more than 10 years. Alex is an expert in corporate governance, anti-money laundering and regulatory compliance. Others than Deloitte, he worked at different financial institutions as compliance and risk experts, including asset management firms, securities brokerage firms, private banks and investment banks.
Mark Yip appointed as our executive director on July 15, 2019. He was the general manager of Cybernetics Property Mortgage Limited since 2013. Mark is a specialist on mortgage and personal loan consulting services with over 11 years’ experience. Mark has good business relationship with banks and property agencies in Hong Kong. Before he took the senior management role in Cybernetics, he held executive position in mReferral Corporation (HK) Limited.
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Bon Cheung appointed as our non-executive director on July 15, 2019. He is the founder and principal solicitor of Messrs. P. Y. Cheung & Co., a law firm in Hong Kong focusing on commercial & company law and civil & criminal litigations. Bon admitted to practice as a solicitor in Hong Kong in 2014. Other than being a legal practitioner, He was a software engineer with experience on computer software programming, computer system design and project management.
Alan Wong appointed as our non-executive director on July 15, 2019. He is an independent non-executive director of each of TUS International Limited, Huisheng International Holding Limited and Tech Pro Technology Development Limited, all of which are companies listed on The Stock Exchange of Hong Kong Limited. Alan had been working with various accounting firms and commercial companies for about 20 years of working experience and was responsible for works related to financial management, taxation, audit and non-audit services.
Siu Nam Hau appointed as our non-executive director on September 26, 2019. Hau was educated in Hong Kong with over 20 years of experience in finance, direct investment and provision of consultancy services for large multinational companies. At present, he is developing the Vietnamese market. Over the past years, Hau has completed the following projects associated with Vietnam: (i) joined with Sumitomo Corporation and introduce Honda motorcycles to Vietnam; (ii) discussed with the chief of the Central Bank of Vietnam to explore the establishment of the Vietnam Stock Exchange; (iii) assisted JP Morgan to establish a Vietnamese bond market; (iv) established an office with the state-owned Beijing Foreign Trade in Ho Chi Minh City; (v) acquisition of Vietnam Pacific Airlines with AVIC Group.
Brian Wong appointed as our chief executive officer on July 15, 2019. He is the director and chief financial officer of Murchison Holdings Limited and Quest Investments Limited, both are companies listed on Australian Stock Exchange. Brian has held senior management roles of Quest and Murchison since 2004. Brian has over 30 years’ working experience in banking, equities market and corporate finance including at Hang Seng Bank Limited and Citibank Investment Banking Group.
Brian Chan appointed as our chief financial officer on July 15, 2019. He is the brother of Roy Chan, the Co-founder of JTI Financial Services Group Limited. Brian has held senior role of the Group since 2011. Before joining JTI Group, Brian has over 10 years’ working experience in renowned certified public accounting firm as companies’ auditors.
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During the past ten years, all directors and executive officers have not been the subject to any of the following events:
1. Any bankruptcy petition filed by or against any business of which all directors or executive officer either at the time of the bankruptcy or within two years prior to that time.
2. Any conviction in a criminal proceeding or being subject to a pending criminal proceeding.
3. An order, judgment, or decree, not subsequently reversed, suspended or vacated, or any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting all directors involvement in any type of business, securities or banking activities.
4. Found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Future Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.
5. Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity;
6. Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;
7. Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:
| i. | Any Federal or State securities or commodities law or regulation; or |
| ii. | Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or |
| iii. | Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or |
8. Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.
AUDIT COMMITTEE
We do not have an audit committee financial expert. We do not have an audit committee financial expert because we believe the cost related to retaining a financial expert at this time is prohibitive. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted.
SIGNIFICANT EMPLOYEES
Other than our directors and executive officers, we do not expect any other individuals to make a significant contribution to our business.
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ITEM 11. EXECUTIVE COMPENSATION
The following tables set forth certain information about compensation paid, earned or accrued for services by our Executive Officer for the years ended AUGUST 31, 2019 and AUGUST 31,2018:
Summary Compensation Table
Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive Plan Compensation ($) | All Other Compensation ($) | All Other Compensation ($) | Total ($) | |||||||||||||||||||||||||
Stanislav Pak, President, Secretary and Treasurer | September 1, 2016 to AUGUST 31, 2017 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | -0- | |||||||||||||||||||||||||
| September 1, 2017 to AUGUST 31, 2018 | -0- | -0- | -0- | -0- | -0- | -0- | -0- | -0- | ||||||||||||||||||||||||||
There were no compensation paid or payable to Roy Chan, Alex Yuen, Mark Yip, Alan Wong, Bon Cheung, Siu Nam Hau, Brian Wong and Brian Chan since their appointment until the end of the financial year ended August 31, 2019.
There are no current employment agreements between the company and its officers.
There are no annuity, pension or retirement benefits proposed to be paid to the officers or directors or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the company or any of its subsidiaries, if any.
CHANGE OF CONTROL
As of AUGUST 31, 2019, we had no pension plans or compensatory plans or other arrangements which provide compensation in the event of a termination of employment or a change in our control.
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ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS (to be updated)
The following table sets forth information as of AUGUST 31, 2019 regarding the ownership of our common stock by each shareholder known by us to be the beneficial owner of more than five percent of our outstanding shares of common stock, each director and all executive officers and directors as a group. Except as otherwise indicated, each of the shareholders has sole voting and investment power with respect to the shares of common stock beneficially owned.
| Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Ownership | Percentage | |||||
| Common Stock | Stanislav Pak 54 Fruktovaya Street, Bishkek, Kyrgyzstan 720027 | 2,000,000 shares of common stock (direct) | 77.7% | |||||
The percent of class is based on 2,574,000 shares of common stock issued and outstanding as of the date of this annual report.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
On August 30, 2016, we issued a total of 2,000,000 shares of restricted common stock to Stanislav Pak, our sole officer and director in consideration of $2,000. Further, Mr. Pak has advanced funds to us. As of AUGUST 31, 2019, The funds advanced from Mr. Pak to us has been fully repaid. The obligation to Mr. Pak does not bear interest. There is no written agreement evidencing the advancement of funds by Mr. Pak or the repayment of the funds to Mr. Pak. The entire transaction was oral. Mr. Pak is providing us office space free of charge.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
During fiscal year ended AUGUST 31, 2019, we incurred approximately $8,300 in fees to our principal independent accountants for professional services rendered in connection with the audit of our financial statements for the fiscal year ended AUGUST 31, 2019 and for the reviews of our financial statements for the quarters ended November 30, 2018, February 28, 2019 and May 31, 2019.
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The following exhibits are filed as part of this Annual Report.
Exhibits:
| 31.1 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a) |
| 32.1 | Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002 |
| 101.INS | XBRL Instance Document |
| 101.SCH | XBRL Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Document |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| TEMIR CORP. | ||
| Dated: December 9, 2019 | By: | /s/ Roy Chan |
| Roy Chan, President | ||
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