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EX-32.1 - CERTIFICATION OF CHIEF EXECUTIVE AND FINANCIAL OFFICER - Genemen Inc.f10q022810ex32_genemen.htm
EX-31.1 - CERTIFICATION OF CHIEF EXECUTIVE AND FINANCIAL OFFICER - Genemen Inc.f10q022810ex31i_genemen.htm


U. S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
Form 10-Q
(Mark One)
þ
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended FEBRUARY 28, 2010
 
o
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
Commission File Number
 
  GENEMEN INC.  
  (Exact name of registrant as specified in its charter)  
 
Nevada
 
20-2471612
(State or other jurisdiction of
 
(IRS Employer Identification No.)
incorporation or organization)
   
 
For correspondence, please contact:

Jillian Ivey Sidoti, Esq.
34721 Myrtle Court
Winchester, CA 92596
(323) 799-1342 (phone)
(951) 602-6049 (fax)

3702 South Virginia Street, Suite G12-401
Reno, Nevada 89502-6030

(Address of principal executive offices)
(281) 488-3883

(Registrant’s telephone number, including area code)
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 þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer o
 
Accelerated filer o
 
Non-accelerated filer o
 
Smaller reporting company þ
       
(Do not check if a smaller reporting company)
   
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes þ No o

At April 14, 2010, there were 2,525,000 shares outstanding of the registrant’s common stock.
 
 
 
 

 
 
 
GENEMEN INC.
INDEX TO FORM 10-Q
FOR THE QUARTER ENDED FEBRUARY 28, 201
 
     
Page
 
     
Number
 
PART I.
 FINANCIAL INFORMATION
       
           
Item 1.
Financial Statements (unaudited)
       
           
 
Balance Sheets at February 28, 2010 (unaudited) and May 31, 2009 (audited)
   
F-1
 
           
 
Statements of Operations for the three and nine months ended February 28, 2010 and 2009 and for the period from February 5, 2005 (inception) to February 28, 2010 (unaudited)
   
F-2
 
           
 
Statement of Shareholders’ Deficit for the period from February 5, 2005 (inception) to February 28, 2010 (unaudited)
   
F-3
 
           
 
Statements of Cash Flows for the nine months ended February 28, 2010 and 2009 and for the period from February 5, 2005 (inception) to February 28, 2010 (unaudited)
   
F-4
 
           
 
Notes to Condensed Consolidated Interim Financial Statements (unaudited)
   
F-5
 
           
Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
   
8
 
           
Item 3.
Controls and Procedures
   
11
 
           
PART II.
OTHER INFORMATION
       
           
Item 1.
Legal Proceedings
   
12
 
           
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds 
   
12
 
           
Item 3.
Defaults upon senior securities
   
12
 
           
Item 4.
Submissions of matters to a vote of securities holders
   
12
 
           
Item 5.
Other Information
   
12
 
           
Item 6. 
Exhibits
   
12
 
           
Exhibit 31.1
   
Exhibit 32.1
   
 
 
ii

 
 
PART I — FINANCIAL INFORMATION
Item 1. FINANCIAL STATEMENTS
 
GENEMEN, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
AS OF FEBRUARY 28, 2010 AND MAY 31, 2009

   
February 28, 2010
   
May 31,
 2009
 
   
(unaudited)
   
(audited)
 
ASSETS
           
Current Assets
           
Cash and equivalents
  $ 0     $ 0  
Prepaid expenses
    0       4,970  
                 
TOTAL ASSETS
  $ 0     $ 4,970  
                 
LIABILITIES AND STOCKHOLDERS’ DEFICIT
               
Liabilities
               
Current Liabilities
               
Accounts payable and accrued liabilities
  $ 5,000     $ 5,000  
Due to related party
    74,568       63,598  
Total current liabilities
    79,568       68,598  
                 
Stockholders’ Deficit
               
Common Stock, $.001 par value, 75,000,000 shares        authorized, 2,525,000 shares issued and outstanding
     2,525        2,525  
Preferred Stock, $.001 par value, 10,000,000 shares                authorized, -0- shares issued and outstanding
     0        0  
Additional paid-in capital
    61,475       61,475  
Deficit accumulated during the development stage
    (138,598 )     (127,628 )
Total stockholders’ deficit
    (74,598 )     (63,628 )
                 
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
  $ 4,970     $ 4,970  
 
See accompanying notes to financial statements.
 
 
F-1

 
 
GENEMEN, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED FEBRUARY 28, 2010 AND 2009
FOR THE PERIOD FROM FEBRUARY 2, 2005 (INCEPTION) TO FEBRUARY 28, 2010

   
THREE MONTHS ENDED FEBRUARY 28, 2010
   
THREE MONTHS ENDED FEBRUARY 28,2009
   
NINE MONTHS ENDED FEBRUARY 28, 2010
   
NINE MONTHS ENDED FEBRUARY 28,2009
   
PERIOD FROM FEBRUARY 2, 2005 (INCEPTION) TO FEBRUARY 28, 2010
 
                               
REVENUES
  $ 0     $ 0     $ 0     $ 0     $ 0  
                                         
EXPENSES
                                       
Management fees (Note 6)
    0       0       0       0       13,500  
General and administrative expenses
    0       0       0       0       0  
Professional fees
    6,970       2,000       10,970       5,000       125,098  
                                         
NET LOSS
  $ (6,970 )   $ (2,000 )   $ (10,970 )   $ (5,000 )   $ (138,598 )
                                         
BASIC AND DILUTED LOSS PER SHARE
 
$   (0.00)
   
$   (0.00)
   
$   (0.00)
    $ (0.00 )        
                                         
WEIGHTED AVERAGE COMMON SHARES OUTSANDING: BASIC AND DILUTED
    2,525,000       2,525,000       2,525,000       2,525,000          
 
See accompanying notes to financial statements.
 
 
F-2

 
 
GENEMEN, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENT OF STOCKHOLDERS’ DEFICIT (UNAUDITED)
PERIOD FROM FEBRUARY 2, 2005 (INCEPTION) TO FEBRUARY 28, 2010

   
Common Stock
   
Additional
   
Accumulated
       
   
Shares
   
Amount
   
Paid in Capital
   
Deficit
   
Total
 
                               
Balance, February 2, 2005 (Inception)
    -     $ 0     $ 0     $ 0     $ 0  
                                         
Net loss for the period ended May 31, 2005
    -       -       -       -       -  
                                         
Balance, May 31, 2005
    0       0       0       0       0  
                                         
Common stock issued for cash at $0.02 per share, March 20, 2006
    2,525,000       2,525       47,975       -       50,500  
                                         
Donated services (see Note 5)
    -       -       1,500       -       1,500  
                                         
Net loss for the period ended May 31, 2006
    -       -       -       (5,500 )     (5,500 )
                                         
Balance, May 31, 2006
    2,525,000       2,525       49,475       (5,500 )     46,500  
                                         
Donated services (see Note 5)
    -       -       6,000       -       6,000  
                                         
Net loss for the year ended May 31, 2007
    -       -       -       (64,000 )     (64,000 )
                                         
Balance, May 31, 2007
    2,525,000       2,525       55,475       (69,500 )     (11,500 )
                                         
Donated services (see Note 5)
    -       -       6,000       -       6,000  
                                         
Net loss for the year ended May 31, 2008
    -       -       -       (19,068 )     (19,068 )
                                         
Balance, May 31, 2008
    2,525,000       2,525       61,475       (88,568 )     (24,568 )
                                         
Net loss for the year ended May 31, 2009
    -       -       -       (39,060 )     (39,060 )
                                         
Balance, May 31, 2009
    2,525,000       2,525       61,475       (127,628 )     (63,628 )
                                         
Net loss for the nine months ended February 28, 2010
    -       -       -       (10,970     (10,970
                                         
Balance, February 28, 2010
    2,525,000     $ 2,525     $ 61,475     $ (138,598   $ (74,598
 
See accompanying notes to financial statements.

 
F-3

 
 
GENEMEN, INC.
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS (UNAUDITED)
NINE MONTHS ENDED FEBRUARY 28, 2010 AND 2009
PERIOD FROM FEBRUARY 2, 2005 (INCEPTION) TO FEBRUARY 28, 2010
 
   
NINE MONTHS ENDED FEBRUARY 28, 2010
   
NINE MONTHS ENDED FEBRUARY 28, 2009
   
PERIOD FROM FEBRUARY 2, 2005 (INCEPTION) TO FEBRUARY 28, 2010
 
CASH FLOWS FROM OPERATING ACTIVITIES
                 
Net loss for the period
  $ (10,970 )   $ (5,000 )   $ (138,598 )
Donated services
    0       0       13,500  
Change in non-cash working capital items
                       
Prepaid expenses
    0       0       0  
Accounts payable and accrued liabilities
    0       5,000       5,000  
CASH FLOWS USED BY OPERATING ACTIVITIES
    (10,970 )     (0 )     (125,098 )
                         
CASH FLOWS FROM FINANCING ACTIVITIES
                       
Due to related party
    10,970       0       69,598  
Proceeds from sales of common stock
    0       0       50,500  
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES
    10,970        0       125,098  
                         
NET INCREASE IN CASH
    0       0       0  
                         
Cash, beginning of period
    0       0       0  
Cash, end of period
  $ 0     $ 0     $ 0  
                         
SUPPLEMENTAL CASH FLOW INFORMATION
                       
Interest paid
  $ 0     $ 0     $ 0  
Income taxes paid
  $ 0     $ 0     $ 0  
 
See accompanying notes to financial statements.
 
 
F-4

 
 
GENEMEN, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
FEBRUARY 28, 2010
 
NOTE 1 – SUMMARY OF ACCOUNTING POLICIES

Nature of Business
GENEMEN, Inc. (“GENEMEN”) is a development stage company and was incorporated in Nevada on February 2, 2005.  The Company is developing an online purchase anti-fraud software program. GENEMEN operates out of office space owned by a director and stockholder of the Company.  The facilities are provided at no charge.  There can be no assurances that the facilities will continue to be provided at no charge in the future.

Development Stage Company
The accompanying financial statements have been prepared in accordance with accounting principles for development stage companies.  A development stage company is one in which planned principal operations have not commenced or if its operations have commenced, there has been no significant revenues there from.

Basis of Presentation
The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission (“SEC”), and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-K filed with the SEC as of and for the period ended May 31, 2009.  In the opinion of management, all adjustments necessary in order for the financial statements to be not misleading have been reflected herein.  The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.

Cash and Cash Equivalents
GENEMEN considers all highly liquid investments with maturities of three months or less to be cash equivalents.  At February 28, 2010 and May 31, 2009, the Company had $-0- of cash.

Fair Value of Financial Instruments
GENEMEN’s financial instruments consist of cash and cash equivalents, prepaid expenses, acocunts payable and accrued liabilities, and an amount due to a related party. The carrying amount of these financial instruments approximates fair value due either to length of maturity or interest rates that approximate prevailing market rates unless otherwise disclosed in these financial statements.

Income Taxes
Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

Use of Estimates
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 the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.

 
F-5

 
 
GENEMEN, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
FEBRUARY 28, 2010

NOTE 1 – SUMMARY OF ACCOUNTING POLICIES (continued)
 
Basic loss per share
Basic loss per share has been calculated based on the weighted average number of shares of common stock outstanding during the period.

Recent Accounting Pronouncements
GENEMEN does not expect the adoption of recently issued accounting pronouncements to have a significant impact on the Company’s results of operations, financial position or cash flow.

Subsequent Events
We evaluate the effects of all subsequent events through the date the preparation of our financial statements is complete, management certifies the financial statements, and we file the financial statements with the U.S. Securities and Exchange Commission.

NOTE 2 – DUE TO RELATED PARTY

Amounts due to a related party totaling $74,568 and $63,598 at February 28, 2010 and May 31, 2009, respectively, are advances made to the Company by a director to be used to pay operating expenses. The amounts are due upon demand, non-interest bearing, and unsecured.

Commencing March 20, 2006, the Company recognized donated services for directors of the Company for management fees, valued at $500 per month.  The donated services ceased effective June 1, 2008.

NOTE 3 – ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
 
Accounts payable and accrued liabilities at February 28, 2010 and May 31, 2009 were $5,000.  These amounts related to professional fees owed for services related to periods prior to and including the applicable year-end date.

NOTE 4 – INCOME TAXES

For the periods ended February 28, 2010, GENEMEN has incurred net losses and, therefore, has no tax liability.  The net deferred tax asset generated by the loss carry-forward has been fully reserved.  The cumulative net operating loss carry-forward is approximately $138,598 at February 28, 2010, and will expire beginning in the year 2027.

The cumulative tax effect at the expected rate of 34% of significant items comprising our net deferred tax amount is as follows:
 
   
2010
 
Deferred tax asset attributable to:
     
  Net operating loss carryover
  $ 47,100  
  Valuation allowance
    (47,100 )
      Net deferred tax asset
  $ -  

 
F-6

 
 
GENEMEN, INC.
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
FEBRUARY 28, 2010

NOTE 5 – LIQUIDITY AND GOING CONCERN
 
GENEMEN has negative working capital, has incurred losses since inception, and has not yet received revenues from sales of products or services.  These factors create substantial doubt about the Company’s ability to continue as a going concern.  The financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern.
 
The ability of GENEMEN to continue as a going concern is dependent on the Company generating cash from the sale of its common stock and/or obtaining debt financing and attaining future profitable operations.  Management’s plans include selling its equity securities and obtaining debt financing to fund its capital requirement and ongoing operations; however, there can be no assurance the Company will be successful in these efforts.

NOTE 6 – SUBSEQUENT EVENTS

The Company has analyzed its operations subsequent to February 28, 2010 through the date these financial statements were filed with the Securities and Exchange Commission and has determined that it does not have any material subsequent events to disclose.

 
F-7

 
 
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in this report and those in our 2009 Annual Report on Form 10-K filed with the Securities and Exchange Commission on September 7, 2009. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in such forward-looking statements as a result of certain factors, including but not limited to, those described under “Risk Factors” included in Part II, Item IA of this report.

Overview
 
We were incorporated on February 2, 2005. Under the Securities Act of 1933, our registration statement was approved by the Securities and Exchange Commission and declared effective on September 13, 2006.
 
Since the Company’s assets and operations have been nominal in accordance with SEC Release No. 33-8587, the Company has amended this filing to note their status as a shell company.
 
We are in the business of developing and marketing an online purchase anti-fraud software program known as Intellipass, and we will market our product and provide our software installation, instruction and use tips through our www.intellipass.com.cn Internet website, to which we have ownership rights. We do not know when our website will be functional. Our efforts will be directed at markets in China. The Intellipass software program will be designed to send an instant text message with a one-time use random password to the purchaser’s cell phone, which is registered with his credit card. This will be used for verification that the purchaser is really using his own credit card. Upon completion, we plan to market this software program to Internet storeowners and e-commerce website designers who are trying to enhance e-commerce security. Our plan is to earn revenue from licensing our Intellipass software program once development of this software is complete and our website is fully operational.
 
The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this 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.
 
 Results of Operations for the Quarter ending February 28, 2010
 
Assets
 
Currently, we have no tangible assets and no intangible assets that are quantifiable. This is the same as the previous year at February 28, 2009.
 
Liabilities

Our director advanced  $74,568 and $63,598 at February 28, 2010 and May 31, 2009, respectively to the Company for operating expenses. The amounts are due upon demand, non-interest bearing, and unsecured.
 
 
8

 
 
Operating Expense

Total operating expenses for the three months ended February 28, 2010, were $6,970 compared to expenses for the period ended February 28, 2009 of $2,000.     Total operating expenses for the nine months ended February 28, 2010 were $10,970 compared to expenses for the period ended February 28, 2009 of $5,000.    The increase is attributed to our attempt to remain compliant with the SEC in 2009.

Net Loss

Net loss for the three months ended February 28, 2010 was $(6,970) compared to the period ended February 28, 2009 of $(2,000).  Net loss for the nine months ended February 28, 2010 was $(10,970) compared to the period ended February 28, 2009 of $(5,000).  The decrease in net loss is due to the aforementioned change in activities.
 
Liquidity and Capital Resources
 
At February 28, 2010, we had $Nil in cash.

Critical Accounting Policies and Estimates

Our critical accounting policies are disclosed in our 2009 Annual Report on Form 10-K. During the three months ended February 28, 2010 there have been no significant changes in our critical accounting policies.

Recent Accounting Pronouncements

Recent accounting pronouncements are disclosed in our 2009 Annual Report on Form 10-K, filed with the Securities and Exchange Commission on August 18, 2009. During the three months ended February 28, 2010 there have been no new accounting pronouncements which are expected to significantly impact our consolidated financial statements.

PLAN OF OPERATION AND LIQUIDITY
 
In the next twelve months our primary objective will be to complete development of our proposed anti-fraud software program, develop and establish our marketing plan, commence an advertising campaign for our proposed product, and commence sales of our proposed anti-fraud software program in China.
 
We believe that the primary source of revenue for our business model will be the sale of our proposed online purchase anti-fraud software program to online storeowners. We will negotiate with each of our future customers individually and we will charge our future customers depending on the applications required and the size of the user group. We will also receive compensation for professional services such as customized design and development of anti-fraud software programs. Currently, we do not have any customers as our online purchase anti-fraud software program is not yet fully developed.
 
In our management’s opinion, we need to achieve the following events or milestones in the next twelve months:
 
    ·   
Enhance our core technology and software architecture to increase the effectiveness of our online purchase anti-fraud software program; and
 
    ·   
Establish customer and partner relationships in as many provinces of China as we can, once our proposed online purchase anti-fraud software program is fully developed.
 
 
9

 
 
In our previous reports, we declared we would attempt to reach certain milestone in order to achieve the above. However, we were unable to do such due to time and financial constraints. Our milestones have remained the same, but out timetable has been extended to the following dates:
 
1. Develop a demonstration or beta version of our online purchase anti-fraud software program sometime in 2010. This will allow users to test the anti-fraud software program for effectiveness. We estimate that this will cost a total of $5,000.
 
2. Develop the complete and commercial version of our proposed online purchase anti-fraud software program and our website by late 2010. This will be the completed version of the anti-fraud software program that will be marketed to potential customers in China. We estimate that the remaining cost for completion of the software development is approximately $5,000 ($1,000 of which covers the cost of website development).
 
3. Commence an advertising campaign for our anti-fraud software program immediately following the completed product development, which will be by the summer of 2010. We estimate that we will need $10,000 to implement our marketing and advertising campaign.
 
Furthermore, in our management’s opinion, we will incur the following expenses to fund our plan of operation for the next twelve months:
 
    ·   
Audit fees, which consist primarily of accounting and auditing fees for the year-end audit. We estimate that our audit fee for the next twelve months will be approximately $15,000;
 
    ·   
Bank charges, which consist primarily of charges by our bank for processing transactions through our checking account. We estimate that our bank charges for the next twelve months will be approximately $100; and
 
    ·   
Legal and organizational fees, which consist primarily of legal fees paid by us regarding securities advice and organizing the company. We estimate that our legal and organizational fees for the next twelve months will be approximately $35,000.
 
Purchase or Sale of Equipment
 
We do not expect to purchase or sell any plant or significant equipment. Our President has provided server space needed for hosting our website at no charge.
 
Personnel
 
Mr. Qiaozhen Chen, our President and Director and Mr. Jiansheng Hong, our Chief Technology Officer and Director and Calvin Lum, our director are currently each working about 10 to 20 hours per week to meet our needs. As demand requires, Mr. Chen, Mr. Hong and Mr. Lum will devote additional time. We currently have no other employees. We expect that we will only increase our number of employees by one person during the next twelve months.
 
 
10

 
 
Item 3. CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures
 
The Company carried out an evaluation of the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of February 28, 2010.  This evaluation was accomplished under the supervision and with the participation of our chief executive officer / principal executive officer, and chief financial officer / principal financial officer who concluded that our disclosure controls and procedures are currently effective to ensure that all material information required to be filed in the quarterly report on Form 10-Q has been made known to them.
 
For purposes of this section, the term disclosure controls and procedures means controls and other procedures of an issuer that are designed to ensure that information required to be disclosed by the issuer in the reports that it files or submits under the Act (15 U.S.C. 78a et seg.) 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 in our reports filed under the Securities Exchange Act of 1934, as amended (the "Act") is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
 
Based upon an evaluation conducted for the period ended February 28, 2010, our Chief Executive Officer and Chief Financial Officer as of February 28, 2010, and as of the date of this Report, have concluded that as of the end of the periods covered by this report, they have identified no material weakness of Company internal controls.
 
Corporate expenses incurred are processed and paid by the officers of the Company.  The current number of transactions is not sufficient to justify the retaining of additional accounting personnel.
 
Management’s Report on Internal Control over Financial Reporting
 
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Exchange Act. Our internal control system was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes, in accordance with generally accepted accounting principles in the United States of America.  Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (ii) 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 of the Company; and (iii) 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 inherent limitations, a system of internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate due to change in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
Our management conducted an evaluation of the effectiveness of our internal control over financial reporting using the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control—Integrated Framework.  Based on its evaluation, our management concluded that, as of February 28, 2010, our internal control over financial reporting was effective.
 
 
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This quarterly report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to the attestation by the Company’s registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management’s report in this quarterly  report.
 
Changes in Internal Controls over Financial Reporting
 
We have not yet made any changes in our internal controls over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION
 
Item 1. LEGAL PROCEEDINGS

In the ordinary conduct of our business, we are periodically subject to lawsuits, investigations and claims including, but not limited to, claims involving students or graduates and routine employment matters. Although we cannot predict with certainty the ultimate resolution of lawsuits, investigations and claims asserted against us, we do not believe that any currently pending legal proceeding to which we are a party will have a material adverse effect on our business, results of operations, cash flows or financial condition.
 
Item 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
None
 
Item 3.  DEFAULTS UPON SENIOR SECURITEIES
 
None
 
Item 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
 
None

Item 5.  OTHER INFORMATION
 
None

Item 6. EXHIBITS
 
(a) Exhibits:
 
Number
 
Description
     
31.1
 
Certification of Chief Executive and Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)
     
32.1
 
Certification of Chief Executive and Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (Filed herewith.)
 
 
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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.
 
 
GENEMEN INC.
 
       
Date: April 14, 2010
By:
/s/ Qiaozhen Chen  
   
Name: Qiaozhen Chen
 
   
Title:   President, Chief Financial Officer and Director
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)
 
       

 
  By:  /s/ Qiaozhen Chen  
 Date: April 14, 2010
 
Director
 
   
Name: Qiaozhen Chen
 
   
Title:   Director
 

 
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