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EX-31.1 - Eagle Worldwide, Inc. | v227269_ex31-1.htm |
EX-32.1 - Eagle Worldwide, Inc. | v227269_ex32-1.htm |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
OF THE SECURITIES EXCHANGE ACT OF1934
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2011
PANAMERSA CORPORATION
(Exact name of registrant as specified in its charter)
Nevada
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27-1940418
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State or other jurisdiction
of incorporation
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IRS
Identification
No.
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7582 Las Vegas Blvd., Suite 332
Las Vegas, NV 89123
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number: (702) 405-0085
Securities registered pursuant to Section 12(b) of the Act:
None
Securities registered pursuant to Section 12(g) of the Act:
Title of Class:
Common Stock
Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Large accelerated filer
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¨
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Accelerated filer
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¨
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Non-accelerated filer
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¨ (Do not check if a smaller reporting company
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Smaller reporting company
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x
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes ¨ No x
As of March 31, 2011, there were 1,248,211,494 shares of common stock issued and outstanding. The aggregate market value of the voting and non-voting common equity held by non-affiliates computed at $0.0001 (the price at which the common stock traded as of March 31, 2011) is $ 124,821.
CONTRARY TO THE RULES OF THE SEC, THE COMPANY’S FINANCIAL STATEMENTS INCLUDED IN THIS FILING HAVE NOT BEEN AUDITED BY AN INDEPENDENT PUBLIC ACCOUNTANT IN ACCORDANCE WITH PROFESSIONAL AUDITING STANDARDS FOR CONDUCTING SUCH AUDITS.
ITEM 1. FINANCIAL STATEMENTS
Following are the unaudited financial statements for the period ended March 31, 2011
PANAMERSA CORPORATION
Balance Sheet
(unaudited)
March 31,
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2011
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ASSETS
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CURRENT ASSETS
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Cash on Hand
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$ | 150 | ||
Accounts Receivable
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0 | |||
Total Current Assets
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$ | 150 | ||
TOTAL ASSETS
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$ | 150 | ||
LIABILITIES & STOCKHOLDERS' EQUITY
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LIABILITIES
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$ | 0 | ||
Due to shareholders
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48,026 | |||
Total Liabilities
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$ | 48,026 | ||
STOCKHOLDERS' EQUITY
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Common stock: $0.001 par value,
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1,500,000,000 shares authorized;
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1,248,211,494 shares issued and
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outstanding
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341,950 | |||
Retained Earnings
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(382,821 | ) | ||
Current deficit
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(7,005 | ) | ||
Total Stockholders' Equity
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(47,876 | ) | ||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
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$ | 150 |
The accompanying notes are an integral part of these consolidated financial statements
PANAMERSA CORPORATION
Statement of Operations
(Unaudited)
For the Quarter Ended March 31, 2011
Revenues
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$ | 450 | ||
General & Administrative Expenses
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(7,455 | ) | ||
OPERATING INCOME
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$ | (7,005 | ) | |
Income Taxes & other expenses
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0 | |||
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NET (LOSS)
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$ | (7,005 | ) | |
NET LOSS PER SHARE
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$ | 0 | ||
WEIGHTED AVERAGE SHARES OUTSTANDING
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1,248,211,494 |
The accompanying notes are an integral part of these consolidated financial statements
PANAMERSA CORPORATION
Statements of Stockholders’ Equity
(Unaudited)
Common Stock
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Common Stock
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Retained Earnings
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Shares
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Amount
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(Deficit)
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Balance at December 31, 2008
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5,629,010,600 | $ | 341,950 | (341,849 | ) | |||||||
Net income from operations December 31, 2009
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- | - | 49 | |||||||||
Balance, at December 31, 2009
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5,629,010,600 | $ | 341,950 | (341,800 | ) | |||||||
Effect of reverse split
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(5,066,109,540 | ) | ||||||||||
Issuance of stock for services rendered and other matters
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685,310,434 | - | ||||||||||
Net income from operations December 31, 2010
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- | - | (41,021 | ) | ||||||||
Balance, at December 31, 2010
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1,248,211,494 | $ | 341,950 | (341,800 | ) | |||||||
Net income from operations March 31, 2011
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- | - | (7,005 | ) | ||||||||
Balance, at March 31, 2011
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1,248,211,494 | $ | 341,950 | $ | (348,805 | ) |
The accompanying notes are an integral part of these consolidated financial statements
Notes to the Financial Statements
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a. Organization
PANAMERSA CORPORATION, (formerly known as Pay Pro, Inc.) (the Company) wasincorporated under the laws of the State of Nevada on October 16, 1988.
PANAMERSA Corporation (Pink Sheets:PNMS) is a holding company for a group of business enterprises which promotes the commercial integration of Latin America into the economic development of the Western Hemisphere. The Company is engaged in global e-commerce and e-biz solutions offering interactive e-commerce and e-biz programs in addition to a range of goods and services online including: prepaid Debit cards; e-commerce merchant accounts; life insurance policies, gold transactions; telephony services, text messaging, VoIP, real estate investment participations, fixed and variable income real estate properties in Costa Rica and Panama, offshore financial services, asset management and protection; travel services, leisure, business, health, relocation services, and digital marketing services.
Investments in the above related industries are held by FUNDPAN with offices in Central America. The investments are not shown on these financial statements as all investments are contingent on certain future activities. Should the future events occur, the estimated value of these investments as of the date of these financial statements are approximately $100 million USD.
b. Accounting Method
The Company’s financial statements are prepared using the accrual basis of accounting.
c. Income Taxes
The Company has accumulated net operating loss carryovers of approximately $420,389. The estimated tax benefit of the net operating loss carryovers of $147,000 has been offset by a valuation allowance in full.
d. Unaudited Financial Statements
The accompanying financial statements are prepared without audit. They include all of the adjustments which in the opinion of management are necessary for a fair presentation in accordance with Generally Accepted Accounting Principles in the United States of America.
Notes to the Financial Statements (Continued)
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
e.
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Use of Estimates
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The preparation financial statements in accordance with generally accepted accounting principles requires the use of estimates. Actual results may vary from those estimates.
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f.
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Use of equivalents
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For purposes of financial statement presentation, the Company considers all highly liquidinvestments with a maturity of three months or less, from the date of purchase, to be cash equivalents.
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g.
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Accounts Receivable
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The Company’s accounts receivable are net of the allowance for doubtful accounts.
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h.
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Fixed Assets
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The Company is depreciating its office equipment over the estimated useful life of 5 years.
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i.
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Intangible Assets
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The Company’s intangible assets are amortized over the estimated useful lives of 5 to 10 years. The intangible assets are made up of the cost of licenses and websites purchased by the Company.
j.
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Earnings Per Share
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Earnings Per Share: The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an "as if converted" basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the year ended December 31, 2010, there were no dilutive securities outstanding.
Notes to the Financial Statements (Continued)
NOTE 2- RELATED PARTY TRANSACTIONS-NOTES PAYABLE
The Company has received short term loans of operating funds. The notes are unsecured, non-interest bearing and due upon demand.
NOTE 3 – SIGNIFICANT TRANSACTIONS
The Board of Directors approved a reverse split of its common stock on a 10 shares for 1 share basis, effective May 17, 2010. The financial statements reflect the reverse stock split. This effectively reduced the number of authorized shares from 6.0 billion shares to 600 million shares.
On May 17, 2010, after the reverse split mentioned above, the Board of Directors authorized the increase of authorized shares from 600 million shares to 1.5 billion shares.
Earnings Per Share: The basic net loss per common share is computed by dividing the net loss by the weighted average number of common shares outstanding. Diluted net loss per common share is computed by dividing the net loss adjusted on an "as if converted" basis, by the weighted average number of common shares outstanding plus potential dilutive securities. For the year ended December 31, 2010, there were no dilutive securities outstanding.
NOTE 4 - GOING CONCERN
As shown in the accompanying financial statements, the Company has incurred a current net loss of $ 7,005 for the quarter ended March 31, 2011, and an Accumulated Deficit of Equity of $ 47,876 as of March 31, 2011. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Management is trying to raise additional capital through sales of common stock as well as seeking financing from third parties. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
ITEM 2. MANAGEMENT'S DISCUSSIONS AND ANYALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The Company continues to pursue its long-term corporate development plan to become a profitable diversified holding company.
The Company has filed a number of reports with the SEC with the intent of becoming a fully reporting corporation.
ITEM 3. LIQUIDITY
During the next 12 months, there are a number of projects to be closed. Press releases will be issued as agreements are reached, signed, and finalized. Until such a time as agreements are reached on these projects, working capital will be needed to maintain minimal operations.
ITEM 4. CONTROLS AND PROCEDURES
Evaluation of Our Disclosure Controls
Under the supervision and with the participation of our senior management, including our chief executive officer and chief financial officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this annual report (the “Evaluation Date”). Based on this evaluation, our chief executive officer and chief financial officer concluded as of the Evaluation Date that our disclosure controls and procedures has not been effective such that the information relating to us, required to be disclosed in our Securities and Exchange Commission (“SEC”) reports (i) is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure.
ITEM 5. OTHER INFORMATION
No meetings of the Board of Directors were held during this calendar quarter ended March 31, 2011.
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PANAMERSA CORPORATION
/s/ James Finegan
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James Finegan, Treasurer
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Date: June 28, 2011
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Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
/s/ James Finegan
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James Finegan, Treasurer
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Date: June 28, 2011
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