Attached files
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| EX-32.1 - Amwest Imaging Inc | amwest_ex32-1.htm |
| EX-31.1 - Amwest Imaging Inc | amwest_ex31-1.htm |
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 31, 2011
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from
Commission File No. 333-167743
AMWEST IMAGING INCORPORATED
(Exact name of small business issuer as specified in its charter)
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Nevada
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27-2336038
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(State or other jurisdiction of incorporation
Or organization)
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(I.R.S. Employer Identification No.)
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10213 Penrith Avenue #104, Las Vegas, Nevada 89144
(Address of Principal Executive Offices)
(702) 882-3106
(Issuer’s telephone number)
None
(Former name, address and fiscal year, if changed since last report)
Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the issuer was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes X No___
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
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[ ] Large accelerated filer
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[ ] Accelerated filer
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[ ] Non-accelerated filer
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[X] Smaller reporting company
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APPLICABLE ONLY TO CORPORATE ISSUERS:
State the number of shares outstanding of each of the issuer’s classes of common equity, as of July 15, 2011: 13,000,000 shares of common stock.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):
Yes ___ No X
Transitional Small Business Disclosure Format (Check One) Yes ___ No X
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FINANCIAL STATEMENTS
AMWEST IMAGING INCORPORATED
Table of Contents
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PAGE
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3
AMWEST IMAGING, INC.
(A Development Stage Company)
Condensed Balance Sheets
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May 31,
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February 28,
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|||||||
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2011
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2,011 | |||||||
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ASSETS
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(Unaudited)
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(Audited)
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||||||
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Current assets:
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||||||||
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Cash and cash equivalents
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$ | 567 | $ | 20,067 | ||||
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Prepaid Expenses
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4,500 | |||||||
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Total Current Assets
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5,067 | 20,067 | ||||||
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Total Assets
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$ | 5,067 | $ | 20,067 | ||||
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LIABILITIES AND STOCKHOLDERS' EQUITY
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||||||||
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Current Liabilities:
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Accounts Payable and accrued expenses
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$ | 297 | $ | 297 | ||||
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Total current liabilities
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297 | $ | 297 | |||||
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Stockholders' equity
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||||||||
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Preferred stock; $.001 par value, 5,000,000 shares
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Authorized, zero shares issued and outstanding
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- | |||||||
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Common stock; $.001 par value, 70,000,000 shares authorized;
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13,000,000 shares issued and outstanding at May 31,
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2011 and February 28, 2011 respectively
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13,000 | 13,000 | ||||||
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Additional paid-in-capital
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36,000 | 36,000 | ||||||
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Deficit accumulated during development stage
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(44,230 | ) | (29,231 | ) | ||||
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Total stockholders' equity
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4,770 | 19,770 | ||||||
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Total liabilities and stockholders' equity
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$ | 5,067 | $ | 20,067 | ||||
The accompanying notes are an integral part of the interim condenses financial statements.
F-1
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AMWEST IMAGING, INC.
(A Development Stage Company)
Unaudited Condenses Statements of Operations
For the Three Month Period of May 31, 2011
From inception (April 7, 2010) to May 31, 2010
And from inception (April 7, 2010) to May 31, 2011
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April 7, 2010
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April 7, 2010
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|||||||||||
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(Inception)
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(Inception)
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|||||||||||
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Three months ended
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through
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Through
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May 31,
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May 31,
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May 31,
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2011
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2010
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2011
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(Unaudited)
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(Unaudited)
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(Unaudited)
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Revenues
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$ | - | $ | - | $ | - | ||||||
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Operating expenses
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General and administrative
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15,000 | 6,923 | 44,230 | |||||||||
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(Loss) from operation
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(15,000 | ) | (6,923 | ) | (44,230 | ) | ||||||
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Other income (expense)
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||||||||||||
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Interest income
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- | - | - | |||||||||
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Interest expense
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- | - | - | |||||||||
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Loss before income taxes
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(15,000 | ) | (6,923 | ) | (44,230 | ) | ||||||
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Income tax benefit (provision)
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- | - | ||||||||||
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Net (loss)
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$ | (15,000 | ) | $ | (6,923 | ) | ||||||
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Basic and diluted loss per common
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$ | - | $ | - | ||||||||
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Basic and diluted weighted average
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||||||||||||
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common shares outstanding
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13,000,000 | 9,000,000 | ||||||||||
The accompanying notes are an integral part of the interim condenses financial statements.
F-2
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AMWEST IMAGING, INC.
(A Development Stage Company)
Unaudited Condenses Statements of Cash Flows
For the Three Month Period of May 31, 2011
From inception (April 7, 2010) to May 31, 2010
And from inception (April 7, 2010) to May 31, 2011
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April 7, 2010
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April 7, 2010
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|||||||||||
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(inception)
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(Inception)
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Three months ended
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through
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through
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May 31,
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May 31,
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May 31,
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2011
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2010
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2011
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(Unaudited)
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(Unaudited)
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(Unaudited)
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Operating activities:
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Net loss
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(15,000 | ) | (6,923 | ) | (44,231 | ) | ||||||
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Adjustments to reconcile Net Income
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to net cash provided by operations:
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Prepaid Expenses
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(4,500 | ) | (4,500 | ) | ||||||||
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Increase in accounts payable
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297 | |||||||||||
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Net cash (used in) operating activities
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$ | (19,500 | ) | (6,923 | ) | $ | (48,434 | ) | ||||
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Financing Activities:
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Proceeds from issuance of common stock
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- | 9,000 | 49,000 | |||||||||
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Net cash provided by financing activities
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$ | - | 9,000 | $ | 49,000 | |||||||
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Net change in cash
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(19,500 | ) | 2,077 | 567 | ||||||||
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Cash, beginning of period
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20,067 | - | - | |||||||||
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Cash, ending of period
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$ | 567 | 2,077 | $ | 567 | |||||||
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Supplemental cash flow disclosures
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Cash paid for:
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Interest expense
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$ | - | $ | - | ||||||||
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Income taxes
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$ | - | $ | - | ||||||||
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Non cash activities
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$ | - | $ | - | ||||||||
The accompanying notes are an integral part of the interim condenses financial statements.
F-3
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AMWEST IMAGING INC.
(A Development Stage Company)
NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
May 31, 2011
Note 1. Business Description and Summary of Significant Accounting Policies
Nature of business and organization
Amwest Imaging Incorporated (the “Company”), was incorporated in the State of Nevada on April 7, 2010. The Company’s principal business objective is to provide document digitization services to businesses. These services will help business increases productivity, help with business analysis and reduce storage cost’s significantly. Our targeted clients will include but not limited to, Governments entities from local to federal, Hospitals, Construction Industry, Lawyers offices, and other business that has needs to improve through digitization of their records. The Company's operation has been limited to general administrative operations and is considered a development stage company as defined by FASB ASC Topic 915.
The Company's fiscal year end is February 28.
Condensed Interim Financial Statements
The accompanying interim condensed financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at May 31, 2011, and for all periods presented herein, have been made.
Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s February 28, 2011 audited financial statements. The results of operations for the periods ended May 31, 2011 are not necessarily indicative of the operating results for the full years.
Note 2. Going Concern
The Company’s financial statements are 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 ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.
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 equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans.
The ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish the plans described in the preceding paragraph and eventually secure other sources of financing and attain profitable operations. The accompanying financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. As of May 31, 2011, the Company has an Accumulated Deficit amount of $44,230.
F-4
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AMWEST IMAGING INC.
(A Development Stage Company)
NOTES TO THE UNAUDITED CONDENSED INTERIM FINANCIAL STATEMENTS
May 31, 2011
Note 3. Recent Accounting Pronouncements
Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ (“ASC”) is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company. Management has reviewed the aforementioned rules and releases and believes any effect will not have a material impact on the Company's present or future consolidated financial statements.
Note 4. Income Taxes
The Company accounts for income taxes under FASB Codification Topic 740 which requires use of the liability method. Topic 740 provides that deferred tax assets and liabilities are recorded based on the differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.
A valuation allowance has been applied against the net deferred tax assets and any provision for tax benefit, due to the uncertainty of its ultimate realization.
Note 5. Subsequent Events
The management has evaluated all recently issued accounting pronouncements through the filing date of these financial statements and believes that these pronouncements will not have a material effect on the Company’s position and results of operations.
F-5
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Item 2. Management’s Discussion and Analysis of Financial Conditions and Results of Operations
Plan of Operation
On November 10, 2010 we received approval from the Securities and Exchange Commission of our Registration Statement on Form S-1. Wherein, we registered 4,000,000 shares of our common stock at an offering price of $.01 in order to raise $40,000.00 as our initial capital.
Results of Operation
The Company did not have any operating income from inception (April 7, 2010) through May 31, 2011. For the period from inception, April 7, 2010 through the quarter ended May 31, 2011, the registrant recognized a net loss of $44,230. Some general and administrative expenses during the year were accrued. Expenses for the year were comprised of costs mainly associated with legal, accounting and office.
Liquidity and Capital Resource
At May 31, 2011 the Company had no capital resources and will rely upon the issuance of common stock and additional capital contributions from shareholders to fund administrative expenses pending full implementation of the Company’s business model.
Critical Accounting Policies
Amwest Imaging Incorporated financial statements and related public financial information are based on the application of accounting principles generally accepted in the United States (“GAAP”). GAAP requires the use of estimates; assumptions, judgments and subjective interpretations of accounting principles that have an impact on the assets, liabilities, revenue and expense amounts reported. These estimates can also affect supplemental information contained in our external disclosures including information regarding contingencies, risk and financial condition. We believe our use if estimates and underlying accounting assumptions adhere to GAAP and are consistently and conservatively applied. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We continue to monitor significant estimates made during the preparation of our financial statements.
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Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding disclosure. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management necessarily was required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Our management, with the participation of our chief executive officer and chief financial officer, has evaluated the effectiveness of our disclosure controls and procedures as of May 31, 2011. Based on their evaluation, our chief executive officer and chief financial officer have concluded that, as of May 31, 2011, our disclosure controls and procedures were not effective.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 2. Changes in Securities.
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Submission of Matters to a Vote of Security Holders.
None
Item 5. Other Information.
None
Item 6. Exhibits and Reports on Form 8-K
(a) Exhibits
31.1 Certification pursuant to Section 302 of Sarbanes Oxley Act of 2002
32.1 Certification pursuant to Section 906 of Sarbanes Oxley Act of 2002
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(b)
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Reports on Form 8-K
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No reports on Form 8-K were filed during the quarter ended May 31, 2011.
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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.
AMWEST IMAGING INCORPORATED
Date: July 19, 2011
/s/ Patrick Moore
Patrick Moore
President, Chief Executive Officer,
Secretary, Chief Financial Officer,
Director
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