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EXCEL - IDEA: XBRL DOCUMENT - LICONT, CORP. | Financial_Report.xls |
EX-32.1 - LICONT, CORP. | certification321.htm |
EX-31.1 - LICONT, CORP. | certification311.htm |
U.S. SECURITIES AND EXCHANGE COMMISSION Form 10-Q |
Mark One
[ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2012
[ ] 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. 333-177359
LICONT, CORP.
(Exact name of registrant as specified in its charter)
Nevada (State or Other Jurisdiction of Incorporation or Organization) | 7389 Primary Standard Industrial Classification Code Number | 72-1621890 IRS Employer |
Gundelsheimer str. 44
Stuttgart, Germany 70437
Tel. +49-71191413498
(Address and telephone number of principal executive offices)
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Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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[ ]
Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
Large accelerated filer [ ] Accelerated filer [ ]
Non-accelerated filer [ ] Smaller reporting company [X]
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [X ] No [ ]
Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years.
N/A
Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes[ ] No[ ]
Applicable Only to Corporate Registrants
Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the most practicable date:
Class | Outstanding as of August 14, 2012 |
Common Stock, $0.001 | 2,590,000 |
In the opinion of management, all adjustments necessary for a fair statement of the financial position results of operations for the interim period have been included.
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Part 1 | FINANCIAL INFORMATION |
|
Item 1. | 4 | |
| 4 | |
| 5 | |
| 6 | |
| 7 | |
Item 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 10 |
Item 3. | 12 | |
Item 4. | 12 | |
Part II. | OTHER INFORMATION |
|
Item 1. | 13 | |
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 13 |
Item 3 | 13 | |
Item 4 | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS | 13 |
Item 5 | 13 | |
Item 6 | 14 |
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PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
LICONT, CORP. (A DEVELOPMENT STAGE COMPANY) BALANCE SHEETS | ||
| JUNE 30, 2012 | SEPTEMBER 30, 2011 |
ASSETS |
|
|
Current Assets |
|
|
Cash | $ (39) | $ 22,661 |
Total Current Assets | (39) | 22,661 |
TOTAL ASSETS | $ (39) | $ 22,661 |
LIABILITIES |
|
|
Loans from Shareholders | 6,179 | 179 |
Accounts Payable | 1,250 |
|
TOTAL LIABILITIES | 7,429 | 179 |
STOCKHOLDERS EQUITY (DEFICIT) |
|
|
Common stock, par value $0.001; 75,000,000 shares authorized, 2,590,000 shares issued and outstanding | 2,590 | 2,590 |
Additional paid-in capital | 20,710 | 20,710 |
Deficit accumulated during the development stage | (30,768) | (818) |
TOTAL STOCKHOLDERS EQUITY (DEFICIT) | (7,468) | 22,482 |
TOTAL LIABILITIES AND STOCKHOLDERS EQUITY (DEFICIT) | (39) | $ 22,661 |
See accompanying notes to financial statements
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LICONT, CORP. (A DEVELOPMENT STAGE COMPANY) STATEMENTS OF OPERATIONS | |||
| THREE MONTHS ENDED JUNE 30, 2012 | NINE MONTHS ENDED JUNE 30, 2012 | FOR THE PERIOD FROM MAY 2, 2011 (INCEPTION) TO JUNE 30, 2012 |
REVENUE | $ 0 | $ 0 | $ 0 |
TOTAL REVENUE | 0 | 0 | 0 |
EXPENSES |
|
|
|
General & Administrative Expenses | 1,933 | 29,950 | 30,768 |
TOTAL EXPENSES | 1,933 | 29,950 | 30,768 |
NET LOSS FROM OPERATIONS | (1,933) | (29,950) | (30,768) |
PROVISION FOR INCOME TAXES | 0 | 0 | 0 |
NET LOSS | $ (1,933) | $ (29,950) | $ (30,768) |
NET LOSS PER SHARE: BASIC AND DILUTED | $ (0.00) | $ (0.00) |
|
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED | 2,590,000 | 2,590,000 |
|
See accompanying notes to financial statements
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LICONT, CORP. (A DEVELOPMENT STAGE COMPANY) STATEMENTS OF CASH FLOWS | ||
| NINE MONTHS ENDED JUNE 30, 2012 | FOR THE PERIOD FROM MAY 2, 2011 (INCEPTION) TO JUNE 30, 2012 |
Cash Flows from Operating Activities |
|
|
Net Income (Loss) | $ (29,950) | $ (30,768) |
Increase (Decrease) in Operating Liabilities: |
|
|
Accounts Payable | 1,250 | 1,250 |
Net Cash (used in) Operating Activities | (28,700) | (29,518) |
Cash Flows from Financing Activities |
|
|
Loans from Shareholders | 6,000 | 6,179 |
Sale of Common Shares | - | 23,300 |
Net Cash provided by Financing Activities | 6,000 | 29,479 |
Increase (Decrease) in Cash and Cash Equivalents | (22,700) | (39) |
Cash and Cash Equivalents at Beginning of Period | 22,661 | 0 |
Cash and Cash Equivalents at End of Period | $ (39) | $ (39) |
SUPPLEMENTAL CASH FLOW INFORMATION: |
|
|
Interest paid | $ 0 | $ 0 |
Income taxes paid | $ 0 | $ 0 |
See accompanying notes to financial statements
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LICONT, CORP.
(A Development Stage Company)
Notes to Financial Statements
June 30, 2012
NOTE 1- ORGANIZATION AND BUSINESS OPERATIONS
Licont, Corp. (the Company) was incorporated under the laws of the State of Nevada, U.S. on May 2, 2011. The Company is in the development stage as defined under Accounting Codification Standard, Development Stage Entities (ASC-915). The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from inception on May 2, 2011 through June 30, 2012 the Company has accumulated losses of $30,768.
NOTE 2 - GOING CONCERN
The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $30,768 as of June 30, 2012 and further losses are anticipated in the development of its business raising substantial doubt about the Companys ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due.
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 and are presented in US dollars. In the opinion of management, all adjustments, consisting of normal recurring accruals considered necessary for a fair presentation, have been included.
Cash and Cash Equivalents
The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At June 30, 2012 the Company's bank deposits did not exceed the insured amounts.
Use of Estimates and Assumptions
The preparation of 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 and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
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LICONT, CORP.
(A Development Stage Company)
Notes to Financial Statements
June 30, 2012
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Financial Instruments
The carrying value of the Company's financial instruments approximates their fair value because of the short maturity of these instruments.
Stock-based Compensation
The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expenses related to the fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award.
Income Taxes
Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.
Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Basic and Diluted Net Loss per Share
The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.
The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are the same.
Fiscal Periods
The Company's fiscal year end is September 30.
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LICONT, CORP.
(A Development Stage Company)
Notes to Financial Statements
June 30, 2012
NOTE 4 - STOCKHOLDERS EQUITY
The authorized capital of the Company is 75,000,000 common shares with a par value of $ 0.001 per share. On May 27, 2011 the Company issued 1,500,000 shares of common stock at a price of $0.001 per share for total cash proceeds of $1,500. For the period from June 27, 2011 to September 22, 2011 the Company issued 1,090,000 shares of common stock at a price of $0.02 per share for total cash proceeds of $21,800.
For the period from May 2, 2011(Inception) to September 30, 20 11 the Company issued 2,590,000 shares of common stock for total cash proceeds of $23,300.
As of June 30, 2012 the Company had 2,590,000 shares of common stock issued and outstanding.
NOTE 5 - RELATED PARTY TRANSACTONS
On May 27, 2011, a Director purchased 1,500,000 shares of common stock at a price of $0.001 per share for cash of $1,500.
The Director loaned $6,179 to the Company to pay for business expenses relating incorporation fees. This loan is non-interest bearing, due upon demand and unsecured.
NOTE 6- INCOME TAXES
As of June 30, 2012, the Company had net operating loss carry forwards of $30,768 that may be available to reduce future years taxable income through 2032. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.
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FORWARD LOOKING STATEMENTS
Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. 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.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
We are a mobile applications development company and just recently started our operations. Mobile application development is the process by which application software is developed for small low-power handheld devices such as personal digital assistants, enterprise digital assistants or mobile phones. These applications are designed to help the user to perform specific tasks and can be downloaded by customers from various mobile software distribution platforms.
We plan to develop our first mobile application software that lets customers find food and order delivery from a plethora of restaurants wherever they are. Initially, we will develop this application for iOS devices, and when/if we are successful, we will develop it for Android OS devices. We just started to develop a concept of our first application and there is no guarantee that we ever develop this application. We will develop other mobile applications when/if our first mobile application is successful and we have available funds for further development.
RESULTS OF OPERATION
We are a development stage company with limited operations since our inception on May 2, 2011 to June 30, 2012. As of June 30, 2012, we had total assets of $(39) and total liabilities of $7,429. Since our inception to June 30, 2012, we have accumulated a deficit of $30,768. We anticipate that we will continue to incur substantial losses in the next 12 months. Our financial statements have been prepared assuming that we will continue as a going concern. 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.
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Nine Month Period Ended June 30, 2012 Compared to the period from Inception (May 2, 2011) to June 30, 2012
Our net loss for the nine month period ended June 30, 2012 was $29,950 compared to a net loss of $30,768 during the period from inception (May 2, 2011) to June 30, 2012. During the nine month period ended June 30, 2012, we have not generated any revenue.
During the nine month period ended June 30, 2012, we incurred general and administrative expenses of $29,950 compared to $30,768 incurred during the period from inception (May 2, 2011) to June 30, 2012. General and administrative expenses incurred during the nine month period ended June 30, 2012 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting, developmental costs, and marketing expenses.
The weighted average number of shares outstanding was 2,590,000 for the nine month period ended June 30, 2012.
LIQUIDITY AND CAPITAL RESOURCES
As of June 30, 2012
As at June 30, 2012, our current assets were $(39) compared to $22,661 in current assets at September 30, 2011. As at June 30, 2012, our current liabilities were $7,429. Current liabilities were comprised of $6,179 in advance from director and $1,250 in accounts payable.
Stockholders deficit was $7,468 as of June 30, 2012 compared to stockholders equity of $22,482 as of September 30, 2011,
Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities. For the nine month period ended June 30, 2012, net cash flows used in operating activities was $28,700 consisting of a net loss of $29,950 and account payable of $1,250 . Net cash flows used in operating activities was $29,518 for the period from inception (May 2, 2011) to June 30, 2012.
Cash Flows from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the nine month period ended June 30, 2012, cash flows from financing activities was 6,000 received from advance from director. For the period from inception (May 2, 2011) to June 30, 2012, net cash provided by financing activities was $29,479 received from proceeds from issuance of common stock and advance from director.
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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 twelve 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) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) 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.
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Quarterly 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 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
No report required.
ITEM 4. 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 Commissions 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 issuers 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 June 30, 2012. Based on that evaluation, our management concluded that our disclosure controls and procedures were 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 nine-month period ended June 30, 2012 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
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PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
No report required.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
No report required.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
No report required.
ITEM 5. OTHER INFORMATION
No report required.
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ITEM 6. EXHIBITS
31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act
32.1 Certification of Chief Executive Officer and Chief Financial Officer Under Section 1350 as Adopted Pursuant Section 906 of the Sarbanes-Oxley Act.
101 Interactive data files pursuant to Rule 405 of Regulation S-T.
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.
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| Licont, Corp. |
Dated: August 14, 2012 | By: /s/ Andro Gvichiya |
| Andro Gvichiya, President and Chief Executive Officer and Chief Financial Officer |
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