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EXCEL - IDEA: XBRL DOCUMENT - Pacific Clean Water Technologies, Inc. | Financial_Report.xls |
EX-32.1 - SECTION 906 CERTIFICATION - Pacific Clean Water Technologies, Inc. | exhibit32-1.htm |
EX-31.1 - SECTION 302 CERTIFICATION - Pacific Clean Water Technologies, Inc. | exhibit31-1.htm |
UNITED STATES
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 April 30, 2012
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACTOF 1934
For the transition period from ____________ to _______________
Commission file number: 333-165381
Unseen Solar, Inc.
(Exact name of registrant as specified in its charter)
Delaware | 27-1662208 |
(State or other jurisdiction | (IRS Employer Identification No.) |
of Incorporation or organization) |
505 Camino Elevado
Bonita, CA 91902
(Address of principal executive offices and zip code)
(619) 247-9630
(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 [ x ] No [ ]
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). 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 and smaller reporting company in Rule 12b-2 of the Exchange Act.
Large accelerated filer [ ] | Accelerated filer [ ] |
Non-accelerated filer [ ] | Smaller reporting company [ x ] |
(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 [ x ]No [ ]
As of August 30, 2012, there were 3,000,000 shares of common stock issued and outstanding.
Unseen Solar, Inc.
Form 10-Q
For the Three Months Ended April 30, 2012
INDEX
UNSEEN SOLAR, INC. |
(A Development Stage Company) |
Balance Sheets |
April 30, | January 31, | |||||
2012 | 2012 | |||||
(Unaudited) | (Audited) | |||||
ASSETS | ||||||
CURRENT ASSETS | ||||||
Cash | $ | 4,249 | $ | 172 | ||
Total Current Assets | 4,249 | 172 | ||||
TOTAL ASSETS | $ | 4,249 | $ | 172 | ||
LIABILITIES AND STOCKHOLDERS DEFICIT | ||||||
CURRENT LIABILITIES | ||||||
Accounts payable and accrued liabilities | $ | 2,001 | $ | 120 | ||
Accrued interest | 377 | 252 | ||||
Notes payable related party-due in one year | 2,400 | 2,400 | ||||
Total Current Liabilities | 4,778 | 2,772 | ||||
Notes payable related party | 17,550 | 7,550 | ||||
TOTAL LIABILITIES | 22,328 | 10,322 | ||||
STOCKHOLDERS DEFICIT | ||||||
Preferred stock, 20,000,000 shares authorized
at par value of $0.0001, no shares issued and outstanding as of April 30, 2012 and January 31, 2012 |
- |
- |
||||
Common stock, 100,000,000
shares authorized at par value of $0.0001, 3,000,000 shares issued and outstanding as of April 30, 2012 and January 31, 2012 |
300 |
300 |
||||
Additional paid-in capital | 24,700 | 24,700 | ||||
Deficit accumulated during the development stage | (43,079 | ) | (35,150 | ) | ||
TOTAL SHAREHOLDERS DEFICIT | (18,079 | ) | (10,150 | ) | ||
TOTAL LIABILITIES AND SHAREHOLDERS DEFICIT | $ | 4,249 | $ | 172 |
The accompanying notes are an integral part of these financial statements.
1
UNSEEN SOLAR, INC. |
(A Development Stage Company) |
Statements of Operations |
(Unaudited) |
January 8, 2010 | |||||||||
For the Three Months Ended April 30, | (inception) through | ||||||||
2012 | 2011 | April 30, 2012 | |||||||
REVENUE | $ | - | $ | - | $ | - | |||
OPERATING EXPENSES | |||||||||
General and administrative | 1,854 | 1,885 | 15,953 | ||||||
Professional fees | 5,950 | 5,600 | 26,750 | ||||||
LOSS BEFORE OTHER ITEM | (7,804 | ) | (7,485 | ) | (42,703 | ) | |||
OTHER ITEM | |||||||||
Interest expense | 125 | 24 | 376 | ||||||
NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) | $ | (7,929 | ) | $ | (7,509 | ) | $ | (43,079 | ) |
BASIC AND DILUTED INCOME (LOSS) PER COMMON SHARE | $ | (0.00 | ) | $ | (0.00 | ) | |||
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING BASIC AND DILUTED | 3,000,000 | 3,000,000 |
The accompanying notes are an integral part of these financial statements.
2
UNSEEN SOLAR, INC. |
(A Development Stage Company) |
Statements of Stockholders' Deficit |
(Unaudited) |
Deficit | |||||||||||||||
Accumulated | |||||||||||||||
Additional | During the | Total | |||||||||||||
Common Stock | Paid-in | Development | Stockholders | ||||||||||||
Shares | Amount | Capital | Stage | Deficit | |||||||||||
Balance, January 8, 2010 (Inception) | - | $ | - | $ | - | $ | - | $ | - | ||||||
Common stock issued, January 12, 2010 at $0.0025 per share | 2,000,000 | 200 | 4,800 | - | 5,000 | ||||||||||
Loss for the period beginning | |||||||||||||||
January 8, 2010 (inception) to January 31, 2010 | - | - | - | (600 | ) | (600 | ) | ||||||||
Balance, January 31, 2010 | 2,000,000 | 200 | 4,800 | (600 | ) | 4,400 | |||||||||
Common stock issued, November 26, 2010 at $0.02 per share | 1,000,000 | 100 | 19,900 | - | 20,000 | ||||||||||
Net Loss, year ended January 31, 2011 | - | - | - | (17,012 | ) | (17,012 | ) | ||||||||
Balance, January 31, 2011 | 3,000,000 | 300 | 24,700 | (17,612 | ) | 7,388 | |||||||||
Net Loss, year ended January 31, 2012 | - | - | - | (17,538 | ) | (17,538 | ) | ||||||||
Balance, January 31, 2012 | 3,000,000 | 300 | 24,700 | (35,150 | ) | (10,150 | ) | ||||||||
Net Loss, three months ended April 30, 2012 | - | - | - | (7,929 | ) | (7,929 | ) | ||||||||
Balance, April 30, 2012 (Unaudited) | 3,000,000 | $ | 300 | $ | 24,700 | $ | (43,079 | ) | $ | (18,079 | ) |
The accompanying notes are an integral part of these financial statements.
3
UNSEEN SOLAR, INC. |
(A Development Stage Company) |
Statements of Cash Flows |
(Unaudited) |
January 8, 2010 | |||||||||
(inception) | |||||||||
For the Three Months Ended April 30, | through April 30, | ||||||||
2012 | 2011 | 2012 | |||||||
OPERATING ACTIVITIES | |||||||||
Net loss | $ | (7,929 | ) | $ | (7,509 | ) | $ | (43,079 | ) |
Changes in operating assets and liabilities | |||||||||
Accounts payable and accrued liabilities | 1,881 | 3,732 | 2,001 | ||||||
Accrued interest | 125 | 24 | 377 | ||||||
Net Cash Used in Operating Activities | (5,923 | ) | (3,753 | ) | (40,701 | ) | |||
INVESTING ACTIVITIES | |||||||||
Net Cash Used in Investing Activities | - | - | - | ||||||
FINANCING ACTIVITIES | |||||||||
Proceed from notes payable related party | 10,000 | - | 26,950 | ||||||
Repaid of notes payable-related party | (7,000 | ) | |||||||
Proceed from issuance of common stock | - | - | 25,000 | ||||||
Net Cash Provided by Financing Activities | 10,000 | - | 44,950 | ||||||
NET INCREASE (DECREASE) IN CASH | 4,077 | (3,753 | ) | 4,249 | |||||
CASH AT BEGINNING OF PERIOD | 172 | 9,979 | - | ||||||
CASH AT END OF PERIOD | $ | 4,249 | $ | 6,226 | $ | 4,249 | |||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | |||||||||
CASH PAID FOR: | |||||||||
Interest | $ | - | $ | - | $ | - | |||
Income Taxes | $ | - | $ | - | $ | - |
The accompanying notes are an integral part of these financial statements.
4
UNSEEN SOLAR, INC. |
(A Development Stage Company) |
Notes to the Financial Statements |
April 30, 2012 |
(Unaudited) |
NOTE 1 ORGANIZATION AND DESCRIPTION OF BUSINESS
Unseen Solar, Inc. (the Company) was incorporated on January 8, 2010 under the laws of the State of Delaware to enter into the solar energy industry. The Companys activities to date have been limited to organization and capital. The Company has been in the development stage since its formation and has not yet realized any revenues from its planned operations. The Companys fiscal year end is January 31.
NOTE 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Interim Financial Statements
The unaudited financial
statements as of April 30, 2012 and for the three months ended April 30, 2012
and 2011 have been prepared in accordance with accounting principles generally
accepted in the United States for interim financial information in accordance
with Securities and Exchange Commission (SEC) Regulation S-X rule 8-03 and
should be read in conjunction with the audited financial statements and notes
thereto contained in the Companys last Annual Report filed with the SEC on Form
10-K for the year ended January 31, 2012. In the opinion of management, the
unaudited financial statements have been prepared on the same basis as the
annual financial statements and reflect all adjustments, which include normal
recurring adjustments, necessary to present fairly the financial position as of
April 30, 2012 and the results of operations and cash flows for the periods then
ended. The financial data and other information disclosed in these notes to the
interim financial statements related to the period are unaudited. The results
for the three month period ended April 30, 2012, are not necessarily indicative
of the results to be expected for any subsequent quarters or for the entire year
ending January 31, 2013. Notes to the unaudited interim financial statements
that would substantially duplicate the disclosures contained in the audited
financial statements for the most recent fiscal year as reported in the Form
10-K have been omitted.
Use of Estimates
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 at the date of the
financial statements and the reported amounts of revenue and expenses during the
reporting period. Actual results could differ from those estimates.
Subsequent Events
The Companys management reviewed
all material events through the issuance date of these financial statements for
subsequent event disclosure consideration.
Recent Accounting Pronouncements
Management has
considered all recent accounting pronouncements issued since the last audit of
our financial statements. The Companys management believes that these recent
pronouncements will not have a material effect on the Companys financial
statements.
5
UNSEEN SOLAR, INC. |
(A Development Stage Company) |
Notes to the Financial Statements |
April 30, 2012 |
(Unaudited) |
NOTE 3 - GOING CONCERN
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States, which contemplate continuation of the Company as a going concern. However, the Company has a working capital deficit of $529 at April 30, 2012, has not generated any revenue since inception and has an accumulated deficit of $43,079 at April 30, 2012. The Company currently has limited liquidity and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time. These factors raise substantial doubt about the Companys ability to continue as a going concern.
Management anticipates that the Company will be dependent, for the near future, on additional investment capital, primarily from its shareholders, to fund operating expenses. The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of managements efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.
NOTE 4 NOTES PAYABLE RELATED PARTY
Since inception the Company received cash totaling $26,950 from EFM Venture Group, Inc. and made one payment of $7,000 in cash. EFM Venture Group, Inc. is 100% owned by a former director. As of April 30, 2012, the amount due to EFM Venture Group was $19,950.
Through July 31, 2010, the Company received $7,000 loan. This loan is at 4% interest with principle and interest all due on July 31, 2012. On November 7, 2010, the Company made a payment of $7,000 to EFM Venture Group. As of April 30, 2012, accrued interest is $100.
On October 6, 2010, the Company received $2,400 loan. This loan is at 4% interest with principle and interest all due on October 6, 2012. As of April 30, 2012, accrued interest is $143.
On October 31, 2011, the Company received $4,250 loan. This loan is at 2% interest with principle and interest all due on November 14, 2013. As of April 30, 2012, accrued interest is $41.
On January 3, 2012, the Company received $3,300 loan. This loan is at 4% interest with principle and interest all due on January 3, 2014. As of April 30, 2012, accrued interest is $43.
On March 5, 2012, the Company received $4,000 loan. This loan is at 4% interest with principle and interest all due on March 5, 2014. As of April 30, 2012, accrued interest is $24.
On March 22, 2012, the Company received $6,000 loan. This loan is at 4% interest with principle and interest all due on March 22, 2014. As of April 30, 2012, accrued interest is $26.
6
Item 2. Management's Discussion and Analysis or Plan of Operations.
The following discussion and analysis of our financial condition as of April 30, 2012. Our results of operations should be read in conjunction with our unaudited financial statements and notes thereto included elsewhere in this report and the audited financial statements and the notes thereto included in our Form 10-K for the year ended January 31, 2012.
Forward-Looking Statements
This report contains forward-looking statements that involve risk and uncertainties. We use words such as anticipate", "believe", "plan", "expect", "future", "intend", and similar expressions to identify such forward-looking statements. Investors should be aware that all forward-looking statements contained within this filing are good faith estimates of management as of the date of this filing. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or our predictions.
RESULTS OF OPERATIONS
We are a development stage company and have generated no revenues since inception (January 8, 2010) and have incurred $43,079 in expenses through April 30, 2012. For the three months ended April 30, 2012 we incurred $7,804 in operating expenses and $125 in interest expense, which compares to $7,485 in operating expenses and $24 in interest expense for the three months ended April 30, 2011.
The following table provides selected data about our company for the period ended April 30, 2012.
Balance Sheet Data: | April 30, 2012 | ||
Total assets | $ | 4,249 | |
Total liabilities | $ | 22,328 | |
Total shareholders deficit | $ | (18,079 | ) |
Cash provided by financing activities since inception through April 30, 2012 was $5,000 from the sale of 2,000,000 shares of common stock to our former officer and director in January 2010. On November 26, 2010 we completed an offering of 1,000,000 shares of common stock to 26 individuals pursuant to the S-1 Registration Statement we filed with the US Securities and Exchange Commission. Total proceeds from the offering were $20,000.
Through April 30, 2012, the Company received a total of $26,950 from a company owned by a former director of the Company, of which $7,000 has been repaid. As of April 30, 2012, $19,950 remains outstanding with $377 in accrued interest.
LIQUIDITY AND CAPITAL RESOURCES
Our cash balance at April 30, 2012 was $4,249, with $22,328 in outstanding liabilities, consisting of $2,001 in accounts payable and accrued liabilities, $377 in interest payable and $19,950 in loans from a related party. If we experience a shortfall of cash our director has agreed to loan us additional funds for operating expenses, however he has no legal obligation to do so. Our plan of operation for the next twelve months is to introduce our product to the contractor industry via direct mail and our website http://www.unseensolar.com. Total expenditures over the next 12 months are expected to be approximately $20,000. We are a development stage company and have generated no revenue to date.
7
PLAN OF OPERATION
Unseen Solar plans to introduce its proposed product to the contractor industry via direct mail and our website http://www.unseensolar.com. The Company plans to especially target roofing contractors. Unseen Solar feels that its product is practical both as a retrofit for existing houses and for new construction. The cost of installing our product at the time the roof is built should be advantageous. Installing tile roofs on existing properties is financially rewarding since, due to wild fires, some insurance companies provide incentives for conversion to tile roofs from flammable shingles.
PROPOSED MILESTONES TO IMPLEMENT BUSINESS OPERATIONS
The following milestones are estimates only. The working capital requirements and the projected milestones are approximations only and subject to adjustment based on costs and needs. Our 12 month budget is based on minimum operations. If we begin to generate profits we will increase our sales activity accordingly. We estimate sales to begin within 12 months. Because our business is client-driven, our revenue requirements will be reviewed and adjusted based on sales. The costs associated with operating as a public company are included in our budget. Management will be responsible for the preparation of the required documents to keep the costs to a minimum. We plan to start the following activities during the next twelve months
The Company has completed a brochure and is in the process of distributing it to pool maintenance personal and to the marketers of pool supplies.
We will follow up contacting contractors who have been sent brochures and have shown an interest in our product. We will contact pool builders who may be interested in using our product when they install new pools. We will design a brochure to be used for direct mail with pool owners. (Cost estimate - $2,000).
Continue our direct mail campaign and work with any contractors and pool builders who have interested customers. (Cost estimate - $4,000).
If the Company has customers or revenue during this 12 month period, the business plan may change or be accelerated. There can however, be no assurance that the Company will have either customers, revenue or sufficient capital to carry out all of the above plans.
Off-Balance Sheet Arrangements
None.
Recent Accounting Pronouncements
For the three month period ended April 30, 2012, there were no accounting standards or interpretations issued that are expected to have a material impact on our financial position, operations or cash flows.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a smaller reporting company, as defined by Rule 229.10(f)(1) .
8
Item 4. Controls and Procedures.
As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the Exchange Act), we have carried out an evaluation of the effectiveness of the design and operation of our Company's disclosure controls and procedures as of the end of the period covered by this quarterly report, being April 30, 2012. This evaluation was carried out under the supervision and with the participation of our Company's management, including our President, Principal Executive Officer and Principal Financial Officer. Based upon that evaluation, our President, Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures are not effective as of the end of the period covered by this report due to the material weaknesses described in Management's Report on Internal Control over Financial Reporting included in our annual report on Form 10-K for the year ended January 31, 2012.
There have been no significant changes in our Company's internal controls or in other factors, which could significantly affect internal controls subsequent to the date we carried out our evaluation. Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our Company's reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our Company's reports filed under the Exchange Act is accumulated and communicated to management, including our Company's president and Principal Executive Officer as appropriate, to allow timely decisions regarding required disclosure.
There have been no changes in our internal controls over financial reporting during the most recently completed fiscal quarter that have materially affected or are reasonably likely to materially affect the Companys internal control over financial reporting.
PART II - OTHER INFORMATION
Item 1. Legal Proceedings.
We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
Item 1A. Risk Factors.
Pursuant to Item 305(e) of Regulation S-K (§ 229.305(e)), the Company is not required to provide the information required by this Item as it is a smaller reporting company, as defined by Rule 229.10(f)(1) .
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None.
Item 3. Defaults Upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
9
Item 5. Other Information
None.
Item 6. Exhibits.
Exhibit | Description |
No. | |
3.1 (1) | Articles of Incorporation |
3.2 (1) | Bylaws |
31* | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
32* | Certification of Principal Executive Officer and Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
* Filed herewith.
(1) Filed as exhibits to the Companys Registration Statement on Form S-1, filed with the Commission on March 10, 2010, and incorporated herein by reference.
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.
UNSEEN SOLAR, INC. | |
Dated: August 30, 2012 | By: /s/ Martin Pastoriza Ramos |
Martin Pastoriza Ramos, | |
President, Chief Executive Officer, Chief Financial Officer | |
and Director | |
(Principal Executive Officer, Principal Financial Officer and | |
Principal Accounting Officer) |
10