SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

____________________

 

FORM 10-Q

____________________

   

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15 ( d ) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2013

 

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15 ( d ) OF THE EXCHANGE ACT

 

For the transition period from ____________ to____________

 

Commission File No. 000-54152

 

RadTek, Inc.

(Exact name of Registrant as specified in its charter)

 

Nevada		27-2039490
(State or Other Jurisdiction of		(I.R.S. Employer Identification No.)
incorporation or organization)

 

 

	9900 Corporate Campus Drive, Ste 3000, c/o PEG
	Louisville, Kentucky  40223
	(Address of Principal Executive Offices)

	(502) 657-6005
	(Registrant’s telephone number, including area code)

 

 

 

Indicate by check mark whether the Registrant has (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) 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 definition of “large accelerated filer,” “non-accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X]

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ] No [X]

 

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date: August 19, 2013 – 1,234,236 shares of common stock.

  

 

RADTEK, INC.

(Formerly USChina Taiwan Inc.)

FORM 10-Q

 

TABLE OF CONTENTS

 

			Page No.
PART I.	FINANCIAL INFORMATION
Item 1.	Financial Statements.			4
	Balance Sheet			4
	Statements of Operations			5
	Statements of Cash Flows			6
	Notes to Consolidated Financial Statements			8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations			9
Item 3.	Quantitative and Qualitative Disclosures About Market Risk			9
Item 4.	Controls and Procedures			10
PART II.	OTHER INFORMATION
Item 6.	Exhibits			11
Signatures				12

 

 

 

PART I

 

Item 1. Financial Statements

 

The Financial Statements of the Registrant required to be filed with this 10-Q Quarterly Report were prepared by management and commence below, together with related notes. In the opinion of management, the Financial Statements fairly present the financial condition of the Registrant.

 

Part 1 – FINANCIAL INFORMATION

 

RADTEK, INC

(Formerly USChina Taiwan Inc.)

Balance Sheets

As of June 30, 2013 and March 31, 2013 

	6/30/2013	3/31/2013
	(Unaudited)	(Audited)
Cash	$100	$100
Prepaid expense	5,000	-
Total Current Asset	$5,100	$100
Total Assets	$5,100	$100
Liabilities and Shareholders' equity
Current Liabilities:
Loan from related party	$13,779	$   2,901
Total Liabilities	$13,779	$   2,901
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity
Common stock
1,234,236 shares issued & outstanding with par value $0.001	$1,234	$1,234
Additional Paid-in Capital	30,251	30,251
Deficit accumulated since inception	($40,164)	($34,286)
Total Shareholders' Equity	($8,679)	($2,801)
Total Liabilities and Shareholders' Equity	$5,100	$100

 The accompanying notes are an integral part of these financial statements.

  

 

 RADTEK, INC

(Formerly USChina Taiwan Inc.)

Statement of Operations

Three Months Ended June 30, 2013 and 2012, and

From December 18, 2009 (Inception) Through June 30, 2013

 

		(Unaudited)
		Three Month				Three Month				12/18/2009
		ended on				ended on				(Inception)
		6/30/2013				6/30/2012				to: 6/30/2013
Revenue		$	—			$	—			$	—
Cost of Revenue		$	—			$	—
Gross Profits		$	—			$	—			$	—
Operating Expenses
Selling expenses		$	—			$	—
General and administrative expenses		$	5,878			$	1,507			$	40,192
Research and development costs
Total Operating Expenses		$	5,878			$	1,507			$	40,192
Income (loss) from Operation		$	(5,878	)		$	(1,507	)		$	(40,192	)
Other income (expenses)		$	—			$	—
Interests income (expenses)		$	—			$	—			$	28
Income tax		$	—			$	—
Net income (loss)		$	(5,878	)		$	(1,507	)		$	(40,164	)
Net earning per share Basic and diluted		$	—			$	—
Weighted Average Number of Common Shares Basic and diluted			1,234,236				1,229,945

 

  The accompanying notes are an integral part of these financial statements.

 

 

RADTEK, INC

(Formerly USChina Taiwan Inc.)

Statement of Cash Flows (Unaudited)

Three Months Ended June 30, 2013 and 2012, and

From December 18, 2009 (Inception) Through June 30, 2013 

										From
		Three Month				Three Month				12/18/09
		Ended				Ended				(Inception) to
			6/30/2013				6/30/2012				6/30/2013
Cash Flow from operating activities
Net Income (Loss)			($ 5,878)				($ 1,507)				($ 40,164)
Changes in operating assets and liabilities
Increased in prepaid expenses			-5,000				—				-5,000
Net cash provided by operating activities			($ 10,878)				($ 1,507)				($ 45,164)
Cash flows from investing activities											$ —
Cash flows from financing activities
Proceeds from Investor's Loans			$ 10,878				$ —				$ 13,779
Proceeds from sale of common stock			0				$ 1,505				$ 31,485
Net cash provided by financing activities			$ 10,878				$ 1,505				$ 45,264
Increase (decrease) in cash							(2)				$ —
Cash, beginning at the period			$ 100				$ 7,215				—
Cash, end at the period			$ 100				$ 7,213				$ 100
Supplemental Cash Flow Information:
Interests paid:			$ —				$ —				$ —

 
The accompanying notes are an integral part of these financial statements.

 

 

 

RadTek, Inc.

Notes to the Financial Statements

June 30, 2013

 

 

NOTE 1 BASIS OF FINANCIAL STATEMENT PRESENTATION

 

The accompanying unaudited financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted in accordance with such rules and regulations. The information furnished in the interim financial statements includes normal recurring adjustments and reflects all adjustments, which, in the opinion of management, are necessary for a fair presentation of such financial statements. Although management believes the disclosures and information presented are adequate to make the information not misleading, it is suggested that these interim financial statements be read in conjunction with the Company’s audited financial statements and notes thereto included in its Form 10-K for the year ended March 31, 2013 filed on July 2, 2013. Operating results for the three months ended June 30, 2013 are not necessarily indicative of the results to be expected for the year ending March 31, 2014.

 

NOTE 2 RELATED PARTY TRANSACTIONS

 

The Company has been dependent upon certain related parties to provide working capital in the development of the Company’s business. The related parties have generally provided services and/or incurred expenses on behalf of the Company or have provided the necessary operating capital to continue pursuing its business. At March 31, 2013 and June 30, 2013 the Company had loan payable to related parties of $2,901 and $13,779. These amounts are payable to stockholders of the Company and are without terms.

 

NOTE 3 GOING CONCERN CONSIDERATIONS

 

The accompanying financial statements have been prepared using generally accepted accounting principles applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. As reported in its Annual Report on Form 10-K for the year ended March 31, 2013, the Company has an accumulated deficit of $(34,286) from inception of the Company through March 31, 2013. The accumulated deficit as of June 30, 2013 was $(40,164) and the total stockholders’ equity at June 30, 2013 was $ (8,679) and had continued losses, and no revenue from operations. These factors combined, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans to address and alleviate these concerns are as follows:

 

The Company’s management continues to develop a strategy of exploring all options available to it so that it can develop successful operations and have sufficient funds, therefore, as to be able to operate over the next twelve months. The Company is attempting to improve these conditions by way of financial assistance through issuances of additional equity and by generating revenues through sales of products and services. No assurance can be given that funds will be available, or, if available, that it will be on terms deemed satisfactory to management.

 

 

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 attain profitable operations. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of these uncertainties.

 

  

NOTE 4 SUBSEQUENT EVENTS 

 

On July 3, 2013, the registrant entered into a definitive agreement with the shareholders of RadTek Co., Ltd.  Pursuant to the agreement, the registrant shall purchase all of the outstanding securities of RadTek Co., Ltd. in exchange for 1,300,000 common shares of the registrant.  RadTek Co., Ltd. shall be a wholly owned subsidiary of the registrant. RadTek Co., Ltd. was incorporated under the laws of Republic of Korea in May 2001, and is engaged in developing and marketing radiation-imaging system and equipment that employ digital radiography technology. The systems offered are primarily in the line of radiation scanning and related engineering services for users in various fields such as biotechnology, medical, product quality control, and security system. The specific product line includes food inspection systems, X-ray diagnosis related systems, baggage and container inspection systems, and radiation safety engineering. As the market in this field is dominated by high-priced systems for large users, RadTek Co., Ltd. aims to focus on the niche market of small users by offering low-cost models.

 

 

 

Item 2.  Management’s Discussions and Analysis of Financial Condition and Results of Operations.

 

Forward-looking Statements

 

Statements made in this Quarterly Report which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and our business, including, without limitation, (i) our ability to raise capital, and (ii) statements preceded by, followed by or that include the words “may,” “would,” “could,” “should,” “expects,” “projects,” “anticipates,” “believes,” “estimates,” “plans,” “intends,” “targets” or similar expressions.

 

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which we may conduct business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our current or potential business and related matters.

 

Accordingly, results actually achieved may differ materially from expected results in these statements. Forward-looking statements speak only as of the date they are made. We do not undertake, and specifically disclaim, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.

 

Plan of Operation

 

Our plan of operation for the next 12 months is to: (i) Expand our customer base in industries in which we may have an interest, to include X-Ray technology and construction consultation services related to x-ray technology facilities; (ii) Continue reconfiguring our business plans for engaging in the business of our selected industry; and (iii) to expand our contract capacity while completing our expansion of operations through funding and/or our announced acquisition of a going concern engaged in the industry selected.

 

Other than standard operations associated with business operations mentioned in subsequent events, during the next 12 months, one of our only foreseeable cash requirements, which may be advanced by our management or principal stockholders as loans to us, will relate to maintaining our good standing or the payment of expenses associated with legal, accounting and other fees related to our compliance with the Exchange Act requirements of being a reporting issuer and reviewing or investigating any potential acquisition or business combination candidate. With our business and industry in which our operations have commenced, and other potential acquisitions have not been identified and any prospective acquisition or business combination candidate as of the date of this Quarterly Report, it is impossible to predict the amount of any such costs or required advances. Any such loan will be on terms no less favorable to us than would have been made available to us from a commercial lender in an arm's length transaction.

 

Results of Operations

 

Three Months Ended June 30, 2013 Compared to Three Months Ended June 30, 2012

 

We had limited material operations during the quarterly period ended June 30, 2013. In the quarterly period ended June 30, 2013, we had revenues of $0, compared to the quarterly period ended June 30, 2012, with revenues of $0. Selling, general and administrative expenses were $ 5,878 for the three-month period ended June 30, 2013, compared to $1,507 for the same period in June 30, 2012. The rise in selling, general and administrative expenses between the two periods was primarily due to the increased outsourcing of compliance costs.

 

Liquidity and Capital Resources

 

We had cash or cash equivalents of $100 and $100 on hand at June 30, 2013 and at March 31, 2013 respectively. If additional funds are required in connection with our present planned business operations of seeking an acquisition or business combination candidate or for Exchange Act filings or other expenses, such funds may be advanced by management or principal stockholders.

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not required.

 

Item 4. Controls and Procedures.

 

SEC rules require us to maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our annual and periodic reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms. The Company's CEO and CFO have concluded that the disclosure controls and procedures of the Company and the Operating Partnership were each effective at the end of the period covered by this Quarterly Report.

SEC rules also require us to establish and maintain internal control over financial reporting 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. There were no changes in internal control over financial reporting during the three months ended June 30, 2013 that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

Item 6. Exhibits.
 

 

Exhibit No.	Identification of Exhibit
Item 1- Financial Information	Balance Sheet
Item 1	Statement of Operations
Item 1	Statement of Cash Flows (Unaudited)
31.1	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Kwang Hyun Kim, President.
31.2	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act provided by Jae Chan Kim, Treasurer.
32	Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 provided by Kwang Hyun Kim, President and JaeChan Kim, Treasurer.
101	The following materials from our Quarterly Report on Form 10-Q for the quarter ended June 30, 2013, formatted in XBRL (eXtensible Business reporting Language): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Cash Flows, and (iv) Notes to Financial Statements.*

 

* Information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 

 

 

SIGNATURES

 

RADTEK, INC.

 

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

 

Date: August 19, 2013	RadTek, Inc.
	By	/s/ KwangHyun Kim
		Name: KwangHyun Kim Title: President

 

Date:August 19, 2013	RadTek, Inc.
	By	/s/ JaeChan Kim
		Name: JaeChan Kim Title: Treasurer (Chief Financial Officer)

 

 

 

  

Exhibit 31.1

 

CERTIFICATION

 

I, Kwang Hyun Kim, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of RadTek Inc.

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. As the registrant's certifying officer I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)

designed such disclosure controls and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

5. As the registrant's certifying officer I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to

record,

process summarize and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date: August 19, 2013	RadTek, Inc.
	By	/s/ KwangHyun Kim
		Name: KwangHyun Kim Title: President

 

 

 

Exhibit 31.2

 

CERTIFICATION

 

I, Jae Chan Kim, certify that:

 

1. I have reviewed this quarterly report on Form 10-Q of RadTek Inc.

 

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

4. As the registrant's certifying officer I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a)

designed such disclosure controls and procedures, or caused such disclosure control and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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;

c)

evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;

d)

disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

 

5. As the registrant's certifying officer I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

 

a)

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to

record,

process summarize and report financial information; and

b)

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

 

Date:August 19, 2013	RadTek, Inc.
	By	/s/ JaeChan Kim
		Name: JaeChan Kim Title: Treasurer (Chief Financial Officer)

 

 

 

 

Exhibit 32

 

 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

 

In connection with the Quarterly Report of Radtek Inc. (the "Company") on Form 10-Q for the period ended June 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, Chief Executive Officer & Chief Financial Officer, certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:

 

1.

The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.

The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Date: August 19, 2013	RadTek, Inc.
	By	/s/ KwangHyun Kim
		Name: KwangHyun Kim Title: President

 

Date:August 19, 2013	RadTek, Inc.
	By	/s/ JaeChan Kim
		Name: JaeChan Kim Title: Treasurer (Chief Financial Officer)