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EX-31 - EXHIBIT 31.2 - OAKRIDGE INTERNATIONAL CORPex312-063013oak.htm
EX-31 - EXHIBIT 31.1 - OAKRIDGE INTERNATIONAL CORPex311-063013oak.htm
EX-32 - EXHIBIT 32.2 - OAKRIDGE INTERNATIONAL CORPex322-063013oak.htm
EX-32 - EXHIBIT 32.1 - OAKRIDGE INTERNATIONAL CORPex321-063013oak.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM 10 - K

[ x ] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended June 30, 2013
[   ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from [   ] to [   ]

Commission File Number: 333-152312

Oakridge International Corporation

(Exact Name of Registrant as Specified in Its Charter)

Nevada

-------------

(State or Other Jurisdiction of Incorporation or Organization)

(IRS Employer Identification No.)

Suite 5, Level 2, Malcolm Reid Building, 187 Rundle Street, Adelaide SA 5000, Australia

n/a

(Address of Principal Executive Offices)

(Zip Code)

Tel: +61 8 8120 0248     Fax: + 61 8 8312 0248
(Registrant's Telephone Number, Including Area Code)

Not Applicable
(Former Name, Former Address and Former
Fiscal Year if Changed Since Last Report)

Securities registered under Section 12(b) of the Act:

Title of each class registered:
-------------------------------
None

Name of each exchange on which registered:
------------------------------------------
None

Securities registered under Section 12(g) of the Act:

Common Stock, $0.001 Par Value
(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes [   ]   No [ x ]


Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

Yes [   ]   No [ x ]

Indicate by check 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 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.

[   ]

Indicate by check 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 "small 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 [ x ]    No [    ]

On September 25, 2013, the number of shares held by non-affiliates of the registrant was 710,000 shares of common stock. There is no calculation on the aggregate market value of the voting stock held by non-affiliates at the moment, as the Company's shares have not yet traded on the Over-the-counter Bulletin Board.


Solely for the purpose of this calculation, shares held by directors and officers of the registrant have been excluded. Such exclusion should not be deemed a determination or an admission by registrant that such individuals are, in fact, affiliates of the registrant.


The number of common equity shares outstanding as of October 14, 2013 was 6,510,000 shares of Common Stock, $0.001 par value.


DOCUMENTS INCORPORATED BY REFERENCE


Exhibits incorporated by reference are referred under Part IV.

FORWARD-LOOKING STATEMENTS


This Current Report on Form 10-K report contains forward-looking statements of management of the Company that are, by their nature, subject to risks and uncertainties. Forward-looking statements are statements that estimate the happening of future events are not based on historical fact. Forward-looking statements may be identified by the use of forward-looking terminology, such as "may", "shall", "could", "expect", "estimate", "anticipate", "predict", "probable", "possible", "should", "continue", or similar terms, variations of those terms or the negative of those terms. The forward-looking statements appear in a number of places in this Form 10-K report have been formed by our management on the basis of assumptions made by management and considered by management to be reasonable. However, whether actual results and developments will meet the Company's expectations and predictions depends on a number of known and unknown risks and uncertainties and other factors, any or all of which could cause actual results, performance or achievements to differ materially from Company's expectations, whether expressed or implied by such forward looking statements. Our future operating results are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements.


The assumptions used for purposes of the forward-looking statements contained in this Form 10-K report represents estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. No assurance can be given that any of the assumptions relating to the forward-looking statements in this Form 10-K report are accurate, and we assume no obligation to update any such forward-looking statements. If we do update or correct one or more forward-looking statements, investors and others should not conclude that we will make additional updates or corrections with respect to other forward-looking statements.


TABLE OF CONTENTS

PART I
ITEM 1. Business

1

ITEM 1A. Risk Factors

4

ITEM 1B. Unresolved Staff Comments

10

ITEM 2. Properties

10

ITEM 3. Legal Proceedings

10

ITEM 4. Mine Safety Disclosures

10


PART II
ITEM 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

11

ITEM 6. Selected Financial Data

11

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operation

12

ITEM 7A. Quantitative and Qualitative Disclosures About Market Risk

14

ITEM 8. Financial Statements and Supplementary Data

14

ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures

15

ITEM 9A Controls and Procedures

15

ITEM 9B. Other Information

16


PART III
Item 10 Directors, Executive Officers and Corporate Governance

17

Item 11 Executive Compensation

18

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

20

Item 13 Certain Relationships and Related Transactions, and Director Independence

20

Item 14 Principal Accounting Fees and Services

21


PART IV
ITEM 15 Exhibits, Financial Statement Schedules

22

SIGNATURES

23


PART I

ITEM 1. BUSINESS.

Operation Overview

Business of the Issuer


Oakridge International Corporation was an environmental services company planning to engage in the business of waste management, trading and recovering raw materials from electronic printed circuit boards and other electronic products and components. Our plan was to own facilities in Australia and or Hong Kong for the waste management and recovering of raw materials from electronic printed circuit boards and other electronic products and components. However due to the capital requirement to roll out this business, the management of the Company has determined to focus on the sourcing, marketing and trading of consumer electronics products which requires less capital. The Company will review its environmental services business when the Company has adequate resources to pursue this business.


History

In March 2008, the Company entered into an agreement for a technology for recovering electronic components from electronic printed circuit boards. The Company evaluated the technology but could not raise the necessary funds to keep the technology and our rights to the technology expired in October 2009. From that date onwards, we have been evaluating other technologies in the recovery of raw materials from Printed Circuit Boards. However due to our limited resources available, we were not able to actively pursue alternative solutions as that would involve investment into test equipment or process.


In May 2011, the Group received a Letter of Authorization to appoint our then wholly owned subsidiary as an official reseller for a waste packing system in China for until the end of 2011. The Company intended to raise some capital in order to pursue the waste packing system and alternative technology for the recovery of raw materials from electronic printed circuit boards. However, we were not successful in the fund raising by the end of 2011.


We are a development stage company that has generated modest revenues of $11,295 from operations since our incorporation on October 31, 2007 to June 30, 2013. We have incurred losses since our inception.


For the year ended June 30, 2013, we did not earn any revenue. During the first half of the fiscal year just ended, the Group focused on trading of raw materials from PCB factories and electronic components, and developing a business model for the recycling technology. In April 2013, the Company determined to focus more on the sourcing, marketing and trading of consumer electronics business and hired 4 staff to commence this business in Hong Kong. A summary of our future plans is described below.


General


The Company intends to source, imports, markets, sells a variety of consumer electronic products to international markets under our own brand names or under our customers’ brand names. The intended products include 4K TVs, 3D TVs, mobile devices, computer monitors, computer accessories products such as thumb drives, computer mouse, etc.

The Company intends to work with design house to secure innovative products for marketing and distribution in the international markets.

The Company further intends to try to secure by either acquisition or through licensing programs, international brands for our high end electronic products.

1


Build Up of Future Operational Infrastructure


The Company believes it should build up its business operations so that it will possess an advantage over its competitors due to the combination of: i) having a recognition brand ii) company sourcing of innovative products from design house iii) an infrastructure with experienced personnel in servicing and providing logistic support for mass merchant channels.

The Company intends to build up its core competencies in sourcing innovative designs and products to offer a broad variety of current and new consumer electronic products to customers. In addition, the Company intends to enter into brand licensing arrangements to use trade names and trademarks on products to earn higher profit margin on the products. The Company will seek to enter into distribution agreements that leverage the branded products and utilize the logistical and sourcing infrastructures for products that are more efficiently marketed through these agreements. The Company intends to evaluate potential licenses and distribution agreements.

The Company’s new core business will consists of selling, distributing, and licensing various low to high priced consumer electronic products in various categories. It is planned that a substantial portion of the Company’s marketing and sales efforts are concentrated in the Asia Pacific and Europe region, although we also sell our products in certain other international regions.


Marketing and Growth Strategy


The Company believes growth opportunities exist through the implementation of the following:

  *  source innovative consumer electronic products by securing product designs

  *  create distribution channels for customers offering branded products;

  *  focus on penetration into the markets with multiple branded products offered and sold;

  *  expansion of the Company’s customer base in the Asia Pacific region through our contacts and relationship of our directors and outside sales representative organizations;

  *  development of the Company’s direct to consumer sales channel, primarily through the development of our website; and

  *  expansion through strategic mergers with and acquisitions of other businesses.

A principal component of the Company’s growth strategy is to build a global recognition of its sourcing services, and brand names and reputation for quality and cost competitive products to aggressively promote its products within its targeted markets. The Company believes that it will be able to compete more effectively by applying innovative approaches to its product lines and augmenting its product lines with complementary products. The Company intends to pursue such plans either independently or through relationships with other companies as well as license arrangements, distributorship agreements and joint ventures.


Summary of Our Plans


To implement our business plan, apart from additional financing, we will need to negotiate and secure contracts with acceptable terms for:


*


Sourcing of innovative and competitive electronic products from design houses

*

Securing reliable and quality manufacturers

*

Securing customers for our products

*

Securing and entering into brands and licensing arrangements

2


Competition


The Company will compete in the all priced sector of the consumer electronics market. We estimate that the Company has several dozen competitors that are manufacturers and/or distributors, many of which are much larger and have greater financial resources than the Company. The Company competes primarily on the basis of:


*


reliability

*

quality

*

price

*

design

*

quality of service and support provided to retailers and their customers


Product Liabilities and Insurance


Due to the nature of the consumer electronic products we intend to sell, the Company will periodically subject to product liability claims resulting from personal injuries. The Company may also become involved in various lawsuits incidental to its business.

The Company intends to take out insurance coverage for its products and business operations, however, any claims substantially in excess of the Company’s insurance coverage, or any substantial claim not covered by insurance, would have a material adverse effect on the Company’s financial condition and results of operations.


Warranties


The Company intends to offer limited warranties for its consumer electronics products, comparable to those offered to consumers by the Company’s competitors and or offered from the manufacturer, depending on the products and terms of sales. Such warranties typically consist of a one year period, under which the Company pays for labor and parts, or offers a new or similar unit in exchange for a non-performing unit.

3


ITEM 1A. RISK FACTORS


An investment in our common stock involves a high degree of risk. You should carefully consider the following factors and other information in this Form 10K filing before deciding to invest in our Company. If any of the following risks actually occur, our business, financial condition, results of operations and prospects for growth would likely suffer. As a result, you could lose all or part of your investment.


We have experienced net losses and have not made any significant sales and revenue to date. Therefore, you should not rely on our historical results of operations as an indication of our future performance.


During the period from inception on October 31, 2007 through June 30, 2013, we incurred net losses of approximately $288,253. In November 2008, the Company sold scrap PCBs for $11,295 for a net profit of $474. Our future success is dependent on our ability to trade consumer electronics products. The success of the business will depend upon a number of factors including but not limited to sourcing of innovative design of consumer electronics products with both branded and OEM products for our customers. None of these factors is demonstrated by our historic performance to date and there is no assurance we will be able to accomplish them in order to sustain our operations. We may never develop profitable operations. As a result, there is no assurance of future successful performance of our business.


Our financial condition raises substantial doubt about our ability to continue as a going concern. You will be unable to determine whether we will ever become profitable.


Our independent auditors have indicated in their audit report for the period ended at June 30, 2013 that there is substantial doubt about our ability to continue as a going concern over the next twelve months. Our poor financial condition could inhibit our ability to achieve our business plan and therefore an investor cannot determine if we will ever become profitable.


If we do not obtain additional financing, our business will fail.


We have determined our current operating funds are not sufficient to complete our intended business objectives. As of June 30, 2013, we had cash on hand in the amount of $10,913. We will need to raise additional capital in order to cover the costs of implementing our business plan. We estimate that we will need to raise $2.0 million to fully execute our operating plan. For the next 12 months, we will require a minimum of $25,000 to pay for the ongoing corporate costs of annual filing fees, audit, accounting, and office related cost. We do not currently have any arrangements for financing and may not be able to find such financing if required. We currently do not have any significant operations and we have had modest revenue. Our President, Dr. Herbert Ying Chiu Lee, has indicated that he is prepared to lend to the Company up to $25,000 to cover our operating costs over the next 12 months, but there are no formal arrangements in this regard. He is not legally obligated to loan funds to the Company. There is no guarantee that we will receive such loans.


If we are not able to obtain agreements with suppliers of consumer electronics, our business will fail.


We have not entered into formal agreements with any entity to consumer electronic products. Even if we are able to reach an agreement with a manufacturer, we may not be able to obtain the financing necessary to purchase the products. If we are unable to source consumer electronic products at a competitive market price, our business will fail.

4


If we cannot find customers to purchase the consumer products from us on acceptable terms, we will not be able to establish our business and thus it will fail.


Even if we source consumer electronic products, we may not be able to secure customers on acceptable terms. Without customers purchasing our consumer electronic products, we will not be able to proceed with our business plan.


Our major shareholder owns 61.44% of our outstanding common stock, and he could exercise significant control over corporate decisions that may be disadvantageous to minority shareholders.


Dr. Herbert Ying Chiu Lee owns approximately 61.44% of the outstanding shares of our common stock. Accordingly, he will have a significant influence in determining the outcome of all corporate transactions, including mergers, consolidations, and the sale of all or substantially all of our assets. He will also have the power to influence a change in control. The interests of Dr. Lee may differ from the interests of the other stockholders and thus result in corporate decisions that are disadvantageous to other shareholders.


Because current management does not have any technical experience in the consumer electronics sector, our business has a higher risk of failure.


While management has experience in doing business in and with Australia and China, management does not have experience in the field of consumer electronics. As a result, we may not be able to recognize and take advantage of opportunities in the consumer electronics sector without the aid of additional employees or qualified consultants. In addition, management may not be fully aware of specific requirements necessary for the resale of the raw materials generated by our process. Therefore management's decisions and choices may adversely affect our operations and earnings, and our ultimate financial success may suffer irreparable harm as a result.


We will incur significant costs complying with our obligations as a reporting company, and our ability to attain profitable operations will be adversely impacted.


We are required to file periodic reports with the Securities & Exchange Commission, including financial statements and disclosure regarding changes in our operations. We anticipate that we will incur a minimum of $25,000 per year in order to comply with these reporting requirements. As our operations become more complex, it is anticipated that these costs will increase. These compliance costs will be charged to operations and will negatively impact our ability to attain profitable operations.

5


Our management team is currently not earning salary or receiving expenses, which may affect the implementation of our business plan.


The ongoing services of Dr. Herbert Ying Chiu Lee and Mr. Con Unerkov cannot be assured and therefore may adversely affect the implementation of our business plan.

Dr. Lee, our CEO and Mr. Unerkov, our CFO, anticipate that during the next 12 months they will each devote approximately 10% and 15%, respectively, of their time to our business, also in an unpaid capacity. Dr Lee and Mr. Unerkov may not be able to devote the time necessary to our business to assure successful implementation of our business plan.


Our management decisions are made by Dr. Herbert Ying Chiu Lee and Mr. Con Unerkov; if we lose their services, our business may be adversely affected.


The success of our business is dependent upon the expertise of management. Because Dr. Lee and Mr. Unerkov are essential to our operations, you must rely on their management decisions. We have not obtained any key person life insurance relating to them. If we lose their services, we may not be able to hire and retain other management with comparable experience. As a result, the loss of their services could adversely affect our future revenues.


There is intense competition for qualified technical professionals and sales and marketing personnel, and our failure to attract and retain these people could affect our ability to respond to rapid technological changes and to increase our revenues.


Our future success depends upon our ability to attract and retain qualified technical, sales and marketing personnel. Competition for talented personnel, particularly technical professionals, is intense. This competition could increase the costs of hiring and retaining personnel. We may not be able to attract, retain, and adequately motivate our personnel or to integrate new personnel into our operations successfully.

6


Our shares will be "penny stocks" as that term is generally defined in the Securities Exchange Act of 1934 to mean equity securities with a price of less than $5.00. Our shares thus will be subject to rules that impose sales practice and disclosure requirements on broker-dealers who engage in certain transactions involving a penny stock.


Under the penny stock regulations, a broker-dealer selling a penny stock to anyone other than an established customer or accredited investor must make a special suitability determination regarding the purchaser and must receive the purchaser's written consent to the transaction prior to the sale, unless the broker-dealer is otherwise exempt. Generally, an individual with a net worth in excess of $1,000,000, or annual income exceeding $200,000 individually or $300,000 together with his or her spouse, is considered an accredited investor. In addition, under the penny stock regulations the broker-dealer is required to:


*


Deliver, prior to any transaction involving a penny stock, a disclosure schedule prepared by the Securities and Exchange Commissions relating to the penny stock market, unless the broker-dealer or the transaction is otherwise exempt;


*


Disclose commissions payable to the broker-dealer and our registered representatives and current bid and offer quotations for the securities;


*


Send monthly statements disclosing recent price information pertaining to the penny stock held in a customer's account, the account's value and information regarding the limited market in penny stocks; and


*


Make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction, prior to conducting any penny stock transaction in the customer's account.


Because of these regulations, broker-dealers may encounter difficulties in their attempt to sell shares of our common stock, which may affect the ability of selling shareholders or other holders to sell their shares in the secondary market and have the effect of reducing the level of trading activity in the secondary market. These additional sales practice and disclosure requirements could impede the sale of our securities, if our securities become publicly traded. In addition, the liquidity for our securities may be decreased, with a corresponding decrease in the price of our securities. Our shares in all probability will be subject to such penny stock rules and our shareholders will, in all likelihood, find it difficult to sell their securities.


Sales of our common stock under Rule 144 could reduce the price of our stock.


All of 5,800,000 shares of our common stock held by affiliates are restricted securities under Rule 144 of the Securities Act of 1933. In general, persons holding restricted securities, including affiliates, must hold their shares for a period of at least six months, may not sell more than one percent of the total issued and outstanding shares in any 90-day period, and must resell the shares in an unsolicited brokerage transaction at the market price. These restrictions do not apply to resales under Rule 144(k). The availability for sale of substantial amounts of common stock under Rule 144 could reduce prevailing market prices for our securities.


We will be required to remain current in our filings with the SEC and our securities will not be eligible for quotation if we are not current in our filings with the SEC.


Our shares are quoted on the over-the-counter bulletin board. We will be required to remain current in our filings with the SEC in order for shares of our common stock to be eligible for quotation on the over-the-counter bulletin board. In the event that we become delinquent in our required filings with the SEC, quotation of our common stock will be terminated following a 30 day grace period if we do not make our required filing during that time. If our shares are not eligible for quotation on the over-the-counter bulletin board, investors in our common stock may find it difficult to sell their shares.

7



Because we currently do not have an audit or compensation committee, shareholders will have to rely on the entire board of directors, all of which are not independent, to perform these functions.


We currently do not have an audit or compensation committee comprised of independent directors. The board of directors as a whole performs these functions. Thus, there is a potential conflict in that board members who are management will participate in discussions concerning management compensation and audit issues that may affect management decisions.


Risks associated with doing business in the PRC.


A portion of our revenue will be derived from our operations in China. Accordingly, our results of operations and prospects will be subject, to a significant extent, to the economic, political and legal developments in China, which have rapidly changed.


The PRC's economic, political and social conditions, as well as government policies, could affect our business. The PRC economy differs from the economies of most developed countries in many respects.


Our ability to find attractive manufacturers and customers for our products is based on the assumption that the Chinese economy will continue to grow. The PRC's economic growth has been uneven, both geographically and among various sectors of the economy. The PRC government has implemented various measures to encourage economic growth and guide the allocation of resources. Some of these measures benefit the overall PRC economy, but may also have a negative effect on us, depending on the industry in which we engage in a business combination. For example, our financial condition and results of operations may be adversely affected by PRC government control over capital investments or changes in tax regulations that are applicable to potential target businesses and business combinations.


The PRC economy has been transitioning from a planned economy to a more market-oriented economy. Although in recent years the PRC government has implemented measures emphasizing the use of market forces for economic reform, the reduction of state ownership of productive assets and the establishment of sound corporate governance in business enterprises, a substantial portion of productive assets in China is still owned by the PRC government. In addition, the PRC government continues to play a significant role in regulating industry development by imposing industrial policies. It also exercises significant control over PRC economic growth through the allocation of resources, controlling payment of foreign currency-denominated obligations, setting monetary policy and providing preferential treatment to particular industries or companies. We cannot assure you that China's economic, political or legal systems will not develop in a way that becomes detrimental to our business, results of operations and prospects.


If political relations between the U.S. and the PRC weaken, it could make sale of our products less attractive to customers outside of the PRC.


The relationship between the United States and the PRC is subject to sudden fluctuation and periodic tension. Changes in political conditions in the PRC and changes in the state of Sino-U.S. relations are difficult to predict and could adversely affect our sourcing operations in China or cause our consumer electronic products to become less attractive to customers outside of the PRC. This could lead to a decline in our profitability and our stock price. Any weakening of relations between the U.S. and the PRC could have a material adverse effect on our operations.


If the PRC imposes restrictions to reduce inflation, future economic growth in the PRC could be severely curtailed which could lead to a significant decrease in our profitability.


While the economy of the PRC has experienced rapid growth, this growth has been uneven among various sectors of the economy and in different geographical areas of the country. Rapid economic growth can lead to growth in supply of money and rising inflation. In order to control inflation in the past, the PRC has imposed controls on bank credits, limits on loans for fixed assets and restrictions on state bank lending. If similar restrictions are imposed, it may lead to a slowing of economic growth and increase in cost structure for our manufacturers, leading to a decline in our profitability.

8


Because Chinese law may govern some of our material agreements for acquisition and sale of our products, we may not be able to enforce our rights within the PRC or elsewhere, which could result in a significant loss of business, business opportunities or capital.


Chinese law may govern some of our material agreements for acquisition and sale of our consumer electronic products, some or many of which could be with Chinese governmental agencies. We cannot assure you that we will be able to enforce any of our material agreements or that remedies will be available outside of the PRC. The Chinese legal system is similar to a civil law system based on written statutes. Unlike common law systems, it is a system in which decided legal cases have little precedential value. Although legislation in China over the past 25 years has significantly improved the protection afforded to various forms of foreign investment and contractual arrangements in China, these laws, regulations and legal requirements are relatively new and their interpretation and enforcement involve uncertainties, which could limit the legal protection available to us, and foreign investors, including you. The inability to enforce or obtain a remedy under any of our future agreements could result in a significant loss of business, business opportunities or capital and could have a material adverse impact on our operations.


Uncertainties with respect to the Chinese legal system could have a material adverse effect on us.


China's legal system is based on written statutes. Prior court decisions may be cited for reference but have limited precedential value. Laws and regulations relating to foreign investments in China are relatively new, and China's legal system continues to rapidly evolve, the interpretations of many laws, regulations and rules are not always uniform and enforcement of these laws, regulations and rules involve uncertainties, which may limit legal protections available to us. In addition, any litigation in China may be protracted and result in substantial costs and diversion of resources and management attention.


Fluctuations in the value of the renminbi relative to foreign currencies could cause the cost of our operations to increase and could affect our operating results.


We may pay the Chinese manufacturing companies with Chinese currency, the renminbi. We will be subject to increased risks relating to foreign currency exchange rate fluctuations that could have a material adverse affect on our business, financial condition and operating results. The value of renminbi against the United States dollar and other currencies may fluctuate and is affected by, among other things, changes in China's political and economic conditions. As we expect that some of our sales will be in China, any significant revaluation of the renminbi may materially and adversely affect our cash flows, revenues and financial condition. For example, to the extent that we need to convert United States dollars into renminbi for our operations, appreciation of renminbi against the United States dollar could have a material adverse effect on our business, financial condition and results of operations. Conversely, if we decide to convert our renminbi into United States dollars for other business purposes and the United States dollar appreciates against the renminbi, the United States dollar equivalent of the renminbi we convert would be reduced. The Chinese government recently announced that it is pegging the exchange rate of the renminbi against a number of currencies, rather than just the United States dollar. Fluctuations in the renminbi exchange rate could adversely affect our ability to operate our business.

9


ITEM 1B. UNRESOLVED STAFF COMMENTS

None.

ITEM 2. PROPERTIES.


Our principal office address is Suite 5, Level 2, Malcolm Reid Building, 187 Rundle Street, Adelaide SA 5000, Australia. This is a service office we rent at a monthly basis at a rate of US$100 per month.


We are not subject to competitive conditions for property and currently have no property in insure. We have no policy with respect to investments in real estate or interests in real estate and no policy with respect to investments in real estate mortgages. Further, we have no policy with respect to investments in securities of or interests in persons primarily engaged in real estate activities.


ITEM 3. LEGAL PROCEEDINGS.


There are no legal actions pending against us nor are any legal actions contemplated by us at this time.


ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

10


PART II


ITEM 5. MARKET PRICE FOR COMMON EQUITY AND RELATED STOCKHOLDER MATTERS AND SMALL BUSINESS ISSUER PURCHASES OF EQUITY SECURITIES.


Market Information


A registrant that qualifies as a smaller reporting company is not required to provide the performance graph required in paragraph (e) of Item 201.


We have one class of securities, Common Voting Equity Shares ("Common Stock"). Our Common Stock is quoted on the Over The Counter Bulletin Board.


Issuer's Repurchase Of Equity Securities

None.

Holders

On October 14, 2013, the Company had 48 holders of record of our Common Stock.

Dividends


We have not declared or paid dividends on our Common Stock since our formation, and we do not anticipate paying dividends in the foreseeable future. Declaration or payment of dividends, if any, in the future, will be at the discretion of our Board of Directors and will depend on our then current financial condition, results of operations, capital requirements and other factors deemed relevant by the board of directors. There are no contractual restrictions on our ability to declare or pay dividends.


Stock Options

Currently, there are no stock options outstanding.

ITEM 6. SELECTED FINANCIAL DATA


A registrant that qualifies, as a smaller reporting company is not required to provide the information required by this item.

11


ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.


The following discussion of our financial condition and our subsidiaries and our results of operations should be read together with the consolidated financial statements and related notes that are included later in this Annual Report on Form 10- K. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under Risk Factors or in other parts of this Annual Report on Form 10-K.


Twelve Months Operating Plan


Over the next twelve months, our operating plan will be focused on developing our operations in the sourcing of consumer electronic products. Initially we will recruit a sales and marketing team to source popular consumer electronic products and to identify suitable manufacturers for these products. Our marketing team will then try to match these products to our customers.

Our financial plan is to obtain sufficient funding for the trading and marketing services for consumer electronic products. The trading of the consumer electronic products requires funding of about US$1,000,000 to buy consumer electronics and selling to our customers. The working capital funding is expected to be US$350,000. We will seek to raise development and operation funds for the next twelve months by equity offering to support these plans. In addition, management is seeking strategic investors and partners to support our business.


Research and Development


Since incorporation, the Company has not embarked on any research and development program and has not incurred or is expecting to incur any such costs.


Costs and Effects of Compliance with Environmental Laws


We currently do not expect there will be any additional costs and effects of compliance with environmental laws in our current plan of operation.


Employees


As of September 25, 2013, we have 6 staff, including our two directors, in the Company. Subject to financing, in the next 12 months, we plan to hire consultants in Hong Kong and China to undertake and implement the operational plans.

12


Results of Operations

FOR THE YEAR ENDED JUNE 30, 2013 AND 2012 AND FOR THE PERIOD FROM OCTOBER 31, 2007 (INCEPTION) TO JUNE 30, 2013

REVENUES


For the years ended June 30, 2013 and 2012, the Company has realized no revenue and incurred no cost of revenue and no gross profit. We hope to generate additional revenue when we receive more contracts and as we continue to develop the business.

For the period from October 31, 2007 (date of inception) to June 30, 2013, the Company realized revenue of $11,295, incurred a cost of revenue of $10,851 and achieved a gross profit of $474.


OPERATING EXPENSES


For the years ended June 30, 2013 and 2012, the Company had incurred no gross profit and our total operating expenses were $168,967 and $55,262, respectively, all of which were selling, general and administrative expenses. Our net loss to our shareholders for the years ended June 30, 2013 and 2012 were $168,967 and $52,983, respectively.

For the period from October 31, 2007 (date of inception) to June 30, 2013, the accumulated gross profit was $474, and our total operating expenses were $291,006, all of which were selling, general and administrative expenses. We incurred a gain on disposal of subsidiary of $2,279, resulting in an accumulated net loss to our shareholders for the period ended June 30, 2013 was $288,253.

13


Liquidity and Capital Resources


We do not have sufficient resources to accomplish our business plans. As of June 30, 2013, we had $10,913 in cash.


We will have to raise funds to pay for our expenses and accomplish our business plans. We may have to borrow money from shareholders or issue debt or equity or enter into a strategic arrangement with a third party. There can be no assurance that additional capital will be available to us. We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans or lines of credit. Our inability to raise funds for our operations will have a severe negative impact on our ability to remain a viable company.


Going Concern Consideration


The Company is a development stage company and has commenced operations. The Company had no revenue and incurred a net loss of $168,967 for the year ended June 30, 2013 and an accumulated net loss of $288,253 for the period from October 31, 2007 (inception) to June 30, 2013. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern must be considered in light of the problems, expenses and complications frequently encountered in emerging markets and the competitive environment in which the Company operates. The Company is pursuing financing for its operations. Failure to secure such financing, to raise additional equity capital and to earn revenue may result in the Company depleting its available funds and not being able to pay its obligations. These consolidated financial statements do not include any adjustment to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.


Off-Balance Sheet Arrangement


We currently have no off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


A smaller reporting company is not required to provide the information required by this Item.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

Consolidated Financial Statements

Please see page F-1 through F-11 of this Form 10-K.

14


ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.


There are no such reportable events.

ITEM 9A. CONTROLS AND PROCEDURES.

Disclosure Controls and Procedures


Under the supervision and with the participation of our management, including our Chief Executive Officer and our Chief Financial Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Exchange Act as of a date (the "Evaluation Date") within ninety (90) days prior to the filing of our June 30, 2013 Form 10-K


Based upon that evaluation, our Management has concluded that, as of June 30, 2013, our disclosure controls and procedures were not effective in timely alerting management to the material information relating to us (or our consolidated subsidiaries) required to be included in our periodic filings with the SEC.


Internal Control over Financial Reporting


(a)Management's Annual Report on Internal Control Over Financial Reporting


Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules13a-15(f) and 15d-15(f) under the Exchange Act. Our internal control over financial reporting is 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.


A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the registrant's annual or interim financial statements will not be prevented or detected on a timely basis.


Our management, with the participation of its CEO and President, assessed the effectiveness of our internal control over financial reporting as of June 30, 2013. In making this assessment, we used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework. Based on that assessment under such criteria, management concluded that our internal controls over financial reporting were not effective as of June 30, 2013 due to control deficiencies that constituted material weaknesses. A material weakness is a control deficiency, or combination of control deficiencies, such that there is a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis.


In the course of making our assessment of the effectiveness of internal controls over financial reporting, we identified material weaknesses in our internal control over financial reporting. The material weaknesses consisted of inadequate staffing within the accounting operations of our Company. The small number of employees who are responsible for accounting functions (more specifically, one) prevents us from segregating duties within our internal control system. The inadequate segregation of duties is a weakness because it could lead to the untimely identification and resolution of accounting and disclosure matters or could lead to a failure to perform timely and effective reviews. The limited personnel also does not allow for multiple levels of supervision and review.


We are in the process of developing and implementing remediation plans to address our material weaknesses.

15


Management has identified specific remedial actions to address the material weaknesses described above:


*


Improve the effectiveness of the accounting group by continuing to augment our existing resources with additional consultants or employees to improve segregation procedures and to assist in the analysis and recording of complex accounting transactions and preparation of tax disclosures. We plan to mitigate the segregation of duties issues by hiring additional personnel in the accounting department once we have achieved positive cash flow from operations, and/or have raised significant additional working capital.


*


Improve segregation procedures by strengthening cross approval of various functions including cash disbursements and quarterly internal audit procedures where appropriate.


Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.


Changes in Controls and Procedures


There were no significant changes made in our internal controls over financial reporting during the year ended June 30, 2013 that have materially affected or are reasonably likely to materially affect these controls. Thus, no corrective actions with regard to significant deficiencies or material weaknesses were necessary.


Attestation Report of the Registered Public Accounting Firm


This annual report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. We were not required to have, nor have we, engaged our independent registered public accounting firm to perform an audit of internal control over financial reporting pursuant to the rules of the Commission that permit us to provide only management's report in this annual report.


ITEM 9B. OTHER INFORMATION.

None.

16


PART III

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE.


Our directors and executive officers are as follows:


Name


Age


Position

LEE Ying Chiu, Herbert

60

President, Director & Chief Executive Officer
Con UNERKOV

44

Treasurer, Secretary, Director & Chief Financial Officer


Dr. Lee received his Bachelor of Applied Science in structural engineering in 1977 from the University of British Columbia, B. C., Canada. He obtained his training in structural design in Hong Kong after his graduation. In 1982, he became a corporate member of the Institute of Structural Engineer (MIStructE.) and subsequently he obtained his Chartered Engineer title from the Engineering Council of the United Kingdom. His major study is technology management. After that he joined Hong Kong Polytechnic University as an engineering doctoral student conducting research in knowledge management discipline. His major research is organizing information through his newly developed semantic search engine. Dr. Lee has also been chosen by the Wuxi Government under its "530" Plan for the year 2011 for his innovation and business development capability. He is also the founding chair of Institute of Applications in Academia and Industry (IAAI), a worldwide community to untap innovative research applications and bridge the gap between theory and practice. In the past 5 years, Dr. Lee is the director and CEO of China Integrated Media Corporation Limited, a company incorporated on the Australia Stock Exchange together with a number of private companies.


Mr. Con Unerkov is an Australian based businessman and investor, with experience in the Finance, Media and Telecommunications markets in Australia, China and United States. Mr. Unerkov is a director of China Integrated Media Corporation Limited, a company listed on the Australian Stock Exchange together with a number of private and non-listed public companies. Mr. Unerkov is a graduate of the University of South Australia. In the past 5 years, Mr. Unerkov has been a director of China Media Group Corporation (Symbol CHMD) and in other capacity as officer of that company.


There is no family relationship among the directors of the Company.


No director or officer of the Company has been affiliated with any company that has filed for bankruptcy within the last five years. The Company is not aware of any proceedings to which any of the Company's officers or directors, or any associate of any such officer or director, is a party adverse to the Company or any of the Company's subsidiary or has a material interest adverse to it or any of its subsidiary.


Auditors; Code of Ethics; Financial Expert


Our principal independent accountant is MaloneBailey, LLP.


We do not currently have a Code of Ethics because we have limited business operations and only two officers/directors on the Board. We believe a code of ethics would have limited utility at this stage. We intend to adopt such a code of ethics as our business operations expand and have more directors, officers and employees. As at today, we do not have a "financial expert" on the board or an audit committee or nominating committee.


Potential Conflicts of Interest


Since we do not have an audit or compensation committee comprised of independent directors, the functions that would have been performed by such committees are performed by our directors. Thus, there is a potential conflict of interest in that our directors and officers have the authority to determine issues concerning management compensation and audit issues that may affect management decisions. We are not aware of any other conflicts of interest with any of our executives or directors.

17


ITEM 11. EXECUTIVE COMPENSATION.

Summary Compensation


Since our incorporation on October 31, 2007, we have not paid any compensation to our directors or officers in consideration for their services rendered to our Company in their capacity as such. We have no employment agreements with any of our directors. We have no pension, health, annuity, bonus, insurance, stock options, profit sharing or similar benefit plans.


SUMMARY COMPENSATION TABLE

Non-qualified

Non-Equity

Deferred

Year

Stock

Option

Incentive Plan

Compensation

All Other

Name and

Ended

Salary

Bonus

Awards

Awards

Compensation

Earnings

Compensation

Total

Principal Position

June 30

($)

($)

($)

($)

($)

($)

($)

($)

________________

________

______

_______

_______

______

____________

___________

____________

_____

Dr. Lee Ying Chiu,

2013

-

-

-

-

-

-

-

-

Herbert1

201 2

-

-

-

-

-

-

-

-

Mr. Con Unerkov2 2013 - - - - - - - -

2012

-

-

-

-

-

-

-

-

Mr. Xiong Xu3

2013

-

-

-

-

-

-

-

-

2012

-

-

-

-

-

-

-

-

Mr. Sau Shan Ku4 2013 - - - - - - - -
2012 - - - - - - - -

1.

Dr. Lee Ying Chiu, Herbert
was appointed as our CEO, President and Director of the Company on July 18, 2012.
2. Mr. Con Unerkov was appointed as our Director on May 4, 2012, as our CFO on May 18, 2012 and as our Treasurer and Secretary on July 18, 2012.
3. Mr. Xiong Xu resigned as President and Chief Executive Officer and Director of Oakridge May 4, 2012.
4. Mr. Sau Shan Ku resigned as Chairman, Treasurer, Secretary, Chief Executive Officer, and Director of Company on July 18, 2012.

Outstanding Equity Awards


The following table sets forth certain information concerning stock option awards granted to our executive officers and our director.

18


OUTSTANDING EQUITY AWARDS AT JUNE 30, 2013


OPTION AWARDS


STOCK AWARDS

Name

Number of securities underlying unexercised options (#) Exercisable

Number of securities underlying unexercised options (#)

Unexercisable

Equity Incentive Plan Awards: Number of Securities underlying unexercised unearned options (#)

Option exercise price ($)

Option expiration date

Number of shares or units of stock that have not vested (#)

Market value of shares or units of stock that have not vested ($)

Equity incentive plan awards: number of unearned shares, units or other rights that have not vested (#)

Equity incentive plan awards: Market or payout value of unearned shares, units or other rights that have not vested (#)

Dr. Lee Ying Chiu, Herbert1

-

-

-

-

-

-

-

-

-

Mr. Con Unerkov2

-

-

-

-

-

-

-

-

-

Mr. Xiong Xu3

-

-

-

-

-

-

-

-

-

Mr. Sau Shan Ku4

-

-

-

-

-

-

-

-

-


1.

Dr. Lee Ying Chiu, Herbert
was appointed as our CEO, President and Director of the Company on July 18, 2012.
2. Mr. Con Unerkov was appointed as our Director on May 4, 2012, as our CFO on May 18, 2012 and as our Treasurer and Secretary on July 18, 2012.
3. Mr. Xiong Xu resigned as President and Chief Executive Officer and Director of Oakridge May 4, 2012.
4. Mr. Sau Shan Ku resigned as Chairman, Treasurer, Secretary, Chief Executive Officer, and Director of Company on July 18, 2012.


Since our incorporation on October 31, 2007, no stock options or stock appreciation rights were granted to any of our directors or executive officers. We have no equity incentive plans.


Since October 31, 2007, none of our director or executive officer has held unexercised options, stock that had not vested, or equity incentive plan awards.


Compensation of Director


Since our incorporation on October 31, 2007, no compensation has been paid to any of our director in consideration for his services rendered in their capacity as director.


DIRECTOR COMPENSATION

Name

Fees Earned or Paid in Cash
($)

Stock Awards
($)

Option Awards
($)

Non-Equity Incentive Plan Compensation
($)

Nonqualified Deferred Compensation Earnings
($)

All Other Compensation
($)

Total
($)

Lee Ying Chiu, Herbert1

-

-

-

-

-

-

-

Con Unerkov2

-

-

-

-

-

-

-

Xiong Xu 3

-

-

-

-

-

-

-

Sau Shan Ku4

-

-

-

-

-

-

-


1.

Dr. Lee Ying Chiu, Herbert
was appointed as our CEO, President and Director of the Company on July 18, 2012.
2. Mr. Con Unerkov was appointed our Director on May 4, 2012, as our CFO on May 18, 2012 and as our Treasurer and Secretary on July 18, 2012.
3. Mr. Xiong Xu resigned as President and Chief Executive Officer and Director of Oakridge on May 4, 2012.
4. Mr. Sau Shan Ku resigned as Chairman, Treasurer, Secretary, Chief Executive Officer, and Director of Oakridge on July 18, 2012.

19


ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT RELATED STOCKHOLDER MATTERAS.


The following tables set forth the ownership, as of the date of this prospectus, of our common stock by each person known by us to be the beneficial owner of more than 5% of our outstanding common stock, our directors, and our executive officers and directors as a group. There are not any pending or anticipated arrangements that may cause a change in control.


The information presented below regarding beneficial ownership of our voting securities has been presented in accordance with the rules of the Securities and Exchange Commission and is not necessarily indicative of ownership for any other purpose. Under these rules, a person is deemed to be a "beneficial owner" of a security if that person has or shares the power to vote or direct the voting of the security or the power to dispose or direct the disposition of the security. A person is deemed to own beneficially any security as to which such person has the right to acquire sole or shared voting or investment power within 60 days through the conversion or exercise of any convertible security, warrant, option or other right. More than one person may be deemed to be a beneficial owner of the same securities. The percentage of beneficial ownership by any person as of a particular date is calculated by dividing the number of shares beneficially owned by such person, which includes the number of shares as to which such person has the right to acquire voting or investment power within 60 days, by the sum of the number of shares outstanding as of such date plus the number of shares as to which such person has the right to acquire voting or investment power within 60 days. Consequently, the denominator used for calculating such percentage may be different for each beneficial owner. Except as otherwise indicated below and under applicable common share property laws, we believe that the beneficial owners of our common stock listed below have sole voting and investment power with respect to the shares shown.

Name

Security


Total Shares Owned

Percentage

Shuet Ping LEUNG of Block C, Flat 6, 30th Floor, Mount Lodge, Quarry Bay, Hong Kong

Common

1,800,000

27.65%

Ying Chiu Herbert LEE of 7/F., Siu On Centre, 188 Lockhart Road, Wanchai, Hong Kong

Common

4,000,000

61.44%

All executive officers and directors as a group [2 persons]

Common

4,000,000

61.44%


This table is based upon information derived from our stock records. Unless otherwise indicated in the footnotes to this table and subject to community property laws where applicable, each of the shareholders named in this table has sole or shared voting and investment power with respect to the shares indicated as beneficially owned. Except as set forth above, applicable percentages are based upon 6,510,000 shares of common stock outstanding as of September 25, 2013.


ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE.


Except for


*


The initial issuance of 4,000,000 shares of stock to Mr. Ku for $4,000;

*

Prior to being appointed as a Director, President and CEO of the Company, Mr. Michael Burney provided consulting services in the amount of $25,000 to the Company. On July 22, 2009 the Company issued 1,250,000 shares of common stock to Mr. Burney as payment for these services. On February 14, 2009, Mr. Burney resigned all his positions in the Company and he subsequently sold his 1,250,000 shares in the Company to Mr. Xiong Xu, the Company's former Director, President, and CEO;

*

On May 4, 2012, Mr. Xu tendered his resignation to all his positions in the Company, and on the same day sold all his 1,250,000 shares to Intek Solutions Pty. Limited ("Intek"), which is wholly owned by Mr. Con Unerkov, our current Director and CFO. On June 19, 2012 Intek sold all its shares in the Company to Mr. Shuet Ping Leung; and

*

On June 19, 2012 Mr. Sau Shan Ku sold all his shares to Dr. Herbert Ying Chiu Lee who became the new controlling shareholder of the Company.

20


None of the following parties has, since our date of incorporation, had any material interest, direct or indirect, in any transaction with us or in any presently proposed transaction that has or will materially affect us:


*


Any of our directors or officers;

*

Any person proposed as a nominee for election as a director;

*

Any person who beneficially owns, directly or indirectly, shares carrying more than 10% of the voting rights attached to our outstanding shares of common stock; or

*

Any member of the immediate family of any of the foregoing persons.

ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES.


AUDIT FEES. The aggregate fees billed in each of the fiscal years ended June 30, 2013 and 2012 for professional services rendered by the principal accountant for the audit of our annual financial statements and review of the financial statements included in our Form 10-K or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements as well as registration statement filings for those fiscal years were $4,000 and $3,500, respectively.


AUDIT-RELATED FEES. The aggregate fees billed for services reasonably related to the performance of the audit or review of the financial statements outside of those fees disclosed above under "Audit Fees" for fiscal years 2013 and 2012was nil.


TAX FEES. For the fiscal years ended June 30, 2013 and 2012, our principal accountants did not render any services for tax compliance, tax advice, and tax planning work.


ALL OTHER FEES. None


PRE-APPROVAL POLICIES AND PROCEDURES. Prior to engaging its accountants to perform a particular service, our board of directors obtains an estimate for the service to be performed. All of the services described above were approved by the board of directors in accordance with its procedures.

21


PART IV

ITEM 15. EXIBITS, FINANCIAL STATEMENT SCHEDULES


(a) Index to Financial Statements and Financial Statement Schedules


Table of Contents


Report of Independent Registered Public Accounting Firm - MaloneBailey, LLP.

Report of Independent Registered Public Accounting Firm - Albert Wong & Co. LLP.


Consolidated Financial Statements:


Consolidated Balance Sheets as of June 30, 2013 and 2012


Consolidated Statements of Operations for the years ended June 30, 2013 and 2012 and from October 31, 2007 (Inception) to June 30, 2013


Consolidated Statements of Stockholders' Deficit - From October 31, 2007 (Inception) to June 30, 2013.


Consolidated Statements of Cash Flows for the years ended June 30, 2013 and 2012 and from October 31, 2007 (Inception) to June 30, 2013.


Notes to Consolidated Financial Statements


(c) Exhibits.


Exhibit No.


Description


3.1


Articles of Incorporation (1)


3.2


Bylaws (1)


31.1*


Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Attached Hereto)


31.2*


Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (Attached Hereto)


32.1*


Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350. (Attached Hereto)


32.2*


Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350. (Attached Hereto)

1

Incorporated by reference to our Registration Statement on Form S-1 filed with the SEC on July 14, 2008
*
Filed herewith

22


SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 34, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.




Oakridge International Corporation
a Nevada corporation
/s/ Lee Ying Chiu, Herbert
---------------------------------------
Lee Ying Chiu, Herbert
Chief Executive Officer



In accordance with the Exchange Act, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



By:


/s/ Lee Ying Chiu, Herbert


October 14, 2013
--------------------------------------------
Lee Ying Chiu, Herbert
Its: CEO, President
By: /s/ Con Unerkov
--------------------------------------------
Con Unerkov
Its: Treasurer, Secretary, CFO

23


Oakridge International Corporation and Subsidiary

Consolidated Financial Statements

For the Years Ended June 30, 2013 and 2012

Oakridge International Corporation


Table of Contents


Page

Report of Independent Registered Public Accounting Firm – MaloneBailey, LLP

F-1

Report of Independent Registered Public Accounting Firm - Albert Wong & Co. LLP

F-2

Consolidated Financial Statements:
Consolidated Balance Sheets as of June 30, 2013 and 2012

F-3

Consolidated Statements of Operations for the years ended June 30, 2013 and 2012 and from October 31, 2007 (Inception) to June 30, 2013

F-4

Consolidated Statements of Stockholders' Deficit - From October 31, 2007 (Inception) to June 30, 2013

F-5

Consolidated Statements of Cash Flows for the years ended June 30, 2013 and 2012 and from October 31, 2007 (Inception) to June 30, 2013

F-6

Notes to Consolidated Financial Statements

F-7


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Stockholders of

Oakridge International Corporation (a development stage company)

Adelaide, Australia

We have audited the accompanying consolidated balance sheet of Oakridge International Corporation and its subsidiary (a development stage company) (collectively, the "Company") as of June 30, 2013, and the related consolidated statements of operations, stockholders’ deficit, and cash flows for the year ended June 30, 2013. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. The statements of operations, stockholders’ deficit, and cash flows for the period from October 31, 2007 (inception) through June 30, 2012 were audited by other auditors whose report dated July 13, 2012 expressed an unqualified opinion, with an explanatory paragraph discussing the Company’s ability to continue as a going-concern. Our opinion on the statements of operations, stockholders’ deficit, and cash flows for the period from October 31, 2007 (inception) through June 30, 2013, insofar as it relates to amounts for prior periods through June 30, 2012, is based solely on the report of other auditors.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform an audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Oakridge International Corporation and its subsidiary as of June 30, 2013 and the results of their operations and their cash flows for the year then ended and from October 31, 2007 (Inception) to June 30, 2013, in conformity with accounting principles generally accepted in the United States of America.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has a working capital deficit as of June 30, 2013 and has suffered recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern. Management’s plans regarding those matters are described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

/s/ MaloneBailey, LLP

www.malonebailey.com

Houston, Texas

October 14, 2013

F-1


REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Stockholders and Board of Directors

Oakridge International Corporation


We have audited the accompanying consolidated balance sheet of Oakridge International Corporation (the "Company") as of June 30, 2012, and the related consolidated statements of operations, stockholders' deficits and cash flows for the year ended June 30, 2012, and from October 31, 2007 (Inception) to June 30, 2012. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.


We conducted our audits of these statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.


We were not engaged to examine management's assertion about the effectiveness of the Company's internal control over financial reporting as of June 30, 2012 included in the Company's Item 9A "Controls and Procedures" in the Annual Report on Form 10-K and, accordingly, we do not express an opinion thereon.


In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Oakridge International Corporation as of June 30, 2012, and from October 31, 2007 (Inception) to June 30, 2012, and the results of its operations and its cash flows for the year then ended June 30, 2012, and from October 31, 2007 (inception) to June 30, 2012 in conformity with accounting principles generally accepted in the United States of America.


The Company's consolidated financial statements are prepared using the 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. The Company has deficits accumulated as at June 30, 2012 of $119,286 including net losses of $52,983 for the year ended June 30, 2012. These factors as discussed in Note 2 to the financial statements, raises substantial doubt about the Company's ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.




/s/ Albert Wong & Co. LLP
CERTIFIED PUBLIC ACCOUNTANTS
New York, New York
July 13, 2012

F-2


OAKRIDGE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2013 AND 2012

June 30,

June 30,

2013

2012

      ASSETS

Current assets:
Cash and cash equivalents

$ 10,913

$ 117

Total assets

$ 10,913

$ 117

      LIABILITIES AND STOCKHOLDERS' DEFICIT

Current liabilities:
Accrued expenses

$ 4,651

$ 9,650

Amounts due to related parties

257,415

72,653

Total current liabilities

262,066

82,303

Stockholders' deficit:
Common stock, $0.001 par value, 75,000,000 shares
authorized; 6,510,000 shares issued and outstanding

6,510

6,510

Additional paid-in capital

30,590

30,590

Deficit accumulated during the development stage

( 288,253)

( 119,286)

Total stockholders' deficit

(251,153)

(82,186)

Total liabilities and stockholders' deficit

$ 10,913

$ 117

See accompanying notes to the consolidated financial statements.

F-3


OAKRIDGE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE YEARS ENDED JUNE 30, 2013 AND 2012

AND FROM OCTOBER 31, 2007 (INCEPTION) TO JUNE 30, 2013

October 31,

Years Ended

2007 (Inception)

June 30,

to June 30,

2013

2012

2013

Net revenues

$ -

$ -

$ 11,295

Cost of revenues

-

-

10,821

Gross profit

-

-

474

General and administrative expenses

168,967

55,262

291,006

Loss from operations

(168,967)

(55,262)

(290,532)

Other income (expenses):
Gain on disposal of subsidiary

-

2,279

2,279

Net loss

$ (168,967)

$ ( 52,983)

$ ( 288,253)

Weighted average shares outstanding - basic and diluted

6 ,510,000

6 ,510,000

Net loss per share - basic and diluted

$ (0.00)

$ (0.00)

See accompanying notes to the consolidated financial statements.

F-4


OAKRIDGE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT

FROM OCTOBER 31, 2007 (INCEPTION) TO JUNE 30, 2013

Deficit

Accumulated

Total

Additional

During the

Stockholders'

Common stock

Paid-in

Development

Equity

Shares

Amount

Capital

Stage

(Deficit)

Balances at October 31, 2007 (inception)

-

$ -

$ -

$ -

$ -

   Issuance of founder shares for
   cash at $0.001 per share -
   November 30 2007

4,500,000

4,500

-

-

4,500

   Sale of shares for cash
   at $0.01 per share -
   March 15, 2008

760,000

760

6,840

-

7,600

Net loss

-

-

-

(6,142)

(6,142)

Balances at June 30, 2008

5,260,000

5,260

6,840

(6,142)

5,958

Net loss

-

-

-

(38,689)

(38,689)

Balances at June 30, 2009

5,260,000

5,260

6,840

(44,831)

(32,731)

   Issuance of shares for services
   at $0.02 per share - July 17, 2009

1,250,000

1,250

23,750

-

25,000

Net loss

-

-

-

(11,549)

(11,549)

Balances at June 30, 2010

6,510,000

6,510

30,590

(56,380)

(19,280)

Net loss

-

-

-

(9,923)

(9,923)

Balances at June 30, 2011

6,510,000

6,510

30,590

(66,303)

(29,203)

Net loss

-

-

-

(52,983)

(52,983)

Balances at June 30, 2012

6,510,000

6,510

30,590

(119,286)

(82,186)

Net loss

-

-

-

(168,967)

(168,967)

Balances at June 30, 2013

6,510,000

$ 6,510

$ 30,590

$ (288,253)

$ (251,153)

See accompanying notes to the consolidated financial statements.

F-5


OAKRIDGE INTERNATIONAL CORPORATION

(A DEVELOPMENT STAGE COMPANY)

CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED JUNE 30, 2013 AND 2012

AND FROM OCTOBER 31, 2007 (INCEPTION) TO JUNE 30, 2013

October 31,

Years Ended

2007 (Inception)

June 30,

to June 30,

2013

2012

2013

Cash Flows from Operating Activities:
   Net loss

$ (168,967)

$ (52,983)

$ (288,253)

   Adjustments to reconcile net loss to net cash
   provided by (used in) operating activities:
      Common stock issuance for services

-

-

25,000

      Changes in operating assets and liabilities:
         Accrued expenses

(4,999)

(2,559)

4,651

         Amounts payable to related parties

54,762

55,219

127,415

Net cash provided by (used in) operating activities

(119,204)

(323)

(131,187)

Cash Flows from Financing Activities:
   Advances from related parties

130,000

-

130,000

   Proceeds from the sale of common stock

-

-

12,100

Net cash provided by financing activities

130,000

-

142,100

Increase (decrease) in cash

10,796

( 323)

10,913

Cash - beginning of period

117

440

-

Cash - end of period

$ 10,913

$ 117

$ 10,913

Supplemental Disclosures of Cash Flow Information:
   Interest paid

$ -

$ -

$ 1,680

   Income taxes paid

-

-

-

See accompanying notes to the consolidated financial statements.

F-6


OAKRIDGE INTERNATIONAL CORPORATION
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. NATURE OF OPERATIONS

Oakridge International Corporation (the "Company") is a Nevada corporation, incorporated on October 31, 2007. The Company is currently a development stage enterprise, as defined by Accounting Standards Codification ("ASC") 915 "Development Stage Entities." The Company's office is located in Hong Kong and its principal business was trading of electronic components, recycling scrap and electronic Printed Circuit Boards ("PCB"), and the establishment of recycling operations in Asia and Australia.

On March 25, 2008, the Company commenced its operations in the recycling business by entering into a non-exclusive contract to license a proprietary PCB recycling license technology and has begun the evaluation of this technology. In October 2009, the technology agreement expired. The Company is now focusing on the sourcing, marketing and trading of consumer electronic products.

2. GOING CONCERN

The Company's consolidated financial statements are prepared using the 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. The Company has generated modest revenues since inception and has never paid any dividends and is unlikely to pay dividends or generate significant earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the ability of the Company to obtain necessary debt or equity financing to continue operations and the attainment of profitable operations.

From inception through June 30, 2013, the Company has generated modest revenue of $11,295 and has incurred an accumulated deficit since inception totaling $119,286 at June 30, 2012 and $288,253 at June 30, 2013; and its current liabilities for the relevant fiscal year ended 2012 and 2013 exceed its current assets by $82,186 and $251,153. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. These factors noted above raise substantial doubts regarding the Company's ability to continue as a going concern.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation

These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company's fiscal year end is June 30.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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.

F-7


Principles of Consolidation

The consolidated financial statements for the year ended June 30, 2013 include the financial statements of the Company and its wholly owned subsidiary Oakridge (Hong Kong) Corporation Limited from the date of acquisition on December 28, 2012 to June 30, 2013. The results of subsidiary acquired or sold during the period are consolidated from their effective dates of acquisition or through their effective dates of disposition, respectively.

All significant inter-company transactions and balances have been eliminated in consolidation.
Basic and Diluted Net Loss per Share

The Company computes net loss per share in accordance with ASC 260 "Earnings per Share." ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti dilutive.

Fair Value of Financial Instruments

FASB ASC 820 "Fair Value Measurements" establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

These tiers include:
-

Level 1 - defined as observable inputs such as quoted prices in active markets;

-

Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

-

Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, notes receivable, other receivables, advances to suppliers, accounts payable, notes payable, other payables and accrued expenses and advances from customers, approximate their fair values because of the short maturity of these instruments.

Cash and Cash Equivalents

The Company considers all liquid investments with a maturity of three months or less from the date of purchase that are readily convertible into cash to be cash equivalents.

F-8


Income Taxes

Deferred tax assets and liabilities are recognized for the future tax consequence attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to reverse. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of operations in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets if it is more likely than not these items will either expire before the Company is able to realize their benefits, or that future deductibility is uncertain.

The Company follow FASB ASC 740 Which addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under FASB ASC 740, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. FASB ASC 740 also provides guidance on recognition, classification, interest and penalties on income taxes, accounting in interim periods and requires increased disclosures. At June 30, 2013 and 2012, the Company did not have a liability for unrecognized tax benefits.

Foreign Currency Translation

The Company's functional and reporting currency is the United States dollar. Monetary assets and liabilities denominated in foreign currencies are translated in accordance with ASC 830 "Foreign Currency Translation" using the exchange rate prevailing at the balance sheet date. Gains and losses arising on translation or settlement of foreign currency denominated transactions or balances are included in the determination of income. Foreign currency transactions are primarily undertaken in Hong Kong dollars. The Company has not, to the date of these financial statements, entered into derivative instruments to offset the impact of foreign currency fluctuations.

Stock-based Compensation

Share-based compensation including stock options and common stock awards granted to employees and directors for services and are accounted for in accordance with FASB ASC 718 "Compensation - Stock Compensation" and share-based compensation including warrants and common stock awards granted to consultants and nonemployees are accounted for in accordance with FASB ASC 505-50 "Equity-Based Payment to Non-employees.

All grants of common stock awards and stock options/warrants to employees and directors are recognized in the financial statements based on their grant date fair values. Awards to consultants and nonemployees are recognized based upon their fair value as of the earlier of a commitment date or completion of services.

The Company estimates fair value of common stock awards based the quoted price of the Company's common stock on the date of grant. The fair value of stock options and warrants is determined using the Black-Scholes option pricing model.

F-9


Revenue Recognition

The Company recognizes its revenue in accordance with ASC 605 "Revenue Recognition." Revenue is recognized upon shipment, provided that evidence of an arrangement exists, title and risk of loss have passed to the customer or services have been provided, fees are fixed or determinable and collection of the related receivable is reasonably assured. Revenue is recorded net of estimated product returns, which is based upon the Company's return policy, sales agreements, management estimates of potential future product returns related to current period revenue, current economic trends, changes in customer composition and historical experience.

Recently Issued Accounting Pronouncements

The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations or cash flows.

4. RELATED PARTY TRANSACTIONS

On April 1, 2012 the Company entered into a service agreement with Asiarim Associates Limited to provide consulting, corporate, accounting, Edgar filing and company secretarial services to the Company on a monthly fee of $10,000 for a period from April 1, 2012 to December 31, 2012. Under the agreement, the Company is obligated to pay the fee for the first two months and then the remainder of the fees shall only be paid once the Company can raise funds. Asiarim Associates Limited is majority owned by our former director and CEO, Mr. Sau Shan Ku.

On May 1, 2012 the Company entered into a service agreement with Intek Solutions Pty Limited ("Intek") to provide consulting services to manage and develop the Company's business for a monthly fee of $10,000 for a period from May 1, 2012 to December 31, 2012. Under the agreement, the Company is obligated to pay the fee for the first two months and then the remainder of the fees shall only be paid once the Company has raise funds. Intek is wholly owned by the current director Mr. Con Unerkov.

On May 4, 2012, Mr. Xiong Xu sold all of his 1,250,000 shares in the Company to Intek. On the same date, (i) Mr. Xiong Xu also tendered his resignation as CEO, President and member of the board of directors of the Company, (ii) Mr. Sau Shan Ku was appointed as CEO and President of the Company and (iii) Mr. Con Unerkov was appointed to as a member of the board of directors of the Company.

As a result, our current director, Mr. Con Unerkov, indirectly held 1,250,000 shares through Intek, representing about 19.2% equity interest, in the Company. On June 19, 2012 Intek sold all its shares in the Company to Mr. Shuet Ping Leung.

On June 19, 2012 Mr. Sau Shan Ku sold all his shares to Mr. Herbert Ying Chiu Lee who became the new controlling shareholder of the Company.

During the year ended June 30, 2013, the President paid $9,187 in expenses on behalf of the Company. This amount is unsecured, non-interest bearing, and due on demand.

During the year ended June 30, 2013, Marvel Digital Limited, a company controlled by the President, paid $140,881 in expenses on behalf of the Company and advanced $130,000 to the Company. As of June 30, 2013, $248,228 was due. This amount is unsecured, non-interest bearing, and due on demand.

F-10


5. STOCKHOLDERS' EQUITY

As of June 30, 2013, the Company has 75,000,000 shares authorized and 6,510,000 shares issued and outstanding.

From inception through June 30, 2013, the Company issued an aggregate of 4,500,000 shares to founders for cash of $4,500, issued 760,000 shares for cash of $7,600 and issued 1,250,000 shares for services valued at $25,000.

6. INCOME TAXES

No provision was made for income tax for the period from October 31, 2007 (Inception) to June 30, 2013 as the Company and its subsidiary had operating losses. For the period from October 31, 2007 (Inception) to June 30, 2013, the Company and its subsidiary incurred net operating losses for tax purposes of approximately $288,253. The Company’s total net operating loss carry-forward was $288,253 as of June 30, 2013. The net operating loss carry-forward may be used to reduce taxable income through the year 2026. The availability of the Company's net operating loss carry-forwards is subject to limitation if there is a 50% or more change in the ownership of the Company's stock..

There was no significant difference between reportable income tax and statutory income tax. The gross deferred tax asset balance as of June 30, 2013 was approximately $100,889. A 100% valuation allowance has been established against the deferred tax asset, as the utilization of the loss carry-forwards cannot reasonably be assured.

As reconciliation between the income taxes computed at the United States and Hong Kong statutory rate and the Group's provision for income taxes is as follows:


June 30, 2013

United States federal income tax rate

35%

Valuation allowance-US federal income tax

35%

Provision for income tax

-

Hong Kong statutory rate

16.5%

Valuation allowance - Hong Kong Rate

16.5%

Provision for income tax

-

F-11