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

For the quarterly period ended May 31, 2014

o	TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT

 

VIM BEVERAGE, INC.

(Name of registrant in its charter)

Nevada		2080		26-1855590
(State or jurisdiction of incorporation or organization)		(Primary Standard Industrial Classification Code Number)		(IRS Employer Identification No.)

Large accelerated file	o	Accelerated filer	o
Non-accelerated filer	o	Smaller reporting company	x

 

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		May 31, 2014 $				February 28, 2014 $
ASSETS
CURRENT ASSETS
Cash			3,652				3,652
Total Current Assets			3,652				3,652
Total Assets			3,652				3,652
LIABILITIES AND SHAREHOLDERS’ DEFICIT
LIABILITIES
CURRENT LIABILITIES
Accounts payable			5,414				8,898
Due to related party			23,076				17,444
Line of credit – related party			65,000				65,000
Accrued interest on line of credit – related party			15,675				13,725
Total Current Liabilities			109,165				105,067
Total Liabilities			109,165				105,067
SHAREHOLDERS’ DEFICIT
Common stock, $.001 par value, 30,000,000 shares authorized, 5,595,000 shares issued and outstanding at May 31, 2014 and February 28, 2014			5,595				5,595
Additional paid in capital			58,905				58,905
Deficit accumulated during the development stage			(170,013	)			(165,915	)
Total Shareholders’ Deficit			(105,513	)			(101,415	)
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT			3,652				3,652

 

 

 

 

		Three Months Ended May 31, 2014 $				Three Months Ended May 31, 2013 $				March 31, 2008 (Inception) to May 31, 2014 $
EXPENSES
General and administrative			1,625				9,174				154,365
Total Expenses			1,625				9,174				154,365
Loss from Operations			(1,625	)			(9,174	)			(154,365	)
OTHER INCOME (EXPENSE)
Interest expense			(2,473	)			(1,876	)			(16,198	)
Interest income			-				-				550
Total Other Income (Expense)			(2,473	)			(1,876	)			(15,648	)
NET LOSS			(4,098	)			(11,050	)			(170,013	)
NET LOSS PER SHARE: BASIC AND DILUTED			(0.00	)			(0.00	)
WEIGHTED AVERAGE SHARES OUTSTANDING: BASIC AND DILUTED			5,595,000				5,595,000

 

 

 

 

 

 

 

 

 

 

	•	Risks relating to our ability to secure glacial water for our planned products;
	•	Our need for additional capital to commence our operations;
	•	Our dependence on our officers and Directors and their contacts;
	•	The fact that our officers and Directors exercise majority voting control over the Company;
	•	The fact that our officers and Directors have employment outside of the Company;
	•	Our lack of operating history;
	•	Our substantial losses to date;
	•	The competitiveness of our industry;
	•	Our ability to grow our operations;
	•	The ability of our shareholders to enforce civil liabilities in the U.S. and outside of the U.S.;
	•	The substantial costs associated with operating as a publicly reporting company;
	•	Dilution due to actions we may take in the future to raise financing;
	•	Volatility in the market for our common stock; and
	•	Other risk factors included under “Risk Factors” in this Report.

 

We were incorporated in the state of Nevada on March 31, 2008. We are a development stage company that has had no material operations to date. We intend to manufacture and formulate for sale, bottled water, vitamin enhanced flavored water, and a unique concentrated energy water. It is our intention to develop a business concept that blends health nutrition, lifestyle, and water, in one complete package with unique design and marketing elements.

 

In March 2011, we entered into a Revolving Line of Credit Agreement with Aaron Suen, our Chief Executive Officer and Director, who agreed to loan us up to $50,000 under a Revolving Line of Credit (the “Line of Credit”) as requested by the Company from time to time (on a revolving basis)(each an “Advance”) until March 25, 2012, pursuant to the terms of the Line of Credit, which Line of Credit was subsequently extended until December 31, 2014. Any amounts borrowed under the Line of Credit will be evidenced by a separate promissory note (each a “Note”) and bear interest at the rate of 12% per annum, provided that if an event of default occurs (as provided in the Line of Credit or the Note), such outstanding amount bears interest at the rate of 15% per annum until paid in full. The Company had borrowed $65,000 under the Line of Credit as of May 31, 2014. In October 2012, Mr. Suen increased the credit limit of the Line of Credit to $100,000. The Line of Credit has an available balance of $35,000 as of the date of this filing. We plan to utilize the Line of Credit to pay our reporting and operations expenses for the next approximately 12 months, provided that the amount available under such Line of Credit will not be sufficient for us to continue our business plan or begin our operations as discussed above.

We do not currently have any formal commitments or identified sources of additional capital from third parties or from our officers, Directors or majority shareholders other than the Line of Credit and promissory notes, which we anticipate being sufficient to pay our filing obligations and expenses for approximately the next 12 months, but will not be sufficient for us to begin our business plan or produce any products. We can provide no assurance that if we require additional financing, it will be available on favorable terms, if at all. If we are not able to raise the capital necessary to continue our business operations, we may be forced to abandon or curtail our business plan and/or suspend our business activities.

 

Our plan of operation for the next twelve months is to continue our filings with the Commission and attempt to raise additional funding through the sale of debt or equity securities to enable us to produce VIM Pure, our first planned, VIM Pure at a total estimated cost of $426,800, which funds we do not currently have. We plan to use funds available from our Line of Credit to support our operations and pay the filing expenses associated with our filings with the Commission for approximately the next 12 months, or until we are able to raise sufficient funding to continue our business plan and begin the production of our first product line. If we are unable to raise adequate working capital for the remainder of 2014, we will be restricted in the implementation of our business plan, the production of our planned products may be delayed, and we may be forced to abandon our current business plan.

 

 

 

 

 

 

 

Exhibit Number		Description of Exhibit
31*		Certificate of the Chief Executive Officer and Principal Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32*		Certificate of the Chief Executive Officer and Principal Accounting Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

	VIM BEVERAGE, INC.
DATED: July 21, 2014	By:	/s/ Aaron Suen
		Aaron Suen
		Chief Executive Officer (Principal Executive Officer), and Chief Financial Officer (Principal Accounting Officer)