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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
   
   
þ
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended July 31, 2014
   
o
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 333-185909
 
Interactive Multi-Media Auction Corporation
(Exact name of registrant as specified in its charter)
 
British Virgin Islands
n/a
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
   
2/F, Eton Tower
 
8 Hysan Avenue, Causeway Bay, Hong Kong
 
(Address of principal executive offices)
(Zip Code)
 
+852 2910-7795
(Registrant’s telephone number)
 
n/a
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
þ
Yes
 
o
No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
þ
Yes
 
o
No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer o
Accelerated filer o
Non-accelerated filer o
Smaller reporting company þ

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
o
Yes
 
þ
No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:  As of September 12, 2014, the issuer had one class of common stock, with a par value of $0.001, of which 11,300,000 shares were issued and outstanding.
 


 
 
 
 
 
TABLE OF CONTENTS

   
Page
 
PART I—FINANCIAL INFORMATION
 
     
Financial Statements:
 
 
Unaudited Balance Sheets as at July 31, 2014, and
 
 
October 31, 2013
3
 
Unaudited Statements of Operations for the
 
 
Three and Nine Months Ended July 31, 2014 and 2013
4
 
and for the period from commencement of development stage, July 13,
 
 
2012, to July 31, 2014
 
 
Unaudited Statements of Cash Flows for the
 
 
Nine Months Ended July 31, 2014 and 2013
5
 
and for the period from commencement of development stage, July 13,
 
 
2012, to July 31, 2014
 
 
Notes to Financial Statements (Unaudited)
6
     
     
Item 2:
Management’s Discussion and Analysis of Financial Condition
 
 
and Results of Operations
9
     
Quantitative and Qualitative Disclosures About Market Risk
11
     
Controls and Procedures
11
     
 
PART II—OTHER INFORMATION
 
     
  11
     
Other Events
  11
     
Exhibits
12
     
 
13

 
2

 
 
PART I—FINANCIAL INFORMATION

INTERACTIVE MULTI-MEDIA AUCTION CORPORATION
       
(a development stage enterprise)
           
Balance Sheets
           
July 31, 2014 and October 31, 2013
           
(United States Dollars)
           
(unaudited)
           
             
   
July 31,
   
October 31,
 
   
2014
   
2013
 
Assets
           
Current assets:
           
Cash
  $ -     $ -  
Total current assets
  $ -     $ -  
                 
Liabilities and Stockholders' Deficit
               
                 
Current liabilities:
               
Accounts payable
  $ 20,072     $ 15,821  
Due to shareholders
    23,330       2,371  
Total current liabilities
    43,402       18,192  
                 
Loan payable
    27,500       27,500  
Total liabilities
    70,902       45,692  
                 
Stockholders' Deficit
               
Capital stock:
               
$0.001 par value, authorized 100,000,000 shares,
               
issued and outstanding 11,300,000 shares
               
 (2013 - 11,300,000 shares)
    11,300       11,300  
Additional paid-in capital
    497,425       497,425  
Deficit accumulated during development stage
    (579,627 )     (554,417 )
Total stockholders' deficit
    (70,902 )     (45,692 )
Total liabilities and stockholders' equity
  $ -     $ -  
                 
See accompanying notes to financial statements
               


 
3

 

 
INTERACTIVE MULTI-MEDIA AUCTION CORPORATION
                         
(a development stage enterprise)
                             
Statement of Operations
                             
For the three and nine months ended July 31, 2014 and 2013
                             
 and the period from Inception (July 13, 2012) to July 31, 2014
                             
(United States Dollars)
                             
(unaudited)
                             
                                 
     
Three months ended July 31, 2014
   
Three months ended July 31, 2013
   
Nine months ended July 31, 2014
   
Nine months ended July 31, 2013
   
Period from Inception of July 13, 2012 to July 31, 2014
 
                                 
Revenue
  $ -     $ -     $       $       $ -  
                                           
Expenses:
                                       
 
General and administrative
    3,954       29,371       25,210       55,829       134,627  
 
Marketing
    -       -       -       -       445,000  
 
Total operating expenses
    3,954       29,371       25,210       55,829       579,627  
                                           
Net Loss
  $ (3,954 )   $ (29,371 )   $ (25,210 )   $ (55,829 )   $ (579,627 )
                                           
Net loss per share
  $ (0.00 )   $ (0.00 )   $ (0.00 )   $ (0.00 )        
                                           
Weighted average number of shares outstanding
    11,300,000       11,200,000       11,300,000       11,200,000          
                                           
See accompanying notes to financial statements
                                       

 
 
4

 
 
 
INTERACTIVE MULTI-MEDIA AUCTION CORPORATION
             
(a development stage enterprise)
                 
Statement of Cash Flows
                 
For the nine months ended July 31, 2014 and 2013
                 
 and the period from Inception (July 13, 2012) to July 31, 2014
                 
(United States Dollars)
                 
(unaudited)
                 
   
Nine months ended July 31, 2014
   
Nine months ended July 31, 2013
   
Period from Inception of July 13, 2012 to July 31, 2014
 
                   
Cash flows from operating activities:
                 
                   
Net loss
  $ (25,210 )   $ (55,829 )   $ (579,627 )
Adjustments to reconcile net loss to
                       
net cash used in operating activities:
                       
Common stock issued for services received
    -       -       487,500  
                         
Changes in assets and liabilities
                       
   Accounts payable
    4,251       7,434       20,072  
   Accrued liabilities
    -       15,000          
Net cash used in operating activities
    (20,959 )     (33,395 )     (72,055 )
                         
Cash provided by financing activities:
                       
Proceeds from issuance of capital stock
    -       -       21,225  
Advances from shareholders
    20,959       1,395       23,330  
Proceeds from loan payable
    -       20,000       27,500  
                         
Net cash provided by financing activities
    20,959       21,395       72,055  
                         
Change in cash
    -       (12,000 )     -  
                         
Cash at beginning of the period
    -       12,000       -  
                         
Cash at end of the period
  $ -     $ -     $ -  
                         
                         
                         
Cash paid for:
                       
    Interest paid
  $ -     $ -     $ -  
    Income taxes
  $ -     $ -     $ -  
                         
See accompanying notes to financial statements.
                       

 
 
5

 
 
NOTES TO FINANCIAL STATEMENTS
 
July 31, 2014
 
Note 1. Description of Business and Summary of Significant Accounting Policies
 
Organization
 
Interactive Multi-Media Auction Corporation. (the “Company”) was incorporated under the laws of the British Virgin Islands on July 13, 2012. The Company is based in Hong Kong and in the business of an internet based marketer, auctioneer, dealer and broker of high quality and unique products and services for fine art, fashion, design and décor.

 Interim Period Financial Statements
 
The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the Securities and Exchange Commission’s instructions.  Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements.  The results of operations reflect interim adjustments, all of which are of a normal recurring nature and, in the opinion of management, are necessary for a fair presentation of the results for such interim period.  The results reported in these interim financial statements should not be regarded as necessarily indicative of results that may be expected for the entire year.  Certain information and note disclosure normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to the Securities and Exchange Commission’s rules and regulations.  These unaudited interim financial statements should be read in conjunction with the audited financial statements for the year ended October 31, 2013, as filed with the Securities and Exchange Commission on February 13, 2014.

Going Concern
 
The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not generated any revenue since commencement of the development stage, has an accumulated deficit, and has had no positive cash flows from operations. It is the Company’s intention to raise additional equity to finance development of a market for its products until positive cash flows can be generated from its operations. However, there can be no assurance that such additional funds will be available to the Company when required or on terms acceptable to the Company. Such limitations could have a material adverse effect on the Company’s business, financial condition or operations, and these financial statements do not include any adjustment that could result. Failure to obtain sufficient additional funding would necessitate the Company to reduce or limit its operating activities or even discontinue operations.
  

 
6

 
 
Fair Value Measurements
 
Fair value is defined as the exchange price that will be received for an asset or paid to transfer a liability (an exit price) in the principal.  Valuation techniques used to measure fair value should maximize the use of observable inputs and minimize the use of unobservable inputs.  To measure fair value, the Company uses the following fair value hierarchy based on three levels of inputs, of which the first two are considered to be observable and the third unobservable:
 
         Level 1 – Quoted prices in active markets for identical assets or liabilities.
 
 
Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
 
Level 3 – Unobservable inputs are supported by little or no market activity and are significant to the fair value of the assets or liabilities.
 
Use of Estimates
 
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the fiscal year. The Company bases its estimates on historical experience, current conditions and on other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates and assumptions.
 
Financial Instruments
 
The Company has the following financial instruments: accounts payable and loan payable. The carrying value of these financial instruments approximates their fair value due to their liquidity or their short-term nature.
 
 
7

 
 
Recent Accounting Pronouncements
 
On June 10, 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation, which removes all incremental financial reporting requirements from GAAP for development stage entities, including the removal of Topic 915 from the FASB Accounting Standards Codification. The presentation and disclosure requirements in Topic 915 will no longer be required for the first annual period beginning after December 15, 2014. The revised consolidation standards are effective one year later, in annual periods beginning after December 15, 2015. Early adoption is permitted.
 
There have been no other recently issued accounting pronouncements through the date of this report that the Company believes will have a material impact on the financial position, results of operations, or cash flows.
 
Note 2. Loan Payable

The Company has an agreement with Morpheus Financial Corporation, a shareholder of the Company, for a loan facility of Cdn $90,000, available in tranches as requested by the Company to May 2014. The loan is unsecured, non-interest bearing and due on or before October 31, 2017. A total of US $27,500 has been received by the Company to July 31, 2014.

Note 3. Related Party Transactions

An entity, related by common ownership to two shareholders of the Company, has provided consulting services in the amount of $nil and $nil and $2,000 and $6,000 during the respective three and nine months ended July 31, 2014 and 2013.
 
During the nine months ended July 31, 2014 and 2013 shareholders of the Company advanced $20,959 and $1,395, respectively. The balance owing as at July 31, 2014 of $23,330 is included in advances due to shareholders.

Note 4. Share Capital
 
The Company is authorized to issue 100,000,000 shares of capital stock, par value of $0.001.
 
The shares can be divided into such classes and series as the directors may determine. As at July 31, 2014 the Company only has one class and series of shares.

No shares were issued during the nine months ended July 31, 2014.

 
 
8

 

 ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the accompanying unaudited financial statements for the three and nine month periods ended July 31, 2014 and 2013, and for the period from commencement of development stage, July 13, 2012, to July 31, 2014 and our annual report on Form 10-K for the year ended October 31, 2013, including the financial statements and notes thereto.

Forward-Looking Information May Prove Inaccurate

This report contains statements about the future, sometimes referred to as “forward-looking” statements.  Forward-looking statements are typically identified by the use of the words “believe,” “may,” “could,” “should,” “expect,” “anticipate,” “estimate,” “project,” “propose,” “plan,” “intend,” and similar words and expressions.  Statements that describe our future strategic plans, goals, or objectives are also forward-looking statements.

Readers of this report are cautioned that any forward-looking statements, including those regarding our management’s current beliefs, expectations, anticipations, estimations, projections, proposals, plans, or intentions, are not guarantees of future performance or results of events and involve risks and uncertainties.  The forward-looking information is based on present circumstances and on our predictions respecting events that have not occurred, that may not occur, or that may occur with different consequences from those now assumed or anticipated.  Actual events or results may differ materially from those discussed in the forward-looking statements as a result of various factors.  The forward-looking statements included in this report are made only as of the date of this report.  We are not obligated to update such forward-looking statements to reflect subsequent events or circumstances.

Introduction
 
The Company launched it’s website during the Q3 period of this year, at HYPERLINK "http://www.interactive-auction.com" www.interactive-auction.com.  Going forward into Q1/Q2 of 2015, it is the intent of the company to operate a real-time auction internet streaming broadcast from various geographic locations around the world that will focus specifically on representing and promoting distinct and innovative goods produced by local manufacturers, purveyors, designers and creators. Viewers across the globe will be able to view the action on their computers, Ipads or mobile phones, and they will be able to participate by bidding on the items via telephone or the internet.
 
In such regards, the Company has made specific efforts to allow for the launch of its first such formal auction broadcast with focus on the market of New Delhi, India. Company representatives have now began formal discussions and planning with a gallery owner in Delhi, such party whom will work alongside the Company to source appropriate goods such as Indian art, fashion, jewelry, rugs and antiquities that can be offered during the auction. It is the intent of the Company that such initial live auction event would take place in Q1 or Q2 of 2015.
 
At present, the Company offers for purchase certain art on the website, whether those or original or reproduction quality.  These pieces are sources from specific  vendors of such works that then are offered on the site at all times with static reserve pricing so as to be able to be sold anytime and not just during a live auction period.
 
It is further a goal of the Company to pursue to seek out and align itself with other technology offerings that provide synergy with the company and as such the Company is also making efforts to find and locate other unique digital, internet and multi-media technologies that have the potential to enhance the overall growth of the business. In pursuit of this directive, Company management is in present discussions with other companies that possess proprietary websites and/or internet operating platforms that could be utilized in conjunction or unison with that of the Company. It is the hope of the Company that such discussions may lead to formal relationships in the future.
 

 
9

 
 
Results of Operations

Comparison of the Three and Nine Months Ended July 31, 2014,
with the Three and Nine Months Ended July 31, 2013

We had no gross revenue for the three and nine month periods ended July 31, 2014 and 2013.

Our general and administrative expenses from continuing operations for the three and nine months ended July 31, 2014, were $3,954 and $25,210, respectively, as compared to $29,371 and $55,829 for the comparable periods ended July 31, 2013.  The decrease is primarily due a reduction in costs related to filing registration statements.
 
Overall, we have a net loss of $3,954 and $25,210 for the three and nine months ended July 31, 2014, as compared to a net loss of $29,371 and $55,829 in the corresponding three and nine months of the preceding year.

Liquidity and Capital Resources

As of July 31, 2014, our current assets were $nil, as compared to $nil at October 31, 2013.  As of July 31, 2014, our current liabilities were $43,402, as compared to $18,192 at October 31, 2013.

Operating activities used net cash of $20,959 for the nine months ended July 31, 2014, as compared to use of $33,395 for the nine months ended July 31, 2013.

Net cash of $20,959 was provided by financing activities during the nine months ended July 31, 2014, as compared to $21,395 net cash provided during the comparable nine months ended July 31, 2013.

Our current balances of cash will not meet our working capital and capital expenditure needs for the whole of the current year.  Because we are not currently generating sufficient cash to fund our operations, we will need to rely on external financing to meet future capital and operating requirements.  Any projections of future cash needs and cash flows are subject to substantial uncertainty.  Our capital requirements depend upon several factors, including the rate of market acceptance, our ability to get to production and generate revenues, our level of expenditures for production, marketing, and sales, purchases of equipment, and other factors.  We can make no assurance that financing will be available in amounts or on terms acceptable to us, if at all.  Further, if we issue equity securities, stockholders may experience additional dilution or the new equity securities may have rights, preferences, or privileges senior to those of existing holders of common stock, and debt financing, if available, may involve restrictive covenants that could restrict our operations or finances.  If we cannot raise funds, when needed, on acceptable terms, we may not be able to continue our operations, grow market share, take advantage of future opportunities, or respond to competitive pressures or unanticipated requirements, all of which could negatively impact our business, operating results, and financial condition.

 
10

 

Not applicable.


Disclosure controls are procedures that are designed with the objective of ensuring that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, such as this quarterly report, is recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms.  Disclosure controls are also designed with the objective of ensuring that such information is accumulated and communicated to our management, including our principal executive officer and principal financial officers (our “Certifying Officers”) , as appropriate, to allow timely decisions regarding required disclosure.  Our management evaluated, with the participation of our Certifying Officers, the effectiveness of our disclosure controls and procedures as of July 31, 2014, pursuant to Rule 13a-15(b) under the Exchange Act.  Based upon that evaluation, our Certifying Officers concluded that, as of July 31, 2014, our disclosure controls and procedures were not effective.

There have been no changes in our internal control over financial reporting that occurred during the quarter ended July 31, 2014, that have materially affected or are reasonably likely to materially affect our internal control over financial reporting.

                                                                                                                                                                                                                             PART II—OTHER INFORMATION

Not applicable


Not applicable
 
 
 
11

 


The following exhibits are filed as a part of this report:

Exhibit Number*
 
 
Title of Document
 
 
Location
         
 
Rule 13a-14(a)/15d-14(a) Certifications
   
 
Certification of Principal Executive Officer and Principal Financial Officer
Pursuant to Rule 13a-14
 
Attached
         
 
Section 1350 Certifications
   
 
Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Chief Executive Officer) and (Chief Financial Officer)
 
Attached
         
Item 101
 
Interactive Data File
   
101
 
Interactive Data File
 
Attached
_______________
*
All exhibits are numbered with the number preceding the decimal indicating the applicable SEC reference number in Item 601 and the number following the decimal indicating the sequence of the particular document.

 
12

 

                                                                                                                                                                                                                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
Registrant
   
 
INTERACTIVE MULTI-MEDIA AUCTION CORPORATION
     
     
Date: September 15, 2014
By:
/s/ AMBERMCCANDLESS
   
Amber McCandless
   
President, Chief Executive Officer, Chief Financial Officer, Treasurer and Director
   
(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)