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EX-31.2 - EXHIBIT 31.2 - Yinhang Internet Technologies Development, Inc.ex31_2apg.htm
EX-32.2 - EXHIBIT 32.2 - Yinhang Internet Technologies Development, Inc.ex32_2apg.htm

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549



FORM 10-Q


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


For the quarterly period ended July 31, 2014


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


For the transition period from ____________ to____________


Commission File No. 000-54574


BISON PETROLEUM, CORP.

(Exact name of Registrant as specified in its charter)


Nevada

42-1771342

(State or Other Jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

  


23/F Tower B, Caizhi International Mansion

No.18, East Zhongguancun Road, Haidian District, Beijing, China

(Address of Principal Executive Offices)


86 10 6250 6999

 (Registrant’s Telephone Number, including area code)


2825 E. Cottonwood Park, Suite 544

Salt Lake City, Utah 84121

(Former name, former address and former fiscal year,

if changed since last report)


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


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


Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See definition of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.


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


Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  

Yes [  ]  No [X]


As of May 30, 2015, we had outstanding 800,000,000 shares of common stock.





Preliminary  Note


On April 10, 2015, Antonio Martinez-Guzman, President and CEO of Bison, the owner of 20,000,000 shares, representing approximately 47.75%, of the common stock of Bison Petroleum, Corp. (“Bison” or the “Company”), Nelan Advisors Corp., the owner of 3,749,999 shares, representing approximately 8.95%, of the common stock of the Company, and ACR Holdings Limited, the owner of 1,333,336 shares, representing approximately 3.18%, of the common stock of the  Company, sold an aggregate of 25,083,335 shares, representing approximately 59.89% of the outstanding shares, of the Company’s common stock (the “Shares”) to Yong Xu (18,310,834 shares, representing approximately 43.72% of Bison’s then outstanding shares), Yahong Zhao (5,016,667 shares, representing approximately 11.98% of Bison’s then outstanding shares) and Yinghua Zhang (1,755,834 shares, representing approximately 4.20% of Bison’s then outstanding shares) for a total purchase price of $160,000, or $0.006 per Share. As a result of the sale of the Shares, Yong Xu became the principal stockholder of the Company.


On April 10, 2015, in conjunction with the closing of the sale of the Shares, our then Board of Directors elected Yong Xu and Yahong Zhao as directors of the Company, effective upon the closing, and Antonio Martinez-Guzman resigned all of his positions with the Company and as a director of the Company, effective at the closing. Following the closing, the new Board of Directors elected Yong Xu as Chairman, Yahong Zhao as Chief Executive Officer, and Changqing Liu as Chief Financial Officer, of the Company.


On May 13, 2015, we entered into and closed a share exchange agreement, or the Share Exchange Agreement, with Yinhang Internet Technologies Development, Inc., a Nevada corporation (“Yinhang”), and the stockholders of Yinhang (the “Yinhang Stockholders”), pursuant to which we acquired 100% of the issued and outstanding capital stock of Yinhang in exchange for a total of 758,116,665 shares of our common stock (the “Share Exchange” or the “Yinhang Acquisition”).  After giving effect to the Share Exchange, we had outstanding 800,000,000 shares of common stock, representing all of our authorized shares of common stock.  


As a result of the Share Exchange, Yinhang became our wholly-owned subsidiary, and we now own all of the outstanding capital stock of Yinhang HK, which in turn owns all of the outstanding capital stock of Huashang, a Chinese limited company.  


Yinhang HK was established in Hong Kong on June 4, 2014 to serve as an intermediate holding company.  Huashang was established in the PRC on August 8, 2014, and on August 5, 2014 the local government of the PRC issued a certificate of approval regarding the foreign ownership of Huashang by Yinhang HK.  


Prior to February 5, 2015, none of Yinhang, Yinhang HK or Huashang,Yinhang’s indirect wholly-owned subsidiary and a wholly-foreign owned enterprise under PRC law,  had any operations.


On February 5, 2015, Huashang entered into a series of agreements with each of Beijing Huashangjie Electronic Business Service Co., Ltd. (“Huashangjie” or “HSJ”),  Beijing UKT Investment Management Co., Ltd. (“UKT”), and Beijing Qianxian Media Advertising Co., Ltd. (“Qianxian Media”), and their respective shareholders, pursuant to which Huashang effectively controls the operations of Huashangjie, UKT and Qianxian Media and is entitled to receive the pre-tax profits of each of Huashangjie, UKT and Qianxian Media.


Huashangjie operates an Internet information service which provides a classified information platform to end user merchants who advertise their products or services on its website. Huashangjie was incorporated on December 22, 2009 in Beijing, China.  


UKT operates a virtual on-line web mall which enables merchants and manufacturers to sell their products to on-line customers through an on-line store, and provides hardware and software assistance to these merchants. UKT was incorporated on September 1, 2011 in Beijing, China.


Qianxian Media distributes a Chinese language agricultural magazine, free of charge, through distribution services provided by unaffiliated third parties and sells advertising space in the magazine and on the website “qianxianhuinong.com.” Qianxian Media was incorporated on December 19, 2006 in Beijing, China.  


For accounting purposes, the acquisition has been accounted for as a reverse acquisition and has been treated as a recapitalization of Bison effected by a share exchange, with Yinhang as the accounting acquirer.  Since none of Yinhang, Yinhang HK or Huashang had operations prior to February 5, 2015, the combined historical financial statements of



2



Huashangjie, UKT and Qianxian Media, Yinhang’s affiliated entities, which it controls through the VIE Agreements are now the historical financial statements of the registrant, Bison. The assets and liabilities of Huashangjie, UKT and Qianxian Media have been brought forward at their book value and no goodwill has been recognized.


Prior to the Yinhang Acquisition, Yong Xu, Yahong Zhao and Yinghua Zhang owned approximately (i) 53.74%, 14.72% and 5.15%, respectively, or a total of 73.61%, of the outstanding shares of Yinhang, (ii) 73%, 20% and 7%, respectively, or a total of 100%, of the equity interests in each of Huashangjie, UKT and Qianxian Media, and (iii) 43.72%, 11.98% and 4.20%, respectively, or a total of 59.89%, of Bison’s outstanding shares.


For more detailed information concerning the foregoing transactions and the business now conducted by Bison through its variable interest entities in China, see our Current Report on Form 8-K/A filed on May 19, 2015.


Except as otherwise indicated, the information in this report relates to Bison Petroleum, Corp. as of the date of the financial statements included herein.


In this Quarterly Report on Form 10-Q, references to “Bison Petroleum” the “Company,” “we,” “us,” “our” and words of similar import refer to Bison Petroleum, Corp., a Nevada corporation, unless the context requires otherwise.





3



PART I –FINANCIAL INFORMATION


Item 1.  Financial Statements


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



4





INDEX TO FINANCIAL STATEMENTS

 

 

 

Unaudited Financial Statements of Bison Petroleum, Corp.

 

 

 

 

 

Balance Sheets as of July 31, 2014 and April 30, 2014

 F-2

 

 

 

 

Statements of Operations for the Three Months Ended

  July 31, 2014 and 2013

 

 F-3

 

 

 

 

Statements of Cash Flows for the Three Months Ended

  July 31, 2014 and 2013

 

 F-4

 

 

 

 

Notes to the Unaudited Financial Statements

 F-5




F-1




BISON PETROLEUM, CORP.

BALANCE SHEETS

 

 

 

 

 

 

 

 

 

 

 

 

July 31,

 

April 30,

 

 

 

 

2014

 

2014

 

 

ASSETS

 

(Unaudited)

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash or Cash Equivalents

$

518 

$

1,768 

 

Total current assets

 

518 

 

1,768 

 

 

 

 

 

 

 

TOTAL ASSETS

$

518 

$

1,768 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' DEFICIT

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

Current Liabilities

 

 

 

 

 

Accounts payable

$

8,195 

$

2,980 

 

Accounts payable - officer

 

30,000 

 

7,500 

 

Loans from stockholders

 

120,000 

 

117,865 

 

Total current liabilities

 

158,195 

 

128,345 

 

 

 

 

 

 

 

TOTAL LIABILITIES

 

158,195 

 

128,345 

 

 

 

 

 

 

 

COMMITMENTS AND CONTINGENCIES

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' DEFICIT

 

 

 

 

 

Common stock, par $0.001, 800,000,000 shares authorized,

 

 

 

 

 

41,883,335 and 41,883,335 shares issued and outstanding, respectively

 

41,883 

 

41,883 

 

Additional paid in capital

 

1,532,585 

 

1,532,585 

 

Retained deficit

 

(1,732,145)

 

(1,701,045)

 

 

 

 

 

 

 

TOTAL STOCKHOLDERS' DEFICIT

 

(157,677)

 

(126,577)

 

 

 

 

 

 

 

TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

$

518 

$

1,768 

 

 

 

 

 

 

 

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




F-2




BISON PETROLEUM, CORP.

STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED JULY 31, 2014 AND 2013

(Unaudited)

 

 

 

 

 

 

 

 

Three Months Ended July 31, 2014

 

Three Months Ended July 31, 2013

 

 

 

 

 

 

 

INCOME

$

$

 

 

 

 

 

 

 

OPERATING EXPENSES

 

 

 

 

 

Accounting

 

 

9,000 

 

Legal Expenses

 

 

5,650 

 

Administrative expenses

 

7,340 

 

39,975 

 

Officer compensation expense

 

22,500 

 

285,000 

 

 

Total Operating Expenses

 

29,840 

 

339,625 

 

 

 

 

 

 

 

OTHER INCOME AND (EXPENSES)

 

 

 

 

 

Finance charges

 

 

 

Interest Expense

 

(1,260)

 

 

Foreign currency exchange

 

 

 

 

Total Other Income and (Expenses)

 

(1,260)

 

NET LOSS BEFORE INCOME TAXES

 

(31,100)

 

(339,625)

 

 

 

 

 

 

 

PROVISION FOR INCOME TAXES

 

 

 

 

 

 

 

 

 

NET LOSS

$

(31,100)

$

(339,625)

 

 

 

 

 

 

 

Weighted Average Number of Shares Outstanding

 

41,883,335 

 

36,671,739 

 

 

 

 

 

 

 

Net Loss Per Share

$

(0.00)

$

(0.01)

 

 

 

 

 

 

 

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



F-3




BISON PETROLEUM, CORP.

STATEMENTS OF CASH FLOWS

FOR THE THREE MONTHS ENDED JULY 31, 2014 and 2013

(Unaudited)

 

 

 

 

 

 

 

 

 

 

Three Months Ended July 31, 2014

 

Three Months Ended July 31, 2013

 

Cash used in operating activities:

 

 

 

 

 

 

 

Net loss

$

(31,100)

$

(339,625)

 

 

Adjustments to Reconcile Net Loss to

 

 

 

 

 

 

Net Cash Used in  Operating Activities:

 

 

 

 

 

 

 

Stock issued for services

 

 

285,000 

 

 

Changes in Assets and Liabilities

 

 

 

 

 

 

 

Increase (decrease) in accounts payable

 

5,215 

 

(4,168)

 

 

 

Interest in Interest Payable - Officer

 

1,260 

 

 

 

 

Increase (decrease) in accounts payable - officer

 

22,500 

 

(1,157)

 

 

 

Decrease (increase) in prepayments

 

 

300 

 

 

Net cash used in operating activities

 

(2,125)

 

(59,650)

 

 

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

Proceeds from stock subscription receivable

 

 

30,000 

 

 

 

Sale of common stock

 

 

60,000 

 

 

 

Loans from stockholders

 

875 

 

30 

 

 

Net Cash Provided by Financing Activities

 

875 

 

90,030 

 

 

Net Increase (Decrease) in Cash and Cash Equivalents

 

(1,250)

 

30,380 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - Beginning

 

1,768 

 

57 

 

 

 

 

 

 

 

 

 

 

 

Cash and Cash Equivalents - End

$

518 

$

30,437 

 

 

 

 

 

 

 

 

 

 

 

Supplemental disclosures:

 

 

 

 

 

 

 

Cash paid for interest

$

$

 

 

 

Cash paid for income taxes

$

$

 

 

 

 

 

 

 

 

 

 

 

Non-cash financing activities:

 

 

 

 

 

 

 

Loans contributed to capital

$

$

 

 

 

Common stock subscription

$

$

 

 

 

Stock issued for Debt

$

 

$

15,000 

 

 

 

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





F-4



BISON PETROLEUM, CORP.

NOTES TO UNAUDITED FINANCIAL STATEMENTS

July 31, 2014



NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION


Bison Petroleum, Corp. (f/k/a GreenChoice International, Inc.) (the “Company”) was incorporated on February 9, 2010, under the laws of the State of Nevada.  The business purpose of the Company was to market prefabricated log cabin type homes in countries outside North America.  The planned operations have ceased.  The Company has selected April 30 as its fiscal year end.


NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Use of Estimates


The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America may require management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.  There are no such estimates included in these financial statements.


Cash and Cash Equivalents


Cash and cash equivalents consists principally of currency on hand, demand deposits at commercial banks, and liquid investment funds having a maturity of three months or less at the time of purchase.  The Company had cash and cash equivalents of $518 as of July 31, 2014 and $1,768 as of April 30, 2014.


Start-up Costs


In accordance with ASC 720-15-25, “Start-up Activities,” the Company expenses all costs incurred in connection with the start-up and organization of the Company.


Common Stock Issued For Other Than Cash


Services purchased and other transactions settled in the Company's common stock are recorded at the estimated fair value of the stock issued if that value is more readily determinable than the fair value of the consideration received.


Net Income or (Loss) Per Share of Common Stock


The Company follows financial accounting standards which provide for “basic” and “diluted” earnings per share.  Basic earnings per share is computed by dividing income or loss available to common shareholders by the weighted average shares outstanding for the period.  Diluted earnings per share reflects the potential dilution due to other securities outstanding which could affect the number of shares upon exercise.  The Company has no potentially dilutive securities such as options, warrants, or convertible bonds currently issued and outstanding.  Consequently basic and diluted shares are the same, as presented in the Statements of Operations. The income (loss) per share calculation and weighted average shares calculation take into account the forward  stock split discussed in Note 4.


Recently Enacted Accounting Standards


In June 2009 the FASB established the Accounting Standards Codification (“Codification” or “ASC”) as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”).  Rules and interpretive releases of the Securities and Exchange Commission (“SEC”) issued under authority of federal securities laws are also sources of GAAP for SEC registrants.  


Modifications to the ASC are accomplished by the issuance of Accounting Standards Updates (“ASU’s”).  The Company has evaluated ASU’s through No. 2015-09.  None of the updates for the period have applicability to the Company or their effect on the financial statements would not have been significant.




F-5



Office Space and Labor


The Company’s sole Officer and Director will provide the labor required to execute the business plan and supply the necessary office space and facilities during the initial period of operations.  The Company will recognize the fair value of services and office space so provided as contributed capital in accordance with ASC 225-10-S99-4.  From inception (February 9, 2010) through July 31, 2014, the fair value of services and office space provided without cost are estimated to be nil.


NOTE 3 - PROVISION FOR INCOME TAXES


The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income regardless of when reported for tax purposes.  Deferred taxes are provided in the financial statements under ASC 740-10-65-1 to give effect to the temporary differences which may arise from differences in the bases of fixed assets, depreciation methods and allowances based on the income taxes expected to be payable in future years.  Minimal development stage deferred tax assets arising as a result of net operating loss carry-forwards have been offset completely by a valuation allowance due to the uncertainty of their utilization in future periods.  Operating loss carry-forwards generated during the period from February 9, 2010 (date of inception) through July 31, 2014 of approximately $1,732,145 will begin to expire in 2031.  Using an estimated rate of 35%, deferred tax assets of approximately $606,250 were offset by the valuation allowance.


The Company has no tax positions at July 31, 2014 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility.


The Company recognizes interest accrued relative to unrecognized tax benefits in interest expense and penalties in operating expense.


During the period from February 9, 2010 (inception) to July 31, 2014, the Company recognized no income tax related interest and penalties.  The Company had no accruals for income tax related interest and penalties at July 31, 2014.  All tax years starting from 2010 are open for examination.  


NOTE 4 - STOCKHOLDERS’ DEFICIT


On June 5, 2013, the Company changed its name to “Bison Petroleum, Corp.” and increased its number of authorized shares of common stock from One Hundred Million (100,000,000), par value $ 0.001, to Eight Hundred Million (800,000,000), par value $0.001 and, authorized a forward split of its issued and authorized common shares, whereby every One (1) old share of common stock was exchanged for Eight (8) new shares of the Company’s common stock, for shareholders of record as of June 17, 2013, and effective on the OTCBB market for the Company’s common stock on June 19, 2013.  As a result, the issued and outstanding shares of common stock increased from Four Million Nine Hundred Thousand (4,900,000) shares prior to the forward split to Thirty Nine Million Two Hundred Thousand (39,200,000) shares following the forward split. The split is reflected retrospectively in these financial statements.


As of July 31, 2014, the Company has 800,000,000 shares of common stock authorized, par value of $.001 per share, with 41,883,335 shares issued and outstanding.


All common share amounts (except par value and par value per share amounts) have been retroactively restated to reflect the eight for one forward split, effective June 19, 2013.


The following details the stock transactions for the Company:


On May 6, 2013, the Company issued a total of 266,664 shares of common stock to one private investor for cash in the amount of $0.0375 per share for a total of $10,000.


On May 29, 2013, the Company issued a total of 8,000,000 shares of common stock to Antonio Martinez-Guzman, its sole officer and director, valued at $300,000 or $0.0375 per share as payment for services rendered to the Company. $15,000 was for payment of prior services and $285,000 was for services in the year ended April 30, 2014.


On July 23, 2013, the Company issued a total of 166,667 shares of common stock to Nelan for cash in the amount of $0.30 per share for a total of $50,000.




F-6



On August 9, 2013, the Company entered into a Lease Purchase Agreement with Nelan Advisors Corporation, whereby Nelan sold certain oil and gas leases issued by the State of Wyoming to the Company.  The Company is a successor in interest to Nelan, which is a successor in interest to Gas Ventures LLC, the record owner of these leases.  The Company issued 1,000,000 shares of its common stock on the recording of the leases.


On September 18, 2013, the Company issued a total of 166,667 shares of common stock to Nelan for cash in the amount of $0.30 per share for a total of $50,000.


On October 10, 2013, the Company issued a total of 166,667 shares of common stock to Nelan for cash in the amount of $0.30 per share for a total of $50,000.


On November 18, 2013, the Company issued a total of 333,334 shares of common stock to Nelan for cash in the amount of $0.30 per share for a total of $100,000.


On December 12, 2013, the Company issued a total of 200,000 shares of common stock to Nelan for cash in the amount of $0.30 per share for a total of $60,000.


On December 12, 2013, the Company issued a total of 150,000 shares of common stock to Nelan for mining leases valued at $0.74 per share for a total of $111,000.


On January 22, 2014, the Company issued a total of 500,000 shares of common stock to Nelan for cash in the amount of $0.30 per share for a total of $150,000.


NOTE 5 - LOANS FROM STOCKHOLDERS


The Company’s former President and former sole director along with another stockholder have advanced funds for organizational and administrative expenses.  


During the year ended April 30, 2013, the Company’s former president and former sole director along with another stockholder agreed to forgive debt outstanding totaling $37,468, which has been recorded as contributed capital.


The Company’s President and sole director has advanced funds for organizational and administrative expenses.  The total of these advances as of July 31, 2014, is $120,000.  The loans are unsecured and payable on demand. Consequently, the loans are reported as current liabilities. $100,000 of the loan and accrued interest at 5% is payable at $0.30 per share at the option of the Company. The $100,000 is due April 11, 2015.


NOTE 6 - GOING CONCERN


The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, which contemplates continuation of the Company as a going concern.  The Company has incurred an operating deficit since its inception, and has generated no operating revenue. These items raise substantial doubt about the Company’s ability to continue as a going concern.  In view of these matters, realization of the assets of the Company is dependent upon the Company’s ability to meet its financial requirements through equity financing and the success of future operations.  These financial statements do not include 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 in existence.


NOTE 7 - RELATED PARTY TRANSACTIONS


During the period ended July 31, 2014, the Company’s President rendered invoices of $22,500 to the Company for Consulting Services and expenses paid on behalf of the Company. The President received nothing during the period to July 31, 2014, leaving an unpaid balance of $30,000, shown on the balance sheet as accounts payable – officer.


NOTE 8 - COMMITMENTS


The Company has entered into a lease agreement for a monthly rent of $700 on an office space and $3,328 was paid or accrued for rent and service retainer during the quarter. The lease terminated on July 31, 2014.





F-7



NOTE 9 - SUBSEQUENT EVENTS


See the Preliminary Note at the beginning of this report for a discussion of subsequent events which are incorporated herein by reference. In addition, on April 23, 2015, the former president forgave debt in the amount of $208,085. The amounts consisted of a loan, accrued interest, accrued management fees and expenses paid on behalf of the Company.





F-8



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


On August 9, 2013, we acquired 12 oil and gas leases issued by the State of Wyoming. On December 12, 2013, the Company acquired certain oil and gas leases issued by the State of Montana.


Management’s Discussion and Analysis of Financial Condition and Results of Operations


Three Months Ended July 31, 2014, Compared to the Three Months Ended July 31, 2013


During the three months ended July 31, 2014, and 2013, we had income of $0.  Operating expenses during the three months ended July 31, 2014, were $29,840, compared to $339,625, during the three months ended July 31, 2013.  The decrease in operating expenses during the three months ended July 31, 2014, was directly related to decreased operations resulting in decreased officer compensation, oil and gas lease expense and legal and accounting fees. Administrative expenses also decreased substantially during the three months ended July 31, 2014. We accrued $1,260 of interest expense for the quarter ended July 31, 2014 ($0 in 2013). We had a net loss during the three months ended July 31, 2014, of $31,100, compared to $339,625 for the same period in 2013.


Liquidity


We had cash at July 31, 2014, of 518.  At July 31, 2014, we had a negative working capital of $157,677, compared to a negative working capital of $126,577 at April 30, 2014.


Capital Resources


During the three months ended July 31, 2014, operating activities used net cash of $2,125, compared to $59,650 net cash used in the three months ended July 31, 2013.


During the three months ended July 31, 2014, we received cash from financing activities of $875, all of which came from loans from stockholders, as compared to $90,030 provided in financing activities for the three months ended July 31, 2013, coming from proceeds from stock subscriptions, sale of common stock, and loans from stockholders.


We intend to fund future operations for the next 12 months through cash flows generated from operations and current cash on hand.  These contributions are expected to satisfy amounts in accounts payable and can potentially be used to partially fund operations.  If these cash flows or cash on hand are not sufficient to fund operations, we may be required to raise capital through either debt or equity financing.  Currently, we cannot provide assurance that such financing will be available to us on favorable terms, or at all.  If, after utilizing the existing sources of capital available to us, further capital needs are identified and if we are not successful in obtaining the required financing, we may be forced to curtail our existing or planned future operations.  We believe our current resources will not enable us to continue our current planned operations for the next 12 months.


Off-Balance Sheet Arrangements


We had no off-balance sheet arrangements during the quarter ended July 31, 2014.


Item 3.  Quantitative and Qualitative Disclosures About Market Risk.


Not required.


Item 4.  Controls and Procedures.


Evaluation of Disclosure Controls and Procedures


Management of Bison Petroleum, Corp. is responsible for maintaining disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports that the Company files or submits under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. In addition, the disclosure controls and procedures must ensure that such information is accumulated and communicated to the Company’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required financial and other required disclosures.  In designing and evaluating the disclosure controls and procedures, our management recognized that any controls and procedures, no matter how well designed and operated, can provide only



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reasonable assurance of achieving the desired control objectives.  In addition, the design of disclosure controls and procedures must reflect the fact that there are resource constraints and that management is required to apply its judgment in evaluating the benefits of possible controls and procedures relative to their costs.  The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of future events and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.


At the end of the period covered by this report, an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13(a)-15(e) and 15(d)-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”)) was carried out under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer. Based on their evaluation of our disclosure controls and procedures, they concluded that during the period covered by this report, such disclosure controls and procedures were not effective. This was due to our status as a shell company and our limited resources, including the absence of a financial staff with accounting and financial expertise and deficiencies in the design or operation of our internal control over financial reporting that adversely affected our disclosure controls and that may be considered to be “material weaknesses.”


We plan to designate individuals responsible for identifying reportable developments and to implement procedures designed to remediate the material weakness by focusing additional attention and resources in our internal accounting functions. However, the material weakness will not be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively. 


Changes in Internal Control over Financial Reporting


There have not been any changes in our internal control over financial reporting (as such term is defined in Rules 13a-15(f) or 15d-15(f) under the Exchange Act) during our most recently completed fiscal quarter which is the subject of this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.


There are inherent limitations in any system of internal control. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that its objectives are met. Further, the design of a control system must consider that resources are not unlimited and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the company have been detected. These inherent limitations include the realities that judgment in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls.


PART II - OTHER INFORMATION


Item 6. Exhibits.


31.1

  

Certification of Principal Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended.

31.2

  

Certification of the Principal Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934, as amended.

32.1

  

Certification of the Principal Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2

  

Certification of the Principal Financial Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS

  

XBRL Instance Document

101.SCH

  

XBRL Taxonomy Extension Schema

101.CAL

  

XBRL Taxonomy Extension Calculation

101.DEF

  

XBRL Taxonomy Extension Definition

101.LAB

  

XBRL Taxonomy Extension Label

101.PRE

  

XBRL Taxonomy Extension Presentation




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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.

  


Bison Petroleum, Corp.

Date: June 4, 2015

 

  

By:

/s/  Yahong Zhao

  

  

  

  

 Yahong Zhao

Chief Executive Officer

 (Principal Executive Officer

 

 

 

  

  

 

 

 

  

  

 

 

 

By:

/s/  Changqing Liu

 

 

 

  

  Changqing Liu

 Chief Financial Officer

(Principal Financial Officer)




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