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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 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 May 31, 2015


[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE  ACT OF 1934


For the transition period from ___________ to ___________


PETRICHOR CORP.

 (Exact name of registrant as specified in its charter)



Nevada

(State or Other Jurisdiction of Incorporation or Organization)


30-0806514

IRS Employer Identification Number

7389

Primary Standard Industrial Classification Code Number




Petrichor Corp.

18801 Collins Ave., Ste. 102-252

Sunny Isles Beach, FL 33160

Tel. (702) 605-0610



 (Address and telephone number of registrant's executive office)     



Securities registered pursuant to Section 12(b) of the Act: None


Securities registered pursuant to Section 12(g) of the Act: None



1




Indicate by check mark whether 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 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 shorter period that the registrant as 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. Yes [ ] No [X]


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" 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 Act) Yes [X] No [  ]


As of August 24, 2015, the registrant had 7,580,000 shares of common stock issued and outstanding. No market value has been computed based upon the fact that no active trading market has been established as of August 24, 2015.



2




TABLE OF CONTENTS



Part 1   

 

 

Item 1

Description of Business

4

   

   

 

Item 1A    

Risk Factors

5

 

  

 

Item 1B

Unresolved Staff Comments                                     

5

 

 

 

Item 2   

Properties

5

      

 

 

Item 3   

Legal Proceedings                                             

5

      

 

 

Item 4

Submission of Matters to a Vote of Security Holders           

5

 Part II

 

 

Item  5   

Market for Common Equity and Related Stockholder Matters      

5

 

 

 

Item  6  

Selected Financial Data                                       

6

 

 

 

Item  7 

Management's Discussion and Analysis or Results of Operations

6

      

 

 

Item 7A      

Quantitative and Qualitative Disclosures about Market Risk   

8

 

 

 

 Item 8

Financial Statements and Supplementary Data                  

8

      

 

 

Item 9    

Changes In and Disagreements with Accountants on Accounting and Financial Disclosure

17

      

 

 

Item 9A

Controls and Procedures

17

 

 

 

Item 9B

Other Information                                            

17

PART III

 

 

Item 10

Directors, Executive Officers, Promoters and Control Persons; Compliance with Section 16(a) of the Exchange Act

18

 

 

 

Item 11

Executive Compensation

19

 

 

 

Item 12

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

20

 

 

 

Item 13

Certain Relationships, Related Transactions and Director Independence

21

 

 

 

Item 14

Principal Accountant Fees and Services                       

21

PART IV

 

 

Item 15

Exhibits and Financial Statement Schedules                   

21




3





PART I


ITEM 1. DESCRIPTION OF BUSINESS


FORWARD-LOOKING STATEMENTS


This annual report contains forward-looking statements. These statements relate to future events or our future financial performance. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.


As used in this annual report, the terms "we", "us", "our", "the Company", mean PETRICHOR CORP., unless otherwise indicated.


All dollar amounts refer to US dollars unless otherwise indicated.


General


Petrichor Corp. was incorporated in the State of Nevada on January 14, 2014 and established a fiscal year end of May 31. We have minimal assets and have incurred losses since inception. We are a development-stage company formed to commence operations in the business of web-based human translation. As of today, we have registered our company, developed our business plan and registered a domain name for our web site. To date, we recognized the $1,560 of revenue.


Petrichor Corp. hopes to position itself to take full advantage of the fast growing Internet industry. Our concept would allow anyone who has a mobile devise or computer and access to the Internet to send us documents for translation from different languages.


Our Services


Petrichor Corp. is online-only translation company. We plan to provide on-demand human-translation services to businesses, individuals, and enterprises. Web-based human translation is generally favored by companies and individuals that wish to secure more accurate translations. In view of the frequent inaccuracy of machine translations, we believe that human translation remains the most reliable, most accurate form of translation available. While not instantaneous like its machine counterparts such as Google Translate and Yahoo! Babel Fish, web-based human translation has been gaining popularity by providing relatively fast, accurate translation for business communications, legal documents, medical records, and software localization. Web-based human translation also appeals to private website users and bloggers.




4





ITEM 1A. RISK FACTORS


Not applicable.



ITEM 1B. UNRESOLVED STAFF COMMENTS


None.


ITEM 2. PROPERTIES


We do not own any property.


ITEM 3. LEGAL PROCEEDINGS


We are not currently involved in any legal proceedings and we are not aware of any pending or potential legal actions.


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS


No report required.



PART II


ITEM 5. MARKET FOR EQUITY SECURITIES AND OTHER SHAREHOLDER MATTERS


MARKET INFORMATION


There is a limited public market for our common shares. Our common shares are quoted on the OTC Bulletin Board and OTC Link under the symbol “PTRR”.Trading in stocks quoted on the OTC Bulletin Board and OTC Link is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects. We cannot assure you that there will be a market in the future for our common stock.


DIVIDENDS

 

We have never paid or declared any dividends on our common stock and do not anticipate paying cash dividends in the foreseeable future.


SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS


We currently do not have any equity compensation plans.




5




ITEM 6. SELECTED FINANCIAL DATA


Not Applicable.


ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULT OF OPERATIONS


The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those discussed in the forward looking statements.  Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this Annual Report.  Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.


RESULTS OF OPERATIONS


We have incurred recurring losses to date. Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.


We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.


Our net loss for the fiscal year ended May 31, 2015 was $12,495 compared to a net loss of $256 during the period from Inception (January 14, 2014) to May 31, 2014. During fiscal year ended May 31, 2015 we have generated $1,560 in revenues. For the period from Inception (January 14, 2014) to May 31, 2014, we have not generated any revenue.


During the fiscal year ended May 31, 2015, we incurred expenses of $14,055 compared to $256 incurred during the period from Inception (January 14, 2014) to May 31, 2014.  

 

LIQUIDITY AND CAPITAL RESOURCES


As of May 31, 2015 our current assets were $24,905 compared to $6,000 in current assets at May 31, 2014. As of May 31, 2015, our current liabilities were $6,856 compared to $1,256 in current liabilities at May 31, 2014.


Stockholders’ equity increased from $4,744 as of May 31, 2014 to $18,049 as of May 31, 2015.


The weighted average number of shares outstanding was 5,451,232 for the year ended May 31, 2015 compared to 3,442,029 for the period from Inception (January 14, 2014) to May 31, 2014.



6




Cash Flows from Operating Activities



We have not generated positive cash flows from operating activities. For the year ended May 31, 2015, net cash flows used in operating activities was $12,375. Net cash flows used in operating activities was $256 for the period from inception (January 14, 2014) to May 31, 2014.


Cash Flows from Investing Activities


For the year ended May 31, 2015, net cash flows used in investing activities was $800.


Cash Flows from Financing Activities


We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the year ended May 31, 2015, net cash flows from financing activities was $31,400 received from proceeds from issuance of common stock and advance from director. For the period from inception (January 14, 2014) to May 31, 2014, net cash flows from financing activities was $6,256 received from proceeds from issuance of common stock and advance from director.


PLAN OF OPERATION AND FUNDING


We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.


Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a start-up business and (ii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.


MATERIAL COMMITMENTS


As of the date of this Annual Report, we do not have any material commitments.


PURCHASE OF SIGNIFICANT EQUIPMENT


We do not intend to purchase any significant equipment during the next twelve months.



7






OFF-BALANCE SHEET ARRANGEMENTS


As of the date of this Annual Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.


GOING CONCERN


The independent auditors' report accompanying our May 31, 2015 and May 31, 2014 financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.


ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


Not applicable.


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA






8




[f10kpetrichorfinal24002.gif]



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Directors and
Stockholders of Petrichor Corp.


We have audited the accompanying balance sheet of Petrichor Corp. as of May 31, 2015 and 2014, and the related statements of operations, stockholder’s equity, and cash flows for the year ended May 31, 2105 and for the period January 14, 2014 (Inception) through May 31, 2014. Petrichor Corp.’s management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.


We conducted our audits 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. 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 also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, 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.


In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Petrichor Corp. as of May 31, 2015 and 2014 and the results of its operations and its cash flows for the year ended May 31, 2015 and for  the period from January 14, 2014 (inception) through May 31, 2014  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 had accumulated deficit of $12,571 as of May 31, 2015, which raises substantial doubt about its ability to continue as a going concern. Management’s plans concerning these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.



/s/ KLJ & Associates, LLP


KLJ & Associates, LLP

Edina, MN

August 20, 2014

 


5201 Eden Ave

Suite 300  

Edina, MN 55436

630.277.2330




9







PETRICHOR CORP.

BALANCE SHEETS

 

MAY 31, 2015

MAY 31, 2014

ASSETS

 

 

Current Assets

 

 

 

Cash

$        24,225

$      6,000

 

Total current assets

24,225

6,000

Non-Current Assets

 

 

   Computer, net of accumulated depreciation

680

-

    Total non-current assets

680

-

 

 

 

Total assets                                                         

$       24,905

$      6,000


LIABILITIES AND STOCKHOLDER'S EQUITY

Liabilities

Current liabilities

 

Loans from Shareholders

6,856

1,256

Total liabilities

6,856

1,256

 

Stockholder’s Equity

  

Common stock, $0.001 par value, 75,000,000 shares authorized;

 

 

 

7,580,000 shares issued and outstanding (5,000,000 shares issued and outstanding as of March 31, 2014)

7,580

5,000

 

Additional paid-in-capital

23,220

-

 

Accumulated deficit

(12,751)

(256)

Total stockholder’s equity

18,049

4,744

Total liabilities and stockholder’s equity

$      24,905

$     6,000






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




10







PETRICHOR CORP.

STATEMENTS OF OPERATIONS


 

 

 

YEAR ENDED MAY 31, 2015

FOR THE PERIOD FROM JANUARY 14, 2014 (INCEPTION)  to MAY 31, 2014

Revenues

 

 

$           1,560

$           -

Operating Expenses

 

 

 

 

General and administrative expenses

 

 

14,055

                256

Total operating expenses

 

 

14,055

256

Income (Loss) before income taxes

 

 

(12,495)

(256)

Net income (loss)

 

 

$       (12,495)

$      (256)

Loss per common share – Basic

 

 

(0.00)

(0.00)

Weighted Average Number of Common Shares Outstanding-Basic

 

 

5,451,232

3,442,029






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



11







PETRICHOR CORP.

STATEMENT OF STOCKHOLDERS’ EQUITY

FOR THE PERIOD FROM JANUARY 14, 2014 (INCEPTION) TO MAY 31, 2015

 

Number of

common

Shares


Amount

Additional

Paid-in-

Capital


Accumulated

Deficit



Total

Balance at inception

-

$          -  

$          -         

$             -

$           -

 Common shares issued for cash  at $0.001

5,000,000

5,000

-

-

5,000

 Net loss

-

-

-

(256)

(256)

Balance as of  May 31, 2014

5,000,000

  5,000

          -                

       (256)

    4,744

Common shares issued for cash  at $0.01

2,580,000

2,580

23,220

-

25,800

Net loss

-

-

-

(12,495)

(12,495)

Balance as of  May 31, 2015

7,580,000

 $ 7,580

$  23,220

$  (12,751)

$  18,049




The accompanying notes are an integral part of these financial statements




12











PETRICHOR CORP.

STATEMENTS OF CASH FLOWS

 

YEAR ENDED MAY 31, 2015

FOR THE PERIOD FROM JANUARY 14, 2014 (INCEPTION)  to MAY 31, 2014

Operating Activities

 

 

 

Net loss

$         (12,495)

$        (256)

 

Depreciation

120

-

 

Net cash provided by (used in) operating activities

(12,375)

(256)

Investing Activities

 

 

   Purchase of fixed assets

(800)

-

Net Cash provided by (used in) Investing Activities

(800)

-

Financing Activities

 

 

 

Sale of common stock

25,800

5,000

 

Loans from Shareholder

5,600

1,256

 

Net cash provided by financing activities

31,400

6,256

 

 

 

Net increase  in cash and equivalents

18,225

6,000

Cash and equivalents at beginning of the period

6,000

-

Cash and equivalents at end of the period

$         24,225

$      6,000

 

 

 

 

 

Supplemental cash flow information:

 

 

 

Cash paid for:

 

 

 

Interest                                                                                               

$                -

$             -     

 

Taxes                                                                                           

$                -

$             -

Non-Cash Financing Activities

$                -

$             -





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




13






PETRICHOR CORP.

NOTES TO THE FINANCIAL STATEMENTS

MAY 31, 2015



NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Organization and Description of Business

PETRICHOR CORP. (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on January 14, 2014. Since inception through May 31, 2015 the Company has generated $1,560 in revenue and has accumulated losses of $12,751.


Cash and Cash Equivalents

The Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.


The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At May 31, 2015 the Company's bank deposits did not exceed the insured amounts.


Basic Income (Loss) Per Share

The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.


Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.


Income Taxes

The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.


Advertising Costs


The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during as at May 31, 2015.


Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting).  The Company has adopted May 31 fiscal year end.


Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.



14








Recent accounting pronouncements

On June 10, 2014, the Financial Accounting Standards Board ("FASB") issued update ASU 2014-10, Development Stage Entities (Topic 915).   Amongst other things, the amendments in this update removed the definition of development stage entity from Topic 915, thereby removing the distinction between development stage entities and other reporting entities from US GAAP.  In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information on the statements of income, cash flows and shareholders equity, (2) label the financial statements as those of a development stage entity;  (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage.  The amendments are effective for annual reporting periods beginning after December 31, 2014 and interim reporting periods beginning after December 15, 2015, however entities are permitted to early adopt for any annual or interim reporting period for which the financial statements have yet to be issued. 


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 the financial statements and the reported amount of revenues and expenses during the reporting period.  Actual results could differ from those estimates.


Stock-Based Compensation

As of May 31, 2015 the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718).  To date, the Company has not adopted a stock option plan and has not granted any stock options.


Revenue Recognition

The Company will recognize revenue when products are fully delivered or services have been provided and collection is reasonably assured.


NOTE 2 – GOING CONCERN


The accompanying financial statements have been prepared in conformity with generally accepted accounting principle, which contemplate continuation of the Company as a going concern.  The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.  



NOTE 3 – COMMON STOCK


The Company has 75,000,000 common shares authorized with a par value of $ 0.001 per share. On February 26, 2014, the Company issued 5,000,000 shares of its common stock at $0.001 per share for total proceeds of $5,000.

For the period from February 26, 2015 to April 24, 2015, the Company issued 2,580,000 shares of its common stock at $0.01 per share for total proceeds of $25,800.


As of May 31, 2015, the Company had 7,580,000 shares issued and outstanding.



15







NOTE 4 – RELATED PARTY TRANSACTIONS


On February 26, 2014, the Company sold 5,000,000 shares of common stock at a price of $0.001 per share to its director.


As of May 31, 2015, the Director loaned $6,856 to the Company to pay for general and administrative expenses. This loan is non-interest bearing, due upon demand and unsecured.


NOTE 5 – INCOME TAXES


As of May 31, 2015, the Company had net operating loss carry forwards of approximately $12,751 that may be available to reduce future years’ taxable income in varying amounts through 2033. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.


The provision for Federal income tax consists of the following:


 

 

May 31, 2015

 

 

May 31, 2014

Federal income tax benefit attributable to:

 

 

 

 

 

Current Operations

$

1,874

 

$

38

Less: valuation allowance

 

(1,874)

 

 

(38)

Net provision for Federal income taxes

$

-

 

$

-


The cumulative tax effect at the expected rate of 15% of significant items comprising our net deferred tax amount is as follows:



 

 

January 31, 2014

 

 

May 31, 2014

Deferred tax asset attributable to:

 

 

 

 

 

Net operating loss carryover

$

1,912

 

$

38

Less: valuation allowance

 

(1,912)

 

 

(38)

Net deferred tax asset

$

-

 

$

-


Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $12,751 for Federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur net operating loss carry forwards may be limited as to use in future years.


NOTE 6 – SUBSEQUENT EVENTS


The Company has evaluated subsequent events from May 31, 2015 to the date the financial statements were issued and has determined that there are no items to disclose.



16







 

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


None.



ITEM 9A. CONTROLS AND PROCEDURES



Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.


An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of May 31, 2015. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the year  May 31, 2015 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.



  

ITEM 9B. OTHER INFORMATION


None.



17






PART III


ITEM 10. DIRECTORS, EXECUTIVE OFFICERS, PROMOTERS AND CONTROL PERSONS OF THE COMPANY


 

Name and Address of Executive

   Officer and/or Director

 

Age

 

Position

 

 

 

 

 

Liudmila Shokhina

18801 Collins Ave., Ste. 102-252, Sunny Isles Beach, FL 33160

 

67

 

President, Treasurer, Secretary and Director

(Principal Executive, Financial and Accounting Officer)


Liudmila Shokhina has acted as our President, Treasurer, Secretary and sole Director since our incorporation on January 14, 2014. Ms. Shokhina owns 65.96% of the outstanding shares of our common stock. As such, it was unilaterally decided that Ms. Shokhina was going to be our sole President, Chief Executive Officer, Treasurer, Chief Financial Officer, Chief Accounting Officer, Secretary and sole member of our board of directors. Ms. Shokhina graduated from Moscow State Linguistic University in 1973. She obtained a bachelor degree in Translation and Interpreting. For the last 20 years she has been working as a freelancer translator and interpreter.

 

During the past ten years, Ms. Shokhina has not been the subject to any of the following events:


    1. Any bankruptcy petition filed by or against any business of which Ms. Shokhina was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time.

    2. Any conviction in a criminal proceeding or being subject to a pending criminal proceeding.

     3. An order, judgment, or decree, not subsequently reversed, suspended or vacated, or any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting Ms. Shokhina’s involvement in any type of business, securities or banking activities.

     4. Found by a court of competent jurisdiction (in a civil action), the Securities and Exchange Commission or the Commodity Future Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended or vacated.

5.  Was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any Federal or State authority barring, suspending or otherwise limiting for more than 60 days the right to engage in any activity described in paragraph (f)(3)(i) of this section, or to be associated with persons engaged in any such activity;

6.  Was found by a court of competent jurisdiction in a civil action or by the Commission to have violated any Federal or State securities law, and the judgment in such civil action or finding by the Commission has not been subsequently reversed, suspended, or vacated;

7.  Was the subject of, or a party to, any Federal or State judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated, relating to an alleged violation of:

i.

Any Federal or State securities or commodities law or regulation; or

ii.

Any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order; or

iii.

Any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or



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8.  Was the subject of, or a party to, any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act (15 U.S.C. 78c(a)(26))), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act (7 U.S.C. 1(a)(29))), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.




AUDIT COMMITTEE


We do not have an audit committee financial expert. We do not have an audit committee financial expert because we believe the cost related to retaining a financial expert at this time is prohibitive. Further, because we have no operations, at the present time, we believe the services of a financial expert are not warranted.


SIGNIFICANT EMPLOYEES


Other than our director, we do not expect any other individuals to make a significant contribution to our business.


ITEM 11. EXECUTIVE COMPENSATION



The following tables set forth certain information about compensation paid, earned or accrued for services by our Executive Officer from inception on January 14, 2014 until May 31, 2014 and for the year ended May 31, 2015:


Summary Compensation Table


Name and

Principal

Position

Year

Salary

($)

Bonus

($)

Stock

Awards

($)

Option

Awards

($)

Non-Equity

Incentive Plan

Compensation

($)

All Other

Compensation

($)

All Other

Compensation

($)

Total

($)

Liudmila Shokhina, President, Secretary and Treasurer



January 14, 2014 to May 31, 2014


-0-


-0-


-0-


-0-


-0-


-0-


-0-


-0-

June 1, 2014 to May 31, 2015


-0-


-0-


-0-


-0-


-0-


-0-


-0-


-0-





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There are no current employment agreements between the company and its officer.



There are no annuity, pension or retirement benefits proposed to be paid to the officer or director or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the company or any of its subsidiaries, if any.



CHANGE OF CONTROL


As of May 31, 2015, we had no pension plans or compensatory plans or other arrangements which provide compensation in the event of a termination of employment or a change in our control.


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


The following table sets forth information as of May 31, 2015 regarding the ownership of our common stock by each shareholder known by us to be the beneficial owner of more than five percent of our outstanding shares of common stock, each director and all executive officers and directors as a group. Except as otherwise indicated, each of the shareholders has sole voting and investment power with respect to the shares of common stock beneficially owned.



Title of Class

 

Name and Address of

Beneficial Owner

 

Amount and Nature of 

Beneficial Ownership

 

Percentage

 

 

 

 

 

 

 

 

 

Common Stock

 

Liudmila Shokhina

18801 Collins Ave., Ste. 102-252, Sunny Isles Beach, FL 33160

 

5,000,000 shares of common stock (direct)

 

 

65.96

%


The percent of class is based on 7,580,000 shares of common stock issued and outstanding as of the date of this annual report.




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ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS


On February 26, 2014, we issued a total of 5,000,000 shares of restricted common stock to Liudmila Shokhina, our sole officer and director in consideration of $5,000. Further, Ms. Shokhina has advanced funds to us. As of May 31, 2015, Ms. Shokhina advanced us $6,856. The obligation to Ms. Shokhina does not bear interest.


ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES


During fiscal year ended May 31, 2015, we incurred approximately $6,000 in fees to our principal independent accountants for professional services rendered in connection with the audit of our financial statements for the fiscal year ended May 31, 2014 and for the reviews of our financial statements for the quarters ended August 31, 2014, November 30, 2014 and February 28, 2015.



ITEM 15. EXHIBITS


The following exhibits are filed as part of this Annual Report.


Exhibits:



31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).


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


101 Interactive data files pursuant to Rule 405 of Regulation S-T. 





SIGNATURES


In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


                                          

                    

 


PETRICHOR CORP.


Dated: August 24, 2015


By: /s/ Liudmila Shokhina

 

Liudmila Shokhina, President and

Chief Executive Officer and Chief Financial Officer




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