BLGI, INC. - FORM 10-Q - March 16, 2016

Attached files

file	filename
EX-31 - CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES OXLEY ACT OF 2002 - BLGI, INC.	ex_31-1.htm
EX-32 - CERTIFICATION PURSUANT TO SECTION 1350 - BLGI, INC.	ex_32-1.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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

For the quarterly period ended January 31, 2016

[ ] 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: 333-188785

ENVOY GROUP CORP.

(Exact name of registrant as specified in its charter)


Florida	46-2500923
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

28494 Westinghouse Place, Suite 213

Valencia CA

(Address of principal executive offices, Zip Code)

858-257-7768

(Registrant’s telephone number, including area code)

not applicable

(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 Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No o

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 x No o

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

Non-Accelerated Filer o

Accelerated Filer o

Smaller reporting company x

(Do not check if a smaller reporting company)

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

Yes x No o

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: We had a total of 80,000,000 shares of common stock issued and outstanding at March 16, 2016.

PART I – FINANCIAL INFORMATION


Item 1.	Financial Statements	4

	Balance Sheets as of January 31, 2016 and April 30, 2015	4

	Statements of Operations and Comprehensive Loss for the three and nine months ended January 31, 2016 and 2015	5

	Statements of Cash Flows for the nine months ended January 31, 2016 and 2015	6

	Notes to Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	11

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	13

Item 4.	Controls and Procedures	13

PART II – OTHER INFORMATION


Item 1.	Legal Proceedings	13

Item 2.	Unregistered Sales of Equity Securities	13

Item 3.	Defaults Upon Senior Securities	13

Item 4.	Mine Safety Disclosures	13

Item 5.	Other Information	13

Item 6.	Exhibits	14

SIGNATURES		14

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FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, and Section 27A of the Securities Act of 1933. Any statements contained in this report that are not statements of historical fact may be forward-looking statements. When we use the words “intends,” “estimates,” “predicts,” “potential,” “continues,” “anticipates,” “plans,” “expects,” “believes,” “should,” “could,” “may,” “will” or the negative of these terms or other comparable terminology, we are identifying forward-looking statements. Forward-looking statements involve risks and uncertainties, which may cause our actual results, performance or achievements to be materially different from those expressed or implied by forward-looking statements. These factors include our; research and development activities, distributor channel; compliance with regulatory impositions; and our capital needs. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

Except as may be required by applicable law, we do not undertake or intend to update or revise our forward-looking statements, and we assume no obligation to update any forward-looking statements contained in this report as a result of new information or future events or developments. Thus, you should not assume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements. You should carefully review and consider the various disclosures we make in this report and our other reports filed with the Securities and Exchange Commission that attempt to advise interested parties of the risks, uncertainties and other factors that may affect our business.

All statements other than statements of historical fact are statements that could be deemed forward-looking statements. The Company assumes no obligation and does not intend to update these forward-looking statements, except as required by law. When used in this report, the terms “Envoy”, “Company”, “we”, “our”, and “us” refer to Envoy Group Corp.

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

ENVOY GROUP CORP.

BALANCE SHEETS

(Expressed in U.S. Dollars)


	January 31,			April 30,
	2016			2015
	(Unaudited)			(Audited)
ASSETS

CURRENT ASSETS
Cash and cash equivalents	$	15		$	106
Prepaid expenses		1,071			—

TOTAL ASSETS	$	1,086		$	106

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES
Accounts payable and accrued liabilities	$	31,594		$	14,827
Due to related party (Note 4)		23,236			18,462
Loans payable (Note 5)		10,118			1,550
Total Current Liabilities		64,948			34,839

STOCKHOLDERS’ DEFICIT
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, of which 10,000 shares designated as Series A, no shares issued and outstanding (Note 6)		—			—
Common stock, $0.0001 par value; 240,000,000 shares authorized; 80,000,000 shares issued and outstanding (Note 6)		8,000			8,000
Additional paid-in capital		38,500			38,500
Accumulated deficit		(110,362	)		(81,233	)
Total Stockholders’ Deficit		(63,862	)		(34,733	)

TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT	$	1,086		$	106

Going Concern (Note 2)

Subsequent Event (Note 8)

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

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ENVOY GROUP CORP.

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in U.S. Dollars)

(Unaudited)


	For the Three Months Ended January 31,						For the Nine Months Ended January 31,
	2016			2015			2016			2015

OPERATING EXPENSES
General and administrative	$	6,145		$	13,985		$	9,350		$	17,563
Professional fees		3,617			7,500			19,779			13,000

NET LOSS AND COMPREHENSIVE LOSS	$	(9,762	)	$	(21,485	)	$	(29,129	)	$	(30,563	)

NET LOSS PER COMMON SHARE, BASIC AND DILUTED	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED		80,000,000			80,000,000			80,000,000			110,040,816

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

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ENVOY GROUP CORP.

STATEMENTS OF CASH FLOWS

(Expressed in U.S. Dollars)

(Unaudited)


	For the Nine Months Ended January 31,
	2016			2015

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(29,129	)	$	(30,563	)

Changes in operating assets and liabilities:
Prepaid expenses		(1,071	)		—
Accounts payable and accrued liabilities		16,767			16,803

Net Cash Used in Operating Activities		(13,433	)		(13,760	)

CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from loans payable		8,568			—
Advances from related party		4,774			13,972

Net Cash Provided by Financing Activities		13,342			13,972

Net (Decrease) Increase in Cash and Cash Equivalents		(91	)		212

Cash and Cash Equivalents, Beginning of Period		106			—

Cash and Cash Equivalents, End of Period	$	15		$	212

SUPPLEMENTARY CASH FLOW INFORMATION:
Interest paid	$	—		$	—
Income taxes paid	$	—		$	—

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

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ENVOY GROUP CORP.

Notes to the Financial Statements

For the Nine Months Ended January 31, 2016 and 2015

(Unaudited)

NOTE 1. NATURE OF BUSINESS

Envoy Group Corp. (the “Company”), a Florida corporation, was incorporated on April 8, 2013 with its corporate headquarters located in Valencia, California. It was the Company’s intent to develop a service to provide adult day care.

On August 6, 2015, the Company announced that it had signed a letter of intent to acquire Picante Gaming N.V. (“Picante”), a Curaçao based developer of business-to-business software for real time, streaming gaming technology. Picante holds over 40 licenses worldwide. Subsequently the Company decided not to proceed with the acquisition.

On November 23, 2015, the Company announced that it intends to restructure its business plan and enter the consumer products market. To date the Company has identified one area in this market that it plans to enter, which is the energy drinks industry (Note 7).

NOTE 2. GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has had no revenue or operations, and only incurred losses since inception. As at January 31, 2016, the Company has a working capital deficiency of $63,862 and an accumulated deficit of $110,362. In view of these matters, the Company’s ability to continue as a going concern is dependent upon the Company’s ability to raise sufficient financing to acquire or develop a profitable business. The Company intends on financing its future development activities and its working capital needs largely from the sale of public equity securities with some additional funding from other traditional financing sources, including related party advances and term notes until such time that funds provided by operations are sufficient to fund working capital requirements. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. The financial statements of the Company do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts and classifications of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 3. SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PRESENTATION

These unaudited financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States (“US GAAP”), and are expressed in United States dollars. The Company’s fiscal year-end is April 30.

These interim unaudited financial statements have been prepared in accordance with US GAAP interim financial information and with the instructions to Securities and Exchange Commission (“SEC”) Form 10-Q. They do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. Therefore, these interim financial statements should be read in conjunction with the Company’s audited financial statements and notes thereto for the year ended April 30, 2015, included in the Company’s Annual Report on Form 10-K filed on August 7, 2015 with the SEC.

The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at January 31, 2016, and the results of its operations and cash flows for the three and nine months ended January 31, 2016. The results of operations for the period ended January 31, 2016 are not necessarily indicative of the results to be expected for future quarters or the full year.

The significant accounting policies followed are:

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ENVOY GROUP CORP.

Notes to the Financial Statements

For the Nine Months Ended January 31, 2016 and 2015

(Unaudited)

USE OF ESTIMATES

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates related to fair value measurements and deferred income tax asset valuation allowance. Actual results could differ from those estimates.

FINANCIAL INSTRUMENTS

ASC 825, Financial Instruments, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 825 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 825 prioritizes the inputs into three levels that may be used to measure fair value:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

The financial instruments consist principally of cash, accounts payable, and due to related parties. The fair value of cash when applicable is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The Company believes that the recorded values of all other financial instruments approximate their current fair values because of their nature and respective relatively short maturity dates or durations.

Assets measured at fair value on a recurring basis were presented on the Company’s balance sheet as of January 31, 2016 and April 30, 2015:


	Fair Value Measurements Using
	Quoted Prices in	Significant
	Active Markets	Other	Significant
	For Identical	Observable	Unobservable
	Instruments	Inputs	Inputs	Balance as of	Balance as of
	(Level 1)	(Level 2)	(Level 3)	January 31, 2016	April 30, 2015
	$	$	$	$	$
Assets:
Cash	15	—	—	15	106

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ENVOY GROUP CORP.

Notes to the Financial Statements

For the Nine Months Ended January 31, 2016 and 2015

(Unaudited)

The Company does not have any liabilities measured at fair value on a recurring basis presented on the Company’s balance sheet as of January 31, 2016 and April 30, 2015.

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions.

RECENT ACCOUNTING PRONOUNCEMENTS

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

NOTE 4. RELATED PARTY TRANSACTIONS AND BALANCES

As at January 31, 2016, the Company was indebted to the majority shareholder in the amount of $23,236 (April 30, 2015 - $18,462) for advances of working capital and expenses paid on behalf of the Company. The amount is unsecured, non-interest bearing and due on demand.

NOTE 5. LOANS PAYABLE

As at January 31, 2016, the Company was indebted to an unrelated third party in the amount of $1,550 (April 30, 2015 - $1,550). The amount is unsecured, non-interest bearing and due on demand.

As at January 31, 2016, the Company was indebted to an unrelated third party in the amount of $8,568 (CAD$12,000) (April 30, 2015 - $Nil). The amount is unsecured, non-interest bearing and due on December 31, 2016.

NOTE 6. STOCKHOLDERS’ DEFICIT

On May 9, 2014, the Company amended its Articles of Incorporation, decreasing the number of common stock authorized from 250,000,000 to 240,000,000, par value of $0.0001, and authorizing 10,000,000, par value of $0.0001, shares of preferred shares.

At the time of the amendment, the Company designated 10,000 shares of its authorized but unissued shares of preferred stock as Series A Preferred Stock. The 10,000 Series A Preferred Stock shall have an aggregate voting power of 45% of the combined voting power of the entire Company’s shares, common stock and preferred stock, as long as the Company is in existence. Each holder of the Series A Preferred Stock shall have full voting rights and powers equal to the voting rights and powers of the holders of common stock, and shall be entitled, notwithstanding any provision hereof, to notice of any stockholders’ meeting in accordance with the by-laws of the Company, and shall be entitled to vote, together with holders of common stock, with respect to any question upon which holders of common stock have the right to vote. Without the vote or consent of holders of at least a majority of the shares of Series A Preferred Stock then outstanding, the Company may not (i) authorize, create or issue, or increase the authorized number of shares of, any class or series of capital stock ranking prior to or on a parity with the Series A Preferred Stock, (ii) authorize, create or issue any class or series of common stock of the Company other than the common stock, (iii) authorize any reclassification of the Series A Preferred Stock, (iv) authorize, create or issue any securities convertible into or exercisable for capital stock prohibited by (i) or (ii), (v) amend this Certificate of Designations or (vi) enter into any merger or reorganization, or disposal of assets involving 20% of the total capitalization of the Company.

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ENVOY GROUP CORP.

Notes to the Financial Statements

For the Nine Months Ended January 31, 2016 and 2015

(Unaudited)

Subject to the rights of the holders of any other series of preferred stock ranking senior to or on a parity with the Series A Preferred Stock with respect to liquidation and any other class or series of capital stock of the Company ranking senior to or on a parity with the Series A Preferred Stock with respect to liquidation, in the event of any liquidation, dissolution or winding up of the affairs of the Company, whether voluntary or involuntary, the holders of record of the issued and outstanding shares of Series A Preferred Stock shall be entitled to receive, out of the assets of the Company available for distribution to the holders of shares of Series A Preferred Stock, prior and in preference to any distribution of any of the assets of the Company to the holders of common stock and any other series of preferred stock ranking junior to the Series A Preferred Stock with respect to liquidation.

The holders of the Series A Preferred Stock shall not be entitled to receive dividends per share of Series A Preferred Stock. The Company shall have no rights to redeem Series A Preferred Stock.

COMMON STOCK

On May 28, 2014, the Company issued 10,000 shares of Series A preferred stock in exchange for the return of 60,000,000 shares of common stock held by the Company’s majority shareholder.

On September 30, 2014, the Company issued 60,000,000 shares of common stock in exchange for the return of 10,000 shares of Series A preferred stock held by the Company’s majority shareholder.

On September 30, 2014, the Company cancelled 40,000,000 shares of common stock that was returned to the Company by its majority shareholder.

PREFERRED STOCK - SERIES A

On May 28, 2014, the Company issued 10,000 shares of Series A preferred stock in exchange for the return of 60,000,000 shares of common stock held by the Company’s majority shareholder.

On September 30, 2014, the Company issued 60,000,000 shares of common stock in exchange for the return of 10,000 shares of Series A preferred stock held by the Company’s majority shareholder.

As at January 31, 2016, there are no issued and outstanding Series A Preferred Stock issued or outstanding.

NOTE 7. COMMITMENTS

On December 4, 2015, and amended on January 5, 2016, the Company entered into an agreement (the “Agreement”) with BVD Ltd. (“BVD”), a Thailand based beverage company, for the exclusive distribution rights of Louis XIV Energy Drinks within Canada. Currently, Louis XIV Energy Drinks are available only in Europe. The Company is required to pay an exclusivity fee of €30,000 (US $32,486), which is refundable after order placements of 2 million euros (US $2,165,720), have been reached. Provided that the Agreement has not been terminated by a material breach or an unacceptable change of the Company, the term of the Agreement is for five years and, unless cancelled, the contract will renew automatically for another ten years. BVD has the option to terminate the Agreement at the end of the second year by paying the Company €15,000 (US $16,243) and giving 30 days advanced written notice. Under the agreement, the Company is to acquire inventory from BVD with purchase orders that are accompanied with advance payment.

NOTE 8. SUBSEQUENT EVENT

On February 2, 2016, the Company entered into consulting agreement. Pursuant to the agreement the consultant will provide consulting services for a term of one year in consideration for an estimated fee of approximately $3,500.

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

The following discussion of the Company’s financial condition and the results of operations should be read in conjunction with the Financial Statements and Notes thereto appearing elsewhere in this document.

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that in addition to the description of historical facts contained herein, this report contains certain forward-looking statements that involve risks and uncertainties as detailed herein and from time to time in the Company’s other filings with the Securities and Exchange Commission and elsewhere. Such statements are based on management’s current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those, described in the forward-looking statements. These factors include, among others: (a) the Company’s fluctuations in sales and operating results; (b) risks associated with international operations; (c) regulatory, competitive and contractual risks; (d) product development risks; (e) the ability to achieve strategic initiatives, including but not limited to the ability to achieve sales growth across the business segments through a combination of enhanced sales force, new products, and customer service; and (f) pending litigation.

MANAGEMENT’S PLAN OF OPERATIONS

We do not have adequate funds to satisfy our working capital requirements for the next twelve months. We will need to raise additional capital through this disclosed offering to continue our operations. We intend to implement our business and marketing plan within the next 18 months. We believe we must raise a total of $575,000 to pay for expenses associated with our development. These funds will be used to finance anticipated activities during our development plan as described below. All anticipated expenses are based on estimates made by our sole Officer and Director based on his experience in his industry on his personal research. These costs may vary considerably based on the current local, state, or national economic conditions.

We intend to pursue capital through public or private equity financing and by borrowing from any available sources if required in order to finance our business activities. Our sole Officer and Director has not made any written or verbal commitment to provide additional financing to our Company. We cannot guarantee that additional funding will be available on favorable terms, if at all. If adequate funds are not available, then our ability to continue our operations may be significantly hindered.

We have not yet begun the development of any of our anticipated Businesses and even if we do secure adequate financing, there can be no assurance that our services will be accepted by the marketplace and that we will be able to generate revenues.

Our sole Officer and Director will be responsible for business plan development. If we develop our services and are in a position to begin sales and marketing we intend to hire independent consultants as we deem necessary.

RESULTS OF OPERATIONS

There are no historical financial information about us upon which to base an evaluation of our performance. We incurred expenses of $29,129 in our operations for the nine months ended January 31, 2016 as compared to $30,563 for the nine months ended January 31, 2015. We incurred expenses of $9,762 in our operations for the three months ended January 31, 2016 as compared to $21,485 for the three months ended January 31, 2015. The changes in expenses are due to website expenses occurring in the three months ended January 31, 2015.

We have not generated any revenues from our operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including the financial risks associated with the limited capital resources currently available to us for the implementation of our business strategies. To become profitable and competitive, we must develop the business plan and execute the plan. Our management will attempt to secure financing through various means including borrowing and investment from institutions and private individuals.

Since inception, the majority of our time has been spent refining its business plan and the pursuit of capital from a financing.

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Our results of operations are summarized below:


	For the Nine Months Ended January 31, 2016			For the Nine Months Ended January 31, 2015

Revenue	$	—		$	—
Cost of Revenue		—			—
Expenses		29,129			30,563
Net Loss		(29,129	)		(30,563	)
Net Loss per Share - Basic and Diluted		(0.00	)		(0.00	)
Weighted Average Number Shares Outstanding - Basic and Diluted		80,000,000			110,480,816

LIQUIDITY AND CAPITAL RESOURCES

Our current cash on hand is $15. Our operations are being funded by advances from a shareholder and from loans from unrelated third parties.

We require additional cash to execute our business plan over the next eighteen months. Our business expansion will require significant capital resources that may be funded through the issuance of common stock or of notes payable or other debt arrangements that may affect our debt structure. Despite our current financial status we believe that we may be able to issue notes payable or debt instruments in order to start executing our business plan. However, there can be no assurance that we will be able to raise money in this fashion and have not entered into any agreements that would obligate a third party to provide us with capital.

Through the nine months ended January 31, 2016, we spent $29,129 on general and administrative operating expenses. We raised the cash amounts to be used in these activities from advances from a shareholder. We currently have negative working capital of $63,862.

The Company currently has no external sources of liquidity such as arrangements with credit institutions or off-balance sheet arrangements that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.

The sole director and officer has made no commitments written or oral, with respect to providing a source of liquidity in the form of cash advances, loans and/or financial guarantees.

Our independent auditor has expressed substantial doubt about our ability to continue as a going concern and believes that our ability is dependent on our ability to raise capital, implement our business plan and generate revenues. See Note 2 of our financial statements.

Recent Federal legislation, including the Sarbanes-Oxley Act of 2002, has resulted in the adoption of various corporate governance measures designed to promote the integrity of the corporate management and the securities markets. Some of these measures have been adopted in response to legal requirements. Others have been adopted by companies in response to the requirements of national securities exchanges, such as the NYSE or the NASDAQ Stock Market, on which their securities are listed. Among the corporate governance measures that are required under the rules of national securities exchanges are those that address the board of directors’ independence, audit committee oversight, and the adoption of a code of ethics. Our Board of Directors is comprised of one individual who is also our executive officer. Our executive officer makes decisions on all significant corporate matters such as the approval of terms of the compensation of our executive officer and the oversight of the accounting functions.

EMERGING GROWTH COMPANY

We are an “emerging growth company” under the federal securities laws and will be subject to reduced public company reporting requirements. In addition, Section 107 of the JOBS Act also provides that an “emerging growth company” can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an “emerging growth company” can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards.

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OFF-BALANCE SHEET ARRANGEMENTS

The Company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on the Company’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the Company is a party, under which the Company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Not applicable.

ITEM 4. CONTROLS AND PROCEDURES

The Company’s Chief Executive Officer and Chief Financial Officer has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of January 31, 2016 covered by this Quarterly Report on Form 10-Q. Based upon such evaluation, the Chief Executive Officer and Chief Financial Officer has concluded that, as of the end of such period, the Company’s disclosure controls and procedures were not effective as required under Rules 13a-15(e) and 15d-15(e) under the Exchange Act. This conclusion by the Company’s Chief Executive Officer and Chief Financial Officer does not relate to reporting periods after January 31, 2016.

CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING.

No change in the Company’s internal control over financial reporting occurred during the quarter ended January 31, 2016, that materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

To our knowledge, neither the Company nor any of our officers or directors is a party to any material legal proceeding or litigation and such persons know of no material legal proceeding or contemplated or threatened litigation. There are no judgments against us or our officers or directors. None of our officers or directors has been convicted of a felony or misdemeanor relating to securities or performance in corporate office.

ITEM 2. UNREGISTERED SALES OF EQITY SECURITIES

During the nine months ended January 31, 2016, there was no modification of any instruments defining the rights of holders of the Company’s common stock and no limitation or qualification of the rights evidenced by the Company’s common stock as a result of the issuance of any other class of securities or the modification thereof.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

None.

ITEM 5. OTHER INFORMATION

None.

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ITEM 6. EXHIBITS


Exhibit		Description
31.1		Certification of Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer required by Rule 13a-14(a) or Rule 15d-14(a) under the Securities Exchange Act of 1934, as amended.
32.1		Certification of Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer required by Section 1350
101*		XBRL data files of Financial Statements and Notes contained in this Quarterly Report on Form 10-Q.

* In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed “furnished” and not “filed.”

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.


	ENVOY GROUP CORP.


Date: March 16, 2016	By: /s/ Harpreet Sangha
	Harpreet Sangha
	President, Chief Executive Officer, Chief Financial Officer
	Principal Accounting Officer, Secretary, Treasurer and Director

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BLGI, INC. - FORM 10-Q - March 16, 2016

Attached files

BLGI, INC. Reports