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EX-32.1 - CERTIFICATION - Apawthecary Pets USA | bbu_ex321.htm |
EX-31.1 - CERTIFICATION - Apawthecary Pets USA | bbu_ex311.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 February 28, 2017
333-176705
Commission File Number
BOOKEDBYUS INC. |
(Exact name of registrant as specified in its charter) |
Nevada |
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26-1679929 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
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c/o Bradley Kersch 1223 Fletcher Way, Port Coquitlam, British Columbia |
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V3C6B5 |
(Address of principal executive offices) |
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(Zip Code) |
(323) 634-1000
(Registrant’s telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x Yes ¨ No
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ¨ Yes ¨ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act:
Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
x |
(Do not check if a smaller reporting company) |
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). x Yes ¨ No
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court
¨ Yes ¨ No
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. As of April 7, 2017 we had 23,802,264 shares of common stock outstanding.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
Bookedbyus Inc.
Financial Statements
(Expressed in U.S. Dollars)
For the three and six months ended February 28, 2017 and February 29, 2016
(Unaudited)
3 |
Table of Contents |
Bookedbyus Inc. Balance Sheets (Expressed in U.S. Dollars) (Unaudited) |
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February 28, 2017 |
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August 31, 2016 |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ | 1,603 |
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$ | 980 |
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Total current assets |
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1,603 |
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980 |
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Total Assets |
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$ | 1,603 |
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$ | 980 |
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Liabilities and Stockholders’ Deficit |
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Current liabilities |
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Accounts payable and accrued liabilities |
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$ | 2,788 |
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$ | 3,391 |
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Accounts payable due to related parties (Note 3) |
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274 |
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153,874 |
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Due to related parties (Note 3) |
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67,373 |
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57,373 |
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Total current liabilities |
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70,435 |
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214,638 |
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Total Liabilities |
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70,435 |
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214,638 |
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Stockholders’ deficit |
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Capital stock (Note 4) |
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Authorized 75,000,000 common shares, par value $0.001; |
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23,802,264 and 22,170,000 common shares issued and outstanding as of February 28, 2017 and August 31, 2016, respectively |
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23,802 |
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22,170 |
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Additional paid-in capital |
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247,748 |
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86,180 |
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Accumulated deficit |
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(340,382 | ) |
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(322,008 | ) |
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Total stockholders’ deficit |
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(68,832 | ) |
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(213,658 | ) |
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Total Liabilities and Stockholders’ Deficit |
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$ | 1,603 |
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$ | 980 |
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The accompanying notes are an integral part of these unaudited financial statements.
Bookedbyus Inc. Statements of Operations (Expressed in U.S. Dollars) (Unaudited) |
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For the three months ended February 28, 2017 |
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For the three months ended February 29, 2016 |
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For the six months ended February 28, 2017 |
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For the six months ended February 29, 2016 |
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Expenses |
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Professional fees |
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$ | 2,500 |
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$ | 9,500 |
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$ | 4,990 |
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$ | 9,500 |
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General and administrative |
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3,237 |
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2,520 |
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3,784 |
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4,843 |
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Management fees (Note 3) |
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2,400 |
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6,000 |
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9,600 |
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12,000 |
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Rent (Note 3) |
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- |
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6,000 |
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- |
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12,000 |
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Total expenses |
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8,137 |
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24,020 |
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18,374 |
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38,343 |
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Net loss |
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$ | (8,137 | ) |
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$ | (24,020 | ) |
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$ | (18,374 | ) |
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$ | (38,343 | ) |
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Basic and diluted net loss per common share |
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$ | (0.00 | ) |
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$ | (0.00 | ) |
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$ | (0.00 | ) |
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$ | (0.00 | ) |
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Weighted average number of common shares – basic and diluted |
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22,242,545 |
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22,170,000 |
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22,206,072 |
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22,170,000 |
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The accompanying notes are an integral part of these unaudited financial statements.
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Table of Contents |
Statements of Stockholders’ Deficit For the six months ended February 28, 2017 (Expressed in U.S. Dollars) (Unaudited) |
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Number of shares issued |
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Capital stock |
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Additional paid-in capital |
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Accumulated deficit |
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Stockholders’ deficit |
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Balance at August 31, 2016 |
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22,170,000 |
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22,170 |
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86,180 |
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(322,008 | ) |
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(213,658 | ) |
Shares issued for related parties debt settlement |
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1,632,264 |
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1,632 |
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161,568 |
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- |
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163,200 |
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Net loss for the period |
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- |
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- |
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- |
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(18,374 | ) |
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(18,374 | ) |
Balance at February 28, 2017 |
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23,802,264 |
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23,802 |
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247,748 |
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(340,382 | ) |
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(68,832 | ) |
The accompanying notes are an integral part of these unaudited financial statements.
6 |
Table of Contents |
Bookedbyus Inc. Statements of Cash Flow (Expressed in U.S. Dollars) (Unaudited) |
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For the six months ended February 28, 2017 |
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For the six months ended February 29, 2016 |
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Cash flows from operating activities |
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Net loss |
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$ | (18,374 | ) |
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$ | (38,343 | ) |
Changes in operating assets and liabilities |
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Increase (decrease) in accounts payable and accrued liabilities |
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(603 | ) |
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1,434 |
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Increase in due to related parties |
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9,600 |
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24,000 |
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Cash flows used in operating activities |
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(9,377 | ) |
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(12,909 | ) |
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Cash flows from financing activities |
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Advances from related parties |
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10,000 |
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12,473 |
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Cash provided by financing activities |
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10,000 |
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12,473 |
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Net increase (decrease) in cash |
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623 |
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(436 | ) |
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Cash and cash equivalents, beginning of period |
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980 |
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515 |
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Cash and cash equivalents, end of period |
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$ | 1,603 |
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$ | 79 |
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Supplemental disclosures of cash flow information |
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Cash paid during the period for: |
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Interest |
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$ | - |
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$ | - |
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Income taxes |
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$ | - |
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$ | - |
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Noncash investing and financing activities: |
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Shares issued in settlement of due to related parties |
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$ | 163,200 |
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$ | - |
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The accompanying notes are an integral part of these unaudited financial statements.
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Table of Contents |
Bookedbyus Inc. Notes to Financial Statements (Expressed in U.S. Dollars) For the three and six months ended February 28, 2017 and February 29, 2016 (Unaudited) |
1. |
Nature and Continuance of Operations |
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Bookedbyus Inc. (the “Company”) was incorporated under the laws of the State of Nevada on December 27, 2007. The Company will carry on the business of computer software sales and marketing when all financing is in place. |
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The Company’s interim unaudited financial statements as at February 28, 2017 and for the three and six months then ended have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The Company has a net loss of $18,374 for the six months period ended February 28, 2017 and $38,343 for the six months period ended February 29, 2016 and has a working capital deficit of $68,832 at February 28, 2017 (August 31, 2016 - $213,658). These factors raise substantial doubt about the ability of the Company to continue as a going concern. |
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Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. Management believes that the Company’s capital resources should be adequate to continue operating and maintaining its business strategy during the fiscal year ended August 31, 2017. However, if the Company is unable to raise additional capital in the near future, due to the Company’s liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favorable terms and/or pursue other remedial measures. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
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As at February 28, 2017, the Company was not engaged in continued business, and had significant expenses from development stage activities. Although management is currently attempting to implement its business plan and is seeking additional sources of financing, there is no assurance the activity will be successful. Accordingly, the Company must rely on its president to perform essential functions without compensation until a business operation can be commenced. The financial statements do not include any adjustments that may result from the outcome of this uncertainty. |
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Table of Contents |
Bookedbyus Inc. Notes to Financial Statements (Expressed in U.S. Dollars) For the three and six months ended February 28, 2017 and February 29, 2016 (Unaudited) |
2.
Basis of presentation
The accompanying unaudited interim financial statements of Bookedbyus Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission, and should be read in conjunction with the Company’s audited financial statements for the year ended August 31, 2016, as filed with the SEC on Form 10-K. In the opinion of management, all normal recurring adjustments which are necessary for a fair presentation of financial statements of the results for the interim period ended February 28, 2017, have been included. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements which would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal period ended August 31, 2016, as reported in the Form 10-K, have been omitted. |
3.
Due to Related Parties and Related Party Transactions
During the six month period ended February 28, 2017, the Company accrued management fees in the amount of $9,600 (2015 - $12,000) to the CEO, Brad Kersch, who is under contract. The outstanding balance of management fees payable was $274 and $76,800 as of February 28, 2017 and August 31, 2016, respectively. | |
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On February 24, 2017, the Company settled the accounts payable of $86,400 with Brad Kersch for consulting services, per the Consulting Services Agreement, for 864,264 of Bookedbyus Inc’s Common Shares at $0.10 per share. | |
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On February 24, 2017, the Company settled an accounts payable of $76,800 to Digital Pilot Inc., with a director in common, for office rental in Los Angeles, per the California Commercial Lease Agreement, for 768,000 of Bookedbyus Inc’s Common Shares at $0.10 per share. | |
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As at February 28, 2017, related parties of the Company have provided a series of loans, totaling $67,373 (2015 - $57,373), for working capital purposes. $10,000 was borrowed during the six months ended February 31, 2017. These amounts are unsecured, interest-free and are due on demand. | |
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Yuying Liang has contributed uncompensated financial accounting services to Bookedbyus Inc. |
4.
Capital Stock
The total authorized capital is 75,000,000 common shares with a par value of $0.001 per common share. | |
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Issued and outstanding | |
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The Company had 23,802,264 and 22,170,000 common shares issued and outstanding as at February 28, 2017 and August 31, 2016, respectively. |
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Table of Contents |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Management’s Discussion and Analysis
This section of the Form 10-Q includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our predictions.
Bookedbyus Inc. is an early stage company, which was formed on December 27, 2007. We have commenced only limited operations, primarily focused on organizational matters in connection with this offering. The Company has not yet implemented its business model.
Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. However, if the Company is unable to raise additional capital in the near future, due to the Company’s liquidity problems, management expects that the Company will need to curtail operations, liquidate assets, seek additional capital on less favorable terms and/or pursue other remedial measures. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
As at February 28, 2017, the Company was not engaged in continued business but had made a modest profit from a consulting project in a prior period and had significant expenses from development stage activities. Although management is currently attempting to implement its business plan and is seeking additional sources of financing, there is no assurance the activity will be successful. Accordingly, the Company must rely on its president to perform essential functions without compensation until a business operation can be commenced. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that may result from the outcome of this uncertainty.
Capital Resources and Liquidity
Our auditors have issued a “going concern” opinion, meaning that there is substantial doubt if we can continue as an on-going business unless we obtain additional capital. No substantial revenues from our planned business model are anticipated until we have raised sufficient monies to implement our business model. The Company will need to seek capital from other resources such as private placements in the Company’s common stock or debt financing, which may not even be available to the Company. However, if such financing were available, because we are a development stage company with no or limited operations to date, it would likely have to pay additional costs associated with such financing and in the case of high risk loans be subject to an above market interest rate. At such time these funds are required, management would evaluate the terms of such financing. If the company cannot raise additional proceeds via such financing, it would be required to cease business operations.
As of February 28, 2017, we had $1,603 in cash as compared to $980 as at August 31, 2016. As of the date of this Form 10-Q, the current funds available to the Company will not be sufficient to fund the expenses related to the implementation of our business and continue maintaining a reporting status. The Company’s sole officer and director, Mr. Kersch has indicated that he may be willing to provide a maximum of $20,000, required to maintain the reporting status, in the form of a non-secured loan for the next twelve months as the expenses are incurred if no other proceeds are obtained by the Company. However, there is no contract or written agreement in place.
We do not anticipate researching any further products nor the purchase or sale of any significant equipment. We also do not expect any significant additions to the number of employees.
Results of Operations
At February 28, 2017, the Company was not engaged in continued business and has been primarily involved in start-up stage activities to date. There is minimal historical operational information about us on which to base an evaluation of our performance. We have been in existence since December 27, 2007, and entered into a licensing agreement with Digital Programa, Inc. on January 1, 2011. We are an early stage company with minimal operations. Due to a lack of funding, we have not implemented our business 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 limited capital resources, and possible delays in our planned product development.
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We had $nil in revenue for the three month period ended February 28, 2017 as compared to revenue for three month period ended February 29, 2016 of $nil.
Total operating expenses for the three month period ended February 28, 2017 were $8,137 as compared to total operating expenses for the three month period ended February 29, 2016 of $24,020 resulting in a net loss for the three month period ended February 28, 2017 of $8,137 as compared to a net loss of $24,020 for three month period ended February 29, 2016. The net loss for the three month period ended February 28, 2017 is a result of professional fees of $2,500, general and administrative expense of $3,237, management fees of $2,400 as compared to the net loss for the three month period ended February 29, 2016 of $24,020 is a result of professional fees of $9,500 comprised of legal and accounting fees, general and administrative expense of $2,520 management fees of $6,000 and rent expense of $6,000.
Total operating expenses for the six month period ended February 28, 2017 were $18,374 as compared to total operating expenses for the six month period ended February 29, 2016 of $38,343 resulting in a net loss for the six month period ended February 28, 2017 of $18,374 as compared to a net loss of $38,343 for six month period ended February 29, 2016. The net loss for the six month period ended February 28, 2017 is a result of professional fees of $4,990, general and administrative expense of $3,784, management fees of $9,600 as compared to the net loss for the six month period ended February 29, 2016 of $38,343 which was a result of professional fees of $9,500 comprised of legal and accounting fees, general and administrative expense of $4,843 management fees of $12,000 and rent expense of $12,000.
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.
We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.
Item 4. Controls and Procedures.
Disclosure Controls and Procedures
Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is accumulated and communicated to management including our principal executive officer and principal financial officer as appropriate, to allow timely decisions regarding required disclosure.
In connection with this quarterly report, as required by Rule 15d-15 under the Securities Exchange Act of 1934, we have carried out an evaluation of the effectiveness of the design and operation of our company's disclosure controls and procedures. This evaluation was carried out under the supervision and with the participation of our company's management, including our company's principal executive officer and principal financial officer. Based upon that evaluation, our company's principal executive officer and principal financial officer concluded that as of February 28, 2017 our disclosure controls and procedures were not effective due to the existence of material weaknesses in our internal controls over financial reporting.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f)) during the quarter ended February 28, 2017 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.
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Currently we are not involved in any pending litigation or legal proceeding.
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
Item 2. Unregistered Sales of Securities and Use of Proceeds.
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Mine Safety Diclosure.
None
(a) None
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Table of Contents |
The following documents are filed as a part of this report or are incorporated by reference to previous filings, if so indicated:
Exhibit No. |
Description | |
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_____
*filed herewith
13 |
Table of Contents |
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.
BOOKEDBYUS INC. | |||
Date: April 7, 2017 | By: | /s/ Bradley Kersch | |
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Bradley Kersch |
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President, Chief Executive Officer
(Principal Executive Officer) and Director |
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