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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-K

(Mark One)

 

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

 

For the fiscal year ended December 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 333-166983

 

Healthway Shopping Network, Inc.

(Exact name of registrant as specified in its charter)

   
Florida 75-3262502
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

 

1300 N Florida Mango Rd, Suite 22

West Palm Beach, FL 33409

(Address of principal executive offices)  (zip code)

 

Registrant's telephone number, including area code:    (866)220-2226

 

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

 

Securities registered pursuant to Section 12(g) of the Exchange Act:

 

Common Stock, $.0000001 par value per share

(Title of class)

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act

[  ] Yes   [ X ] No

 

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   [ X ] No

 

 

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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 Website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 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).

[ X ] Yes   [   ] No

 

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (Section 229.405 of this chapter) 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.

[ X ] 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", "non-accelerated filer", and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

 

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

(do not check if 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

 

 

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State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.

 

$ 396,200,000

 

Indicate the number of shares outstanding of each of the registrant's classes of common stock as of the latest practicable date.

 

Class Outstanding at December 31, 2016

 

 

Common Stock, par value $0.0000001                 198,100,000

 

Documents incorporated by reference:            None

 

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PART I

 

Item 1.  Business

 

      Healthway Shopping Network, Inc. (the Company) was incorporated on January 11, 2008 under the laws of the State of Florida to engage in any lawful corporate undertaking, including, but not limited to, selected mergers and acquisitions.

 

     On March 19, 2012, the Company registered its common stock in a S1 registration statement filed pursuant to the Securities Exchange Act of 1934 (the "Exchange Act") and Rule 12(g) thereof.  The Company files with the Securities and Exchange Commission periodic and current reports under Rule 13(a) of the Exchange Act, including quarterly reports on Form 10-Q and annual reports Form 10-K.

 

     The Company has sustained operating losses since inception of the Company on January 11, 2008 until December 2016.  The Company has deficit accumulated during the development stage of $343,839. In December 2016, the Company purchased 49% of Boersma Travel which produced large subsidiary investment asset value of 23,500,000. The losses as of December 31, 2016 were $255,092.

.

      The management of the Company negotiated the purchase to add a leisure travel line to their already growing product lines.

 

     In the past year, the Company has completed several products and brands ready to roll out for the consumers. Those products include the Brand names of GeVeggie and Natural Miracle. Both Brands have proprietary components and several products in each Brand.

 

    The Company was formed to be a television, Internet, and retail sales company that focuses on selling health products to the general public on Television, Internet TV and Internet.

 

   

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 Item 2.  Properties

 

     The Company has no real estate properties and at this time has no agreements to acquire any properties.  The Company currently uses the offices of its president.

 

The Company has acquired 49% of Boersma Travel, Inc. which has revenues exceeding $48,000,000 per year.

 

Item 3.  Legal Proceedings

 

     There are no litigation pending or threatened by or against the Company.

 

Item 4.  Mine Safety Disclosures.

 

      Not applicable.

 

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 PART II

 

Item 5.  Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

 

      There is currently no public market for the Company's securities.

 

Item 6.  Selected Financial Data.

 

     There is no selected financial data required to be filed for a smaller reporting company.

 

Item 7.  Management's Discussion and Analysis of Financial Condition and Results of Operations

 

This following information specifies certain forward-looking statements of management of the company. Forward-looking statements are statements that estimate the happening of future events and are not based on historical fact. Forward-looking statements may be identified by the use of forward-looking terminology, such as “may,” “shall,” “could,” “expect,” “estimate,” “anticipate,” “predict,” “probable,” “possible,” “should,” “continue,” or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guarantee, or warranty is to be inferred from those forward-looking statements.

 

The assumptions used for purposes of the forward-looking statements specified in the following information represent estimates of future events and are subject to uncertainty as to possible changes in economic, legislative, industry, and other circumstances. As a result, the identification and interpretation of data and other information and their use in developing and selecting assumptions from and among reasonable alternatives require the exercise of judgment. To the extent that the assumed events do not occur, the outcome may vary substantially from anticipated or projected results, and, accordingly, no opinion is expressed on the achievability of those forward-looking statements. We cannot guarantee that any of the assumptions relating to the forward-looking statements specified in the following information are accurate, and we assume no obligation to update any such forward-looking statements.

Critical Accounting Policy and Estimates. 

 

     The Company has sustained operating losses since inception of the Company on January 11, 2008.  The Company did have profits of $12,300 accumulated during the year ending on December 31, 2014. The company generated a loss of $10,799 for the year of 2015. The Company has produced very little revenues in 2016. The company is planning to increase sales

in the coming year through the subsidiary acquisition and the use of television sales and increasing the marketing of products into the general public. With the recent acquisituion revenues and the revenues from sales of products marketed by the shopping channel, the company expects to see great revenues in the coming year.

 

      The management of the Company plans to use the profits to reinvest in the Company to increase revenues and profits. The Company will be using the following methods to continue achieving greater and greater profits in the coming year.

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1.The Company will roll out the new products that have left research and are ready to market and distribute to the public.

GeVeggie – will include superfood products, supplements and vitamins that achieve great and greater body health and meet the nutritional needs of our customers. Those products will include: GeVeggie Food Plus, Gebiotics, GeVitamins Plus, GeOrganics, and many other GeVeggie products.

Natural Miracle – will include entire product lines for natural hair and body care for consumers. Products will include: Natural Miracle Hair Straightener – a natural hair straightener that does not damage your hair, Natural Miracle Shampoo, Natural Miracle Conditioner, Natural Miracle Skin Treatment, and other products to be used to enhance the skin and hair – the body’s largest organ.

 

2.The Company will continue to promote its new acquisition of Boersma Travel to allow customers to enjoy rest and relaxation through lower cost travel. Travel is a strong acquisition for the Company as it will move the company to a different type of Health Product – Travel that will allow customers to achieve all their health needs including supplements, vitamins, natural foods, organic and holistic foods and now travel to have a more rounded fill of health related products. Over 85% of the public pursues travel for rest and relaxation. Being a one stop shop for both health products, foods and travel will drive customer retention on the website and on our television show as the Company meets more and more needs of our customers.

 

3.Through the use of television and social media, the company will continue to increase revenue through the promotion of health related products including supplements, vitamins and stress reducing vacations and travel options. The online shopper increases daily and the Company has a large market share of internet users already of over 4500 consumers and that number grows daily. Television Shopping Channels always produce high sales numbers as the consumer does not leave the comfort of their home. The Consumer orders online or over the phone. Today’s buyer requires more precise purchasing methods that allow making a purchase and having it delivered to their door. The added time savings and the ease of delivery to your door drives more and more consumers to television and Internet sales.

     

Our Management’s Discussion and Analysis of Financial Condition and Results of Operations section discusses our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, including those related to revenue recognition, accrued expenses, financing operations, and contingencies and litigation. Management

 

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bases its estimates and judgments on historical experience and on various other factors that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. The most significant accounting estimates inherent in the preparation of our financial statements include estimates as to the appropriate carrying value of certain assets and liabilities which are not readily apparent from other sources. These accounting policies are described at relevant sections in this discussion and analysis and in the notes to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015.

 

Overview. Healthway Shopping Network, Inc. (“We” or the “Company”) was incorporated in the State of Florida on January 11, 2008. We were formed to be a television, Internet, and retail sales company that focused on selling health products to the general public on Television, Internet TV and Internet. The company has just received notice from the Securities and Exchange Commission that their S1 Registration is effective on March 19, 2012.

 

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements for the period ended December 31, 2016, together with notes thereto, which are included in this report.

  

2016 Year-End Analysis

 

             The Company has received income, has had operations and expenses, including Florida state fees and accounting fees as required for incorporation and for the preparation of the Company's financial statements.

 

           As of December 31, 2016, the Company has generated losses of $255,092 and had income and cash flows from operations in 2016.

 

On December 30, 2016, the Company acquired 49% or Boersma Travel, Inc. which will increase the revenues to ubstantially for the year of 2016. Current financials only report 2 days of revenue from this acquisition. These revenues should continue and increase as Boersma Travel has sustained revenue of $48,000,000 per year for the past several years.

 

The Company’s acquisition of Boersma Travel has increased the revenue for 2016 and projections for 2017 should be even greater than the current revenues reported for 2016.

 

Results of Operations

 

Revenues. Healthway Shopping Network has generated revenues for the year ended December 31, 2016, as compared to similar revenues for the year ended December 31, 2015. We expect to generate more significant revenues as we continue to grow our operations and increase television and internet coverage and household viewing areas.

 

The revenues from the acquisition of Boersma Travel, Inc. should continue and increase as Boersma Travel has sustained revenue of $48,000,000 per year for the past several years. With the additional promotions of the Television Shopping Channel and Internet Web televisiion as well as social media promotions, the revenues for the travel segment of the Company should only increase as Boersma Travel has never done any advertising and promotion of their travel product lines.

 

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The Company, Healthway Shopping Network will begin television and internet TV airing of their new Brand lines as well as other Brands they carry in their product line up which will provide the company with additional revenues,

 

Operating Expenses. For the year ended December 31, 2016, our total operating expenses have been very controlled and were limited to cost of sales of products and direct costs associated with the requirements to maintain the public reporting requirements of the Company. Officers did not receive salaries during this period and will be compensated in the coming year, 2017 for past salaries as well as their current salary.

 

Net Income (Loss). For the year ending 2016, there was a operating loss of $255,092. The net profit/ loss from operations for the year ending December 31, 2014 and December 31, 2015 were ($10,724) profit and $12,300 profit, respectively. Our operating expenses for the year ended December 31, 2016 were comprised of the costs to maintain a public company filings, state fees and accounting fees and cost of goods sold as well as operational expenses .

 

 RECENT ACCOUNTING PRONOUNCEMENTS

 

Adopted

 

     Effective January 2012, the Company adopted ASU No. 2011-04, Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs (ASU 2011-04). ASU 2011-04 represents the converged guidance of the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) on fair value measurement. A variety of measures are included in the update intended to either clarify existing fair value measurement requirements, change particular principles requirements for measuring fair value or for disclosing information about fair value measurements. For many of the requirements, the FASB does not intend to change the application of existing requirements under Accounting Standards Codification (ASC) Topic 820, Fair Value Measurements. ASU 2011-04 was effective for interim and annual periods beginning after December 15, 2011. The adoption of this update did not have a material impact on the financial statements.

 

Effective January 2012, the Company adopted ASU No. 2011-05, Presentation of Comprehensive Income (ASU 2011-05). ASU 2011-05 is intended to increase the prominence of items reported in other comprehensive income and to facilitate convergence of accounting guidance in this area with that of the IASB. The amendments require that all non-owner changes in shareholders’ equity be presented in a single continuous statement of comprehensive income or in two separate but consecutive statements. In December 2011, the FASB issued ASU No. 2011-12, Comprehensive Income (Topic 220): Deferral

 

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of the Effective Date for Amendments to the Presentation of Reclassifications of Items Out of Accumulated Other Comprehensive Income in Accounting Standards Update No. 2011-05 (ASU 2011-12). ASU 2011-12 defers the provisions of ASU 2011-05 that require the presentation of reclassification adjustments on the face of both the statement of income and statement of other comprehensive income. Amendments under ASU 2011-05 that were not deferred under ASU 2011-12 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after December 15, 2011. The adoption of this update did not have a material impact on the financial statements.

 

In December 2011, the FASB issued ASU No. 2011-11, Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities (ASU 2011-11). The amendments in ASU 2011-11 require the disclosure of information on offsetting and related arrangements for financial and derivative instruments to enable users of its financial statements to understand the effect of those arrangements on its financial position. Amendments under ASU 2011-11 will be applied retrospectively for fiscal years, and interim periods within those years, beginning after January 1, 2013. The Company is evaluating the effect, if any, adoption of ASU 2011-11 will have on its financial statements.

 

In February 2013, the FASB issued ASU No. 2013-02, Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive (ASU 2013-02). This guidance is the culmination of the FASB’s deliberation on reporting reclassification adjustments from accumulated other comprehensive income (AOCI). The amendments in ASU 2013-02 do not change the current requirements for reporting net income or other comprehensive income. However, the amendments require disclosure of amounts reclassified out of AOCI in its entirety, by component, on the face of the statement of operations or in the notes thereto. Amounts that are not required to be reclassified in their entirety to net income must be cross-referenced to other disclosures that provide additional detail. This standard is effective prospectively for annual and interim reporting periods beginning after December 15, 2012. The Company is evaluating the effect, if any, the adoption of ASU 2013-02 will have on its financial statements.

 

Item 8.  Financial Statements and Supplementary Data

 

     The financial statements and Report of Independent Registered Accounting Firm for the years ended December 31, 2016 and 2015 and from inception from January 11, 2008 (inception) to December 31, 2016 are attached hereto and include herein.

 

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Item 9B.  Other information

     Not applicable.

 

PART III

 

Item 10.  Directors, Executive Officers, and Corporate Governance

 

     The current director and Officer of the Company is:

 

Cleveland Gary

 

     At December 31, 2016, the following persons held the following respective positions with the Company.  

 

   

Name

Cleveland Gary

Positions and Offices Held

CEO

 

Management of the Company

 

     The Company has two full time employees.  The officer and director and staff will allocate a limited portion of their time to the activities of the Company with deferred compensation.

 

Cleveland Gary serves as Chief Executive Officer and a director of the Company. 

 

     There are no agreements or understandings for the above-named officer/director to resign at the request of another person and the above-named officer and director is not acting on behalf of nor will act at the direction of any other person. 

 

Code of Ethics.  The Company has not at this time adopted a Code of Ethics pursuant to rules described in Regulation S-K.  The Company's sole officer also serves as its sole director and majority shareholder. The Company has limited operations or business and does not receive any revenues or investment capital.  The adoption of an Ethical Code at this time would not serve the primary purpose of such a code to provide a manner of conduct as the development, execution and enforcement of such a code would be by the same person and only those persons

to whom such code applied.  Furthermore, because the Company does not have any activities, there are activities or transactions which would be subject to this code.  At the time the Company enters into a business combination or other corporate transaction, the current officer and director will recommend to any new management that such a code be adopted. The Company does not maintain an Internet website on which to post a code of ethics.

 

     The Board of Directors has not established any committees.

 

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   Corporate Governance.  For reasons similar to those described above, the Company does not have a nominating nor audit committee of the board of directors.  At this time, the majority shareholder also serves as the sole director and officer. The Company has no activities, and receives no revenues.  At such time that the Company enters into a business combination and/or has additional shareholders and a larger board of directors and commences activities, the Company will propose creating committees of its board of directors, including both a nominating and an audit committee.  There are no established process by which shareholders to the Company can nominate members to the Company's board of directors.  Similarly, however, at such time as the Company has more shareholders and an expanded board of directors, the management of the Company may review and implement, as necessary, procedures for shareholder nomination of members to the Company's board of directors.

 

Item 11.  Executive Compensation

 

     The Company's officers and directors and staff do receive deferred compensation for services rendered to the Company.  No compensation will be paid to the officers and directors and staff of the Company for work performed in 2016.  

 

     No retirement, pension, profit sharing, stock option or insurance programs or other similar programs have been adopted by the Company for the benefit of its employees.

 

     The Company does not have a compensation committee for the same reasons as described above.

 

Item 12.  Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 

     The following table sets forth, as of December 31, 2016, the period covered by this Report, each person known by the Company to be the beneficial owner of five percent or more of the Company's common stock and the director and officer of the Company.  Except as noted, the holder thereof has sole voting and investment power with respect to the shares shown.

 

Name Beneficial Owner Amount of Beneficial Ownership Percent of Outstanding Stock
Cleveland Gary 129,590,000 68.164%
Carolyn Shiver 48,000,000 25.25%
     

  

   The Company is not currently required to maintain an independent director as defined by Rule 4200 of the Nasdaq Capital Market nor does it anticipate that it will be applying for listing of its securities on an exchange in which an independent directorship is required.

 

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Item 14.  Principal Accounting Fees and Services.

 

The Company has standard business activities, income and expenses including independent audit and Florida state fees.  The Company's CEO has spent his time in preparation and filing of all state and federal required taxes and reports and will be compensated in 2017 for those efforts.

 

Audit Fees

 

        The aggregate fees incurred for each of the last two years for professional services rendered by the independent registered public accounting firm for the audits of the Company's annual financial statements and review of financial statements included in the Company's Form 10-K and Form 10-Q reports and services normally provided in connection with statutory and regulatory filings or engagements were as follows:

 

     
  December 31, 2016 December 31, 2015
   
  ======= =========
Audit-Related Fees $12,000 $   4,500

 

The Company does not currently have an audit committee serving and as a result its board of directors performs the duties of an audit committee.  The board of directors will evaluate and approve in advance, the scope and cost of the engagement of an auditor before the auditor renders audit and non-audit services.  The Company does not rely on pre- approval policies and procedures. 

 

PART IV

 

Item 15.  Exhibits, Financial Statement Schedules 

 

31.1 Certification of Principal Executive and Financial Officer, pursuant to Rule 13a-14 and 15d-14 of the Securities Exchange Act of 1934
32.1 Certification of Principal Executive and Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.ins XBRL Instance Document
101.sch XBRL Taxonomy Schema Document
101.cal XBRL Taxonomy Calculation Linkbase Document
101.def XBRL Taxonomy Definition Linkbase Document
101.lab XBRL Taxonomy Label Linkbase Document
101.pre XBRL Taxonomy Presentation Linkbase Document

   

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SIGNATURES

 

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

 

Healthway Shopping Network, Inc.,

a Florida corporation

 
       
May 31, 2017 By: /s/ Cleveland Gary  
   

Cleveland Gary

Chief Executive Officer, President,

Chief Financial Officer, Secretary

and a Director

(Principal Executive, Financial and

Accounting Officer)

 

 

 

  

 

 

 

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Pinaki & Associates LLC

Certified Public Accountants

625 Barksdale Rd., Ste# 113

Newark, DE 19711

Phone: 408-896-4405 | pmohapatra@pinakiassociates.com

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To

The Board of Directors

Healthway Shopping Network Inc.

802 Old DixieHwy

Suite No. 2

Lake Park, FL 33403

We have audited the accompanying consolidated balance sheets of Healthway Shopping Network Inc. as of December 31, 2016 and the related consolidated statements of income, stockholders’ equity and cash flows for the year ended December 31, 2016. These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.

We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 consolidated financial statements referred to above present fairly, in all material respects, the financial position of Healthway Shopping Network Inc. as of December 31, 2016 and the related consolidated statements of income, stockholders’ equity and cash flows for the year ended December 31, 2016 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 has suffered recurring losses from operations that raises a substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

s/d

Pinaki & Associates, LLC

Newark, DE

May 31, 2017

 

 

 

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HEALTHWAY SHOPPING NETWORK
Balance Sheets
       
ASSETS
   December 31,  December 31,
   2016  2015
CURRENT ASSETS          
           
Cash and cash equivalents  $3,576   $3,501 
Accounts receivable   —      —   
Notes Receivable   —      —   
Investment   23,520,000    —   
           
Total Current Assets   23,523,576    3,501 
           
PROPERTY AND EQUIPMENT, net   —      —   
GOODWILL   —      —   
           
TOTAL ASSETS  $23,523,576   $3,501 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
CURRENT LIABILITIES          
           
Bank Overdraft  $237,518   $—   
Accounts Receivables (credit balance)   0    —   
Accounts payable   32,326    14,676 
Related party payable   57,626    57,626 
Accrued Expenses   2,000    2,000 
Other Payables   0    —   
Customer Deposits   3,100    3,100 
           
Total Current Liabilities   332,569    77,401 
           
Long-term notes payable   —      —   
           
TOTAL LIABILITIES   332,569    77,401 
           
STOCKHOLDERS' EQUITY          
           
Common stock, no par value,200,000,000 shares authorized,          
198,100,000 and 190,100,000 issued and outstanding, respectively   20    19 
Additional paid-in Capital   23,534,827    14,828 
Accumulated deficit   (343,839)   (88,747)
           
Total Stockholders' Equity   23,191,008    (73,900)
           
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY  $23,523,576   $3,501 
           
The accompanying notes are an integral part of these financial statements.

 

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HEALTHWAY SHOPPING NETWORK  
Statements of Operations  
                 
 
        For the Year  Ended  
        December 31,  
        2016     2015  
                 
REVENUES          
  Sales  $                    11,606    $               15,000.00  
                 
    Total Revenues                     11,606                     15,000  
                 
COSTS OF SALES            
  Cost of sales                          109                       2,313  
                 
    Total costs of sales                          109                       2,313  
                 
    Gross Profit                     11,497                     12,687  
                 
OPERATING EXPENSES            
                 
  General and administrative                   266,589                     23,486  
                 
    Total Operating Expenses                   266,589                     23,486  
                 
    Net Operating Loss                  (255,092)                      (23,486)  
                 
OTHER INCOME (EXPENSES)            
  Interest income                               -                                 -  
    Total Other Income (Expenses)                               -                                 -  
                 
NET LOSS  $                 (255,092) $                  (10,799)  
                 
BASIC AND DILUTED LOSS PER SHARE $                      (0.00)    $                       (0.00)  
                 
WEIGHTED AVERAGE NUMBER            
  OF SHARES OUTSTANDING            190,143,716            190,100,000  
                 
                 
The accompanying notes are an integral part of these financial statements

 

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HEALTHWAY SHOPPING NETWORK
Statements of Cash Flows
 
               
             
        For the year ended
        December 31
        2016   2015
CASH FLOWS FROM OPERATING ACTIVITIES          
  Net loss  $           (255,092)    $             (10,799)
  Adjustments to reconcile net loss to net           
    cash from operating activities:          
    Depreciation and amortization                        -                             -   
  Changes in current assets and liabilities:          
    (Increase) / decrease in accounts receivable                        -                             -   
    Increase / (decrease) in accounts payable                17,650                    2,000
    Payments/(Advances) on cash advances from related party                        -                             -   
    Increase/ (decrease) in accrued liabilities                  -                       -   
                 
      Net cash used in operating activities            (237,442)                  (8,799)
                 
Cash flows used in investing activities          
                 
      Net cash used in (provided by) investing activities                        -                             -   
                 
Cash flows provided by financing activities          
  Proceeds from cash advances from bank              237,517                          -   
                 
                 
  Sale of common stock                        -                             -   
                 
      Net cash provided by financing activities              237,517                          -   
                 
Net change in cash                       75                  (8,799)
Cash at beginning of period                  3,501                  12,300
Cash at end of period  $                 3,576   $                3,502
                  
                 

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

 

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HEALTHWAY SHOPPING NETWORK
Statements of Cash Flows
 
               
             
        For the Nine Months Ended
        March 31,
        2016   2015
                       
Supplemental cash flow information          
  Cash payments for interest $                            -    $                             -
  Cash payments for income taxes                              -                                  -
                 
Non Cash Financing Activities $                            -    $                             -
                 

 

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

 

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Healthway Shopping Network, Inc.

(A Development Stage Company)

Notes to Financial Statements

December 31, 2016 and 2015

 

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

The Company was incorporated in the state of Florida on January 11, 2008. The Company is currently in the development stage but plans to be engaged in sales of various holistic, natural, organic and other health remedies and foods. The Company will provide fast, reliable assistance to individuals seeking to improve their health naturally.

Revenue Recognition

In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company:

Revenue is recognized at the time the product is delivered. Provision for sales returns will be estimated based on the Company's historical return experience. Revenue is presented net of returns.

Cash and Cash Equivalents

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents.

Financial Instruments

Fair value estimates discussed herein are based upon certain market assumptions and pertinent information available to management as of December 31, 2015. The respective carrying value of certain on-balance-sheet financial instruments approximated their fair values. These financial instruments include cash and accounts payable and accrued expenses. Fair values were assumed to approximate carrying values for these financial instruments because they are short term in nature and their carrying amounts approximate fair values.

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Healthway Shopping Network, Inc.

(A Development Stage Company)

Notes to Financial Statements

December 31, 2016 and 2015

 

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Segment Information

The Company follows Accounting Standards Codification ("ASC") 280, "Segment Reporting". The Company currently operates in a single segment and will evaluate additional segment disclosure requirements as it expands its operations.

Income Taxes

Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities.

ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.

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Healthway Shopping Network, Inc.

(A Development Stage Company)

Notes to Financial Statements

March 31, 2016 and 2015

 

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Stock-Based Compensation

Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance.

Recent Pronouncements

There are no recent accounting pronouncements that apply to the Company. 

Note 2. STOCKHOLDERS' (DEFICIT)

At inception, the Company issued 188,990,000 shares of its common stock to the founders of the Company for cash of $59.

In February 2008 the Company issued 57,500 shares of its common stock at $0.01 per share.

In February 2008 the Company issued 2,500 shares of its common stock at $0.04 per share.

In July 2008 the Company issued 30,000 shares of its common stock at $0.04 per share.

In July 2008 the Company issued 10,000 shares of its common stock at $0.04 per share.

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Healthway Shopping Network, Inc.

(A Development Stage Company)

Notes to Financials

December 31, 2016 and 2015 

 

In December 2016, the Company issued 8,000,000 shares of its common stock to acquire 49% of Boersma Travel..

Note 3. INCOME TAXES

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows:

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the period ended March 31, 2016. The sources and tax effects of the differences are as follows:

Income tax provision at the federal statutory rate   34%
Effect of operating losses   (34)%
    0%

 

As of March 31, 2017, the Company has a net operating loss carryforward of approximately $343,839. This loss will be available to offset future taxable income. If not used, this carryforward will begin to expire in 2038. The deferred tax asset relating to the operating loss carryforward has been fully reserved at March 31, 2017.

Note 4. BASIS OF REPORTING  

The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

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Healthway Shopping Network, Inc.

(A Development Stage Company)

Notes to Financial Statements

December 31, 2016 and 2015

 

Note 4. BASIS OF REPORTING (continued) 

The Company has obtained a strong investment partnership valued at $23,500,000 in December 2016 which provides a more than sound basis to produce the revenue and income necessary to operate the Company successfully.

The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

Note 5. SHAREHOLDER LOANS  

At March 31, 2017, the Company was indebted to an officer and shareholder of the Company $57,826. The loan bears no interest and is due on demand.

Note 6. LOAN PAYABLE - RELATED PARTY  

A related party, through common management, loaned the Company $4,000 and $2,000 during the years ended December 31, 2013 and 2012, respectively. As of March 31, 2017 the total outstanding debt owed to the related party is $57,826. The loan bears no interest and is due on demand.

Note 7. SUBSEQUENT EVENTS  

In accordance with ASC 855, management has evaluated the subsequent events through the date of issuance of the financial statements. Based upon this evaluation, there are no subsequent events that require disclosure.

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