UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the fiscal period ended: May 31, 2017

 

or

 

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

 

For the transition period from ___________ to ___________

 

VISIBER57 CORP.

(Exact name of small business issuer as specified in its charter)

 

Delaware		000-55570		61-1633330
(State or other jurisdiction		(Commission		(I.R.S. Employer
of incorporation)		File Number)		Identification Number)

 

Unit B19, 9/F, Efficiency House, 35 Tai Yau Street

San Po Kong, Kowloon, Hong Kong

(Address of principal executive offices and zip code)

 

Phone: 852-6194-4999

(Registrant’s telephone number, including area code)

 

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

 

Check whether the issuer (1) 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 last 90 days. YES [X] 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 Regulations 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 [  ]

 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

 

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

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [  ]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES [X] NO [  ]

 

State the number of shares outstanding of each of the issuer’s classes of common equity, as of the latest practicable date: 5,280,000 Shares of Common Stock, as of July 10, 2017.

 

 

 

VISIBER57 CORP.

(formerly known as eBizware, Inc.)

 

Form 10-Q

May 31, 2017

 

INDEX

 

PART I - FINANCIAL INFORMATION
Item 1.	Financial Statements	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	8
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	10
Item 4.	Controls and Procedures	10
PART II - OTHER INFORMATION
Item 1.	Legal Proceedings	11
Item 1A.	Risk Factors	11
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	11
Item 3.	Defaults Upon Senior Securities	11
Item 4.	Mine Safety Disclosures	11
Item 5.	Other Information	11
Item 6.	Exhibits	11
SIGNATURE		12

 

 

PART I - FINANCIAL INFORMATION

 

FINANCIAL STATEMENTS

 

VISIBER57 CORP.

(formerly known as eBizware, Inc.)

BALANCE SHEETS

 

		May 31, 2017				August 31, 2016
		(Unaudited)
ASSETS
CURRENT ASSETS:
Prepaid expenses		$	4,443			$	8,333
Total Current Assets			4,443				8,333
TOTAL ASSETS		$	4,443			$	8,333
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
CURRENT LIABILITIES:
Accounts payable		$	3,790			$	3,060
Due to related party			59,623				3,981
Total Current Liabilities			63,413				7,041
TOTAL LIABILITIES			63,413				7,041
STOCKHOLDERS' EQUITY (DEFICIT):
Preferred stock, $0.0001 par value, authorized: 75,000,000 shares; no shares issued and outstanding at May 31, 2017 and August 31, 2016			-				-
Common stock, $0.0001 par value, authorized: 425,000,000 shares; 5,280,000 shares issued and outstanding at May 31, 2017 and August 31, 2016			528				528
Additional paid-in capital			23,972				23,972
Accumulated deficit			(83,470	)			(23,208	)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT)			(58,970	)			1,292
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)		$	4,443			$	8,333

 

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

 

 

VISIBER57 CORP.

(formerly known as eBizware, Inc.)

STATEMENTS OF OPERATIONS

(Unaudited)

 

		For the Three Months Ended								For the Nine Months Ended
		May 31, 2017				May 31, 2016				May 31, 2017				May 31, 2016
OPERATING EXPENSES:
Professional fees			20,107				-				48,612				22,150
General and administrative expense			4,378				2,478				11,650				7,009
Total Operating Expenses			24,485				2,478				60,262				29,159
LOSS BEFORE INCOME TAX			(24,485	)			(2,478	)			(60,262	)			(29,159	)
INCOME TAX EXPENSE			-				-				-				-
LOSS FROM CONTINUING OPERATIONS			(24,485	)			(2,478	)			(60,262	)			(29,159	)
DISCONTINUED OPERATIONS:
Income from discontinued operations, net of tax			-				8,250				-				25,010
NET INCOME (LOSS)		$	(24,485	)		$	5,772			$	(60,262	)		$	(4,149	)
BASIC AND DILUTED NET INCOME (LOSS) PER COMMON SHARE:
Loss from continuing operations			(0.00	)			(0.00	)			(0.01	)			(0.00	)
Income from discontinued operations, net of tax			0.00				0.00				0.00				0.00
Net income (loss) per common shares - basic and diluted			(0.00	)			0.00				(0.01	)			(0.00	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and diluted			5,280,000				5,280,000				5,280,000				5,276,099

 

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

 

 

VISIBER57 CORP.

(formerly known as eBizware, Inc.)

STATEMENTS OF CASH FLOWS

(Unaudited)

 

		For the Nine Months Ended
		May 31, 2017				May 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(60,262	)		$	(4,149	)
Adjustments to reconcile net loss from operations to net cash used in operating activities:
Changes in operating assets and liabilities:
Accounts receivable - related party - discontinued operations			-				(11,250	)
Prepaid expenses			8,885				-
Accounts payable			51,377				7,380
Accounts payable - related party - discontinued operations			-				(10,000	)
NET CASH USED IN OPERATING ACTIVITIES			-				(18,019	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of common stock			-				10,750
Repayment to related party			-				(1,419	)
NET CASH PROVIDED BY FINANCING ACTIVITIES			-				9,331
NET DECREASE IN CASH			-				(8,688	)
CASH AND CASH EQUIVALENTS  - beginning of period			-				8,917
CASH AND CASH EQUIVALENTS - end of period		$	-			$	229
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for:
Interest		$	-			$	-
Income taxes		$	-			$	-
NON-CASH TRANSACTIONS:
Prepayment made by related party		$	4,995			$	-
Operating expenses paid by related party		$	50,647			$	-

 

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

 

 

VISIBER57 CORP.

(formerly known as eBizware, Inc.)

Notes to Unaudited Financial Statements

May 31, 2017

 

NOTE 1

–

ORGANIZATION AND NATURE OF OPERATIONS

 

VISIBER57 CORP. (the “Company”) formerly eBizware, Inc., was incorporated in the State of Delaware on December 31, 2013 and established a fiscal year end of August 31. The Company was engaged in the electronic management and appointment of licensed producers in the insurance industry of the United States.

 

On August 12, 2016, in connection with the sale of a controlling interest in the Company, Mark W. DeFoor (the “Seller”), the Company’s former Chief Executive Officer and Director entered into and closed on a Share Purchase Agreement (the “Agreement”) with 57 Society International Limited, (“57 Society”), a Hong Kong company, whereby 57 Society purchased from the Seller a total of 5,000,000 shares of the Company’s common stock. The Shares acquired represent approximately 94.7% of the issued and outstanding shares of common stock of the Company. Following the closing of the agreement, Mark W. DeFoor resigned from all positions held of the Company and Choong Jeng Hew was appointed as the Chief Executive Officer and President of the Company.

 

On August 12, 2016, the Company discontinued its activities related to its electronic management and appointment of licensed producers in the insurance industry and commenced exploration of its new business opportunities by way of developing and launching a mobile device application (APP) that encourages community building centered around the use of a cloud-based APP. The concept for development of this APP surrounds the use of “Numbers 1-9” where products are expected to be customizable according to individual color preferences and suitable number combinations.

 

On March 16, 2017, the Board of Directors of the Company approved the change of the Company’s name to VISIBER57 CORP. The Company filed a Certificate of Amendment to its Certificate of Incorporation with the Delaware Secretary of State on March 23, 2017 with an effective date of April 10, 2017.

 

NOTE 2

–

BASIS OF PRESENTATION, GOING CONCERN AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of Presentation and Discontinued Operations

 

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and the rules and regulations of the United States Securities and Exchange Commission.

 

On August 12, 2016, in connection with the Agreement discussed in Note 1, the Company discontinued activities related to the electronic management and appointment of licensed producers in the insurance industry. Accordingly, the operating results of this business have been classified as discontinued operations in our statements of operations for all periods presented. Unless otherwise indicated, all disclosures and amounts in the notes to the financial statements relate to the Company’s continuing operations.

 

The accompanying unaudited interim financial statements have been prepared in accordance with U.S. GAAP and the rules and regulations of the United States Securities and Exchange Commission. Accordingly, they do not include all of the information required to be included in a complete set of financial statements in accordance with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. The results for the nine months period ended May 31, 2017 are not necessarily indicative of the results to be expected for the fiscal year ending August 31, 2017. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements and related notes included in the Company’s 2016 Annual Report filed with the SEC on December 15, 2016.

 

 

Going concern

 

These financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the accompanying financial statements, the Company had a net loss from continuing operations of $60,262 during the nine months ended May 31, 2017. The Company had a working capital deficit in the amount of $58,970 as of May 31, 2017. These factors raise substantial doubt about the Company’s ability to continue as a going concern. 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. The Company is seeking to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of equity, from related party working capital advances, and from the issuance of promissory notes, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail its operations. 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.

 

NOTE 3

–

RELATED PARTY TRANSACTIONS

 

During the nine months ended May 31, 2017, 57 Society, a company under the common control of Choong Jeng Hew, the Company’s Chief Executive Officer, paid $50,647 of operating expenses and made $4,995 prepayment on behalf of the Company. As of May 31, 2017 and August 31, 2016, the Company had an outstanding payable to 57 Society in the amount of $59,623 and $3,981, respectively. The payable is unsecured, does not bear interest and is due on demand.

 

The Company’s principal executive offices in Hong Kong, which it shares with its controlling shareholder, 57 Society, are furnished to the Company by 57 Society without any charge.

 

NOTE 4

–

DISCONTINUED OPERATIONS

 

The results of operations of the Company’s discontinued business have been presented as discontinued operations for the nine months ended May 31, 2017 and May 31, 2016. The following table provides the financial results included in unaudited income from discontinued operations during the periods presented:

 

		Nine months ended				Nine months ended
		May 31, 2017				May 31, 2016
Revenue – software revenue from related party		$	-			$	33,750
Operating expenses – related party			-				(8,740	)
Income from discontinued operation, net of tax of zero		$	-			$	25,010

 

The revenue shown above was solely from a related party customer.

 

For the nine months ended May 31, 2017 and May 31, 2016, net cash flows provided by discontinued operations consisted of the following:

 

		Nine months ended May 31, 2017				Nine months ended May 31, 2016
Income from discontinued operations		$	-			$	25,010
Increase in accounts receivable - related party			-				(11,250	)
Decrease in accounts payable - related party			-				(10,000	)
Net cash flows provided by discontinued operations		$	-			$	3,760

 

 

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

Cautionary Note Regarding Forward-Looking Information and Factors That May Affect Future Results

 

This quarterly report on Form 10-Q contains forward-looking statements regarding our business, financial condition, results of operations and prospects. The Securities and Exchange Commission (the “SEC”) encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This quarterly report on Form 10-Q and other written and oral statements that we make from time to time contain such forward-looking statements that set out anticipated results based on management’s plans and assumptions regarding future events or performance. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, future performance or results of current and anticipated sales efforts, expenses, the outcome of contingencies, such as legal proceedings, and financial results. Factors that could cause our actual results of operations and financial condition to differ materially are set forth in the “Risk Factors” section of our annual report on Form 10-K as filed with the SEC on December 15, 2016, as the same may be updated from time to time in documents that we file with the SEC.

 

We caution that these factors could cause our actual results of operations and financial condition to differ materially from those expressed in any forward-looking statements we make and that investors should not place undue reliance on any such forward-looking statements. Further, any forward-looking statement speaks only as of the date on which such statement is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of anticipated or unanticipated events or circumstances. New factors emerge from time to time, and it is not possible for us to predict all of such factors. Further, we cannot assess the impact of each such factor on our results of operations or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

 

The following discussion should be read in conjunction with our unaudited financial statements and the related notes that appear elsewhere in this quarterly report on Form 10-Q.

 

Company Overview

 

VISIBER57 CORP. (the “Company”) formerly eBizware, Inc., a Delaware corporation, was formed on December 31, 2013. The Company is headquartered at Unit B19, 9/F, Efficiency House, 35 Tai Yau Street, San Po Kong, Kowloon, Hong Kong. The Company was formed to continue the development and distribution of a software solution that provides visual online data resource for our customers to integrate with third party implementations.

 

In connection with the Company’s plan to expand its business and rebrand its identity, the Company changed its name to VISIBER57 CORP. and its trading symbol to “VCOR” effective April 11, 2017.

 

On August 12, 2016, in connection with the sale of a controlling interest in our company, Mark W. DeFoor the Company’s former Chief Executive Officer and Director entered into and closed on that certain Share Purchase Agreement (the “Agreement”) with 57 Society, whereby 57 Society purchased from Mr. DeFoor a total of 5,000,000 shares of the Company’s common stock (the “Shares”) for an aggregate price of $321,000. The Shares acquired represented approximately 94.7% of the issued and outstanding shares of common stock of the Company.

 

On August 12, 2016, the Company discontinued its activities related to the electronic management and appointment of licensed producers in the insurance industry and commenced exploration of its new business by way of developing and launching a mobile device application (APP) that encourages community building centered around the use of a cloud-based APP. The concept for development of this APP surrounds the use of “Numbers 1-9” where products are expected to be customizable according to individual color preferences and suitable number combinations.

 

Concurrently with the closing of the Stock Purchase Agreement, Choong Jeng Hew was appointed as our Chief Executive Officer and sole Director and Chip Jin Eng was appointed as our Chief Financial Officer, treasurer and secretary. At this time, we do not have any written employment agreement or other formal compensation agreements with our new officers and director. Compensation arrangements are the subject of ongoing development and we will make appropriate additional disclosures as they are further developed and formalized.

 

 

Results of Operations

 

The following comparative analysis on results of operations was based primarily on the comparative unaudited financial statements, footnotes and related information for the periods identified below and should be read in conjunction with the financial statements and the notes to those statements that are included elsewhere in this report.

 

The results of operations of the Company’s discontinued business have been presented as a discontinued operations for the three and nine months ended May 31, 2017 and 2016. See Note 4 to the Notes to Financial Statements included elsewhere in this report.

 

Revenue. We did not generate revenues during the three and nine months ended May 31, 2017 and 2016.

 

Total Operating Expenses. For the three months ended May 31, 2017, we incurred operating expenses in the amount of $24,485 compared to $2,478 for the three months ended May 31, 2016, an increase of $22,007 or 888%. The increase was attributable to an increase in professional fees of $20,107 and general and administrative expenses of $1,900. For the nine months ended May 31, 2017, we incurred operating expenses in the amount of $60,262 compared to $29,159 for the nine months ended May 31, 2016, an increase of $31,103 or 107%. The increase was attributable to an increase in professional fees of $26,462 and general and administrative expenses of $4,641.

 

Income from Discontinued Operations. On August 12, 2016, our discontinued activities related to the electronic management and appointment of licensed producers in the insurance industry. Accordingly, the operating results of this business have been classified as discontinued operations in our statements of operations for all periods presented. During the three months ended May 31, 2017 and 2016, we generated $0 and $11,250 in revenues from a related party and incurred operating expenses of $0 and $3,000, and reflected income from discontinued operation of $0 and $8,250 respectively. During the nine months ended May 31, 2017 and 2016, we generated $0 and $33,750 in revenues from a related party and incurred operating expenses of $0 and $8,740 and reflected income from discontinued operation of $0 and $25,010 respectively.

 

Net Income (Loss). We incurred a net loss for the three months ended May 31, 2017 in the amount of $24,485 compared to a net income for the three months ended May 31, 2016 in the amount of $5,772. We incurred a net loss for the nine months ended May 31, 2017 in the amount of $60,262 compared to a net loss for the nine months ended May 31, 2016 in the amount of $4,149.

 

Liquidity and Capital Resources

 

Liquidity is the ability of an enterprise to generate adequate amounts of cash to meet its needs for cash requirements. As of May 31, 2017, working capital deficit amounted to $58,970, an increase of $60,262 of working capital deficit as compared to working capital of $1,292 as of August 31, 2016. This increase in working capital deficit is primarily a result of an increase in the current liability account due to related party of $55,642 and a decrease in prepaid expenses of $3,890.

 

During the nine months ended May 31, 2017, 57 Society, a company under the common control of Choong Jeng Hew, the Company’s Chief Executive Officer, paid $50,647 of operating expenses and made $4,995 prepayment on behalf of the Company. As of May 31, 2017 and August 31, 2016, we had an outstanding payable to 57 Society in the amount of $59,623 and $3,981, respectively. The payable is unsecured, does not bear interest and is due on demand.

 

For the nine months ended May 31, 2017, net cash provided by operating activities amounted to $0 as compared to net cash used in operating activities for the nine months ended May 31, 2016 of $18,019. For the nine months ended May 31, 2017, net cash flow provided by financing activities amounted to $0 as compared to net cash flow from financing activities for the nine months ended May 31, 2016 of $9,331. During the nine months ended May 31, 2016, we received proceeds from the sale of common stock of $10,750 and we repaid net related party advances of $1,419.

 

We do not have sufficient resources to effectuate all aspects of our business plan. We will have to raise additional funds to pay for all of our planned expenses. We potentially will have to issue additional debt or equity, or enter into a strategic arrangement with a third party to carry out some aspects of our business plan. There can be no assurance that additional capital will be available to us. We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources. Since we have no other such arrangements or plans currently in effect, our inability to raise funds for the above purposes will have a severe negative impact on our ability to remain a viable company. We are dependent upon our controlling shareholders to provide or loan us funds to meet our working capital needs.

 

 

Going Concern

 

Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates, among other things, the realization of assets and the satisfaction of liabilities in the normal course of business. As reflected in the accompanying financial statements, we had a net loss from continuing operations of $60,262 and $4,149 for the nine months ended May 31, 2017 and 2016, respectively. The net cash provided by operations of $0 for the nine months ended May 31, 2017 and 57 Society, a company under the common control of Choong Jeng Hew, our Chief Executive Officer, paid $50,647 of operating expenses and made $4,995 prepayment on behalf of the Company. Additionally, we discontinued our operating business and are seeking new business opportunities and acquisitions. These factors raise substantial doubt about our ability to continue as a going concern. Management cannot provide assurance that we will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. We are seeking to raise capital through additional debt and/or equity financings to fund our operations in the future. Although we have historically raised capital from sales of equity, from related party working capital advances, and from the issuance of promissory notes, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that we will need to curtail our operations. 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.

 

Off-Balance Sheet Arrangements

 

Under SEC regulations, we are required to disclose our off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, such as changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. As of May 31, 2017, we have no off-balance sheet arrangements.

 

Critical Accounting 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 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. Actual results could differ from those estimates.

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable.

 

ITEM 4.

CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures.

 

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act that are designed to ensure that information required to be disclosed by us in reports that we file under the Exchange Act is recorded, processed, summarized and reported as specified in the SEC’s rules and forms and that such information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure. Management, with the participation of our Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of our disclosure controls and procedures as of May 31, 2017. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures were not effective as of May 31, 2017 for the reasons discussed below. In addition, management identified the following material weaknesses in its assessment of the effectiveness of disclosure controls and procedures as of May 31, 2017:

 

	1)	We do not have an Audit Committee. While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities.
	2)	We did not maintain appropriate segregation of duties. As of May 31, 2017, the Company did not require dual signature on the Company’s bank accounts. Alternatively, the effect of this cash control issue was mitigated by the fact that the Company had limited transactions in its bank account.
	3)	We have not implemented policies and procedures that provide for multiple levels of supervision and review. During the fiscal year ended 2016, Mark W. DeFoor, performed all accounting and reporting duties and there was no supervision and review. Currently, we use an accounting services provider to assist us with bookkeeping and financial reporting
	4)	The Company does not have well-established procedures to authorize and approve related party transactions.

 

 

We expect to be materially dependent upon third parties to provide us with accounting consulting services for the foreseeable future which we believe mitigates the impact of the material weaknesses discussed above. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP and establish an audit committee and implement internal controls and procedures, there are no assurances that the material weaknesses and significant deficiencies in our disclosure controls and procedures will not result in errors in our financial statements which could lead to a restatement of those financial statements.

 

Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints and the benefits of controls must be considered relative to their costs. Due to the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within our company have been detected.

 

Changes in Internal Controls over Financial Reporting

 

There have been no changes in our internal control over financial reporting during the last quarter covered by this Report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

PART II - OTHER INFORMATION

 

ITEM 1.

LEGAL PROCEEDINGS

 

We are not currently a party to any lawsuit or proceeding which, in the opinion of management, is likely to have a material adverse effect on us or our business.

 

ITEM 1A.

RISK FACTORS

 

Not applicable for smaller reporting companies.

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None.

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4.

MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5.

OTHER INFORMATION

 

None.

 

ITEM 6.

EXHIBITS

 

(a) Exhibits

 

3.2	Certificate of Amendment to the Certificate of Incorporation of eBizware Inc. filed with the Delaware Secretary of State on March 23, 2017 (Incorporated by reference to Exhibit 3.1 to the Company’s Form 10-Q filed with the SEC on April 4, 2017).
31.1*	Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934
31.2*	Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and Rules 13a-14 and 15d-14 under the Securities Exchange Act of 1934
32.1*	Certification of Periodic Financial Report by the Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

 

* filed herewith.

 

 

SIGNATURES

 

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

 

	VISIBER57 CORP.
Date: July 13, 2017	By:	/s/ Choong Jeng Hew
		Choong Jeng Hew President and Chief Executive Officer (Principal Executive Officer)

 

Date: July 13, 2017	By:	/s/ Chip Jin Eng
		Chip Jin Eng Chief Financial Officer (Principal Financial and Accounting Officer)