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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

 

FORM 10-Q/A

Amendment No. 2

 

☒  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934  

 

For the Quarterly Period ended June 30, 2017

OR

☐  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:      333-205822

 

 

(Exact name of registrant as specified in its charter)

 

 

 

(647) 533-5096

 

(Issuer's telephone number, including area code)

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

 

Indicate by check mark 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 at least the past 90 days.  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:

 

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 by Rule 12b-2 of the Exchange Act.)  Yes  ☒   No  ☐

      

Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: As of August 28, 2017, there were 16,500,000 shares of the Company’s common stock issued and outstanding.

      

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SEGUIN NATURAL HAIR PRODUCTS, INC.

FORM 10-Q

For the Quarter Ended June 30, 2017

 

TABLE OF CONTENTS

 

 

 

Seguin Natural Hair Products, Inc.

 

June 30, 2017

 

Index to the Financial Statements

 

 

    

		June 30, 2017				March 31, 2017
		(Restated)
ASSETS
CURRENT ASSETS:
Cash		$	993			$	622
Total Current Assets			993				622
Total Assets		$	993			$	622
LIABILITIES AND STOCKHOLDERS' DEFICIT
CURRENT LIABILITIES:
Accrued expenses and other current liabilities		$	7,912			$	2,249
Convertible note payable related party, net of unamortized discount			211				-
Advances from stockholders			236				236
Total Current Liabilities			8,359				2,485
Total Liabilities			8,359				2,485
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' DEFICIT:
Common stock par value $0.0001: 500,000,000 shares authorized; 16,500,000 shares issued and outstanding			1,650				1,650
Additional paid-in capital			98,693				90,693
Accumulated deficit			(107,709	)			(94,206	)
Total Stockholders' Deficit			(7,366	)			(1,863	)
Total Liabilities and Stockholders' Deficit		$	993			$	622

See accompanying notes to the unaudited financial statements.

 

     

		For three months ending June 30, 2017				For three months ending June 30, 2016
		(Restated)
Professional fees			13,069				21,412
General and administrative expenses			85				4,125
Total operating expenses			13,154				25,537
Loss from Operations			(13,154	)			(25,537	)
Other Expenses
Interest expense			349				-
Income Tax Provision			-				-
Net Loss		$	(13,503	)		$	(25,537	)
Net Loss per Common Share - Basic and Diluted		$	(0.00	)		$	(0.00	)
Weighted average common shares outstanding: - basic and diluted			16,500,000				16,500,000

     

     

		For the three months				For the three months
		ending				ending
		June 30, 2017				June 30, 2016
		(Restated)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(13,503	)		$	(25,537	)
Adjustments to reconcile net loss to net cash used in operating activities
Amortization of debt discount			211				-
Changes in operating assets and liabilities:
Prepaid Expenses			-				1,686
Accrued expenses and other current liabilities			5,663				6,000
Net cash used in operating activities			(7,629	)			(17,851	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Capital contribution			1,000				3,965
Proceeds from convertible note payable related party			7,000				-
Net cash provided by financing activities			8,000				3,965
Net change in cash			371				(13,886	)
Cash at beginning of the reporting period			622				21,781
Cash at end of the reporting period		$	993			$	7,895
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION:
Interest paid		$	-			$	-
Income tax paid		$	-			$	-
SUPPLIMENTAL DISCLOSURE OF NON-CASH TRANSACTIONS
Debt discount recorded on convertible debt due to beneficial conversion feature		$	7,000			$	-

   

 

Seguin Natural Hair Products, Inc.

June 30, 2017 and 2016

Notes to the Financial Statements

(unaudited) 

(Restated)

Note 1 - Organization

 

 

Seguin Natural Hair Products Inc. (the “Company”) was incorporated on April 29, 2014 under the laws of the State of Nevada. Initial operations have included organization and incorporation, target market identification, marketing plans, capital formation and property acquisitions. A substantial portion of the Company’s activities has involved developing a business plan and establishing contacts and visibility in the marketplace. The Company has generated no revenues since inception.

 

The Company intends to proceed in the business of developing, marketing, and selling shampoo, conditioner and other hair care products made from all natural ingredients.

 

Note 2 – Basis of Presentation

 

The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for the interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim period presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These financial statements should be read in conjunction with the audited financial statements of the Company for the year ended March 31, 2017 and notes thereto contained in the Company’s Annual Report on Form 10-K filed with the SEC on July 13, 2017.

 

Note 3 – Going Concern

 

The Company has elected to adopt early application of Accounting Standards Update No. 2014-15, “Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”) .

 

The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.As reflected in the financial statements, the Company had an accumulated deficit at June 30, 2017, a net loss and net cash used in operating activities for the reporting period then ended. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support its daily operations. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenue and in its ability to raise additional funds.

 

The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.   

           

   

Glenn Similas	792,000 shares
Jacob D. Madsen	483,000 shares
Robert C. Laskowski	10,725,000 shares

 

 

31.1	Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101	The following financial information from our Quarterly Report on Form 10-Q for the quarter ended June 30, 2017 formatted in Extensible Business Reporting Language (XBRL): (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Cash Flows, and (iv) Notes to Financial Statements

SEGUIN NATURAL HAIR PRODUCTS, INC.
(Registrant)
By:	/s/ Kimberly Wright
	Kimberly Wright
	Chief Executive Officer
	Chief Financial Officer
	(Principal Accounting Officer)