UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-K/A-1

 

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

 

For the fiscal year ended December 31, 2019

 

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: 333-222880

 

TIPMEFAST, INC.

(Exact name of registrant as specified in its charter)

 

Nevada		7373		83-4057513
(State or Other Jurisdiction of		(Primary Standard Industrial		(IRS Employer
Incorporation or Organization)		Classification Number)		Identification Number)

 

Raid Chalil HaShnura St 1 ZihronYa’akow, Isreal 972-373-70057

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

Elaine Dowling, Esq. EAD Law Group, LLC 8275 S. Eastern Ave #20 Las Vegas, NV 891123 ead@eadlawgroup.com 702-724-2636   (Name, address, including zip code, and telephone number, including area code, of agent for service)   Copies to: Elaine Dowling, Esq. EAD Law Group, LLC 8275 S. Eastern Ave #20 Las Vegas, NV 891123 ead@eadlawgroup.com 702-724-2636

 

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

 

Tile of each class	Trading Symbol(s)	Name of each exchange on which registered
N/A	N/A	N/A

 

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

 

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

 

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 Act).     Yes [X_]    No  [_]

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of November 17, 2020 is 5,600,000 shares.

 

 

TIPMEFAST, INC.

TABLE OF CONTENTS

 

PART I
ITEM 1.	Business		4
ITEM 1A.	Risk Factors		5
ITEM 1B.	Unresolved Staff Comments		5
ITEM 2.	Properties		5
ITEM 3.	Legal Proceedings		5
ITEM 4.	Safety Disclosures		5
PART II
ITEM 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities		5
ITEM 6.	Selected Financial Data		6
ITEM 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations		6
ITEM 7A.	Quantitative and Qualitative Disclosures About Market Risk		7
ITEM 8.	Financial Statements and Supplementary Data		8
ITEM 9.	Changes In and Disagreements with Accountants on Accounting and Financial Disclosure		9
ITEM 9A.	Controls and Procedures		9
ITEM 9B.	Other Information		10
PART III
ITEM 10.	Directors, Executive Officers, and Corporate Governance		10
ITEM 11.	Executive Compensation		10
ITEM 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters		11
ITEM 13.	Certain Relationships and Related Transactions, and Director Independence		12
ITEM 14.	Principal Accounting Fees and Services		14
PART IV
ITEM 15.	Exhibits, Financial Statement Schedules		13
	Signatures		14

  

 

Forward-Looking Statements

 

This report includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended.  All statements other than statements of historical facts are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues or other financial items, any statement of the plans and objectives of management for future operations, any statements concerning proposed new products or strategic arrangements, any statements regarding future economic conditions or performance, and any statement of assumptions underlying any of the foregoing.  In some cases, forward-looking statements can be identified by the use of terminology such as “may,” “will,” “expects,” “plans,” “anticipates,” “estimates,” “potential,” “intends”, or “continue” or the negative thereof or other comparable terminology.  Although the Company and its management believe that the expectations reflected in the forward-looking statements contained herein are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct, and actual results could differ materially from those projected or assumed in the forward-looking statements.  The Company’s future financial condition and results of operations, as well as any forward-looking statements, are subject to inherent risks and uncertainties, including but not limited to the Risk Factors set forth under Item 1A, and for the reasons described elsewhere in this report. All forward-looking statements and reasons why results may differ included in this report are made as of the date hereof, and we assume no obligation to update these forward-looking statements or reasons why actual results might differ.

 

 

PART I

 

Item 1. Business

 

Overview

 

The Company was formed on December 5, 2017 in the State of Nevada as a “C” corporation.

 

Business Strategy

 

TipMeFast, Inc., (the company) is a Nevada “C” Corporation created to be the simplest way to get paid or pay anyone from a mobile device. With this application you can pay a bartender, barista, server, musician, valet attendant, concierge, traveling pet groomer, nail technician or pool service but have no cash. TipMeFast, Inc. is a solution to pay and to get paid without exchanging personal information.

TipMeFast allows the user to:

 

•

pay anonymously with a tap of a finger: Simply find the user code you want to tip or pay by GPS nearby, pay any amount up to $500;

•

Option to send a message, connect or chat conversation with your old (and new) favorite service professionals;

•

The receivers tips can customize an auto-reply message to let favorite patrons know the latest news, band or business.

 

How it works:

 

•

Sign up for free & create an account to pay and get paid

•

Find users, pay and send ratings with personalized message

•

Start a private chat after payment with your favorite service professional or artists

 

TipMeFast App uses data encryption to protect your financial information; we do not share any of it or sell it. It is the simplest way to get paid or pay anyone from a mobile device.

 

The app is extremely safe with beyond bank grade IT security. The data is encrypted, the app has a PIN and Touch ID and no sensitive user data (SSN, bank account or credit card information, etc.) is never stored on the device or on the TipMeFast servers.
 

These features and functions have not been actually completed or in a prototype, and may not be available when our mobile application is brought to market.

 

Our executive offices are located at HaShmura St. 1, ZihronYa’akov, Israel. Our telephone number is 972-373-70057.

  

Marketing

 

The Company will begin its marketing program online where our potential customers are most probably able and willing to associate. 

 

Advertising

 

With limited funds, The Company will rely on management for advertising decisions. The company has developed an overall advertising scenario which it has implemented in preliminary form. As more funds become available the advertising budget will increase in a commensurate fashion. 

 

 

Employees

 

As of December 31, 2019, we had one (1) part time employee, including management. We consider our relations with our employees to be good.

  

Research and development activities and costs

 

We have not incurred any research and development costs to date.

 

Item 1A. Risk Factors

  

We are a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and are not required to provide the information under this item.

 

Item 1B. Unresolved Staff Comments.

 

As of December 31, 2019, there are no unresolved Staff Comments

 

Item 2. Properties.

 

We currently lease office space at HaShmura St. 1, ZihronYa’akov, Isreal, as our principal offices. We believe these facilities are in good condition, but that we may need to expand our leased space as our research and development efforts increase.

 

Item 3. Legal Proceedings.

 

There are no legal actions pending against us nor any legal actions contemplated by us at this time.

 

Item 4. Safety Disclosures.

 

Not Applicable

  

PART II

 

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

 

Market for Common Equity

 

No public market currently exists for shares of our common stock. Our common stock is eligible for quotation on the Over-the-Counter Bulletin Board . There have been no quotes of our common stock during the two most recent fiscal years and subsequent interim periods for which financial statements are included herein. Accordingly, there is no current quote price for the stock. The Company has no equity compensation plans and there are no shares of common stock issuable upon the exercise of outstanding options or warrants to purchase, or securities convertible into, common stock of the Company. Other than the registered offering for shareholders pursuant to Registration No. 333-222880, there is no common equity being, or publicly proposed to be, publicly offered by the Company, the offering of which could have a material effect on the market price of the Company’s common equity.

 

Holders

 

As on December 31, 2019, the Company had 5,60,000 shares of our common stock issued and outstanding held by 30 share holders.  

 

 

Dividend Policy

 

We have never declared or paid any dividends on our common stock. We currently expect to retain all available funds and future earnings, if any, for use in the operation and growth of our business and do not anticipate paying any cash dividends in the foreseeable future. Any future determination to pay dividends will be at the discretion of our Board, subject to compliance with applicable law and any contractual provisions, including under any agreements for indebtedness we may incur, that restrict or limit our ability to pay dividends, and will depend upon, among other factors, our results of operations, financial condition, earnings, capital requirements and other factors that our Board deems relevant.

 

Securities Authorized for Issuance under Equity Compensation Plans:

 

The Company does not have any equity compensation plans.

 

Recent Sales of Unregistered Securities:

 

None

 

Item 6. Selected Financial Data.

 

The Index to Financial Statements and Schedules appears on page F-1.

 

The Report of Independent Registered Public Accounting Firm appears on page F-2, and the Financial Statements and Notes to Financial Statements appear beginning on page F-7.

 

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

 

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements and the related notes, and other financial information contained in this prospectus.

 

Going Concern

 

The future of our company is dependent upon its ability to obtain financing and upon future profitable operations from the sale of products and services through our websites. Management has plans to seek additional capital through a private placement and public offering of its common stock, if necessary. Our auditors have expressed a going concern opinion which raises substantial doubts about the Issuers ability to continue as a going concern.

 

Plan of Operations

 

As discussed above we have not yet operated pursuant to our business plan. We have generated no revenue in December 31, 2019 and 2018.

 

Comparison of the years ended December 31, 2019 and 2018

 

Lack of Revenues

 

We have limited operational history. During the year ended December 31, 2019 and 2018 we have not generated any revenue. We anticipate that we will incur substantial losses for the foreseeable future and our ability to generate any revenues in the next 12 months continues to be uncertain. 

 

 

Operating Expenses

 

The Company’s operating expenses for the year ended December 31, 2019 and 2018 were $27,365 and $16,945 respectively. Operating expenses for the year ended December 31, 2019 consisted of professional fees of $19,450 and general and administrative expense $7,915. Operating expenses for the year ended December 2018 consisted of professional fees of $9,000 and general and administrative expense $7,945.

 

Net Loss

 

During the year ended December 31, 2019 and 2018 the Company recognized net losses of $27,365 and $16,945.

 

Liquidity and Capital Resources

 

Our capital resources have been acquired through the sale of shares of our common stock and loans from shareholders and third parties.

 

At December 31, 2019 and 2018, we had total assets of $43,880 and $35,480 respectively.

 

At December 31, 2019 and 2018, our total liabilities were $7,900 and $7,900 respectively. 

 

Cash flows from operating activities

 

Net cash used in operating activities was ($27,365) for the year ended December 31, 2019 and ($6,795) for the year ended December 2018

 

Cash flows from financing activities

 

Net cash provided by financing activities was $35,765 for the year ended December 31, 2019 and $29,250 for the year ended December 2018

 

Cash Requirements

 

We intend to propagative funding for our activities, if any, through a combination of the private placement of the company’s equity securities and the public sales of equity securities.

 

We have no agreement, commitment or understanding to secure any funding from any source.

  

Off-Balance Sheet Arrangements

 

We do not have any off balance sheet arrangements.

 

Tipmefast, inc. has never been in bankruptcy or receivership.

 

Office

 

Tipmefast, inc. executive office is located at HaShmura St. 1, ZihronYa’akov, Isreal,. The telephone number is 972-373-70057.

 

Tipmefast, inc. is not operating its business plan until such time as capital is raised for operations. To date its operation has involved only selling stock to meet expenses.

 

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

 

Not Applicable to Smaller Reporting Companies. 

 

 

Item 8. Financial Statements and Supplementary Data.

 

TIPMEFAST, INC.

 

TABLE OF CONTENTS

 

DECEMBER 31, 2019

 

	PAGE
Report of Independent Registered Public Accounting Firm	F-1
Balance Sheets at December 31, 2019 and 2018 (Restated)	F-2
Statements of Operations for the year ended December 31, 2019 and 2018 (Restated)	F-3
Statements of Stockholders’ Equity for the year ended December 31, 2019 and 2018 (Restated)	F-4
Statements of Cash Flows for the year ended December 31, 2019 and 2018 (Restated)	F-5
Notes to Financial Statements	F-6

   

 

MICHAEL GILLESPIE & ASSOCIATES, PLLC

CERTIFIED PUBLIC ACCOUNTANTS

10544 ALTON AVE NE

SEATTLE, WA 98125

206.353.5736

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

To the Board of Directors & Shareholders

TipMeFast, Inc.

 

Opinion on the Financial Statements

We have audited the accompanying balance sheets of TipMeFast, Inc. as of December 31, 2019 (restated) and 2018 (restated) and the related restated statements of operations, changes in stockholders’ equity and cash flows for the years ended December 31, 2019 and 2018, and the related notes (collectively referred to as “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018 and the results of its operations and its cash flows for the years ended December 31, 2019 and 2018, in conformity with accounting principles generally accepted in the United States of America.

 

Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note #2 to the financial statements, although the Company has limited operations it has yet to attain profitability. This raises substantial doubt about its ability to continue as a going concern. Management’s plan in regard to these matters is also described in Note #2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Restatement of Previously Issued Financial Statements

As discussed in Note 7 to the financial statements, the 2019 and 2018 financial statements have been restated to correct misstatements.

 

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

/S/ MICHAEL GILLESPIE & ASSOCIATES, PLLC

We have served as the Company’s auditor since 2018.

 

Seattle, Washington

February 23, 2020, except note 7 which is November 17, 2020

 

 

  

TIPMEFAST, INC.
Restated Balance Sheet
(Audited)
		December 31,				December 31,
		2019				2018
		(Restated)				(Restated)
ASSETS
Current assets
Cash held in trust		$	43,880			$	35,480
Total Current Assets			43,880				35,480
Total Assets		$	43,880			$	35,480
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	7,900			$	7,900
Total current liabilities			7,900				7,900
Total Liabilities		$	7,900			$	7,900
STOCKHOLDERS’ EQUITY:
Common stock: $0.001 par value, 75,000,000 shares authorized, 5,600,000 and 4,170,000 shares issued and outstanding  as of December 31, 2019 and December 31, 2018, respectively.		$	5,600			$	4,170
Additional paid-in capital			80,415				46,080
Accumulated deficit			(50,035	)			(22,670	)
Total stockholders’ equity			35,980				27,580
Total liabilities and stockholders' deficit		$	43,880			$	35,480
The accompanying notes are an integral part of these financial statements.

  

 

 

TIPMEFAST, INC.
Restated Statement of Operations
(Audited)
		For the Year ended December, 2019				For the Year ended December, 2018
						(Restated)
REVENUE:		$	—			$	—
EXPENSES:
General and administrative			7,915				7,945
Professional fees			19,450				9,000
Total expenses		$	27,365			$	16,945
OTHER INCOME (EXPENSE):
Interest Income			—				—
Total other income (expense)			—				—
NET LOSS		$	(27,365	)		$	(16,945	)
Net loss per common share - basic		$	(0.005	)		$	(0.005	)
Weighted average of common shares outstanding - basic			5,385,194				3,132,740
The accompanying notes are an integral part of these financial statements.

 

 

 

 

TIPMEFAST, INC.
Statement of Stockholders’ Equity
For the year ended December 31, 2018
		Common Stock								Additional Paid-in				Subscription				Accumulated				Total Stockholders’
		Shares				Amount				Capital				Received				Deficit				Deficit
Balance at December 31, 2017			3,000,000			$	3,000			$	18,000			$	—			$	(5,725	)		$	15,275
Issuance of common stock			1,170,000				1,170				28,080				—				—				29,250
Net loss			—				—				—				—				(16,945	)			(16,945	)
Balance at December 31, 2018			4,170,000			$	4,170			$	46,080			$	—			$	(22,670	)		$	27,580

 

TIPMEFAST, INC.
Restated Statement of Stockholders’ Equity
For the year ended December 31, 2019
		Common Stock								Additional Paid-in				Subscription				Accumulated				Total Stockholders’
		Shares				Amount				Capital				Received				Deficit				Deficit
Balance at December 31, 2018			4,170,000			$	4,170			$	46,080			$	—			$	(22,670	)		$	27,580
Issuance of common stock for cash			1,430,000			$	1,430				34,335				35				—				35,800
Excess Subscription cash returned			—				—				—				(35	)			—				(35	)
Net loss			—				—				—				—				(27,365	)			(27,365	)
Balance at December 31, 2019			5,600,000			$	5,600			$	80,415			$	—			$	(50,035	)		$	35,980
The accompanying notes are an integral part of these financial statements.

 

  

TIPMEFAST, INC.
Restated Statement of Cash Flows
(Audited)
		For the year ended December 31, 2019				For the year ended December 31, 2018
						(Restated)
Cash Flows from Operating Activities:
Net Loss		$	(27,365	)		$	(16,945	)
Adjustments to reconcile net loss to net cash used in operating activities:
Increase (decrease) in prepaid expenses			—				2,250
Increase (decrease) in acctounts payable			—				7,900
Net cash used in operating activities		$	(27,365	)		$	(6,795	)
Cash flows from Financing Activities:
Proceeds from common stock			35,765				29,250
Net cash provided by financing activities		$	35,765			$	29,250
Net increase in cash, cash equivalents, and restricted cash			8,400				22,455
Cash, cash equivalents, and restricted cash at beginning of year			35,480				13,025
Cash, cash equivalents, and restricted cash at end of year		$	43,880			$	35,480
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest		$	—			$	—
Cash paid for income taxes		$	—			$	—
The accompanying notes are an integral part of these financial statements.

 

 

TIPMEFAST, INC. 

NOTES TO THE FINANCIAL STATEMENTS

DECEMBER 31, 2019

 

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

TipMeFast, Inc. (“the Company”, “we”, “us” or “our”) was incorporated on December 5, 2017 in the State of Nevada. The Company was created to be the simplest way to get paid or pay anyone from a mobile device. With this application you can pay a bartender, barista, server, musician, valet attendant, concierge, traveling pet groomer, nail technician or pool service but have no cash. The Company is a solution to pay and to get paid without exchanging personal information. 

 

Our executive offices are located at HaShmura St. 1, ZihronYa’akov, Isreal

 

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. As a development-stage company, the Company had no revenues and incurred losses as of December 31, 2019. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

 

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and reflect all adjustments, consisting of normal recurring adjustments, which management believes are necessary to fairly present the financial position, results of operations and cash flows of the Company for the year ended December 31, 2019.

  

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents. The Company had $43,880 of cash as at December 31, 2019.

 

Income Taxes

 

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

 

Revenue Recognition

 

The Company will recognize revenue in accordance with ASC topic 605 “Revenue Recognition”. The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

 

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

  

Fair Value of Financial Instruments

 

AS topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

Level 1: defined as observable inputs such as quoted prices in active markets;

 

Level 2: defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

 

Level 3: defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

The carrying value of cash approximates its fair value due to its short-term maturity.

 

Stock-Based Compensation

 

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718. To date, the Company has not adopted a stock option plan and has not granted any stock options.

 

Basic Income (Loss) Per Share

 

The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is antidilutive. There were no potentially dilutive debt or equity instruments issued or outstanding as of December 31, 2019.

 

Comprehensive Income

 

Comprehensive income is defined as all changes in stockholders’ deficit, exclusive of transactions with owners, such as capital investments. Comprehensive income includes net income or loss, changes in certain assets and liabilities that are reported directly in equity such as translation adjustments on investments in foreign subsidiaries and unrealized gains (losses) on available-for-sale securities. As of December 31, 2019, there were no differences between our comprehensive loss and net loss.

 

Recent Accounting Pronouncements

 

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.

 

NOTE 4 – STOCKHOLDERS’ EQUITY 

 

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

 

 

 

On December 5, 2017, the company issued a total of 3,000,000 common shares to its founder for a cash contribution of $21,000.

 

During the quarter ended December 31, 2018, the company issued a total of 1,170,000 common shares to various investors for cash proceeds of $29,250.

 

During the quarter ended March 31, 2019, the company issued a total of 1,430,000 common shares to various investors for cash proceeds of $35,765. During this shares issue, $35has received in excess from an investor which was paid before September 30, 2019.

 

There were 5,600,000 and 4,170,000 shares of common stock issued and outstanding as of December 31, 2019 and December 31, 2018 respectively. 

 

NOTE 5 – INCOME TAXES

 

For the year ended December 31, 2019, the Company has incurred net losses and therefore, has no tax liability. The net deferred tax asset generated by the loss carry-forward has been fully reserved. The cumulative net operating loss carry-forward is approximately $50,035 at December 31, 2019 and will expire beginning in the year 2037.

 

The provision for income taxes differs from the amounts which would be provided by applying the statutory federal income tax rate of 21% and 21% to the net loss before provision for income taxes as follows:

 

		For the year ended December 31, 2019				For the year ended December 31, 2018
Income tax expense (benefit) at statutory rate			(5,747	)			(3,558	)
Change in valuation allowance			5,747				3,558
Income tax expense			—				—

 

Net deferred tax assets consist of the following components as of December 31, 2019 and 2018:

 

		December 31, 2019				December 31, 2018
Gross deferred tax asset			10,507				4,761
Valuation allowance			(10,507	)			(4,761	)
Net deferred tax asset			—				—

 

The expected tax expense (benefit) based on the U.S. federal statutory rate is reconciled with actual tax expense (benefit) as follows:

 

		For the year ended
		December 31, 2019
Statutory Federal Income Tax Rate			21	%
Nontaxable permanent differences			—
Change in valuation allowance			(21	%)
Income tax provision			—

   

Due to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry forwards of approximately $50,035 for federal income tax reporting purposes could be subject to annual limitations. Should a change in ownership occur, net operating loss carry forwards may be limited as to use in future years.

 

The Company has no uncertain tax positions that require the Company to record a liability.

 

The Company had no accrued penalties and interest related to taxes as of December 31, 2019.

 

 

NOTE 7 – RESTATEMENT

 

The following are previously recorded and restated balances as of December 31, 2018:

 

TIPMEFAST, INC.
Balance Sheet
(Restated)
		December 31,				December 31,				December 31,
		2018				2018				2018
		(As Previously Reported)				(Restatement Adjustments)				(As Restated)
ASSETS
Current assets
Cash held in trust		$	35,480			$	—			$	35,480
Total Assets		$	35,480			$	—				35,480
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Current liabilities
Accounts payable		$	—			$	7,900			$	7,900
Total current liabilities			—				7,900				7,900
Long Term Liabilities:			—				—				—
Total Liabilities			—				7,900				7,900
STOCKHOLDERS' DEFICIT:
Common stock: $0.001 par value, 75,000,000 shares authorized, 4,170,000 and 4,170,000 shares issued and outstanding  as of December 31, 2018.		$	4,170			$	—			$	4,170
Additional paid-in capital			46,080				—				46,080
Accumulated deficit			(14,770	)			(7,900	)			(22,670	)
Total stockholders' deficit			35,480				(7,900	)			27,580
TOTAL LIABILITIES AND STOCKHOLDERS’  EQUITY		$	35,480			$	—			$	35,480
The accompanying notes are an integral part of these financial statements.

  

 

TIPMEFAST, INC.
Statement of Operations
(Restated)
		For the year ended December 31, 2018
		(As Previously Reported)				(Restatement Adjustments)				(As Restated)
REVENUE:		$	—			$	—			$	—
EXPENSES:
General and administrative			45				7,900				7,945
Professional fees			9,000				—				9,000
TOTAL EXPENSES		$	9,045			$	7,900			$	16,945
OTHER INCOME (EXPENSE):
Interest Income			—				—				—
TOTAL OTHER INCOME (EXPENSE):			—				—				—
NET LOSS		$	(9,045	)		$	(7,900	)		$	(16,945	)
Net Loss Per Share: Basic and Diluted		$	(0.00	)		$	(0.00	)		$	(0.01	)
Weighted average of common shares outstanding - basic			3,129,452				3,129,452				3,129,452
The accompanying notes are an integral part of these financial statements.

 

 

TIPMEFAST, INC.
Statement of Cash Flows
(Restated)
		For the year ended December 31, 2018
		(As Previously Reported)				(Restatement Adjustments)				(As Restated)
CASH FLOWS FROM OPERATING ACTIVITIES
Net Loss		$	(9,045	)		$	(7,900	)		$	(16,945	)
Adjustments to reconcile net loss to net cash used in operating activities:
Increase (decrease) in prepaid expenses			2,250				—				2,250
Increase (decrease) in accounts payable			—				7,900				7,900
Net cash used in operating activities		$	(6,795	)		$	—			$	(6,795	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock			29,250				—				29,250
Net cash provided by financing activities		$	29,250			$	—			$	29,250
Net increase in cash, cash equivalents, and restricted cash			22,455				—				22,455
Cash, cash equivalents, and restricted cash at beginning of year			13,025				—				13,025
Cash, cash equivalents, and restricted cash at end of year		$	35,480			$	—			$	35,480
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest		$	—			$	—			$	—
Cash paid for income taxes		$	—			$	—			$	—
The accompanying notes are an integral part of these financial statements.

 

 

 

The following are previously recorded and restated balances as of December 31, 2019:

 

TIPMEFAST, INC.
Balance Sheet
(Restated)
		For the year ended December 31, 2019
		(As Previously Reported)				(Restatement Adjustments)				(As Restated)
ASSETS
Current assets
Cash held in trust		$	43,880			$	—			$	43,880
Total Current Assets			43,880				—				43,880
Total Assets		$	43,880			$	—			$	43,880
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	—			$	7,900			$	7,900
Total current liabilities			—				7,900				7,900
Total Liabilities		$	—			$	7,900			$	7,900
STOCKHOLDERS’ EQUITY:
Common stock: $0.001 par value, 75,000,000 shares authorized, 5,600,000 and 5,600,000 shares issued and outstanding  as of December 31, 2019		$	5,600			$	—			$	5,600
Additional paid-in capital			80,415				—				80,415
Accumulated deficit			(42,135	)			(7,900	)			(50,035	)
Total stockholders’ equity			43,880				(7,900	)			35,980
Total liabilities and stockholders' deficit		$	43,880			$	—			$	43,880
The accompanying notes are an integral part of these financial statements.

 

 

NOTE 6 – SUBSEQUENT EVENTS

 

The Company evaluated all events or transactions that occurred after December 31, 2019 through November 17, 2020. The Company determined that it does not have any subsequent event requiring recording or disclosure in the financial statements for the period ended December 31, 2019.

 

 

 

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

 

There are none.

 

Item 9A. Controls and Procedures.

 

Evaluation of Disclosure Controls and Procedures

 

The Chief Executive Officer and the Chief Financial Officer of the Company handles all aspects of the company.

 

Based upon that evaluation, the Chief Executive Officer and the Chief Financial Officer concluded that the Company’s disclosure controls and procedures were ineffective as of December 31, 2019 due to the Company’s small size and a lack of segregation of duties.

 

Changes in Internal Control Over Financial Reporting

 

There were no changes in the Company's internal control over financial reporting during the year ended December 31, 2019 that have materially impacted, or are reasonably likely to materially impact, the Company’s internal control over financial reporting.

 

Management's Annual Report on Internal Control Over Financial Reporting

 

Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Securities Exchange Act of 1934).  Internal control over financial reporting is a process designed by, or under the supervision of the Company’s Chief Executive Officer and the Chief Financial Officer and implemented by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America (“GAAP”).

 

The Company’s internal control over financial reporting includes those policies and procedures that:  i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the Company are made only in accordance with authorizations of management and directors of the Company; and iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company’s assets that could have a material impact on the financial statements.

 

The Company’s management, including the Chief Executive Officer and the Chief Financial Officer, does not expect that the Company’s disclosure controls and procedures, or the Company’s internal controls over financial reporting, will necessarily prevent all fraud and material errors. An internal 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. Because of the inherent limitations on all internal control systems, the Company’s internal control system can provide only reasonable assurance of achieving its objectives and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of a simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of internal control is also based in part upon certain assumptions about the likelihood of future events, and can provide only reasonable, not absolute, assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in circumstances, or because the degree of compliance with the policies and procedures may deteriorate.

Management of the Company, including the Chief Executive Officer and Chief Financial Officer, conducted an evaluation of the effectiveness of the Company's internal control over financial reporting as of December 31, 2019 and determined that controls are ineffective due to the Company’s small size and lack of segregation of duties.

 

 

This annual report does not include an attestation report by our registered public accounting firm regarding internal control over financial reporting.  Management’s report was not subject to attestation by our registered public accounting firm pursuant to rules of the Securities and Exchange Commission that permit us to provide only our management report in this annual report.

 

Item 9B. Other Information.

 

None.

 

Part III

 

Item 10. Directors, Executive Offices and Corporate Governance

 

The following table sets forth the names and ages of our current directors and executive officers, the principal offices and positions held by each person:

  

Name		Age				Position
Raid Chalil			52			Pres, Sec, Treas, Dir, CEO, CFO

  

Raid Chalil, President/Director

 

Mr. Raid Chalil has served as President and Director since inception on December 5, 2017. Mr. Raid has not been employed since December of 2016, when he left his job after 15 years as a manager in Bank Hapoalim Haifa, in Isreal, to start a business planning and preparing software applications for mobile telephones. In 2016, Mr. Raid obtained a Certificate of Computer Technician from the Ministry of Labor in Israel. Mr. Raid desire to found our company and his background as a banker and a computer technician led to our conclusion that Mr. Raid should be serving as a member of our board of directors in light of our business and structure.

 

Term of office

 

Our directors are appointed to hold office until the next annual general meeting of our stockholders or until removed from office in accordance with our bylaws. Our officers are appointed by our Board of Directors and hold office until removed by the Board, absent an employment agreement.

 

Significant employees and consultants

 

As of the date hereof, the Company has no significant employees.

  

Code of ethics

 

We have not adopted a Code of Ethics.

 

Item 11. Executive Compensation

 
Currently our officer and director receive no compensation for his services during the development stage of our business operations. He is reimbursed for any out-of-pocket expenses he may incur on our behalf.

In the future, once revenue is being generated, we may approve payment of salaries for our officer and director, but currently, no such plans have been approved.  No officer or director salaries will be paid from the proceeds of this offering. We do not have any employment agreements in place with our officer and director. We also do not currently have any benefits, such as health or life insurance, available to our employee.

 

 

Stock option grants

 

We had no outstanding equity awards as of the end of the fiscal periods ended December 31, 2019 or through the date of filing of this prospectus.

 

Employment agreements

 

We have not entered into an employment agreement with any person. We have no plans to compensate our executive officers in the foreseeable future.

 

Summary Compensation Table. The following table sets forth certain information concerning the annual and long-term compensation of our current president and secretary during the fiscal year: 

																						Non-Equity
																						Incentive				Nonqualified
Name and														Stock				Option				Plan				Deferred				All Other
Principal Position		Year				Salary ($)				Bonus ($)				Awards ($)				Awards ($)				Compensation ($)				Compensation ($)				Compensation ($)				Total ($)
Raid Chalil			2019				-0-				-0-				-0-				-0-				-0-				-0-				-0-				-0-
Raid Chalil			2018				-0-				-0-				-0-				-0-				-0-				-0-				-0-				-0-

 

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

 

The following table contains information as of the date of this filing as to the beneficial ownership of shares of common Stock of the Company of each person who was the beneficial owner of five (5%) percent or more of the outstanding shares of the Company.

  

PRINCIPAL STOCKHOLDERS

 

5% and greater shareholders’ beneficial ownership

 

Beneficial Owner		Address		Number of Shares Owned				Percent of Class
Raid Chalil		HaShmura St. 1, ZihronYa’akov, Israel			3,000,000				53.57	%

 

The following table contains information as of the date of this filing as to the beneficial ownership of shares of common stock of the Company, as well as all persons as a group who were then officers and directors of the Company.

 

Management beneficial ownership

 

Title of Class		Name and Address (2)		Shares						Percent (1)
Common stock		Raid Chalil			3,000,000					53.57%

 

  

DESCRIPTION OF CAPITAL STOCK

 

			Authorized and Issued Stock Number of Shares at December 31, 2019
Title of Class			Authorized				Outstanding
Common stock, $0.001 par value per share				75,000,000				5,600,000

  

 

Item 13. Certain Relationships and Related Transactions, and Director Independence

  

On December 5, 2017, we offered and sold 3,000,000 shares of common stock to Raid Chalil, our President, Treasurer and a director, for aggregate consideration of $21,000.

  

Item 14. Principal Accounting Fees and Services

 

The aggregate professional fees paid to our registered public accounting firm for its annual audit and quarterly reviews during the year ended December 31, 2020 and 2019 were as follows:

 

		December 31, 2020				December 31, 2019
Audit Fees and Audit Related Fees:
-          Michael Gillespie & Associates, PLLC		$	6,450			$	6,450
Tax Fees			—				—
All Other Fees			—				—
TOTAL		$	6,450			$	6,450

 

In the above table, "audit fees" are fees billed by our Company's external auditor for services provided in auditing our Company's annual financial statements for the subject year. "Audit-related fees" are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit review of our company's financial statements.

 

"Tax fees" are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning.

 

"All other fees" are fees billed by the auditor for products and services not included in the foregoing categories.

  

 

Part IV

 

Item 15. Exhibits, Financial Statement Schedules

 

Exhibit 31.1	-	Certification of Chief Executive Officer of TipMeFast, Inc. required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 31.2	-	Certification of Chief Financial Officer of TipMeFast, Inc. required by Rule 13a-14(1) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.1	-	Certification of Chief Executive Officer of TipMeFast, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63.
Exhibit 32.2	-	Certification of Chief Executive Officer of TipMeFast, Inc. pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and Section 1350 of 18 U.S.C. 63.

 

 

 SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) 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.

	TipMeFast, Inc..
Date: November 20, 2020	By: /s/ Raid Chalil
	Raid Chalil, President, Secretary, Treasurer, CEO, Principal Executive Officer, Chief Financial Officer, Director

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Signature		Title		Date
/s/ Raid Chalil		Chief Executive Officer Chief Financial Officer		November 20, 2020