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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Concrete Leveling Systems Inc (PK) | USOTC:CLEV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.4279 | -54.31% | 0.36 | 0.335 | 0.548 | 0.3601 | 0.36 | 0.3601 | 9,084 | 18:31:34 |
Nevada
|
26-0851977
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ]
|
Smaller reporting company [X]
|
Page
|
||
Part I – FINANCIAL INFORMATION
|
||
Item 1.
|
Financial Statements
|
3 |
Consolidated Balance Sheets as of April 30, 2018 and July 31, 2017 (unaudited)
|
3
|
|
Consolidated Statements of Income for the three and nine months ended April 30, 2018 and April 30, 2017 (unaudited)
|
4
|
|
Consolidated Statements of Cash Flows for the nine months ended April 30, 2018 and 2017 (unaudited)
|
6
|
|
Notes to Consolidated Financial Statements (unaudited)
|
7
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
11
|
Item 3.
|
Quantitative and Qualitative Disclosure About Market Risk
|
15
|
Item 4.
|
Controls and Procedures
|
15
|
Part II - OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
17
|
Item 1A. | Risk Factors | 17 |
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
17
|
Item 3.
|
Defaults Upon Senior Securities
|
17
|
Item 4.
|
Mine Safety Disclosures
|
17
|
Item 5.
|
Other Information
|
17
|
Item 6.
|
Exhibits
|
17
|
SIGNATURES
|
18
|
April 30, 2018
|
July 31, 2017
|
|||||||
(Unaudited)
|
(Audited)
|
|||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash in bank
|
$
|
332
|
$
|
-
|
||||
Accounts receivable, net of allowance for doubtful accounts of $0 at April 30, 2018 and July 31, 2017
|
300
|
93
|
||||||
Current portion of notes receivable, net of allowance for loan losses of $4,078 at July 31, 2017
|
-
|
-
|
||||||
Interest receivable, net of collectability allowance of $1,267 at July 31, 2017
|
-
|
141
|
||||||
Inventory
|
23,761
|
23,688
|
||||||
Prepaid expenses and other current assets
|
-
|
200
|
||||||
Total Current Assets
|
24,393
|
24,122
|
||||||
Property, Plant and Equipment
|
||||||||
Equipment
|
700
|
700
|
||||||
Less: Accumulated depreciation
|
(700
|
)
|
(700
|
)
|
||||
Total Property, Plant and Equipment
|
-
|
-
|
||||||
Other Assets
|
||||||||
Notes receivable, net of current portion and allowance for loan losses of $19,724 at July 31, 2017
|
-
|
2,644
|
||||||
Total Assets
|
$
|
24,393
|
$
|
26,766
|
||||
Liabilities and Stockholders’ Equity (Deficit)
|
||||||||
Current Liabilities
|
||||||||
Cash overdraft
|
$
|
-
|
$
|
20
|
||||
Accounts payable
|
17,193
|
44,420
|
||||||
Accounts payable - stockholders
|
-
|
35,486
|
||||||
Advances - stockholders
|
184,902
|
117,000
|
||||||
Notes payable - stockholders
|
62,750
|
62,750
|
||||||
Accrued interest - stockholders
|
15,139
|
15,139
|
||||||
Other accrued expenses
|
8,809
|
16,857
|
||||||
Total Current Liabilities
|
288,793
|
291,672
|
||||||
Stockholders’ Equity (Deficit)
|
||||||||
Common stock (par value $0.001) 100,000,000 shares authorized:
|
||||||||
14,027,834 shares issued and outstanding at April 30, 2018 and July 31, 2017
|
14,027
|
14,027
|
||||||
Additional paid-in capital
|
433,209
|
397,723
|
||||||
Accumulated deficit
|
(711,636
|
)
|
(676,656
|
)
|
||||
Total Stockholders’ Equity (Deficit)
|
(264,400
|
)
|
(264,906
|
)
|
||||
Total Liabilities and Stockholders’ Equity (Deficit)
|
$
|
24,393
|
$
|
26,766
|
3 Months Ended
|
9 Months Ended
|
|||||||
April 30, 2018
|
April 30, 2018
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Equipment and parts sales
|
$
|
600
|
$
|
2,610
|
||||
Cost of Sales
|
211
|
1,671
|
||||||
Gross Margin
|
389
|
939
|
||||||
Expenses
|
||||||||
Selling, general and administration
|
2,613
|
35,868
|
||||||
Loss from Operations
|
(2,224
|
)
|
(34,929
|
)
|
||||
Other Income (Expense)
|
||||||||
Interest income
|
-
|
723
|
||||||
Interest expense
|
(254
|
)
|
(774
|
)
|
||||
Total Other Income (Expense)
|
(254
|
)
|
(51
|
)
|
||||
Net Loss Before Income Taxes
|
(2,478
|
)
|
(34,980
|
)
|
||||
Provision for Income Taxes
|
-
|
-
|
||||||
Net Loss
|
$
|
(2,478
|
)
|
$
|
(34,980
|
)
|
||
Net Loss per Share - Basic and Fully Diluted
|
$
|
(0.00
|
)
|
$
|
(0.01
|
)
|
||
Weighted average number of common shares outstanding - basic and fully diluted
|
6,395,418
|
6,395,418
|
3 Months Ended
|
9 Months Ended
|
|||||||
April 30, 2017
|
April 30, 2017
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Equipment and parts sales
|
$
|
263
|
$
|
650
|
||||
Cost of Sales
|
90
|
200
|
||||||
Gross Margin
|
173
|
450
|
||||||
Expenses
|
||||||||
Selling, general and administration
|
4,569
|
30,529
|
||||||
Loss from Operations
|
(4,396
|
)
|
(30,079
|
)
|
||||
Other Income (Expense)
|
||||||||
Interest income
|
381
|
1,167
|
||||||
Interest expense
|
(232
|
)
|
(715
|
)
|
||||
Total Other Income (Expense)
|
149
|
452
|
||||||
Net Loss Before Income Taxes
|
(4,247
|
)
|
(29,627
|
)
|
||||
Provision for Income Taxes
|
-
|
-
|
||||||
Net Loss
|
$
|
(4,247
|
)
|
$
|
(29,627
|
)
|
||
Net Loss per Share - Basic and Fully Diluted
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
||
Weighted average number of common shares outstanding - basic and fully diluted
|
9,448,832
|
7,390,853
|
April 30, 2018
|
April 30, 2017
|
|||||||
(Unaudited)
|
(Unaudited)
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net (loss)
|
$
|
(34,980
|
)
|
$
|
(29,627
|
)
|
||
Adjustments to reconcile net (loss) to net cash used in operating activities:
|
||||||||
Loan and interest losses write off
|
3,508
|
-
|
||||||
(Increase) Decrease in allowances for doubtful accounts and loan losses
|
(723
|
)
|
240
|
|||||
(Increase) Decrease in accounts receivable
|
(207
|
)
|
217
|
|||||
Increase in interest receivable
|
-
|
(766
|
)
|
|||||
Increase in inventory
|
(73
|
)
|
(6
|
)
|
||||
Decrease (Increase) in prepaid expenses and other current assets
|
200
|
(86
|
)
|
|||||
(Decrease) Increase in accounts payable
|
(27,227
|
)
|
2,374
|
|||||
(Decrease) Increase in other accrued expenses
|
(8,048
|
)
|
1,234
|
|||||
Net cash from (used by) operating activities
|
(67,550
|
)
|
(26,420
|
)
|
||||
Cash Flows from Investing Activities
|
||||||||
Payments on notes receivable
|
-
|
498
|
||||||
Cash Flows from Financing Activities
|
||||||||
Advances from stockholders
|
67,902
|
26,200
|
||||||
Net increase in cash
|
352
|
278
|
||||||
Cash overdraft/Cash and equivalents - beginning
|
(20
|
)
|
104
|
|||||
Cash and equivalents - ending
|
$
|
332
|
$
|
382
|
||||
Supplemental Disclosure of Cash Flows Information
|
||||||||
Interest
|
$
|
774
|
$
|
715
|
||||
Income Taxes
|
$
|
-
|
$
|
-
|
a.
|
Revenue recognized from contracts with customers.
|
b.
|
Any impairment losses recognized on any receivables or contract assets arising from the firm’s contracts with customers.
|
c.
|
The opening and closing balances of receivables, contract assets, and contract liabilities from contracts with customers.
|
d.
|
Revenue recognized in the reporting period that was included in the contract liability balance at the beginning of the period.
|
e.
|
Revenue recognized in the reporting period from performance obligations satisfied (or partially satisfied) in previous periods.
|
f.
|
Significant changes in the contract asset or liability balances during the reporting period.
|
g.
|
Performance obligation in contracts with customers
|
April 30, 2018
|
July 31, 2017
|
|||||||
Currently payable
|
$
|
0
|
$
|
0
|
||||
Deferred
|
0
|
0
|
||||||
Total
|
$
|
0
|
$
|
0
|
April 30, 2018
|
July 31, 2017 | |||||||||||||||
|
% of
|
% of
|
||||||||||||||
|
Pretax
|
Pretax
|
||||||||||||||
Income
|
Amount
|
Income
|
Amount
|
|||||||||||||
Income taxes per statement of operations
|
$
|
0
|
0
|
%
|
$
|
0
|
0
|
%
|
||||||||
Loss for financial reporting purposes without tax expense or benefit
|
(7,400
|
)
|
(21
|
)
|
(13,400
|
)
|
(34
|
)
|
||||||||
Income taxes at statutory rate
|
$
|
(7,400
|
)
|
(21
|
)%
|
$
|
(13,400
|
)
|
(34
|
)%
|
April 30, 2018
|
July 31, 2017
|
|||||||
Net operating loss carryforwards
|
$
|
119,400
|
$
|
181,400
|
||||
Allowances for uncollectable accounts
|
0
|
8,800
|
||||||
Compensation and miscellaneous
|
3,200
|
5,300
|
||||||
Deferred tax assets
|
122,600
|
195,500
|
||||||
Valuation Allowance
|
(122,600
|
)
|
(195,500
|
)
|
||||
Net deferred tax assets
|
$
|
0
|
$
|
0
|
·
|
Trends affecting the Company’s financial condition, results of operations, or future prospects;
|
·
|
The Company’s business and growth strategies;
|
·
|
The Company’s financing plans and forecasts;
|
·
|
The factors that we expect to contribute to our success and the Company’s ability to be successful in the future;
|
·
|
The Company’s business model and strategy for realizing positive results as sales increase;
|
·
|
Competition, including the Company’s ability to respond to such competition and its expectations regarding continued competition in the market in which the Company competes;
|
·
|
Expenses;
|
·
|
The Company’s ability to meet its projected operating expenditures and the costs associated with development of new projects;
|
·
|
The Company’s ability to pay dividends or to pay any specific rate of dividends, if declared;
|
·
|
The impact of new accounting pronouncements on its financial statements;
|
·
|
That the Company’s cash flows from operating activities will be sufficient to meet its projected operating expenditures for the next twelve months;
|
·
|
The Company’s market risk exposure and efforts to minimize risk;
|
·
|
Development opportunities and its ability to successfully take advantage of such opportunities;
|
·
|
Regulations, including anticipated taxes, tax credits or tax refunds expected;
|
·
|
The outcome of various tax audits and assessments, including appeals thereof, timing of resolution of such audits, the Company’s estimates as to the amount of taxes that will ultimately be owed and the impact of these audits on the Company’s financial statements;
|
·
|
The Company’s overall outlook including all statements under
Management’s Discussion and Analysis or Plan of Operation;
|
·
|
That estimates and assumptions made in the preparation of financial statements in conformity with US GAAP may differ from actual results; and
|
·
|
Expectations, plans, beliefs, hopes or intentions regarding the future.
|
(i) |
inadequate segregation of duties consistent with control objectives;
|
(ii) |
lack of a code of ethics;
|
(iii) |
lack of a whistleblower policy;
|
(iv) |
lack of an independent board of directors or board committees related to financial reporting; and
|
(iv) |
lack of multiple levels of supervision and review.
|
(i) |
appoint additional qualified personnel to address inadequate segregation of duties and implement modifications to our financial controls to address such inadequacies; and
|
(ii) |
adopt a written whistleblower policy and code of ethics; and
|
(iii) |
appoint an independent board of directors, including board committees related to financial controls and reporting.
|
31.1
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Edward A. Barth.
|
31.2
|
Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 for Suzanne I. Barth.
|
32
|
Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 for Edward A. Barth. and Suzanne I. Barth.
|
101.INS*
|
XBRL Instance Document
|
101.SCH*
|
XBRL Taxonomy Schema
|
101.CAL*
|
XBRL Taxonomy Calculation Linkbase
|
101.DEF*
|
XBRL Taxonomy Definition Linkbase
|
101.LAB*
|
XBRL Taxonomy Label Linkbase
|
101.PRE*
|
XBRL Taxonomy Presentation Linkbase
|
* |
Furnished herewith. XBRL (eXtensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
|
CONCRETE LEVELING SYSTEMS, INC.
|
||
|
|
||
|
|
||
Date: June 12, 2018
|
By: /s/ Edward A. Barth
|
|
|
|
Edward A. Barth, Principal Executive Officer
|
||
|
|
||
|
|
||
|
|
||
Date: June 12, 2018
|
By: /s/ Suzanne I. Barth
|
|
|
|
Suzanne I. Barth, Principal Financial Officer
|
1 Year Concrete Leveling Systems (PK) Chart |
1 Month Concrete Leveling Systems (PK) Chart |
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