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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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.018 | -3.54% | 0.49 | 0.2601 | 0.598 | 0.49 | 0.49 | 0.49 | 125 | 21:02:08 |
Concrete Leveling Systems, Inc.
|
(Exact name of registrant as specified in its charter)
|
Nevada
|
|
26-0851977
|
(State or other jurisdiction of incorporation or organization)
|
|
(I.R.S. Employer Identification No.)
|
|
|
|
5046 E. Boulevard, NW, Canton, OH
|
|
44718
|
(Address of principal executive offices)
|
|
(Zip Code)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of exchange on which registered
|
Common Stock
|
|
CLEV
|
|
OTC
|
Large accelerated filer
|
☐
|
Smaller reporting company
|
☒
|
Non-Accelerated filer
|
☒ |
Accelerated filer
|
☐
|
|
|
Emerging growth company
|
☐
|
|
|
|
Page
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Part I – FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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3
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4
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5
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6
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7
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8
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9
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14
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18
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18
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21
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21
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21
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21
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21
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21
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21
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22
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23
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2 |
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Concrete Leveling Systems, Inc.
|
|||||
January 31, 2020 and July 31, 2019
|
|
|
January 31,
2020
|
|
|
July 31,
2019
|
|
||
|
|
(Unaudited)
|
|
|
(Audited)
|
|
||
Assets
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Current Assets
|
|
|
|
|
|
|
||
Cash in bank
|
|
$ | 241 |
|
|
$ | 48 |
|
Accounts receivable, net
|
|
|
- |
|
|
|
700 |
|
Inventory
|
|
|
23,130 |
|
|
|
23,230 |
|
Prepaid expenses and other current assets
|
|
|
2,054 |
|
|
|
718 |
|
Total Current Assets
|
|
|
25,425 |
|
|
|
24,696 |
|
|
|
|
|
|
|
|
|
|
Property, Plant and Equipment
|
|
|
|
|
|
|
|
|
Equipment
|
|
|
700 |
|
|
|
700 |
|
Less: Accumulated depreciation
|
|
|
(700 | ) |
|
|
(700 | ) |
Total Property, Plant and Equipment, net
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
$ | 25,425 |
|
|
$ | 24,696 |
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders’ Deficit
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ | 16,836 |
|
|
$ | 16,836 |
|
Advances - stockholders
|
|
|
253,736 |
|
|
|
227,211 |
|
Notes payable - stockholders
|
|
|
62,750 |
|
|
|
62,750 |
|
Accrued interest - stockholders
|
|
|
15,139 |
|
|
|
15,139 |
|
Other accrued expenses
|
|
|
8,396 |
|
|
|
8,465 |
|
Total Current Liabilities
|
|
|
356,857 |
|
|
|
330,401 |
|
|
|
|
|
|
|
|
|
|
Commitments and Contingencies (Note 5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Deficit
|
|
|
|
|
|
|
|
|
Common stock (par value $0.001) 100,000,000 shares authorized: 14,027,834 shares issued and outstanding
|
|
|
14,027 |
|
|
|
14,027 |
|
Additional paid-in capital
|
|
|
433,209 |
|
|
|
433,209 |
|
Accumulated deficit
|
|
|
(778,668 | ) |
|
|
(752,941 | ) |
Total Stockholders’ Deficit
|
|
|
(331,432 | ) |
|
|
(305,705 | ) |
|
|
|
|
|
|
|
|
|
Total Liabilities and Stockholders’ Deficit
|
|
$ | 25,425 |
|
|
$ | 24,696 |
|
See accompanying notes to unaudited financial statements.
|
3 |
|
Concrete Leveling Systems, Inc.
|
For the Three and Six Months Ended January 31, 2020
|
|
|
3 Months
Ended
|
|
|
6 Months
Ended
|
|
||
|
|
January 31,
2020
|
|
|
January 31,
2020
|
|
||
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
||
|
|
|
|
|
|
|
||
Equipment and parts sales
|
|
$ | 150 |
|
|
$ | 275 |
|
|
|
|
|
|
|
|
|
|
Cost of Sales
|
|
|
50 |
|
|
|
100 |
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
|
|
100 |
|
|
|
175 |
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
Legal and professional fees
|
|
|
4,250 |
|
|
|
21,800 |
|
Selling, general and administration
|
|
|
1,297 |
|
|
|
3,567 |
|
Total Expenses
|
|
|
5,547 |
|
|
|
25,367 |
|
|
|
|
|
|
|
|
|
|
(Loss) from Operations
|
|
|
(5,447 | ) |
|
|
(25,192 | ) |
|
|
|
|
|
|
|
|
|
Other Income (Expense)
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(262 | ) |
|
|
(535 | ) |
Total Other Income (Expense)
|
|
|
(262 | ) |
|
|
(535 | ) |
|
|
|
|
|
|
|
|
|
Net (Loss) Before Income Taxes
|
|
|
(5,709 | ) |
|
|
(25,727 | ) |
|
|
|
|
|
|
|
|
|
Provision for Income Taxes
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net (Loss)
|
|
$ | (5,709 | ) |
|
$ | (25,727 | ) |
|
|
|
|
|
|
|
|
|
Net (Loss) per Share - Basic and Fully Diluted
|
|
$ | (0.00 | ) |
|
$ | (0.00 | ) |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic and fully diluted
|
|
|
6,395,418 |
|
|
|
6,395,418 |
|
See accompanying notes to unaudited financial statements.
|
4 |
|
Concrete Leveling Systems, Inc.
|
For the Three and Six Months Ended January 31, 2019
|
|
|
3 Months
Ended
|
|
|
6 Months
Ended
|
|
||
|
|
January 31,
2019
|
|
|
January 31,
2019
|
|
||
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
||
|
|
|
|
|
|
|
||
Equipment and parts sales
|
|
$ | 300 |
|
|
$ | 625 |
|
|
|
|
|
|
|
|
|
|
Cost of Sales
|
|
|
101 |
|
|
|
212 |
|
|
|
|
|
|
|
|
|
|
Gross Margin
|
|
|
199 |
|
|
|
413 |
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
|
|
|
|
|
Selling, general and administration
|
|
|
7,236 |
|
|
|
25,413 |
|
|
|
|
|
|
|
|
|
|
(Loss) from Operations
|
|
|
(7,037 | ) |
|
|
(25,000 | ) |
|
|
|
|
|
|
|
|
|
Other (Expense)
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
(261 | ) |
|
|
(523 | ) |
Total Other Income (Expense)
|
|
|
(261 | ) |
|
|
(523 | ) |
|
|
|
|
|
|
|
|
|
Net (Loss) Before Income Taxes
|
|
|
(7,298 | ) |
|
|
(25,523 | ) |
|
|
|
|
|
|
|
|
|
Provision for Income Taxes
|
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
Net (Loss)
|
|
$ | (7,298 | ) |
|
$ | (25,523 | ) |
|
|
|
|
|
|
|
|
|
Net (Loss) per Share - Basic and Fully Diluted
|
|
$ | (0.00 | ) |
|
$ | (0.00 | ) |
|
|
|
|
|
|
|
|
|
Weighted average number of common shares outstanding - basic and fully diluted
|
|
|
6,395,418 |
|
|
|
6,395,418 |
|
See accompanying notes to unaudited financial statements.
|
5 |
|
Concrete Leveling Systems, Inc.
|
|||||||||
For the Six Months Ended January 31, 2020 and 2019
|
|||||||||
(Unaudited)
|
|
|
|
|
|
|
Additional
|
|
|
|
|
Total
|
|
||||||||
|
|
Issued
Shares
|
|
|
Par
Value
|
|
|
Paid-in
Capital
|
|
|
Accumulated
Deficit
|
|
|
Stockholders’
Deficit
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance July 31, 2018
|
|
|
14,027,834 |
|
|
$ | 14,027 |
|
|
$ | 433,209 |
|
|
$ | (713,497 | ) |
|
$ | (266,261 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(25,523 | ) |
|
|
(25,523 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance January 31, 2019
|
|
|
14,027,834 |
|
|
$ | 14,027 |
|
|
$ | 433,209 |
|
|
$ | (739,020 | ) |
|
$ | (291,784 | ) |
|
|
|
|
|
|
Additional
|
|
|
|
|
Total
|
|
||||||||
|
|
Issued
Shares
|
|
|
Par
Value
|
|
|
Paid-in
Capital
|
|
|
Accumulated
Deficit
|
|
|
Stockholders’
Deficit
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance July 31, 2019
|
|
|
14,027,834 |
|
|
$ | 14,027 |
|
|
$ | 433,209 |
|
|
$ | (752,941 | ) |
|
$ | (305,705 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(25,727 | ) |
|
|
(25,727 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance January 31, 2020
|
|
|
14,027,834 |
|
|
$ | 14,027 |
|
|
$ | 433,209 |
|
|
$ | (778,668 | ) |
|
$ | (331,432 | ) |
See accompanying notes to unaudited financial statements.
|
6 |
|
Concrete Leveling Systems, Inc.
|
|||||||||
For the Three Months Ended January 31, 2020 and 2019
|
|||||||||
(Unaudited)
|
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
Total
|
|
|||||
|
|
Issued
Shares
|
|
|
Par
Value
|
|
|
Paid-in
Capital
|
|
|
Accumulated
Deficit
|
|
|
Stockholders’
Deficit
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance October 31, 2018
|
|
|
14,027,834 |
|
|
$ | 14,027 |
|
|
$ | 433,209 |
|
|
$ | (731,722 | ) |
|
$ | (284,486 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(7,298 | ) |
|
|
(7,298 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance January 31, 2019
|
|
|
14,027,834 |
|
|
$ | 14,027 |
|
|
$ | 433,209 |
|
|
$ | (739,020 | ) |
|
$ | (291,784 | ) |
|
|
|
|
|
|
|
|
Additional
|
|
|
|
|
|
Total
|
|
|||||
|
|
Issued
Shares
|
|
|
Par
Value
|
|
|
Paid-in
Capital
|
|
|
Accumulated
Deficit
|
|
|
Stockholders’
Deficit
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Balance October 31, 2019
|
|
|
14,027,834 |
|
|
$ | 14,027 |
|
|
$ | 433,209 |
|
|
$ | (772,959 | ) |
|
$ | (325,723 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,709 | ) |
|
|
(5,709 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance January 31, 2020
|
|
|
14,027,834 |
|
|
$ | 14,027 |
|
|
$ | 433,209 |
|
|
$ | (778,668 | ) |
|
$ | (331,432 | ) |
See accompanying notes to unaudited financial statements.
|
7 |
|
Concrete Leveling Systems, Inc.
|
For the Six Months Ended January 31, 2020 and 2019
|
|
|
6 Months
Ended
|
|
|
6 Months
Ended
|
|
||
|
|
January 31,
2020
|
|
|
January 31,
2019
|
|
||
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
||
|
|
|
|
|
|
|
||
Cash Flows from Operating Activities
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
Net loss
|
|
$ | (25,727 | ) |
|
$ | (25,523 | ) |
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
700 |
|
|
|
- |
|
Inventory
|
|
|
100 |
|
|
|
191 |
|
Prepaid expenses and other current assets
|
|
|
(1,336 | ) |
|
|
(2,156 | ) |
Accounts payable
|
|
|
- |
|
|
|
3,000 |
|
Other accrued expenses
|
|
|
(69 | ) |
|
|
(48 | ) |
Net cash from operating activities
|
|
|
(26,332 | ) |
|
|
(24,536 | ) |
|
|
|
|
|
|
|
|
|
Cash Flows from Financing Activities
|
|
|
|
|
|
|
|
|
Advances from stockholders
|
|
|
26,525 |
|
|
|
24,555 |
|
Net cash from financing activities
|
|
|
26,525 |
|
|
|
24,555 |
|
|
|
|
|
|
|
|
|
|
Net increase in cash
|
|
|
193 |
|
|
|
19 |
|
Cash and equivalents - beginning
|
|
|
48 |
|
|
|
343 |
|
Cash and equivalents - ending
|
|
$ | 241 |
|
|
$ | 362 |
|
|
|
|
|
|
|
|
|
|
Supplemental Disclosure of Cash Flows Information
|
|
|
|
|
|
|
|
|
Interest
|
|
$ | 535 |
|
|
$ | 523 |
|
Income Taxes
|
|
$ | - |
|
|
$ | - |
|
See accompanying notes to unaudited financial statements.
|
8 |
|
9 |
|
10 |
|
11 |
|
|
|
Jan 31,
2020
|
|
|
Jan 31,
2019
|
|
||
|
|
|
|
|
|
|
||
Currently payable
|
|
$ | -0- |
|
|
$ | -0- |
|
Deferred
|
|
|
-0- |
|
|
|
-0- |
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ | -0- |
|
|
$ | -0- |
|
Jan 31, 2020
|
|
|
Jan 31, 2019
|
|
|||||||||||
|
|
|
|
% of
|
|
|
|
|
|
% of
|
|
||||
|
Income
|
|
|
Pretax
Amount |
|
|
Income
|
|
|
Pretax
Amount
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
Income taxes per statement of operations
|
$
|
-0- |
|
|
|
0 | % |
|
$ |
-0-
|
|
|
|
0 | % |
Loss for financial reporting purposes without tax expense or benefit
|
|
(5,400 |
)
|
|
(21
|
)
|
|
|
(5,300 | ) |
|
|
(21 | ) | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes at statutory rate
|
$
|
(5,400 |
)
|
|
(21
|
)%
|
|
$ | (5,300 | ) |
|
|
(21 | )% |
12 |
|
|
|
Jan 31,
2020
|
|
|
Jan 31,
2019
|
|
||
|
|
|
|
|
|
|
||
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating loss carryforwards
|
|
$ | 130,300 |
|
|
$ | 121,900 |
|
|
|
|
|
|
|
|
|
|
Compensation and miscellaneous
|
|
|
3,200 |
|
|
|
3,200 |
|
|
|
|
|
|
|
|
|
|
Deferred tax assets
|
|
|
133,500 |
|
|
|
125,100 |
|
|
|
|
|
|
|
|
|
|
Valuation Allowance
|
|
|
(133,500 | ) |
|
|
(125,100 | ) |
|
|
|
|
|
|
|
|
|
Net deferred tax assets:
|
|
$ | -0- |
|
|
$ | -0- |
|
13 |
|
|
·
|
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. |
14 |
|
15 |
|
16 |
|
17 |
|
18 |
|
(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.
|
19 |
|
(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.
|
20 |
|
21 |
|
|
||
|
||
|
||
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.
|
22 |
|
CONCRETE LEVELING SYSTEMS, INC.
|
|||
Date: March 11, 2020 | By: |
/s/ Edward A. Barth
|
|
|
|
Edward A. Barth
Principal Executive Officer |
|
Date: March 11, 2020 | By: |
/s/ Suzanne I. Barth
|
|
|
|
Suzanne I. Barth
Principal Financial Officer |
|
23 |
1 Year Concrete Leveling Systems (PK) Chart |
1 Month Concrete Leveling Systems (PK) Chart |
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