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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Health Advance Inc (PK) | USOTC:HADV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.0011 | -36.67% | 0.0019 | 0.0011 | 0.0045 | 0.0024 | 0.0015 | 0.0019 | 5,480,964 | 21:30:11 |
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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WYOMING
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46-0525223
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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Large Accelerated Filer
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o
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Accelerated Filer
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o
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||
Non-Accelerated Filer
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o
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(Do not check if a smaller reporting company)
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Smaller Reporting Company
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x
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PART I — FINANCIAL INFORMATION
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Condensed Financial Statements - Unaudited
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3
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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12
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Quantitative and Qualitative Disclosures About Market Risk
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16
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Controls and Procedures
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16
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PART II — OTHER INFORMATION
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Legal Proceedings
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16
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Risk Factors
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16
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Unregistered Sales of Equity Securities and Use of Proceeds
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17
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Defaults Upon Senior Securities
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17
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Mine Safety Disclosures
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17
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Other Information
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17
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Exhibits
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17
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SIGNATURE
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17
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Item 1.
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Condensed Financial Statements
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PAGE-4
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CONDENSED BALANCE SHEETS AS AT APRIL 30, 2016 (UNAUDITED) AND AS AT JULY 31, 2015 (AUDITED)
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PAGE-5 & 6
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CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2016 AND 2015 (UNAUDITED)
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PAGE-7
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CONDENSED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED APRIL 30, 2016 AND 2015 (UNAUDITED)
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PAGE-8
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NOTES TO CONDENSED FINANCIAL STATEMENTS (UNAUDITED)
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Three months
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Three months
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|||||||
ended
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ended
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|||||||
April 30,
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April 30,
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|||||||
2016
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2015
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|||||||
$ | $ | |||||||
SALES
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— | — | ||||||
COST OF SALES
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— | — | ||||||
GROSS PROFIT
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— | — | ||||||
EXPENSES
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||||||||
Professional fees
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5,399 | 7,463 | ||||||
Office and general
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677 | 715 | ||||||
Consulting and management fees
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— | 8,000 | ||||||
Total expenses
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6,076 | 16,178 | ||||||
Foreign exchange loss
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— | — | ||||||
Loss before income taxes
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(6,076 | ) | (16,178 | ) | ||||
Income taxes
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— | — | ||||||
NET AND COMPREHENSIVE LOSS FOR THE PERIOD
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(6,076 | ) | (16,178 | ) | ||||
Loss per common share, basic and diluted
(Note 6)
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(0.0002 | ) | (0.0007 | ) | ||||
Weighted average number of
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||||||||
common stock outstanding, basic and diluted
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24,520,000 | 24,520,000 | ||||||
See accompanying notes
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Nine months
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Nine months
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|||||||
ended
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ended
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|||||||
April 30,
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April 30,
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|||||||
2016
|
2015
|
|||||||
$ | $ | |||||||
SALES
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— | — | ||||||
COST OF SALES
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— | — | ||||||
GROSS PROFIT
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— | — | ||||||
EXPENSES
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||||||||
Professional fees
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21,512 | 29,829 | ||||||
Office and general
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3,112 | 3,893 | ||||||
Rent and occupancy
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— | 7,200 | ||||||
Consulting and management fees
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— | 20,000 | ||||||
Total expenses
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24,624 | 60,922 | ||||||
Foreign exchange loss
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— | 251 | ||||||
Loss before income taxes
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(24,624 | ) | (61,173 | ) | ||||
Income taxes
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— | — | ||||||
NET AND COMPREHENSIVE LOSS FOR THE PERIOD
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(24,624 | ) | (61,173 | ) | ||||
Loss per common share, basic and diluted
(Note 6)
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(0.0010 | ) | (0.0025 | ) | ||||
Weighted average number of
|
||||||||
common stock outstanding, basic and diluted
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24,520,000 | 24,520,000 | ||||||
See accompanying notes
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Nine months
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Nine months
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|||||||
ended
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ended
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|||||||
April 30,
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April 30,
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|||||||
2016
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2015
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|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
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||||||||
Net loss for the period
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(24,624 | ) | (61,173 | ) | ||||
Adjustments for non-cash items
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||||||||
Common stock issued for services
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— | — | ||||||
In-kind contribution of services
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— | 20,000 | ||||||
Net change in non-cash working capital balances:
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||||||||
Accounts payable
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(3,925 | ) | — | |||||
Accrued liabilities
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6,444 | 8,353 | ||||||
Net cash used in operating activities
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(22,105 | ) | (32,820 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES
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||||||||
Bank indebtedness
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— | (28 | ) | |||||
Proceeds from issuance of common stock
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— | 23,000 | ||||||
Advances from a shareholder
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22,105 | 9,848 | ||||||
Net cash provided by financing activities
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22,105 | 32,820 | ||||||
Net decrease in cash during the period
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— | — | ||||||
Cash, beginning of period
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— | — | ||||||
Cash, end of period
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— | — | ||||||
See accompanying notes
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1.
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NATURE OF OPERATIONS AND ORGANIZATION
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2.
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BASIS OF PRESENTATION
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3.
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GOING CONCERN
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4.
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RELATED PARTY TRANSACTIONS
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a.
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During the three and nine months ended April 30, 2016, the Company was charged $nil and $nil respectively, as rent and occupancy charges (three and nine months ended April 30, 2015: $nil and $7,200 respectively). In addition, during the three and nine months ended April 30, 2016, the Company was charged $nil and $nil respectively, as consulting and management fees (three and nine months ended April 30, 2015: $6,000 and $18,000 respectively). During the fiscal year 2016, the shareholder decided to discontinue charging rent and consultancy fees due to minimal activities in the Company.
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b.
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Advances from a shareholder of the Company as at April 30, 2016 and July 31, 2015 were $94,879 and $72,774, respectively. These advances are non-interest bearing, unsecured and with no specific terms of repayment.
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5.
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RECENT ACCOUNTING PRONOUNCEMENTS
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6.
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LOSS PER SHARE
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7.
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STOCKHOLDERS’ DEFICIENCY
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8.
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SUPPLEMENTAL CASH FLOW INFORMATION
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9.
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SUBSEQUENT EVENTS
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Item 2.
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Management’s
Discussion and Analysis of Financial Condition and Results of Operations
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
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Web Development and Maintenance
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$
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5,000
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||
Legal/Accounting
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$
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15,000
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||
Computer hardware and software systems
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$
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10,000
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||
Advertising and Marketing
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$
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130,000
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||
General and administrative
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$
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10,000
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||
Salaries and Customer Service
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$
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25,000
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||
Telephone
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$
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1,000
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||
Travel
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$
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4,000
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||
Total Expenses
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$
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200,000
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
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Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations (continued)
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Item 3.
|
Quantitative
and Qualitative Disclosures About Market Risk
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Item 4.
|
Controls
and Procedures
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Item 1.
|
Legal
Proceedings
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Item 1A.
|
Risk
Factors
|
Item 2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
Item 3.
|
Defaults
Upon Senior Securities
|
Item 4.
|
Mine
Safety Disclosures
|
Item 5.
|
Other
Information
|
Item 6.
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31.1
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Certification of Principal Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
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32.1
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Certification of Principal Executive Officer and Principal Financial Officer of the Registrant pursuant to 18 U.S.C. 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
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Health Advance, Inc.
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By:
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/s/
Jordan Starkman
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Jordan Starkman
|
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President, Chief Executive Officer,
Chief Financial Officer
(Duly Authorized Officer,
Principal Executive Officer and
Principal Financial Officer)
|
||
Dated: July 13, 2016
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