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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Joey New York Inc (CE) | USOTC:JOEY | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0003 | 0.00 | 01:00:00 |
Nevada
|
|
68-0682410
|
(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer
Identification No.)
|
☐
|
Large accelerated filer
|
|
☐
|
Accelerated filer
|
|
☐
|
Non-accelerated filer
|
|
☒
|
Smaller reporting company
|
|
|
|
Part 1
|
FINANCIAL INFORMATION
|
|
|
|
|
Item 1
|
Consolidated Financial Statements (unaudited)
|
|
|
|
|
|
Consolidated Balance Sheets at
November 30
, 2016 and February 29, 2016 (unaudited)
|
4
|
|
|
|
|
Consolidated
Statements of Operations for the three
and nine
month periods ending
November 30
, 2016 and 2015 (unaudited)
|
5
|
|
|
|
|
Consolidated
Statements of Cash Flows for the nine month periods ending
November 30
, 2016 and 2015 (unaudited)
|
6
|
|
|
|
|
Notes to Consolidated Financial Statements (unaudited)
|
7
|
|
|
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
14
|
|
|
|
Item 4.
|
Controls and Procedures
|
15
|
|
|
|
Part II.
|
OTHER INFORMATION
|
|
|
|
|
Item 1
|
Legal Proceedings
|
16
|
|
|
|
Item 1A
|
Risk Factors
|
16
|
|
|
|
Item 2
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
16
|
|
|
|
Item 3
|
Defaults Upon Senior Securities
|
16
|
|
|
|
Item 4
|
Mine Safety Disclosures
|
16
|
|
|
|
Item 5
|
Other Information
|
16
|
|
|
|
Item 6
|
Exhibits
|
17
|
|
|
|
|
SIGNATURES
|
18
|
Page
|
|
Financial Statements (Unaudited):
|
|
Consolidated Balance Sheets
|
4 |
Consolidated Statements of Operations
|
5 |
Consolidated Statements of Cash Flows
|
6 |
Notes to Unaudited Consolidated Financial Statements
|
7 |
November 30, 2016
|
February 29, 2016
|
|||||||
Assets
|
||||||||
Current assets
|
||||||||
Cash and cash equivalents
|
$
|
12,086
|
$
|
7,903
|
||||
Accounts receivable, net
|
275
|
132
|
||||||
Inventory
|
157,346
|
43,326
|
||||||
Total current assets
|
169,707
|
51,361
|
||||||
Goodwill
|
180,150
|
-
|
||||||
Property and equipment, net
|
19,711
|
3,457
|
||||||
Total assets
|
$
|
369,568
|
$
|
54,818
|
||||
Liabilities and stockholders' deficit
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$
|
573,802
|
$
|
156,975
|
||||
Accrued liabilities
|
549,533
|
424,135
|
||||||
Shareholder advances – related party
|
628,579
|
612,737
|
||||||
Notes payable – related party
|
3,000,000
|
3,000,000
|
||||||
Total current liabilities
|
4,751,914
|
4,193,847
|
||||||
Total liabilities
|
4,751,914
|
4,193,847
|
||||||
Commitments and Contingencies
|
||||||||
Stockholder's deficit
|
||||||||
Common stock, $0.001 par value; 500,000,000 shares
authorized; 28,045,352 and 350,676 shares issued and
outstanding
|
28,045
|
351
|
||||||
Additional paid in capital
|
(2,471,369
|
)
|
(2,740,863
|
)
|
||||
Equity attributable to non-controlling interest
|
(54,101
|
)
|
||||||
Stock subscription receivable
|
(1,000
|
)
|
-
|
|||||
Accumulated deficit
|
(1883,921
|
)
|
(1,398,517
|
)
|
||||
Total stockholder's deficit
|
(4,382,346
|
)
|
(4,139,029
|
)
|
||||
Total liabilities and stockholder's equit
y
|
$
|
369,568
|
$
|
54,818
|
||||
The Accompanying Notes are an Integral Part of These Financial Statements
|
Three Months Ended
November 30,
|
Nine Months Ended
November 30,
|
|||||||||||||||
2016
|
2015
(Restated)
|
2016
|
2015
(Restated)
|
|||||||||||||
Revenues
|
$
|
178,181
|
$
|
305
|
$
|
223,894
|
$
|
54,596
|
||||||||
Cost of sales
|
65,912
|
227
|
67,885
|
42,888
|
||||||||||||
Gross margin
|
112,269
|
78
|
156,008
|
11,707
|
||||||||||||
Operating expenses
|
352,327
|
62,898
|
559,500
|
149,115
|
||||||||||||
Loss from operations
|
(240,058
|
)
|
(62,820
|
)
|
(403,492
|
)
|
(137,408
|
)
|
||||||||
Other (expense)
|
||||||||||||||||
Interest expense
|
(45,694
|
)
|
(43,421
|
)
|
(136,013
|
)
|
(132,261
|
)
|
||||||||
Loss before non-controlling interest
|
(285,752
|
)
|
(106,240
|
)
|
(539,505
|
)
|
(269,669
|
)
|
||||||||
Non-controlling interest
|
(54,101
|
) |
-
|
(54,101
|
) |
-
|
||||||||||
Net loss attributable to Joey New York shareholders
|
$
|
(231,651
|
)
|
$
|
(106,240
|
)
|
$
|
(485,404
|
)
|
$
|
(269,669
|
)
|
||||
Basic and diluted loss per share
|
$
|
(0.01
|
)
|
$
|
(0.30.
|
)
|
$
|
(0.19
|
)
|
$
|
(0.77
|
)
|
||||
Weighted average shares outstanding
|
28,295,352
|
350,676
|
28,045,352
|
350,264
|
||||||||||||
The Accompanying Notes are an Integral Part of These Financial Statements
|
2015
|
||||||||
2016
|
(Restated)
|
|||||||
Cash flows from operating activities
|
||||||||
Net loss attributable to shareholders of Joey New York
|
$
|
(485,404
|
)
|
$
|
(269,669
|
)
|
||
Adjustments to reconcile net income to net cash provided
|
||||||||
by operating activities:
|
||||||||
Non-controlling interest
|
(54,101
|
)
|
-
|
|||||
Depreciation and amortization
|
3,856
|
491
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(143
|
)
|
531
|
|||||
Inventory
|
(114,020
|
)
|
31,249
|
|||||
Accounts payable
|
416,827
|
144,244
|
||||||
Accrued expenses
|
125,398
|
-
|
||||||
(107,587
|
)
|
(93,153
|
)
|
|||||
Net cash used in operating activities
|
||||||||
Cash flows from investing activities
|
||||||||
Purchases of property and equipment
|
(20,110
|
)
|
(1,219
|
)
|
||||
(20,110
|
)
|
(1,219
|
)
|
|||||
Net cash used in investing activities
|
||||||||
Cash flows from financing activities
|
||||||||
Proceeds from the sale of common stock
|
116,038
|
50,005
|
||||||
Proceeds from related party advances
|
15,842
|
39,499
|
||||||
131,880
|
89,504
|
|||||||
Net cash from financing activities
|
||||||||
Net change in cash and cash equivalents
|
4,183
|
(4,868
|
)
|
|||||
Cash and cash equivalents, beginning of period
|
7,903
|
$
|
5,063
|
|||||
$
|
12,086
|
195
|
||||||
Cash and cash equivalents, end of period
|
||||||||
Supplemental disclosure of cash flow information
|
||||||||
Interest paid
|
$
|
-
|
$
|
-
|
||||
Income taxes paid
|
$
|
-
|
$
|
-
|
||||
Common shares and warrants issued for acquisition of subsidiary
|
$
|
180,150
|
$
|
-
|
||||
The Accompanying Notes are an Integral Part of These Financial Statements
|
November 30, 2016
|
February 29, 2016
|
|||||||
Property and equipment
|
$
|
30,568
|
$
|
10,459
|
||||
Less accumulated depreciation
|
10,858
|
7,002
|
||||||
Property and equipment, net
|
$
|
19,711
|
$
|
3,457
|
Description
|
Input
|
|||
Stock price
|
$
|
0.01
|
||
Exercise price
|
$
|
0.01
|
||
Term
|
10 years
|
|||
Discount rate
|
2.28
|
%
|
||
Volatility
|
100
|
%
|
Description
|
Amount
|
|||
Cash
|
$
|
8,995
|
||
Other current assets
|
4,460
|
|||
Property and equipment, net
|
15,893
|
|||
Accounts payable and accrued expenses
|
(209,498
|
)
|
||
Net assets acquired
|
$
|
(180,150
|
)
|
|
Description
|
LABB
|
RAR
|
Total
|
|||||||||
Revenue
|
$
|
178,818
|
$
|
-
|
$
|
178,181
|
||||||
Cost of revenue
|
65,011
|
901
|
65,912
|
|||||||||
General and administrative expenses
|
226,974
|
125,354
|
352,327
|
|||||||||
Interest expense
|
-
|
45,694
|
45,694
|
|||||||||
Net loss
|
$
|
(113,804
|
)
|
$
|
(171,949
|
)
|
$
|
(285,752
|
)
|
Description
|
LABB
|
RAR
|
Total
|
|||||||||
Revenue
|
$
|
223,751
|
$
|
143
|
$
|
223,894
|
||||||
Cost of revenue
|
66,919
|
967
|
67,885
|
|||||||||
General and administrative expenses
|
267,242
|
292,259
|
559,500
|
|||||||||
Interest expense
|
-
|
136,013
|
136,013
|
|||||||||
Net loss
|
$
|
(110,410
|
)
|
$
|
(429,095
|
)
|
$
|
(539,505
|
)
|
Description
|
LABB
|
RAR
|
Total
|
|||||||||
Asset
|
$
|
141,407
|
$
|
194,845
|
$
|
265,006
|
||||||
Liability
|
323,289
|
4,509,581
|
4,657,062
|
|||||||||
Equity
|
$
|
(181,882
|
)
|
$
|
(4,314,736
|
)
|
$
|
(4,392,056
|
)
|
Number
|
Description
|
|
|
31.1
|
Certification of Principal Executive Officer, pursuant to SEC Rules 13a-14(a) and 15d-14(a), adopted pursuant Section 302 of the Sarbanes Oxley Act of 2002
|
|
|
31.2
|
Certification of Principal Financial Officer, pursuant to SEC Rules 13a-14(a) and 15d-14(a), adopted pursuant Section 302 of the Sarbanes Oxley Act of 2002
|
|
|
32.1
|
Certification of Chief Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
32.2
|
Certification of Chief Executive Officer and Principal Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
101.INS
|
XBRL Instance Document
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
101. DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
Joey New York, Inc.
|
|
|
|
|
|
|
Date: January 23, 2017
|
By:
|
/s/ Joey Chancis
|
|
|
|
Joey Chancis, CEO
|
|
|
|
Principal Executive Officer
|
|
|
|
|
|
Date: January 23, 2017
|
By:
|
/s/ Richard Roer
|
|
|
|
Richard Roer, President
|
|
|
|
Principal Financial Officer
|
|
1 Year Joey New York (CE) Chart |
1 Month Joey New York (CE) Chart |
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