We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Kelvin Medical Inc (CE) | USOTC:KVMD | 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% | 0.0001 | 0.00 | 01:00:00 |
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
|
|
For the quarterly period ended September 30, 2017
|
|
|
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
For the transition period from __________ to __________
|
|
Yes [X] No [ ]
|
|
Yes [X] No [ ]
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ] (Do not check if a smaller reporting company)
|
Smaller reporting company [X]
|
|
Emerging growth company [X]
|
|
Yes [ ] No [ X ]
|
|
Yes [ ] No [ ]
|
64,097,500 common shares outstanding as of November 3, 2017
|
(Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.)
|
|
|
Page
|
|
PART I – Financial Information
|
|
Item 1.
|
Financial Statements
|
3
|
Item 2.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
4
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
6
|
Item 4.
|
Controls and Procedures
|
6
|
|
|
|
|
PART II – Other Information
|
|
Item 1.
|
Legal Proceedings
|
7
|
Item 1A.
|
Risk Factors
|
7
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
7
|
Item 3.
|
Defaults Upon Senior Securities
|
7
|
Item 4.
|
Mine Safety Disclosures
|
7
|
Item 5.
|
Other Information
|
7
|
Item 6.
|
Exhibits
|
7
|
|
Signatures
|
8
|
|
Page
|
Balance Sheets as of September 30, 2017 (Unaudited) and June 30, 2017
|
F-1
|
F-2
|
|
Interim Unaudited Statement of Cash Flows for the three months ended September 30, 2017 and 2016
|
F-3
|
Notes to Financial Statements (Unaudited)
|
F-4 to F-7
|
|
September 30,
|
|||||||
2017
|
2016
|
|||||||
Net sales
|
$
|
-
|
$
|
-
|
||||
Cost of goods sold
|
-
|
-
|
||||||
Gross profit
|
-
|
-
|
||||||
|
||||||||
Operating expenses:
|
||||||||
Management fees
|
3,000
|
3,000
|
||||||
Patent license fees
|
1,750
|
1,750
|
||||||
Professional fees
|
13,500
|
-
|
||||||
General and administrative expenses
|
30
|
30
|
||||||
Total operating expenses
|
18,280
|
|||||||
|
||||||||
(18,280
|
)
|
(4,780
|
)
|
|||||
|
||||||||
(18,280
|
)
|
(4,780
|
)
|
|||||
|
||||||||
Provision for income tax expense
|
-
|
-
|
||||||
|
||||||||
Net (loss)
|
$
|
(18,280
|
)
|
$
|
(4,780
|
)
|
||
|
||||||||
Net (loss) per common share (basic and diluted)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
||
|
||||||||
Weighted average shares outstanding - Basic and diluted
|
64,097,500
|
63,000,000
|
||||||
|
|
Three Months ended
September 30,
|
|||||||
2017
|
2016
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net loss
|
$
|
(18,280
|
)
|
$
|
(4,780
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Accounts payable
|
4,500
|
(3,000
|
)
|
|||||
Accounts payable, related parties
|
2,250
|
4,750
|
||||||
Net cash used in operating activities
|
(11,530
|
)
|
(3,030
|
)
|
||||
|
||||||||
Cash Flows from Investing Activities
|
||||||||
Net cash provided from (used by) investing activities
|
-
|
-
|
||||||
|
||||||||
Cash Flows from Financing Activities
|
||||||||
Advances, related parties
|
625
|
3,060
|
||||||
Net cash provided from (used by) financing activities
|
625
|
3,060
|
||||||
|
||||||||
Increase (decrease) in cash and cash equivalents
|
(10,905
|
)
|
30
|
|||||
Cash and cash equivalents at beginning of period
|
17,280
|
1,076
|
||||||
Cash and cash equivalents at end of period
|
$
|
6,375
|
$
|
1,106
|
||||
|
||||||||
Supplemental Disclosures of Cash Flow Information:
|
||||||||
Cash paid (received) during year for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes
|
$
|
-
|
$
|
-
|
1.
|
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
1.
|
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (cont'd)
|
2.
|
GOING CONCERN
|
3.
|
PATENT LICENSE AGREEMENT
|
3.
|
PATENT LICENSE AGREEMENT (cont'd)
|
(a)
|
An ongoing maintenance fee of $500 per month plus an additional annual fee of $1,000;
|
(b)
|
Royalty fees of 6% per machine sold or leased under this license, payable within thirty (30) days of agreement reached with the customer/lessee. Payments can be grouped on a monthly occurring basis;
|
(c)
|
This license shall be considered null and void if production is not obtained within a 5-year period of the date stated above and the license, and all rights thereunder, will return to the Licensor.
|
4.
|
CONSULTING AGREEMENT
|
5.
|
CUSTOMER DEPOSITS
|
6.
|
COMMON STOCK
|
7.
|
RELATED PARTY TRANSACTIONS
|
a.
|
Management services:
|
b.
|
Advances
|
8.
|
INCOME TAXES
|
|
September 30,
2017
|
June 30,
2017
|
||||||
Loss carryforwards
|
$
|
57,432
|
$
|
51,217
|
||||
Less – accrued management fees
|
(5,780
|
)
|
(4,760
|
)
|
||||
Less - valuation allowance
|
(51,652
|
)
|
(46,457
|
)
|
||||
Total net deferred tax assets
|
$
|
-
|
$
|
-
|
9.
|
SUBSEQUENT EVENTS
|
At
September 30, 2017
|
At
June 30, 2017
|
|||||||
Current Assets
|
$
|
9,375
|
$
|
20,280
|
||||
Current Liabilities
|
$
|
36,343
|
$
|
28,968
|
||||
Working Capital (Deficit)
|
$
|
(26,968
|
)
|
$
|
(8,688
|
)
|
|
Three Months ended
September 30,
|
|||||||
2017
|
2016
|
|||||||
Net cash (used) in operating activities
|
$
|
(11,530
|
)
|
$
|
(3,030
|
)
|
||
Net cash provided by financing activities
|
$
|
625
|
$
|
3,060
|
||||
Net increase (decrease) in cash during period
|
$
|
(10,905
|
)
|
$
|
30
|
Exhibit Number
|
|
Description
|
|
|
Kelvin Medical, Inc.
|
|
|
|
|
|
Date:
|
November 6, 2017
|
By:
|
/s/ William Mandel
|
|
|
Name:
|
William Mandel
|
|
|
Title:
|
President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer & Director
|
1 Year Kelvin Medical (CE) Chart |
1 Month Kelvin Medical (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions