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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Optec International Inc (PK) | USOTC:OPTI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.00015 | -8.11% | 0.0017 | 0.0017 | 0.0019 | 0.002 | 0.0016 | 0.0018 | 82,287,171 | 20:58:59 |
Wyoming
---------------------------------
(State or other jurisdiction of incorporation)
|
000-55861
-------------------------------
(Commission File Number)
|
45-5552519
-------------------------------------
(IRS Employer Identification No.)
|
Large accelerated filer [_]
|
Accelerated filer [_]
|
Non-accelerated filer [_]
|
Smaller reporting company [X]
|
(Do not check if a smaller reporting company)
Emerging Growth Company [X]
|
|
Class
|
Outstanding at May 2, 2018
|
Common Stock, $0.001 par value per share
|
19,245,000
|
|
|
Page
|
|
|
|
Part I.
|
Financial Information
|
|
|
|
|
Item 1.
|
Financial Statements:
|
4
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
17
|
|
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
21
|
|
|
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Item 4.
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Controls and Procedures
|
21
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|
|
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Part II.
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Other Information
|
21
|
|
|
|
Item 1.
|
Legal Proceedings
|
21
|
|
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
21
|
|
|
|
Item 3.
|
Defaults upon Senior Securities
|
21
|
|
|
|
Item 4.
|
Mine Safety Disclosures
|
22
|
|
|
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Item 5.
|
Other Information
|
22
|
|
|
|
Item 6.
|
Exhibits
|
22
|
|
|
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Signatures
|
|
22
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Condensed Unaudited Financial Statements
|
|
Balance Sheets as of March 31, 2018 (unaudited) and June 30, 2017
|
4
|
Statements of Operations for the three and nine months ended March 31, 2018 and 2017 (unaudited)
|
5
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Statements of Cash Flows for the nine months ended March 31, 2018 and 2017 (unaudited)
|
6
|
Notes to the Unaudited Financial Statements
|
7
|
|
March31, 2018
|
June 30, 2017
|
||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Current Assets
|
||||||||
Cash
|
$
|
711
|
$
|
342
|
||||
Accounts receivable net of allowance for doubtful accounts
|
49,580
|
4,700
|
||||||
Inventory
|
85,000
|
-
|
||||||
Total Current Assets
|
135,291
|
5,042
|
||||||
Other Assets
|
||||||||
Loan receivable
|
92,500
|
-
|
||||||
Web development costs, and other intangible assets Net of accumulated amortization
|
9,589
|
12,646
|
||||||
Total Other Assets
|
102,089
|
12,646
|
||||||
|
||||||||
Total Assets
|
$
|
237,380
|
$
|
17,688
|
||||
|
||||||||
Liabilities And Stockholders' Equity (Deficit)
|
||||||||
|
||||||||
Current Liabilities
|
||||||||
Accounts Payable and accrued expenses
|
74,615
|
7,000
|
||||||
Accrued expenses-related party
|
9,000
|
-
|
||||||
Derivative liability
|
790,011
|
-
|
||||||
Accrued Interest
|
14,726
|
-
|
||||||
Notes Payable net of discount
|
125,094
|
-
|
||||||
Loan from related party
|
100
|
-
|
||||||
Total Current Liabilities
|
1,013,546
|
7,000
|
||||||
Total Liabilities
|
1,013,546
|
7,000
|
||||||
Commitments and Contingencies
|
||||||||
Stockholders' Equity (Deficit)
|
||||||||
Common stock $0.001 par value 75,000,000 shares authorized 19,245,000 and 52,945,000
shares issued and outstanding at March 31, 2018 and June 30, 2017, respectively
|
19,245
|
52,945
|
||||||
Additional paid in capital
|
50,205
|
505
|
||||||
Accumulated earnings (deficit)
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(845,616
|
)
|
(42,762
|
)
|
||||
Total Stockholders' Equity (Deficit)
|
(776,166
|
)
|
10,688
|
|||||
|
||||||||
Total Liabilities and Stockholders' Equity (Deficit)
|
$
|
237,380
|
$
|
17,688
|
||||
|
||||||||
|
|
|
|||||||||||||||
Three Months Ended
March 31
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Nine Months Ended
March 31
|
|||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
Revenue
|
||||||||||||||||
Product
|
$
|
-
|
$
|
12,000
|
$
|
86,300
|
$
|
12,000
|
||||||||
Consulting Income
|
305
|
-
|
305
|
|||||||||||||
Sub license agreements
|
-
|
-
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4,500
|
12,200
|
||||||||||||
Total Revenue
|
305
|
12,000
|
91,105
|
24,200
|
||||||||||||
Cost of goods sold
|
||||||||||||||||
Cost of Goods
|
$
|
-
|
$
|
7,000
|
$
|
58,360
|
$
|
7,000
|
||||||||
Total Cost of Goods
|
-
|
7,000
|
58,360
|
7,000
|
||||||||||||
Gross Profit
|
305
|
5,000
|
32,745
|
17,200
|
||||||||||||
Operating Expenses
|
||||||||||||||||
Professional fees
|
12,423
|
-
|
28,459
|
9,022
|
||||||||||||
Amortization
|
1,019
|
1,019
|
3,057
|
3,057
|
||||||||||||
Bad debt
|
(39
|
)
|
-
|
35,520
|
-
|
|||||||||||
Consulting fees
|
755
|
-
|
2,255
|
-
|
||||||||||||
Consulting fees-related party
|
9,000
|
-
|
40,000
|
-
|
||||||||||||
Commission
|
-
|
-
|
5,000
|
-
|
||||||||||||
Marketing
|
1,000
|
5,075
|
6,400
|
5,075
|
||||||||||||
General & administrative
|
40
|
3
|
577
|
6
|
||||||||||||
Total Operating Expenses
|
24,198
|
6,097
|
121,268
|
17,160
|
||||||||||||
|
||||||||||||||||
Income (loss) before other expense
|
(23,893
|
)
|
(1,097
|
)
|
(88,523
|
)
|
40
|
|||||||||
|
||||||||||||||||
Other Expense
|
||||||||||||||||
Change in fair value of derivative
|
321,986
|
-
|
574,511
|
-
|
||||||||||||
Interest on convertible notes
|
94,211
|
-
|
139,820
|
-
|
||||||||||||
Total Other Expense
|
416,197
|
-
|
714,331
|
-
|
||||||||||||
Net Income (loss)
|
$
|
(440, 090
|
)
|
$
|
(1,097
|
)
|
$
|
(802,854
|
)
|
$
|
40
|
|||||
|
||||||||||||||||
|
||||||||||||||||
Basic and Diluted Income (Loss) Per Share from operations
|
(0.01
|
)*
|
(0.00
|
)*
|
(0.01
|
)*
|
0.00
|
*
|
||||||||
|
||||||||||||||||
Weighted Average of Common Shares Outstanding basic and diluted
|
19,245,000
|
52,944,500
|
31,051,799
|
52,944,500
|
||||||||||||
|
Nine Months
Ended
March 31, 2018
|
Nine Months
Ended
March 31, 2017
|
|||||||
Cash Flows from Operating Activities
|
||||||||
Net income (loss)
|
$
|
(802,854
|
)
|
$
|
40
|
|||
Adjustments to Reconcile Net Income (Loss) To Net Cash
Provided by (Used In) Operating Activities: |
||||||||
Amortization expense
|
3,057
|
3,057
|
||||||
Amortization of debt discount
|
125,094
|
-
|
||||||
Allowance for bad debt expense
|
35,520
|
-
|
||||||
Changes in fair value of derivative liability
|
574,511
|
|||||||
Stock issued for services
|
16,000
|
-
|
||||||
Changes in Operating Assets and Liabilities
|
||||||||
Accounts receivable
|
(80,400
|
)
|
(12,100
|
)
|
||||
Inventory
|
(85,000
|
)
|
-
|
|||||
Accounts payable and accrued expenses
|
67,615
|
2,000
|
||||||
Accrued expenses-related party
|
9,000
|
-
|
||||||
Accrued interest
|
14,726
|
-
|
||||||
Net Cash Provided by (Used in) Operating Activities-
|
(122,731
|
)
|
(7,003
|
)
|
||||
|
||||||||
Cash Flows from Investing Activities
|
||||||||
Loan receivable
|
(92,500
|
)
|
-
|
|||||
Net Cash used in Investing Activities
|
(92,500
|
)
|
-
|
|||||
|
||||||||
Financing Activities
|
||||||||
Proceeds from issuance of notes payable
|
215,500
|
-
|
||||||
Loan from related party
|
100
|
-
|
||||||
Net Cash Provided by Financing Activities
|
215,600
|
-
|
||||||
Increase/Decrease in Cash
|
369
|
(7,003
|
)
|
|||||
|
||||||||
Cash at Beginning of Period
|
342
|
8,977
|
||||||
|
||||||||
Cash at End of Period
|
$
|
711
|
$
|
1,974
|
||||
|
||||||||
Supplemental disclosure
|
||||||||
Cash paid for Interest
|
$
|
-
|
$
|
-
|
||||
Cash paid for income taxes
|
$
|
-
|
$
|
-
|
||||
|
||||||||
Supplemental Disclosure of Non-Cash Investing and Financing Activities: | ||||||||
Derivative liability and debt discount | $ | 215,500 | $ | - | ||||
Options issued in exchange for common stock | 49,700 | $ | - | |||||
|
Three Months ended
March 31, 2018
|
Three Months ended
March 31, 2017
|
||||||||||||||
|
$ |
|
%
|
$ |
|
%
|
||||||||||
Total licensing revenue
|
||||||||||||||||
Total Consulting Revenue
|
305
|
100
|
-
|
- | ||||||||||||
Total product revenue *
|
- | - |
12,000
|
100
|
||||||||||||
Total revenue
|
305
|
100
|
12,000
|
100
|
||||||||||||
|
||||||||||||||||
Total licensing revenue
|
||||||||||||||||
Customer A
|
- | - |
-
|
-
|
||||||||||||
Customer B
|
305
|
100
|
- | - | ||||||||||||
Customer C
|
- |
-
|
- | - | ||||||||||||
Customer D
|
- | - |
-
|
- | ||||||||||||
Customer E
|
- | - |
12,000
|
100
|
||||||||||||
Concentration total
|
305
|
100
|
12,000
|
100
|
|
Three Months ended
March 31, 2018
|
Three Months ended
March 31, 2017
|
||||||||||||||
|
$ |
|
%
|
$ |
|
%
|
||||||||||
Optimized Fuel Technology
|
||||||||||||||||
Product-Optec
|
-
|
-
|
12,000
|
100
|
||||||||||||
Total Purchases
|
- | - |
12,000
|
100
|
|
Nine Months ended
March 31, 2018
|
Nine Months ended
March 31, 2017
|
||||||||||||||
|
$ |
|
%
|
$ |
|
%
|
||||||||||
Total licensing revenue
|
4,500
|
5.0
|
12,200
|
50.4
|
||||||||||||
Total Consulting Revenue
|
305
|
.4
|
-
|
|||||||||||||
Total product revenue *
|
86,300
|
94.6
|
12,000
|
49.6
|
||||||||||||
Total revenue
|
91,105
|
100
|
24,200
|
100
|
||||||||||||
|
||||||||||||||||
Total licensing revenue
|
||||||||||||||||
Customer A
|
4,500
|
5.0
|
-
|
-
|
||||||||||||
Customer B
|
305
|
.4
|
7,100
|
29.3
|
||||||||||||
Customer C
|
1,200
|
1.3
|
5,100
|
21.1
|
||||||||||||
Customer D
|
31,600
|
34.6
|
-
|
-
|
||||||||||||
Customer E
|
53,500
|
58.7
|
12,000
|
49.6
|
||||||||||||
Concentration total
|
91,105
|
100
|
24,200
|
100
|
|
Nine Months ended
March 31, 2018
|
Nine Months ended
March 31, 2017
|
||||||||||||||
|
$ |
|
%
|
$ |
|
%
|
||||||||||
Product-Optec
|
49,580
|
100
|
12,000
|
100
|
||||||||||||
Total Purchases
|
49,580
|
100
|
12,000
|
100
|
March 31, 2018
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
None
|
$ |
|
-
|
$ |
|
-
|
$ |
|
-
|
$ |
|
-
|
||||
|
||||||||||||||||
Liabilities
|
||||||||||||||||
Derivative liabilities
|
$ |
|
-
|
$ |
|
-
|
$ |
|
790,011
|
$ |
|
790,011
|
||||
|
||||||||||||||||
June 30, 2017
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
Assets
|
||||||||||||||||
None
|
$ |
|
-
|
$ |
|
-
|
$ |
|
-
|
$ |
|
-
|
||||
|
||||||||||||||||
Liabilities
|
||||||||||||||||
None
|
$ |
|
-
|
$ |
|
-
|
$ |
|
-
|
$ |
|
-
|
March 31,
|
June 30,
|
|||||||
2018
|
2017
|
|||||||
November 7, 2017 Note
|
$
|
87,500
|
$
|
-
|
||||
November 10, 2017 Note
|
43,000
|
-
|
||||||
November 24, 2017 Note
|
112,500
|
-
|
||||||
Total convertible notes payable
|
243,000
|
-
|
||||||
Less: Unamortized debt discount
|
(117,906
|
)
|
-
|
|||||
Total convertible notes
|
125,094
|
-
|
||||||
Less: current portion of convertible notes
|
125,094
|
-
|
||||||
Long-term convertible notes
|
$
|
-
|
$
|
-
|
|
·
|
Terms ranging from 8 months to 9 months.
|
|
·
|
Annual interest rates of 10%to 12%.
|
|
·
|
Convertible at the option of the holders at issuance to 180 days.
|
|
·
|
Conversion prices are typically based on the discounted (45% discount) average closing prices or lowest trading prices of the Company’s shares during various periods prior to conversion.
|
Warrants Outstanding
|
||||||||
Weighted Average
|
||||||||
Shares
|
Exercise Price
|
|||||||
Outstanding, June 30, 2017
|
-
|
$
|
-
|
|||||
Granted
|
20,057
|
3.45
|
||||||
Reset feature
|
14,743
|
1.25
|
||||||
Exercised
|
-
|
-
|
||||||
Forfeited/canceled
|
-
|
-
|
||||||
Outstanding, March 31, 2018
|
34,800
|
$
|
1.25
|
Warrants Outstanding
|
Warrants Exercisable
|
|||||||||||||||||
Number of
|
Weighted Average Remaining
Contractual life
|
Weighted Average
|
Number of
|
Weighted Average
|
||||||||||||||
Shares
|
(in years)
|
Exercise Price
|
Shares
|
Exercise Price
|
||||||||||||||
34,800
|
4.61
|
$
|
1.25
|
34,800
|
$
|
1.25
|
Year Ended
|
||||||||
March 31, 2018
|
June 30, 2017
|
|||||||
Expected term
|
8-9 months
|
-
|
||||||
Expected average volatility
|
79% - 487
|
%
|
-
|
|||||
Expected dividend yield
|
-
|
-
|
||||||
Risk-free interest rate
|
1.37% - 2.20
|
%
|
-
|
Number
|
Exhibit
|
Dated: May 4, 2018
|
OPTEC INTERNATIONAL, INC.
|
|
|
|
|
|
By:
|
/s/ Peter Sollenne
|
|
|
Peter Sollenne,
|
|
|
Chief Executive Officer
|
1 Year Optec (PK) Chart |
1 Month Optec (PK) Chart |
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