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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Reliability Incorporated (PK) | USOTC:RLBY | 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% | 0.072 | 0.046 | 0.125 | 0.00 | 11:47:39 |
For the Fiscal Year Ended December 31, 2015
|
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Commission File Number 0-7092
|
TEXAS
|
|
75-0868913
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(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
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53 Forest Avenue, First Floor
Old Greenwich, Connecticut
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06870
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(Address of principal executive offices)
|
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(Zip Code)
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Large accelerated filer
☐
|
|
Accelerated filer
☐
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Non-accelerated filer
☐
(Do not check if a smaller reporting company)
|
|
Smaller reporting company
☒
|
PART I
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||||
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Item 1.
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Business
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2
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Item 1A.
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Risk Factors.
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|
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2
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|
Item 1B.
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Unresolved Staff Comments.
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|
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6
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Item 2.
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Properties
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|
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6
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Item 3.
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Legal Proceedings
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6
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Item 4.
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Mine Safety Disclosures
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6
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||||
PART II
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||||
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Item 5.
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Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
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7
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Item 6.
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Selected Financial Data
|
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7
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Item 7.
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Management's Discussion and Analysis of Financial Condition and Results of Operations
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7
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Item 7A.
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Quantitative and Qualitative Disclosures About Market Risk
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9
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Item 8.
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Financial Statements
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9
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Item 9.
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
|
|
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9
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Item 9A.
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Controls and Procedures
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9
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Item 9B.
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Other Information
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10
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||||
PART III
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||||
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Item 10.
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Directors, Executive Officers, and Corporate Governance
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11
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Item 11.
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Executive Compensation
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12
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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12
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Item 13.
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Certain Relationships and Related Transactions and Director Independence
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13
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Item 14.
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Principal Accountant's Fees and Services
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14
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Item 15.
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Exhibits and Financial Statement Schedules
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15
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Signatures
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16
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Item 1.
|
Business
|
Item 1A.
|
Risk Factors.
|
Item 1B
.
|
Unresolved Staff Comments.
|
Item 2.
|
Properties.
|
Item 3.
|
Legal Proceedings
.
|
Item 4.
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Mine Safety Disclosures.
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Item 5.
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Market for Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
|
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First
Quarter
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Second
Quarter
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Third
Quarter
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Fourth
Quarter
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||||||||||||
2014
|
|
|
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||||||||||||
High
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$
|
.115
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$
|
.219
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$
|
.145
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$
|
.148
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||||||||
Low
|
.042
|
.115
|
.080
|
.076
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||||||||||||
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||||||||||||||||
2015
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||||||||||||||||
High
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$
|
.085
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$
|
.105
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$
|
.115
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$
|
.130
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||||||||
Low
|
.046
|
.040
|
.080
|
.056
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Plan category
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Number of securities to be issued upon exercise of outstanding options, warrants and rights
(a)
|
Weighted-average exercise price of outstanding options, warrants and rights
(b)
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Number of security remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(c)
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|||||||||
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|||||||||
Equity compensation plans approved by security holders
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370,000
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$
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0.21
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0
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||||||||
Equity compensation plans not approved by security holders
|
-
|
-
|
-
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|||||||||
Total
|
370,000
|
$
|
0.21
|
0
|
Item 6.
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Selected Financial Data.
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Item 7.
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Management's Discussion and Analysis of Financial Condition and Results of Operations.
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Item 7A.
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Quantitative and Qualitative Disclosures About Market Risk.
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Item 8.
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Financial Statements
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Item 9.
|
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
|
Item 9A.
|
Controls and Procedures.
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Item 9B.
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Other Information
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Item 10.
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Directors, Executive Officers, and Corporate Governance.
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NAME
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AGE
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PRINCIPAL POSITION
|
|
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|
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Kyle Hartley
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47
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Chairman of the Board of Directors, President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer
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Hannah M. Bible
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36
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Director
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Item 11.
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Executive Compensation.
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.
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Name and Address of Beneficial Owner
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Amount and Nature of
Beneficial Ownership
|
Percent of
Class
|
||||||
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||||||
Jeffrey E. Eberwein (1)
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10,187,948
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60.23
|
%
|
|||||
53 Forest Avenue, First Floor, Old Greenwich, CT 06870
|
||||||||
Lone Star Value Investors, LP
|
3,401,360
|
20.11
|
%
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|||||
53 Forest Avenue, First Floor, Old Greenwich, CT 06870
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||||||||
(1)
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Includes the 3,401,360 shares owned by Lone Star Value Investors, LP, which are beneficially owned by Mr. Eberwein. Mr. Eberwein disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
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Name of individual or group
|
Amount and Nature of
Beneficial Ownership
|
Percent of
Class
|
||||||
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||||||
Hannah Bible
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-
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0
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%
|
|||||
Kyle Hartley
|
-
|
0
|
%
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|||||
All executive officers and directors as a group
|
-
|
0
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%
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|||||
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Item13.
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Certain Relationships and Related Transactions and Director Independence
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Item 14.
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Principal Accountant's Fees and Services
|
Fee category
|
2015
|
2014
|
||||||
|
|
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||||||
Audit Fees
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$
|
14,500
|
$
|
14,000
|
||||
Audit-related fees
|
-
|
-
|
||||||
Tax fees
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1,100
|
-
|
||||||
All other fees
|
-
|
-
|
||||||
Total fees
|
$
|
15,600
|
$
|
14,000
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||||
Item 15.
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Exhibits, Financial Statement Schedules
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RELIABILITY INCORPORATED
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(Registrant)
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DATE: March 29, 2016
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/s/ Kyle Hartley
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By:
|
Kyle Hartley
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Its:
|
Chairman of the Board of Directors, President, Chief Executive Officer, Chief Financial Officer
|
DATE: March 30, 2016
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/s/ Kyle Hartley
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|
By:
|
Kyle Hartley
|
|
Its:
|
President, Chief Executive Officer, Chief Financial Officer and Director (Principal Executive and Financial Officer)
|
|
|
|
DATE: March 30, 2016
|
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/s/ Hannah Bible
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By:
|
Hannah Bible
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Its:
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Director
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/s/ Ramirez Jimenez International CPAs
|
|
|
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Irvine, California
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March 30, 2016
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December 31,
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|||||||
|
2015
|
2014
|
||||||
ASSETS
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||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
|
$
|
11,924
|
$
|
37,735
|
||||
Total current assets
|
11,924
|
37,735
|
||||||
|
||||||||
|
||||||||
Total Assets
|
$
|
11,924
|
$
|
37,735
|
||||
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||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
||||||||
Current Liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
$
|
15,898
|
$
|
11,534
|
||||
Total current liabilities
|
15,898
|
11,534
|
||||||
|
||||||||
Long-term Liabilities:
|
||||||||
Loans from stockholder
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50,000
|
50,000
|
||||||
Total Liabilities
|
65,898
|
61,534
|
||||||
Stockholders' Equity (Deficit):
|
||||||||
Preferred stock, without par value; 1,000,000 shares authorized, none issued and outstanding
|
-
|
-
|
||||||
Common stock, without par value; 300,000,000 shares authorized; 17,268,993 and 17,268,993 shares issued at December 31, 2015 and December 31, 2014 respectively
|
9,912,150
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9,912,150
|
||||||
Accumulated deficit
|
(8,871,607
|
)
|
(8,841,432
|
)
|
||||
Less treasury stock at cost, 354,300 shares
|
(1,094,517
|
)
|
(1,094,517
|
)
|
||||
|
||||||||
Total stockholders' deficit
|
(53,974
|
)
|
(23,799
|
)
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||||
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||||||||
Total Liabilities and Stockholders' Deficit
|
$
|
11,924
|
$
|
37,735
|
|
Year ended
December 31,
|
|||||||
|
2015
|
2014
|
||||||
Operating Expenses:
|
||||||||
General and administrative
|
$
|
30,175
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$
|
39,419
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||||
|
||||||||
Total Operating Expenses
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30,175
|
39,419
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||||||
|
||||||||
Other income
|
||||||||
Loss Before Income Taxes
|
(30,175
|
)
|
(39,419
|
)
|
||||
Income Taxes
|
0
|
250
|
||||||
|
||||||||
Net Loss
|
$
|
(30,175
|
)
|
$
|
(39,669
|
)
|
||
|
||||||||
Basic and diluted loss per share:
|
$
|
-
|
$
|
-
|
||||
|
||||||||
Weighted average shares outstanding:
|
||||||||
Basic
|
16,914,693
|
16,784,230
|
||||||
Diluted
|
16,914,693
|
16,784,230
|
|
Common Stock
|
Treasury Stock
(At Cost)
|
Total
|
|||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Accumulated Deficit
|
Stockholders'
(Deficit)
|
||||||||||||||||||
|
||||||||||||||||||||||||
Balance at December 31, 2013
|
13,867
|
$
|
9,862,150
|
(354
|
)
|
$
|
(1,094,517
|
)
|
$
|
(8,801,763
|
)
|
$
|
(34,130
|
)
|
||||||||||
|
||||||||||||||||||||||||
Issuance of common stock
|
3,401
|
50,000
|
-
|
-
|
-
|
50,000
|
||||||||||||||||||
Net loss
|
(39,669
|
)
|
(39,669
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Balance at December 31, 2014
|
17,268
|
$
|
9,912,150
|
(354
|
)
|
$
|
(1,094,517
|
)
|
$
|
(8,841,432
|
)
|
$
|
(23,799
|
)
|
||||||||||
|
||||||||||||||||||||||||
Net loss
|
(30,175
|
)
|
(30,175
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Balance at December 31, 2015
|
17,268
|
$
|
9,912,150
|
(354
|
)
|
$
|
(1,094,517
|
)
|
$
|
(8,871,607
|
)
|
$
|
(53,974
|
)
|
|
Year ended
December 31,
|
|||||||
|
2015
|
2014
|
||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(30,175
|
)
|
$
|
(39,669
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
4,364
|
(23,046
|
)
|
|||||
Net cash used in operating activities
|
(25,811
|
)
|
(62,715
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from loans from officers/ stockholder
|
0
|
50,000
|
||||||
Issuance of common stock for cash
|
0
|
50,000
|
||||||
Net cash provided by financing activities
|
0
|
100,000
|
||||||
Net increase (decrease) in cash and cash equivalents
|
(25,811
|
)
|
37,285
|
|||||
Cash and cash equivalents:
|
||||||||
Beginning of year
|
37,735
|
450
|
||||||
End of year
|
$
|
11,924
|
$
|
37,735
|
||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$
|
0
|
$
|
0
|
||||
Income taxes
|
$
|
0
|
$
|
250
|
|
Year ended
December 31,
|
|||||||
|
2015
|
2014
|
||||||
|
|
|
||||||
Legal and accounting costs
|
$
|
8,035
|
$
|
8,671
|
||||
Accrued interest
|
7,863
|
2,863
|
||||||
Total
|
$
|
15,898
|
$
|
11,534
|
1 Year Reliability (PK) Chart |
1 Month Reliability (PK) Chart |
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