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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, 2016
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Commission File Number 0-7092
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TEXAS
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75-0868913
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(State or other jurisdiction of
incorporation or organization)
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(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
☐
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Accelerated filer
☐
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Non-accelerated filer
☐
(Do not check if a smaller reporting company)
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Smaller reporting company
☒
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PART I
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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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2
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Item 1B.
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Unresolved Staff Comments
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6
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Item 2.
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Properties
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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.
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Business
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Item 1A.
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Risk Factors.
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Item 1B
.
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Unresolved Staff Comments.
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Item 2.
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Properties.
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Item 3.
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Legal Proceedings
.
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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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||||||||||||
2015
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||||||||||||||||
High
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$
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.085
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$
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.105
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$
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.115
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$
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.130
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||||||||
Low
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.046
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.040
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.080
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.056
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||||||||||||
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||||||||||||||||
2016
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||||||||||||||||
High
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$
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.062
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$
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.070
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.061
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.065
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||||||||||
Low
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.049
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.049
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.038
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.045
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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.
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Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
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Item 9A.
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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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Hannah M. Bible
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37
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Chairman of the Board of Directors, President, Chief Executive Officer, Chief Financial Officer, Secretary and Treasurer
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Alexander Rosenbluth
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24
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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
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Percent of
Class
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|||
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Jeffrey E. Eberwein (1)
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10,187,948
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60.23%
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53 Forest Avenue, First Floor, Old Greenwich, CT 06870
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Lone Star Value Co-Invest I, LP
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6,786,588
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40.12%
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53 Forest Avenue, First Floor, Old Greenwich, CT 06870
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Lo Lone Star Value Investors, LP
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3,401,360
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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 ("Lone Star Value Investors"), and 10,187,948 shares owned by Lone Star Value Co-Invest I, LP ("Lone Star Value Co-Invest I"), for which Mr. Eberwein may be deemed the beneficial owner. Mr. Eberwein is the sole investor of Lone Star Value Co-Invest I, and contributed the shares to Lone Star Value Co-Invest I. 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
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Amount and Nature of
Beneficial Ownership
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Percent of
Class
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||
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Hannah Bible
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-
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0%
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Alexander Rosenbluth
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-
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0%
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All executive officers and directors as a group
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-
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0%
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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
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Fee category
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2016
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2015
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||||||
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||||||||
Audit Fees
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$
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14,500
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$
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14,500
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||||
Audit-related fees
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-
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-
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||||||
Tax fees
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1,100
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1,100
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||||||
All other fees
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-
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-
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||||||
Total fees
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$
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15,600
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$
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15,600
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||||
Item 15.
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Exhibits, Financial Statement Schedules
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3.1 | Restated Articles of Incorporation (with amendment). Reference is made to Exhibit 3 to the Company's Current Report on Form 8-K for the quarter ended June 30, 1995. | |
3.2
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Certificate of Amendment to Articles of Incorporation. Reference is made to Exhibit 5.03 of the Company's Form 10-Q filed on November 14, 2016.
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3.3
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Certificate of Amendment to Articles of Incorporation. Reference is made to Exhibit 5.03 of the Company's Form 8-K filed on January 28, 2014.
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3.4
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Certificate of Amendment to Articles of Incorporation. Reference is made to Exhibit 5.03 of the Company's Form 8-K filed on April 30. 2014.
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3.5
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Certificate of Amendment to Articles of Incorporation. Reference is made to Exhibit 3.03 of the Company's Form 8-K filed on October 3, 2013.
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3.6
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Restated Bylaws. Reference is made to Exhibit 3.2 to the Company's Annual Report on Form 10-K for the year ended December 31, 2003.
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3.7
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Amended Bylaws. Reference is made to Exhibit 3.01 of the Company's Form 8-K, filed on April 6, 2007.
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23.1
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Consent of Independent Registered Public Accounting Firm - Ramirez Jimenez International CPAs.
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31.1
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Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
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31.2
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Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002, filed herewith.
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32
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Certification of Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, filed herewith. (Certification will not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934, as amended).
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101
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Interactive Data Files
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RELIABILITY INCORPORATED
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(Registrant)
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DATE: March 20, 2017
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/s/ Hannah Bible
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By:
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Hannah Bible
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Its:
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Chairman of the Board of Directors, President, Chief Executive Officer, Chief Financial Officer
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DATE: March 20, 2017
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/s/ Hannah Bible
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By:
|
Hannah Bible
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Its:
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President, Chief Executive Officer, Chief Financial Officer and Director (Principal Executive and Financial Officer)
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DATE: March 20, 2017
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/s/ Alexander Rosenbluth
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By:
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Alexander Rosenbluth
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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 20, 2017
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December 31,
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|||||||
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2016
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2015
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||||||
ASSETS
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||||||||
Current Assets:
|
||||||||
Cash and cash equivalents
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$
|
30,479
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$
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11,924
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||||
Total current assets
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30,479
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11,924
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||||||
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||||||||
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||||||||
Total Assets
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$
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30,479
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$
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11,924
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||||
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||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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||||||||
Current Liabilities:
|
||||||||
Accounts payable and accrued liabilities
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$
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24,479
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$
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15,898
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||||
Total current liabilities
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24,479
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15,898
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||||||
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||||||||
Long-term Liabilities:
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||||||||
Loans from stockholder and affiliate
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90,000
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50,000
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||||||
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||||||||
Total Liabilities
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114,479
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65,898
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||||||
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||||||||
Stockholders' Equity (Deficit):
|
||||||||
Preferred stock, without par value; 1,000,000 shares authorized, none issued and outstanding
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-
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-
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||||||
Common stock, without par value; 300,000,000 shares authorized; 17,268,993 shares issued
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9,912,150
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9,912,150
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||||||
Accumulated deficit
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(8,901,633
|
)
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(8,871,607
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)
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||||
Less treasury stock at cost, 354,300 shares
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(1,094,517
|
)
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(1,094,517
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)
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||||
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||||||||
Total stockholders' deficit
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(84,000
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)
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(53,974
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)
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||||
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||||||||
Total Liabilities and Stockholders' Deficit
|
$
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30,479
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$
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11,924
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Year ended
December 31,
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|||||||
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2016
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2015
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||||||
Operating Expenses:
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||||||||
General and administrative
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$
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29,776
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$
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30,175
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||||
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||||||||
Total Operating Expenses
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29,776
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30,175
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||||||
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||||||||
Other income
|
||||||||
Loss Before Income Taxes
|
(29,776
|
)
|
(30,175
|
)
|
||||
Income Taxes
|
250
|
-
|
||||||
|
||||||||
Net Loss
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$
|
(30,026
|
)
|
$
|
(30,175
|
)
|
||
|
||||||||
Basic and diluted loss per share:
|
$
|
-
|
$
|
-
|
||||
|
||||||||
Weighted average shares outstanding:
|
||||||||
Basic
|
16,914,693
|
16,914,693
|
||||||
Diluted
|
16,914,693
|
16,914,693
|
|
Common Stock
|
Treasury Stock
(At Cost)
|
Total
|
|||||||||||||||||||||
|
Shares
|
Amount
|
Shares
|
Amount
|
Accumulated Deficit
|
Stockholders'
(Deficit)
|
||||||||||||||||||
|
||||||||||||||||||||||||
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
|
)
|
||||||||||
|
||||||||||||||||||||||||
Net loss
|
(30,026
|
)
|
(30,026
|
)
|
||||||||||||||||||||
|
||||||||||||||||||||||||
Balance at December 31, 2016
|
17,268
|
$
|
9,912,150
|
(354
|
)
|
$
|
(1,094,517
|
)
|
$
|
(8,901,633
|
)
|
$
|
(84,000
|
)
|
|
Year ended
December 31,
|
|||||||
|
2016
|
2015
|
||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(30,026
|
)
|
$
|
(30,175
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
Accrued interest on loans from stockholder and affiliate
|
6,661
|
5,000
|
||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts payable and accrued liabilities
|
1,920
|
(636
|
)
|
|||||
Net cash used in operating activities
|
(21,445
|
)
|
(25,811
|
)
|
||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Proceeds from loan from affiliate
|
40,000
|
-
|
||||||
Net cash provided by financing activities
|
40,000
|
-
|
||||||
Net increase (decrease) in cash and cash equivalents
|
18,555
|
(25,811
|
)
|
|||||
Cash and cash equivalents:
|
||||||||
Beginning of year
|
11,924
|
37,735
|
||||||
End of year
|
$
|
30,479
|
$
|
11,924
|
||||
|
||||||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the year for:
|
||||||||
Interest
|
$
|
-
|
$
|
-
|
||||
Income taxes
|
$
|
250
|
$
|
-
|
|
December 31,
|
|||||||
|
2016
|
2015
|
||||||
|
||||||||
Legal and accounting costs
|
$
|
9,955
|
$
|
8,035
|
||||
Accrued interest
|
14,524
|
7,863
|
||||||
Total
|
$
|
24,479
|
$
|
15,898
|
1 Year Reliability (PK) Chart |
1 Month Reliability (PK) Chart |
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