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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 | 0.0999 | 0.00 | 13:14:12 |
x
|
QUARTERLY REPORT UNDER SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended June 30, 2014
|
|
o
|
TRANSITION REPORT UNDER SECTION 13 or 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
to
.
|
RELIABILITY INCORPORATED
|
||
(Name of registrant in its charter)
|
||
TEXAS
|
75-0868913
|
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification Number)
|
|
53 Forest Avenue, First Floor, Old Greenwich, Connecticut
|
06870
|
|
(Address of principal executive offices)
|
(Zip Code)
|
|
(203) 489-9500
|
||
(Issuer’s telephone number, including area code)
|
||
(Former name, former address and former fiscal year, if changed since last report.)
|
Large accelerated filer
o
|
Accelerated filer
o
|
|
Non-accelerated filer
o
(Do not check if a smaller reporting company)
|
Smaller reporting company x
|
PART I. FINANCIAL INFORMATION
|
||
Item 1.
|
Unaudited Financial Statements
|
2
|
|
||
Balance Sheets as of June 30, 2014 and December 31, 2013
|
2
|
|
Statements of Operations for the Three Months Ended June 30, 2014 and 2013
|
3
|
|
Statements of Operations for the Six Months Ended June 30, 2014 and 2013
|
4
|
|
Statements of Cash Flows for the Six Months Ended June 30, 2014 and 2013
|
5
|
|
Notes to Unaudited Financial Statements
|
6-8
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
9-10
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
10
|
Item 4.
|
Risk Controls and Procedures
|
10
|
PART II. OTHER INFORMATION
|
||
Item 1.
|
Legal Proceedings
|
11
|
Item 1a.
|
Risk Factors
|
11
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
11
|
Item 3.
|
Defaults Upon Senior Securities
|
11
|
Item 4.
|
Mine Safety Disclosures
|
11
|
Item 5.
|
Other Information
|
11
|
Item 6.
|
Exhibits
|
11
|
Signatures
|
12
|
|
Exhibits
|
13
|
Item 1. Financial Statements
|
Three months ended
June 30,
|
||||||||
2014
|
2013
|
|||||||
Operating expenses:
|
||||||||
General and administrative
|
$
|
13,244
|
$
|
4,491
|
||||
Interest expense
|
333
|
0
|
||||||
Total expenses
|
13,577
|
4,491
|
||||||
Other income
|
0
|
15,000
|
||||||
Net Income (Loss)
|
$
|
(13,577)
|
$
|
10,509
|
||||
Basic and Diluted Income (Loss) Per Share
|
(0.00
|
)
|
(0.00
|
)
|
||||
Weighted average shares:
|
||||||||
Basic
|
16,914,693
|
13,513,333
|
||||||
Diluted
|
16,914,693
|
13,513,333
|
Six months ended
June 30,
|
||||||||
2014
|
2013
|
|||||||
Operating expenses:
|
||||||||
General and administrative
|
23,132
|
8,818
|
||||||
Interest expense
|
333
|
0
|
||||||
Total expenses
|
23,465
|
8,818
|
||||||
Other income
|
0
|
15,000
|
||||||
Net Income (Loss) Before Income Taxes
|
$
|
(23,465)
|
$
|
6,182
|
||||
Income Taxes
|
250
|
0
|
||||||
Net Income (Loss)
|
(23,715
|
)
|
6,182
|
|||||
Basic and Diluted Income (Loss) Per Share
|
(0.00
|
)
|
(0.00
|
)
|
||||
Weighted average shares:
|
||||||||
Basic
|
16,651,604
|
13,513,333
|
||||||
Diluted
|
16,651,604
|
13,513,333
|
Six months ended
June 30,
|
||||||||
2014
|
2013
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income (loss)
|
$
|
(23,715)
|
$
|
6,182
|
||||
Adjustments to reconcile net income (loss) to net cash used in operating activities:
|
||||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
0
|
(1,500
|
)
|
|||||
Accounts payable and accrued liabilities
|
(32,277
|
)
|
(7,255
|
)
|
||||
Net cash used in operating activities
|
(55,992
|
)
|
(2,573
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Issuance of stock for cash
|
50,000
|
0
|
||||||
Loans from officers
|
0
|
4,500
|
||||||
Loan from shareholder
|
50,000
|
0
|
||||||
Net cash provided by financing activities
|
100,000
|
4,500
|
||||||
Net increase in cash and cash equivalents
|
44,008
|
1,927
|
||||||
Cash and cash equivalents:
|
||||||||
Beginning of period
|
450
|
486
|
||||||
End of period
|
$
|
44,458
|
$
|
2,413
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid during the period for: | ||||||||
Interest | $ | - | $ | - | ||||
Income taxes | $ | 250 | $ | - |
Item 3. Quantitative and Qualitative Disclosures About Market Risk
|
Item 4. Risk Controls and Procedures
|
|
CEO Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
|
|
31.2
|
|
CFO Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
|
32.1
|
|
CEO Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
|
CFO Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Cash Flows and (iv) the Notes to Consolidated Financial Statements, tagged as blocks of text and in detail (XBRL).
|
RELIABILITY INCORPORATED
(Registrant)
|
||
August 11, 2014
|
/s/ Kyle Hartley
|
|
Kyle Hartley
|
||
President and Chief Executive Officer
|
||
|
/s/ Kyle Hartley
|
|
Kyle Hartley
|
||
Chief Financial Officer
|
Exhibit No.
|
Description
|
||||
31.1
|
|
CEO Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
|
|||
31.2
|
|
CFO Certification Pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934.
|
|||
32.1
|
|
CEO Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|||
32.2
|
|
CFO Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T: (i) the Balance Sheets, (ii) the Statements of Operations, (iii) the Statements of Cash Flows and (iv) the Notes to Consolidated Financial Statements, tagged as blocks of text and in detail (XBRL). |
1 Year Reliability (PK) Chart |
1 Month Reliability (PK) Chart |
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