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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sunridge International Inc (CE) | USOTC:SNDZ | 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 |
þ |
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For
the quarterly period ended
September 30,
2009
|
||
o
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
|
|
For
the transition period from __________ to
__________
|
Nevada
|
|
98-0348905
|
(State
or other jurisdiction of
|
|
(IRS Employer
Identification
No.)
|
incorporation
or organization)
|
|
|
Large accelerated filer o | Accelerated filer o |
Non-accelerated filer o | Small reporting company þ |
Page | ||
Forward-Looking Statements | 3 | |
PART I. FINANCIAL INFORMATION | ||
Item
1.
|
Financial
Statements
|
4 |
Consolidated Balance
Sheets as of September 30, 2009 (Unaudited) and June 30,
2009
|
4
|
|
Unaudited
Consolidated Statements of Operations for the Three Months ended September
30, 2009 and 2008
|
5
|
|
Unaudited Consolidated Statements of Changes in Stockholders' Equity for the Three Months ended September 30, 2009 | 6 | |
Unaudited
Consolidated Statements of Cash Flows for the Three Months ended
September 30, 2009 and 2008
|
7
|
|
Condensed
Notes to the Consolidated Financial Statements
|
8
|
|
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
14
|
Item
3.
|
Quantitative and
Qualitative Disclosures About Market Risk
|
17
|
Item
4T.
|
Controls
and Procedures
|
18
|
PART II. OTHER INFORMATION | ||
Item
1.
|
Legal
Proceedings
|
19
|
Item
1A.
|
Risk
Factors
|
19
|
Item
2.
|
Unregistered Sales
of Equity Securities and Use of Proceeds
|
19
|
Item
3.
|
Defaults
Upon Senior Securities
|
19
|
Item
4.
|
Submission of
Matters to a Vote of Security Holders
|
19
|
Item
5.
|
Other
Information
|
19
|
Item
6.
|
Exhibits
|
20
|
Signatures |
21
|
|
PART I. |
FINANCIAL INFORMATION
|
Item 1. |
Financial Statements
|
9/30/2009
|
6/30/2009
|
|||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 1,024 | $ | – | ||||
Inventory
|
1,416 | 3,556 | ||||||
Total
Current Assets
|
2,440 | 3,556 | ||||||
Property
and equipment, net
|
3,469 | 3,669 | ||||||
OTHER
ASSETS
|
||||||||
Deposits
|
4,520 | 4,520 | ||||||
TOTAL
ASSETS
|
$ | 10,429 | $ | 11,745 | ||||
LIABILITIES
AND STOCKHOLDERS' EQUITY/(DEFICIT)
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Notes
payable - related parties
|
$ | 415,769 | $ | 289,726 | ||||
Notes
payable
|
195,300 | 195,300 | ||||||
Accounts
payable
|
202,483 | 101,452 | ||||||
Cash
overdraft
|
2,587 | 2,463 | ||||||
Advance
payable
|
5,300 | – | ||||||
Accrued
interest
|
73,317 | 61,553 | ||||||
TOTAL
LIABILITIES
|
894,756 | 650,494 | ||||||
COMMITMENTS
|
– | – | ||||||
STOCKHOLDERS'
EQUITY/(DEFICIT)
|
||||||||
Preferred
Stock, $0.001 par value, 50,000,000 shares
|
||||||||
authorized
and zero shares outstanding at September 30, 2009
|
||||||||
and
June 30, 2009, respectively
|
– | – | ||||||
Common
Stock - $0.001 par value; 500,000,000 shares
|
||||||||
authorized;
40,000,000 and 40,000,000 shares outstanding
|
||||||||
at
September 30, 2009 and June 30, 2009, respectively
|
40,000 | 40,000 | ||||||
Additional
paid-in capital
|
12,386,970 | 12,386,970 | ||||||
Accumulated
deficit
|
(13,311,297 | ) | (13,065,719 | ) | ||||
TOTAL
STOCKHOLDERS' EQUITY/(DEFICIT)
|
(884,327 | ) | (638,749 | ) | ||||
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY/(DEFICIT)
|
$ | 10,429 | $ | 11,745 |
Three
months ended,
|
||||||||
9/30/2009
|
9/30/2008
|
|||||||
PRODUCT
REVENUES
|
$ | 7,000 | $ | 49,632 | ||||
Cost
of Product Revenues
|
2,270 | 11,900 | ||||||
GROSS
PROFIT
|
4,730 | 37,732 | ||||||
GENERAL
& ADMINISTRATIVE EXPENSES
|
||||||||
Employees
and consultants expenses
|
1,000 | 17,000 | ||||||
Reorganization costs | 176,523 | – | ||||||
Selling
and marketing expenses
|
– | 7,000 | ||||||
Legal
and professional fees
|
35,689 | 1,000 | ||||||
Rent
expense
|
19,360 | 13,560 | ||||||
Telephone
and utilities
|
1,246 | 3,664 | ||||||
Office
expenses
|
246 | 12,056 | ||||||
Freight
|
114 | 798 | ||||||
Insurance
|
115 | 6,635 | ||||||
Other
general and administrative expenses
|
949 | 566 | ||||||
TOTAL
GENERAL & ADMINISTRATIVE EXPENSES
|
235,142 | 62,279 | ||||||
LOSS
FROM OPERATIONS
|
(230,412 | ) | (24,547 | ) | ||||
OTHER
INCOME (EXPENSES)
|
||||||||
Other
Income
|
– | 1,010 | ||||||
Interest
expense
|
(15,166 | ) | (13,436 | ) | ||||
TOTAL
OTHER INCOME (EXPENSES)
|
(15,166 | ) | (12,426 | ) | ||||
NET
LOSS
|
$ | (245,578 | ) | $ | (36,973 | ) | ||
Basic
Loss per Share
|
$ | (0.01 | ) | $ | (0.00 | ) | ||
Weighted
Average Shares Outstanding
|
40,000,000 | 40,000,000 |
|
Additional
|
Stockholders'
|
||||||||||||||||||
Common Stock |
Paid-in
|
Accumulated
|
Equity
|
|||||||||||||||||
Shares
|
Par
Value
|
Capital
|
Deficit
|
(Deficit)
|
||||||||||||||||
BALANCE
AT JULY 1, 2008
|
19,450,000 | $ | 19,450 | $ | 12,407,520 | $ | (12,828,816 | ) | $ | (401,846 | ) | |||||||||
Effect of recapitalization (See Note 1): | ||||||||||||||||||||
Stock
Retired
|
(12,500,000 | ) | (12,500 | ) | 12,500 | – | – | |||||||||||||
Issuance
of Common Stock
|
33,050,000 | 33,050 | (33,050 | ) | – | – | ||||||||||||||
BALANCE AT JULY 1, 2008 RECAPITALIZED | 40,000,000 | 40,000 | 12,386,970 | (12,828,816 | ) | (401,846 | ) | |||||||||||||
Net
loss
|
– | – | – | (236,903 | ) | (236,903 | ) | |||||||||||||
BALANCE AT JUNE 30, 2009 | 40,000,000 | 40,000 | 12,386,970 | (13,065,719 | ) | (638,749 | ) | |||||||||||||
Net Loss | – | – | – | (245,578 | ) | (245,578 | ) | |||||||||||||
BALANCE
AT SEPTEMBER 30, 2009
|
40,000,000 | $ | 40,000 | $ | 12,386,970 | $ | (13,311,297 | ) | $ | (884,327 | ) |
Three
months ended,
|
||||||||
9/30/2009
|
9/30/2008
|
|||||||
INCREASE
(DECREASE) IN CASH AND CASH EQUIVALENTS:
|
||||||||
OPERATING
ACTIVITIES:
|
||||||||
Net
loss
|
$ | (245,578 | ) | $ | (36,973 | ) | ||
Adjustments
to reconcile net income to net
|
||||||||
cash
used by operating activities:
|
||||||||
Depreciation
|
200 | 200 | ||||||
Reorganization costs | 176,523 | – | ||||||
Changes
in Assets and Liabilities:
|
||||||||
Accounts
receivable
|
– | (30,588 | ) | |||||
Inventory
|
2,140 | 3,350 | ||||||
Accounts
payable
|
53,824 | (1,383 | ) | |||||
Accrued
interest
|
11,764 | 8,187 | ||||||
NET
CASH USED IN OPERATING ACTIVITIES
|
(1,127 | ) | (57,207 | ) | ||||
INVESTING ACTIVITIES: | ||||||||
Proceeds from reverse merger | 1,027 | – | ||||||
NET CASH PROVIDED BY INVESTING ACTIVITIES | 1,027 | – | ||||||
FINANCING
ACTIVITIES:
|
||||||||
Overdraft
borrowings
|
124 | – | ||||||
Overdraft
repayments
|
– | (410 | ) | |||||
Proceeds
from borrowings
|
2,000 | 68,100 | ||||||
Payments
to borrowers
|
(1,000 | ) | (10,200 | ) | ||||
NET
CASH PROVIDED BY FINANCING ACTIVITES
|
1,124 | 57,490 | ||||||
NET
CHANGE IN CASH AND CASH EQUIVALENTS
|
1,024 | 283 | ||||||
CASH
AND CASH EQUIVALENTS AT BEGINNING OF PERIOD
|
– | – | ||||||
CASH
AND CASH EQUIVALENTS AT SEPTEMBER 30, 2009 and 2008
|
$ | 1,024 | $ | 283 | ||||
Supplemental
disclosure of cash flow information:
|
||||||||
Cash
paid during the three months for:
|
||||||||
Interest
|
$ | 3,400 | $ | 5,250 | ||||
Income taxes | $ | – | $ | – |
Office furniture & Equipment | 5 – 7 Years | |
Machinery | 5 – 7 Years | |
Leasehold Improvements | 5 – 39 Years |
Item 2 . |
Management’s Discussion and Analysis of Financial Condition and
Results of Operations.
|
Item 3 . |
Quantitative and Qualitative Disclosures About Market
Risk.
|
Item 4 T. |
Controls and Procedures.
|
PART II. |
OTHER INFORMATION
|
Item 1. |
Legal
Proceedings.
|
Item 1A. |
Risk Factors.
|
Item 2. |
Unregistered Sales of Equity Securities and Use of
Proceeds.
|
Item 3. |
Defaults Upon Senior Securities.
|
Item 4. |
Submission of Matters to a Vote of Security
Holders.
|
Item 5. |
Other Information.
|
Item 6. |
Exhibits
|
Exhibit
No.
|
Description
|
|
2.1
|
Share
Exchange Agreement, dated September 5, 2009, by and among SunRidge
International Inc. and Ophthalmic International, Inc.
(1)
|
|
3.1 | Articles of Exchange filed with the Nevada Secretary of State on July 23, 2009 (2) | |
3.2 | Certificate of Change filed with the Nevada Secretary of State on August 4, 2009 (3) | |
31.1*
|
Certification by
Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
*
|
|
31.2*
|
Certification by
Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act
*
|
|
32.1* | Certification by Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act * | |
32.2*
|
Certification by
Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
Pursuant to Section 906 of the Sarbanes-Oxley Act
*
|
*
|
Filed herewith.
|
(1)
|
Incorporated by
reference to Exhibit 2.1 of the Current Report on Form 8-K filed by the
Company on October 2,
2009.
|
(2)
|
Incorporated by
reference to Exhibit 3.1 of the Current Report on Form 8-K filed by the
Company on October 2,
2009.
|
(3)
|
Incorporated by
reference to Exhibit 3.2 of the Current Report on Form 8-K filed by the
Company on October 2,
2009.
|
SUNRIDGE INTERNATIONAL, INC. | |||
Dated: November
19, 2009
|
By:
|
/s/ G. Richard Smith | |
G.
Richard Smith
President
and
Chief Executive
Officer
(Principal Executive
Officer)
|
|||
Dated: November
19, 2009
|
By:
|
/s/ Gary R. Smith | |
Gary
R.
Smith
Secretary/Treasurer,
Chief
Financial Officer and Director
(Principal
Accounting Officer)
|
|||
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