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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sollensys Corporation (CE) | USOTC:SOLS | 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 |
Nevada
|
|
80-0651816
|
(State
or other jurisdiction of incorporation or
organization)
|
|
(I.R.S.
Employer Identification No.)
|
Title
of each class
|
|
Trading Symbol(s)
|
|
Name of
each exchange on which registered
|
N/A
|
|
N/A
|
|
N/A
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated
filer
|
☑
|
Smaller reporting company
|
☑
|
|
|
Emerging
growth company
|
☐
|
PART I
|
FINANCIAL INFORMATION
|
1
|
Item 1.
|
Financial Statements (Unaudited)
|
1
|
|
Balance Sheets
|
1
|
|
Statements of Operations
|
2
|
|
Statements of Change in Stockholders’ Equity
Deficit
|
3
|
|
Statements of Cash Flows
|
4
|
|
Notes to the Unaudited Financial Statements
|
5
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition
and Results of Operations
|
9
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market
Risk
|
11
|
Item 4.
|
Controls and Procedures
|
11
|
PART II.
|
OTHER INFORMATION
|
12
|
Item 1.
|
Legal Proceedings
|
12
|
Item 1A.
|
Risk Factors
|
12
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of
Proceeds
|
12
|
Item 3.
|
Defaults Upon Senior Securities
|
12
|
Item 4.
|
Mine Safety Disclosures
|
12
|
Item 5.
|
Other Information
|
12
|
Item 6.
|
Exhibits
|
13
|
|
Signatures
|
14
|
SOLLENSYS CORP.
|
|||||||
Balance Sheets
|
|
Three
Months
|
Three
Months
|
Six
Months
|
Six
Months
|
|
Ended
|
Ended
|
Ended
|
Ended
|
|
September
30,
|
September
30,
|
September
30,
|
September
30,
|
|
2020
|
2019
|
2020
|
2019
|
|
|
|
|
|
Revenue
|
$135,000
|
$-
|
$135,000
|
$-
|
Cost of
sales
|
45,000
|
-
|
45,000
|
-
|
Gross
profit
|
90,000
|
-
|
90,000
|
-
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
General and
administrative
|
98,440
|
-
|
2,010,858
|
-
|
Total operating
expenses
|
98,440
|
-
|
2,010,858
|
-
|
Loss from
operations
|
(8,440)
|
-
|
(1,920,858)
|
-
|
Other
income:
|
|
|
|
|
Gain on the
extinguishment of debt
|
-
|
-
|
85,771
|
-
|
Total other
income
|
-
|
-
|
85,771
|
-
|
Net
loss
|
$(8,440)
|
$-
|
$(1,835,087)
|
$-
|
|
|
|
|
|
Basic and diluted
loss per common share
|
$(0.00)
|
$-
|
$(0.44)
|
$-
|
|
|
|
|
|
Weighted-average
number of common shares outstanding:
|
|
|
|
|
Basic and
diluted
|
4,183,962
|
4,183,962
|
4,183,962
|
4,183,962
|
SOLLENSYS CORP.
|
|||||||||||||||
Statements of Changes in Stockholders' Equity
(Deficit)
|
|||||||||||||||
For the Six and Three Months ended September 30, 2020 and 2019
(Unaudited)
|
|
|
|
|
|
|
|
Total
|
|
Preferred Stock
Series A
|
Common
stock
|
|
Paid-in
|
Accumulated
|
Stockholders'
Equity
|
|
|
Shares
|
Value
|
Shares
|
Value
|
Capital
|
Deficit
|
(Deficit)
|
Balances,
March 31, 2019
|
-
|
$-
|
4,183,962
|
$4,184
|
$497,891
|
$(587,846)
|
$(85,771)
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
Balances, June
30, 2019
|
-
|
$-
|
4,183,962
|
$4,184
|
$497,891
|
$(587,846)
|
$(85,771)
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balances,
September 30, 2019
|
-
|
$-
|
4,183,962
|
$4,184
|
$497,891
|
$(587,846)
|
$(85,771)
|
|
|
|
|
|
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition
and Results of Operations.
|
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of
Proceeds.
|
|
Item 3.
|
Defaults Upon Senior Securities.
|
|
Item 4.
|
Mine Safety Disclosures.
|
|
Item 5.
|
Other Information.
|
|
Item 6.
|
Exhibits
|
Exhibit No.
|
|
Document
|
|
|
|
|
Amended
and Restated Bylaws of Sollensys Corp. (incorporated by reference
to Exhibit 3.1 to the registrant’s Current Report on Form 8-K
filed with the Commission on August 11, 2020).
|
|
|
|
|
|
Certificate
of Change to Articles of Incorporation, effective as of September
18, 2020 (incorporated by reference to Exhibit 3.1 to the
registrant’s Current Report on Form 8-K filed with the
Commission on August 14, 2020).
|
|
|
|
|
|
Certificate
of Correction filed with the Secretary of State of Nevada on
October 8, 2020 (incorporated by reference to Exhibit 3.1 to the
registrant’s Current Report on Form 8-K filed with the
Commission on October 13, 2020).
|
|
|
|
|
|
Certificate
of Amendment filed with the Secretary of State of Nevada on October
8, 2020 (incorporated by reference to Exhibit 3.2 to the
registrant’s Current Report on Form 8-K filed with the
Commission on October 13, 2020).
|
|
|
|
|
|
Certificate
of Designations filed with the Secretary of State of Nevada on
October 8, 2020 (incorporated by reference to Exhibit 3.3 to the
registrant’s Current Report on Form 8-K filed with the
Commission on October 13, 2020.
|
|
|
|
|
|
Certificate
of Withdrawal for Series A Preferred Stock Designation Filed
October 14, 2020 (incorporated by reference to Exhibit 3.1 to the
registrant’s Current Report on Form 8-K filed with the
Commission on October 19, 2020).
|
|
|
|
|
|
Certificate
of Amendment filed with the Secretary of State of Nevada on October
14, 2020 (incorporated by reference to Exhibit 3.2 to the
registrant’s Current Report on Form 8-K filed with the
Commission on October 19, 2020).
|
|
|
|
|
|
Reseller
Agreement between the registrant and Eagle Lake Laboratories, Inc.
dated August 20, 2020 (incorporated by reference to Exhibit 3.2 to
the registrant’s Current Report on Form 8-K filed with the
Commission on October 22, 2020).
|
|
|
|
|
|
Certification
of Principal Executive Officer and Principal Financial Officer
pursuant to Section 302 of the Sarbanes-Oxley
Act
|
|
|
|
|
|
Certification
of Principal Executive Officer and Principal Financial Officer
pursuant to Section 906 of the Sarbanes-Oxley Act
|
|
|
|
|
101.INS
|
|
XBRL
Instance Document
|
|
|
|
101.SCH
|
|
XBRL
Taxonomy Extension Schema Document
|
|
|
|
101.CAL
|
|
XBRL
Taxonomy Extension Calculation Linkbase Document
|
|
|
|
101.DEF
|
|
XBRL
Taxonomy Extension Definition Linkbase Document
|
|
|
|
101.LAB
|
|
XBRL
Taxonomy Extension Label Linkbase Document
|
|
|
|
101.PRE
|
|
XBRL
Taxonomy Extension Presentation Linkbase Document
|
|
SOLLENSYS
CORP
|
|
|
|
|
|
|
Dated: November 9,
2020
|
By:
|
/s/ Donald
Beavers
|
|
|
|
Donald
Beavers
|
|
|
|
Chief Executive
Officer, Principal Financial Officer and Principal Accounting
Officer
|
|
1 Year Sollensys (CE) Chart |
1 Month Sollensys (CE) Chart |
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