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Share Name | Share Symbol | Market | Type |
---|---|---|---|
High Performance Beverages Company (CE) | USOTC:TBEV | 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% | 0.000001 | 0.000001 | 0.000001 | 0.000001 | 175,000 | 01:00:00 |
Nevada
|
000-54973
|
27-3566307
|
||
(State or other jurisdiction of
incorporation or organization)
|
(Commission file number)
|
(IRS Employer
Identification Number)
|
Large Accelerated Filer | o | Accelerated Filer | o | |
Non-Accelerated Filer | o | Smaller Reporting Company | x |
Page
|
|
PART I - FINANCIAL INFORMATION
|
|
Item 1. Consolidated Financial Statements
|
3
|
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 4. Controls and Procedures
|
17
|
PART II - OTHER INFORMATION
|
|
Item 1. Legal Proceedings
|
17
|
Item 1A. Risk Factors
|
17
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
22
|
Item 3. Defaults Upon Senior Securities
|
22
|
Item 4. Mine Safety Disclosures
|
22
|
Item 5. Other Information
|
22
|
Item 6. Exhibits and Reports on Form 8-K
|
22
|
SIGNATURES
|
23
|
ASSETS
|
October 31, 2012
(restated)
|
July 31, 2012
(restated)
|
||||||
Current Assets
|
||||||||
Cash
|
$ | 2,234 | $ | - | ||||
Total Current Assets
|
2,234 | - | ||||||
TOTAL ASSETS
|
$ | 2,234 | $ | - | ||||
LIABILITIES AND STOCKHOLDERS’ (DEFICIT)
|
||||||||
Current Liabilities
|
||||||||
Accrued expenses
|
$ | 42,369 | $ | 36,880 | ||||
Total Current Liabilities
|
42,369 | 36,880 | ||||||
Total Liabilities
|
42,369 | 36,880 | ||||||
Commitments and contingencies (Note 5)
|
- | - | ||||||
Stockholders’ (Deficit)
|
||||||||
Preferred stock: $0.001 par value; 1,000,000 shares authorized; no shares issued or outstanding
|
- | - | ||||||
Common stock: $0.001 par value; 500,000,000 shares authorized; 94,150,000 shares issued and outstanding
|
94,150 | 94,150 | ||||||
Stock subscription payable
|
142,000 | - | ||||||
Additional Paid-in Capital
|
22,237 | 22,237 | ||||||
Retained earnings from discontinued operations
|
6,944 | 6,944 | ||||||
Accumulated deficit
|
(305,466 | ) | (160,211 | ) | ||||
Total Stockholders’ (Deficit)
|
(40,135 | ) | (36,880 | ) | ||||
Total Liabilities and Stockholders’ Deficit
|
$ | 2,234 | $ | - |
2012
|
2011
|
Period from
inception
(Feb 28, 1997)
to October 31,
2012
(restated)
|
||||||||||
REVENUES
|
$ | - | $ | - | $ | - | ||||||
OPERATING EXPENSES
|
||||||||||||
General and administrative
|
53,380 | 12,750 | 125,900 | |||||||||
Marketing
|
43,131 | - | 48,994 | |||||||||
Product development
|
21,744 | - | 67,157 | |||||||||
Compensation
|
27,000 | - | 47,000 | |||||||||
TOTAL OPERATING EXPENSES
|
145,255 | 12,750 | 289,051 | |||||||||
LOSS FROM CONTINUING OPERATIONS
|
(145,255 | ) | (12,750 | ) | (289,051 | ) | ||||||
DISCONTINUED OPERATION - net
|
- | 152 | 6,944 | |||||||||
NET LOSS
|
$ | (145,255 | ) | $ | (12,598 | ) | $ | (282,051 | ) | |||
NET LOSS PER SHARE: BASIC AND DILUTED
|
$ | (0.00 | ) | $ | (0.00 | ) | ||||||
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED
|
94,150,000 | 352,445,656 |
2012
|
2011
|
Period from
inception
(Feb 28, 1997)
to October 31,
2012
(restated)
|
||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||||||
Net (loss)
|
$ | (145,255 | ) | $ | (12,598 | ) | $ | (282,107 | ) | |||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||||||
Stock issued in exchange for services
|
142,000 | 12,000 | 164,300 | |||||||||
Changes in assets and liabilities:
|
||||||||||||
Increase in accrued expenses
|
5,489 | 750 | 9,539 | |||||||||
Cash Flows Provided by (Used in) Operating Activities
|
2,234 | 152 | (108,268 | ) | ||||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
- | - | - | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||||||
Proceeds from sale of common stock
|
- | - | 111,361 | |||||||||
Retirement of shares
|
- | - | (859 | ) | ||||||||
- | - | 110,502 | ||||||||||
NET INCREASE IN CASH
|
2,234 | 152 | 2,234 | |||||||||
Cash, beginning of period
|
- | 919 | - | |||||||||
Cash, end of period
|
$ | 2,234 | $ | 1,071 | $ | 2,234 | ||||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||||||
Cash paid for interest
|
$ | - | $ | - | $ | - | ||||||
Cash paid for income taxes
|
$ | - | $ | - | $ | - |
Common
Stock
|
Common
Stock
Amount
|
Additional
Paid-in
Capital
|
Stock
Subscription
Payable
|
Retained
Earnings from
Discontinued
Operations
|
Accumulated
Deficit
|
Total
|
||||||||||||||||||||||
Original issuance of shares (February 28, 2007)
|
321,875,000 | $ | 321,875 | $ | (311,575 | ) | $ | - | $ | - | $ | - | $ | 10,300 | ||||||||||||||
Net income (loss) inception Through July 31, 2010
|
- | - | - | - | - | - | - | |||||||||||||||||||||
Balance, July 31, 2010
|
321,875,000 | 321,875 | (311,575 | ) | - | - | - | 10,300 | ||||||||||||||||||||
Net loss
|
- | - | - | - | 6,969 | (22,700 | ) | (15,731 | ) | |||||||||||||||||||
Balance July 31, 2011
|
321,875,000 | 321,875 | (311,575 | ) | - | 6,969 | (22,700 | ) | (5,431 | ) | ||||||||||||||||||
Common stock issued in exchange for professional services in August 2011
|
37,500,000 | 37,500 | (25,500 | ) | - | - | - | 12,000 | ||||||||||||||||||||
Return of shares to Treasury as a result of Spinoff Agreement
|
(265,625,000 | ) | (265,625 | ) | 264,766 | - | - | - | (859 | ) | ||||||||||||||||||
Sale of common stock in May 2012
|
400,000 | 400 | 94,546 | - | - | - | 94,946 | |||||||||||||||||||||
Net loss
|
- | - | - | - | (25 | ) | (137,536 | ) | (121,121 | ) | ||||||||||||||||||
Balance, July 31, 2012
|
94,150,000 | 94,150 | 22,237 | - | 6,944 | (160,211 | ) | (36,880 | ) | |||||||||||||||||||
Common stock issued in exchange for professional services
|
- | - | - | 142,000 | - | - | 142,000 | |||||||||||||||||||||
Net loss
|
- | - | - | - | - | (145,255 | ) | (145,255 | ) | |||||||||||||||||||
Balance, Oct. 31, 2012
|
94,150,000 | $ | 94,150 | $ | 22,237 | $ | 142,000 | $ | 6,944 | $ | (305,466 | ) | $ | (40,135 | ) |
See accompanying notes to the financial statements.
|
Year
|
Royalty
|
|
1 |
12% of Gross Profit
|
|
2 |
$50,000 plus 8% of Gross Profit
|
|
3 |
$100,000 or 6% of Gross profit, whichever is higher
|
|
4 |
$150,000 or 6% of Gross profit, whichever is higher
|
|
5 |
$200,000 or 6% of Gross profit, whichever is higher
|
Year
|
Minimum Sales
|
|
1
|
$ -0-
|
|
2
|
$3,000,000
|
|
3
|
$6,000,000
|
|
4
|
$9,000,000
|
|
5
|
$12,000,000
|
Previously
Reported
|
Adjustments |
Current
Restatement
|
||||||||||
Assets | ||||||||||||
Current assets: | ||||||||||||
Current assets
|
$ | 2,234 | $ | - | $ | 2,234 | ||||||
Total current assets
|
2,234 | - | 2,234 | |||||||||
Total assets | $ | 2,234 | $ | - | $ | 2,234 | ||||||
Liabilities:
|
||||||||||||
Accrued expenses
|
$ | 9,539 | $ | 16,415 | $ | 25,954 | ||||||
Total current liabilities
|
9,539 | 16,415 | 25,954 | |||||||||
Liability for Issuable Common Stock
|
203,361 | (203,361 | ) | - | ||||||||
Total liabilities
|
212,900 | (186,946 | ) | 25,954 | ||||||||
Stockholders' deficit: | ||||||||||||
Common stock
|
94,150 | - | 94,150 | |||||||||
Additional paid in capital
|
(22,709 | ) | 44,946 | 22,237 | ||||||||
Stock subscription payable
|
- | 142,000 | 142,000 | |||||||||
Retained earnings from discontinued operations
|
6,944 | - | 6,944 | |||||||||
Accumulated deficit
|
(289,051 | ) | - | (289,051 | ) | |||||||
Total stockholders' deficit
|
(210,666 | ) | 186,946 | (23,720 | ) | |||||||
Total liabilities and stockholders' deficit
|
$ | 2,234 | $ | - | $ | 2,234 |
As Reported
|
Adjustment
|
As Restated
|
||||||||||
Revenue
|
$ | - | $ | - | $ | - | ||||||
Operating expenses
|
||||||||||||
General, administrative and other
|
53,380 | - | 53,380 | |||||||||
Marketing
|
43,131 | - | 43,131 | |||||||||
Product development
|
21,744 | - | 21,744 | |||||||||
Compensation
|
27,000 | - | 27,000 | |||||||||
Total Operating Expenses
|
145,255 | - | 145,255 | |||||||||
Loss from continuing operations
|
(145,255 | ) | - | (145,255 | ) | |||||||
Discontinued operations, net
|
- | - | - | |||||||||
Net loss
|
$ | ( 145,255 | ) | $ | - | $ | ( 145,255 | ) | ||||
Net loss per common share
|
$ | ( 0 . 00 | ) | $ | ( 0 . 0 0 | ) | $ | ( 0 . 0 0 | ) |
Assets
|
Previously
Reported
|
Adjustments
|
Current
Restatement
|
|||||||||
Assets
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Total assets
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Liabilities:
|
||||||||||||
Accrued expenses
|
$
|
4,050
|
$
|
32,830
|
$
|
36,880
|
||||||
Total current liabilities
|
4,050
|
32,830
|
36,880
|
|||||||||
Liability for Issuable Common Stock
|
61,361
|
(61,361
|
)
|
-
|
||||||||
Total liabilities
|
65,411
|
(28,531
|
)
|
36,880
|
||||||||
Stockholders' deficit:
|
||||||||||||
Common stock
|
94,150
|
-
|
94,150
|
|||||||||
Additional paid in capital
|
(22,709
|
)
|
44,946
|
22,237
|
||||||||
Retained earnings from discontinued operations
|
6,944
|
6,944
|
||||||||||
Accumulated deficit
|
(143,796
|
)
|
(16,415
|
)
|
(160,211
|
)
|
||||||
Total stockholders' deficit
|
(65,411
|
)
|
(28,531
|
)
|
(36,880
|
)
|
||||||
Total liabilities and stockholders' deficit
|
$
|
-
|
$
|
-
|
$
|
-
|
Previously
Reported
|
Adjustments
|
Current
Restatement
|
||||||||||
Revenue
|
$
|
-
|
$
|
-
|
$
|
-
|
||||||
Operating expenses
|
||||||||||||
General, administrative and other
|
49,820
|
16,415
|
66,235
|
|||||||||
Marketing
|
5,863
|
-
|
5,863
|
|||||||||
Product development
|
45,413
|
-
|
45,413
|
|||||||||
Compensation
|
20,000
|
-
|
20,000
|
|||||||||
Total Operating Expenses
|
121,096
|
16,415
|
137,511
|
|||||||||
Loss from continuing operations
|
(121,096
|
)
|
16,415
|
(137,511
|
)
|
|||||||
Discontinued operations, net
|
(25
|
)
|
-
|
(25
|
)
|
|||||||
Net loss
|
$
|
(121,121
|
)
|
$
|
16,415
|
$
|
(137,536
|
)
|
||||
Net loss per common share
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
$
|
(0.00
|
)
|
·
|
our future operating results;
|
|
·
|
our business prospects;
|
|
·
|
any contractual arrangements and relationships with third parties;
|
|
·
|
the dependence of our future success on the general economy;
|
|
·
|
any possible financings; and
|
|
·
|
the adequacy of our cash resources and working capital.
|
Year
|
Royalty
|
|
1
|
12% of Gross Profit
|
|
2
|
$50,000 plus 8% of Gross Profit
|
|
3
|
$100,000 or 6% of Gross profit, whichever is higher
|
|
4
|
$150,000 or 6% of Gross profit, whichever is higher
|
|
5
|
$200,000 or 6% of Gross profit, whichever is higher
|
Year
|
Minimum Sales
|
|
1
|
$ -0-
|
|
2
|
$3,000,000
|
|
3
|
$6,000,000
|
|
4
|
$9,000,000
|
|
5
|
$12,000,000
|
·
|
Production of bottles, labels and caps,
|
|
·
|
Purchase of inventory needed for beverage content,
|
|
·
|
Marketing materials,
|
|
·
|
Travel and business expenses, and
|
|
·
|
Shipping costs of our first orders.
|
·
|
Enables us to change our corporate name to Dethrone Royalty Holdings, Inc. (“DRH”), which we did in August 2012.
|
|
·
|
Have the right to match any offer that Dethrone Royalty, Inc. receives to be acquired.
|
|
·
|
Dethrone Royalty, Inc. and the Company will create links to each other’s websites.
|
|
·
|
Dethrone Royalty, Inc. will produce and distribute lines of shirts/clothing for each sports figure signed as endorsers by the Company and market the shirts through its normal distribution channels. The Company will receive commissions equal to 12.5% of the net sales generated by these shirts.
|
·
|
Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
|
·
|
Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and
|
|
·
|
that our receipts and expenditures are being made only in accordance with authorizations of the Company's management and directors; and
|
|
·
|
Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.
|
·
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
|
·
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and/or directors of the Company; and
|
|
·
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the Company's assets that could have a material effect on the financial statements.
|
·
|
Control of the market for the security by one or a few broker-dealers that are often related to the promoter or issuer;
|
|
·
|
Manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases;
|
|
·
|
"Boiler room" practices involving high pressure sales tactics and unrealistic price projections by sales persons;
|
|
·
|
Excessive and undisclosed bid-ask differentials and markups by selling broker-dealers; and
|
|
·
|
Wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated to a desired level, along with the inevitable collapse of those prices with consequent investor losses.
|
Exhibits
|
||
31.1 | Certifications pursuant to Section 302 of Sarbanes Oxley Act of 2002 | |
32.1 | Certifications pursuant to Section 906 of Sarbanes Oxley Act of 2002 |
HIGH PERFORMANCE BEVERAGE CO.
|
|
(Registrant)
|
|
/s/ Toby McBride
|
|
Toby McBride
|
|
Title: President and Chief Financial Officer
|
1 Year High Performance Beverages (CE) Chart |
1 Month High Performance Beverages (CE) Chart |
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