Quarterly Report (10-q)

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended May 31, 2014

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _________ to _________

 

Commission File Number: 333-180424

 

VALMIE RESOURCES, INC.

(Exact name of registrant as specified in its charter)

 

Nevada		45-3124748
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
999 18th Street Denver, CO		80202
(Address of principal executive offices)		(Zip Code)

 

[phone]

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No [  ]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [X] No [  ]

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ]   Accelerated filer [  ]   Non-accelerated filer [  ]    Smaller reporting company [X]

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [  ] No [X]

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

As of July 15, 2014 the registrant had 296,400,000 shares of common stock outstanding.

 

 

 

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)		3
	Balance Sheets		F-1
	Statements of Operations		F-2
	Statements of Changes in Stockholders’ Equity (Deficiency)		F-3
	Statements of Cash Flows		F-4
	Notes to Financial Statements		F-5
Item 2.	Management’s Discussion & Analysis of Financial Condition and Results of Operations		4
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		6
Item 4.	Controls and Procedures		6
PART II – OTHER INFORMATION
Item 1.	Legal Proceedings		7
Item 1A.	Risk Factors		7
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		7
Item 3.	Defaults Upon Senior Securities		7
Item 4.	Mine Safety Disclosures		7
Item 5.	Other Information		7
Item 6.	Exhibits		7

 

2

 

PART I – FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

VALMIE RESOURCES, INC.

(An Exploration Stage Company)

INDEX TO FINANCIAL STATEMENTS

May 31, 2014

(Stated in US Dollars)

(Unaudited)

 

		Page
Balance Sheets		F-1
Statements of Operations		F-2
Statements of Changes in Stockholders ’ Equity (Deficiency)		F-3
Statements of Cash Flows		F-4
Notes to the Unaudited Interim Financial Statements		F-5 - F-8

  

3

 

Valmie Resources, Inc.

(An Exploration Stage Company)

Balance Sheets

(Stated in US Dollars)

(Unaudited)

 

		May 31, 2014				November 30, 2013
ASSETS
Current Assets
Cash and cash equivalents		$	-			$	-
Prepaid expenses			-				5,000
Total Current Assets			-				5,000
Total Assets		$	-			$	5,000
LIABILITIES
Current Liabilities
Accounts payable and accrued liabilities		$	34,580			$	16,658
Due to related party (Note 5)			18,997				7,486
Total Current Liabilities			53,577				24,144
Total Liabilities			53,577				24,144
STOCKHOLDERS’ DEFICIENCY
Capital stock (Note 3)
Authorized:
750,000,000 common shares, $0.001 par value
Issued and outstanding:
296,400,000 common shares (296,400,000 – November 30, 2013)			296,400				296,400
Additional paid-in capital			(155,657	)			(155,657	)
Deficit accumulated during the exploration stage			(194,320	)			(159,887	)
Total Stockholders’ Deficiency			(53,577	)			(19,144	)
Total Liabilities and Stockholders’ Deficiency		$	-			$	5,000

 

The accompanying notes are an integral part of these financial statements

 

F- 1

  

Valmie Resources, Inc.

(An Exploration Stage Company)

Statements of Operations

(Stated in US Dollars)

(Unaudited)

 

		Three Months Ended May 31, 2014				Three Months Ended May 31, 2013				Six Months Ended May 31, 2014				Six Months Ended May 31, 2013				Cumulative from Inception (August 26, 2011) to May 31, 2014
Revenue:		$	-			$	-			$	-			$	-			$	-
Operating Expenses:
General and administrative			1,284				3,869				1,284				6,408				22,332
Mining expenses ( Note 4)			-				-				-				-				27,654
Professional fees			14,679				4,500				32,274				12,824				106,876
Transfer agent fees			675				400				875				13,073				37,458
Net Loss for the Period			(16,638	)			(8,769	)			(34,433	)			(32,305	)		$	(194,320	)
Basic and Diluted Loss per Common Share		$	(0.00	)		$	(0.00	)		$	(0.00	)		$	(0.00	)
Weighted Average Number of Common Shares Outstanding			296,400,000				296,400,000				296,400,000				296,400,000

  

The accompanying notes are an integral part of these financial statements

  

F- 2

 

Valmie Resources, Inc.

(An Exploration Stage Company)

Statements of Changes in Stockholders’ Equity (Deficiency)

(Stated in US Dollars)

(Unaudited)

 

		Common Stock												Deficit Accumulated During the
		Number of Shares				Amount				Additional Paid-in Capital				Exploration Stage				Stockholders’ Equity (Deficiency)
Inception – August 26, 2011			-			$	-			$	-			$	-			$	-
Common shares issued to a founder at $0.00017 per share, September 29, 2011			210,000,000				210,000				(175,000	)			-				35,000
Common shares issued to investors at $0.00017 per share, November 15, 2011			86,400,000				86,400				(72,000	)			-				14,400
Loss for the period			-				-				-				(21,421	)			(21,421	)
Balance – November 30, 2011			296,400,000				296,400				(247,000	)			(21,421	)			27,979
Loss for the year			-				-				-				(76,239	)			(76,239	)
Balance – November 30, 2012			296,400,000				296,400				(247,000	)			(97,660	)			(48,260	)
Debt cancellation			-				-				91,343				-				91,343
Loss for the year			-				-				-				(62,227	)			(62,227	)
Balance November 30, 2013			296,400,000				296,400				(155,657	)			(159,887	)			(19,144	)
Loss for the period			-				-				-				(34,433	)			(34,433	)
Balance – May 31, 2014			296,400,000			$	296,400			$	(155,657	)		$	(194,320	)		$	(53,577	)

 

The accompanying notes are an integral part of these financial statements

  

F- 3

 

Valmie Resources, Inc.

(An Exploration Stage Company)

Statements of Cash Flows

(Stated in US Dollars)

(Unaudited)

 

		Six Months Ended May 31, 2014				Six Months Ended May 31, 2013				Cumulative from Inception (August 26, 2011) to May 31, 2014
Cash Flows from Operating Activities
Net loss for the period		$	(34,433	)		$	(32,305	)		$	(194,320	)
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities			17,922				(1,244	)			34,579
Prepaid expenses			5,000				-				-
Net cash used in operations			(11,511	)			(33,549	)			(159,741	)
Cash Flows from Financing Activities
Proceeds from related party payable			11,511				29,900				108,424
Payments to related party payable			-				-				1,917
Issuance of common shares for cash			-				-				49,400
Net cash provided by financing activities			11,511				29,900				159,741
Change in cash and cash equivalents			-				(3,649	)			-
Cash and cash equivalents - beginning of period			-				4,126				-
Cash and cash equivalents - end of period		$	-				477			$	-
Supplementary Cash Flow Information
Cash paid for:
Interest		$	-			$	-			$	-
Income taxes		$	-			$	-			$	-
Non-cash financing activities:
Loans contributed to capital		$	-			$	-			$	91,343

 

The accompanying notes are an integral part of these financial statements

 

F- 4

 

Valmie Resources, Inc.

(An Exploration Stage Company)

Notes to Financial Statements

May 31, 2014

(Stated in US Dollars)

(Unaudited)

 

1. Organization

 

Valmie Resources Inc. (the “Company”) was incorporated on August 26, 2011, in the State of Nevada, U.S.A. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America, and the Company’s fiscal year end is November 30.

 

The Company is an exploration stage company that engages principally in the acquisition, exploration, and development of resource properties.  

 

Exploration Stage Company

 

The Company is considered to be in the exploration stage as defined in FASC 915-10-05 “ Development Stage Entities ”, and interpreted by the Securities and Exchange Commission (the “SEC”) for mining companies in Industry Guide 7. The Company is devoting substantially all of its efforts to development of business plans and the acquisition of mineral properties.

 

2. Basis of Presentation

 

Unaudited Interim Financial Statements

 

The accompanying unaudited interim financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and the rules and regulations of the SEC. They do not include all information and footnotes required by United States generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended November 30, 2013, included in the Company’s Form 10-K filed with the SEC. The unaudited interim financial statements should be read in conjunction with those financial statements included in the Form 10-K. In the opinion of management, all adjustments considered necessary for a fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the six months ended May 31, 2014, are not necessarily indicative of the results that may be expected for the year ending November 30, 2014.

 

3. Capital Stock

 

Authorized Stock

 

At inception, the Company authorized 100,000,000 common shares with a par value of $0.001 per share. Each common share entitles the holder to one vote, in person or proxy, on any matter on which action of the stockholders of the corporation is sought.

 

On December 3, 2013, the holders of a majority of the Company’s issued and outstanding common stock approved an increase in its authorized capital from 100,000,000 shares of common stock, par value $0.001, to 750,000,000 shares of common stock, par value $0.001 (the “Authorized Capital Increase”). The Company formally effected the Authorized Capital Increase on December 4, 2013 by filing a Certificate of Amendment with the Nevada Secretary of State.

 

F- 5

 

Valmie Resources, Inc.

(An Exploration Stage Company)

Notes to Financial Statements

May 31, 2014

(Stated in US Dollars)

(Unaudited)

 

3. Capital Stock (continued)

 

On December 3, 2013, the Company’s sole director approved a stock dividend of 59 authorized but unissued shares of its common stock on each one (1) issued and outstanding share of its common stock held by shareholders of record as of December 16, 2013. The payment date for the stock dividend was December 17, 2013, as determined by the Financial Industry Regulatory Authority (FINRA). Upon the payment of the stock dividend, the Company had 296,400,000 issued and outstanding shares of common stock, which represents an increase of 291,460,000 shares over its prior total of 4,940,000 issued and outstanding shares of common stock. The split is reflected retrospectively in the accompanying financial statements.

 

Share Issuances

 

Since its inception (August 26, 2011), the Company has issued shares of its common stock as follows:

 

Date			Description		Shares				Price Per Share				Amount
09/29/11			Shares issued for cash			210,000,000			$	0.00017			$	35,000
11/15/11			Shares issued for cash			86,400,000				0.00017				14,400
			Cumulative Totals			296,400,000							$	49,400

 

Of these shares, 210,000,000 were issued to a director and officer of the Company. 86,400,000 shares were issued to independent investors.

 

At May 31, 2014, the Company had no issued or outstanding stock options or warrants.

 

4. Mineral Property Costs

 

Lander County, Nevada Claims

 

On September 30, 2011, the Company entered into an option agreement that would provide for the purchase of a 100% interest in the Carico Lake Valley Property (the “Property”). The Property is located in the State of Nevada.

 

To complete the option, the agreement requires the Company to make the following payments and incur the following amounts on exploration and development:

 

a)	$15,000 cash on September 30, 2011 (paid);
b)	an additional $30,000 cash on September 30, 2013 (not paid);
c)	an additional $60,000 cash on September 30, 2013 (not paid);
d)	an additional $120,000 cash on September 30, 2014 and
e)	incur a minimum of $125,000 ($6,248 has been incurred as of May 31, 2014) on exploration and development work by December 31, 2013 and every subsequent year thereafter, through 2014.

 

The Company is in default in the option payments. The entity that owns the Property has made the payments due to the Bureau of Land Management, Nevada (“BLM”) and Lander County. The payments ($6,406) are reflected in accounts payable and accrued liabilities.

 

F- 6

 

Valmie Resources, Inc.

(An Exploration Stage Company)

Notes to Financial Statements

May 31, 2014

(Stated in US Dollars)

(Unaudited)

 

4. Mineral Property Costs (continued)

 

The entity that owns the Property has indicated a willingness to work with the Company if the Company reimburses the $6,406 mentioned above and makes an effort to become current with the option payments of $90,000 that are in default. Otherwise, the owner may terminate the option and explore other financing arrangements related to the Property.

 

The Company is responsible for any and all property payments due to any government authority on the Property during the term of the option agreement (BLM: $3,920 yr., Lander County: $294 yr.).

 

The Property is subject to a 6% Net Smelter Royalty, for which the Company has the right to purchase 3% for a onetime payment of $5,000,000 at any time until the tenth anniversary of the option agreement.

 

As at May 31, 2014, the Company has incurred the following on the Property:

 

		May 31, 2014				November 30, 2013
Acquisition cost		$	15,000			$	15,000
Exploration costs, beginning of period		$	12,654			$	6,248
Exploration costs incurred		$	-			$	6,406
Exploration costs, end of period		$	12,654			$	12,654

 

5. Due to Related Party

 

Amount due to related party at May 31, 2014, is non-interest bearing, unsecured and with no fixed terms of repayment.

 

6. Provision for Income Taxes

 

The Company recognizes the tax effects of transactions in the year in which such transactions enter into the determination of net income, regardless of when reported for tax purposes. Deferred taxes are provided in the financial statements under FASC 718-740-20 to give effect to the resulting temporary differences which may arise from differences in the bases of fixed assets, depreciation methods, allowances, and start-up costs based on the income taxes expected to be payable in future years.

 

Exploration stage deferred tax assets arising as a result of net operating loss carryforwards have been offset completely by a valuation allowance due to the uncertainty of their utilization in future periods. Operating loss carryforwards generated during the period from August 26, 2011 (date of inception) through May 31, 2014 of $194,320 will begin to expire in 2031. Accordingly, deferred tax assets of approximately $68,012 were offset by the valuation allowance.

 

The Company follows the provisions of uncertain tax positions as addressed in FASC 740-10-65-1. The Company recognized approximately no increase in the liability for unrecognized tax benefits.

 

The Company has no tax position at May 31, 2014 for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. No such interest or penalties were recognized during the periods presented. The Company had no accruals for interest and penalties at November 30, 2013. The Company’s utilization of any net operating loss carry forward may be unlikely as a result of its intended exploration stage activities. The tax years for November 30, 2013, 2012 and 2011 are still open for examination by the Internal Revenue Service (IRS).

 

F- 7

 

Valmie Resources, Inc.

(An Exploration Stage Company)

Notes to Financial Statements

May 31, 2014

(Stated in US Dollars)

(Unaudited)

 

6. Provision for Income Taxes (continued)

 

		2014
		Amount				Tax Effect (35%)
Net operating losses		$	34,433			$	12,051
Valuation allowance			(34,433	)			(12,051	)
Net deferred tax asset (liability)		$	-			$	-

 

		2013
		Amount				Tax Effect (35%)
Net operating losses		$	32,305			$	11,306
Valuation allowance			(32,305	)			(11,306	)
Net deferred tax asset (liability)		$	-			$	-

 

7. Going Concern and Liquidity Considerations

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. As at May 31, 2014, the Company had a working capital deficiency of $53,577 (November 30, 2013 – $19,144) and an accumulated deficit of $194,320 (November 30, 2013 – 159,887). The Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the next twelve months.

 

The ability of the Company to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to continue operations, explore and develop the Property and the discovery, development and sale of ore reserves.

 

In response to these problems, management intends to raise additional funds through public or private placement offerings.

 

These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

8. Subsequent Events

 

The Company has evaluated subsequent events from May 31, 2014, through the date of this report, and determined there are no additional items to disclose.

 

F- 8

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

As used in this quarterly report, the terms “we”, “us” and “our” mean Valmie Resources, Inc. and all dollar amounts refer to U.S. dollars, unless otherwise indicated.

 

Forward-Looking Statements

 

This quarterly report contains forward-looking statements. All statements other than statements of historical fact are “forward-looking statements”, including any projections of earnings, revenues or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new products, services or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by any forward-looking statements.

 

These forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional costs, and risk of declining revenues. Our actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors. These forward-looking statements are made as of the date of this filing, and we assume no obligation to update such forward-looking statements.

 

The following discussion of our financial condition and results of operations is based upon our financial statements which have been prepared in conformity with accounting principles generally accepted in the United States. It should be read in conjunction with our financial statements, including the notes thereto, that appear elsewhere in this quarterly report. The discussion of results, causes and trends should not be construed to imply any conclusion that these results or trends will necessarily continue into the future.

 

Overview

 

We were incorporated pursuant to the laws of the State of Nevada on August 26, 2011. We are an exploration stage company and have not yet generated any revenues. To date, our efforts have focused primarily on the development and implementation of our business plan.

 

Results of Operations

 

Revenues

 

We have not generated any revenues since our inception. We anticipate that we will incur substantial losses for the foreseeable future and our ability to generate any revenues during the next 12 months continues to be uncertain.

 

Three Months ended May 31, 2014 and 2013 and August 26, 2011 (Inception) to May 31, 2014

 

Expenses

 

During the three months ended May 31, 2014, we incurred $16,638 in operating expenses, including $14,679 in professional fees, $1,284 in general and administrative expenses and $675 in transfer agent fees. During the same period in 2013, we incurred $8,769 in operating expenses, including $4,500 in professional fees, $3,869 in general and administrative expenses and $400 in transfer agent fees. The $7,869 increase in our operating expenses between the two periods was therefore largely attributable to the increase in our professional fees as offset to some extent by the decrease in our general and administrative expenses, which primarily include EDGAR filing fees. From our inception on August 26, 2011 to May 31, 2014, we incurred $194,320 in operating expenses.

 

4

 

Net Loss

 

During the three months ended May 31, 2014, we incurred a net loss of $16,638, whereas we incurred a net loss of $8,769 during the same period in 2013. Our basic and diluted net loss per share during each of those periods was $0.00. From our inception on August 26, 2011 to May 31, 2014, we incurred a net loss of $194,320.

 

Six Months ended May 31, 2014 and 2013

 

Expenses

 

During the six months ended May 31, 2014, we incurred $34,433 in operating expenses, including $32,274 in professional fees, $1,284 in general and administrative expenses and $875 in transfer agent fees. During the same period in 2013, we incurred $32,305 in operating expenses, including $12,824 in professional fees, $6,408 in general and administrative expenses and $13,073 in transfer agent fees. The $2,128 increase in our operating expenses between the two periods was therefore largely attributable to the increase in our professional fees as offset to some extent by the decrease in our other expense categories, and in particular our transfer agent fees.

 

Net Loss

 

During the six months ended May 31, 2014, we incurred a net loss of $34,433, whereas we incurred a net loss of $32,305 during the same period in 2013. Our basic and diluted net loss per share during each of those periods was $0.00.

 

Liquidity and Capital Resources

 

As of May 31, 2014, we had no cash and cash equivalents or total assets, $53,577 in total liabilities, a working capital deficit of $53,577 and an accumulated deficit of $194,320.

 

During the six months ended May 31, 2014, we used $11,511 in net cash on operating activities, our accounts payable increased by $17,922 and our prepaid expenses decreased by $5,000. During the same period in 2013 we used $33,549 in net cash on operating activities and our accounts payable decreased by $1,244. The majority of our spending on operating activities for the six months ended May 31, 2014 was attributable to our net loss as described above and was associated with our carrying out our reporting obligations under applicable securities laws.

 

We did not incur any expenditures on investing activities during the six months ended May 31, 2014 or 2013.

 

During the six months ended May 31, 2014, we received $11,511 from financing activities, all of which was in the form of proceeds from a related party. During the same period in 2013, we received $29,900 from financing activities, all of which was also in the form of proceeds from a related party.

 

During the six months ended May 31, 2014 our cash position did not change. Our plans for the next 12 months are uncertain due to our current financial condition; however, we intend to raise additional funds through public or private placement offerings. If we are unsuccessful in raising enough money through such efforts, we may review other financing possibilities such as bank loans. At this time we do not have a commitment from any broker-dealer to provide us with financing. There is no assurance that any financing will be available to us or if available, on terms that will be acceptable to us. In the absence of such financing, we may be forced to cease or significantly curtail our operations.

 

5

 

Going Concern

 

Our financial statements have been prepared on a going concern basis, which contemplates, among other things, that we will continue to realize our assets and satisfy our liabilities in the normal course of business. As at May 31, 2014, we had a working capital deficit of $53,577 and an accumulated deficit of $194,320. We intend to fund our operations through equity financing arrangements, which may be insufficient to fund our capital expenditures, working capital and other cash requirements for the next 12 months.

 

Our ability to emerge from the exploration stage is dependent upon, among other things, obtaining additional financing to continue our operations, explore and develop our properties and the discovery, development and sale of ore reserves. These factors, among others, raise substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Off-Balance Sheet Arrangements

 

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable.

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure.

 

As of the end of the period covered by this report, management, with the participation of our Chief Executive and Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures. Based upon this evaluation, management concluded that our disclosure controls and procedures were effective as of the date of filing this report applicable for the period covered by this report.

 

Internal Control Over Financial Reporting

 

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

6

 

PART II – OTHER INFORMATION

 

Item 1. Legal Proceedings

 

There are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we are a party or of which any of our properties is the subject. Our management is not aware of any such legal proceedings contemplated by any governmental authority against us.

 

Item 1A. Risk Factors

 

Not applicable.

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

None.

 

Item 3. Defaults Upon Senior Securities

 

None.

 

Item 4. Mine Safety Disclosures

 

None.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit Number		Exhibit Description
31.1		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
32.1		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 *
101.INS		XBRL Instance Document**
101.SCH		XBRL Taxonomy Extension Schema **
101.CAL		XBRL Taxonomy Extension Calculation Linkbase **
101.DEF		XBRL Taxonomy Extension Definition Linkbase **
101.LAB		XBRL Taxonomy Extension Label Linkbase **
101.PRE		XBRL Taxonomy Presentation Linkbase **

 

* Filed herewith.

** In accordance with Regulation S-T, the XBRL-formatted interactive data files that comprise Exhibit 101 in this quarterly report on Form 10-Q shall be deemed “furnished” and not “filed”.

 

7

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

	VALMIE RESOURCES, INC.
	(Registrant)
Date: July 15, 2014	/s/ Timothy Franklin
	Timothy Franklin
	President, Chief Executive Officer, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer, Director

 

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