0001165527-12-000616.txt : 20120611 0001165527-12-000616.hdr.sgml : 20120611 20120611164101 ACCESSION NUMBER: 0001165527-12-000616 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120430 FILED AS OF DATE: 20120611 DATE AS OF CHANGE: 20120611 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCED TECHNOLOGIES GROUP LTD CENTRAL INDEX KEY: 0001119046 STANDARD INDUSTRIAL CLASSIFICATION: [9995] IRS NUMBER: 860987213 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-30987 FILM NUMBER: 12900904 BUSINESS ADDRESS: STREET 1: 32 BROADWAY, 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 BUSINESS PHONE: 2129680941 MAIL ADDRESS: STREET 1: 32 BROADWAY, 4TH FLOOR CITY: NEW YORK STATE: NY ZIP: 10004 FORMER COMPANY: FORMER CONFORMED NAME: SEVENTHCAI INC DATE OF NAME CHANGE: 20000711 10-Q 1 g6054.txt SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q Quarterly Report Under Section 13 or 15(d) of The Securities Exchange Act of 1934 For the Period ended April 30, 2012 Commission File Number 0-30987 ADVANCED TECHNOLOGIES GROUP, LTD. (Exact name of Registrant as specified in its Charter) Nevada 80-0987213 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification Number) 331 Newman Springs Rd., Bld. 1, 4Fl. Suite 143, Red Bank, NJ 07701 732-784-2801 (Address and telephone number of principal executive offices) 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 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. Large accelerated filer [ ] Accelerated Filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] (Do Not Check if a Smaller Reporting Company) Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X] As of April 30 2012 the registrant had 18,948,966 shares of common stock $0.0001 par value, issued and outstanding. TABLE OF CONTENTS Item Page ---- ---- Part I. FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements 3 Balance sheet as of April 30, 2012 and January 31, 2012 4 Statement of income (loss) for three months ended April 30, 2012 and 2011 5 Statement of cash flows for three months ended April 30, 2012 and 2011 6 Statement of changes in shareholders equity for the three months ended April 30, 2012 7 Notes to condensed consolidated financial statements 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 12 Item 3. Quantitative and Qualitative Disclosures About Market Risk 15 Item 4. Controls and Procedures 15 Part II. OTHER INFORMATION Item 1. Legal Proceedings 16 Item 1A. Risk Factors 17 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 17 Item 3. Defaults Upon Senior Securities 17 Item 4. Mine Safety Disclosures 17 Item 5. Other Information 17 Item 6. Exhibits 18 Signatures 19 2 PART I: FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The following unaudited consolidated financial statements have been prepared by Advanced Technologies Group, Ltd. (the "Company" or "ATG") pursuant to the rules and regulations of the Securities and Exchange Commission promulgated under the Securities Exchange Act of 1934 as amended. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principals have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company's management, the consolidated financial statements include all adjustments (consisting only of adjustments of a normal, recurring nature) necessary to present fairly the financial information set forth herein. 3 Advanced Technologies Group, Ltd. Consolidated Balance Sheets As of April 30, 2012 and January 31, 2012
30-Apr-12 31-Jan-12 ------------ ------------ ASSETS Current assets: Cash $ 1,579,269 $ 1,185,519 Subordinated note receivable 0 956,218 ------------ ------------ Total current assets 1,579,269 2,141,737 Other assets: Investment in FX Direct Dealer 5,000 5,000 Trademark- net 5,299 5,449 Fixed assets- net 1,115 1,258 ------------ ------------ Total assets $ 1,590,683 $ 2,153,444 ============ ============ LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) Current liabilities: Accounts payable & accrued expenses 118,760 597,377 ------------ ------------ Total current liabilities 118,760 597,377 Shareholder advance payable 7,796 7,796 ------------ ------------ Total liabilities 126,556 605,173 Shareholders' equity: Series A preferred stock, one share convertible to one share of common; non-participating, authorized 1,000,000 shares at stated value of $3 per share, issued and outstanding 762,081 shares 1,712,601 1,712,601 Series B preferred stock, one share convertible to one share of common; non-participating, authorized 7,000,000 shares at stated value of $3 per share, issued and outstanding 1,609,955 shares 4,384,754 4,384,754 Common stock- $.0001 par value, authorized 100,000,000 shares, issued and outstanding, 18,948,966 shares at January 31, 2012 and 18,948,966 at April 30, 2012 1,895 1,895 Additional paid in capital 32,823,815 32,823,815 Accumulated deficit (37,458,938) (37,374,794) ------------ ------------ Total shareholders' equity 1,464,127 1,548,271 ------------ ------------ Total Liabilities & Shareholders' Equity $ 1,590,683 $ 2,153,444 ============ ============
See the notes to the financial statements. 4 Advanced Technologies Group, Ltd. Consolidated Statements of Operations For the Quarters Ended April 30, 2012 and April 30, 2011
30-Apr-12 30-Apr-11 ------------ ------------ General and administrative expenses: Salaries and benefits $ 37,000 $ 170,000 Consulting 25,001 0 General administration 22,153 7,070 ------------ ------------ Total general & administrative expenses 84,154 177,070 ------------ ------------ Net loss from operations (84,154) (177,070) Other revenues and expenses: Interest income 10 55,906 ------------ ------------ Net income (loss) before provision for income taxes (84,144) (121,164) Provision for income taxes 0 0 ------------ ------------ Net income (loss) $ (84,144) $ (121,164) ============ ============ Basic & fully diluted net income (loss) per common share: Net income (loss) per share before extraordinary item $ (0.00) $ (0.01) Weighted average of common shares outstanding: Basic 18,948,966 18,948,966 Fully diluted 18,948,966 18,948,966
See the notes to the financial statements. 5 Advanced Technologies Group, Ltd. Consolidated Statements of Cash Flows For the Quarters Ended April 30, 2012 and April 30, 2011
30-Apr-12 30-Apr-11 ----------- ----------- Operating Activities: Net income (loss) $ (84,144) $ (121,164) Adjustments to reconcile net income (loss) items not requiring the use of cash: Amortization 150 147 Depreciation 143 142 Changes in other operating assets and liabilities : Accounts payable & accrued expenses (478,617) (358,371) ---------- ---------- Net cash used by operations (562,468) (479,246) Investing activities: Proceeds from note receivable 956,218 472,223 ---------- ---------- Net cash provided by investing activities 956,218 472,223 Financing Activities: Advances received (paid) shareholders 0 0 ---------- ---------- Net cash used by financing activities 0 0 ---------- ---------- Net increase (decrease) in cash during the year 393,750 (7,023) Cash balance at beginning of the year 1,185,519 12,576 ---------- ---------- Cash balance at April 30th $1,579,269 $ 5,553 ========== ========== Supplemental disclosures of cash flow information: Interest paid during the period $ 0 $ 0 Income taxes paid during the period $ 0 $ 0
See the notes to the financial statements. 6 Advanced Technologies Group, Ltd. Consolidated Statement of Changes in Shareholders' Equity From February 1, 2011 to April 30, 2012
Common Common Preferred Preferred Paid in Accumulated Shares Par Value Shares Value Capital Deficit Total ------ --------- ------ ----- ------- ------- ----- Balance at January 31, 2011 18,948,966 $ 1,895 2,372,036 $6,097,355 $32,823,815 $(35,921,657) $ 3,001,408 Net loss (1,453,137) (1,453,137) ----------- ------- ---------- ---------- ----------- ------------ ----------- Balance at January 31, 2012 18,948,966 $ 1,895 2,372,036 $6,097,355 $32,823,815 $(37,374,794) $ 1,548,271 Net loss (84,144) (84,144) ----------- ------- ---------- ---------- ----------- ------------ ----------- Balance at April 30, 2012 18,948,966 $ 1,895 2,372,036 $6,097,355 $32,823,815 $(37,458,938) $ 1,464,127 =========== ======= ========== ========== =========== ============ ===========
See the notes to the financial statements. 7 Advanced Technologies Group, Ltd. Notes to the Consolidated Financial Statements For the Quarters Ended April 30, 2012 and April 30, 2011 1. ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES Advanced Technologies Group, Ltd. (the Company) was incorporated in the State of Nevada in February 2000. In January 2001, the Company purchased 100% of the issued and outstanding shares of FX3000, Inc., a Delaware corporation, which owned the rights to the FX3000, a spot foreign currency trading software platform. The FX3000 software program was a real time quote and money management platform used by independent spot foreign currency traders. In March 2002, the Company sold the FX3000 software program, for a 25% interest in a joint venture with Tradition NA, a subsidiary of Compagnie Financiere Tradition, a publicly held Swiss corporation. The Company and Tradition formed FX Direct Dealer LLC (FXDD), a Delaware company that marketed the FX3000 software to independent foreign currency traders. In March 2009, the Company sold its 25% interest in the joint venture to FXDD for $26 million. In June 2010, the United States District Court of the Southern District of New York granted an asset freeze to the Securities and Exchange Commission (SEC) freezing most of the Company's assets. The asset freeze was granted based upon allegations by the SEC that the Company had raised approximately $15 million from 2001 to 2002 by improperly selling shares of its common stock. The SEC action sought disgorgement of all Company profits earned from the sale of the FXDD interest. In October 2010, the Company reached an agreement with the SEC to settle the action in its entirety, which received the final approval of the SEC on December 30, 2010. Under the settlement agreement, the Company consented to a judgment in the total amount of $19,186,536, of which $14,883,400 was paid in January 2011. The balance was payable in nine monthly installments ending in October 2011. The funds collected by this judgment are to be distributed to the investors who participated in the unregistered offerings pursuant to a Plan of Distribution approved by the United States District Court for the Southern District of New York in March 2011. The Company's current efforts are in the area of on-line property security through its subsidiary, MoveIdiot.com. In July 2009, the Company purchased the intellectual rights to MoveIdiot.com for $57,000 and 25,000 shares of common stock. The MoveIdiot.com website is designed to enable individuals and businesses to keep track of their property on-line. The software program is designed to enable users to manage their possessions on-line and print automatically generated labels that are sealable to be used in the event of moving from one location to another. The Company has no revenues from MoveIdiot.com through the date of this report. 8 USE OF ESTIMATES- The preparation of the consolidated financial statements in conformity with generally accepted accounting principles requires management to make reasonable estimates and assumptions that affect the reported amounts of the assets and liabilities and disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses at the date of the financial statements and for the period they include. Actual results may differ from these estimates. CASH- For the purpose of calculating changes in cash flows, cash includes all cash balances and highly liquid short-term investments with an original maturity of three months or less. FIXED ASSETS- Office equipment is stated at cost. Depreciation expense is computed using the straight-line method over the estimated useful life of the asset, which managements estimates to be three years. LONG LIVED ASSETS- The Company reviews for the impairment of long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. INCOME TAXES- The Company accounts for income taxes in accordance with generally accepted accounting principles which require an asset and liability approach to financial accounting and reporting for income taxes. Deferred income tax assets and liabilities are computed annually for differences between financial statement and income tax bases of assets and liabilities that will result in taxable income or deductible expenses in the future based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established when necessary to reduce deferred tax assets and liabilities to the amount expected to be realized. Income tax expense is the tax payable or refundable for the period adjusted for the change during the period in deferred tax assets and liabilities. The Company follows the accounting requirements associated with uncertainty in income taxes using the provisions of Financial Accounting Standards Board (FASB) ASC 740, INCOME TAXES. Using that guidance, tax positions initially need to be recognized in the financial statements when it is more likely than not the positions will be sustained upon examination by the tax authorities. It also provides guidance for derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. As of January 31, 2012 and January 31, 2011, the Company has no uncertain tax positions that qualify for either recognition or disclosure in the financial statements. All tax returns from fiscal years 2008 to 2011 are subject to IRS audit. 9 2. NET INCOME (LOSS) PER SHARE Basic net income (loss) per share has been computed based on the weighted average of common shares outstanding during the years. Diluted net income (loss) per share gives the effect of outstanding preferred stock which is convertible into common stock (see Note 3). The effects of the convertible preferred stock equivalents were excluded from the calculation of fully diluted loss per share since its inclusion would be anti-dilutive. The calculation for net income (loss) per share is as follows.
30-Apr-12 30-Apr-11 ------------ ------------ Net income (loss) $ (84,144) $ (121,164) ============ ============ Basic & fully diluted shares outstanding (weighted average) 18,948,966 18,948,966 Basic income (loss) per share before extraordinary item $ (0.00) $ (0.01)
3. PREFERRED STOCK CLASS A PREFERRED STOCK: Class A preferred stock has a stated value of $3 per share. Holders of the Class A preferred stock are entitled to receive a common stock dividend of 13% of the outstanding Class A shares on an annual basis based on a value of $3 per share. The Class A preferred stock is convertible into common stock at a conversion ratio of one preferred share for one common share. CLASS B PREFERRED STOCK: Class B preferred stock has a stated value of $3 per share. Holders of the Class B preferred stock are entitled to receive a common stock dividend of 6% of the outstanding Class B shares on an annual basis based on a value of $3 per share. The Class B preferred stock is convertible into common stock at a conversion ratio of one preferred share for one common share. 10 4. INCOME TAXES Provision for income taxes is comprised of the following:
30-Apr-12 30-Apr-11 ------------ ------------ Net income (loss) before provision for income taxes $ (84,144) $ (121,164) ============ ============ Current tax expense: Federal $ 0 $ 0 State 0 0 ------------ ------------ Total 0 0 Less deferred tax benefit: Tax loss carryforwards (4,801,684) (4,689,303) Less allowance for tax recoverability 4,801,684 4,689,303 ------------ ------------ Provision for income taxes $ 0 $ 0 ============ ============ Deferred tax asset: Tax loss carry forwards $ 4,801,684 $ 4,689,303 Less valuation allowance (4,801,684) (4,689,303) ------------ ------------ Net deferred tax asset $ 0 $ 0 ============ ============
Note: The deferred tax benefits arising from the timing differences expires in fiscal years 2031 and 2032 and may not be recoverable upon the purchase of the Company under current IRS statutes. 5. COMMITMENTS AND CONTINGENCIES In purchasing MoveIdiot.com, as discussed more fully in Note 1, the Company has agreed to issue an additional 50,000 restricted shares of its common stock to the developers of the software of MoveIdiot.com in the event certain revenue targets are met. 6. CONCENTRATION OF CREDIT RISK The Company is substantially reliant on the efforts of the chief executive officer and the president of the Company. A withdrawal of these efforts would have a material adverse affect on the Company's future plans and operations. The Company keeps balances in banks that are in excess of insured amounts. 7. SUBSEQUENT EVENTS The Company has made a review of material subsequent events from April 30, 2012 through the date of this report and found no material subsequent events reportable during this period. 11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FORWARD LOOKING STATEMENTS Some of the information contained in this Quarterly Report may constitute forward-looking statements or statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations and projections about future events. The words "estimate", "plan", "intend", "expect", "anticipate" and similar expressions are intended to identify forward-looking statements which involve, and are subject to, known and unknown risks, uncertainties and other factors which could cause the Company's actual results, financial or operating performance, or achievements to differ from future results, financial or operating performance, or achievements expressed or implied by such forward-looking statements. Projections and assumptions contained and expressed herein were reasonably based on information available to the Company at the time so furnished and as of the date of this filing. All such projections and assumptions are subject to significant uncertainties and contingencies, many of which are beyond the Company's control, and no assurance can be given that the projections will be realized. Potential investors are cautioned not to place undue reliance on any such forward-looking statements, which speak only as of the date hereof. Unless otherwise required by law, the Company undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Important factors that could cause actual results to differ materially from our expectations ("Cautionary Statements") include, but are not limited to, those set forth under the heading "Risk Factors" in this Quarterly Report as well as in Item 1A of the Company's Annual Report on Form 10-K for the fiscal year ended January 31, 2012. BACKGROUND The Company was incorporated in the State of Nevada in February 2000. In January 2001, the Company purchased 100% of the issued and outstanding shares of FX3000, Inc. (formerly Oxford Global Network, Ltd.), a Delaware corporation, the designer of the FX3000 currency trading software platform. The FX3000 software program is a financial real time quote and money management platform for use by independent foreign currency traders. In March 2002, the Company transferred its FX3000 software program to FX Direct Dealer, LLC ("FX Direct") a joint venture company that markets the FX3000 software program. The Company received a 25% interest in the joint venture in return for the transfer. On January 26, 2009, the Company entered into a purchase and sale agreement (the "Purchase Agreement"), pursuant to which the Company agreed to sell (the "Sale") its approximate 25% membership interest (the "Membership Interest") in FX Direct to FX Direct. The Agreement provided that it was effective as of December 31, 2008, as a result of which the Company was not entitled to receive any allocations of profit, loss or distributions from FX on account of its Membership Interest after such date. On March 17, 2009, the Company completed the Sale of the Membership Interest to FX Direct. 12 The aggregate purchase price of the Membership Interest was approximately $26,000,000, of which $9,000,000 was paid in cash at the closing of the Sale and the remaining $17,000,000 was paid in 36 equal monthly installments of $472,222.22, pursuant to a subordinated promissory note bearing interest at the rate of 10% per annum, that was issued pursuant to a Cash Subordinated Loan Agreement ("Loan Agreement"). Effective as of July 20, 2009, the Company entered into an Asset Purchase Agreement with Dan Khasis, LLC ("Seller"), pursuant to which the Company acquired all of the rights to Seller's website "Moveidiot.com" and the related software for a purchase price of $57,000 plus the issuance to Seller of 25,000 restricted shares of Common Stock. MoveIdiot.com is an online website which is designed to help people and businesses expedite their move from one place to another. The Company has no revenues from MoveIdiot.com through the date of this report. On June 23, 2010, the Securities and Exchange Commission ("SEC") filed the SEC Action against ATG, and its officers in the United States District Court for the Southern District of New York. The SEC secured provisional relief in the form of an order (the "Asset Freeze Order") freezing the defendants' assets and prohibiting destruction, concealment or alteration of records pending final disposition of the action, to which the defendants consented, with certain carve outs for payments of necessary corporate and personal expenses. In October 2010, the defendants reached an agreement in principle with the SEC to settle the action in its entirety, which was approved by the Court in January 2011. Under the SEC Settlement, defendants consented to judgment in the total amount of $19,186,536.32, of which approximately $14.8 million was paid within 14 days following entry of the judgment and the balance was paid in nine monthly installments following the entry of judgment. The defendants also agreed to pay $500,000 to satisfy the costs of the administration of the Plan of Distribution under the SEC Settlement. The Asset Freeze Order was lifted in November 2011. However, as a result of the Asset Freeze Order, the Company has had limited access to its funds to support the growth of MoveIdiot.com. See "Liquidity and Capital Resources." RESULTS OF OPERATIONS The Company did not generate any revenues in the three months ended April 30, 2012 or the three months ended April 30, 2011 as the Company's Moveidiot.com website commenced operations in January 2010 and has not yet generated any revenues. We believe that the Company will need to expend substantial amounts in advertising and web site placement fees to attract users to our website in order to generate revenues, but our access to our cash resources was restricted from June 2010 until November, 2011 by the Asset Freeze Order, which has delayed the commercialization of MoveIdiot.com. Total general and administrative expenses were $84,154 in the three months ended April 30, 2012 as compared to $177,070 in the three months ended April 30, 2011. The decrease in general and administrative expenses in fiscal 2012 was primarily due to reductions in executive compensation and reductions in professional fees following the completion of the SEC Settlement. 13 Other revenues and expenses in the three months ended April 30, 2012 included interest income of $10 related to the Company's cash balances. Other revenues and expenses in the three months ended April 30, 2011 included interest income of $55,906 related to the Company's cash balances and the Subordinated Note. The decrease in interest income in the three months ended April 30, 2012 primarily reflects the decrease in the remaining principal balance of the Subordinated Note. As a result of the foregoing, the Company had a net loss of ($84,144) in the three months ended April 30, 2012 as compared to a net loss of ($121,164) in the three months ended April 30, 2011. LIQUIDITY AND CAPITAL RESOURCES At April 30, 2012, the Company had cash on hand of $1,185,519, compared with cash of $12,576 at January 31, 2011. On March 17, 2009, the Company completed the Sale of its Membership Interest to FX Direct. The aggregate purchase price of the Membership Interest was approximately $26,000,000, of which $9,000,000 was paid in cash at the closing of the Sale and the remaining $17,000,000 was paid in 36 equal monthly installments of $472,222.22, pursuant to a subordinated promissory note bearing interest at the rate of 10% per annum, that was issued pursuant to a Cash Subordinated Loan Agreement ("Loan Agreement"). The Company also received approximately $250,000 from the Purchaser in full satisfaction of amounts owed to the Company for providing certain services to the Purchaser. Under the terms of the SEC Settlement, the Company has consented to a judgment against it in the amount of $19,186,536.32 and has agreed to pay $500,000 to satisfy the costs of administering the Plan of Distribution under the Settlement Agreement. As of October 31, 2011, the full amount of the settlement had been delivered to the SEC. As a result of the Asset Freeze Order, which was lifted in November 2011, the Company has had limited access to its funds to support the growth of MoveIdiot.com. In addition, the SEC Settlement prohibits the Company and one of its officers from participating in any unregistered sales of securities for a five year period with the officer being further prohibited from participating in any "penny stock offering," which in general means an offering where the price per share is less than $5.00. These restrictions will make it more difficult for the Company to raise funds to support its ongoing business operations. CASH FLOWS For the three months ended April 30, 2012 net cash used in operating activities was $564,014 compared to net cash used in operating activities of $479,246 in the three months ended April 30, 2011. The increase in cash used in operating activities in the three months ended April 30, 2012 was primarily due to a reduction in accrued expenses following the termination of the Asset Freeze. 14 For the three months ended April 30, 2012 net cash provided by investing activities increased to $956,218 as compared to net cash provided by investing activities of $472,223 in the three months ended April 30, 2011, as a result of an increase in amounts on account of the Subordinated Note following the satisfaction of the SEC settlement. For the three months ended April 30, 2012 and April 30, 2011, there were no cash amounts used in or provided by financing activities. ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK At April 30, 2012, the Company had no outstanding borrowings under loan facilities. ITEM 4. CONTROLS AND PROCEDURES (a) EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES. Our principal executive officer and our principal financial officer evaluated the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 as amended) as of the end of the period covered by this report. Based on that evaluation, such principal executive officer and principal financial officer concluded that, the Company's disclosure control and procedures were not effective as of the end of the period covered by this report because of the material weakness described below. At present, due to its limited scope of operations, the Company only has two full time employees, only one of whom, our chief financial officer, is involved in overseeing our financial reporting process. We have determined that this deficiency caused by the limited staffing constitutes a material weakness in the area of segregation of duties and adequacy of personnel. (b) CHANGE IN INTERNAL CONTROL OVER FINANCIAL REPORTING. No change in our internal control over financial reporting occurred during our most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect our internal control over financial reporting. (c) OTHER. We believe that a controls system, no matter how well designed and operated, can not provide absolute assurance that the objectives of the controls system are met, and no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. Therefore, a control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the 15 objectives of the control system are met. Our disclosure controls and procedures are designed to provide such reasonable assurances of achieving our desired control objectives, and, for the reasons described above, our principal executive officer and principal financial officer have concluded, as of April 30, 2012, that our disclosure controls and procedures were not effective. PART II OTHER INFORMATION ITEM 1. LEGAL PROCEEDINGS On June 23, 2010, the SEC filed a civil enforcement action (the "SEC Action") against ATG, and its officers Alexander Stelmak and Abelis Raskas in the United States District Court for the Southern District of New York ("the Court"). The SEC's Complaint alleged that between 1997 and 2006 the defendants raised $14,741,760.76 from investors through a series of illegal unregistered offerings of the securities of ATG and its predecessor companies, Oxford Global Network, Ltd., and Luxury Lounge, Inc. The SEC alleged that, in connection with these offerings, the defendants violated the securities registration requirements of Sections 5(a) and 5(c) of the Securities Act. The SEC sought disgorgement of all alleged ill-gotten gains, plus prejudgment interest thereon, for a total of $24,990,124 as well as additional relief. ATG, Stelmak and Raskas each served Answers to the Complaint in which they denied liability and asserted affirmative defenses. The SEC secured provisional relief in the form of an order (the "Asset Freeze Order") freezing the defendants' assets and prohibiting destruction, concealment or alteration of records pending final disposition of the action, to which the defendants consented, with certain carve outs for payments of necessary corporate and personal expenses. The Asset Freeze Order was lifted in November 2011 In October 2010, the defendants reached an agreement in principle with the SEC to settle (the "SEC Settlement") the action in its entirety, which received the final approval of the Commission on December 30, 2010. On January 13, 2011, the Court issued an Order setting a schedule to effectuate the settlement and approve a Plan of Distribution. The Court also entered, as part of the SEC Settlement, final judgments and consents for ATG, and the individual defendants. Under the SEC Settlement, defendants consented to judgment in the total amount of $19,186,536.32, of which approximately $14.8 million was paid within 14 days following entry of the judgment and the balance was paid in nine monthly installments following the entry of judgment. Such funds are to be distributed to investors who participated in the unregistered offerings at issue pursuant to a Plan of Distribution that was submitted to the Court by the SEC in March 2011 and approved by the Court in September 2011. The SEC has agreed that the Plan of Distribution will require the surrender and cancellation of shares of any investor who participates in the SEC Settlement and who continues to own shares in ATG. ATG has agreed to pay $500,000 to satisfy the costs of the administration of the Plan. ATG and Stelmak consented to judgment against them in the full amount of $19,186,536.32, and have agreed to certain prohibitions, including for Stelmak and ATG, a permanent injunction against future violations of Section 5(a) and 16 5(c) of the Securities Act, and for Stelmak a five year ban from participating in any offering of penny stock. Stelmak and ATG also have accepted civil penalties of $6,500 and $65,000, respectively. Raskas, for his part, consented to judgment of $4,749,948.03 of the total $19,186,536.32 judgment at issue. As no penalties or restrictions were sought against Raskas, none are contained in his proposed judgment. The SEC has agreed that all settlement funds (except the civil penalty for Stelmak) will be paid by ATG, with Raskas (only to the limited extent of his liability) and Stelmak responsible for any shortfall. ITEM 1A. RISK FACTORS An investment in the Company involves a high degree of risk. In addition to the other information set forth in this Report, you should carefully consider the factors discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended January 31, 2012, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing the Company. Other unknown or unpredictable factors could also have material adverse effects on future results. ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS Not Applicable ITEM 3. DEFAULTS UPON SENIOR SECURITIES Not Applicable ITEM 4. MINE SAFETY DISCLOSURES Not Applicable ITEM 5. OTHER INFORMATION Not Applicable 17 ITEM 6. EXHIBITS (a) Exhibits Incorp by Exhibit Ref. to Number Exh. Description ------ ---- ----------- 31.1 * Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Alex Stelmak, as Chief Executive Officer 31.2 * Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 by Alex Stelmak, as Chief Financial Officer 32.1 * Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 by Alex Stelmak, as Chief Executive Officer and Chief Financial Officer 101 * The following materials from the Advanced Technologies Group, Inc. Quarterly Report on Form 10-Q for the quarter ended April 30, 2012 formatted in Extensible Business Reporting Language (XBRL): (i) the Statements of Operations, (ii) the Balance Sheets, (iii) the Statements of Cash Flows, (iv) Statement of Stockholders' (Deficit) and (v) related notes. #101.INS XBRL Instance Document. #101.SCH XBRL Taxonomy Extension Schema Document. #101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. #101.LAB XBRL Taxonomy Extension Label Linkbase Document. #101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. #101.DEF XBRL Taxonomy Extension Definition Linkbase Document. ---------- * Filed herewith 18 SIGNATURES In accordance with the requirements of Section 13 of 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed in its behalf by the undersigned, thereunto duly authorized. Date: June 7, 2012 By: /s/ Abel Raskas --------------------------------------- Abel Raskas President Date: June 7, 2012 By: /s/ Alex Stelmak --------------------------------------- Alex Stelmak Chairman of the Board of Directors and Chief Executive Officer and Chief Financial Officer (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) 19
EX-31.1 2 ex31-1.txt EXHIBIT 31.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Alex Stelmak, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Advanced Technologies Group Ltd. (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13(a)-15(e) and 15(d)-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 7, 2012 /s/ Alex Stelmak ----------------------------------- Name: Alex Stelmak Chief Executive Officer, Chairman of the Board and Chief Financial Officer (Principal Executive Officer) EX-31.2 3 ex31-2.txt EXHIBIT 31.2 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 I, Alex Stelmak, certify that: 1. I have reviewed this quarterly report on Form 10-Q of Advanced Technologies Group Ltd. (the "registrant"); 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13(a)-15(e) and 15(d)-15(e)) and internal controls over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal controls over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: June 7, 2012 /s/ Alex Stelmak ----------------------------------- Name: Alex Stelmak Chief Executive Officer, Chairman of the Board and Chief Financial Officer (Principal Executive Officer) EX-32.1 4 ex32-1.txt EXHIBIT 32.1 CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the quarterly report on Form 10-Q of Advanced Technologies Group, Ltd. (the "Company") for the fiscal quarter ended April 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the "report"), the undersigned, Alex Stelmak, Chief Executive Officer, Chairman of the Board and Chief Financial Officer of the Company, certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that: (1) The report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the report fairly presents, in all material respects, the financial condition and result of operations of the Company. Date: June 7, 2012 /s/ Alex Stelmak ----------------------------------- Name: Alex Stelmak Chief Executive Officer, Chairman of the Board and Chief Financial Officer EX-101.INS 5 avgg-20120430.xml 10-Q 2012-04-30 false ADVANCED TECHNOLOGIES GROUP LTD 0001119046 --01-31 18948966 Smaller Reporting Company Yes No No 2013 Q1 1579269 1185519 0 956218 1579269 2141737 5000 5000 5299 5449 1115 1258 1590683 2153444 118760 597377 118760 597377 7796 7796 126556 605173 1712601 1712601 4384754 4384754 1895 1895 32823815 32823815 -37458938 -37374794 1464127 1548271 1590683 2153444 1000000 1000000 3 3 762081 762081 762081 762081 7000000 7000000 3 3 1609955 1609955 1609955 1609955 0.0001 0.0001 100000000 100000000 18948966 18948966 18948966 18948966 37000 170000 25001 0 22153 7070 84154 177070 -84154 -177070 10 55906 -84144 -121164 0 0 -84144 -121164 0.00 -0.01 18948966 18948966 18948966 18948966 -84144 -121164 150 147 143 142 -478617 -358371 -562468 -479246 956218 472223 956218 472223 0 0 0 0 393750 -7023 12576 5553 0 0 0 0 18948966 1895 2372036 6097355 32823815 -35921657 3001408 0 0 0 -1453137 -1453137 18948966 1895 2372036 6097355 32823815 -37374794 1548271 0 0 0 -84144 -84144 18948966 1895 2372036 6097355 32823815 -37458938 1464127 <!--egx--><pre>1. ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES</pre><pre>&nbsp;</pre><pre>Advanced Technologies Group, Ltd. (the Company) was incorporated in the State of</pre><pre>Nevada in February 2000. In January 2001, the Company purchased 100% of the</pre><pre>issued and outstanding shares of FX3000, Inc., a Delaware corporation, which</pre><pre>owned the rights to the FX3000, a spot foreign currency trading software</pre><pre>platform. The FX3000 software program was a real time quote and money management</pre><pre>platform used by independent spot foreign currency traders.</pre><pre>&nbsp;</pre><pre>In March 2002, the Company sold the FX3000 software program, for a 25% interest</pre><pre>in a joint venture with Tradition NA, a subsidiary of Compagnie Financiere</pre><pre>Tradition, a publicly held Swiss corporation. The Company and Tradition formed</pre><pre>FX Direct Dealer LLC (FXDD), a Delaware company that marketed the FX3000</pre><pre>software to independent foreign currency traders.</pre><pre>&nbsp;</pre><pre>In March 2009, the Company sold its 25% interest in the joint venture to FXDD</pre><pre>for $26 million.</pre><pre>&nbsp;</pre><pre>In June 2010, the United States District Court of the Southern District of New</pre><pre>York granted an asset freeze to the Securities and Exchange Commission (SEC)</pre><pre>freezing most of the Company's assets. The asset freeze was granted based upon</pre><pre>allegations by the SEC that the Company had raised approximately $15 million</pre><pre>from 2001 to 2002 by improperly selling shares of its common stock. The SEC</pre><pre>action sought disgorgement of all Company profits earned from the sale of the</pre><pre>FXDD interest.</pre><pre>&nbsp;</pre><pre>In October 2010, the Company reached an agreement with the SEC to settle the</pre><pre>action in its entirety, which received the final approval of the SEC on December</pre><pre>30, 2010. Under the settlement agreement, the Company consented to a judgment in</pre><pre>the total amount of $19,186,536, of which $14,883,400 was paid in January 2011.</pre><pre>The balance was payable in nine monthly installments ending in October 2011. The</pre><pre>funds collected by this judgment are to be distributed to the investors who</pre><pre>participated in the unregistered offerings pursuant to a Plan of Distribution</pre><pre>approved by the United States District Court for the Southern District of New</pre><pre>York in March 2011.</pre><pre>&nbsp;</pre><pre>The Company's current efforts are in the area of on-line property security</pre><pre>through its subsidiary, MoveIdiot.com. In July 2009, the Company purchased the</pre><pre>intellectual rights to MoveIdiot.com for $57,000 and 25,000 shares of common</pre><pre>stock. The MoveIdiot.com website is designed to enable individuals and</pre><pre>businesses to keep track of their property on-line. The software program is</pre><pre>designed to enable users to manage their possessions on-line and print</pre><pre>automatically generated labels that are sealable to be used in the event of</pre><pre>moving from one location to another. The Company has no revenues from</pre><pre>MoveIdiot.com through the date of this report.</pre><pre>&nbsp;</pre><pre>USE OF ESTIMATES- The preparation of the consolidated financial statements in</pre><pre>conformity with generally accepted accounting principles requires management to</pre><pre>make reasonable estimates and assumptions that affect the reported amounts of</pre><pre>the assets and liabilities and disclosure of contingent assets and liabilities</pre><pre>and the reported amounts of revenues and expenses at the date of the financial</pre><pre>statements and for the period they include. Actual results may differ from these</pre><pre>estimates.</pre><pre>&nbsp;</pre><pre>CASH- For the purpose of calculating changes in cash flows, cash includes all</pre><pre>cash balances and highly liquid short-term investments with an original maturity</pre><pre>of three months or less.</pre><pre>&nbsp;</pre><pre>FIXED ASSETS- Office equipment is stated at cost. Depreciation expense is</pre><pre>computed using the straight-line method over the estimated useful life of the</pre><pre>asset, which managements estimates to be three years.</pre><pre>&nbsp;</pre><pre>LONG LIVED ASSETS- The Company reviews for the impairment of long-lived assets</pre><pre>whenever events or changes in circumstances indicate that the carrying amount of</pre><pre>an asset may not be recoverable. An impairment loss would be recognized when</pre><pre>estimated future cash flows expected to result from the use of the asset and its</pre><pre>eventual disposition is less than its carrying amount.</pre><pre>&nbsp;</pre><pre>INCOME TAXES- The Company accounts for income taxes in accordance with generally</pre><pre>accepted accounting principles which require an asset and liability approach to</pre><pre>financial accounting and reporting for income taxes. Deferred income tax assets</pre><pre>and liabilities are computed annually for differences between financial</pre><pre>statement and income tax bases of assets and liabilities that will result in</pre><pre>taxable income or deductible expenses in the future based on enacted tax laws</pre><pre>and rates applicable to the periods in which the differences are expected to</pre><pre>affect taxable income. Valuation allowances are established when necessary to</pre><pre>reduce deferred tax assets and liabilities to the amount expected to be</pre><pre>realized. Income tax expense is the tax payable or refundable for the period</pre><pre>adjusted for the change during the period in deferred tax assets and</pre><pre>liabilities.</pre><pre>&nbsp;</pre><pre>The Company follows the accounting requirements associated with uncertainty in</pre><pre>income taxes using the provisions of Financial Accounting Standards Board (FASB)</pre><pre>ASC 740, INCOME TAXES. Using that guidance, tax positions initially need to be</pre><pre>recognized in the financial statements when it is more likely than not the</pre><pre>positions will be sustained upon examination by the tax authorities. It also</pre><pre>provides guidance for derecognition, classification, interest and penalties,</pre><pre>accounting in interim periods, disclosure and transition. As of January 31, 2012</pre><pre>and January 31, 2011, the Company has no uncertain tax positions that qualify</pre><pre>for either recognition or disclosure in the financial statements. All tax</pre><pre>returns from fiscal years 2008 to 2011 are subject to IRS audit.</pre> <!--egx--><pre>2. NET INCOME (LOSS) PER SHARE</pre><pre>&nbsp;</pre><pre>Basic net income (loss) per share has been computed based on the weighted</pre><pre>average of common shares outstanding during the years. Diluted net income (loss)</pre><pre>per share gives the effect of outstanding preferred stock which is convertible</pre><pre>into common stock (see Note 3). The effects of the convertible preferred stock</pre><pre>equivalents were excluded from the calculation of fully diluted loss per share</pre><pre>since its inclusion would be anti-dilutive.</pre><pre>&nbsp;</pre><pre>The calculation for net income (loss) per share is as follows.</pre><pre>&nbsp;</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30-Apr-12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30-Apr-11</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------</pre><pre>&nbsp;</pre><pre>Net income (loss)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp; (84,144)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp; (121,164)</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ============&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ============</pre><pre>&nbsp;</pre><pre>Basic &amp; fully diluted shares outstanding (weighted average)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,948,966&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,948,966</pre><pre>&nbsp;</pre><pre>Basic income (loss) per share before extraordinary item&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.00)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)</pre> <!--egx--><pre>3. PREFERRED STOCK</pre><pre>&nbsp;</pre><pre>CLASS A PREFERRED STOCK: Class A preferred stock has a stated value of $3 per</pre><pre>share. Holders of the Class A preferred stock are entitled to receive a common</pre><pre>stock dividend of 13% of the outstanding Class A shares on an annual basis based</pre><pre>on a value of $3 per share. The Class A preferred stock is convertible into</pre><pre>common stock at a conversion ratio of one preferred share for one common share.</pre><pre>&nbsp;</pre><pre>CLASS B PREFERRED STOCK: Class B preferred stock has a stated value of $3 per</pre><pre>share. Holders of the Class B preferred stock are entitled to receive a common</pre><pre>stock dividend of 6% of the outstanding Class B shares on an annual basis based</pre><pre>on a value of $3 per share. The Class B preferred stock is convertible into</pre><pre>common stock at a conversion ratio of one preferred share for one common share.</pre> <!--egx--><pre>4. INCOME TAXES</pre><pre>&nbsp;</pre><pre>Provision for income taxes is comprised of the following:</pre><pre>&nbsp;</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30-Apr-12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30-Apr-11</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------</pre><pre>&nbsp;</pre><pre>Net income (loss) before provision for income taxes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp; (84,144)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp; (121,164)</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ============&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ============</pre><pre>Current tax expense:</pre><pre>&nbsp; Federal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</pre><pre>&nbsp; State&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</pre><pre>&nbsp;</pre><pre>Less deferred tax benefit:</pre><pre>&nbsp; Tax loss carryforwards&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,801,684)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,689,303)</pre><pre>&nbsp; Less allowance for tax recoverability&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,801,684&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4,689,303</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------</pre><pre>Provision for income taxes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;============&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ============</pre><pre>Deferred tax asset:</pre><pre>&nbsp; Tax loss carry forwards&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 4,801,684&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp; 4,689,303</pre><pre>&nbsp; Less valuation allowance&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,801,684)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,689,303)</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ------------</pre><pre>Net deferred tax asset&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0</pre><pre>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;============&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ============</pre><pre>&nbsp;</pre><pre>Note: The deferred tax benefits arising from the timing differences expires in</pre><pre>fiscal years 2031 and 2032 and may not be recoverable upon the purchase of the</pre><pre>Company under current IRS statutes.</pre> <!--egx--><pre>5. COMMITMENTS AND CONTINGENCIES</pre><pre>&nbsp;</pre><pre>In purchasing MoveIdiot.com, as discussed more fully in Note 1, the Company has</pre><pre>agreed to issue an additional 50,000 restricted shares of its common stock to</pre><pre>the developers of the software of MoveIdiot.com in the event certain revenue</pre><pre>targets are met.</pre> <!--egx--><pre>6. CONCENTRATION OF CREDIT RISK</pre><pre>&nbsp;</pre><pre>The Company is substantially reliant on the efforts of the chief executive</pre><pre>officer and the president of the Company. A withdrawal of these efforts would</pre><pre>have a material adverse affect on the Company's future plans and operations.</pre><pre>&nbsp;</pre><pre>The Company keeps balances in banks that are in excess of insured amounts.</pre> <!--egx--><pre>7. SUBSEQUENT EVENTS</pre><pre>&nbsp;</pre><pre>The Company has made a review of material subsequent events from April 30, 2012</pre><pre>through the date of this report and found no material subsequent events</pre><pre>reportable during this period.</pre> 0001119046 2012-02-01 2012-04-30 0001119046 2012-04-30 0001119046 2012-01-31 0001119046 2011-02-01 2011-04-30 0001119046 2011-01-31 0001119046 2011-04-30 0001119046 us-gaap:CapitalUnitsMember 2011-01-31 0001119046 us-gaap:CommonStockMember 2011-01-31 0001119046 fil:PreferredSharesMember 2011-01-31 0001119046 us-gaap:PreferredStockMember 2011-01-31 0001119046 us-gaap:AdditionalPaidInCapitalMember 2011-01-31 0001119046 us-gaap:RetainedEarningsMember 2011-01-31 0001119046 fil:TotalMember 2011-01-31 0001119046 us-gaap:CommonStockMember 2011-02-01 2012-01-31 0001119046 us-gaap:PreferredStockMember 2011-02-01 2012-01-31 0001119046 us-gaap:AdditionalPaidInCapitalMember 2011-02-01 2012-01-31 0001119046 us-gaap:RetainedEarningsMember 2011-02-01 2012-01-31 0001119046 fil:TotalMember 2011-02-01 2012-01-31 0001119046 us-gaap:CapitalUnitsMember 2012-01-31 0001119046 us-gaap:CommonStockMember 2012-01-31 0001119046 fil:PreferredSharesMember 2012-01-31 0001119046 us-gaap:PreferredStockMember 2012-01-31 0001119046 us-gaap:AdditionalPaidInCapitalMember 2012-01-31 0001119046 us-gaap:RetainedEarningsMember 2012-01-31 0001119046 fil:TotalMember 2012-01-31 0001119046 us-gaap:CommonStockMember 2012-02-01 2012-04-30 0001119046 us-gaap:PreferredStockMember 2012-02-01 2012-04-30 0001119046 us-gaap:AdditionalPaidInCapitalMember 2012-02-01 2012-04-30 0001119046 us-gaap:RetainedEarningsMember 2012-02-01 2012-04-30 0001119046 fil:TotalMember 2012-02-01 2012-04-30 0001119046 us-gaap:CapitalUnitsMember 2012-04-30 0001119046 us-gaap:CommonStockMember 2012-04-30 0001119046 fil:PreferredSharesMember 2012-04-30 0001119046 us-gaap:PreferredStockMember 2012-04-30 0001119046 us-gaap:AdditionalPaidInCapitalMember 2012-04-30 0001119046 us-gaap:RetainedEarningsMember 2012-04-30 0001119046 fil:TotalMember 2012-04-30 iso4217:USD shares iso4217:USD shares EX-101.SCH 6 avgg-20120430.xsd 000040 - Statement - Consolidated Statements of Operations link:presentationLink link:definitionLink link:calculationLink 000080 - Disclosure - NET INCOME (LOSS) PER SHARE link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 000100 - Disclosure - INCOME TAXES link:presentationLink link:definitionLink link:calculationLink 000090 - Disclosure - PREFERRED STOCK link:presentationLink link:definitionLink link:calculationLink 000120 - Disclosure - CONCENTRATION OF CREDIT RISK link:presentationLink link:definitionLink link:calculationLink 000070 - Disclosure - ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES link:presentationLink link:definitionLink link:calculationLink 000050 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Consolidated Balance Sheets Parentheticals link:presentationLink link:definitionLink link:calculationLink 000130 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000110 - Disclosure - COMMITMENTS AND CONTINGENCIES link:presentationLink link:definitionLink link:calculationLink 000060 - Statement - Consolidated Statement of Changes in Shareholders Equity link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 avgg-20120430_cal.xml EX-101.DEF 8 avgg-20120430_def.xml EX-101.LAB 9 avgg-20120430_lab.xml PREFERRED STOCK {1} PREFERRED STOCK Preferred Shares Net cash used by operations Net income (loss) before provision for income taxes General administration Preferred Stock Series A, shares authorized Current liabilities: Document Period End Date PREFERRED STOCK Amortization Basic Trademark- net Current Fiscal Year End Date Amendment Flag Document and Entity Information COMMITMENTS AND CONTINGENCIES {1} COMMITMENTS AND CONTINGENCIES Net increase (decrease) in cash during the year Weighted average of common shares outstanding: Shareholder advance payable The carrying value of shareholder advance payable noncurrent as of the balance sheet date. Entity Current Reporting Status Other revenues and expenses: Preferred Stock Series B, par or stated value Face amount or stated value per share of Series B nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer); generally not indicative of the fair market value per share. Accumulated deficit Statement [Table] Entity Central Index Key CONCENTRATION OF CREDIT RISK {1} CONCENTRATION OF CREDIT RISK NET INCOME (LOSS) PER SHARE ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES {1} ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES Statement, Equity Components [Axis] Financing Activities: Interest income Preferred Stock Series A, shares issued Total Liabilities & Shareholders Equity Subordinated note receivable Total Net income (loss). Operating Activities: Additional paid in capital Other assets: Document Fiscal Year Focus INCOME TAXES ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES Salaries and benefits Common Stock, shares authorized Preferred Stock Series A, par or stated value Series B preferred stock, one share convertible to one share of common; non-participating, authorized 7,000,000 shares at stated value of $3 per share, issued and outstanding 1,609,955 shares Aggregate par or stated value of issued nonredeemable preferred stock Series B (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity. 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PREFERRED STOCK
3 Months Ended
Apr. 30, 2012
PREFERRED STOCK  
PREFERRED STOCK
3. PREFERRED STOCK
 
CLASS A PREFERRED STOCK: Class A preferred stock has a stated value of $3 per
share. Holders of the Class A preferred stock are entitled to receive a common
stock dividend of 13% of the outstanding Class A shares on an annual basis based
on a value of $3 per share. The Class A preferred stock is convertible into
common stock at a conversion ratio of one preferred share for one common share.
 
CLASS B PREFERRED STOCK: Class B preferred stock has a stated value of $3 per
share. Holders of the Class B preferred stock are entitled to receive a common
stock dividend of 6% of the outstanding Class B shares on an annual basis based
on a value of $3 per share. The Class B preferred stock is convertible into
common stock at a conversion ratio of one preferred share for one common share.
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NET INCOME (LOSS) PER SHARE
3 Months Ended
Apr. 30, 2012
NET INCOME (LOSS) PER SHARE  
NET INCOME (LOSS) PER SHARE
2. NET INCOME (LOSS) PER SHARE
 
Basic net income (loss) per share has been computed based on the weighted
average of common shares outstanding during the years. Diluted net income (loss)
per share gives the effect of outstanding preferred stock which is convertible
into common stock (see Note 3). The effects of the convertible preferred stock
equivalents were excluded from the calculation of fully diluted loss per share
since its inclusion would be anti-dilutive.
 
The calculation for net income (loss) per share is as follows.
 
                                                                      30-Apr-12              30-Apr-11
                                                                     ------------           ------------
 
Net income (loss)                                                    $    (84,144)          $   (121,164)
                                                                     ============           ============
 
Basic & fully diluted shares outstanding (weighted average)            18,948,966             18,948,966
 
Basic income (loss) per share before extraordinary item              $      (0.00)          $      (0.01)
XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets (USD $)
Apr. 30, 2012
Jan. 31, 2012
Current assets:    
Cash $ 1,579,269 $ 1,185,519
Subordinated note receivable 0 956,218
Total current assets 1,579,269 2,141,737
Other assets:    
Investment in FX Direct Dealer 5,000 5,000
Trademark- net 5,299 5,449
Fixed assets- net 1,115 1,258
Total assets 1,590,683 2,153,444
Current liabilities:    
Accounts payable & accrued expenses 118,760 597,377
Total current liabilities 118,760 597,377
Shareholder advance payable 7,796 7,796
Total liabilities 126,556 605,173
Shareholders equity:    
Series A preferred stock, one share convertible to one share of common; non-participating, authorized 1,000,000 shares at stated value of $3 per share, issued and outstanding 762,081 shares 1,712,601 1,712,601
Series B preferred stock, one share convertible to one share of common; non-participating, authorized 7,000,000 shares at stated value of $3 per share, issued and outstanding 1,609,955 shares 4,384,754 4,384,754
Common stock- $.0001 par value, authorized 100,000,000 shares, issued and outstanding, 18,948,966 shares at January 31, 2012 and 18,948,966 at April 30, 2012 1,895 1,895
Additional paid in capital 32,823,815 32,823,815
Accumulated deficit (37,458,938) (37,374,794)
Total shareholders equity 1,464,127 1,548,271
Total Liabilities & Shareholders Equity $ 1,590,683 $ 2,153,444
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statement of Changes in Shareholders Equity (USD $)
Common Shares
Common Par Value
USD ($)
Preferred Shares
Preferred Value
USD ($)
Paid in Capital
USD ($)
Accumulated Deficit
USD ($)
Total
USD ($)
Balance at Jan. 31, 2011 18,948,966 1,895 2,372,036 6,097,355 32,823,815 (35,921,657) 3,001,408
Net loss.   $ 0   $ 0 $ 0 $ (1,453,137) $ (1,453,137)
Balance at Jan. 31, 2012 18,948,966 1,895 2,372,036 6,097,355 32,823,815 (37,374,794) 1,548,271
Net loss   $ 0   $ 0 $ 0 $ (84,144) $ (84,144)
Balance at Apr. 30, 2012 18,948,966 1,895 2,372,036 6,097,355 32,823,815 (37,458,938) 1,464,127
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ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES
3 Months Ended
Apr. 30, 2012
ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES  
ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES
1. ORGANIZATION OF THE COMPANY AND SIGNIFICANT ACCOUNTING PRINCIPLES
 
Advanced Technologies Group, Ltd. (the Company) was incorporated in the State of
Nevada in February 2000. In January 2001, the Company purchased 100% of the
issued and outstanding shares of FX3000, Inc., a Delaware corporation, which
owned the rights to the FX3000, a spot foreign currency trading software
platform. The FX3000 software program was a real time quote and money management
platform used by independent spot foreign currency traders.
 
In March 2002, the Company sold the FX3000 software program, for a 25% interest
in a joint venture with Tradition NA, a subsidiary of Compagnie Financiere
Tradition, a publicly held Swiss corporation. The Company and Tradition formed
FX Direct Dealer LLC (FXDD), a Delaware company that marketed the FX3000
software to independent foreign currency traders.
 
In March 2009, the Company sold its 25% interest in the joint venture to FXDD
for $26 million.
 
In June 2010, the United States District Court of the Southern District of New
York granted an asset freeze to the Securities and Exchange Commission (SEC)
freezing most of the Company's assets. The asset freeze was granted based upon
allegations by the SEC that the Company had raised approximately $15 million
from 2001 to 2002 by improperly selling shares of its common stock. The SEC
action sought disgorgement of all Company profits earned from the sale of the
FXDD interest.
 
In October 2010, the Company reached an agreement with the SEC to settle the
action in its entirety, which received the final approval of the SEC on December
30, 2010. Under the settlement agreement, the Company consented to a judgment in
the total amount of $19,186,536, of which $14,883,400 was paid in January 2011.
The balance was payable in nine monthly installments ending in October 2011. The
funds collected by this judgment are to be distributed to the investors who
participated in the unregistered offerings pursuant to a Plan of Distribution
approved by the United States District Court for the Southern District of New
York in March 2011.
 
The Company's current efforts are in the area of on-line property security
through its subsidiary, MoveIdiot.com. In July 2009, the Company purchased the
intellectual rights to MoveIdiot.com for $57,000 and 25,000 shares of common
stock. The MoveIdiot.com website is designed to enable individuals and
businesses to keep track of their property on-line. The software program is
designed to enable users to manage their possessions on-line and print
automatically generated labels that are sealable to be used in the event of
moving from one location to another. The Company has no revenues from
MoveIdiot.com through the date of this report.
 
USE OF ESTIMATES- The preparation of the consolidated financial statements in
conformity with generally accepted accounting principles requires management to
make reasonable estimates and assumptions that affect the reported amounts of
the assets and liabilities and disclosure of contingent assets and liabilities
and the reported amounts of revenues and expenses at the date of the financial
statements and for the period they include. Actual results may differ from these
estimates.
 
CASH- For the purpose of calculating changes in cash flows, cash includes all
cash balances and highly liquid short-term investments with an original maturity
of three months or less.
 
FIXED ASSETS- Office equipment is stated at cost. Depreciation expense is
computed using the straight-line method over the estimated useful life of the
asset, which managements estimates to be three years.
 
LONG LIVED ASSETS- The Company reviews for the impairment of long-lived assets
whenever events or changes in circumstances indicate that the carrying amount of
an asset may not be recoverable. An impairment loss would be recognized when
estimated future cash flows expected to result from the use of the asset and its
eventual disposition is less than its carrying amount.
 
INCOME TAXES- The Company accounts for income taxes in accordance with generally
accepted accounting principles which require an asset and liability approach to
financial accounting and reporting for income taxes. Deferred income tax assets
and liabilities are computed annually for differences between financial
statement and income tax bases of assets and liabilities that will result in
taxable income or deductible expenses in the future based on enacted tax laws
and rates applicable to the periods in which the differences are expected to
affect taxable income. Valuation allowances are established when necessary to
reduce deferred tax assets and liabilities to the amount expected to be
realized. Income tax expense is the tax payable or refundable for the period
adjusted for the change during the period in deferred tax assets and
liabilities.
 
The Company follows the accounting requirements associated with uncertainty in
income taxes using the provisions of Financial Accounting Standards Board (FASB)
ASC 740, INCOME TAXES. Using that guidance, tax positions initially need to be
recognized in the financial statements when it is more likely than not the
positions will be sustained upon examination by the tax authorities. It also
provides guidance for derecognition, classification, interest and penalties,
accounting in interim periods, disclosure and transition. As of January 31, 2012
and January 31, 2011, the Company has no uncertain tax positions that qualify
for either recognition or disclosure in the financial statements. All tax
returns from fiscal years 2008 to 2011 are subject to IRS audit.
XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Balance Sheets Parentheticals (USD $)
Apr. 30, 2012
Jan. 31, 2012
Preferred Stock Series A, par or stated value $ 3 $ 3
Preferred Stock Series A, shares authorized 1,000,000 1,000,000
Preferred Stock Series A, shares issued 762,081 762,081
Preferred Stock Series A, shares outstanding 762,081 762,081
Preferred Stock Series B, par or stated value $ 3 $ 3
Preferred Stock Series B, shares authorized 7,000,000 7,000,000
Preferred Stock Series B, shares issued 1,609,955 1,609,955
Preferred Stock Series B, shares outstanding 1,609,955 1,609,955
Common Stock, par or stated value $ 0.0001 $ 0.0001
Common Stock, shares authorized 100,000,000 100,000,000
Common Stock, shares issued 18,948,966 18,948,966
Common Stock, shares outstanding 18,948,966 18,948,966
XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Apr. 30, 2012
Document and Entity Information  
Entity Registrant Name ADVANCED TECHNOLOGIES GROUP LTD
Document Type 10-Q
Document Period End Date Apr. 30, 2012
Amendment Flag false
Entity Central Index Key 0001119046
Current Fiscal Year End Date --01-31
Entity Common Stock, Shares Outstanding 18,948,966
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2013
Document Fiscal Period Focus Q1
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Operations (USD $)
3 Months Ended
Apr. 30, 2012
Apr. 30, 2011
General and administrative expenses:    
Salaries and benefits $ 37,000 $ 170,000
Consulting 25,001 0
General administration 22,153 7,070
Total general & administrative expenses 84,154 177,070
Net loss from operations (84,154) (177,070)
Other revenues and expenses:    
Interest income 10 55,906
Net income (loss) before provision for income taxes (84,144) (121,164)
Provision for income taxes 0 0
Net income (loss) $ (84,144) $ (121,164)
Basic & fully diluted net income (loss) per common share:    
Net income (loss) per share before extraordinary item $ 0.00 $ (0.01)
Weighted average of common shares outstanding:    
Basic 18,948,966 18,948,966
Fully diluted 18,948,966 18,948,966
XML 22 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONCENTRATION OF CREDIT RISK
3 Months Ended
Apr. 30, 2012
CONCENTRATION OF CREDIT RISK  
CONCENTRATION OF CREDIT RISK
6. CONCENTRATION OF CREDIT RISK
 
The Company is substantially reliant on the efforts of the chief executive
officer and the president of the Company. A withdrawal of these efforts would
have a material adverse affect on the Company's future plans and operations.
 
The Company keeps balances in banks that are in excess of insured amounts.
XML 23 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
COMMITMENTS AND CONTINGENCIES
3 Months Ended
Apr. 30, 2012
COMMITMENTS AND CONTINGENCIES  
COMMITMENTS AND CONTINGENCIES
5. COMMITMENTS AND CONTINGENCIES
 
In purchasing MoveIdiot.com, as discussed more fully in Note 1, the Company has
agreed to issue an additional 50,000 restricted shares of its common stock to
the developers of the software of MoveIdiot.com in the event certain revenue
targets are met.
XML 24 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
3 Months Ended
Apr. 30, 2012
SUBSEQUENT EVENTS  
SUBSEQUENT EVENTS
7. SUBSEQUENT EVENTS
 
The Company has made a review of material subsequent events from April 30, 2012
through the date of this report and found no material subsequent events
reportable during this period.
XML 25 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Consolidated Statements of Cash Flows (USD $)
3 Months Ended
Apr. 30, 2012
Apr. 30, 2011
Operating Activities:    
Net income (loss). $ (84,144) $ (121,164)
Adjustments to reconcile net income (loss) items not requiring the use of cash:    
Amortization 150 147
Depreciation 143 142
Changes in other operating assets and liabilities :    
Accounts payable & accrued expenses. (478,617) (358,371)
Net cash used by operations (562,468) (479,246)
Investing activities:    
Proceeds from note receivable 956,218 472,223
Net cash provided by investing activities 956,218 472,223
Financing Activities:    
Advances received (paid) shareholders 0 0
Net cash used by financing activities 0 0
Net increase (decrease) in cash during the year 393,750 (7,023)
Cash balance at beginning of the year 1,185,519 12,576
Cash balance at ending of the year 1,579,269 5,553
Supplemental disclosures of cash flow information:    
Interest paid during the period 0 0
Income taxes paid during the period $ 0 $ 0
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INCOME TAXES
3 Months Ended
Apr. 30, 2012
INCOME TAXES  
INCOME TAXES
4. INCOME TAXES
 
Provision for income taxes is comprised of the following:
 
                                                              30-Apr-12              30-Apr-11
                                                             ------------           ------------
 
Net income (loss) before provision for income taxes          $    (84,144)          $   (121,164)
                                                             ============           ============
Current tax expense:
  Federal                                                    $          0           $          0
  State                                                                 0                      0
                                                             ------------           ------------
      Total                                                             0                      0
 
Less deferred tax benefit:
  Tax loss carryforwards                                       (4,801,684)            (4,689,303)
  Less allowance for tax recoverability                         4,801,684              4,689,303
                                                             ------------           ------------
Provision for income taxes                                   $          0           $          0
                                                             ============           ============
Deferred tax asset:
  Tax loss carry forwards                                    $  4,801,684           $  4,689,303
  Less valuation allowance                                     (4,801,684)            (4,689,303)
                                                             ------------           ------------
Net deferred tax asset                                       $          0           $          0
                                                             ============           ============
 
Note: The deferred tax benefits arising from the timing differences expires in
fiscal years 2031 and 2032 and may not be recoverable upon the purchase of the
Company under current IRS statutes.
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