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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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¨
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Delaware | 37-1532842 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
19950 West Country Club Drive,
Suite 100,Aventura, Florida
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33180 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer
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o
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Accelerated filer
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o
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Non-accelerated filer
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o
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Smaller reporting company
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(Do not check if a smaller company) |
Page Number
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FINANCIAL INFORMATION | |||||
1 | |||||
1 | |||||
2 | |||||
3 | |||||
4 | |||||
7 | |||||
8 | |||||
8 | |||||
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|||||
OTHER INFORMATION | |||||
9 | |||||
9 | |||||
9 | |||||
9 | |||||
9 | |||||
9 | |||||
SIGNATURES | 10 |
FINANCIAL INFORMATION
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FINANCIAL STATEMENTS
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June 30,
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December 31,
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|||||||
2013
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2012
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|||||||
ASSETS
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||||||||
Current assets
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||||||||
Cash and cash equivalents
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$ | - | $ | - | ||||
TOTAL ASSETS
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$ | - | $ | - | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT
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||||||||
LIABILITIES
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||||||||
Current liabilities
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||||||||
Accounts payable
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$ | 179 | $ | 179 | ||||
Accrued liabilities
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5,000 | 17,500 | ||||||
Amount due to a related party
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48,793 | 25,145 | ||||||
TOTAL LIABILITIES
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53,972 | 42,824 | ||||||
STOCKHOLDERS’ DEFICIT
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||||||||
Preferred stock: par value of $0.001 per share
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||||||||
Authorized: 10,000,000 shares at June 30, 2013 and December 31, 2012
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||||||||
Issued and outstanding: None at June 30, 2013 and December 31, 2012
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- | - | ||||||
Common stock: par value of $0.001 per share
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||||||||
Authorized: 250,000,000 shares at June 30, 2013 and December 31, 2012
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||||||||
Issued and outstanding: 20,006,402 shares at June 30, 2013 and December 31, 2012
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20,006 | 20,006 | ||||||
Additional paid-in-capital
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609,614 | 609,614 | ||||||
Accumulated deficit
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(683,592 | ) | (672,444 | ) | ||||
TOTAL STOCKHOLDERS’ DEFICIT
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(53,972 | ) | (42,824 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT
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$ | - | $ | - |
Three months ended June 30,
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Six months ended June 30,
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|||||||||||||||
2013
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2012
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2013
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2012
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|||||||||||||
As Restated | ||||||||||||||||
Administrative expenses
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$ | (6,589 | ) | $ | (9,479 | ) | $ | (11,148 | ) | (16,438 | ) | |||||
Loss before taxes
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(6,589 | ) | (9,479 | ) | (11,148 | ) | (16,438 | ) | ||||||||
Provision for income taxes
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- | - | - | - | ||||||||||||
Net loss
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$ | (6,589 | ) | $ | (9,479 | ) | $ | (11,148 | ) | $ | (16,438 | ) | ||||
Earnings per share
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||||||||||||||||
-Basic and diluted
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$ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Weighted average number of shares outstanding
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||||||||||||||||
-Basic and diluted
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20,006,402 | 20,006,402 | 20,006,402 | 20,006,402 |
Six months ended June 30,
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||||||||
2013
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2012
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|||||||
As Restated
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Cash flows from operating activities
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||||||||
Net loss
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$ | (11,148 | ) | (16,438 | ) | |||
Changes in operating assets and liabilities:
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||||||||
Accounts payable
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- | 2,420 | ||||||
Accrued liabilities
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(12,500 | ) | 8,100 | |||||
Amount due to a related party
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23,648 | 5,250 | ||||||
Net cash flows used by operating activities
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- | (668 | ) | |||||
Cash flows from investing activities
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- | - | ||||||
Cash flows from financing activities
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- | - | ||||||
Net decrease in cash
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- | (668 | ) | |||||
Cash and cash equivalents – beginning of period
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- | 668 | ||||||
Cash and cash equivalents – end of period
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$ | - | $ | - | ||||
Supplemental disclosures for cash flow information:
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||||||||
Cash paid for interest
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$ | - | $ | - | ||||
Cash paid for income taxes
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$ | - | $ | - |
Green Planet Bioengineering Co., Ltd.
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Notes to the Financial Statements
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(Unaudited)
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Shares |
Weighted- Average Exercise Price
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Weighted- Average Remaining
Contractual
Term (in years)
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Aggregate
Intrinsic Value
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|||||||||||||
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Outstanding at January 1, 2013
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152,599 | $ | 0.001 | 0.8 | $ | - | ||||||||||
Issued
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- | - | - | - | ||||||||||||
Exercised
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- | - | - | - | ||||||||||||
Forfeited/cancelled
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- | - | - | - | ||||||||||||
- | ||||||||||||||||
Outstanding at June 30, 2013
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152,599 | $ | 0.001 | 0.3 | $ | - | ||||||||||
Exercisable at June 30, 2013
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152,599 | $ | 0.001 | 0.3 | $ | - |
Warrants Outstanding
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Warrants Exercisable
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|||||||||||||||||||||
Weighted-
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||||||||||||||||||||||
Average
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Weighted-
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Weighted-
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||||||||||||||||||||
Remaining
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Average
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Average
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||||||||||||||||||||
Contractual
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Exercise
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Exercise
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||||||||||||||||||||
Exercise price
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Shares
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Term (in years)
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Price
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Shares
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Price
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|||||||||||||||||
$ | 0.001 | 152,599 | 0.3 | $ | 0.001 | 152,599 | $ | 0.001 |
As Originally
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As
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|||||||
Reported
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Restated
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Administrative expenses
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$ | (16,438 | ) | $ | (16,438 | ) | ||
Gain from extinguishment of debt
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178,589 | - | ||||||
Income (loss) before income taxes
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162,151 | (16,438 | ) |
Net income (loss)
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$ | 162,151 | $ | (16,438 | ) | |||
Adjustments to reconcile net income to net cash used by operating activities:
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||||||||
Gain from extinguishment of debt
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(178,589 | ) | - | |||||
Changes in operating assets and liabilities:
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||||||||
Accounts payable
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2,420 | 2,420 | ||||||
Accrued liabilities
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8,100 | 8,100 | ||||||
Amount due to a related party
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5,250 | 5,250 | ||||||
Net cash flows used by operating activities
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(668 | ) | (668 | ) |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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CONTROLS AND PROCEDURES
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OTHER INFORMATION
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LEGAL PROCEEDINGS |
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None
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UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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None
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DEFAULTS UPON SENIOR SECURITIES
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None
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RESERVED
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OTHER INFORMATION
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None
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EXHIBITS
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31 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |
32 | Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 |
GREEN PLANET BIOENGINEERING CO., LTD.
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|||
Date: August 16, 2013
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By:
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/s/ Jordan Weingarten | |
Jordan Weingarten
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|||
President and Chief Financial Officer | |||
(Principal Executive Officer and Principal Financial Officer)
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1. | I have reviewed this quarterly report on Form 10-Q of Green Planet Bioengineering Co. Ltd.; | |
2. | Based on my knowledge, this quarterly 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 quarterly report; | |
3. | Based on my knowledge, the condensed financial statements, and other financial information included in this quarterly 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 quarterly report; | |
4. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-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: | |
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a)
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designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my 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 quarterly report is being prepared;
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b)
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designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of condensed financial statements for external purposes in accordance with generally accepted accounting principles;
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c)
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evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures and evaluated the effectiveness of our internal control over financial reporting, and presented in this report my conclusions about the effectiveness of our internal control over financial reporting, as of the end of the period covered by this report based on such evaluation;
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d)
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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 that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;
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5. | I have disclosed, based on my most recent evaluation, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent function): | |
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a)
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all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information and have identified for the registrant’s auditors any material weaknesses in internal controls; and
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b)
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any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal controls over financial reporting.
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Dated: August 16, 2013
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By:
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/s/ Jordan Weingarten | |
Jordan Weingarten
Chief Executive Officer and Chief Financial Officer
(Principal Executive Officer and Principal Financial Officer)
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Dated: August 16, 2013
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By:
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/s/ Jordan Weingarten | |
Jordan Weingarten
Chief Executive Officer and Chief Financial Officer
(Principal Executive Officer and Principal Financial Officer)
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Statements of Income (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2013
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Jun. 30, 2012
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Jun. 30, 2013
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Jun. 30, 2012
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Income Statement [Abstract] | ||||
Administrative expenses | $ (6,589) | $ (9,479) | $ (11,148) | $ (16,438) |
Loss before taxes | (6,589) | (9,479) | (11,148) | (16,438) |
Provision for income taxes | ||||
Net loss | $ (6,589) | $ (9,479) | $ (11,148) | $ (16,438) |
Earnings per share | ||||
Basic and diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Weighted average number of shares outstanding : | ||||
Basic and diluted | 20,006,402 | 20,006,402 | 20,006,402 | 20,006,402 |
5. Stock-based compensation
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
5. Stock-based compensation | There was no non-cash stock-based compensation recognized for the three and six months ended June 30, 2013 and 2012.
There was no warrant activity during the six months ended June 30, 2013. See below chart referencing outstanding warrants as of June 30, 2013:
The fair value of the above warrants at the date of grant in October 2008 was determined using the Black-Scholes valuation model with the following assumptions: risk-free interest rate of 3.61%, volatility of 60%, zero expected dividends and expected life of 5 years.
The following information applies to warrants outstanding and exercisable at June 30, 2013:
|
1. Organization (Details Narrative)
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6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
State of incorporation | State of Deleware |
Incorporation Date | Oct. 30, 2006 |
1. Organization
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
1. Organization | Mondo Acquisition II, Inc. was incorporated in the State of Delaware on October 30, 2006 and changed the name to Green Planet Bioengineering Co., Ltd. (Company) on October 2, 2008. In October 2008, the Company acquired Elevated Throne Overseas Ltd, incorporated in British Virgin Islands, and its subsidiaries which was subsequently divested to One Bio, Corp (ONE) on April 14, 2010.
In March 2012, the Company became a subsidiary of Global Fund Holdings Corp. an Ontario, Canada corporation. |
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3. Going Concern
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Text Block [Abstract] | |
3. Going Concern | The financial statements have been prepared assuming that the Company will continue as a going concern. The Company is currently a public reorganized corporation and has no current business activity. These conditions raise substantial doubt about the Companys ability to continue as a going concern.
|
6. Restatement
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6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6. Restatement | During March 2012, the Company became a subsidiary of Global Fund Holdings, Corp. In connection with this transaction, the balance that was recorded on the books as loans from the original parent company or its subsidiaries was forgiven. As a result, the Company recorded this as a gain on debt extinguishment of $178,589 in March 2012.
During the fourth quarter of 2012, the Company subsequently reclassified this gain as a capital contribution and has updated the Statement of Operations for the six months ended June 30, 2012 and the related Statement of Cash Flows as of June 30, 2012 to reflect this reclassification as follows:
Statement of Operations For the Six Months Ended June 30, 2012
Statement of Cash Flows for the Six Months Ended June 30, 2012
|
4. Preferred stock / Common stock
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Equity [Abstract] | |
4. Preferred stock / Common stock | Preferred stock The Company is authorized under its Articles of Incorporation to issue 10 million shares of preferred stock with a par value of $0.001 per share. Each share of the Companys preferred stock provides the holder with the right to vote 1,000 votes on all matters submitted to a vote of the stockholders of the Company and is convertible into 1,000 shares of the Companys common stock. The preferred stock is non-participating and carries no dividend.
Common stock The Company is authorized to issue 250 million shares of common stock with a par value of $0.001 per share. During the six months ended June 30, 2013, the Company did not issue any shares of common stock or warrants.
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