10-Q
2012-11-30
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Global Stevia Corp.
0001492135
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<!--egx--><pre>1. NATURE OF OPERATIONS AND CONTINUANCE OF BUSINESS</pre><pre> </pre><pre>Global Stevia Corp. (the "Company") was incorporated in the state of Nevada on</pre><pre>February 3, 2010. The Company is a development stage company, as defined by</pre><pre>Financial Accounting Standards Board ("FASB") Accounting Standards Codification</pre><pre>("ASC") 915, DEVELOPMENT STAGE ENTITIES. The Company has incorporated a</pre><pre>wholly-owned subsidiary, Sharelink International Inc ("Sharelink"), a British</pre><pre>Virgin Islands company.</pre><pre> </pre><pre>GOING CONCERN</pre><pre> </pre><pre>These financial statements have been prepared on a going concern basis, which</pre><pre>implies that the Company will continue to realize its assets and discharge its</pre><pre>liabilities in the normal course of business. As of November 30, 2012, the</pre><pre>Company has not recognized any revenue, and has an accumulated deficit of</pre><pre>$369,929. The continuation of the Company as a going concern is dependent upon</pre><pre>the continued financial support from its management, and its ability to identify</pre><pre>future investment opportunities and obtain the necessary debt or equity</pre><pre>financing, and generating profitable operations from the Company's future</pre><pre>operations. These factors raise substantial doubt regarding the Company's</pre><pre>ability to continue as a going concern. These financial statements do not</pre><pre>include any adjustments to the recoverability and classification of recorded</pre><pre>asset amounts and classification of liabilities that might be necessary should</pre><pre>the Company be unable to continue as a going concern.</pre>
<!--egx--><pre>2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</pre><pre> </pre><pre>a) Basis of Presentation and Consolidation</pre><pre> </pre><pre>The financial statements of the Company have been prepared in accordance with</pre><pre>accounting principles generally accepted in the United States ("US GAAP") and</pre><pre>are expressed in U.S. dollars. The Company's fiscal year end is May 31.</pre><pre> </pre><pre>The consolidated financial statements include the accounts of our company and</pre><pre>its wholly-owned subsidiary, Sharelink. All significant intercompany accounts</pre><pre>and transactions have been eliminated, and Sharelink had no operations to date</pre><pre>other than incorporation fees.</pre><pre> </pre><pre>b) Use of Estimates</pre><pre> </pre><pre>The preparation of financial statements in conformity with US GAAP requires</pre><pre>management to make estimates and assumptions that affect the reported amounts of</pre><pre>assets and liabilities and disclosure of contingent assets and liabilities at</pre><pre>the date of the financial statements and the reported amounts of revenues and</pre><pre>expenses during the reporting period. The Company regularly evaluates estimates</pre><pre>and assumptions related to the deferred income tax asset valuation allowances.</pre><pre>The Company bases its estimates and assumptions on current facts, historical</pre><pre>experience and various other factors that it believes to be reasonable under the</pre><pre>circumstances, the results of which form the basis for making judgments about</pre><pre>the carrying values of assets and liabilities and the accrual of costs and</pre><pre>expenses that are not readily apparent from other sources. The actual results</pre><pre>experienced by the Company may differ materially and adversely from the</pre><pre>Company's estimates. To the extent there are material differences between the</pre><pre>estimates and the actual results, future results of operations will be affected.</pre><pre> </pre><pre>c) Basic and Diluted Net Loss per Share</pre><pre> </pre><pre>The Company computes net loss per share in accordance with ASC 260, EARNINGS PER</pre><pre>SHARE. ASC 260 requires presentation of both basic and diluted earnings per</pre><pre>share ("EPS") on the face of the income statement. Basic EPS is computed by</pre><pre>dividing net loss available to common shareholders (numerator) by the weighted</pre><pre>average number of shares outstanding (denominator) during the period. Diluted</pre><pre>EPS gives effect to all dilutive potential common shares outstanding during the</pre><pre>period using the treasury stock method and convertible preferred stock using the</pre><pre>if-converted method. In computing diluted EPS, the average stock price for the</pre><pre>period is used in determining the number of shares assumed to be purchased from</pre><pre>the exercise of stock options or warrants. Diluted EPS excludes all dilutive</pre><pre>potential shares if their effect is anti dilutive. As of November 30, 2012, the</pre><pre>Company had 2,900,000 (May 31, 2012 - 1,250,000) potentially dilutive common</pre><pre>shares for the issuance of convertible debentures.</pre><pre> </pre><pre>d) Reclassification</pre><pre> </pre><pre>Certain balances in previously issued financial statements have been</pre><pre>reclassified to be consistent with the current period presentation.</pre><pre> </pre><pre>e) Interim Financial Statements</pre><pre> </pre><pre>These interim unaudited financial statements have been prepared in accordance</pre><pre>with accounting principles generally accepted in the United States for interim</pre><pre>financial information. They do not include all of the information and footnotes</pre><pre>required by generally accepted accounting principles for complete financial</pre><pre>statements. Therefore, these financial statements should be read in conjunction</pre><pre>with the Company's audited financial statements and notes thereto for the year</pre><pre>ended May 31, 2012.</pre><pre> </pre><pre>The financial statements included herein are unaudited; however, they contain</pre><pre>all normal recurring accruals and adjustments that, in the opinion of</pre><pre>management, are necessary to present fairly the Company's financial position at</pre><pre>November 30, 2012, and the results of its operations and cash flows for the six</pre><pre>month period ended November 30, 2012. The results of operations for the periods</pre><pre>ended November 30, 2012 are not necessarily indicative of the results to be</pre><pre>expected for future quarters or the full year.</pre><pre> </pre><pre>f) Cash and cash equivalents</pre><pre> </pre><pre>The Company considers all highly liquid instruments with a maturity of three</pre><pre>months or less at the time of issuance to be cash equivalents.</pre><pre> </pre><pre>g) Financial Instruments</pre><pre> </pre><pre>Pursuant to ASC 820, FAIR VALUE MEASUREMENTS AND DISCLOSURES, an entity is</pre><pre>required to maximize the use of observable inputs and minimize the use of</pre><pre>unobservable inputs when measuring fair value. ASC 820 establishes a fair value</pre><pre>hierarchy based on the level of independent, objective evidence surrounding the</pre><pre>inputs used to measure fair value. A financial instrument's categorization</pre><pre>within the fair value hierarchy is based upon the lowest level of input that is</pre><pre>significant to the fair value measurement. ASC 820 prioritizes the inputs into</pre><pre>three levels that may be used to measure fair value:</pre><pre> </pre><pre>LEVEL 1</pre><pre> </pre><pre>Level 1 applies to assets or liabilities for which there are quoted prices in</pre><pre>active markets for identical assets or liabilities.</pre><pre> </pre><pre>LEVEL 2</pre><pre> </pre><pre>Level 2 applies to assets or liabilities for which there are inputs other than</pre><pre>quoted prices that are observable for the asset or liability such as quoted</pre><pre>prices for similar assets or liabilities in active markets; quoted prices for</pre><pre>identical assets or liabilities in markets with insufficient volume or</pre><pre>infrequent transactions (less active markets); or model-derived valuations in</pre><pre>which significant inputs are observable or can be derived principally from, or</pre><pre>corroborated by, observable market data.</pre><pre> </pre><pre>LEVEL 3</pre><pre> </pre><pre>Level 3 applies to assets or liabilities for which there are unobservable inputs</pre><pre>to the valuation methodology that are significant to the measurement of the fair</pre><pre>value of the assets or liabilities.</pre><pre> </pre><pre>The Company's financial instruments consist principally of cash, accounts</pre><pre>payable and accrued liabilities, convertible debentures, and amount due to</pre><pre>related parties. Pursuant to ASC 820 and 825, the fair value of our cash is</pre><pre>determined based on "Level 1" inputs, which consist of quoted prices in active</pre><pre>markets for identical assets. We believe that the recorded values of all of our</pre><pre>other financial instruments approximate their current fair values because of</pre><pre>their nature and respective maturity dates or durations.</pre><pre> </pre><pre>h) Recent Accounting Pronouncements</pre><pre> </pre><pre>The Company has implemented all new accounting pronouncements that are in</pre><pre>effect. These pronouncements did not have any material impact on the financial</pre><pre>statements unless otherwise disclosed, and the Company does not believe that</pre><pre>there are any other new accounting pronouncements that have been issued that</pre><pre>might have a material impact on its financial position or results of operations.</pre>
<!--egx--><pre>3. PROPERTY AND EQUIPMENT</pre><pre> </pre><pre> November 30, 2012</pre><pre> Net Carrying May 31, 2012</pre><pre> Accumulated Value Net Carrying</pre><pre> Cost Amortization (unaudited) Value</pre><pre> ---- ------------ ----------- -----</pre><pre> $ $ $ $</pre><pre>Computer equipment 3,968 496 3,472 --</pre><pre> ===== ===== ===== =====</pre>
<!--egx--><pre>4. CONVERTIBLE DEBENTURE</pre><pre> </pre><pre>a) On May 18, 2012 the Company issued a convertible debenture in the amount of</pre><pre>$125,000. The convertible debenture is unsecured, bears interest at 10% per</pre><pre>annum, is due on May 18, 2014 and is convertible at the holder's discretion into</pre><pre>shares of the Company's common stock at $0.10 per share. As of November 30,</pre><pre>2012, $6,747 (May 31, 2012 - $nil) was included in accrued interest.</pre><pre> </pre><pre>b) On July 10, 2012 the Company issued a convertible debenture in the amount of</pre><pre>$100,000. The convertible debenture is unsecured, bears interest at 10% per</pre><pre>annum, is due on July 10, 2014 and is convertible at the holder's discretion</pre><pre>into shares of the Company's common stock at $0.10 per share. As of November 30,</pre><pre>2012, $3,918 (May 31, 2012 - $nil) was included in accrued interest.</pre><pre> </pre><pre>In accordance with ASC 470-20, "Debt with Conversion and Other Options", the</pre><pre>Company recognized the intrinsic value of the embedded beneficial conversion</pre><pre>feature of $44,000 as additional paid-in capital and an equivalent discount</pre><pre>which will be charged to operations over the term of the convertible note up to</pre><pre>its face value of $100,000 using the effective interest method. As at November</pre><pre>30, 2012, the Company recorded accretion expense of $7,568, and as at November</pre><pre>30, 2012, the book value of the convertible debenture was $63,568.</pre><pre> </pre><pre>c) On September 7, 2012 the Company issued a convertible debenture in the amount</pre><pre>of $35,000. The convertible debenture is unsecured, bears interest at 10% per</pre><pre>annum, is due on September 7, 2014 and is convertible at the holder's discretion</pre><pre>into shares of the Company's common stock at $0.10 per share. As of November 30,</pre><pre>2012, $805 (May 31, 2012 - $nil) was included in accrued interest.</pre><pre> </pre><pre>In accordance with ASC 470-20, "Debt with Conversion and Other Options", the</pre><pre>Company recognized the intrinsic value of the embedded beneficial conversion</pre><pre>feature of $7,700 as additional paid-in capital and an equivalent discount which</pre><pre>will be charged to operations over the term of the convertible note up to its</pre><pre>face value of $35,000 using the effective interest method. As at November 30,</pre><pre>2012, the Company recorded accretion expense of $877, and as at November 30,</pre><pre>2012, the book value of the convertible debenture was $28,177.</pre><pre> </pre><pre>d) On October 12, 2012 the Company issued a convertible debenture in the amount</pre><pre>of $30,000. The convertible debenture is unsecured, bears interest at 10% per</pre><pre>annum, is due on October 12, 2014 and is convertible at the holder's discretion</pre><pre>into shares of the Company's common stock at $0.10 per share. As of November 30,</pre><pre>2012, $403 (May 31, 2012 - $nil) was included in accrued interest.</pre><pre> </pre><pre>In accordance with ASC 470-20, "Debt with Conversion and Other Options", the</pre><pre>Company recognized the intrinsic value of the embedded beneficial conversion</pre><pre>feature of $24,000 as additional paid-in capital and an equivalent discount</pre><pre>which will be charged to operations over the term of the convertible note up to</pre><pre>its face value of $30,000 using the effective interest method. As at November</pre><pre>30, 2012, the Company recorded accretion expense of $894, and as at November 30,</pre><pre>2012, the book value of the convertible debenture was $6,894.</pre>
<!--egx--><pre>5. RELATED PARTY TRANSACTIONS</pre><pre> </pre><pre>a) During the period ended November 30, 2012, the Company incurred $40,000</pre><pre>(November 30, 2011 - $nil) of management fees to the former President and</pre><pre>Director of the Company.</pre><pre> </pre><pre>b) As at November 30, 2012, the Company owes $98 (May 31, 2012 - $nil) to the</pre><pre>President and Director of the Company, which is unsecured, non-interest bearing,</pre><pre>and due on demand.</pre><pre> </pre><pre>c) Stevia Global Vietnam, a company controlled by the President and Director of</pre><pre>the Company, is now a related party to the Company.</pre>
<!--egx--><pre>6. COMMON STOCK</pre><pre> </pre><pre>a) On June 18, 2012, the Company and its Board of Directors authorized a 13-to-1</pre><pre>forward split of its common shares. The effects of the forward stock split</pre><pre>increased the Company's authorized capital from 75,000,000 to 975,000,000 shares</pre><pre>of common stock and the Company's issued and outstanding shares of common stock</pre><pre>from 4,600,000 to 59,800,000 common shares, with a par value of $0.001 per</pre><pre>share. The effects of the forward stock split have been retrospectively applied</pre><pre>throughout these financial statements as if it had occurred at the beginning of</pre><pre>the first period presented.</pre><pre> </pre><pre>b) On June 20, 2012, the Company issued 300,000 split-adjusted shares of the</pre><pre>Company's common stock for proceeds of $30,000.</pre><pre> </pre><pre>c) On August 28, 2012, the Company and its Board of Directors authorized a</pre><pre>5-to-1 forward stock split of its common shares. The effect of the forward stock</pre><pre>split increased the Company's issued and outstanding shares of common stock from</pre><pre>59,800,000 to 299,300,000 common shares, with a par value of $0.001 per share.</pre><pre>The effects of the forward stock split have been retrospectively applied</pre><pre>throughout these financial statements as if it had occurred at the beginning of</pre><pre>the first period presented.</pre>
<!--egx--><pre>7. COMMITMENTS</pre><pre> </pre><pre>a) On August 1, 2012, the Company entered into a consulting agreement with a</pre><pre>non-related party, whereby the Company will pay a management fee of $8,000 per</pre><pre>month during the term of the consulting agreement for a twelve month period. The</pre><pre>consulting agreement can be terminated by providing at least 90 days prior</pre><pre>written notice to the other party.</pre><pre> </pre><pre>b) On July 12, 2012, the Company entered into a stock purchase agreement with</pre><pre>Stevia Global Trading Joint Stock Company ("Stevia Global Vietnam") pursuant to</pre><pre>which the Company agreed to acquire 95% of the issued and outstanding capital in</pre><pre>Stevia Global Vietnam in consideration for $300,000 to be paid in six equal</pre><pre>installments of $50,000 each between the signing of the agreement and June 15,</pre><pre>2013 as follows:</pre><pre> </pre><pre>Cash consideration to be paid:</pre><pre> </pre><pre> * $50,000 on or before July 12, 2012 (paid);</pre><pre> * a further $50,000 to be paid on or before September 15, 2012 (unpaid);</pre><pre> * a further $50,000 to be paid on or before November 15, 2012 (unpaid);</pre><pre> * a further $50,000 to be paid on or before February 15, 2013;</pre><pre> * a further $50,000 to be paid on or before April 15, 2013; and</pre><pre> * a further $50,000 to be paid on or before June 15, 2013.</pre><pre> </pre><pre>The acquisition of Stevia Global Vietnam will be finalized once the final</pre><pre>acquisition payment has been made. In addition to the acquisition agreement, the</pre><pre>Company entered into a services agreement with Stevia Global Vietnam whereby the</pre><pre>Company agrees to purchase all stevia products produced by Stevia Global Vietnam</pre><pre>for a period of one year from the date of the agreement.</pre><pre> </pre><pre>Upon the closing of the stock purchase agreement the Company will own 95% of</pre><pre>Stevia Global Vietnam. The $300,000 purchase price is being paid for by the</pre><pre>Company and is solely for 95% of the stock of Stevia Global Vietnam. The</pre><pre>$300,000 purchase price will be invested by Stevia Global Vietnam into</pre><pre>development of a large scale stevia plantation. None of the $300,000 is for the</pre><pre>purchase of product for the first year.</pre><pre> </pre><pre>The investment is recorded at cost due to the fact the acquisition has not been</pre><pre>finalized and the Company does not yet control Stevia Global Vietnam. After</pre><pre>acquisition, Stevia Global Vietnam will become a subsidiary of the Company.</pre><pre> </pre><pre>Stevia Global Vietnam, a company controlled by the President and Director of the</pre><pre>Company, is now a related party to the Company.</pre>
<!--egx--><pre>8. SUBSEQUENT EVENTS</pre><pre> </pre><pre>We have evaluated subsequent events through the date of issuance of the</pre><pre>financial statements, and did not have any material recognizable subsequent</pre><pre>events.</pre>
<!--egx--><pre>a) Basis of Presentation and Consolidation</pre><pre> </pre><pre>The financial statements of the Company have been prepared in accordance with</pre><pre>accounting principles generally accepted in the United States ("US GAAP") and</pre><pre>are expressed in U.S. dollars. The Company's fiscal year end is May 31.</pre><pre> </pre><pre>The consolidated financial statements include the accounts of our company and</pre><pre>its wholly-owned subsidiary, Sharelink. All significant intercompany accounts</pre><pre>and transactions have been eliminated, and Sharelink had no operations to date</pre><pre>other than incorporation fees.</pre>
<!--egx--><pre>b) Use of Estimates</pre><pre> </pre><pre>The preparation of financial statements in conformity with US GAAP requires</pre><pre>management to make estimates and assumptions that affect the reported amounts of</pre><pre>assets and liabilities and disclosure of contingent assets and liabilities at</pre><pre>the date of the financial statements and the reported amounts of revenues and</pre><pre>expenses during the reporting period. The Company regularly evaluates estimates</pre><pre>and assumptions related to the deferred income tax asset valuation allowances.</pre><pre>The Company bases its estimates and assumptions on current facts, historical</pre><pre>experience and various other factors that it believes to be reasonable under the</pre><pre>circumstances, the results of which form the basis for making judgments about</pre><pre>the carrying values of assets and liabilities and the accrual of costs and</pre><pre>expenses that are not readily apparent from other sources. The actual results</pre><pre>experienced by the Company may differ materially and adversely from the</pre><pre>Company's estimates. To the extent there are material differences between the</pre><pre>estimates and the actual results, future results of operations will be affected.</pre>
<!--egx--><pre>c) Basic and Diluted Net Loss per Share</pre><pre> </pre><pre>The Company computes net loss per share in accordance with ASC 260, EARNINGS PER</pre><pre>SHARE. ASC 260 requires presentation of both basic and diluted earnings per</pre><pre>share ("EPS") on the face of the income statement. Basic EPS is computed by</pre><pre>dividing net loss available to common shareholders (numerator) by the weighted</pre><pre>average number of shares outstanding (denominator) during the period. Diluted</pre><pre>EPS gives effect to all dilutive potential common shares outstanding during the</pre><pre>period using the treasury stock method and convertible preferred stock using the</pre><pre>if-converted method. In computing diluted EPS, the average stock price for the</pre><pre>period is used in determining the number of shares assumed to be purchased from</pre><pre>the exercise of stock options or warrants. Diluted EPS excludes all dilutive</pre><pre>potential shares if their effect is anti dilutive. As of November 30, 2012, the</pre><pre>Company had 2,900,000 (May 31, 2012 - 1,250,000) potentially dilutive common</pre><pre>shares for the issuance of convertible debentures.</pre>
<!--egx--><pre>d) Reclassification</pre><pre> </pre><pre>Certain balances in previously issued financial statements have been</pre><pre>reclassified to be consistent with the current period presentation.</pre>
<!--egx--><pre>e) Interim Financial Statements</pre><pre> </pre><pre>These interim unaudited financial statements have been prepared in accordance</pre><pre>with accounting principles generally accepted in the United States for interim</pre><pre>financial information. They do not include all of the information and footnotes</pre><pre>required by generally accepted accounting principles for complete financial</pre><pre>statements. Therefore, these financial statements should be read in conjunction</pre><pre>with the Company's audited financial statements and notes thereto for the year</pre><pre>ended May 31, 2012.</pre><pre> </pre><pre>The financial statements included herein are unaudited; however, they contain</pre><pre>all normal recurring accruals and adjustments that, in the opinion of</pre><pre>management, are necessary to present fairly the Company's financial position at</pre><pre>November 30, 2012, and the results of its operations and cash flows for the six</pre><pre>month period ended November 30, 2012. The results of operations for the periods</pre><pre>ended November 30, 2012 are not necessarily indicative of the results to be</pre><pre>expected for future quarters or the full year.</pre>
<!--egx--><pre>f) Cash and cash equivalents</pre><pre> </pre><pre>The Company considers all highly liquid instruments with a maturity of three</pre><pre>months or less at the time of issuance to be cash equivalents.</pre>
<!--egx--><pre>g) Financial Instruments</pre><pre> </pre><pre>Pursuant to ASC 820, FAIR VALUE MEASUREMENTS AND DISCLOSURES, an entity is</pre><pre>required to maximize the use of observable inputs and minimize the use of</pre><pre>unobservable inputs when measuring fair value. ASC 820 establishes a fair value</pre><pre>hierarchy based on the level of independent, objective evidence surrounding the</pre><pre>inputs used to measure fair value. A financial instrument's categorization</pre><pre>within the fair value hierarchy is based upon the lowest level of input that is</pre><pre>significant to the fair value measurement. ASC 820 prioritizes the inputs into</pre><pre>three levels that may be used to measure fair value:</pre><pre> </pre><pre>LEVEL 1</pre><pre> </pre><pre>Level 1 applies to assets or liabilities for which there are quoted prices in</pre><pre>active markets for identical assets or liabilities.</pre><pre> </pre><pre>LEVEL 2</pre><pre> </pre><pre>Level 2 applies to assets or liabilities for which there are inputs other than</pre><pre>quoted prices that are observable for the asset or liability such as quoted</pre><pre>prices for similar assets or liabilities in active markets; quoted prices for</pre><pre>identical assets or liabilities in markets with insufficient volume or</pre><pre>infrequent transactions (less active markets); or model-derived valuations in</pre><pre>which significant inputs are observable or can be derived principally from, or</pre><pre>corroborated by, observable market data.</pre><pre> </pre><pre>LEVEL 3</pre><pre> </pre><pre>Level 3 applies to assets or liabilities for which there are unobservable inputs</pre><pre>to the valuation methodology that are significant to the measurement of the fair</pre><pre>value of the assets or liabilities.</pre><pre> </pre><pre>The Company's financial instruments consist principally of cash, accounts</pre><pre>payable and accrued liabilities, convertible debentures, and amount due to</pre><pre>related parties. Pursuant to ASC 820 and 825, the fair value of our cash is</pre><pre>determined based on "Level 1" inputs, which consist of quoted prices in active</pre><pre>markets for identical assets. We believe that the recorded values of all of our</pre><pre>other financial instruments approximate their current fair values because of</pre><pre>their nature and respective maturity dates or durations.</pre>
<!--egx--><pre>h) Recent Accounting Pronouncements</pre><pre> </pre><pre>The Company has implemented all new accounting pronouncements that are in</pre><pre>effect. These pronouncements did not have any material impact on the financial</pre><pre>statements unless otherwise disclosed, and the Company does not believe that</pre><pre>there are any other new accounting pronouncements that have been issued that</pre><pre>might have a material impact on its financial position or results of operations.</pre>
<!--egx--><pre> November 30, 2012</pre><pre> Net Carrying May 31, 2012</pre><pre> Accumulated Value Net Carrying</pre><pre> Cost Amortization (unaudited) Value</pre><pre> ---- ------------ ----------- -----</pre><pre> $ $ $ $</pre><pre>Computer equipment 3,968 496 3,472 --</pre><pre> ===== ===== ===== =====</pre>
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