UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
-OR-
Commission File #
(Exact name of registrant as specified in its charter)
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Indicate by check mark whether the issuer (1) 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 [ ]
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 (section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ]
Securities registered pursuant to Section 12(b) of the Act: None
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a
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| Emerging growth company |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes-
The number of outstanding shares of the registrant's common stock as of August 13, 2019: Common Stock –
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24/7 KID DOC, INC.
FORM 10-Q
For the quarterly period ended June 30, 2019
INDEX
PART I – FINANCIAL INFORMATION
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Item 1. Financial Statements (Unaudited) |
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Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. Quantitative and Qualitative Disclosures About Market Risk |
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Item 4. Controls and Procedures |
| 10 |
PART II – OTHER INFORMATION
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Item 1. Legal Proceedings |
| 12 |
Item 1A. Risk Factors |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds |
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Item 3. Defaults upon Senior Securities |
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Item 4. Mine Safety Disclosures |
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Item 5. Other Information |
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Item 6. Exhibits |
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SIGNATURES |
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24/7 Kid Doc, Inc.
Balance Sheets
| June 30, 2019 |
| December 31, 2018 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents | $ |
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Cash in attorney trust accounts |
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Total current assets |
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Property and equipment, at cost, net |
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Total Assets | $ |
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LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |
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Current liabilities: |
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Accrued expenses | $ |
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Advance from shareholder |
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Notes payable |
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Total current liabilities |
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Stockholders' equity (deficit): |
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Preferred stock, $ authorized, |
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Common stock, $ authorized, |
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Additional paid-in capital |
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Treasury stock, | ( |
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Accumulated (deficit) | ( |
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Total Stockholders’ deficit | ( |
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Total Liabilities and Stockholders’ deficit | $ |
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See accompanying notes to financial statements
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24/7 Kid Doc, Inc.
Statements of Operations
For the Three Months and Six Months Ended June 30, 2019 and 2018
(Unaudited)
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Sales | $ |
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Cost of sales and services |
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Gross profit |
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General and administrative expenses |
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Income (loss) from operations | ( |
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Other income (expense): |
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Other income |
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Interest expense | ( |
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Total other income (expense), net | ( |
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Net income (loss) | $( |
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Per share information: |
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Basic and diluted income (loss) per share | $( |
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Weighted average shares outstanding
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Common |
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See accompanying notes to financial statements
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24/7 Kid Doc, Inc.
Statement of Stockholders’ Equity (Deficit)
For the Six Months Ended June 30, 2019 and 2018
| Preferred Shares | Common Shares | Preferred Stock Amount | Common Stock Amount | Additional Paid-in Capital | Treasury Shares | Stock Amount | Accumulated (Deficit) | Total |
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Balance December 31, 2017 | $ | $ | $ | $ ( | $ ( | $ ( | |||
Subscribed stock |
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Net loss for the six months ended June 30, 2018 | ( | ( | |||||||
Balance June 30, 2018 | $ | $ | ( | ( | ( | ||||
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Balance December 31, 2018 | $ | $ | $ | $ ( | $ ( | $ ( | |||
Treasury stock purchased |
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Net loss for the six months ended June 30, 2019 | ( | ( | |||||||
Balance June 30, 2019 | $ | $ | $ | ( | ( | ( |
See accompanying notes to unaudited financial statements.
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24/7 Kid Doc, Inc.
Statements of Cash Flows
For the Six Months Ended June 30, 2019 and 2018
(Unaudited)
| 2019 | 2018 | |
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Cash flows from operating activities |
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Net income (loss) | $( |
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Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation |
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Interest added to shareholder loans |
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Interest added to notes payable |
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Change in assets and liabilities: |
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Decrease in cash in attorney’s trust account |
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Decrease in accounts payable and accrued expenses | ( |
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Total adjustments |
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Net cash (used in) operating activities | $( |
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Cash provided by financing activities: |
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Proceeds from notes payable |
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Proceeds from shareholder advance |
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Proceeds from subscribed shares |
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Purchase of treasury stock | ( |
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Increase (decrease) in cash and cash equivalents | ( |
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Cash and cash equivalents, beginning of period |
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Cash and cash equivalents, end of period | $ |
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Supplemental cash flow information: |
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Cash paid for interest | $ |
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Cash paid for income taxes | $ |
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See accompanying notes to unaudited financial statements.
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24/7 KID DOC, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2019
(UNAUDITED)
(1)Basis of Presentation and Going Concern
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and Rule 8.03 of Regulation SX. As such, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal, recurring adjustments) considered necessary for a fair presentation have been included.
The business plan is to create a company that will deliver pediatric services to children and adults 24 hours a day, 7 days a week here in the United States. In addition, we will be looking to provide these same services via the Internet to people throughout the world, especially in places where it is difficult to have available pediatric doctors or the standard of care is a concern. While we do not anticipate having significant cash outlays until we implement our business plan, there can be no assurance that such model will result in profitable operations, and/or that we will be able to obtain the debt or equity financing necessary to pay our expenses. Either of these factors could result in us having difficulty continuing as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities should we be unable to continue as a going concern.
The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. For further information, refer to the financial statements of the Company as of and for the years ended December 31, 2018 and 2017, including notes, filed with the Company’s Form 10-12G.
(2)Recent Accounting Pronouncements
The Financial Accounting Standards Board issued a new accounting standard on accounting for leases which went into effect at the end of 2018. We have not entered into any lease arrangements and therefore this new accounting standard has no effect on our financial statements.
There are no other new accounting pronouncements for which adoption is expected to have a material effect on our financial statements in future accounting periods.
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(3)Basic and Diluted Income (Loss) Per Share
The Company calculates basic and diluted income (loss) per share as required by the FASB Accounting Standards Codification. Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During periods when we report a net loss, anti-dilutive common stock equivalents are not considered in the computation. We did
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Trends and Uncertainties. There are no other known trends, events or uncertainties that have, or are reasonably likely to have, a material impact on our short term or long-term liquidity. Sources of liquidity will come from sales of our services. There are no material commitments for capital expenditure currently. There are no trends, events or uncertainties that have had or are reasonably expected to have a material impact on the net sales or revenues or income from continuing operations There are no other known causes for any material changes from period to period in one or more-line items of our financial statements.
Our common stock is traded on the OTC QB market under the trading symbol TVMD.
Capital Resources and Source of Liquidity.
For the six months ended June 30, 2019, we had a net loss of $167,560. We had the following adjustments to reconcile net loss to net cash used in operating activities: we recorded depreciation adjustments of $143 and had interest added to notes payable of $13,626. We had a decrease in cash in attorney’s trust account of $11,834 and a decrease in accounts payable and accrued expenses of $9,500. We had net cash used in operating activities of $151,457 for the six months ended June 30, 2019.
For the six months ended June 30, 2018, we had a net loss of $12,604. We had the following adjustments to reconcile net loss to net cash used in operating activities: we recorded depreciation adjustments of $144 and had interest added to shareholder loans of $748. As a result, we had net cash used in operating activities of $11,712 for the six months ended June 30, 2018.
For the six months ended June 30, 2019, we received $125,008 as proceeds from notes payable. We received $19,443 as proceeds from a shareholder advance. We spent $19,622 for the purchase of treasury stock. As a result, we had net cash provided by financing activities of $124,829 for the six months ended June 30, 2019. For the six months ended June 30, 2018, we received $5,000 from a subscription to purchase common shares.
We did not pursue any investing activities for the six months ended June 30, 2019 and 2018.
While we believe that our cash on hand will be sufficient to conduct operations through December 31, 2019, we recognize that our ability to continue as a going concern is dependent on our ability to generate profitable operations and no assurance can be given that we will be able to accomplish such endeavor.
Results of Operations – Three Months Ended June 30, 2019 and 2018
For the three months ended June 30, 2019, we did not record any revenues. We spent $81,575 on general and administrative expenses. We had interest expenses of $7,212. As a result, we had a net loss of $88,787 for the three months ended June 30, 2019.
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For the three months ended June 30, 2018, we did not record any revenues. We spent 7,694 on general and administrative expenses. We spent $374 on interest expenses. As a result, we had a net loss of $8,068 for the three months ended June 30, 2018.
The $80,719, or 908.7% increase in net loss for the three months ended June 30 2019 compared to the three months ended June 30, 2018 is primarily due to the increase in general and administrative expenses during the three months ended June 30, 2019. Our expenses during this period were primarily expenses involved in general operating expenses and expenses involved in developing the Telemedicine business.
Results of Operations – Six Months Ended June 30, 2019 and 2018
For the six months ended June 30, 2019, we did not record any revenues. We spent $153,934 on general and administrative expenses. We had interest expenses of $13,626. As a result, we had a net loss of $167,560 for the six months ended June 30, 2019.
For the six months ended June 30, 2018, we did not record any revenues. We spent $13,259 on general and administrative expenses. We had other income of $1,404 and spent $748 on interest expenses. As a result, we had a net loss of $12,603 for the six months ended June 30, 2018.
The $154,957 or 752.1% increase in net loss for the six months ended June 30, 2019 compared to the three months ended June 30, 2018 is primarily due to the increase in general and administrative expenses during the six months ended June 30, 2019. Our expenses during this period were primarily expenses involved in general operating expenses and expenses involved in developing the Telemedicine business.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Not applicable for smaller reporting companies.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Disclosure controls and procedures are controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer who is also our Chief Financial Officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. Our management carried out an evaluation under the supervision and with the participation of our Chief Executive Officer who is also our Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rules 13a-15(e) and 15d-15(e) under the Securities Exchange
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Act of 1934 ("Exchange Act"). Based upon that evaluation, our Chief Executive Officer who is also our Chief Financial Officer has concluded that our disclosure controls and procedures were not effective as of June 30, 2019, based on the following deficiencies:
Weaknesses in Accounting and Finance Personnel: We have a small accounting staff and we do not have the robust employee resources and expertise needed to meet complex and intricate GAAP and SEC reporting requirements of a U.S. public company. Additionally, numerous adjustments and proposed adjustments have been noted by our auditors. This is deemed by management to be a material weakness in preparing financial statements.
We do not have written control procedures, and do not have sufficient staff to implement the related controls. Management had determined that this lack of written control procedures and the lack of the implantation of segregation of duties, represents a material weakness in our internal controls.
Internal control has as its core a basic tenant of segregation of duties. Due to our limited size and economic constraints, the Company is not able to segregate for control purposes various asset control and recording duties and functions to different employees. This lack of segregation of duties had been evaluated by management and has been deemed to be a material control deficiency.
We will work to correct these deficiencies once we have revenues sufficient enough to hire new personnel.
Changes in Internal Control over Financial Reporting
Our management has also evaluated our internal control over financial reporting, and there have been no significant changes in our internal controls or in other factors that could significantly affect those controls subsequent to the date of our last evaluation.
The Company is not required by current SEC rules to include, and does not include, an auditor's attestation report. The Company's registered public accounting firm has not attested to Management's reports on the Company's internal control over financial reporting.
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PART II - OTHER INFORMATION
Item 1. Legal Proceedings
None
Item 1A. Risk Factors
Not applicable for smaller reporting companies
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item 3. Defaults Upon Senior Securities.
None
Item 4. Mine Safety Disclosures
Not Applicable
Item 5. Other Information
None
Item 6. Exhibits
Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
Exhibit 32* - Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.SCH** XBRL Taxonomy Extension Schema Document
101.CAL** XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF** XBRL Taxonomy Extension Definition Linkbase Document
101.LAB** XBRL Taxonomy Extension Label Linkbase Document
101.PRE** XBRL Taxonomy Extension Presentation Linkbase Document
* Filed herewith
**XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
Dated: August 13, 2019
24/7 KID DOC, INC.
By:/s/Timothy B. Shannon
Timothy B. Shannon
Chief Executive Officer
Chief Financial Officer
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302 CERTIFICATION
I, Timothy B. Shannon, certify that:
1. I have reviewed this quarterly report on Form 10-Q of 24/7 Kid Doc, Inc.;
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 officers and I are 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:
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 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 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 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 officers 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 controls over financial reporting.
Date: August 13, 2019
/s/Timothy B. Shannon
Timothy B. Shannon
Chief Executive Officer
Chief Financial Officer
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 of 24/7 Kid Doc, Inc. (the "Company") on Form 10-Q for the three and six months ended June 30, 2019 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Timothy B. Shannon, Chief Executive Officer and Chief Financial Officer of the Company, certify, 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.
/s/Timothy B. Shannon
Timothy B. Shannon
Chief Executive Officer
Chief Financial Officer
August 13, 2019
Balance Sheets (June 30, 2019 unaudited) - USD ($) |
Jun. 30, 2019 |
Dec. 31, 2018 |
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Current assets: | ||
Cash and cash equivalents | $ 49,658 | $ 76,286 |
Cash in attorney trust accounts | 0 | 11,834 |
Total current assets | 49,658 | 88,120 |
Property and equipment, at cost, net | 759 | 902 |
Total Assets | 50,417 | 89,022 |
Current liabilities: | ||
Accrued expenses | 8,000 | 17,500 |
Advance from shareholder | 19,443 | 0 |
Notes payable | 255,833 | 117,199 |
Total current liabilities | 283,276 | 134,699 |
Stockholders' equity (deficit): | ||
Preferred Stock, Value | 100 | 100 |
Common Stock, Value | 5,181 | 5,181 |
Additional paid-in capital | 8,451,308 | 8,451,308 |
Treasury stock, 1,417,647 and 795,347 shares, at cost | (60,395) | (40,773) |
Accumulated (deficit) | (8,629,053) | (8,461,493) |
Total Stockholders' deficit | (232,859) | (45,677) |
Total Liabilities and Stockholders' deficit | $ 50,417 | $ 89,022 |
Balance Sheets (June 30, 2019 unaudited) - Parenthetical - $ / shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
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Details | ||
Preferred Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 1,000,000 | 1,000,000 |
Preferred Stock, Shares Outstanding | 1,000,000 | 1,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued | 51,810,502 | 51,810,502 |
Common Stock, Shares, Outstanding | 50,964,655 | 50,392,855 |
Treasury Stock, Shares | 1,417,647 | 795,347 |
Statements of Operations (unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
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Sales | $ 0 | $ 0 | $ 0 | $ 0 |
Cost of sales and services | 0 | 0 | 0 | 0 |
Gross profit | 0 | 0 | 0 | 0 |
General and administrative expenses | 81,575 | 7,694 | 153,934 | 13,259 |
Income (loss) from operations | (81,575) | (7,694) | (153,934) | (13,259) |
Other income (expense): | ||||
Other income | 0 | 0 | 0 | 1,404 |
Interest expense | (7,212) | (374) | (13,626) | (748) |
Total other income (expense), net | (7,212) | (374) | (13,626) | 656 |
Net income (loss)» | $ (88,787) | $ (8,068) | $ (167,560) | $ (12,603) |
Per share information: | ||||
Basic and diluted income (loss) per share | $ (0.00) | $ (0.00) | $ (0.00) | $ (0.00) |
Preferred Stock | ||||
Per share information: | ||||
Weighted average shares outstanding | 1,000,000 | 0 | 1,000,000 | 0 |
Common Stock | ||||
Per share information: | ||||
Weighted average shares outstanding | 50,455,513 | 50,810,502 | 50,668,979 | 50,810,502 |
Statement of Stockholders' Equity (Deficit) - USD ($) |
Preferred Stock |
Common Stock |
Additional Paid-in Capital |
Treasury Stock |
Retained Earnings |
Total |
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Equity Balance, Starting at Dec. 31, 2017 | $ 0 | $ 5,181 | $ 8,332,805 | $ (39,009) | $ (8,400,130) | $ (101,253) |
Shares Outstanding, Starting at Dec. 31, 2017 | 0 | 51,810,502 | 671,650 | |||
Subscribed stock | 5,000 | 5,000 | ||||
Net Income (Loss) | $ 0 | $ 0 | 0 | $ 0 | (12,603) | (12,603) |
Shares Outstanding, Ending at Jun. 30, 2018 | 0 | 51,810,502 | 671,650 | |||
Equity Balance, Ending at Jun. 30, 2018 | $ 0 | $ 5,181 | 8,337,805 | $ (39,009) | (8,412,733) | (108,656) |
Equity Balance, Starting at Dec. 31, 2018 | $ 100 | $ 5,181 | 8,451,308 | $ (40,773) | (8,461,493) | (45,677) |
Shares Outstanding, Starting at Dec. 31, 2018 | 1,000,000 | 51,810,502 | 795,347 | |||
Treasury stock purchased | $ (19,622) | (19,622) | ||||
Treasury stock purchased | 622,300 | |||||
Net Income (Loss) | $ 0 | $ 0 | 0 | $ 0 | (167,560) | (167,560) |
Shares Outstanding, Ending at Jun. 30, 2019 | 1,000,000 | 51,810,502 | 1,417,647 | |||
Equity Balance, Ending at Jun. 30, 2019 | $ 100 | $ 5,181 | $ 8,451,308 | $ (60,395) | $ (8,629,053) | $ (232,859) |
(1) Basis of Presentation and Going Concern |
6 Months Ended |
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Jun. 30, 2019 | |
Notes | |
(1) Basis of Presentation and Going Concern | (1)Basis of Presentation and Going Concern
The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) for interim financial information and Rule 8.03 of Regulation SX. As such, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including normal, recurring adjustments) considered necessary for a fair presentation have been included.
The business plan is to create a company that will deliver pediatric services to children and adults 24 hours a day, 7 days a week here in the United States. In addition, we will be looking to provide these same services via the Internet to people throughout the world, especially in places where it is difficult to have available pediatric doctors or the standard of care is a concern. While we do not anticipate having significant cash outlays until we implement our business plan, there can be no assurance that such model will result in profitable operations, and/or that we will be able to obtain the debt or equity financing necessary to pay our expenses. Either of these factors could result in us having difficulty continuing as a going concern. The accompanying financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities should we be unable to continue as a going concern.
The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year. For further information, refer to the financial statements of the Company as of and for the years ended December 31, 2018 and 2017, including notes, filed with the Company’s Form 10-12G. |
(2) Recent Accounting Pronouncements |
6 Months Ended |
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Jun. 30, 2019 | |
Notes | |
(2) Recent Accounting Pronouncements | (2)Recent Accounting Pronouncements
The Financial Accounting Standards Board issued a new accounting standard on accounting for leases which went into effect at the end of 2018. We have not entered into any lease arrangements and therefore this new accounting standard has no effect on our financial statements.
There are no other new accounting pronouncements for which adoption is expected to have a material effect on our financial statements in future accounting periods. |
(3) Basic and Diluted Income (Loss) Per Share |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Notes | |
(3) Basic and Diluted Income (Loss) Per Share | (3)Basic and Diluted Income (Loss) Per Share
The Company calculates basic and diluted income (loss) per share as required by the FASB Accounting Standards Codification. Basic income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During periods when we report a net loss, anti-dilutive common stock equivalents are not considered in the computation. We did not have any dilutive common stock equivalents during any of the six-month periods ended June 30, 2019 and 2018. |
(3) Basic and Diluted Income (Loss) Per Share (Details) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Details | ||
Dilutive Securities, Effect on Basic Earnings Per Share | $ 0 | $ 0 |
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