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) |
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. |
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 |
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 |
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 |
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. |
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. |
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. |
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. |