0001013762-12-000098.txt : 20120117 0001013762-12-000098.hdr.sgml : 20120116 20120117061433 ACCESSION NUMBER: 0001013762-12-000098 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20110930 FILED AS OF DATE: 20120117 DATE AS OF CHANGE: 20120117 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST QUANTUM VENTURES INC CENTRAL INDEX KEY: 0001409197 STANDARD INDUSTRIAL CLASSIFICATION: BLANK CHECKS [6770] IRS NUMBER: 204743354 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52759 FILM NUMBER: 12528030 BUSINESS ADDRESS: STREET 1: 290 LENOX AVENUE CITY: NEW YORK STATE: NY ZIP: 10027 BUSINESS PHONE: 855-633-3738 MAIL ADDRESS: STREET 1: 290 LENOX AVENUE CITY: NEW YORK STATE: NY ZIP: 10027 FORMER COMPANY: FORMER CONFORMED NAME: First Quantum Ventures Inc DATE OF NAME CHANGE: 20070808 10-Q 1 form10q.htm FIRST QUANTUM VENTURES INC. FORM 10-Q form10q.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2011

Commission file number: 000-52759
 
FIRST QUANTUM VENTURES INC.
(Name of registrant as specified in its charter)
 
Nevada
20-4743354
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
2101 Vista Parkway, Suite 292, West Palm Beach, FL
(Address of principal executive offices)(Zip Code)
 
(561) 228-6148
(Registrant’s telephone number, including area code)


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes o No x
 
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 (§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 o No x
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
 
Large accelerated filer o
Accelerated filer o
Non-accelerated filer o (Do not check if smaller reporting company)
 
Smaller reporting company x
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)
Yes x No o
 
As of January 12, 2012, there were 101,879,232 shares of common stock outstanding.
 
 
1

 


TABLE OF CONTENTS
 
       
Page No.
PART I. - FINANCIAL INFORMATION
Item 1.
 
Financial Statements.
 
F-1 - F-7
Item 2.
 
Management’s Discussion and Analysis of Financial Condition and Plan of Operations.
  4
Item 3.
 
Quantitative and Qualitative Disclosures About Market Risk.
  6
Item 4
 
Controls and Procedures.
  6
PART II - OTHER INFORMATION
 
Item 1.
 
Legal Proceedings.
  7
Item 1A.
 
Risk Factors.
  7
Item 2.
 
Unregistered Sales of Equity Securities and Use of Proceeds.
  7
Item 3.
 
Defaults Upon Senior Securities.
  7
Item 4.
 
(Removed and Reserved)
  7
Item 5.
 
Other Information.
  7
Item 6.
 
Exhibits.
  7
 
 
 
2

 
 

 
EXPLANATORY NOTE
 

 
On November 16, 2011, the Registrant filed a Current Report on Form 8-K with the Securities and Exchange Commission (the “SEC”) stating, among other things, that it had changed its fiscal year end to August 31 from June 30.  However, the Registrant did not file a Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2011.  The Registrant has concluded that a Quarterly Report on Form 10-Q for such period must be filed and is therefore filing this Quarterly Report on Form 10-Q, which speaks only as of September 30, 2011.  Other events that have occurred since September 30, 2011 or other disclosure necessary to reflect subsequent events have been addressed in other filings made with the SEC and only limited disclosure of such events is made herein.

 
 
3

 
 
 
PART I - FINANCIAL INFORMATION
 
 
These unaudited financial statements have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission. These financial statements and the notes attached hereto should be read in conjunction with the financial statements and notes included in the Company’s 10-K for its fiscal year ended June 30, 2011 as filed with the SEC on September 29, 2011. In the opinion of the Company, all adjustments, including normal recurring adjustments necessary to present fairly the financial position of the Company, as of September 30, 2010 and 2011 and the results of its operations and cash flows for the three month periods then ended have been included. The results of operations for the interim period are not necessarily indicative of the results for the full year.


ITEM 1.
FINANCIAL STATEMENTS
 
 
 
F 1

 
 
First Quantum Ventures, Inc.
(a development stage company)
Condensed Balance Sheet
 
   
(unaudited)
       
   
September 30,
   
June 30,
 
   
2011
   
2011
 
ASSETS
           
CURRENT ASSETS
           
  Cash   $ 334     $ 831  
  Total current assets     334       831  
                 
Total Assets
  $ 334     $ 831  
                 
LIABILITIES AND STOCKHOLDERS' DEFICIT
               
CURRENT LIABILITIES
               
  Accounts payable and accrued liabilities   $ -     $ -  
  Accrued interest payable     8,822       7,344  
  Total current liabilities     8,822       7,344  
                 
LONG-TERM LIABILITIES
               
  Long-term line of credit payable     55,995       49,500  
  Total long-term liabilities     55,995       49,500  
                 
Total Liabiliteis
    64,817       56,844  
                 
STOCKHOLDERS' DEFICIT
               
  Common stock, $0.001 par value, 500,000,000 authorized shares                
   29,429,232 issued and outstanding September 30, 2011                
  and June 30, 2011 respectively     29,429       29,429  
  Additional paid in capital     302,154       295,487  
  Deficit accumulated during development stage     (396,066 )     (380,929 )
  Total stockholders' deficit     (64,483 )     (56,013 )
                 
Total Liabilities and Stockholders' Equity
  $ 334     $ 831  
 
 
The accompanying notes are an intergral part of the financial statements
 
F 2

 
 
First Quantum Ventures, Inc.
(a development stage company)
Condensed Statements of Operations
Three Months Ended September 30,
(Unaudited)
 
                   
               
Cumulative from
 
               
February 24, 2004
 
               
(inception) to
 
   
2011
   
2010
   
September 30, 2011
 
REVENUES
  $ -     $ -     $ -  
                         
OPERATING EXPENSES
                       
General and administrative expenses
    1,198       2,975       306,886  
Interest expense
    4,640       756       37,148  
Professional fees
    9,299       8,750       52,032  
Total expenses
    15,137       12,481       396,066  
                         
Net Loss
  $ (15,137 )   $ (12,481 )   $ (396,066 )
                         
Loss per weighted average common share
  $ (0.00 )   $ (0.00 )        
                         
Number of weighted average common shares outstanding
    29,429,232       29,429,232          
                         
 
 
The accompanying notes are an intergral part of the financial statements
 
 
 
F 3

 
 
First Quantum Ventures, Inc.
(a development stage company)
Condensed Statements of Cash Flows
Three Months Ended September 30,
(unaudited)
 
 
                   
               
Cumulative from
 
               
February 24, 2004
 
               
(inception) to
 
   
2011
   
2010
   
September 30, 2011
 
CASH FLOW FROM OPERATING ACTIVITIES
                 
Net loss
  $ (15,137 )   $ (12,481 )   $ (396,066 )
Adjustment to reconcile net loss to net cash
                       
used by operating activities:
                       
Common stock issued for services
    -       -       225,000  
Accretion of discount on line of credit payable
    3,162       -       3,162  
Changes in operating assets and liabilites
                       
Decrease in prepaid expenses
    -       3,750       -  
Increase in accrued interest payable
    1,478       756       22,552  
                         
Net cash used by operating activities
    (10,497 )     (7,975 )     (145,352 )
                         
CASH FLOWS FROM INVESTING ACTIVITIES
                       
                         
Net cash provided (used) by investing activities
    -       -       -  
                         
CASH FLOW FROM FINANCING ACTIVITIES
                       
Common stock issed for cash
    -       -       9,030  
Proceeds from line of credit payable
    10,000       -       136,656  
Net cash provided by financing activities
    10,000       -       145,686  
                         
Net increase (decrease) in cash
    (497 )     (7,975 )     334  
                         
CASH, beginning of period
    831       13,545       -  
                         
CASH, end of period
  $ 334     $ 5,570     $ 334  
                         
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
                       
Non-Cash Financing Activities:
                       
                         
Common stock issed to settle debt and accrued interest
  $ -     $ -     $ 90,886  
Discount on line of credit payable
  $ 6,667     $ -     $ 6,667  
                         
 
 
The accompanying notes are an integral part of the financial statements
 
 
 
 
F 4

 
 
 

First Quantum Ventures, Inc.
(a development stage company)
Condensed Notes to Financial Statements

Note 1 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 
(a) The Company First Quantum Ventures, Inc. is a Nevada chartered development stage company which conducts business from its headquarters in West Palm Beach, Florida.

The following summarize the more significant accounting and reporting policies and practices of the Company:

 
(b) Use of estimates  The financial statements have been prepared in conformity with generally accepted accounting principles.  In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and revenues and expenses for the year then ended.  Actual results may differ significantly from those estimates.

 
(c) Start-up costs  Costs of start-up activities, including organization costs, are expensed as incurred, in accordance with generally accepted accounting principles.
 
 
(d) Stock compensation for services rendered The Company may issue shares of common stock in exchange for services rendered.  The costs of the services are valued according to generally accepted accounting principles and have been charged to operations.
 
 
(e) Net income (loss) per share Basic and diluted loss per share amounts are computed based on net loss divided by the weighted average number of common shares outstanding. Outstanding warrants and options are not included in the computation of diluted loss per share because the assumed conversion and exercise would be anti-dilutive for the three months ended September 30, 2011.  As of September 30, 2011, there were no outstanding options or warrants. 

 
(f) Property and equipment All property and equipment are recorded at cost and depreciated over their estimated useful lives, using the straight-line method.  Upon sale or retirement, the cost and related accumulated depreciation are eliminated from their respective accounts, and the resulting gain or loss is  included in the results of operations.  Repairs and maintenance charges, which do not increase the useful lives of the assets, are charged to operations as incurred.
 
 
(g) Cash and equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents
 
First Quantum Ventures, Inc., (“FQVI”) was originally formed as Cine-Source Entertainment, Inc., (“Old Corporation”) a Colorado Corporation, on July 29, 1988. Pursuant to a Plan of Merger dated February 24, 2004, the Old Corporation filed Articles and Certificate of Merger with the Secretary of State of the State of Colorado merging the Old Corporation into Cine-Source Entertainment, Inc., (“The Surviving Corporation”), a Colorado Corporation. A previous controlling shareholder group of the Old Corporation arranged the merger for business reasons that did not materialize. On April 26, 2004, the Company effected a 1-for-200 reverse stock split. Thereafter, the name of the surviving corporation was changed to First Quantum Ventures, Inc., on April 27, 2004. On April 13, 2006 the Surviving Corporation formed a wholly owned subsidiary, a Nevada Corporation named First Quantum Ventures, Inc., and on May 5, 2006 merged Surviving Corporation into First Quantum Ventures, Inc., the Nevada Corporation.
 
 
 
 
F 5

 
 
On October 28, 2011, we entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Andrew Godfrey, our Chief Executive Officer, DiMi Telematics, Inc. (“DiMi Telematics” or “DTI”) and the holders of all of the issued and outstanding capital stock of DiMi Telematics (the “DiMi Shareholders”).  Under the Share Exchange Agreement, we exchanged 87,450,000 shares of our common stock (the “First Quantum Shares”) for 100% of the issued and outstanding shares of DiMi Telematics (the “DiMi Shares”). The exchange of the DiMi Shares for the First Quantum Shares is hereinafter referred to as the “Share Exchange.” The First Quantum Shares issued in the Share Exchange represent 85.8% of our issued and outstanding common stock immediately following the Share Exchange. As a result of the Share Exchange, DiMi Telematics is now our wholly-owned subsidiary. In connection with the Share Exchange, (a) 15,000,000 shares of our issued and outstanding common stock owned by Kesgood Company, Inc. were surrendered for cancellation and (b) our officers and directors resigned and the following individuals assumed their duties as officers and directors:

     
Name
 
Title(s)
Barry Tenzer
 
President, Chief Executive Officer, Chief Financial Officer, Secretary and Director
Roberto Fata
 
Executive Vice President – Business Development and Director


Our principal place of business is 2101 Vista Parkway, Suite 292, West Palm Beach, Florida 33411, and our telephone number at that address is (561) 228-6148.


NOTE 2 - GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern, as reflected by the net loss of $396,066 accumulated through September 30, 2011.  The ability of the Company to continue as a going concern is dependent upon commencing operations, developing sales and obtaining additional capital and financing.  The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.  The Company is currently seeking additional capital to allow it to begin its planned operations
 
NOTE 3 – LINE OF CREDIT PAYABLE

The Company has entered into a convertible line of credit payable, which bears a 10% interest rate, a maturity date of December 31, 2011 and is unsecured. The line allows for draws up to $100,000, of which the Company has drawn $136,656 and converted $77,156 into shares of common stock through September 30, 2011. At June 30, 2011 and September 30, 2011, the Company has $50,500 and $40,500, respectively, which can be drawn. It is convertible at the option of the holder at the lesser of 60% of the 3 day prior closing price, $0.01 or the price shares are sold to a third party.  As of September 30, 2011, there is an unamortized discount on the line of credit in the amount of $3,505.

NOTE 4 – STOCKHOLDERS’ DEFICIT

At September 30, 2011, the Company has 500,000,000 shares of par value $0.001 common stock authorized and 29,429,232 issued and outstanding.

In March 2010, the Company issued 20,000,000 shares in exchange for services valued at $200,000, or $0.01 per share, the then current market price. In May 2010, the Company issued 9,088,600 shares of common stock to settle $77,156 of the outstanding convertible debt and $13,730 of accrued interest thereon, after a fairness hearing in the Circuit Court of the 18th Judicial Circuit, in and for Seminole County, Florida.
 
NOTE 5 -  SUBSEQUENT EVENTS

On October 28, 2011 First Quantum Ventures entered into a Share Exchange Agreement with DiMi Telematics, Inc shareholders.  Pursuant to the agreement, First Quantum Ventures issued 87,450,000 shares of common stock in exchange for all outstanding shares and warrants to purchase common shares of DiMi Telematics, Inc (DTI), First Quantum Ventures, Inc received 145,750,000 shares of common stock and warrants to purchase 21,625,000 shares of common stock.  As a result of the Share Exchange Agreement, DiMi Telematics, Inc has become a subsidiary of First Quantum Ventures, Inc.  The Company will assume operation of DiMi Telematics Inc and enter the Telematics/M2M industry.  At the closing of the Share Exchange Agreement on November 10, 2011, DiMi will become a wholly-owned subsidiary of First Quantum Ventures, Inc. The Exchange Agreement contains customary representations, warranties, and conditions.
 
 
 
F 6

 

 
In connection with the Share Exchange, (a) 15,000,000 shares of the Company’s  issued and outstanding common stock owned by Kesgood Company, Inc. were surrendered for cancellation and (b) the Company’s officers and directors resigned and the following individuals assumed their duties as officers and directors:


     
Name
 
Title(s)
Barry Tenzer
 
President, Chief Executive Officer, Chief Financial Officer, Secretary and Director
Roberto Fata
 
Executive Vice President – Business Development and Director

The Company will account for the acquisition under the purchase method of accounting for business combinations. Under the purchase method of accounting in a business combination effected through an exchange of equity interest, the entity that issues the equity interest is generally the acquiring entity. In some business combinations (commonly referred to as reverse acquisitions), however, the acquired entity issues the equity interest. Accounting for business combinations requires consideration of the facts and circumstances surrounding a business combination that generally involves the relative ownership and control of the entity by each of the parties subsequent to the acquisition. Based on a review of these factors, the acquisition will be accounted for as a reverse acquisition, i.e. the Company will be considered the acquired company and DTI will be considered the acquiring company. As a result, the Company’s assets and liabilities will be incorporated into DTI’s balance sheet based on the fair value of the net assets acquired. Further, the Company’s operating results will not include the Company’s results prior to the date of closing.

In connection with the Share Exchange, the outstanding balance on the line of credit was cancelled.

 
 
F 7

 
 
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND PLAN OF OPERATIONS.

Forward-looking Statements
We and our representatives may from time to time make written or oral statements that are “forward-looking,” including statements contained in this quarterly report and other filings with the SEC, reports to our stockholders and news releases. All statements that express expectations, estimates, forecasts or projections are forward-looking statements. In addition, other written or oral statements which constitute forward-looking statements may be made by us or on our behalf. Words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “project,” “forecast,” “may,” “should,” variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in or suggested by such forward-looking statements. We undertake no obligation to update or revise any of the forward-looking statements after the date of this quarterly report to conform forward-looking statements to actual results.  Important factors on which such statements are based are assumptions concerning uncertainties, including but not limited to, uncertainties associated with the following:
 
  Inadequate capital and barriers to raising the additional capital or to obtaining the financing needed to implement our business plans;
     
  Our failure to earn revenues or profits;
     
  Inadequate capital to continue business;
     
  Volatility or decline of our stock price;
     
  Potential fluctuation in quarterly results;
     
  Rapid and significant changes in markets;
     
  Litigation with or legal claims and allegations by outside parties; and
     
  Insufficient revenues to cover operating costs.
 
The following discussion should be read in conjunction with the financial statements and the notes thereto which are included in this quarterly report.  This discussion contains forward-looking statements that involve risks, uncertainties and assumptions.  Our actual results may differ substantially from those anticipated in any forward-looking statements included in this discussion as a result of various factors.

Overview

Cine-Source Entertainment, Inc. (“Old Corporation”) a Colorado corporation, was formed on July 29, 1988. Pursuant to a Plan of Merger dated February 24, 2004, the Old Corporation filed Articles and Certificate of Merger with the Secretary of State of the State of Colorado merging the Old Corporation into Cine-Source Entertainment, Inc. (the “Surviving Corporation”), a Colorado corporation. A previous controlling shareholder group of the Old Corporation arranged the merger for business reasons that did not materialize. On April 26, 2004, the Surviving Corporation effected a 1-for-200 reverse stock split. The name of the Surviving Corporation was changed to First Quantum Ventures, Inc., on April 27, 2004. On April 13, 2006 the Surviving Corporation formed a wholly owned subsidiary, a Nevada corporation named First Quantum Ventures, Inc. (the “Company”), and on May 5, 2006 merged Surviving Corporation with and into the Company.

The Company is a start-up, developmental stage company and has not yet generated or realized any revenues from business operations. The Company's auditors have issued a going concern opinion in our audited financial statements for the fiscal year ended June 30, 2010 and 2009. This means that our auditors believe there is doubt that the Company can continue as an on-going business for the next twelve months unless it obtains additional capital to pay its bills. This is because the Company has not generated any revenues and no revenues are anticipated. Accordingly, we must raise cash from sources such as investments by others in the Company and through possible transactions with strategic or joint venture partners. In the event we raise cash, we will likely use such funds to develop a new business plan, which is as yet undetermined. We do not plan to use any capital raised for the purchase or sale of any plant or significant equipment. The following discussion and analysis should be read in conjunction with the financial statements of the Company and the accompanying notes appearing subsequently under the caption "Financial Statements".
 
 
4

 
 
As disclosed on a Current Report on Form 8-K filed with the SEC on November 16, 2011, on October 28, 2011, we entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Andrew Godfrey, our Chief Executive Officer, DiMi Telematics, Inc. (“DiMi Telematics” or “DTI”) and the holders of all of the issued and outstanding capital stock of DiMi Telematics (the “DiMi Shareholders”). Under the Share Exchange Agreement, we exchanged 87,450,000 shares of our common stock (the “First Quantum Shares”) for 100% of the issued and outstanding shares of DiMi Telematics (the “DiMi Shares”). The exchange of the DiMi Shares for the First Quantum Shares is hereinafter referred to as the “Share Exchange.” The First Quantum Shares issued in the Share Exchange represent 85.8% of our issued and outstanding common stock immediately following the Share Exchange. As a result of the Share Exchange, DiMi Telematics is now our wholly-owned subsidiary. In connection with the Share Exchange, (a) 15,000,000 shares of our issued and outstanding common stock owned by Kesgood Company, Inc. were surrendered for cancellation and (b) our officers and directors resigned and the following individuals assumed their duties as officers and directors:
 
Name
 
Title(s)
Barry Tenzer
 
President, Chief Executive Officer, Chief Financial Officer, Secretary and Director
Roberto Fata
 
Executive Vice President – Business Development and Director


COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2011 AND THE THREE MONTHS ENDED SEPTEMBER 30, 2010.

Results of operations
 
The Company did not generate any revenues from operations for the three months ended September 30, 2011 or 2010. Accordingly, comparisons with prior periods are not meaningful. The Company is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and cost increases in services

Net Operating Revenues
 
There was no operating revenue for the three months ended September 30, 2011, and 2010 respectively.
 
Operating Expenses and Charges
 
Operating expenses for the three months ended September 30, 2011 was $15,137, an increase of $2,656 from $12,481 for the three months ended September 30, 2010. The increase in our net operating expenses is due to increased professional fees and interest expense offset by a decrease in General and Administrative expenses.

Net Loss

Net loss for the three months ended September 30, 2011 was $15,137, an increase of $2,656 compared to $12,481 for the three months ended September 30, 2010.

At September 30, 2011, our accumulated deficit was $396,066.

Financial Condition, Liquidity and Capital Resources
 
For the three months ended September 30, 2011 and 2010, the Company has not generated cash flow from operations. Consequently, the Company has been dependent upon third party loans to fund its cash requirements.
 
As of September 30, 2011, the Company had cash of $334. The Company's total assets were $334 as of September 30, 2011. At September 30, 2011, total liabilities increased from $56,844 to $64,817. This increase is attributable to the new borrowing of $10,000 of convertible debt and $1,478 of accrued interest. As of September 30, 2011, the Company had no outstanding debt other than a long-term line of credit. The Company is seeking to raise capital to implement the Company's business strategy. In the event additional capital is not raised, the Company may seek a merger, acquisition or outright sale.
 
Business Plan and Strategy
 
The Company is a development stage enterprise.
 
 
5

 
 
Going Concern
 
The accompanying consolidated financial statements have been prepared assuming that we will continue as a going concern. We have a stockholder’s deficit of $396,066 and a working capital deficit of $8,488 at September 30, 2011, and net losses from operations of $15,137 for the three months ended September 30, 2011. These conditions raise substantial doubt about our ability to continue as a going concern. The consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.

Critical Accounting Policies
 
Use of Estimates. The financial statements have been prepared in conformity with generally accepted accounting principles. In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and revenues and expenses for the year then ended. Actual results may differ significantly from those estimates.

Start-Up Costs. Costs of start-up activities, including organization costs, are expensed as incurred, in accordance with generally accepted accounting principles.

Net loss per share. Basic and diluted loss per share amounts are computed based on net loss divided by the weighted average number of common shares outstanding. Outstanding warrants and options are not included in the computation of diluted loss per share because the assumed conversion and exercise would be anti-dilutive for the three months ended September 30, 2011.  As of September 30, 2011, there were no outstanding options or warrants.

Fair value of financial instruments. The carrying values of cash and accrued liabilities approximate their fair values due to the short maturity of these instruments.

The preparation of financial statements in conformity with generally accepted accounting principles (GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
 
Off-Balance Sheet Arrangements
 
We have not entered into any off-balance sheet arrangements. We do not anticipate entering into any off-balance sheet arrangements during the next 12 months.
 
ITEM 3.                      QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not applicable

ITEM 4.                      CONTROLS AND PROCEDURES

Disclosure Controls and Procedures
Each of our principal executive and principal financial officer has evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a - 15(e) and 15d - 15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), as of the end of the period covered by this quarterly report. Based on their evaluation, each such person concluded that our disclosure controls and procedures were effective as of September 30, 2011.

Changes in Internal Control over Financial Reporting.  Our management has evaluated whether any change in our internal control over financial reporting occurred during the last fiscal quarter.  Based on that evaluation, management concluded that there has been no change in our internal control over financial reporting during the relevant period that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
 
6

 


PART II - OTHER INFORMATION

ITEM 1.                      LEGAL PROCEEDINGS
None

ITEM 2.                      UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
None

ITEM 3.                      DEFAULTS UPON SENIOR SECURITIES
None

ITEM 4.                      REMOVED AND RESERVED
None

ITEM 5.                      OTHER INFORMATION
None

ITEM 6.                      EXHIBITS AND 8K

(a)           Documents furnished as exhibits hereto:
 
Exhibit No.    Description  
     
31.1   Certification of the Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
       
32.1   Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
     
EX-101.INS
 
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EX-101.SCH
 
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EX-101.CAL
 
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
     
EX-101.DEF
 
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EX-101.LAB
 
XBRL TAXONOMY EXTENSION LABELS LINKBASE
     
EX-101.PRE
 
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7

 


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.
 
  FIRST QUANTUM VENTURES INC.  
       
January 12, 2012
By:
/s/ Barry Tenzer  
    Barry Tenzer  
    President, CEO and CFO  
    (Principal Executive Officer and Principal Financial Officer)  

 
 
8
 
EX-31.1 2 ex311.htm EXHIBIT 31.1 ex311.htm
Exhibit 31.1
 

Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer

I, Barry Tenzer certify that:

1.           I have reviewed this quarterly report on Form 10-Q of First Quantum Ventures, Inc. for the quarter ended September 30, 2011, as filed with the Securities and Exchange Commission on the date hereof;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.           The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control 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 our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)           Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)           Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)           All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)           Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
     
       
Date: January 12, 2012
By:
/s/ Barry Tenzer  
    Barry Tenzer  
    President, CEO and CFO  
       
EX-32.1 3 ex321.htm EXHIBIT 32.1 ex321.htm
Exhibit 32.1
 
 
CERTIFICATION PURSUANT TO
18 U.S.C. Sec.1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of First Quantum Ventures, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Barry Tenzer, the President, Chief Executive Officer and Chief Financial Officer of the registrant, certifies, pursuant to 18 U.S.C Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to the best of my knowledge that:

1.           The Report on Form 10-Q fully complies with the requirements of Sections 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 results of operations of the Company.

This certificate is being made for the exclusive purpose of compliance by the Chief Executive Officer and the Chief Financial Officer of the Company with the requirements of Section 906 of the Sarbanes-Oxley Act of 2002, and may not be disclosed, distributed or used by any person or for any reason other than as specifically required by law.
 
     
       
Date: January 12, 2012
By:
/s/ Barry Tenzer  
    Name: Barry Tenzer  
    Title: President, CEO and CFO  
    (Principal Executive Officer and Principal Financial Officer)  


 

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It is convertible at the option of the holder at the lesser of 60% of the 3 day prior closing price, $0.01 or the price shares are sold to a third party.&#160;&#160;As of September 30, 2011, there is an unamortized discount on the line of credit in the amount of $3,505.</p> EX-101.SCH 5 fqvepk-20110930.xsd XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 0001 - Document - Document and Entity Information link:presentationLink link:calculationLink link:definitionLink 0002 - Statement - Condensed Balance Sheet (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0003 - Statement - Condensed Balance Sheet (Parenthetical) link:presentationLink link:calculationLink link:definitionLink 0004 - Statement - Condensed Statements of Operations (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0005 - Statement - Condensed Statements of Cash Flows (Unaudited) link:presentationLink link:calculationLink link:definitionLink 0006 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:calculationLink link:definitionLink 0007 - Disclosure - GOING CONCERN link:presentationLink link:calculationLink link:definitionLink 0008 - Disclosure - LINE OF CREDIT PAYABLE link:presentationLink link:calculationLink link:definitionLink 0009 - Disclosure - STOCKHOLDERS' DEFICIT link:presentationLink link:calculationLink link:definitionLink 0010 - Disclosure - SUBSEQUENT EVENTS link:presentationLink link:calculationLink link:definitionLink EX-101.CAL 6 fqvepk-20110930_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 7 fqvepk-20110930_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 8 fqvepk-20110930_lab.xml XBRL TAXONOMY EXTENSION LABELS LINKBASE Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Is Entity a Well-known Seasoned Issuer? 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Entity Filer Category Entity Public Float Entity Common Stock, Shares Outstanding Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS Cash Total current assets Total Assets LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued liabilities Accrued interest payable Total current liabilities LONG-TERM LIABILITIES Long-term line of credit payable Total long-term liabilities Total Liabilities STOCKHOLDERS' DEFICIT Common stock, $0.001 par value, 500,000,000 authorized shares 29,429,232 issued and outstanding September 30, 2011 and June 30, 2011 respectively Additional paid in capital Deficit accumulated during development stage Total stockholders' deficit Total Liabilities and Stockholders' Equity Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Income Statement [Abstract] REVENUES OPERATING EXPENSES General and administrative expenses Interest expense Professional fees Total expenses Net Loss Loss per weighted average common share Number of weighted average common shares outstanding Statement of Cash Flows [Abstract] CASH FLOW FROM OPERATING ACTIVITIES Net loss Adjustment to reconcile net loss to net cash used by operating activities: Common stock issued for services Accretion of discount on line of credit payable Changes in operating assets and liabilites Decrease in prepaid expenses Increase in accrued interest payable Net cash used by operating activities CASH FLOWS FROM INVESTING ACTIVITIES Net cash provided (used) by investing activities CASH FLOW FROM FINANCING ACTIVITIES Common stock issed for cash Proceeds from line of credit payable Net cash provided by financing activities Net increase (decrease) in cash CASH, beginning of period CASH, end of period SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION Non-Cash Financing Activities: Common stock issed to settle debt and accrued interest Discount on line of credit payable Summary Of Significant Accounting Policies SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Going Concern GOING CONCERN Line Of Credit Payable LINE OF CREDIT PAYABLE Stockholders Deficit STOCKHOLDERS' DEFICIT Subsequent Events [Abstract] SUBSEQUENT EVENTS Assets, Current Assets Liabilities, Current Liabilities, Noncurrent Liabilities Development Stage Enterprise, Deficit Accumulated During Development Stage Stockholders' Equity Attributable to Parent Liabilities and Equity Operating Expenses Net Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Financing Activities Stockholders' Equity Note Disclosure [Text Block] Abstract Abstract The average number of shares or units issued and outstanding that are used in calculating basic and diluted EPS. Discount on line of credit payable in noncash financing activities. 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STOCKHOLDERS' DEFICIT
3 Months Ended
Sep. 30, 2011
Stockholders Deficit  
STOCKHOLDERS' DEFICIT
NOTE 4 – STOCKHOLDERS’ DEFICIT

At September 30, 2011, the Company has 500,000,000 shares of par value $0.001 common stock authorized and 29,429,232 issued and outstanding.

In March 2010, the Company issued 20,000,000 shares in exchange for services valued at $200,000, or $0.01 per share, the then current market price. In May 2010, the Company issued 9,088,600 shares of common stock to settle $77,156 of the outstanding convertible debt and $13,730 of accrued interest thereon, after a fairness hearing in the Circuit Court of the 18th Judicial Circuit, in and for Seminole County, Florida.
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LINE OF CREDIT PAYABLE
3 Months Ended
Sep. 30, 2011
Line Of Credit Payable  
LINE OF CREDIT PAYABLE

NOTE 3 – LINE OF CREDIT PAYABLE

 

The Company has entered into a convertible line of credit payable, which bears a 10% interest rate, a maturity date of December 31, 2011 and is unsecured. The line allows for draws up to $100,000, of which the Company has drawn $136,656 and converted $77,156 into shares of common stock through September 30, 2011. At June 30, 2011 and September 30, 2011, the Company has $50,500 and $40,500, respectively, which can be drawn. It is convertible at the option of the holder at the lesser of 60% of the 3 day prior closing price, $0.01 or the price shares are sold to a third party.  As of September 30, 2011, there is an unamortized discount on the line of credit in the amount of $3,505.

XML 14 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheet (Unaudited) (USD $)
Sep. 30, 2011
Jun. 30, 2011
Statement of Financial Position [Abstract]    
Cash $ 334 $ 831
Total current assets 334 831
Total Assets 334 831
Accounts payable and accrued liabilities      
Accrued interest payable 8,822 7,344
Total current liabilities 8,822 7,344
Long-term line of credit payable 55,995 49,500
Total long-term liabilities 55,995 49,500
Total Liabilities 64,817 56,844
STOCKHOLDERS' DEFICIT    
Common stock, $0.001 par value, 500,000,000 authorized shares 29,429,232 issued and outstanding September 30, 2011 and June 30, 2011 respectively 29,429 29,429
Additional paid in capital 302,154 295,487
Deficit accumulated during development stage (396,066) (380,929)
Total stockholders' deficit (64,483) (56,013)
Total Liabilities and Stockholders' Equity $ 334 $ 831
XML 15 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Sep. 30, 2011
Summary Of Significant Accounting Policies  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Note 1 -  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 
(a) The Company First Quantum Ventures, Inc. is a Nevada chartered development stage company which conducts business from its headquarters in West Palm Beach, Florida.

The following summarize the more significant accounting and reporting policies and practices of the Company:

 
(b) Use of estimates  The financial statements have been prepared in conformity with generally accepted accounting principles.  In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and revenues and expenses for the year then ended.  Actual results may differ significantly from those estimates.

 
(c) Start-up costs  Costs of start-up activities, including organization costs, are expensed as incurred, in accordance with generally accepted accounting principles.
 
 
(d) Stock compensation for services rendered The Company may issue shares of common stock in exchange for services rendered.  The costs of the services are valued according to generally accepted accounting principles and have been charged to operations.
 
 
(e) Net income (loss) per share Basic and diluted loss per share amounts are computed based on net loss divided by the weighted average number of common shares outstanding. Outstanding warrants and options are not included in the computation of diluted loss per share because the assumed conversion and exercise would be anti-dilutive for the three months ended September 30, 2011.  As of September 30, 2011, there were no outstanding options or warrants. 

 
(f) Property and equipment All property and equipment are recorded at cost and depreciated over their estimated useful lives, using the straight-line method.  Upon sale or retirement, the cost and related accumulated depreciation are eliminated from their respective accounts, and the resulting gain or loss is  included in the results of operations.  Repairs and maintenance charges, which do not increase the useful lives of the assets, are charged to operations as incurred.
 
 
(g) Cash and equivalents For purposes of the statement of cash flows, the Company considers all highly liquid investments with maturity of three months or less when purchased to be cash equivalents
 
First Quantum Ventures, Inc., (“FQVI”) was originally formed as Cine-Source Entertainment, Inc., (“Old Corporation”) a Colorado Corporation, on July 29, 1988. Pursuant to a Plan of Merger dated February 24, 2004, the Old Corporation filed Articles and Certificate of Merger with the Secretary of State of the State of Colorado merging the Old Corporation into Cine-Source Entertainment, Inc., (“The Surviving Corporation”), a Colorado Corporation. A previous controlling shareholder group of the Old Corporation arranged the merger for business reasons that did not materialize. On April 26, 2004, the Company effected a 1-for-200 reverse stock split. Thereafter, the name of the surviving corporation was changed to First Quantum Ventures, Inc., on April 27, 2004. On April 13, 2006 the Surviving Corporation formed a wholly owned subsidiary, a Nevada Corporation named First Quantum Ventures, Inc., and on May 5, 2006 merged Surviving Corporation into First Quantum Ventures, Inc., the Nevada Corporation.
 
On October 28, 2011, we entered into a Share Exchange Agreement (the “Share Exchange Agreement”) with Andrew Godfrey, our Chief Executive Officer, DiMi Telematics, Inc. (“DiMi Telematics” or “DTI”) and the holders of all of the issued and outstanding capital stock of DiMi Telematics (the “DiMi Shareholders”).  Under the Share Exchange Agreement, we exchanged 87,450,000 shares of our common stock (the “First Quantum Shares”) for 100% of the issued and outstanding shares of DiMi Telematics (the “DiMi Shares”). The exchange of the DiMi Shares for the First Quantum Shares is hereinafter referred to as the “Share Exchange.” The First Quantum Shares issued in the Share Exchange represent 85.8% of our issued and outstanding common stock immediately following the Share Exchange. As a result of the Share Exchange, DiMi Telematics is now our wholly-owned subsidiary. In connection with the Share Exchange, (a) 15,000,000 shares of our issued and outstanding common stock owned by Kesgood Company, Inc. were surrendered for cancellation and (b) our officers and directors resigned and the following individuals assumed their duties as officers and directors:

     
Name
 
Title(s)
Barry Tenzer
 
President, Chief Executive Officer, Chief Financial Officer, Secretary and Director
Roberto Fata
 
Executive Vice President – Business Development and Director


Our principal place of business is 2101 Vista Parkway, Suite 292, West Palm Beach, Florida 33411, and our telephone number at that address is (561) 228-6148.
 
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XML 18 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
GOING CONCERN
3 Months Ended
Sep. 30, 2011
Going Concern  
GOING CONCERN

NOTE 2 - GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  The Company’s financial position and operating results raise substantial doubt about the Company’s ability to continue as a going concern, as reflected by the net loss of $396,066 accumulated through September 30, 2011.  The ability of the Company to continue as a going concern is dependent upon commencing operations, developing sales and obtaining additional capital and financing.  The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.  The Company is currently seeking additional capital to allow it to begin its planned operations

XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Balance Sheet (Parenthetical) (USD $)
Sep. 30, 2011
Jun. 30, 2011
Statement of Financial Position [Abstract]    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 500,000,000 500,000,000
Common stock, shares issued 29,429,232 29,429,232
Common stock, shares outstanding 29,429,232 29,429,232
XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
3 Months Ended
Sep. 30, 2011
Jan. 12, 2012
Document And Entity Information    
Entity Registrant Name FIRST QUANTUM VENTURES INC  
Entity Central Index Key 0001409197  
Document Type 10-Q  
Document Period End Date Sep. 30, 2011  
Amendment Flag false  
Current Fiscal Year End Date --06-30  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   101,879,232
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2012  
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Operations (Unaudited) (USD $)
3 Months Ended 91 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Income Statement [Abstract]      
REVENUES         
OPERATING EXPENSES      
General and administrative expenses 1,198 2,975 306,886
Interest expense 4,640 756 37,148
Professional fees 9,299 8,750 52,032
Total expenses 15,137 12,481 396,066
Net Loss $ (15,137) $ (12,481) $ (396,066)
Loss per weighted average common share $ 0.00 $ 0.00  
Number of weighted average common shares outstanding 29,429,232 29,429,232  
XML 22 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Condensed Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended 91 Months Ended
Sep. 30, 2011
Sep. 30, 2010
Sep. 30, 2011
Statement of Cash Flows [Abstract]      
Net loss $ (15,137) $ (12,481) $ (396,066)
Common stock issued for services       225,000
Accretion of discount on line of credit payable 3,162    3,162
Decrease in prepaid expenses    3,750   
Increase in accrued interest payable 1,478 756 22,552
Net cash used by operating activities (10,497) (7,975) (145,352)
Net cash provided (used) by investing activities         
Common stock issed for cash       9,030
Proceeds from line of credit payable 10,000    136,656
Net cash provided by financing activities 10,000    145,686
Net increase (decrease) in cash (497) (7,975) 334
CASH, beginning of period 831 13,545   
CASH, end of period 334 5,570 334
Common stock issed to settle debt and accrued interest       90,886
Discount on line of credit payable $ 6,667    $ 6,667
XML 23 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS
3 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 5 -  SUBSEQUENT EVENTS

 

On October 28, 2011 First Quantum Ventures entered into a Share Exchange Agreement with DiMi Telematics, Inc shareholders.  Pursuant to the agreement, First Quantum Ventures issued 87,450,000 shares of common stock in exchange for all outstanding shares and warrants to purchase common shares of DiMi Telematics, Inc (DTI), First Quantum Ventures, Inc received 145,750,000 shares of common stock and warrants to purchase 21,625,000 shares of common stock.  As a result of the Share Exchange Agreement, DiMi Telematics, Inc has become a subsidiary of First Quantum Ventures, Inc.  The Company will assume operation of DiMi Telematics Inc and enter the Telematics/M2M industry.  At the closing of the Share Exchange Agreement on November 10, 2011, DiMi will become a wholly-owned subsidiary of First Quantum Ventures, Inc. The Exchange Agreement contains customary representations, warranties, and conditions.

 

In connection with the Share Exchange, (a) 15,000,000 shares of the Company’s  issued and outstanding common stock owned by Kesgood Company, Inc. were surrendered for cancellation and (b) the Company’s officers and directors resigned and the following individuals assumed their duties as officers and directors:

 

 

     
Name   Title(s)
Barry Tenzer   President, Chief Executive Officer, Chief Financial Officer, Secretary and Director
Roberto Fata   Executive Vice President – Business Development and Director

 

The Company will account for the acquisition under the purchase method of accounting for business combinations. Under the purchase method of accounting in a business combination effected through an exchange of equity interest, the entity that issues the equity interest is generally the acquiring entity. In some business combinations (commonly referred to as reverse acquisitions), however, the acquired entity issues the equity interest. Accounting for business combinations requires consideration of the facts and circumstances surrounding a business combination that generally involves the relative ownership and control of the entity by each of the parties subsequent to the acquisition. Based on a review of these factors, the acquisition will be accounted for as a reverse acquisition, i.e. the Company will be considered the acquired company and DTI will be considered the acquiring company. As a result, the Company’s assets and liabilities will be incorporated into DTI’s balance sheet based on the fair value of the net assets acquired. Further, the Company’s operating results will not include the Company’s results prior to the date of closing.

 

In connection with the Share Exchange, the outstanding balance on the line of credit was cancelled.

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