0001144204-13-001188.txt : 20130108 0001144204-13-001188.hdr.sgml : 20130108 20130108061125 ACCESSION NUMBER: 0001144204-13-001188 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20121130 FILED AS OF DATE: 20130108 DATE AS OF CHANGE: 20130108 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MICROCHANNEL TECHNOLOGIES CORP CENTRAL INDEX KEY: 0001413488 STANDARD INDUSTRIAL CLASSIFICATION: BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836] IRS NUMBER: 980539775 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-146404 FILM NUMBER: 13516547 BUSINESS ADDRESS: STREET 1: 3905 NATIONAL DRIVE, SUITE 110 CITY: BURTONSVILLE STATE: MD ZIP: 20866 BUSINESS PHONE: 888-522-6422 MAIL ADDRESS: STREET 1: 3905 NATIONAL DRIVE, SUITE 110 CITY: BURTONSVILLE STATE: MD ZIP: 20866 10-Q 1 v330394_10q.htm QUARTERLY REPORT

  

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

____________________

 

FORM 10-Q

 

(Mark One)

 

xQUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For quarterly period ended November 30, 2012

 

¨TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from _____ to _____

 

Commission File Number: 333-146404

 

MICROCHANNEL TECHNOLOGIES CORPORATION

(Exact name of registrant as specified in its charter)

 

 

Nevada 98-0539775
 (State or other jurisdiction of  (I.R.S. Employer
 incorporation or organization)  Identification No.)
   
9192 Red Branch Road, Suite 110  
Columbia, Maryland 21045
 (Address of principal executive offices)  (Zip Code)

 

(888) 522-6422

(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 x No ¨

 

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 ¨ 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 £ Accelerated filer o
       
Non-accelerated filer (Do not check if a smaller reporting company) £  Smaller reporting company x

  

Indicate by check mark whether the registrant is a shell company (as defined in 12b-2 of the Exchange Act.) Yes x No ¨

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: 53,864,600 shares of common stock, par value $0.0001, were outstanding on January 8, 2013.

 

 

 

 
 

 

MICROCHANNEL TECHNOLOGIES CORPORATION

(A Development Stage Company)

 

FORM 10-Q

 

For the Periods Ended November 30, 2012 and 2011

 

Table of Contents

   

PART I FINANCIAL INFORMATION
   
Item 1. Financial Statements (Unaudited)  
   
Balance Sheets 3
   
Statements of Operations 4
   
Statements of Stockholders’ Equity (Deficit) 5
   
Statements of Cash Flows 6
   
Notes to Financial Statements 7
   
Item 2.  Management's Discussion and Analysis of Financial Condition and Results of Operations 9
   
Item 4.  Controls and Procedures 11
   
PART II   OTHER INFORMATION
   
Item 1. Legal Proceedings 12
   
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 12
   
Item 3. Defaults Upon Senior Securities 12
   
Item 4. Mine Safety Disclosures 12
   
Item 5. Other Information 12
   
Item 6. Exhibits 12
   
Signatures 13
   
Certifications  

 

2
 

 

PART I — FINANCIAL INFORMATION

 

Item 1. Financial Statements (Unaudited)

 

MICROCHANNEL TECHNOLOGIES CORPORATION

(A Development Stage Company)

 

BALANCE SHEETS

(Unaudited)

 

   November 30,   August 31, 
   2012   2012 
         
ASSETS          
Current assets          
 Cash and cash equivalents  $56,359   $66,612 
 Prepaid expenses   -    788 
Total current assets   56,359    67,400 
           
Total assets  $56,359   $67,400 
           
LIABILITIES AND STOCKHOLDERS' EQUITY          
           
Current liabilities          
Accounts payable  $8,089   $3,399 
Total current liabilities   8,089    3,399 
           
Stockholders' equity          
 Common stock: $0.0001 par value; 300,000,000 shares authorized, 53,864,600 issued and outstanding at November 30, 2012 and August 31, 2012   5,386    5,386 
 Additional paid-in capital   556,711    556,711 
 Deficit accumulated during the development stage   (513,827)   (498,096)
Total stockholders' equity   48,270    64,001 
           
Total liabilities and stockholders' equity  $56,359   $67,400 

 

(The accompanying notes are an integral part of these financial statements)

 

3
 

 

MICROCHANNEL TECHNOLOGIES CORPORATION

(A Development Stage Company)

 

STATEMENTS OF OPERATIONS

(Unaudited)

 

           Cumulative 
   Three Months Ended   February 28, 2005 
   November 30,   (inception) to 
   2012   2011   November 30, 2012 
             
Revenue  $-   $-   $- 
                
Operating expenses               
 Option fee   -    -    2,000 
 Research and development   -    -    175,839 
 Director and officer fees   2,250    2,850    92,050 
 Professional fees   12,633    25,245    224,530 
 Other operating expenses   848    40    28,348 
Total operating expenses   15,731    28,135    522,767 
                
Loss from operations   (15,731)   (28,135)   (522,767)
                
Other income               
 Interest income   -    -    8,940 
Total other income   -    -    8,940 
                
Net loss  $(15,731)  $(28,135)  $(513,827)
                
Net loss per common share: basic  $(0.00)  $(0.00)     
                
Weighted average number of common shares outstanding: basic   53,864,600    53,864,600      

 

(The accompanying notes are an integral part of these financial statements)

 

4
 

 

MICROCHANNEL TECHNOLOGIES CORPORATION

(A Development Stage Company)

 

STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT)

(Unaudited)

 

               Deficit accumulated     
   Common Stock   Additional   during the   Total stockholders' 
   Shares   Amount   paid-in capital   development stage   equity (deficit) 
                     
Common stock issued at $0.0001 per share   53,864,600   $5,386   $(5,286)  $-   $100 
                          
 Net loss   -    -    -    (52,898)   (52,898)
                          
Balance, August 31, 2005   53,864,600    5,386    (5,286)   (52,898)   (52,798)
                          
Net loss   -    -    -    (82,739)   (82,739)
                          
Balance, August 31, 2006   53,864,600    5,386    (5,286)   (135,637)   (135,537)
                          
Conversion of debt to equity on August 31, 2007   -    -    561,997    -    561,997 
                          
Net loss   -    -    -    (27,405)   (27,405)
                          
Balance, August 31, 2007   53,864,600    5,386    556,711    (163,042)   399,055 
                          
Net loss   -    -    -    (84,635)   (84,635)
                          
Balance, August 31, 2008   53,864,600    5,386    556,711    (247,677)   314,420 
                          
Net loss   -    -    -    (77,593)   (77,593)
                          
Balance, August 31, 2009   53,864,600    5,386    556,711    (325,270)   236,827 
                          
Net loss   -    -    -    (70,129)   (70,129)
                          
Balance, August 31, 2010   53,864,600    5,386    556,711    (395,399)   166,698 
                          
Net loss   -    -    -    (48,917)   (48,917)
                          
Balance, August 31, 2011   53,864,600    5,386    556,711    (444,316)   117,781 
                          
Net loss   -    -    -    (53,780)   (53,780)
                          
Balance, August 31, 2012   53,864,600    5,386    556,711    (498,096)   64,001 
                          
Net loss   -    -    -    (15,731)   (15,731)
                          
Balance, November 30, 2012   53,864,600   $5,386   $556,711   $(513,827)  $48,270 

 

(The accompanying notes are an integral part of these financial statements)

 

5
 

 

MICROCHANNEL TECHNOLOGIES CORPORATION

(A Development Stage Company)

 

STATEMENTS OF CASH FLOWS

(Unaudited)

 

           Cumulative 
   Three Months Ended   February 28, 2005 
   November 30,   (inception) to 
   2012   2011   November 30, 2012 
             
Cash flows from operating activities               
 Net loss  $(15,731)  $(28,135)  $(513,827)
 Adjustments to reconcile net loss to net cash used in operating activities:               
 Changes in operating assets and liabilities:               
 Decrease in prepaid expenses   788    392    - 
 Increase in accounts payable   4,690    17,380    8,089 
 Net cash used in operating activities   (10,253)   (10,363)   (505,738)
                
Cash flows from financing activities               
 Increase in payable - related party   -    -    561,997 
 Proceeds from the issuance of common stock   -    -    100 
 Net cash provided by financing activities   -    -    562,097 
                
Increase (decrease) in cash and cash equivalents   (10,253)   (10,363)   56,359 
                
Cash and cash equivalents at beginning of period   66,612    115,421    - 
                
Cash and cash equivalents at end of period  $56,359   $105,058   $56,359 
                
Supplemental disclosure of cash flow information:               
 Interest paid in cash  $-   $-   $- 
 Income taxes paid in cash   -    -    - 
                
Supplemental disclosure of non-cash transaction:               
 Conversion of debt to equity  $-   $-   $561,997 

 

(The accompanying notes are an integral part of these financial statements)

 

6
 

  

MICROCHANNEL TECHNOLOGIES CORPORATION

(A Development Stage Company)

 

NOTES TO FINANCIAL STATEMENTS

 

November 30, 2012

(Unaudited)

 

Note 1. Organization and Description of Business

 

MicroChannel Technologies Corporation (the “Company”) was formed as a wholly-owned subsidiary of New Energy Technologies, Inc. (“New Energy”). New Energy spun off its issued and outstanding shares to New Energy’s shareholders on December 18, 2007. The Company was incorporated under the name MultiChannel Technologies Corporation on February 28, 2005 in the State of Nevada, and changed to its existing name on April 4, 2005.

 

The Company is not currently engaged in any business operations. It is, however, in the process of attempting to identify, locate, and if warranted, acquire new commercial opportunities.

 

Note 2. Going Concern Uncertainties

 

The Company is a development stage company, has not generated any revenues, has an accumulated deficit of $513,827 as of November 30, 2012, and does not have positive cash flows from operating activities. The Company expects to incur additional losses as it continues to identify and develop new commercial opportunities. The Company will be subject to the risks, uncertainties and difficulties frequently encountered by early-stage companies. The Company may not be able to successfully address any or all of these risks and uncertainties. Failure to adequately do so could cause the Company’s business, results of operations, and financial condition to suffer. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

The Company’s ability to continue as a going concern is an issue due to its net losses and negative cash flows from operations, and its need for additional financing to fund future operations. The Company’s ability to continue as a going concern is subject to its ability to obtain necessary funding from outside sources. There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty.

 

Note 3. Significant Accounting Policies

 

Basis of Presentation

 

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report filed with the SEC on Form 10-K for the year ended August 31, 2012. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted.

 

7
 

 

Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known.

 

Recently Issued Accounting Pronouncements

 

The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, it has not identified any standards that it believes merit further discussion. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.

 

Note 4. Net Loss Per Share

 

Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. During the three months ended November 30, 2012 and 2011, the Company recorded a net loss. The Company does not have any stock options or warrants outstanding that would be anti-dilutive. Therefore, basic and diluted net loss per share is the same for those periods.

 

8
 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

 

Forward-Looking Statements

 

Except for the historical information presented in this document, the matters discussed in this Form 10-Q for the quarter ended November 30, 2012 contain forward-looking statements which involve assumptions and our future plans, strategies, and expectations. These statements are generally identified by the use of words such as “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project,” or the negative of these words or other variations on these words or comparable terminology. These statements are expressed in good faith and based upon a reasonable basis when made, but there can be no assurance that these expectations will be achieved or accomplished.

 

Such forward-looking statements include statements regarding, among other things, (a) our potential profitability and cash flows, (b) our growth strategies, (c) our future financing plans, and (d) our anticipated needs for working capital. This information may involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by any forward-looking statements. These statements may be found under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” as well as in this Form 10-Q generally. Actual events or results may differ materially from those discussed in forward-looking statements as a result of various factors, including, without limitation, the matters described in this Form 10-Q generally. In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this filing will in fact occur. In addition to the information expressly required to be included in this filing, we will provide such further material information, if any, as may be necessary to make the required statements, in light of the circumstances under which they are made, not misleading.

 

Although forward-looking statements in this report reflect the good faith judgment of our management, forward-looking statements are inherently subject to known and unknown risks, business, economic and other risks and uncertainties that may cause actual results to be materially different from those discussed in these forward-looking statements. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. We assume no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this report, other than as may be required by applicable law or regulation. Readers are urged to carefully review and consider the various disclosures made by us in our reports filed with the Securities and Exchange Commission which attempt to advise interested parties of the risks and factors that may affect our business, financial condition, results of operation and cash flows. If one or more of these risks or uncertainties materialize, or if the underlying assumptions prove incorrect our actual results may vary materially from those expected or projected.

 

Except where the context otherwise requires and for purposes of this Form 10-Q only, “we,” “us,” “our,” “Company,” “our Company,” and “MicroChannel” refer to MicroChannel Technologies Corporation.

 

Overview

 

The following discussion and analysis of our financial condition and results of operations (“MD&A”) should be read in conjunction with our financial statements and the accompanying notes to the financial statements included in this Form 10-Q.

 

The MD&A is based on our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities and expenses and related disclosure of contingent assets and liabilities. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

 

9
 

 

Background

 

We were formed as a wholly-owned subsidiary of New Energy Technologies, Inc. New Energy spun off its issued and outstanding shares to New Energy’s shareholders on December 18, 2007. We were incorporated under the name MultiChannel Technologies Corporation on February 28, 2005 in the State of Nevada, and changed to our existing name, MicroChannel Technologies Corporation, on April 4, 2005.

 

We are not currently engaged in any business operations. We are, however, in the process of attempting to identify, locate, and if warranted, acquire new and potentially commercial opportunities. As of filing date of this report, we have no agreement or understanding with any person regarding the acquisition by us of any new and potentially commercial opportunities.

 

Results of Operation

 

Three Months Ended November 30, 2012 and 2011

 

Director and Officer Fees

 

Director and officer fees for the three months ended November 30, 2012 and 2011 were $2,250 and $2,850, respectively. The decrease of $600 is due to compensation provided to Mr. Gamache during the prior year quarter for supplemental services that he rendered in addition to the executive consulting and director services he has historically provided.

 

Professional Fees

 

Professional fees for the three months ended November 30, 2012 and 2011, were $12,633 and $25,245, respectively. The decrease of $12,612 is substantially due to a reduction of legal fees of $12,373 as a result of the curtailment in business activity while new commercial opportunities are identified.

 

Liquidity and Capital Resources

 

As of November 30, 2012, we had an accumulated deficit of $513,827. At November 30, 2012, we had cash and cash equivalents of $56,359 compared to $66,612 at August 31, 2012. We had no outstanding debt at November 30, 2012.

 

Net cash used in operating activities was $10,253 for the three months ended November 30, 2012 compared to net cash used in operating activities of $10,363 for the comparable period of the prior year.

 

Other Contractual Obligations

 

As of November 30, 2012, we do not have any contractual obligations.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements.

 

Recently Issued Accounting Pronouncements

 

We review new accounting standards as issued. Although some of these accounting standards issued or effective after the end of our previous fiscal year may be applicable to us, we have not identified any standards that we believe merit further discussion. We believe that none of the new standards will have a significant impact on our financial position, operations or cash flows.

 

10
 

 

Item 4. Controls and Procedures

 

Disclosure Controls and Procedures

 

Under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we conducted an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934 (the “Exchange Act”), as of the end of the period covered by this quarterly report. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that as of November 30, 2012, that our disclosure controls and procedures were effective such that the information required to be disclosed in our United States Securities and Exchange Commission (the “SEC”) reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

 

Internal Control over Financial Reporting

 

There were no changes in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

11
 

 

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. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

None.

 

Item 6. Exhibits

 

Exhibit No.   Description of Exhibit
     
3.1   Articles of Incorporation, as amended. (1)
     
3.2   By Laws. (2)
     
31.1   Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Rule 13(a)-14 of the Securities Exchange Act of 1934, As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. *
     
32.1   Certification of Principal Executive Officer and Principal Financial Officer Pursuant to 18 USC. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *

 

 

*Filed herewith.

 

(1) Incorporated by reference to the exhibits filed as part of the report on Form 10-Q filed by MicroChannel Technologies Corporation on April 8, 2010.

 

(2) Incorporated by reference to the exhibits filed as part of the report on Form SB-2 filed by MicroChannel Technologies Corporation on October 1, 2007.

 

12
 

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.

 

  MicroChannel Technologies Corporation
                           (Registrant)
   
January 8, 2013 By: /s/ David Gamache
David Gamache
  President, Chief Executive Officer,
  Chief Financial Officer, and Director

 

13

 

 EX-31.1 2 v330394_ex31-1.htm EXHIBIT 31.1

Exhibit 31.1

 

CERTIFICATION PURSUANT TO RULE 13A-14(A) OF THE SECURITIES EXCHANGE ACT OF 1934

AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002 

 

I, David Gamache, certify that:

 

1.I have reviewed this quarterly report on Form 10-Q of MicroChannel Technologies Corporation (the “registrant”);

 

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.As the registrant’s certifying officer I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal 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 my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me 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 my 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.As the registrant's certifying officer I have disclosed, based on my 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 8, 2013 /s/ David Gamache
  David Gamache
  Chief Executive Officer and Chief Financial Officer

 

 

 

 EX-32.1 3 v330394_ex32-1.htm EXHIBIT 32.1

 

Exhibit 32.1

 

CERTIFICATION PURSUANT TO 18 U.S.C. 1350

AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the Quarterly Report of MicroChannel Technologies Corporation (the “Company”) on Form 10-Q for the quarter ending November 30, 2012, as filed with the Securities and Exchange Commission on January 8, 2013 (the “Report”), I, David Gamache, 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 results of operations of the Company.

 

Date:  January 8, 2013 /s/ David Gamache
  David Gamache
  Chief Executive Officer and Chief Financial Officer

 

 

 

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There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty.</font></p> <p style="margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><b>Note 3. 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In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted.</font></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times"><i>Estimates</i></font></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">&#160;</font></p> <p style="text-align: justify; margin: 0pt 0px; font: 10pt times new roman, times, serif;"><font size="2" style="font-family:times new roman,times">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses during the reporting period. 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In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. 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Going Concern Uncertainties
 3 Months Ended
Nov. 30, 2012
Going Concern Uncertainties [Abstract]  
Going Concern Uncertainties

Note 2. Going Concern Uncertainties

 

The Company is a development stage company, has not generated any revenues, has an accumulated deficit of $513,827 as of November 30, 2012, and does not have positive cash flows from operating activities. The Company expects to incur additional losses as it continues to identify and develop new commercial opportunities The Company will be subject to the risks, uncertainties and difficulties frequently encountered by early-stage companies. The Company may not be able to successfully address any or all of these risks and uncertainties. Failure to adequately do so could cause the Company’s business, results of operations, and financial condition to suffer. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.

 

The Company’s ability to continue as a going concern is an issue due to its net losses and negative cash flows from operations, and its need for additional financing to fund future operations. The Company’s ability to continue as a going concern is subject to its ability to obtain necessary funding from outside sources. There can be no assurance that such funds, if available, can be obtained on terms reasonable to the Company. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that may result from the outcome of this uncertainty.
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Organization and Description of Business
 3 Months Ended
Nov. 30, 2012
Organization and Description Of Business [Abstract]  
Organization and Description of Business

Note 1. Organization and Description of Business

 

MicroChannel Technologies Corporation (the “Company”) was formed as a wholly-owned subsidiary of New Energy Technologies, Inc. (“New Energy”). New Energy spun off its issued and outstanding shares to New Energy’s shareholders on December 18, 2007. The Company was incorporated under the name MultiChannel Technologies Corporation on February 28, 2005 in the State of Nevada, and changed to its existing name on April 4, 2005.

 

The Company is not currently engaged in any business operations. It is, however, in the process of attempting to identify, locate, and if warranted, acquire new commercial opportunities.

XML 15 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (USD $)
Nov. 30, 2012
Aug. 31, 2012
ASSETS    
Cash and cash equivalents $ 56,359 $ 66,612
Prepaid expenses 0 788
Total current assets 56,359 67,400
Total assets 56,359 67,400
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable 8,089 3,399
Total current liabilities 8,089 3,399
Stockholders' equity    
Common stock: $0.0001 par value; 300,000,000 shares authorized, 53,864,600 issued and outstanding at November 30, 2012 and August 31, 2012 5,386 5,386
Additional paid-in capital 556,711 556,711
Deficit accumulated during the development stage (513,827) (498,096)
Total stockholders' equity 48,270 64,001
Total liabilities and stockholders' equity $ 56,359 $ 67,400
XML 16 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (Parenthetical) (USD $)
 6 Months Ended
Aug. 31, 2005
Equity Issuance, Per Share Amount $ 0.0001
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STATEMENTS OF CASH FLOWS (USD $)
 3 Months Ended 93 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
Cash flows from operating activities      
Net loss $ (15,731) $ (28,135) $ (513,827)
Changes in operating assets and liabilities:      
Decrease in prepaid expenses 788 392 0
Increase in accounts payable 4,690 17,380 8,089
Net cash used in operating activities (10,253) (10,363) (505,738)
Cash flows from financing activities      
Increase in payable - related party 0 0 561,997
Proceeds from the issuance of common stock 0 0 100
Net cash provided by financing activities 0 0 562,097
Increase (decrease) in cash and cash equivalents (10,253) (10,363) 56,359
Cash and cash equivalents at beginning of period 66,612 115,421 0
Cash and cash equivalents at end of period 56,359 105,058 56,359
Supplemental disclosure of cash flow information:      
Interest paid in cash 0 0 0
Income taxes paid in cash 0 0 0
Supplemental disclosure of non-cash transaction:      
Conversion of debt to equity $ 0 $ 0 $ 561,997
XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (Parenthetical) (USD $)
Nov. 30, 2012
Aug. 31, 2012
Common Stock, Par or Stated Value Per Share $ 0.0001 $ 0.0001
Common Stock, Shares Authorized 300,000,000 300,000,000
Common Stock, Shares, Issued 53,864,600 53,864,600
Common Stock, Shares, Outstanding 53,864,600 53,864,600
XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
 3 Months Ended
Nov. 30, 2012
Jan. 08, 2013
Document and Entity Information [Abstract]    
Entity Registrant Name MICROCHANNEL TECHNOLOGIES CORP  
Entity Central Index Key 0001413488  
Current Fiscal Year End Date --08-31  
Entity Filer Category Smaller Reporting Company  
Trading Symbol MCTC  
Entity Common Stock, Shares Outstanding   53,864,600
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Nov. 30, 2012  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2013  
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF OPERATIONS (USD $)
 3 Months Ended 93 Months Ended
Nov. 30, 2012
Nov. 30, 2011
Nov. 30, 2012
Revenue $ 0 $ 0 $ 0
Operating expenses      
Option fee 0 0 2,000
Research and development 0 0 175,839
Director and officer fees 2,250 2,850 92,050
Professional fees 12,633 25,245 224,530
Other operating expenses 848 40 28,348
Total operating expenses 15,731 28,135 522,767
Loss from operations (15,731) (28,135) (522,767)
Other income      
Interest income 0 0 8,940
Total other income 0 0 8,940
Net loss $ (15,731) $ (28,135) $ (513,827)
Net loss per common share: basic $ 0.00 $ 0.00  
Weighted average number of common shares outstanding: basic 53,864,600 53,864,600  
XML 22 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies (Policies)
 3 Months Ended
Nov. 30, 2012
Significant Accounting Policies [Abstract]  
Basis of Presentation

Basis of Presentation

 

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report filed with the SEC on Form 10-K for the year ended August 31, 2012. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted.
Estimates

Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known.
Recently Issued and Adopted Accounting Pronouncements

Recently Issued Accounting Pronouncements

 

The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, it has not identified any standards that it believes merit further discussion. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.
XML 23 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6
Net Loss Per Share
 3 Months Ended
Nov. 30, 2012
Net Loss Per Share [Abstract]  
Net Loss Per Share

Note 4. Net Loss Per Share

 

Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period. During the three months ended November 30, 2012 and 2011, the Company recorded a net loss. The Company does not have any stock options or warrants outstanding that would be anti-dilutive. Therefore, basic and diluted net loss per share is the same for those periods.
XML 24 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6
Going Concern Uncertainties (Details Textual) (USD $)
Nov. 30, 2012
Retained Earnings (Accumulated Deficit) $ 513,827
XML 25 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (USD $)
Common Stock [Member]
Additional Paid-In Capital [Member]
Accumulated Deficit During Development Stage [Member]
Total
Balance at Feb. 27, 2005 $ 0 $ 0 $ 0 $ 0
Balance (in shares) at Feb. 27, 2005 0      
Common stock issued at $0.0001 per share 5,386 (5,286) 0 100
Common stock issued at $0.0001 per share (in shares) 53,864,600      
Net loss 0 0 (52,898) (52,898)
Balance at Aug. 31, 2005 5,386 (5,286) (52,898) (52,798)
Balance (in shares) at Aug. 31, 2005 53,864,600      
Net loss 0 0 (82,739) (82,739)
Balance at Aug. 31, 2006 5,386 (5,286) (135,637) (135,537)
Balance (in shares) at Aug. 31, 2006 53,864,600      
Conversion of debt to equity on August 31, 2007 0 561,997 0 561,997
Net loss 0 0 (27,405) (27,405)
Balance at Aug. 31, 2007 5,386 556,711 (163,042) 399,055
Balance (in shares) at Aug. 31, 2007 53,864,600      
Net loss 0 0 (84,635) (84,635)
Balance at Aug. 31, 2008 5,386 556,711 (247,677) 314,420
Balance (in shares) at Aug. 31, 2008 53,864,600      
Net loss 0 0 (77,593) (77,593)
Balance at Aug. 31, 2009 5,386 556,711 (325,270) 236,827
Balance (in shares) at Aug. 31, 2009 53,864,600      
Net loss 0 0 (70,129) (70,129)
Balance at Aug. 31, 2010 5,386 556,711 (395,399) 166,698
Balance (in shares) at Aug. 31, 2010 53,864,600      
Net loss 0 0 (48,917) (48,917)
Balance at Aug. 31, 2011 5,386 556,711 (444,316) 117,781
Balance (in shares) at Aug. 31, 2011 53,864,600      
Net loss 0 0 (53,780) (53,780)
Balance at Aug. 31, 2012 5,386 556,711 (498,096) 64,001
Balance (in shares) at Aug. 31, 2012 53,864,600      
Net loss 0 0 (15,731) (15,731)
Balance at Nov. 30, 2012 $ 5,386 $ 556,711 $ (513,827) $ 48,270
Balance (in shares) at Nov. 30, 2012 53,864,600      
XML 26 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6
Significant Accounting Policies
 3 Months Ended
Nov. 30, 2012
Significant Accounting Policies [Abstract]  
Significant Accounting Policies

Note 3. Significant Accounting Policies

 

Basis of Presentation

 

The accompanying unaudited interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and should be read in conjunction with the audited financial statements and notes thereto contained in the Company's latest Annual Report filed with the SEC on Form 10-K for the year ended August 31, 2012. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the most recent fiscal year as reported in the Form 10-K have been omitted.

 

Estimates

 

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses during the reporting period. On an on-going basis, the Company evaluates its estimates. Actual results and outcomes may differ materially from the estimates as additional information becomes known.

 

Recently Issued Accounting Pronouncements

 

The Company reviews new accounting standards as issued. Although some of these accounting standards issued or effective after the end of the Company’s previous fiscal year may be applicable to the Company, it has not identified any standards that it believes merit further discussion. The Company does not expect the adoption of any recently issued accounting pronouncements to have a significant impact on its financial position, results of operations, or cash flows.
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