10-Q 1 pnch_q1.htm FORM 10-Q
United States
Securities and Exchange Commission
Washington, D.C. 20549

Form 10-Q

[X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d)
OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2014.

or

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE ACT

For the transition period from __________ to __________.

Commission file number 000-53278

IC PLACES, INC.
FKA IC PUNCH MEDIA, INC.
(Name of small business issuer in its charter)

Delaware
 
42-1662836
 
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 

1211 Orange Ave., Suite 300, Winter Park, FL  32789
(Address of principal executive offices and Zip Code)

Registrant's telephone number, including area code  407.442.0309

Indicate by check mark whether the registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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.  (X) Yes (__) 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. (Check one):

Large accelerated filer (__)   Accelerated filer (__)   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 Rule 12b-2 of the Exchange Act) Yes (__) No (X )

The number of shares of the issuer's common stock, par value $.00001 per share, outstanding as of May 19, 2014 is 31,682,427.

 

TABLE OF CONTENTS
 
 
Page
Part I. Financial Information
3
Item 1. Financial Statements.
3
Balance Sheets for the periods ending March 31, 2014 (unaudited) and December 31, 2013 (audited)
3
Statement of Operations for the three  month periods ending March 31, 2014 and 2013 (unaudited)
4
Statements of Cash Flows for the three month periods ending March 31, 2014 and 2013 (unaudited)
5
Notes to Financial Statements (unaudited)
6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
16
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
18
Item 4. Controls and Procedures.
18
Item 4T. Controls and Procedures.
18
Part II. Other Information
19
Item 1. Legal Proceedings.
19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
19
Item 3. Defaults Upon Senior Securities.
19
Item 4. Mine Safety Disclosures.
19
Item 5. Other Information.
19
Item 6. Exhibits
19
Signatures
20
 
 
 
2

Part I.  Financial Information
Item 1.  Financial Statements.

 IC PLACES, INC.
FKA IC PUNCH MEDIA, INC.
BALANCE SHEET
(unaudited)

 
 
March 31, 2014
(unaudited)
   
December 31, 2013 (restated)
 
Current Assets
 
   
 
   Cash
 
$
---
   
$
---
 
   Prepaid expenses
   
74,760
     
87,260
 
 
               
      Total Current Assets
   
74,760
     
87,260
 
 
               
Fixes assets, net of depreciation
   
7,638
     
8,108
 
 
               
      TOTAL ASSETS
   
82,398
     
95,368
 
 
               
Current Liabilities
               
   Accrued Liabilities
   
45,255
     
31,150
 
   Bank overdraft
   
697
     
398
 
   Advances from shareholder
   
1,519
     
36,886
 
   Convertible notes payable, net of discount
   
292,002
     
285,989
 
   Derivative liability
   
131,072
     
177,761
 
      Total Current Liabilities
   
470,545
     
501,034
 
 
               
Stockholders' Deficit
               
 
               
Preferred stock, $.00001 par value, 500,000,000 shares authorized, 240,000,000 and 240,000,000 shares issued, respectively
   
2,400
     
2,400
 
 
               
Common stock, $.00001 par value, 4,000,000,000 shares authorized,  37,380,583 and 31,604,333 shares issued, respectively
   
374
     
316
 
Paid-in capital
   
13,818,537
     
13,795,490
 
Accumulated deficit
   
(14,209,457
)
   
(14,203,872
)
      Total Stockholders' Equity
   
(388,147
)
   
(405,666
)
 
               
TOTAL STOCKHOLDERS' EQUITY/(DEFICIT)
 
$
82,398
   
$
95,368
 
 

See notes to financial statements.
 
 
3

IC PLACES, INC.
FKA IC PUNCH MEDIA, INC.
STATEMENTS OF OPERATIONS
(unaudited)

 
 
For the Three Months Ended March 31,
 
 
 
2014
   
2013
 
 
 
   
 
Revenue
 
$
---
   
$
---
 
 
               
Expenses:
               
General and administrative
   
6,216
     
66,635
 
Depreciation & amortization
   
470
     
1,146
 
Stock compensation
   
12,500
     
15,210
 
Operating Loss
   
(19,186
)
   
(82,991
)
 
               
Other income & (expense)
               
   Change in derivative
   
17,571
     
103,916
 
   Interest expense
   
(3,970
)
   
(7,733
)
Total other income/(expense)
   
13,601
     
96,183
 
 
               
Net income (loss) from continued operations
 
$
(5,585
)
 
$
13,192
 
 
               
   Net of tax, disputed activities net loss
   
---
     
(474,715
)
 
               
(Loss) on disputed activity, net of tax
   
---
     
(1,108,677
)
 
               
Net Income (Loss)
 
$
(5,585
)
 
$
(1,570,200
)
 
               
 
               
Continued Operations earnings per share
 
$
(0.00
)
 
$
(0.00
)
Discontinued Operations earnings per share
 
$
-
 
 
$
(0.12
)
Weighted average shares outstanding
   
33,825,615
     
13,498,554
 


See notes to financial statements.
 
 
4

IC PLACES, INC.
FKA IC PUNCH MEDIA, INC.
STATEMENTS OF CASH FLOWS
 (unaudited)

 
 
Three Months Ended
March 31,
 
 
 
2014
   
2013
 
Cash Flows from Operating Activities
 
   
 
Net income/(loss) from operations
 
$
(5,585
)
 
$
(1,570,200
)
Net income/(loss) from discontinued operations
   
---
     
1,583,392
 
 
   
(5,585
)
   
13,192
 
  Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
               
 
               
Adjustments for charges not requiring outlay of cash:
               
Depreciation
   
470
     
1,146
 
Change in derivative
   
(17,571
)
   
(103,916
)
Amortization of finance costs and debt discounts
   
3,970
     
---
 
Common stock issued as compensation and for expenses
   
12,500
     
15,210
 
 
   
(6,216
)
   
(74,368
)
Changes in operating assets and liabilities:
               
(Increase)/decrease in accounts receivable
   
---
     
3,488
 
(Increase)/decrease in prepaid expenses and other assets
   
---
     
13,139
 
Increase/(decrease) in accounts payable and accrued expenses
   
4,000
     
(635
)
Net cash (used in) discontinued operations
   
---
     
(28,178
)
Net cash (used in) continuing operating activities
   
(2,216
)
   
(58,376
)
 
               
Net cash (used in) operating activities
   
(2,216
)
   
(86,554
)
 
               
Cash Flows from Investing Activities
               
Net cash (used in) investing activities
   
---
     
---
 
 
               
    Cash Flows from Financing Activities
               
Bank overdraft
   
697
     
---
 
Proceeds/(repayments) from loans and notes
   
---
     
85,433
 
Shareholder advances/(repayments)
   
1,519
     
---
 
Net cash provided by financing activities
   
2,216
     
85,433
 
 
               
Net change in cash
   
---
     
(1,121
)
Cash at beginning of period
   
---
     
1,121
 
Cash at end of period
 
$
---
   
$
---
 
 
               
Supplemental Disclosures of Cash Flow Information:
               
Long term lease paid with stock
   
---
     
144,000
 
Conversion of debt to equity
   
23,105
     
---
 



See notes to financial statements.
 
 
5

IC PLACES, INC.
FKA IC PUNCH MEDIA, INC.
Notes to the Financial Statements
March 31, 2014 and 2013
(Unaudited)
 
1. Background Information

IC Places, Inc. ("The Company") was formed on March 18, 2005 as a Delaware Corporation and is based in Celebration, Florida. The Company engages in the ownership and operation of a network of city-based websites for use by business and vacation travelers as well as local individuals. The Company's websites provide local information about hotels, restaurant dining, golf courses, discount event tickets, discount car rentals, discount airfare, and attraction tickets.

IC Place's offers marketing tools and expertise to advertisers that combine the quality and power of Flash video, interactive features, the ability to update their information and add special events immediately and as frequently as desired. The IC Places websites also incorporate the most comprehensive online tracking and reporting capabilities. This dramatically enhances the impact and effectiveness of any ad campaign.

On July 10, 2012, IC Places, Inc. ("the Company" or "Buyer") entered into an Asset Purchase Agreement with Punch Television Network ("Punch", "Seller"). Through the agreement, the Buyer has acquire substantially all of the assets, tangible and intangible, owned by Seller that are used in, or necessary for the conduct of, its Television Network business, including, without limitation: (i) the Station Licenses, subject to any obligations contained in disclosed license agreements and all related intellectual property; (ii) the fixed assets of Seller; (iii) any and all customer lists; and (iv) the goodwill associated therewith, all free and clear of any security interests, mortgages or other encumbrances. The aggregate consideration for the assets and business was 135,000,000 shares of restricted common shares of PNCH Stock.

Punch TV is an African American network that includes new programming. Punch TV Network differs from current "African American" television that uses research-driven approaches to target African Americans audiences; Punch TV was designed to deliver entertainment to multicultural audiences. Punch TV represents a Multi-Media experience that satisfies and excites viewers.

Effective May 14, 2013, the Company rescinded the Punch Television Network Agreement and all associated employment agreements and the entire transaction has been cancelled by mutual agreement of both parties. Joseph Collins resigned as President and Director as result of the rescission of the Punch Television Network Agreement.  All 285 million shares the Company issued as a result of the previous contracts are expected to remain outstanding.

In September 2013, the Company announced that it will begin broadcasting VU Television, the first 24/7 video network launched by IC Punch Media, Inc. The network will offer original series as well as shows from its production partners. The network will be available free of charge on FilmOn.com, icplaces.com and via the FilmOn mobile app on all iPhone and Android devices as well as several set top devices. VU Television will be one of the first 24/7 networks launched exclusively, and in partnership with FilmOn through the FilmOn platform, and is focused on tapping into this highly profitable 18-34 viewer market which is harder to reach through traditional TV. Under the partnership, FilmOn will offer VU Television full access to its cutting edge broadcast platform and wide bandwidth pipeline.  VU Television will use the platform to program and broadcast its network 24/7 in a day parted format. While FilmOn will cover the broadcasting costs, the Company will handle all aspects of running the network and then the two companies will share the advertising revenues.

On December 11, 2013, in accordance with the relevant sections of the Delaware General Corporation Law, the Company's Board of Directors approved the amendment of the Company's Certificate of Incorporation to change the Company's name to "IC Places, Inc".

2. Summary of Significant Accounting Policies

The Management of the Company is responsible for the selection and use of appropriate accounting policies and the appropriateness of their application.  Critical accounting policies and practices are those that are both most important to the portrayal of the Company's financial condition and results and require management's most difficult, subjective, or complex judgments, often as a result of the need to make estimates about the effects of matters that are inherently uncertain. The Company's significant and critical accounting policies and practices are disclosed below as required by generally accepted accounting principles.

6

Basis of Presentation
The accompanying unaudited financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information regarding the Company's significant accounting policies, refer to the audited consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K/A for the year ended December 31, 2013 filed with the Securities and Exchange Commission on May 1, 2014.  All Amounts referenced in these Financial Statements and this Report are in US Dollars unless otherwise stated.
 
Effective January 1, 2008, the Company adopted FASB ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820"), for assets and liabilities measured at fair value on a recurring basis. ASC 820 establishes a common definition for fair value to be applied to existing generally accepted accounting principles that require the use of fair value measurements establishes a framework for measuring fair value and expands disclosure about such fair value measurements. The adoption of ASC 820 did not have an impact on the Company's financial position or operating results, but did expand certain disclosures.
 
Fair Value Measurement
ASC 820 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Additionally, ASC 820 requires the use of valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized below:
 
 
Level 1:
Observable inputs such as quoted market prices in active markets for identical assets or liabilities
 
Level 2:
Observable market-based inputs or unobservable inputs that are corroborated by market data
 
Level 3:
Unobservable inputs for which there is little or no market data, which require the use of the reporting entity's own assumptions.

The Company's balance sheets include the following financial instruments: cash, accounts receivable, accrued liabilities and amounts due to stockholder. The carrying amounts of current assets and current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.

Cash and Cash Equivalents
The majority of cash is maintained with a major financial institution in the United States. Deposits with this bank may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed on demand and, therefore, bear minimal risk. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents.
 
Accounts Receivable, Credit and Revenue Recognition
Accounts receivable consist of amounts due for advertising, based on referral agreements. Advertising revenue is recognized when businesses place advertisements on the IC Places website or through banner ads or upon a customer's purchase of partner offerings originated from links through the company website. Punch Television records and recognizes revenue when advertisements are aired through their websites. An allowance for doubtful accounts is considered to be established for any amounts that may not be recoverable, which is based on an analysis of the Company's customer credit worthiness, and current economic trends. Based on management's review of accounts receivable, no allowance for doubtful accounts was considered necessary. Receivables are determined to be past due, based on payment terms of original invoices. The Company does not typically charge interest on past due receivables.

Accounts Receivable and Allowance for Doubtful Accounts
Accounts receivable are recorded at the invoiced amount, net of an allowance for doubtful accounts. The Company follows paragraph 310-10-50-9 of the FASB Accounting Standards Codification to estimate the allowance for doubtful accounts. The Company performs on-going credit evaluations of its customers and adjusts credit limits based upon payment history and the customer's current credit worthiness, as determined by the review of their current credit information; and determines the allowance for doubtful accounts based on historical write-off experience, customer specific facts and economic conditions.

Pursuant to paragraph 310-10-50-2 of the FASB Accounting Standards Codification account balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.  The Company has adopted paragraph 310-10-50-6 of the FASB Accounting Standards Codification and determine when receivables are past due or delinquent based on how recently payments have been received.

Outstanding account balances are reviewed individually for collectability.  The allowance for doubtful accounts is the Company's best estimate of the amount of probable credit losses in the Company's existing accounts receivable.

The Company does not have any off-balance-sheet credit exposure to its customers at March 31, 2014 or March 31, 2013.

7

Property and Equipment
Property and equipment is stated at cost. Depreciation is computed by the straight-line method over estimated useful lives (3-7 years). The carrying amount of all long-lived assets is evaluated periodically to determine if adjustment to the depreciation and amortization period or the unamortized balance is warranted. Based upon its most recent analysis, the Company believes that no impairment of property and equipment existed at March 31, 2014.

Long-lived assets such as property, equipment and identifiable intangibles are reviewed for impairment whenever facts and circumstances indicate that the carrying value may not be recoverable. When required impairment losses on assets to be held and used are recognized based on the fair value of the asset. The fair value is determined based on estimates of future cash flows, market value of similar assets, if available, or independent appraisals, if required. If the carrying amount of the long-lived asset is not recoverable from its undiscounted cash flows, an impairment loss is recognized for the difference between the carrying amount and fair value of the asset. When fair values are not available, the Company estimates fair value using the expected future cash flows discounted at a rate that commensurate with the risk associated with the recovery of the assets. We did not recognize any impairment losses for any periods presented.

Related Parties

The Company follows subtopic 850-10 of the FASB Accounting Standards Codification for the identification of related parties and disclosure of related party transactions.

Pursuant to Section 850-10-20 the related parties include a. affiliates of the Company; b. entities for which investments in their equity securities would be required, absent the election of the fair value option under the Fair Value Option Subsection of Section 825–10–15, to be accounted for by the equity method by the investing entity; c. trusts for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of management; d. principal owners of the Company; e. management of the Company; f. other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests; and g. other parties that can significantly influence the management or operating policies of the transacting parties or that have an ownership interest in one of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests.

The financial statements shall include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business. However, disclosure of transactions that are eliminated in the preparation of consolidated or combined financial statements is not required in those statements. The disclosures shall include:  a. the nature of the relationship(s) involved b. description of the transactions, including transactions to which no amounts or nominal amounts were ascribed, for each of the periods for which income statements are presented, and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements; c. the dollar amounts of transactions for each of the periods for which income statements are presented and the effects of any change in the method of establishing the terms from that used in the preceding period; and d. amounts due from or to related parties as of the date of each balance sheet presented and, if not otherwise apparent, the terms and manner of settlement.

Share-based Compensation
All share-based payments to employees, including grants of employee stock options to be recognized as compensation expense in the financial statements based on their fair values. That expense is recognized over the period during which an employee is required to provide services in exchange for the award, known as the requisite service period (usually the vesting period). The Company had no common stock options or common stock equivalents granted or outstanding for all periods presented.

Advertising Costs
The costs of advertising are expensed as incurred. Advertising expense was $0 and $405 for the three months ended March 31, 2014 and 2013, respectively.

8

Cash Flows Reporting
The Company adopted paragraph 230-10-45-24 of the FASB Accounting Standards Codification for cash flows reporting, classifies cash receipts and payments according to whether they stem from operating, investing, or financing activities and provides definitions of each category, and uses the indirect or reconciliation method ("Indirect method") as defined by paragraph 230-10-45-25 of the FASB Accounting Standards Codification to report net cash flow from operating activities by adjusting net income to reconcile it to net cash flow from operating activities by removing the effects of (a) all deferrals of past operating cash receipts and payments and all accruals of expected future operating cash receipts and payments and (b) all items that are included in net income that do not affect operating cash receipts and payments.  The Company reports the reporting currency equivalent of foreign currency cash flows, using the current exchange rate at the time of the cash flows and the effect of exchange rate changes on cash held in foreign currencies is reported as a separate item in the reconciliation of beginning and ending balances of cash and cash equivalents and separately provides information about investing and financing activities not resulting in cash receipts or payments in the period pursuant to paragraph 830-230-45-1 of the FASB Accounting Standards Codification.

Income Taxes
The Company accounts for income taxes under the liability method. This method provides that deferred tax assets and liabilities are recorded based on the differences between the tax basis of assets and liabilities and their carrying amounts for financial reporting purpose, referred to as temporary differences. Deferred tax assets and liabilities at the end of each period are determined using the currently enacted tax rates applied to taxable income in the periods in which the deferred tax assets and liabilities are expected to be settled or realized.

Earnings (Loss) Per Share
Basic earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares outstanding during the year. Diluted earnings (loss) per share calculations are determined by dividing net income (loss) by the weighted average number of shares. There are no options or warrants outstanding, however, convertible notes payable are considered to be common stock equivalents, at the date of their maturity (when available to convert). As of March 31, 2014, there are potential share equivalents based on conversion options associated with our debt instruments and preferred stock, however, due to net operating losses sustained anti-dilution issues are not applicable.

Subsequent Events
The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company will evaluate subsequent events through the date when the financial statements were issued.  Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.

Correction of an Error in Previously Issued Financial Statements
The Company follows guidance under ASC 250-10-45-23 for reporting any error in the financial statements of a prior period discovered after the financial statements are issued or are available to be issued. The current comparative statements as presented reflect the retroactive application of any error corrections. Those items that are reported as error corrections in the Company's restatements of net income and retained earnings, as well as other affected balances for all periods reported there-in, are disclosed in Note 5 of the footnotes to the financial statements presented herein.

3. Going Concern

The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate continuation of the Company as a going concern.

The Company incurred a net loss for the three months ended March 31, 2014. As of March 31, 2014 the Company had minimal cash with which to satisfy any future cash requirements. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company depends upon capital to be derived from future financing activities such as subsequent offerings of its common stock or debt financing in order to operate and grow the business. There can be no assurance that the Company will be successful in raising such capital. The key factors that are not within the Company's control and that may have a direct bearing on operating results include, but are not limited to, acceptance of the Company's business plan, the ability to raise capital in the future, the ability to expand its customer base, and the ability to hire key employees to build and maintain websites and to provide services and support to its customers and users. There may be other risks and circumstances that management may be unable to predict.
 
The unaudited financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern.

9

4. Recently Issued Accounting Pronouncements

Except for rules and interpretive releases of the SEC under authority of federal securities laws and a limited number of grandfathered standards, the FASB Accounting Standards Codification™ ("ASC") is the sole source of authoritative GAAP literature recognized by the FASB and applicable to the Company.

In February 2013, the FASB issued ASU No. 2013-02, "Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income." The ASU adds new disclosure requirements for items reclassified out of accumulated other comprehensive income by component and their corresponding effect on net income. The ASU is effective for public entities for fiscal years beginning after December 15, 2013.

In February 2013, the Financial Accounting Standards Board, or FASB, issued ASU No. 2013-04, "Liabilities (Topic 405): Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation Is Fixed at the Reporting Date."  This ASU addresses the recognition, measurement, and disclosure of certain obligations resulting from joint and several arrangements including debt arrangements, other contractual obligations, and settled litigation and judicial rulings. The ASU is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

5. Correction of error, restatement of financial statements

The Company issued 240,000,000 shares of its Series A Preferred in December 2013 to its Chief Executive Officer.  The correct number of Series A Preferred shares outstanding as of the date of the filing of the original 10-K/A on May 1, 2014 did not correctly reflect the amount of preferred shares outstanding, as reflected in the table below.

 
As originally reported
As restated
Number of the issuer's Preferred Stock outstanding as of the date of the most recently filed Form 10-K/A on May 1, 2014
---
240,000,000


Restatement

The prior period amounts included on the Balance Sheet for the period ending December 31, 2013 have been restated to reflect the amount of preferred shares outstanding.
The table below reflects the resulting effect to the financial statements.

December 31, 2013
 
 
 
As filed
   
Adjustment
   
Restated Actual
 
Balance Sheet (Extract)
 
   
   
 
 
Stockholders' deficit
 
   
   
 
Series A Preferred stock
 
$
---
   
$
2,400
   
$
2,400
 
Common stock
 
$
316
   
$
---
   
$
316
 
Paid in capital
 
$
13,795,490
   
$
---
   
$
13,795,490
 
Accumulated deficit
 
$
(14,201,472
)
 
$
(2,400
)
 
$
(14,203,872
)
Total Stockholders' Deficit
 
$
(405,666
)
 
$
---
   
$
(405,666
)
Total Liabilities & Equity
 
$
95,368
   
$
---
   
$
95,368
 
 
                       
 
                       
Statement of Operations (Extract)
                       
Stock Compensation
 
$
3,022,710
   
$
2,400
   
$
3,025,110
 
Net Loss
 
$
(5,865,731
)
 
$
(2,400
)
 
$
(5,868,131
)

10

6. Property and Equipment
 
 
March 31, 2014
   
December 31, 2013
 
 
 
(audited)
   
(audited)
 
Office Furniture
 
$
10,571
   
$
10,571
 
Computer Equipment
   
2,018
     
2,018
 
 
   
12,589
     
12,589
 
Less accumulated depreciation
   
(4,951
)
   
(4,481
)
Property and equipment, net
 
$
7,638
   
$
8,108
 
 
               
 
Depreciation expense was $470 and $1,146 for the three months ended March 31, 2014 and 2013, respectively.
 
7. Convertible Notes Payable

Notes payable consist of the following convertible notes (further described below):


 
 
 
March 31, 2014
   
March 31, 2013
 
 
 
(unaudited)
   
(unaudited)
 
Convertible notes payable: a series of notes have been issued at various times with identical terms: maturity within 9 months; interest rate at 8%; convertible at 50-65% discount to trading fair market value; convertible at option of holder
 
$
148,145
   
$
171,250
 
Convertible demand note payable, dated September 23, 2011, no maturity date, 2% interest rate, convertible at 50% discount to trading price at time of demand
   
155,600
     
155,600
 
Debt discount
   
(10,425
)
   
(35,412
)
Deferred financing costs
   
(1,318
)
   
(5,449
)
 
   
292,002
     
285,989
 
Long-term portion of convertible debt
 
$
--
   
$
--
 
Current portion of convertible debt
 
$
292,002
   
$
285,989
 

Convertible Notes Payable

The Company receives proceeds, at various dates, from an unrelated third party in exchange for a series of convertible promissory notes at an annual interest rate of 8% on any unpaid principal and a maturity date of nine months from the date of funding. A penalty interest rate will be in effect for any amount of principal or interest which is not paid when due shall bear interest at the rate of twenty two percent (22%) per annum from the due date.

These notes are convertible at the option of the holder at any time during the lending period. These notes are convertible into common stock at a conversion price of 35% (65% discount) of the calculated average of the lowest three trading prices for the common stock during the ten trading day period prior to the date of the conversion notification. The holder has converted a portion of these notes in satisfaction of the amounts due. During the three month period ended March 31, 2014, $23,105 in principle and $0 in interest were converted into 5,776,250 shares of common stock.

The debt conversion was recorded at the fair market value of the stock, at an average price of $0.004. The difference in the calculated issue price, per the agreed terms listed above, and the fair market value of the shares resulted in recognition of $17,571 as income on the conversion, included as a change in derivative. The Company currently reports the amount due, under these convertible notes net of unamortized discounts and financing costs (amortized to interest expense over the term of each note) associated with origination fees and the beneficial conversions resulting from the terms of the installment funding.

The Company has recognized the derivative liability associated with this agreement and has revalued the beneficial conversion feature, classifying as a derivative liability. As of March 31, 2014 and March 31, 2013, the derivative liability was calculated to be $131,072 and $295,650, respectively.

11

The derivative valuation resulted from calculation using an option pricing method for the conversion feature of the note payable. The following assumptions were used in our calculation:
 
Weighted Average:
 
Stock Price
 
$
.004
 
Strike Price
 
$
.009
 
Dividend rate
 
 
0.0
%
Risk-free interest rate
 
 
.10
%
Expected lives (years)
.5 years
 
Expected price volatility
 
 
201.42
%
Forfeiture Rate
 
 
0.0
%
 
Convertible Demand Notes Payable

On September 23, 2011, the Company entered into an arrangement with a lender whereby the Company assigned certain debt due the majority shareholder, in the amount of $250,000, secured by a five (5) year employment agreement (see related party footnote). The note is convertible into shares of the Company stock, at the demand of the lender. The convertible note is interest bearing at 2% per annum, there are no repayment terms. Terms of conversion define the stock price as at a 50% discount to the stock price defined as the average three deep bids on the day of funding. During the year ended December 31, 2013, the Company issued 100,000 shares in satisfaction of payments for a value of $28,000. Also during the year ended December 31, 2013, the Company cancelled shares issued in satisfaction of payments for a value of $36,000, resulting in a loss on conversion of debt of $18,000.  Payments resulted in the recognition of a beneficial conversion, at the time of the issuance, of $0 and $58,400. For the three month periods ended March 31, 2014 and 2013, no shares were issued in satisfaction of payments. The remaining balance on this convertible note payable for the three months ended March 31, 2014 and 2013 was $155,600 and $155,600, respectively.

8. Derivative Liabilities

The fair values of the Company's derivative liabilities were estimated at the issuance date and are revalued at each subsequent reporting date, using a lattice model. The Company recorded current derivative liabilities of $131,072 and $177,761 at March 31, 2014 and December 31, 2013, respectively. The change in fair value of the derivative liabilities resulted in a gain of $17,571 and $103,916 for the three months ended March 31, 2014 and 2013, respectively, which has been reported as other income (expense) in the statements of operations. The gain of $17,571 for the three months ended March 31, 2014 consisted of changes attributable to the fair value on the convertible notes.

The following presents the derivative liability value by instrument type at March 31, 2014 and December 31, 2013, respectively:

 
 
   
 
 
 
March 31,
   
December 31,
 
 
 
2014
   
2013
 
Convertible Debentures
 
$
131,072
   
$
177,761
 
Total
 
$
131,072
   
$
177,761
 

The following is a summary of changes in the fair market value of the derivative liability for the three months ending March 31, 2014:

 
 
 
 
 
Derivative Liability Total
 
Balance, December 31, 2013
 
$
177,761
 
Decrease due to conversion
   
(29,118
)
Change in fair market value of derivative liabilities
   
(17,571
)
Balance, March 31, 2014
 
$
131,072
 

 
12

9. Income Tax

Income Tax Provision

The Company accounts for income taxes under Section 740-10-30 of the FASB Accounting Standards Codification.  Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.  Deferred tax assets are reduced by a valuation allowance to the extent management concludes it is more likely than not that the assets will not be realized.  Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statements of operations in the period that includes the enactment date.

The Company adopted section 740-10-25 of the FASB Accounting Standards Codification ("Section 740-10-25"). Section 740-10-25 addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements.  Under Section 740-10-25, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.  The tax benefits recognized in the financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent (50%) likelihood of being realized upon ultimate settlement.  Section 740-10-25 also provides guidance on de-recognition, classification, interest and penalties on income taxes, accounting in years and requires increased disclosures.  The Company had no material adjustments to its liabilities for unrecognized income tax benefits according to the provisions of Section 740-10-25.

The Company has not recognized an income tax benefit for the year based on uncertainties concerning its ability to generate taxable income in future periods. The Company has available net operating loss carry-forwards for financial statement and federal income tax purposes. These loss carry-forwards expire if not used within 20 years from the year generated. The Company's management has decided a valuation allowance is necessary to reduce any tax benefits to zero because the available benefits are more likely than not to expire before they can be used. The tax based accumulated deficit creates tax benefits in the amount of $4,973,310 from inception through March 31, 2014.

Tax Returns Remaining subject to IRS Audits

The Company's corporation income tax return for the period from March 18, 2005 (inception) through March 31, 2014 will remain subject to audit under the statute of limitations by the Internal Revenue Service for a period of three (3) years from the date they are filed.

10. Equity

On June 11, 2010 the Board of Directors of the Company approved a reverse stock split, whereby one common share was issued for each thirty shares of common stock held ("30:1") (184,060,170 shares exchanged for 6,135,339 shares).

The company has two classes of stock, common and preferred. Four billion (4,000,000,000) shares of common stock are authorized by the company's Amended Articles of Incorporation filed within the State of Delaware, at par value $.00001.

Shares issued to consultants during period in advance of services (unearned) to be provided have been charged to a contra-equity account and will be ratably expensed, over the requisite service period, as the services are rendered.

The Company, pursuant to its 2010 Equity Compensation Plan, which has been approved by the Company's Board of Directors, as filed with the Securities and Exchange Commission on February 26, 2010, will issue up to 25,000,000 shares of common stock. The 2010 Equity Compensation Plan is hoped to further provide a method whereby the Company's current employees and officers and non-employee directors and consultants may be stimulated and allow the Company to secure and retain highly qualified employees, officers, directors and non-employee directors and consultants.

On October 31, 2012, the Company's Board of Directors approved the amendment of the Company's Certificate of Incorporation to change the Company's name to IC Punch Media, Inc. and to provide for a class of "blank check" preferred stock.  The Company is authorizing five hundred million (500,000,000) shares of preferred stock, par value $.00001.  The Board of Directors is expressly vested with the authority to divide any or all of the Preferred Stock into series in addition to those set forth below and to fix and determine the relative rights and preferences of the shares of each series so established, provided, however, that the rights and preferences of various series may vary only with respect to:

*
the rate of dividend;
*
whether the shares may be called and, if so, the call price and the terms and conditions of call;
*
the amount  payable upon the shares in the event of voluntary and involuntary liquidation;
*
sinking fund provisions, if any, for the call or redemption of the shares;
*
the terms and conditions, if any, on which the shares may be converted;
*
voting rights; and
*
whether the shares will be cumulative, noncumulative, or partially cumulative as to dividends and the dates from which any cumulative dividends are to accumulate.
 
13

On April 29, 2013, the Company issued 5,500,000 shares of common stock to its CEO pursuant to his employment agreement dated November 18, 2005.  These shares were valued at $1,650,000, or $0.30 per share.

On May 1, 2013, the Company issued 3,000,000 shares of common stock to its CEO pursuant to his employment agreement dated November 18, 2005.  These shares were valued at $1,320,000, or $0.44 per share.

In December 2013, the Company issued 240,000,000 shares of its Series A Preferred stock to its CEO in consideration for services to the Company.  The shares were issued at $0.00001, or at a value of $2,400.
 
At various times during the twelve month period ending December 31, 2013, the Company issued an aggregate of 10,459,810 shares in satisfaction of debt and accrued interest for a value of $396,980, or an average of $0.038 per share.

In March 2013, the Company cancelled 30,000,000 common shares issued to a creditor during the period ending December 31, 2012 for a value of $36,000 and reissued 10,000,000 common shares as payment on the debt for a value of $28,000.

On March 27, 2014, a 100:1 reverse stock split approved by the Company's Board of Directors and majority stockholder on December 11, 2005 became effective.  The financial statements have been formatted to reflect the retro-application of this event.

At various times during the three month period ending March 31, 2014, the Company issued an aggregate of 5,776,250 shares in satisfaction of debt and accrued interest for a value of $23,105, or an average of $0.004 per share.

11. Related Party Transactions

Advances and Loans from Shareholder
 
The majority shareholder has advanced funds, since inception, for the purpose of financing working capital and product development.  As of March 31, 2014 and March 31, 2013, these advances amounted to $1,519 and $1,200, respectively.  There are no formalized agreement or repayment terms to this advance and the amount is payable upon demand.  In the absence of a formal agreement or stated interest rate, the Company is accruing interest at a minimal variable rate, currently 3%.  Management will periodically adjust the rate recognized, following guidelines of applicable federal rates of interest.
 
Employment Contracts
 
On November 18, 2005 the Company entered into an employment agreement with Steven Samblis to be our Chief Executive Officer.  The agreement provided (1) the issuance of 350 million shares of its common stock; (2) compensation to be 15% of revenues; (3) included a provision to authorize the issuance of shares to maintain majority of control; and (4) termination of agreement on November 18, 2025.   On September 23, 2011, the Company entered into an employment continuation commitment agreement with the Chief Executive Officer, who is the majority shareholder, whereby the Company's Board of Directors declared a $250,000 amount payable for a five (5) year employment commitment.  Mr. Samblis has agreed to defer the compensation as set forth in the Agreement until such time the Company has sufficient funds to cover the expense.
  
12. Commitments and Contingencies

The Company has entered into agreement for office and studio space for a five year period, beginning in January 2010 and expiring in December 2015.

Future minimum lease payments for the years ended December 31:
2014
   
2,917
 
2015
   
2,917
 
thereafter
   
--
 
 
 
$
11,675
 

14

From time to time the Company may be a party to litigation matters involving claims against the Company.

Management believes that there are no current matters that would have a material effect on the Company's financial position or results of operations.

Management has considered all events subsequent to the balance sheet through the date that these financial statements were available, which is the date of our filing with the SEC.
 
13. Subsequent Events

Subsequent to the current period ended March 31, 2014, the Company has identified the following material events:

The Company issued 6,747,222 shares of common stock in satisfaction of debt.

The Company's President returned an aggregate of 10,914,616 shares of common stock to the Company's treasury.

An aggregate of 1,531,450 shares of common stock was returned to the Company's treasury by two shareholders.

 
15

Item 2.  Management's Discussion and Analysis or Plan of Operation.
 
Note Regarding Forward Looking Statements
 
This quarterly report on Form 10-Q of IC PLACES, INC. FKA IC PUNCH MEDIA, INC. for the period ended March 31, 2014 contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby.  To the extent that such statements are not recitations of historical fact, such statements constitute forward-looking statements which, by definition, involve risks and uncertainties.  In particular, statements under the Sections; Description of Business, Management's Discussion and Analysis of Financial Condition and Results of Operations contain forward-looking statements.  Where, in any forward-looking statement, the Company expresses an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement of expectation or belief will result or be achieved or accomplished.
 
The following are factors that could cause actual results or events to differ materially from those anticipated, and include but are not limited to: general economic, financial and business conditions; changes in and compliance with governmental regulations; changes in tax laws; and the costs and effects of legal proceedings.
 
You should not rely on forward-looking statements in this quarterly report.  This quarterly report contains forward-looking statements that involve risks and uncertainties.  We use words such as "anticipates," "believes," "plans," "expects," "future," "intends," and similar expressions to identify these forward-looking statements.  Prospective investors should not place undue reliance on these forward-looking statements, which apply only as of the date of this annual report.  Our actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks faced by IC PLACES, INC. FKA IC PUNCH MEDIA, INC.  For example, a few of the uncertainties that could affect the accuracy of forward-looking statements include:
 
(a)           An abrupt economic change resulting in an unexpected downturn in demand;
(b)           Governmental restrictions or excessive taxes on our products;
(c)           Over-abundance of companies supplying computer products and services;
(d)           Economic resources to support the retail promotion of new products and services;
(e)           Expansion plans, access to potential clients, and advances in technology; and
(f)            Lack of working capital that could hinder the promotion and distribution of products and services to a broader based business and retail population.
 
Financial information provided in this Form 10-Q for periods subsequent to March 31, 2014 is preliminary and remains subject to audit.  As such, this information is not final or complete, and remains subject to change, possibly materially.
 
Management's Discussion and Analysis of Financial Condition and Results of Operations

Three months ending March 31, 2014 as compared to March 31, 2013
 
The Company had $0 and $0 from advertising revenue for the three month period ended March 31, 2014 and 2013, respectively. 

General and administrative expenses for the three months ended March 31, 2014 were $6,216 compared to $66,635 for the three months ended March 31, 2013. General and Administrative expenses decreased as a result of decreased travel expense and professional fees. The Company has realized a net loss from continued operations of $5,585 for the three months ended March 31, 2014 compared to a net gain of $13,192 for the three months ended March 31, 2013.  The overall increase in the Company's loss of $ 18,777 includes a sharp decrease in the gain on the change in our derivative financing offset by decreases in compensation, travel and entertainment, professional fees and interest expense.

16

CONTRACTUAL OBLIGATIONS

Employment Contracts
 
On November 18, 2005 the Company entered into an employment agreement with Steven Samblis to be our Chief Executive Officer.  The agreement provided (1) the issuance of 350 million shares of its common stock; (2) compensation to be 15% of revenues; (3) included a provision to authorize the issuance of shares to maintain majority of control; and (4) termination of agreement on November 18, 2025.   On September 23, 2011, the Company entered into an employment continuation commitment agreement with the Chief Executive Officer, who is the majority shareholder, whereby the Company's Board of Directors declared a $250,000 amount payable for a five (5) year employment commitment.  The amount has been deferred and will be ratably expensed, as compensation, over the length of the agreement. Mr. Samblis has agreed to defer the compensation as set forth in the Agreement until such time the Company has sufficient funds to cover the expense.
 
LIQUIDITY AND CAPITAL RESOURCES
 
The Company is currently financing its operations primarily through loans and advances from the majority shareholder.  These advances are being made to supplement any cash generated by the operating revenue.  We believe we can currently satisfy our cash requirements for the next twelve months with our current expected increase in revenue, and the expected capital to be raised in private placement and sales of our common stock.  Additionally, we will begin to use our common stock as payment for certain obligations and secure work to be performed.  Management plans to increase revenue in order to sustain operations for at least the next twelve months. 
 
At March 31, 2014, the Company did not have adequate cash resources to meet current obligations.  Management believes that financial support from the majority shareholder to pay minimal and necessary incurred expense will allow the Company to benefit from advertising revenue streams, currently in-place, to produce the anticipated cash flow necessary to support operations.
 
At March 31, 2014, the Company had negative working capital of approximately $395,785 as compared to negative $413,774 at December 31, 2013.  Working capital as of both dates consisted entirely of cash, accounts receivable, and prepaid expenses, net of current liabilities.
 
At March 31, 2014, the Company has minimal cash and tangible assets, increasing accrued liabilities, negligible revenues, and a history of operating losses.  Absent an outside capital infusion, the Company will seek funding from traditional banking and other private sources.  There are no assurances that any manner of securities offering (debt or equity) will be successful, and the Company's revenues are inadequate to provide for the growth projected in this filing.  We may be reliant on additional shareholder contributions, including from management, to continue operations.  We are hopeful that the market awareness and financial transparency afforded through becoming a reporting company will assist us in procuring additional investment capital or loans.
 
As reflected in the unaudited interim financial statements as of March 31, 2014, our auditor's report included an explanatory paragraph that raise substantial doubt about the Company's ability to continue as a going concern.  The ability of the Company to continue as a going concern is dependent on the Company's ability to become profitable and or attain funding through additional sale of common stock or debt financing.  The unaudited financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
 
17

Off Balance Sheet Arrangements  
 
We have no off balance sheet arrangements.
 
Subsequent Events

Management has evaluated subsequent events through the date the financial statements were issued. Based on our evaluation the following events have occurred and require disclosure:
 
Subsequent to the current period ended March 31, 2014, the Company has identified the following material events:

The Company issued 6,747,222 shares of common stock in satisfaction of debt.

The Company's President returned an aggregate of 10,914,616 shares of common stock to the Company's treasury.

An aggregate of 1,531,450 shares of common stock was returned to the Company's treasury by two shareholders.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk
 
We are a Smaller Reporting Company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
 
Item 4.  Controls and Procedures
 
Item 4(T).  Controls and Procedures
 
(a) Management's Conclusions Regarding Effectiveness of Disclosure Controls and Procedures
 
The management of the Company is responsible for establishing and maintaining adequate internal control over financial reporting.  The Company's internal control over financial reporting is a process designed under the supervision of the Company's Chief Executive Officer and Chief Financial Officer to provide reasonable assurance regarding the reliability of financial reporting and the preparation of the Company's financial statements for external purposes in accordance with U.S. generally accepted accounting principles.
 
With respect to the period ending March 31, 2014, under the supervision and with the participation of our management, we conducted an evaluation of the effectiveness of the design and operations of our disclosure controls and procedures,  as defined in Rules 13a-15(e) and 15d-15(e) promulgated under the Securities Exchange Act of 1934 and based on the criteria for effective internal control described in Internal Control — Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. 
 
Based upon our evaluation regarding the period ending March 31, 2014, the Company's management, including its Chief Executive Officer and Chief Financial Officer, has concluded that its disclosure controls and procedures were not effective due to the Company's limited internal resources and lack of ability to have multiple levels of transaction review.  Through the use of external consultants and the review process, management believes that the financial statements and other information presented herewith are materially correct. 
 
The Company's disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives.  However, the Company's management, including its Chief Executive Officer and Chief Financial Officer, does not expect that its disclosure controls and procedures will prevent all error and all fraud.  A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.  Further, the design of a control system must reflect the fact that there are resource constraints, and the benefit of controls must be considered relative to their costs.  Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected.
 
(b) Changes in Internal Controls
 
There have been no changes in the Company's internal control over financial reporting during the period ended March 31, 2014 that have materially affected, or are reasonably likely to materially affect, the Company's internal controls over financial reporting.
 
18

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
 
Not applicable.
 
Item 6.  Exhibits
 
Exhibit
Number
Description
31.1
Certification of the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
31.2
Certification of the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*
32.1
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
32.2
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*
101
Interactive Data Files of Financial Statements and Notes contained in this Quarterly Report on Form 10-Q.**
 
*    Filed herein
**  In accordance with Regulation S-T, the Interactive Data Files in Exhibit 101 to the Quarterly Report on Form 10-Q shall be deemed "furnished" and not "filed."
 
 
19

SIGNATURES
 
In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
                                                                                                                                                               IC PLACES, INC.,
FKA IC PUNCH MEDIA, INC.
 
 
Date: May 20, 2014                                                                                                                               By:  /s/ Steven Samblis
                                                                                                                                                 
                                                                                                                                                               STEVEN SAMBLIS,
                                                                                                                                                              Chief Executive Officer
                                                                                                                                                               Chief Financial Officer