10-Q

10-Q 1 aurobio10q04302010.htm FORM 10-Q 10-Q

U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

Mark One

[ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the quarterly period ended April 30, 2010

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from ______ to _______

Commission File No. 333-157558


AURA BIO CORP. (Name of small business issuer in its charter)

Nevada (State or other jurisdiction of incorporation or organization)	68-0677348 (I.R.S. Employer Identification No.)

848 N. Rainbow Blvd. #2167 Las Vegas, NV 89107 (Address of principal executive offices)

(415) 504-3659 (Issuer’s telephone number)

Securities registered pursuant to Section 12(b) of the Act:	Name of each exchange on which registered:
None

Securities registered pursuant to Section 12(g) of the Act:
Common Stock, $0.001
(Title of Class)

Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.

Large accelerated filer [ ] Accelerated filer [ ]

Non-accelerated filer [ ] Smaller reporting company [X]

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years.

N/A

Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court. Yes[ ] No[ ]

Applicable Only to Corporate Registrants

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the most practicable date:


Class	Outstanding as of June 10, 2010
Common Stock, $0.001	25,000,000

TABLE OF CONTENTS


Part 1	FINANCIAL INFORMATION

Item 1	Financial Statements	4
	Balance Sheets	4
	Statements of Operations	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	11

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	13

Item 4.	Controls and Procedures	13

Part II.	OTHER INFORMATION

Item 1	Legal Proceedings	14

Item 2.	Changes in Securities and Use of Proceeds	14

Item 3	Defaults Upon Senior Securities	14

Item 4	Submission of Matters to a Vote of Security Holders	14

Item 5	Other Information	14

Item 6	Exhibits	15

PART I

ITEM 1. FINANCIAL STATEMENTS


AURA BIO CORP. (formerly: Myriad International, Corp. ) (A Development Stage Company) Balance Sheet


Assets
				April 30,		January 31,
				2010		2010
				(Unaudited)		(Audited)
Current Assets
		Cash	$	8,029	$	12,729
Total Assets			$	8,029	$	12,729


Liabilities and Stockholders’ Equity (deficit)


Long Term Liabilities
		Loan from Director	$	704	$	704
		Total Long Term Liabilities	$	704	$	704


Stockholders’ Equity (deficit)

	Common stock, $0.001par value, 75,000,000 shares authorized;
	25,000,000 shares issued and outstanding			25,000		25,000
	Additional paid-in-capital			3,000		3,000
	Deficit accumulated during the development stage			(20,675)		(15,975)
Total stockholders’ equity (deficit)				7,325		12,025
Total liabilities and stockholders’ equity (deficit)			$	8,029	$	12,729

The accompanying notes are an integral part of these financial statements.


AURA BIO CORP. (formerly: Myriad International, Corp. ) (A Development Stage Company) Statements of Operations
(Unaudited)

		Three months Ended April 30, 2010		Three months Ended April 30, 2009				From Inception on November 6, 2008 to April 30, 2010

Expenses
General and Administrative Expenses	$	4,700	$		4,393	$	20,675
Net (loss) from Operation before Taxes		(4,700)			(4,393)		(20,675)
Provision for Income Taxes		0						0
Net (loss)	$	(4,700)	$		(4,393)	$		(20,675)


(Loss) per common share – Basic and diluted	$	(0.00)	$		(0.00)	$		(0.00)

Weighted Average Number of Common Shares Outstanding		25,000,000			60,940,440


The accompanying notes are an integral part of these financial statements.


AURA BIO CORP. (formerly: Myriad International, Corp. ) (A Development Stage Company) Statements of Cash Flows
(Unaudited)
					Three months Ended April 30, 2010		Three months Ended April 30, 2009			From Inception on November 6, 2008 to April 30, 2010
Operating Activities
	Net (loss)			$	(4,700)	$	(4,393)	$		(20,675)
	Net cash (used) for operating activities				(4,700)		(4,393)			(20,675)

Financing Activities
		Loans from Director			-		-			704
		Sale of common stock			-		19,250			28,000
		Net cash provided by financing activities			-		19,250			28,704

Net increase (decrease) in cash and equivalents					(4,700)		14,857			8,029

Cash and equivalents at beginning of the period					12,729		2,990			-
Cash and equivalents at end of the period				$	8,029	$	17,847	$		8,029


			Supplemental cash flow information:

			Cash paid for:

			Interest	$	-	$	-		$		-
			Taxes	$	-	$	-		$		-


Non-Cash Activities				$	-	$	-		$		-



The accompanying notes are an integral part of these financial statements.

AURA BIO CORP.

(formerly: Myriad International, Corp. )

(A Development Stage Company)

Notes To The Financial Statements

April 30, 2010

(Unaudited)

1. ORGANIZATION AND BUSINESS OPERATIONS

AURA BIO CORP. (formerly: Myriad International, Corp. ) (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on November 6, 2008. The Company is in the development stage as defined under Statement on Financial Accounting Standards No. 7, Development Stage Enterprises (“SFAS No.7”). Company intends to commence operations in the business of exporting Structural Insulated Panels (SIP) from US and Canada to Russia. The Company has not generated any revenue to date and consequently its operations are subject to all risks inherent in the establishment of a new business enterprise. For the period from inception, November 6, 2008 through April 30, 2010 the Company has accumulated losses of $20,675.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a)Basis of Presentation

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.

b) Going Concern

The financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $20,675 as of April 30, 2010 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company generating profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock.

c) Cash and Cash Equivalents

The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance to be cash equivalents.

d) Use of Estimates and Assumptions

The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

e) Foreign Currency Translation

The Company's functional currency and its reporting currency is the United States dollar.

f) Financial Instruments

The carrying value of the Company's financial instruments approximates their fair value because of the short maturity of these instruments.

g) Stock-based Compensation

Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123 (R). To date, the Company has not adopted a stock option plan and has not granted any stock options.

AURA BIO CORP.

(formerly: Myriad International, Corp. )

(A Development Stage Company)

Notes To The Financial Statements

April 30, 2010

(Unaudited)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

h) Income Taxes

Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial

statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.

i) Basic and Diluted Net Loss per Share

The Company computes net loss per share in accordance with SFAS No. 128,"Earnings per Share". SFAS No. 128 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement.

Basic EPS is computed by dividing net loss available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all potentially dilutive common shares outstanding during the period. Diluted EPS excludes all potentially dilutive shares if their effect is anti-dilutive.

j) Fiscal Periods

The Company's fiscal year end is January 31.

k) Recent Accounting Pronouncements

In June 2009, the FASB issued SFAS No. 168, “The FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles” (“SFAS 168”) and in doing so, authorized the Codification as the sole source for authoritative U.S. GAAP. SFAS No. 168 will be effective for financial statements issued for reporting periods that end after September 15, 2009. Once it's effective, it will supersede all accounting standards in U.S. GAAP, aside from those issued by the SEC. SFAS No. 168 replaces SFAS No. 162 to establish a new hierarchy of GAAP sources for non-governmental entities under the FASB Accounting Standards Codification.

In June 2009, the FASB issued Statement No. 167, “Amendments to FASB Interpretation No. 46(R)” (“FAS 167”). FAS 167 amends the consolidation guidance for variable interest entities (“VIE”) by requiring an on-going qualitative assessment of which entity has the power to direct matters that most significantly impact the activities of a VIE and has the obligation to absorb losses or benefits that could be potentially significant to the VIE. FAS 167 is effective for the Company beginning in 2010. The Company is currently assessing the impact of the standard on its financial statements.

In June 2009, the FASB issued Statement No. 166, “Accounting for Transfers of Financial Assets – an amendment of FASB No. 140 (“FAS 140”), Accounting for Transfers and Servicing of Financial Assets and Extinguishments of Liabilities” (“FAS 166”). FAS 166 amends the criteria for a transfer of a financial asset to be accounted for as a sale, redefines a participating interest for transfers of portions of financial assets, eliminates the qualifying special-purpose entity concept and provides for new disclosures. FAS 166 is effective for the Company beginning in 2010. Should the Company’s accounts receivable securitization programs not qualify for sale treatment under the revised rules, future securitization transactions entered into on or after January 1, 2010 would be classified as debt and the related cash flows would be reflected as a financing activity. The Company is currently assessing the impact of the standard on its securitization programs.

AURA BIO CORP.

(formerly: Myriad International, Corp. )

(A Development Stage Company)

Notes To The Financial Statements

April 30, 2010

(Unaudited)

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)

In May 2009, the FASB issued SFAS No. 165, “Subsequent Events” (“SFAS 165”). SFAS 165 provides authoritative accounting literature related to evaluating subsequent events that was previously addressed only in the auditing literature, and is largely similar to the current guidance in the auditing literature with some exceptions that are not intended to result in significant changes in practice. SFAS 165 defines subsequent events and also requires the disclosure of the date through which an entity has evaluated subsequent events and the basis for that date. SFAS 165 is effective on a prospective basis for interim or annual financial periods ending after June 15, 2009.

3. COMMON STOCK

The authorized capital of the Company is 75,000,000 common shares with a par value of $ 0.001 per share.

On December 5, 2008, the Company issued 60,000,000 shares of common stock for total cash proceeds of $3,000.

During the period February 1, 2009 to April 30, 2009, the Company issued 7,700,000 shares of common stock at a price of $0.0025 per share for total cash proceeds of $19,250.

During the period May 1, 2009 to May 21, 2009, Company sold 2,300,000 shares of common stock at a price of $0.0025 per share for total cash proceeds of $5,750.

On December 22, 2009, the Company canceled and returned back to treasury 45,000,000 of shares.

As of Aril 30, 2009 there were 25,000,000 shares issued and outstanding.

All shares and per-share data have been restated to reflect 20:1forward stock split. The Forward Stock Split was effectuated with a record date of November 27, 2009. The forward Stock Split was implemented taking into account our authorized share capital and number of issued and outstanding shares of common stock as of the Record Date. The par value for our shares of common stock remained the same at $0.001. Each of our shareholders holding one share of common stock was entitled to receive an additional 19 shares of our common stock.

4. INCOME TAXES

As of April 30, 2010, the Company had net operating loss carry forwards of approximately $20,675 that may be available to reduce future years’ taxable income through 2030. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.

5. RELATED PARTY TRANSACTIONS

Mr. Smirnov has advanced funds to the Company to pay any costs incurred by it. These funds are interest free. The balance due Mr. Smirnov was $ 704 on April 30, 2010.

FORWARD LOOKING STATEMENTS

Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

GENERAL

AURA BIO CORP. (formerly: Myriad International, Corp. ) was incorporated under the laws of the State of Nevada on November 6, 2008. Our registration statement has been filed with the Securities and Exchange Commission on February 27, 2009 and has been declared effective on March 6, 2009.

Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we," "our," "us," the "Company," or " Aura," refers to Aura Bio Corp.

CURRENT BUSINESS OPERATIONS

As of the date of this Quarterly Report, we have not started operations. On June 1, 2010, the Board of Directors of Aura Bio Corp. (the “Company”) passed a resolution to abandon he Company’s current business plan. The Board has decided instead to change the Company’s focus to the clean and sustainable fuel alternative sector, both domestically and internationally.

We have not generated any revenues and the only operation we have engaged in is the development of a business plan.

RESULTS OF OPERATION

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

Three-Month period Ended April 30, 2010 Compared to Three-Month period Ended April 30, 2009.

Our net loss for the three-month period ended April 30, 2010 was ($4,700) compared to a net loss of ($4,393) during three-month period ended April 30, 2009. During the three-month period ended April 30, 2010 we did not generate any revenue.

During the three-month period ended April 30, 2010 we incurred general and administrative expenses of approximately $4,700 compared to $4,393 incurred during three-month period ended April 30, 2009. General and administrative expenses incurred during the three-month period ended April 30, 2010 were generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting, developmental costs, and marketing expenses.

The weighted average number of shares outstanding was 25,000,000 for the three-month period ended April 30, 2010.

LIQUIDITY AND CAPITAL RESOURCES

Three-Month Period Ended April 30, 2010

As at the three-month period ended April 30, 2010, our current assets were $8,029 and our total liabilities were $704, which resulted in a working capital surplus of $7,325. As at the three-month period ended April 30, 2010 current assets were comprised of $8,029 in cash compared to $12,729 in current assets at fiscal year ended January 31, 2010. As at the three-month period ended April 30, 2010, current liabilities were comprised entirely of $704 in loan from director.

Stockholders’ equity decreased from $12,025 for fiscal year ended January 31, 2010 to $7,325 for the three-month period ended April 30, 2010.

Cash Flows from Operating Activities

We have not generated positive cash flows from operating activities. For the three-month period ended April 30, 2010, net cash flows used in operating activities was ($4,700) consisting primarily of a net loss of ($4,700). Net cash flows used in operating activities was ($4,393) for the three-month period ended April 30, 2009.

Cash Flows from Financing Activities

We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the three-month period ended April 30, 2010, net cash flows provided from financing activities was $-0- compared to $19,250 for the three-month period ended April 30, 2009, consisting of $19,250 sale of common stock.

PLAN OF OPERATION AND FUNDING

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next six months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.

MATERIAL COMMITMENTS

As of the date of this Quarterly Report, we do not have any material commitments.

PURCHASE OF SIGNIFICANT EQUIPMENT

We do not intend to purchase any significant equipment during the next twelve months.

OFF-BALANCE SHEET ARRANGEMENTS

As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

GOING CONCERN

The independent auditors' report accompanying our January 31, 2010 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

No report required.

ITEM 4. CONTROLS AND PROCEDURES

Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of April 30, 2010. Based on that evaluation, our management concluded that our disclosure controls and procedures were effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended April 30, 2010 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

No report required.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

No report required.

ITEM 5. OTHER INFORMATION

No report required.

SUBSEQUENT EVENT

On June 1, 2010, the Board of Directors of Aura Bio Corp. (the “Company”) passed a resolution to abandon he Company’s current business plan. The Board has decided instead to change the Company’s focus to the clean and sustainable fuel alternative sector, both domestically and internationally.

ITEM 6. EXHIBITS

Exhibits:

31.1 Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934

Rule 13a-14(a) or 15d-14(a).

31.2 Certification of Chief Financial Officer pursuant to Securities Exchange Act of 1934

Rule 13a-14(a) or 15d-14(a).

32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-

14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-

Oxley Act of 2002.

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	AURA BIO CORP.
Dated: June 10, 2010	By: /s/ Harry Lappa
	Harry Lappa, President and Chief Executive Officer

Dated: June 10, 2010

By: /s/ Harry Lappa

Harry Lappa, Chief Financial Officer