0001477932-13-002316.txt : 20130513 0001477932-13-002316.hdr.sgml : 20130513 20130513125534 ACCESSION NUMBER: 0001477932-13-002316 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130228 FILED AS OF DATE: 20130513 DATE AS OF CHANGE: 20130513 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Antaga International Corp CENTRAL INDEX KEY: 0001501112 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-DRUGS PROPRIETARIES & DRUGGISTS' SUNDRIES [5122] IRS NUMBER: 680678499 STATE OF INCORPORATION: NV FISCAL YEAR END: 0831 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-170091 FILM NUMBER: 13836239 BUSINESS ADDRESS: STREET 1: 4405 POWELL AVE CITY: MONTREAL STATE: A8 ZIP: H4P 1E5 BUSINESS PHONE: 514 967 4372 MAIL ADDRESS: STREET 1: 4405 POWELL AVE CITY: MONTREAL STATE: A8 ZIP: H4P 1E5 FORMER COMPANY: FORMER CONFORMED NAME: Antaga Internatinal Corp DATE OF NAME CHANGE: 20100910 10-Q 1 antr_10q.htm FORM 10-Q antr_10q.htm


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q

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

For the Quarter ended February 28, 2013

o 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. 333-170091
 
ANTAGA INTERNATIONAL CORP.
 
(Exact name of registrant as specified in its charter)
 
Nevada   EIN 68-0678499
(State or Other Jurisdiction of Incorporation or Organization)
 
(IRS Employer Identification Number)

2368 Second Avenue, 2nd Floor
San Diego, CA 92101
619-688-1116
(Address and telephone number of principal executive offices)
 
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. x Yes  o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
 o
Accelerated filer
 o
Non-accelerated filer
 o
Smaller reporting company
 x

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

As of April 30, 2013, the registrant had 87,930,000 shares of common stock issued and outstanding.
 


 
 
 
 
INDEX TO FINANCIAL STATEMENTS

ANTAGA INTERNATIONAL CORP..
(A DEVELOPMENT STAGE COMPANY)
TABLE OF CONTENTS


ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
 
Balance Sheets as of February 28, 2013 (unaudited) and August 31, 2012 (audited)
    3  
Statements of Operations (Audited) for the three and six months ended February 28, 2013 and February 29, 2012; and the period from inception (June 10, 2009) to February 28, 2013
    4  
Statement of Stockholders’ Equity (Audited) from inception (June 10, 2009) to February 28, 2013
    5  
Statements of Cash Flows (Audited) for the six month periods ended February 28, 2013 and February 29, 2012; and the period from inception (June 10, 2009) to February 28, 2013
    6  
Notes to the Audited Financial Statements
    7  
 
 
2

 
 
ANTAGA INTERNATIONAL CORP
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
 
     
February 28,
   
August 31,
 
   
2013
   
2012
 
Asset
         
(audited)
 
Current Assets
           
 
Cash
  $ -     $ -  
 
Total Current Assets
    -       -  
Total Assets
  $ -     $ -  
                   
Liabilities and Stockholders’ Equity
 
 
Accrued Liabilities
    8,600       -  
Total Liabilities
  $ 8,600     $ -  
                 
Stockholders’ Equity
               
 
Common stock, $0.001 par value, 100,000,000 shares
               
 
authorized; 87,930,000 shares issued and outstanding
    87,930       87,930  
 
Additional paid-in-capital
    (59,930 )     (59,930 )
 
Deficit accumulated during the development stage
    (36,600 )     (28,000 )
Total stockholders’ equity
    (8,600 )     0  
Total liabilities and stockholders’ equity
  $ -     $ 0  
 
* Common Stock and Additional paid-in-capital Balances have been restated to reflect an 18:1 Forward split - effective on October 1, 2012
 
The accompanying notes are an integral part of these financial statements.
 
 
3

 
 
ANTAGA INTERNATIONAL CORP
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF OPERATIONS
FOR THE THREE ABD SIX MONTH PERIODS ENDED FEBRUARY 28, 2013 AND FEBRUARY 29, 2012, AND
FOR THE PERIOD FROM JUNE 10, 2009 (INCEPTION) TO FEBRUARY 28, 2013
 
   
Three Months Ended
   
Three Months Ended
   
Six Months Ended
   
Six Months Ended
   
Period From
June 10, 2009 (Inception), to
 
   
February 28, 2013
   
February 29, 2012
   
February 28, 2013
   
February 29, 2012
   
February 28, 2013
 
Expenses                              
General and Administrative Expenses
  $ 4,300     $ 1,295     $ 8,600     $ 14,100     $ 36,300  
Net (loss) from Operation before Taxes
    (4,300 )     (1,295 )     (8,600 )     (14,100 )     (36,300 )
Provision for Income Taxes
    0       0       0       0       0  
Net (loss)
  $ (4,300 )   $ (1,295 )   $ (8,600 )   $ (14,100 )   $ (36,300 )
(Loss) per common share – Basic and diluted
  $ (0 )   $ (0 )   $ (0 )   $ (0 )        
        Weighted Average Number of Common Shares Outstanding     87,930,000       87,930,000       87,930,000       87,930,000          
 
The accompanying notes are an integral part of these financial statements.
 
 
4

 
 
ANTAGA INTERNATIONAL CORP
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE PERIOD FROM JUNE 10, 2009 (INCEPTION) TO FEBRUARY 28, 2013
 
   
Number of Common Shares*
   
Amount*
   
Additional Paid-in Capital*
   
Deficit accumulated During Development stage
   
Total
 
Balance as of August 31, 2011
    87,930,000     $ 87,930     $ (62,930.00 )   $ (10,770 )   $ 14,230  
Forgiveness of debt - Officer Loan
                  $ 3,000.00               3,000  
Net (loss) for the fiscal year ended August 31, 2012
                          $ (17,230 )   $ (17,230 )
Balance as of August 31, 2012
    87,930,000     $ 87,930     $ (59,930.00 )   $ (28,000 )   $ 0  
Net (loss) for the six month period ended February 28, 2013
                          $ (8,600 )   $ (8,600 )
Balance as of February 28, 2013
    87,930,000     $ 87,930     $ (59,930.00 )   $ (36,600 )   $ (8,600 )
 
* Balances have been restated to reflect an 18:1 Forward split - effective on October 1, 2012
 
The accompanying notes are an integral part of these financial statements.
 
 
5

 
 
ANTAGA INTERNATIONAL CORP
(A DEVELOPMENT STAGE COMPANY)
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTH PERIODS ENDED FEBRUARY 28, 2013 AND FEBRUARY 29, 2012, AND
FOR THE PERIOD FROM JUNE 10, 2009 (INCEPTION) TO FEBRUARY 28, 2013
 
   
Six Months Ended 
February 28, 2013
   
Six Months Ended 
February 29, 2012
    Period From June 10, 2009 (Inception), to February 28, 2013  
Operating Activities
                 
Net (loss)
  $ (8,600 )   $ (14,100 )   $ (36,600 )
Net cash (used) for operating activities
                       
Increase in Accounts Payable
    8,600               8,600  
                         
Net cash (used) for operating activities
    -       (14,100 )     (28,000 )
Financing Activities                        
Loans from Director     -       -       3,000  
Sale of common stock
    -       -       25,000  
Net cash provided by financing activities
    -       -       28,000  
                         
Net increase (decrease) in cash and equivalents
    -       (14,100 )     -  
                         
Cash and equivalents at beginning of the period
    -       14,230       -  
Cash and equivalents at end of the period
  $ -     $ 130     $ 0  
                         
Supplemental cash flow information:
                       
Cash paid for:
                       
Interest
  $ -     $ -     $ -  
Taxes
  $ -     $ -     $ -  
Non-Cash Activities
  $ -     $ -     $ -  
 
The accompanying notes are an integral part of these financial statements
 
 
6

 

ANTAGA INTERNATIONAL CORP
(A DEVELOPMENT STAGE COMPANY)
NOTES TO THE FINANCIAL STATEMENTS
February 28, 2013 and Febuary 29, 2012 (unaudited)

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Description of Business
Antaga International Corp (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on June 10, 2009. The Company is in the development stage as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.” Since inception through June 10, 2009, the Company has not generated any revenue and has accumulated losses of $36,600. The Company plan is to develop business operations in nutritional supplements distribution and is working to that end.

Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

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 $36,600 as of February 28, 2013 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. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty.

Cash and Cash Equivalents
For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At February 28, 2013 and February 29, 2012 the Company's bank deposits did not exceed the insured amounts.

Basic Income (Loss) Per Share
The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

Dividends
The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.

Income Taxes
The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
 
 
7

 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

Advertising Costs
The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the three and six month periods ended February 28, 2013 and February 29, 2012.

Accounting Basis
The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted an August 31 fiscal year end.

Impairment of Long-Lived Assets
The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

Recent accounting pronouncements
We have reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and we do not believe any of these pronouncements will have a material impact on the company.

Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Stock-Based Compensation
As of February 28, 2013 and February 29, 2012, the Company has not issued any stock-based payments to its employees.
 
Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options.

Revenue Recognition
The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

NOTE 2 – COMMON STOCK

On October 1, 2012, the Company affected an 18:1 forward stock split pursuant to which each outstanding share of the Company’s pre-split common stock was split into eighteen post-split shares of common stock.

The Company at February 28, 2013 had 100,000,000 common shares authorized with a par value of $ 0.001 per share.

Total shares outstanding as of February 28, 2013 and February 29, 2012 were 87,930,000

(Pre-Split activity)
 
 
8

 

On July 21, 2009, the Company issued 2,500,000 shares of its common stock at $0.001 per share for total proceeds of $2,500. On August 14, 2009, the Company issued 675,000 shares of its common stock at $0.008 per share for total proceeds of $5,400. On August 27, 2009, the Company issued 450,000 shares of its common stock at $0.01 per share for total proceeds of $4,500. On October 2, 2009, the Company issued 1,260,000 shares of its common stock at $0.01 per share for total proceeds of $12,600.

NOTE 3 – INCOME TAXES
 
As of February 28, 2013, the Company had net operating loss carry forwards of $36,600 that may be available to reduce future years’ taxable income through 2032. 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.

NOTE 4 – SUBSEQUENT EVENTS
 
1)  
UNREGISTERED SALES OF EQUITY SECURITIES
 
The following table sets forth, as of May 6, 2013 the beneficial ownership of the outstanding common stock by: (i) any holder of more than five (5%) percent; (ii) each of our executive officers and directors; and (iii) our directors and executive officers as a group. Unless otherwise indicated, each of the stockholders named in the table below has sole voting and dispositive power with respect to such shares of common stock. As of the date of this Current Report, there are 87,930,000 shares of common stock issued and outstanding.
 
Name and Address of Beneficial Owner
 
Amount and Nature of Beneficial Ownership
   
Percentage of Beneficial Ownership
 
             
Juan Tellez (1)
    45,000,000       51.2 %
All executive officers and directors as a group (1 persons)
    45,000,000       51.2 %
 
    (1) Juan Tellez acquired these shares on May 6, 2013 in a private transaction from OTC Investment Management Limited, a BVI corporation.
 
 
9

 
 
2) 
CHANGES IN CONTROL OF REGISTRANT
 
On May 6, 2013, Juan Tellez acquired control of forty five million (45,000,000) shares of the Company’s issued and outstanding common stock, representing approximately 51.2% of the Company’s total issued and outstanding common stock, from Mark Zouvas in accordance with a private share purchase agreement.
 
3)  
Mark Zouvas resigns
 
Effective May 6, 2013, Mark Zouvas resigned from all positions with the Company, including, but not limited to that of Chief Financial Officer, Secretary, Treasurer, principal financial officer, principal accounting officer and a member of the Board of Directors.  The resignation did not involve any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
 
Effective May 6, 2013 Juan Tellez was appointed as President and the sole Director of the Company as well as Chief Financial Officer, Secretary, Treasurer, principal financial officer, and principal accounting officer.
 
In 2007 Mr. Tellez worked for the Banco De Bogota as a credit Analyst. From 2009-2010 The worked for Grupo Inmobiliaro Pamar SA as a commercial assessor. Through 2012 Mr. Tellez was the assistant plant and equipment manager for Consorcio Impregilo OHL based in Bogota Colombia.
 
Mr. Tellez holds a degree in Industrial Engineering from the Universidad Pontificia Bolivariana, in Santander, Colombia.
 
 
10

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

The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward looking statements. Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.
 
RESULTS OF OPERATIONS
 
We have incurred recurring losses to date. 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 and SIX MONTH PERIOD ENDED February 28, 2013 COMPARED TO THE THREE and SIX MONTH PERIOD ENDED February 29, 2012.

Our net loss for the three and six month periods ended February 28, 2013 were $4,300 and $8.600 respectively compared to a net loss of $1,295 and $14,100 respectively during the three and six month periods ended February 29, 2012. During the three and six month periods ended February 29, 2012, the Company did not generate any revenue.

During the three and six month periods ended February 28, 2013, we incurred general and administrative expenses of $4,300 and $8,600 respectively compared to $1,295 and $14,100 respectively incurred during the three and six month periods ended February 29, 2012. The expenses incurred during the six month period ended February 28, 2013 consisted of $600 of transfer agent fees, $6,000 of accounting related fees and $2,000 in legal fees which was similar to the prior year expenses which were generally related to corporate overhead, financial and administrative contracted services.

The weighted average number of shares outstanding was 87,930,000 for the three and six month periods ended February 28, 2013 and February 29, 2012.

LIQUIDITY AND CAPITAL RESOURCES

SIX MONTHS ENDED FEBRUARY 28, 2013

As of February 28, 2013, our current assets were $0 as compared to $0 as of August 31, 2012, and our total liabilities as of February 28, 2013 were $8,600 as compared to $0 as of August 31, 2012.

Stockholders’ equity was ($8,600) as of February 28, 2013 as compared to $0 as of August 31, 2012.

Cash Flows from Operating Activities

We have not generated positive cash flows from operating activities. For the six month period ended February 28, 2013, net cash flows used in operating activities was a net loss of ($8,600).
 
 
11

 

Cash Flows from Financing Activities

We have financed our operations primarily from either advancements or the issuance of equity and debt instruments.  For the six month period ended February 28, 2013, there was $0 cash generated from financing activities.  For the period from inception (June 10, 2010) to February 28, 2013, net cash provided by financing activities was $28,000 with $25,000 received from issuances of common stock.
 
SUBSEQUENT EVENTS:
 
1)  
UNREGISTERED SALES OF EQUITY SECURITIES
 
The following table sets forth, as of May 6, 2013 the beneficial ownership of the outstanding common stock by: (i) any holder of more than five (5%) percent; (ii) each of our executive officers and directors; and (iii) our directors and executive officers as a group. Unless otherwise indicated, each of the stockholders named in the table below has sole voting and dispositive power with respect to such shares of common stock. As of the date of this Current Report, there are 87,930,000 shares of common stock issued and outstanding.
 
Name and Address of Beneficial Owner
 
Amount and Nature of Beneficial Ownership
   
Percentage of Beneficial Ownership
 
             
Juan Tellez (1)
    45,000,000       51.2 %
All executive officers and directors as a group (1 persons)
    45,000,000       51.2 %
 
(1)  
Juan Tellez acquired these shares on May 6, 2013 in a private transaction from OTC Investment Management Limited, a BVI corporation.
 
2)  
CHANGES IN CONTROL OF REGISTRANT
 
On May 6, 2013, Juan Tellez acquired control of forty five million (45,000,000) shares of the Company’s issued and outstanding common stock, representing approximately 51.2% of the Company’s total issued and outstanding common stock, from Mark Zouvas in accordance with a private share purchase agreement.
 
3)  
Mark Zouvas resigns
 
Effective May 6, 2013, Mark Zouvas resigned from all positions with the Company, including, but not limited to that of Chief Financial Officer, Secretary, Treasurer, principal financial officer, principal accounting officer and a member of the Board of Directors.  The resignation did not involve any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
 
 
12

 
 
Effective May 6, 2013 Juan Tellez was appointed as President and the sole Director of the Company as well as Chief Financial Officer, Secretary, Treasurer, principal financial officer, and principal accounting officer.
 
In 2007 Mr. Tellez worked for the Banco De Bogota as a credit Analyst. From 2009-2010 The worked for Grupo Inmobiliaro Pamar SA as a commercial assessor. Through 2012 Mr. Tellez was the assistant plant and equipment manager for Consorcio Impregilo OHL based in Bogota Colombia.
 
Mr. Tellez holds a degree in Industrial Engineering from the Universidad Pontificia Bolivariana, in Santander, Colombia.
 
ITEM 4T. CONTROLS AND PROCEDURES
 
Management’s Report on Disclosure Controls and Procedures
 
Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of February 28, 2013 using the criteria established in “ Internal Control - Integrated Framework ” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").

A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of February 28, 2013, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

1. We do not have an Audit Committee – While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities.

2. We did not maintain appropriate cash controls – As of February 28, 2013, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company’s bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts.

3. We did not implement appropriate information technology controls – As at February 28, 2013, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors.

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.
 
 
13

 

As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of February 28, 2013 based on criteria established in Internal Control—Integrated Framework issued by COSO.
 
Changes in Internal Control over Financial Reporting

There has been no change in our internal control over financial reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial reporting as of November 30, 2012, that occurred during our fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

This annual report does not include an attestation report of the Company’s registered public accounting firm regarding internal control over financial reporting. Management’s report was not subject to attestation by the Company’s registered public accounting firm pursuant to temporary rules of the SEC that permit the Company to provide only management’s report in this annual report.
 
 
14

 

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

None

ITEM 5. OTHER INFORMATION

None
 
 
15

 

ITEM 6. EXHIBITS
 
31.01
 
Certification of Principal Executive Officer Pursuant to Rule 13a-14 (Filed herewith)
31.02
 
Certification of Principal Financial Officer Pursuant to Rule 13a-14 (Filed herewith)
32.01
 
CEO and CFO Certification Pursuant to Section 906 of the Sarbanes-Oxley Act (Filed herewith)
101.INS **
 
XBRL Instance Document
101.SCH **
 
XBRL Taxonomy Extension Schema Document
101.CAL **
 
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF **
 
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB **
 
XBRL Taxonomy Extension Label Linkbase Document
101.PRE **
 
XBRL Taxonomy Extension Presentation Linkbase Document
 
** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
 
 
16

 
 
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.
 
  ANTAGA INTERNATIONAL CORP.  
       
Dated: May 13, 2013
By:
/s/ Juan Tellez  
    Juan Tellez  
    President and Chief Executive Officer and Chief Financial Officer  
       
 
 
17

 
EX-31.1 2 antr_ex311.htm CERTIFICATION antr_ex311.htm
EXHIBIT 31.01
 
CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER PURSUANT TO RULE 13a-14
 
I, Juan Tellez, certify that:
 
1.           I have reviewed this Quarterly Report on Form 10-Q of Antaga International Corp.;

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

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

4.           The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)         Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

(d)         Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.           The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
(b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: May 13, 2013
By:
/s/ Juan Tellez  
    Juan Tellez  
    Its: Chief Executive Officer  
 
EX-31.2 3 antr_ex312.htm CERTIFICATION antr_ex312.htm
EXHIBIT 31.02
 
CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO RULE 13a-14
 
I, Juan Tellez, certify that:
 
1.           I have reviewed this Quarterly Report on Form 10-Q of Antaga International Corp.;

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

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

4.           The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a)         Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)         Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

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

(d)         Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
5.           The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
(a)         All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
 
(b)         Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
Date: May 13, 2013
By:
/s/ Juan Tellez  
    Juan Tellez  
   
Its:  Chief Financial Officer
 
 
EX-32.1 4 antr_ex321.htm CERTIFICATION antr_ex321.htm
EXHIBIT 32.01


CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Annual Report of Antaga International Corp.  (the “Company”) on Form 10-Q for the period ending February 28, 2013 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Juan Tellez, Chief Executive Officer and Chief Financial Officer, certify, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge and belief:
 
(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 result of operations of the Company.
 
Date: May 13, 2013
By:
/s/ Juan Tellez  
    Juan Tellez  
   
Chief Executive Officer and Chief Financial Officer
 

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INCOME TAXES
6 Months Ended
Feb. 28, 2013
Notes to Financial Statements  
Note 3. INCOME TAXES

As of February 28, 2013, the Company had net operating loss carry forwards of $36,600 that may be available to reduce future years’ taxable income through 2032. 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.

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COMMON STOCK
6 Months Ended
Feb. 28, 2013
Notes to Financial Statements  
Note 2. COMMON STOCK

On October 1, 2012, the Company affected an 18:1 forward stock split pursuant to which each outstanding share of the Company’s pre-split common stock was split into eighteen post-split shares of common stock.

 

The Company at February 28, 2013 had 100,000,000 common shares authorized with a par value of $ 0.001 per share.

 

Total shares outstanding as of February 28, 2013 and 2012 were 87,930,000

 

(Pre-Split activity)

 

On July 21, 2009, the Company issued 2,500,000 shares of its common stock at $0.001 per share for total proceeds of $2,500. On August 14, 2009, the Company issued 675,000 shares of its common stock at $0.008 per share for total proceeds of $5,400. On August 27, 2009, the Company issued 450,000 shares of its common stock at $0.01 per share for total proceeds of $4,500. On October 2, 2009, the Company issued 1,260,000 shares of its common stock at $0.01 per share for total proceeds of $12,600.

XML 16 R2.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (USD $)
Feb. 28, 2013
Aug. 31, 2012
Assets    
Cash      
Total Current Assets      
Total Assets 0 0
Liabilities and Stockholders' Equity    
Accrued Liabilities 8,600   
Total Liabilities 8,600   
Stockholders' Equity    
Common stock, $0.001 par value, 100,000,000 shares authorized; 87,930,000 shares issued and outstanding 87,930 87,930
Additional paid-in-capital (59,930) (59,930)
Deficit accumulated during the development stage (36,600) (28,000)
Total stockholders' equity (8,600) 0
Total liabilities and stockholders' equity $ 0 $ 0
XML 17 R6.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF CASH FLOWS (USD $)
6 Months Ended 45 Months Ended
Feb. 28, 2013
Feb. 29, 2012
Feb. 28, 2013
Operating Activities      
Net (loss) $ (8,600) $ (14,100) $ (36,600)
Increase in Accounts Payable 8,600   8,600
Net cash (used) for operating activities    (14,100) (28,000)
Financing Activities      
Loans from Director       3,000
Sale of common stock       25,000
Net cash provided by financing activities       28,000
Net increase (decrease) in cash and equivalents    (14,100)   
Cash and equivalents at beginning of the period    14,230   
Cash and equivalents at end of the period 0 130 0
Supplemental cash flow information:      
Interest         
Taxes         
Non-Cash Activities         
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XML 19 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
6 Months Ended
Feb. 28, 2013
Notes to Financial Statements  
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Description of Business

Antaga International Corp (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on June 10, 2009. The Company is in the development stage as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.” Since inception through June 10, 2009, the Company has not generated any revenue and has accumulated losses of $36,600. The Company plan is to develop business operations in nutritional supplements distribution and is working to that end.

 

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

 

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 $36,600 as of February 28, 2013 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. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty.

 

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

 

The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At February 28, 2013 and February 29, 2012 the Company's bank deposits did not exceed the insured amounts.

 

Basic Income (Loss) Per Share

The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.

 

Income Taxes

The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the three and six month periods ended February 28, 2013 and February 29, 2012.

 

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted an August 31 fiscal year end.

 

Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

 

Recent accounting pronouncements

We have reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and we do not believe any of these pronouncements will have a material impact on the company.

 

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Stock-Based Compensation

As of February 28, 2013 and February 29, 2012, the Company has not issued any stock-based payments to its employees.

 

Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options.

 

Revenue Recognition

The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

XML 20 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
BALANCE SHEETS (Parenthetical) (USD $)
Feb. 28, 2013
Aug. 31, 2012
Stockholders' Equity    
Common stock, par value $ 0.001 $ 0.001
Common stock, shares authorized 100,000,000 100,000,000
Common stock, shares issued 87,930,000 87,930,000
Common stock, shares outstanding 87,930,000 87,930,000
XML 21 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information
6 Months Ended
Feb. 28, 2013
Apr. 30, 2013
Document And Entity Information    
Entity Registrant Name Antaga International Corp,  
Entity Central Index Key 0001501112  
Document Type 10-Q  
Document Period End Date Feb. 28, 2013  
Amendment Flag false  
Current Fiscal Year End Date --08-31  
Is Entity a Well-known Seasoned Issuer? No  
Is Entity a Voluntary Filer? No  
Is Entity's Reporting Status Current? Yes  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   87,930,000
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2013  
XML 22 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 6 Months Ended 45 Months Ended
Feb. 28, 2013
Feb. 29, 2012
Feb. 28, 2013
Feb. 29, 2012
Feb. 28, 2013
Expenses          
General and Administrative Expenses $ 4,300 $ 1,295 $ 8,600 $ 14,100 $ 36,300
Net (loss) from Operation before Taxes (4,300) (1,295) (8,600) (14,100) (36,300)
Provision for Income Taxes 0 0 0 0 0
Net (loss) $ (4,300) $ (1,295) $ (8,600) $ (14,100) $ (36,600)
(Loss) per common share - Basic and diluted $ 0 $ 0 $ 0 $ 0  
Weighted Average Number of Common Shares Outstanding 87,930,000 87,930,000 87,930,000 87,930,000  
XML 23 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6
SUBSEQUENT EVENTS (Tables)
6 Months Ended
Feb. 28, 2013
Subsequent Events Tables  
UNREGISTERED SALES OF EQUITY SECURITIES

 

Name and Address of Beneficial Owner   Amount and Nature of Beneficial Ownership     Percentage of Beneficial Ownership  
             
Juan Tellez (1)     45,000,000       51.2 %
All executive officers and directors as a group (0 persons)     45,000,000       51.2 %

 

 

 

    (1) Juan Tellez acquired these shares on May 6, 2013 in a private transaction from OTC Investment Management Limited, a BVI corporation.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Feb. 28, 2013
Summary Of Significant Accounting Policies Policies  
Organization and Description of Business

Antaga International Corp (“the Company”) was incorporated under the laws of the State of Nevada, U.S. on June 10, 2009. The Company is in the development stage as defined under Statement on Financial Accounting Standards Accounting Standards Codification FASB ASC 915-205 "Development-Stage Entities.” Since inception through June 10, 2009, the Company has not generated any revenue and has accumulated losses of $36,600. The Company plan is to develop business operations in nutritional supplements distribution and is working to that end.

Basis of Presentation

The accompanying unaudited financial statements have been prepared in accordance with the instructions to Form 10-Q and do not include all of the information and disclosures required by generally accepted accounting principles for complete financial statements. All adjustments which are, in the opinion of management, necessary for a fair presentation of the results of operations for the interim periods have been made and are of a recurring nature unless otherwise disclosed herein. The results of operations for such interim periods are not necessarily indicative of operations for a full year.

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 $36,600 as of February 28, 2013 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. These financials do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts, or amounts and classifications of liabilities that might result from this uncertainty.

Cash and Cash Equivalents

For purposes of the Statement of Cash Flows, the Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent the funds are not being held for investment purposes.

 

The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At February 28, 2013 and 2012 the Company's bank deposits did not exceed the insured amounts.

Basic Income (Loss) Per Share

The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

Dividends

The Company has not adopted any policy regarding payment of dividends. No dividends have been paid during any of the periods shown.

Income Taxes

The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

Advertising Costs

The Company’s policy regarding advertising is to expense advertising when incurred. The Company incurred advertising expense of $0 during the three and six month periods ended February 28, 2013 and 2012.

Accounting Basis

The Company uses the accrual basis of accounting and accounting principles generally accepted in the United States of America (“GAAP” accounting). The Company has adopted an August 31 fiscal year end.

Impairment of Long-Lived Assets

The Company continually monitors events and changes in circumstances that could indicate carrying amounts of long-lived assets may not be recoverable. When such events or changes in circumstances are present, the Company assesses the recoverability of long-lived assets by determining whether the carrying value of such assets will be recovered through undiscounted expected future cash flows. If the total of the future cash flows is less than the carrying amount of those assets, the Company recognizes an impairment loss based on the excess of the carrying amount over the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or the fair value less costs to sell.

Recent accounting pronouncements

We have reviewed all the recent accounting pronouncements issued to date of the issuance of these financial statements, and we do not believe any of these pronouncements will have a material impact on the company.

Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles 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 the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Stock-Based Compensation

As of February 28, 2013 and 2012, the Company has not issued any stock-based payments to its employees. Stock-based compensation is accounted for at fair value in accordance with SFAS No. 123 and 123(R) (ASC 718). To date, the Company has not adopted a stock option plan and has not granted any stock options.

Revenue Recognition

The Company recognizes revenue when products are fully delivered or services have been provided and collection is reasonably assured.

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INCOME TAXES (Details Narrative) (USD $)
Feb. 28, 2013
Income Taxes Details Narrative  
Operating loss carry forwards $ 36,600
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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) (USD $)
6 Months Ended 12 Months Ended 45 Months Ended
Feb. 28, 2013
Feb. 29, 2012
Aug. 31, 2012
Feb. 28, 2013
Summary Of Significant Accounting Policies Details Narrative        
Advertising expense $ 0 $ 0    
Accumulated losses $ (8,600)   $ (17,230) $ 36,600
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COMMON STOCK (Details Narrative) (USD $)
Feb. 28, 2013
Aug. 31, 2012
Feb. 29, 2012
Common Stock Details Narrative      
Common shares authorized 100,000,000 100,000,000  
Common stock, par value $ 0.001 $ 0.001  
Total shares outstanding 87,930,000   87,930,000
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STATEMENTS OF STOCKHOLDERS' EQUITY (USD $)
Common Stock
Additional Paid-In Capital
Deficit accumulated During Development stage
Total
Beginning Balance, Amount at Aug. 31, 2011 $ 87,930 $ (62,930) $ (10,770) $ 14,230
Beginning Balance, Shares at Aug. 31, 2011 87,930,000      
Forgiveness of debt - Officer Loan   3,000   3,000
Net Loss     (17,230) (17,230)
Ending Balance, Amount at Aug. 31, 2012 87,930 (59,930) (28,000) 0
Ending Balance, Shares at Aug. 31, 2012 87,930,000      
Net Loss     (8,600) (8,600)
Ending Balance, Amount at Feb. 28, 2013 $ 87,930 $ (59,930) $ (36,600) $ (8,600)
Ending Balance, Shares at Feb. 28, 2013 87,930,000      
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SUBSEQUENT EVENTS
6 Months Ended
Feb. 28, 2013
Notes to Financial Statements  
Note 4. SUBSEQUENT EVENTS
1)   UNREGISTERED SALES OF EQUITY SECURITIES

 

The following table sets forth, as of May 6, 2013 the beneficial ownership of the outstanding common stock by: (i) any holder of more than five (5%) percent; (ii) each of our executive officers and directors; and (iii) our directors and executive officers as a group. Unless otherwise indicated, each of the stockholders named in the table below has sole voting and dispositive power with respect to such shares of common stock. As of the date of this Current Report, there are 87,930,000 shares of common stock issued and outstanding.

 

Name and Address of Beneficial Owner   Amount and Nature of Beneficial Ownership     Percentage of Beneficial Ownership  
             
Juan Tellez (1)     45,000,000       51.2 %
All executive officers and directors as a group (1 persons)     45,000,000       51.2 %

 

 

 

     (1) Juan Tellez acquired these shares on May 6, 2013 in a private transaction from OTC Investment Management Limited, a BVI corporation.

 

2)  CHANGES IN CONTROL OF REGISTRANT

 

On May 6, 2013, Juan Tellez acquired control of forty five million (45,000,000) shares of the Company’s issued and outstanding common stock, representing approximately 51.2% of the Company’s total issued and outstanding common stock, from Mark Zouvas in accordance with a private share purchase agreement.

 

3)   Mark Zouvas resigns

 

Effective May 6, 2013, Mark Zouvas resigned from all positions with the Company, including, but not limited to that of Chief Financial Officer, Secretary, Treasurer, principal financial officer, principal accounting officer and a member of the Board of Directors.  The resignation did not involve any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

 

Effective May 6, 2013 Juan Tellez was appointed as President and the sole Director of the Company as well as Chief Financial Officer, Secretary, Treasurer, principal financial officer, and principal accounting officer.

 

In 2007 Mr. Tellez worked for the Banco De Bogota as a credit Analyst. From 2009-2010 The worked for Grupo Inmobiliaro Pamar SA as a commercial assessor. Through 2012 Mr. Tellez was the assistant plant and equipment manager for Consorcio Impregilo OHL based in Bogota Colombia.

 

Mr. Tellez holds a degree in Industrial Engineering from the Universidad Pontificia Bolivariana, in Santander, Colombia.

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