0001554906-13-000031.txt : 20131213 0001554906-13-000031.hdr.sgml : 20131213 20131213140820 ACCESSION NUMBER: 0001554906-13-000031 CONFORMED SUBMISSION TYPE: 10-Q/A PUBLIC DOCUMENT COUNT: 9 CONFORMED PERIOD OF REPORT: 20131031 FILED AS OF DATE: 20131213 DATE AS OF CHANGE: 20131213 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WORLD STEVIA CORP. CENTRAL INDEX KEY: 0001554906 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200] IRS NUMBER: 990373498 STATE OF INCORPORATION: NV FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 10-Q/A SEC ACT: 1934 Act SEC FILE NUMBER: 333-183239 FILM NUMBER: 131275880 BUSINESS ADDRESS: STREET 1: 79107 WILSHIRE BLVD, SUITE 450 CITY: BEVERLY HILLS STATE: CA ZIP: 90210 BUSINESS PHONE: 1 (866) 784-7239 MAIL ADDRESS: STREET 1: 79107 WILSHIRE BLVD, SUITE 450 CITY: BEVERLY HILLS STATE: CA ZIP: 90210 FORMER COMPANY: FORMER CONFORMED NAME: Flow Tech Solutions Inc. DATE OF NAME CHANGE: 20120725 10-Q/A 1 wstv10qa3oct2013.htm WSTV10QA3OCT2013

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 10-Q

Amendment No. 3

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

For the quarterly period ended October 31, 2013

or

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

For the transition period from to

Commission File Number 333-183239

 

WORLD STEVIA CORP.

(Formerly Flow Tech Solutions, Inc.)
(Exact name of registrant as specified in its charter)

   
Nevada 99-0373498
(State or other jurisdiction of incorporation or (I.R.S. Employer Identification No.)
organization)  
   
   

79107 Wilshire Blvd, Suite 450,

Beverly Hills, CA 90210

(Address of principal executive offices)

 

+1 (866) 784-7239
(Registrant’s telephone number, including area code)

N/A
(Former name, former address and former fiscal year, if changed since last report)

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 past 12 months (or for such shorter period that the registrant was require 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 filer, an accelerated filer, or a non-accelerated filer.  See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act.  (Check one):

 

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

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

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.  [ ] Yes [ ] No

APPLICABLE ONLY TO CORPORATE ISSUERS:


125,000,000 common shares issued and outstanding as of October 31, 2013

 

Explanatory Note

Amendment No.2 on Form 10-Q/A (this “Amendment”) amends the Quarterly Report on Form 10-Q for the quarter ended October 31, 2013 which the Registrant previously filed with the Securities and Exchange Commission on December 9, 2013 (the “Original Filing”) and the Amendment No. 1 to the Quarterly Report on Form 10-Q for the quarter ended October 31, 2013 which the Registrant previously filed with the Securities and Exchange Commission on December 10, 2013 (the “Original Filing”). The Registrant is filing this Amendment to include the Notes to Financials which was formatted incorrectly with the main document files on the EDGARized version of the Original Filing. The corporate address was also amended to its current address. Amendment No.2 correctly labels the main document file in Amendment No.1 as an Amendment file. Amendment No.3 to the Form 10-Q for the quarter ended October 31, 2013 includes Exhibits 31 and 32, which was not filed with the original filing on December 9, 2013.

Except as set forth above, the Original Filing has not been amended, updated or otherwise modified. Other events occurring after the filing of the Form 10-Q/A or other disclosures necessary to reflect subsequent events have been addressed in our reports filed with the Securities and Exchange Commission subsequent to the filing of this Form 10-Q/A.

1


TABLE OF CONTENTS

PART I – FINANCIAL INFORMATION 3
Item 1. Financial Statements  
  Condensed Balance Sheets (unaudited) 4
  Condensed Statements of Operations (unaudited) 5
  Condensed Statements of Cash Flows (unaudited) 6
  Notes to the Condensed Financial Statements 7
Item 2.   Management Discussion and Analysis of Financial Condition and Results of Operations 10

Item 4T. Controls and Procedures

PART II – OTHER INFORMATION

12
Item 1. Legal Proceedings: 12
Item 2. Unregistered Sales Of Equity Securities 12
Item 4. Submission Of Matters To A Vote Security Holders: 12
Item 5. Other Information: 12
Item 6. Exhibits 12
Item 7.   Signature 12

 

 

2

PART I – FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS

The financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the period presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our audited financial statements filed therewith the U.S. Securities and Exchange Commission (SEC) on July 26, 2013 and can be found on the SEC website at www.sec.gov. 

 

WORLD STEVIA CORP.

(Formerly Flow Tech Solutions, Inc.)

(A Development Stage Company)

Condensed Financial Statements

(Expressed in US dollars)

October 31, 2013 and April 30, 2013

(unaudited)

 

3

 

WORLD STEVIA CORP.

(Formerly Flow Tech Solutions, Inc.)

(A Development Stage Company)

Condensed Balance Sheets

 

 

October 31,

2013

$

April 30,

2013

$

  (unaudited) (audited) 
ASSETS    
     
Cash 267 98
     
Total Assets 267 98
     
LIABILITIES    
     
Current Liabilities    
Loan payable - stockholder 36,252 33,252 
Accounts payable and accrued liabilities 6,944 7,079
     
Total Liabilities 43,196 40,331
     
STOCKHOLDERS’ DEFICIT    
     
Common Stock    
Authorized: 200,000,000 common shares with a par value of $0.001 per share    
Issued and outstanding: 125,000,000 common shares, respectively 25,000 25,000
Accumulated deficit during the development stage (67,929) (65,233)
     
Total Stockholders’ Deficit (42,929) (40,233)
     
Total Liabilities and Stockholders’ Deficit 267 98

 

4

 

WORLD STEVIA CORP.

(Formerly Flow Tech Solutions, Inc.)

(A Development Stage Company)

Condensed Statement of Operations

(unaudited)

  

 

For the Three Months Ended

October 31, 2013

$

For the Three Months Ended

October 31, 2012

$

 

 

 

 

For the Six Months Ended October 31, 2013

$

 

 

 

 

For the Six Months Ended October 31, 2012

$

Accumulated from August 8, 2011 (date of inception) to

October 31, 2013

$

           
Revenue 0 0 0 0 0
           
Operating Expenses          
 Advertising and promotion 128 0 128 0 128
General and administrative 1,206 239 862 822 10,516
Professional fees 293 2,097 1,706 13,267 57,285
           
Total Operating Expenses 1,627 2,336 2,696 14,089 67,929
           
Loss from operations (1,627) (2,336) (2,696) (14,089) (67,929)
           
           
Other Income and Expense 0 0 0 0 0
           
           
Net Loss (1,627) (2,336) (2,696) (14,089) (67,133)

 

Net Loss per Share – Basic and Diluted

0 0 0

 

 

0

0
      125,000,000    
Weighted Average Shares Outstanding – Basic and Diluted             

 

125,000,000

125,000,000   125,000,000 93,750,000

 

 

5

 

WORLD STEVIA CORP.

(Formerly Flow Tech Solutions, Inc.)

(A Development Stage Company)

Condensed Statement of Cash Flows

(unaudited)

 

   

 

 

 

For the Six Months Ended

October 31,

2013

$

For the Six Months Ended

October 31,

2012

$

Accumulated from August 8, 2011 (date of inception) to

October 31,

2013

$

         
Operating Activities        
         
Net loss for the period   (2,696) (14,089) (67,929)
Changes in operating assets and liabilities:        
         
Accounts payable and accrued liabilities   (135) 0 6,944
         
Net Cash Used In Operating Activities   (2,831) (14,089) (60,985)
         

Financing Activities

 

       
         
Due to Shareholder   3,000 36,252
Proceeds from sale of common stock   0 0 25,000
         
Net Cash Provided by Financing Activities   3,000 0 61,252
         
Increase in Cash   169 (14,089) 267
         
Cash – Beginning of Period   98 14,440 0
         
Cash – End of Period   267 351 267
         
         
Supplemental Disclosures        
         
Interest paid   0 0 0
Income tax paid   0 0 0

 

 

6

 

WORLD STEVIA CORP.

(Formerly Flow Tech Solutions, Inc.)

(A Development Stage Company)

Condensed Notes to Financials

(unaudited)

 

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization

 

World Stevia, Corp (formerly Flow Tech Solutions, Inc.) ("WSC" or the "Company") was incorporated in Nevada in August 2011. The Company has been in the development stage since its inception and has not generated any revenue to date.

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such principles and regulations of the Securities and Exchange Commission for Form 10-Q. All adjustments, consisting of normal recurring adjustments, have been made which, in the opinion of management, are necessary for a fair presentation of the results of interim periods. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for a full year because of, among other things, seasonality factors in the retail business. The unaudited financial statements contained herein should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended April 30, 2013.

 

The balance sheet at April 30, 2013 has been derived from the audited financial statements at that date but does not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and notes thereto for the fiscal year ended April 30, 2013.

 

Revenue Recognition

 

In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company:

 

Revenue is recognized at the time the product is delivered or services are performed. Provision for sales returns are estimated based on the Company's historical return experience. Revenue is presented net of returns.

 

 

7

 

 

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Segment Information

 

The Company follows Accounting Standards Codification ("ASC") 280, "Segment Reporting". The Company currently operates in a single segment and will evaluate additional segment disclosure requirements as it expands its operations.

 

Net Loss Per Common Share

 

Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at October 31, 2013.

 

Income Taxes

 

Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities.

 

SC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.

 

8

 

 

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

Stock-Based Compensation

 

The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.

 

Equity instruments granted to non-employees are accounted for in accordance with ASC 505, Equity. The final measurement date for the fair value of equity instruments with performance criteria is the date that each performance commitment for such equity instrument is satisfied or there is a significant disincentive for non-performance.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At October 31, 2013 the Company had cash equivalents of $150.

 

Recent Pronouncements

 

There are no recent accounting pronouncements that apply to the Company.

 

Note 2. LOAN PAYABLE - STOCKHOLDER

 

During the six period ended October 31, 2013 a stockholder and officer of the Company advanced the Company $3,000 to pay for certain expenses. The loan has a balance of $36,252 at October 31, 2013, bears no interest and is payable on demand.

 

Note 3. STOCKHOLDERS' EQUITY

 

In February 2012, the Company issued 25,000,000 shares of common stock at par value. In August 2013, the Company authorized a 5:1 forward split of the Company's issued and outstanding common shares. Immediately after the split the Company had 125,000,000 shares of common stock issued and outstanding.

 

Note 4. INCOME TAXES

 

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows:

 

Income tax provision at the federal statutory rate: 25%

Effect of operating losses: (25)%

Total: 0%

 

As of October 31, 2013, the Company has a net operating loss carryforward of approximately $68,000. This loss will be available to offset future taxable income. If not used, this carryforward will begin to expire in 2032. The deferred tax asset relating to the operating loss carryforward has been fully reserved at October 31, 2013.

 

Note 5. BASIS OF REPORTING

 

The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

 

The Company has experienced a loss from operations during its development stage as a result of its investment necessary to achieve its operating plan, which is long-range in nature. For the period from inception (August 8, 2011) to October 31, 2013, the Company incurred a net loss of approximately $68,000. In addition, the Company has no significant assets or revenue generating operations.

 

The Company currently does not have sufficient cash to sustain itself for the next 12 months, and will require additional funding in order to execute its plan of operations and to continue as a going concern. To meet its cash needs, management expects to raise capital through a private placement offering. In the event that this funding does not materialize, certain stockholders have agreed, orally, to loan, on a non-interest bearing demand basis, sufficient funds to maintain the Company's operations for the next 12 months.

 

The 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.

 

Note 6. SUBSEQUENT EVENTS

 

In accordance with ASC 855, management has evaluated the subsequent events through the date of issuance of the financial statements. Based upon this evaluation, there are no subsequent events that require disclosure.

 

 

 

 

9

 

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

Forward Looking Statements

This report on Form 10-Q contains certain forward-looking statements.  All statements other than statements of historical fact are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operation; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements.

 

Business Overview

 

We are an agricultural biotechnology company engaged in the cultivation and harvest of stevia leaf and the development of stevia products. The Company is focused on delivering high value stevia through excellent agricultural methodologies and innovative post-harvest techniques.

 

Our internal research and development consist of pursuing traditional industry means of stevia extract production, including stevia crop cultivation, harvest, and extraction of steviol glycosides from the stevia leaf. Operations related to production of stevia extract through traditional means include establishing stevia field trial production, and development and scale-up of stevia leaf extraction and processing methods. Our primary focus is on the extraction of steviol glycosides and stevia rebaudiana bertoni. These two strands are the most sought after strands and key components in the sweet taste associated with stevia. The production of leaf farming has been highly overlooked, there remains considerable opportunity to build value in the supply chain by focusing on stevia agronomics of stevia plantation.

 

Costa Rican weather condition will enable us to yield numerous harvests annually to refine our research. There is a high demand globally for high total steviol glycoside and high stevia rebaudiana bertoni producing plants. There is also a large demand for agronomic and farm management expertise to establish new plantations and rapidly scale leaf production. Our South America cultivation will allow us to easily supply our products to current manufactures and distributors of stevia products in North America.

10

 

Liquidity and Capital Resources

             

 

Cash Flows

 

           
   

 

Six Months Ended
October 31,
2013

  Six Months Ended
October 31,
2012
 

Since inception (August 8, 2011) to
October 31,
2013

 

             
Net Cash Used by Operating Activities $  (2,831) $  (14,089)  $ (60,985)
Net Cash Used by Investing Activities $  0 $  0  $  
Net Cash From Financing Activities $  3,000 $  0  $  61,252

Net Increase (Decrease) in Cash During the Period

 

 

$ 169 $  (14,089)  $ 267

 

 

Through October 31, 2013, the Company had not carried on any significant operations and had not generated any significant revenues. The Company has incurred losses since inception aggregating approximately $68,000. We currently have minimal cash reserves. To date, the Company has covered operating deficits primarily through its financing activities. Accordingly, our ability to pursue our plan of operations is contingent on our being able to obtain funding for the development, marketing and commercialization of our products and services. However, as a result of its lack of operating success, the Company may not be able to raise additional financing to cover operating deficits.

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has accumulated deficit since inception (August 8, 2011) to the quarter ended October 31, 2013 and is dependent on its ability to raise capital from shareholders or other sources to sustain operations.  However, these conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

Results of Operations for the Three Months Ended October 31, 2013 and 2012

Revenues

Revenues for the three months ended October 31, 2013, and October 31, 2012 were $0 and $0, respectively.


Net Loss

For the three months ended October 31, 2013 and October 31, 2012 we incurred net losses of $1,627 and $2,336, respectively.

Expenses

Our total expenses for the three months ended October 31, 2013 were $1,627 which consisted of $1,206 of professional fees, $293 of general and administrative expenses, and $128 in advertising and promotional fees.  Our general and administrative expenses consist of bank charges, phone and postage expenses, and other miscellaneous expenses. Since inception (August 8, 2011) to October 31, 2013, we incurred total expenses of $67,929, which consisted of $57,285 of professional fees, $10,516 of general and administrative expenses, and $128 of advertising and promotional fees.
  

Inflation

The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position.  The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.

 

Off-Balance Sheet Arrangements

 

As of October 31, 2013, we had no off balance sheet transactions that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.

 

 

11

 

ITEM 4T.  CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"), that are 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 Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to our sole officer, as appropriate to allow timely decisions regarding required disclosure. We carried out an evaluation, under the supervision and with the participation of our sole officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of October 31, 2013. Based on the evaluation of these disclosure controls and procedures, our sole officer concluded that our disclosure controls and procedures are ineffective.

 

 

Changes in internal controls

 

There were no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) promulgated under the Exchange Act, during the quarter ended October 31, 2013 that have materially affected, or are 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 against us.  None of our directors, officers or affiliates are (i) a party adverse to us in any legal proceedings, or (ii) have an adverse interest to us in any legal proceedings.  Management is not aware of any other legal proceedings that have been threatened against us.

ITEM 2.  UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

None.

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4.  MINE SAFETY DISCLOSURES

N/A.

ITEM 5.  OTHER INFORMATION

None.

 

Exhibit Exhibit
Number Description
31.1 Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14 or 15d-14 of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.2 Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
EX-101.INS XBRL Instance Document
EX-101.SCH XBRL Taxonomy Extension Schema
EX-101.CAL XBRL Taxonomy Extension Calculation Linkbase
EX-101.LAB XBRL Taxonomy Extension Label Linkbase
EX-101.PRE XBRL Taxonomy Extension Presentation Linkbase
EX-101.DEF XBRL Taxonomy Extension Definition Linkbase

  

 

 

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Exchange Act, the Registrant has duly caused this Quarterly Report to be signed on its behalf by the undersigned thereunto duly authorized.


 

Date: December 13, 2013

/s/ Quinn Ryan Louie

 Quinn Ryan Louie 

Chief Executive Officer, Chief Financial Officer,

President, Treasurer and Director

 

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CERTIFICATION OF
CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

I, Quinn Ryan Louie, the Chief Executive Officer and Chief Financial Officer of World Stevia Corp. (the “Company”), hereby certify pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the best of my knowledge:

 

   
(i) the Quarterly Report on Form 10-Q of the Company, for the fiscal quarter ended October 31, 2012, and to which this certification is attached as Exhibit 32.1 (the “Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and
   
(ii) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

     
  By: /s/ Quinn Ryan Louie
  Name: Quinn Ryan Louie
  Title: Chief Executive Officer and
    Chief Financial Officer
     
  Date: December 13, 2013

 

EX-31 9 wstvoct201310qa3ex311.htm WSTVOCT201310QA3EX311

CERTIFICATIONS

I, Quinn Ryan Louie, certify that;

 

   
(1) I have reviewed this Quarterly Report on Form 10-Q of World Stevia 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) I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f) and 15d-15(f) for the registrant and have:

 

     
  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under my supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to me by others within those entities, particularly during the period in which this report is being prepared;
     
  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under my supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
     
  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report my conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
     
  (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

 

   
(5) I have disclosed, based on my most recent evaluation of the 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:  December 13, 2013

 

     
  /s/ Quinn Ryan Louie  
By: Quinn Ryan Louie  
Title: Chief Executive Officer and  
  Chief Financial Officer  

 

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[us-gaap:CommonStockSharesIssued] 125,000,000 25,000,000
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Statements of Operations (USD $)
3 Months Ended 6 Months Ended 27 Months Ended
Oct. 31, 2013
Oct. 31, 2012
Oct. 31, 2013
Oct. 31, 2012
Oct. 31, 2013
Income Statement [Abstract]          
Revenue $ 0 $ 0 $ 0 $ 0 $ 0
General and Administration Expenses 1,206 239 862 822 10,516
Professional Fees 293 2,097 1,706 13,267 57,285
Advertising and promotion 128 0 128 0 128
Total Operating Expenses 1,627 2,336 2,696 14,089 67,929
Loss from operations (1,627) (2,336) (2,696) (14,089) (67,929)
Other Income and Expense 0 0 0 0 0
Net (loss) for the period $ (1,627) $ (2,336) $ (2,696) $ (14,089) $ (67,929)
Net loss per share - Basic and Diluted $ 0 $ 0 $ 0 $ 0 $ 0
Weighted Average Shares Outstanding - Basic and Diluted 125,000,000 125,000,000 125,000,000 125,000,000 93,750,000
XML 13 R10.htm IDEA: XBRL DOCUMENT v2.4.0.8
Basis of Reporting
3 Months Ended
Oct. 31, 2013
Accounting Policies [Abstract]  
Basis of Reporting

Note 5. BASIS OF REPORTING

 

The Company's financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.

 

The Company has experienced a loss from operations during its development stage as a result of its investment necessary to achieve its operating plan, which is long-range in nature. For the period from inception (August 8, 2011) to October 31, 2013, the Company incurred a net loss of approximately $68,000. In addition, the Company has no significant assets or revenue generating operations.

 

The Company currently does not have sufficient cash to sustain itself for the next 12 months, and will require additional funding in order to execute its plan of operations and to continue as a going concern. To meet its cash needs, management expects to raise capital through a private placement offering. In the event that this funding does not materialize, certain stockholders have agreed, orally, to loan, on a non-interest bearing demand basis, sufficient funds to maintain the Company's operations for the next 12 months.

 

The 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.

XML 14 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.4.0.3 * */ var Show = {}; Show.LastAR = null, Show.hideAR = function(){ Show.LastAR.style.display = 'none'; }; Show.showAR = function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }; Show.toggleNext = function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }; XML 15 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
Summary of Significant Accounting Policies
3 Months Ended
Oct. 31, 2013
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Organization

 

World Stevia, Corp (formerly Flow Tech Solutions, Inc.) ("WSC" or the "Company") was incorporated in Nevada in August 2011. The Company has been in the development stage since its inception and has not generated any revenue to date.

 

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such principles and regulations of the Securities and Exchange Commission for Form 10-Q. All adjustments, consisting of normal recurring adjustments, have been made which, in the opinion of management, are necessary for a fair presentation of the results of interim periods. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for a full year because of, among other things, seasonality factors in the retail business. The unaudited financial statements contained herein should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended April 30, 2013.

 

The balance sheet at April 30, 2013 has been derived from the audited financial statements at that date but does not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and notes thereto for the fiscal year ended April 30, 2013.

 

Revenue Recognition

 

In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company:

 

Revenue is recognized at the time the product is delivered or services are performed. Provision for sales returns are estimated based on the Company's historical return experience. Revenue is presented net of returns.

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

 

Segment Information

 

The Company follows Accounting Standards Codification ("ASC") 280, "Segment Reporting". The Company currently operates in a single segment and will evaluate additional segment disclosure requirements as it expands its operations.

 

Net Loss Per Common Share

 

Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at October 31, 2013.

 

Income Taxes

 

Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities.

 

ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.

 

Stock-Based Compensation

 

The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.

 

The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At October 31, 2013 the Company had cash equivalents of $150.

 

Recent Pronouncements

 

There are no recent accounting pronouncements that apply to the Company.

XML 16 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Stockholders' Equity
3 Months Ended
Oct. 31, 2013
Equity [Abstract]  
Stockholders' Equity

Note 3. STOCKHOLDERS' EQUITY

 

In February 2012, the Company issued 25,000,000 shares of common stock at par value. In August 2013, the Company authorized a 5:1 forward split of the Company's issued and outstanding common shares. Immediately after the split the Company had 125,000,000 shares of common stock issued and outstanding.

XML 17 R11.htm IDEA: XBRL DOCUMENT v2.4.0.8
Subsequent Events
3 Months Ended
Oct. 31, 2013
Accounting Policies [Abstract]  
Subsequent Events

Note 6. SUBSEQUENT EVENTS

 

In accordance with ASC 855, management has evaluated the subsequent events through the date of issuance of the financial statements. Based upon this evaluation, there are no subsequent events that require disclosure.

XML 18 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Tax
3 Months Ended
Oct. 31, 2013
Accounting Policies [Abstract]  
Income Tax

Note 4. INCOME TAXES

 

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows:

 

Income tax provision at the federal statuatory rate : 25%

Effect of operating losses: (25%)

Total: 0%

 

As of October 31, 2013, the Company has a net operating loss carryforward of approximately $68,000. This loss will be available to offset future taxable income. If not used, this carryforward will begin to expire in 2032. The deferred tax asset relating to the operating loss carryforward has been fully reserved at October 31, 2013.

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Balance Sheets (Parenthetical) (USD $)
Oct. 31, 2013
Apr. 30, 2013
Statement of Financial Position [Abstract]    
Common Stock par value $ 0.001 $ 0.001
Common Stock Authorized 200,000,000 200,000,000
Common Stock Issued and Outstanding 125,000,000 25,000,000
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Stockholders' Equity (Policies)
3 Months Ended
Oct. 31, 2013
Equity [Abstract]  
Note 3. STOCKHOLDERS' EQUITY

Note 3. STOCKHOLDERS' EQUITY

 

In February 2012, the Company issued 25,000,000 shares of common stock at par value. In August 2013, the Company authorized a 5:1 forward split of the Company's issued and outstanding common shares. Immediately after the split the Company had 125,000,000 shares of common stock issued and outstanding.

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Statements of Cash Flows (USD $)
6 Months Ended 27 Months Ended
Oct. 31, 2013
Oct. 31, 2012
Oct. 31, 2013
Operating Activities      
Net (loss) for the period $ (2,696) $ (14,089) $ (67,929)
Changes in non-cash working capital items      
Accounts Payable and Accrued Liaiblities (135) 0 6,944
Cash used in operating activities (2,831) (14,089) (60,985)
Financing Activities      
Proceeds from related-party payable 3,000 0 36,252
Cash received from shares issued 0 0 25,000
Cash provided by financing activities 3,000 0 61,252
Cash increase (decrease) during the Period 169 (14,089) 267
Cash, Beginning of Period 98 14,440 0
Cash, End of Period $ 267 $ 351 $ 267
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Balance Sheets (USD $)
Oct. 31, 2013
Apr. 30, 2013
Current Assets    
Cash and Cash Equivalents $ 267 $ 98
TOTAL ASSETS 267 98
Liabilities    
Director Loan 36,252 33,252
Accounts Payable and Accrued Liabilities 6,944 7,079
TOTAL LIABILITIES 43,196 40,331
Common Stock Authorized: 200,000,000 common shares at $0.001 per share 25,000 25,000
Issued and outstanding: 25,000,000 common shares 25,000 25,000
(Deficit) accumulated during the development stage (67,929) (65,233)
Total Shareholders' Deficit (42,929) (40,233)
Total Liabilities and Stockholder's Deficit $ 267 $ 98
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Loan Payable - Stockholder (Policies)
3 Months Ended
Oct. 31, 2013
Receivables [Abstract]  
Note 2. LOAN PAYABLE - STOCKHOLDER

Note 2. LOAN PAYABLE - STOCKHOLDER

 

During the six period ended October 31, 2013 a stockholder and officer of the Company advanced the Company $3,000 to pay for certain expenses. The loan has a balance of $36,252 at October 31, 2013, bears no interest and is payable on demand.

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Subsequent Events (Policies)
3 Months Ended
Oct. 31, 2013
Accounting Policies [Abstract]  
Note 6. SUBSEQUENT EVENTS

Note 6. SUBSEQUENT EVENTS

 

In accordance with ASC 855, management has evaluated the subsequent events through the date of issuance of the financial statements. Based upon this evaluation, there are no subsequent events that require disclosure.

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Summary of Significant Accounting Policies (Policies)
3 Months Ended
Oct. 31, 2013
Accounting Policies [Abstract]  
Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Note 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization

Organization

 

World Stevia, Corp (formerly Flow Tech Solutions, Inc.) ("WSC" or the "Company") was incorporated in Nevada in August 2011. The Company has been in the development stage since its inception and has not generated any revenue to date.

Basis of Presentation

Basis of Presentation

 

The accompanying unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles have been condensed or omitted pursuant to such principles and regulations of the Securities and Exchange Commission for Form 10-Q. All adjustments, consisting of normal recurring adjustments, have been made which, in the opinion of management, are necessary for a fair presentation of the results of interim periods. The results of operations for such interim periods are not necessarily indicative of the results that may be expected for a full year because of, among other things, seasonality factors in the retail business. The unaudited financial statements contained herein should be read in conjunction with the audited financial statements and notes thereto for the fiscal year ended April 30, 2013.

 

The balance sheet at April 30, 2013 has been derived from the audited financial statements at that date but does not include all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. For further information, refer to the financial statements and notes thereto for the fiscal year ended April 30, 2013.

Revenue Recognition

Revenue Recognition

 

In general, the Company records revenue when persuasive evidence of an arrangement exists, services have been rendered or product delivery has occurred, the sales price to the customer is fixed or determinable, and collectability is reasonably assured. The following policies reflect specific criteria for the various revenues streams of the Company:

 

Revenue is recognized at the time the product is delivered or services are performed. Provision for sales returns are estimated based on the Company's historical return experience. Revenue is presented net of returns.

Use of Estimates

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Segment Information

Segment Information

 

The Company follows Accounting Standards Codification ("ASC") 280, "Segment Reporting". The Company currently operates in a single segment and will evaluate additional segment disclosure requirements as it expands its operations.

Net Loss Per Common Share

Net Loss Per Common Share

 

Basic net (loss) income per common share is calculated using the weighted average common shares outstanding during each reporting period. Diluted net (loss) income per common share adjusts the weighted average common shares for the potential dilution that could occur if common stock equivalents (convertible debt and preferred stock, warrants, stock options and restricted stock shares and units) were exercised or converted into common stock. There were no common stock equivalents at October 31, 2013.

Income Taxes

Income Taxes

 

Deferred income taxes are recognized for the tax consequences related to temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for tax purposes at each year end, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. A valuation allowance is recognized when, based on the weight of all available evidence, it is considered more likely than not that all, or some portion, of the deferred tax assets will not be realized. Income tax expense is the sum of current income tax plus the change in deferred tax assets and liabilities.

 

ASC 740, Income Taxes, requires a company to first determine whether it is more likely than not (which is defined as a likelihood of more than fifty percent) that a tax position will be sustained based on its technical merits as of the reporting date, assuming that taxing authorities will examine the position and have full knowledge of all relevant information. A tax position that meets this more likely than not threshold is then measured and recognized at the largest amount of benefit that is greater than fifty percent likely to be realized upon effective settlement with a taxing authority.

Stock-Based Compensation

Stock-Based Compensation

 

The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.

 

The Company accounts for equity instruments issued to employees in accordance with ASC 718, Compensation - Stock Compensation. ASC 718 requires all share-based compensation payments to be recognized in the financial statements based on the fair value using an option pricing model. ASC 718 requires forfeitures to be estimated at the time of grant and revised in subsequent periods if actual forfeitures differ from initial estimates.

Cash and Cash Equivalents

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. At October 31, 2013 the Company had cash equivalents of $150.

Recent Pronouncements

Recent Pronouncements

 

There are no recent accounting pronouncements that apply to the Company.

XML 28 R7.htm IDEA: XBRL DOCUMENT v2.4.0.8
Loan Payable - Stockholder
3 Months Ended
Oct. 31, 2013
Receivables [Abstract]  
Loan Payable - Stockholder

Note 2. LOAN PAYABLE - STOCKHOLDER

 

During the six period ended October 31, 2013 a stockholder and officer of the Company advanced the Company $3,000 to pay for certain expenses. The loan has a balance of $36,252 at October 31, 2013, bears no interest and is payable on demand.

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Income Tax (Policies)
3 Months Ended
Oct. 31, 2013
Accounting Policies [Abstract]  
Note 4. INCOME TAXES

Note 4. INCOME TAXES

 

The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate to income before provision for income taxes. The sources and tax effects of the differences are as follows:

 

Income tax provision at the federal statuatory rate : 25%

XML 32 R1.htm IDEA: XBRL DOCUMENT v2.4.0.8
Document and Entity Information
3 Months Ended
Oct. 31, 2013
Document And Entity Information  
Entity Registrant Name World Stevia Corp.
Entity Central Index Key 0001554906
Document Type 10-Q
Document Period End Date Oct. 31, 2013
Amendment Flag false
Current Fiscal Year End Date --04-30
Is Entity a Well-known Seasoned Issuer? No
Is Entity a Voluntary Filer? No
Is Entity's Reporting Status Current? No
Entity Filer Category Smaller Reporting Company
Entity Common Stock, Shares Outstanding 125,000,000
Document Fiscal Period Focus Q2
Document Fiscal Year Focus 2013