0001553350-16-001435.txt : 20160113 0001553350-16-001435.hdr.sgml : 20160113 20160113135936 ACCESSION NUMBER: 0001553350-16-001435 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 32 CONFORMED PERIOD OF REPORT: 20151130 FILED AS OF DATE: 20160113 DATE AS OF CHANGE: 20160113 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FUTURE WORLD GROUP, INC. CENTRAL INDEX KEY: 0001616156 STANDARD INDUSTRIAL CLASSIFICATION: MISCELLANEOUS MANUFACTURING INDUSTRIES [3990] IRS NUMBER: 331230099 STATE OF INCORPORATION: NV FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-197968 FILM NUMBER: 161340583 BUSINESS ADDRESS: STREET 1: ONE WORLD TRADE CENTER STREET 2: EGD GLOBAL SUITE 8500 CITY: NEW YORK STATE: NY ZIP: 10007 BUSINESS PHONE: 2122207102 MAIL ADDRESS: STREET 1: ONE WORLD TRADE CENTER STREET 2: EGD GLOBAL SUITE 8500 CITY: NEW YORK STATE: NY ZIP: 10007 FORMER COMPANY: FORMER CONFORMED NAME: Betafox Corp. DATE OF NAME CHANGE: 20140807 10-Q 1 egds_10q.htm QUARTERLY REPORT Quarterly Report


 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549


FORM 10-Q


þ

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

 

For the quarter ended November 30, 2015

 

 

¨

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

 

For the transition period from __________  to __________


Commission file number: 333-197968


FUTURE WORLD GROUP, INC.

(Exact name of registrant as specified in its charter)


Betafox Corp.

(former name of registrant)


Nevada

33-1230099

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)


301 South Brea Canyon Road

Walnut, CA

91789

(Address of principal executive offices)

(Zip Code)


Registrant's telephone number, including area code: 909-718-7880


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 filings requirements for the past 90 days. Yes þ No ¨


Indicate by check mark whether the registrant has submitted electronically and posted on its Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes þ 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

¨

Accelerated filer

¨

Non-accelerated filer

¨

Smaller reporting company

þ


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


As of January 8, 2016 the registrant had 8,130,000 shares of common stock issued and outstanding. No active trading market has been established as of January 8, 2016.

 

 





 



TABLE OF CONTENTS



PART I. FINANCIAL INFORMATION

 

 

 

ITEM 1.

FINANCIAL STATEMENTS

3

 

 

Condensed Balance Sheets as of November 30, 2015 (unaudited) and May 31, 2015 (audited)

3

 

 

Unaudited Condensed Statements of Operations for the three and six months ended November 30, 2015 and 2014

4

 

 

Unaudited Condensed Statements of Cash Flows for the six months ended November 30, 2015 and 2014

5

 

 

Unaudited Condensed Notes to Financial Statements

6

 

 

ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

8

 

 

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

10

 

 

ITEM 4.

CONTROLS AND PROCEDURES

10

 

 

PART II. OTHER INFORMATION

 

 

 

ITEM 1.

LEGAL PROCEEDINGS

11

 

 

ITEM 1A.

RISK FACTORS

11

 

 

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

11

 

 

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

11

 

 

ITEM 4.

MINE SAFETY DISCLOSURES

11

 

 

ITEM 5.

OTHER INFORMATION

11

 

 

ITEM 6.

EXHIBITS

11

 

 

SIGNATURES

12









2




 


PART I. FINANCIAL INFORMATION


ITEM 1. FINANCIAL STATEMENTS


FUTURE WORLD GROUP, INC.

(Formerly Betafox Corp.)

CONDENSED BALANCE SHEETS


 

 

November 30,

2015

 

 

May 31,

2015

 

 

  

(Unaudited)

  

  

(audited)

  

ASSETS

 

 

 

 

 

 

Current Assets:

  

                          

  

  

                         

  

Cash

 

$

 

 

$

22

 

Total current assets

 

 

 

 

 

22

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$

 

 

$

22

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

6,200

 

 

$

468

 

Due to a related party

 

 

53,612

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

59,812

 

 

 

468

 

 

 

 

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

 

 

Common stock, par value $0.001; 75,000,000 shares authorized, 8,130,000 and 8,130,000 shares issued and outstanding; respectively

 

 

8,130

 

 

 

8,130

 

Additional paid in capital

 

 

27,661

 

 

 

27,661

 

Accumulated deficit

 

 

(95,603

)

 

 

(36,237

)

Total Stockholders’ Equity (Deficit)

 

 

(59,812

)

 

 

(446

)

Total Liabilities and Stockholders’ Equity (Deficit)

 

$

 

 

$

22

 



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





3



 


FUTURE WORLD GROUP, INC.

(Formerly Betafox Corp.)

CONDENSED STATEMENTS OF OPERATIONS

UNAUDITED


 

 

For the three months ended

November 30,

 

 

For the six months ended

November 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

Revenue

 

$

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

795

 

 

 

23,515

 

 

 

1,629

 

 

 

29,902

 

Professional fees

 

 

32,310

 

 

 

 

 

 

57,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total operating expenses

 

 

33,105

 

 

 

23,515

 

 

 

59,366

 

 

 

29,902

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

 

(33,105

)

 

 

(23,515

)

 

 

(59,366

)

 

 

(29,902

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Provision for Income Taxes

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Loss

 

$

(33,105

)

 

$

(23,515

)

 

$

(59,366

)

 

$

(29,902

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share – basic

 

$

(0.00

)

 

$

(0.00

)

 

$

(0.01

)

 

$

(0.00

)

Weighted average shares outstanding, basic & diluted

 

 

8,130,000

 

 

 

6,866,374

 

 

 

8,130,000

 

 

 

6,430,820

 



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






4



 


FUTURE WORLD GROUP, INC.

(Formerly Betafox Corp.)

CONDENSED STATEMENTS OF CASH FLOWS

UNAUDITED


 

 

For the six months ended

November 30,

 

 

 

2015

 

 

2014

 

CASH FLOWS FROM OPERATING ACTIVITIES

  

                          

  

  

                         

  

Net loss

 

$

(59,366

)

 

$

(29,902

)

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Increase in accounts payable

 

 

5,732

 

 

 

387

 

CASH FLOWS USED IN OPERATING ACTIVITIES

 

 

(53,634

)

 

 

(29,515

)

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from sale of common stock

 

 

 

 

 

20,488

 

Loans from a director

 

 

53,612

 

 

 

7,673

 

CASH FLOWS PROVIDED BY FINANCING ACTIVITIES

 

 

53,612

 

 

 

28,161

 

 

 

 

 

 

 

 

 

 

NET DECREASE IN CASH:

 

 

(22

)

 

 

(1,354

)

Cash, beginning of period

 

 

22

 

 

 

3,495

 

Cash, end of period

 

$

 

 

$

2,141

 

 

 

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Interest paid

 

$

 

 

$

 

Income taxes paid

 

$

 

 

$

 



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






5



FUTURE WORLD GROUP, INC.

(Formerly Betafox Corp.)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

November 30, 2015

(Unaudited)

 



NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS


Future World Group, Inc., was incorporated in the state of Nevada on September 10, 2013 as Betafox Corp., with the initial intent to manufacture and sell color candles. On April 26, 2015, Giorgos Kallides (the “Seller”), entered into an Agreement for the Purchase of Common Stock (the “Stock Purchase Agreement”) with Future Continental Limited, (“Purchaser”) pursuant to which the Seller agreed to sell to Purchaser, six million (6,000,000) shares of common stock of the Company (the “Shares”) owned by the Seller, constituting approximately 73.8% of the Company’s 8,130,000 issued and outstanding common shares, for $340,000. The sale was consummated on May 11, 2015. As a result of the transfer of the shares, there was a change of control of the Company.  On October 7, 2015, Future Continental, Ltd. transferred those 6,000,000 Shares to the Company’s sole officer and director, Lei Pei (the “Transferee”).


As a result of the transfer on October 7, 2015, there was a change of control of the Company. There is no family relationship between Future Continental, Ltd. and Lei Pei.  No cash consideration was paid by Mr.Pei; the consideration was the Transferee’s serving as, and continuing to serve as, the Company’s CEO. Also on October 7, 2015, the Company changed its corporate name to Future World Group, Inc.


As new management has yet to cause the Company to acquire any assets or a business; we are deemed to be a “shell” company, as that term is defined pursuant to Rule 12b-2 under the Securities Exchange Act of 1934.


NOTE 2 – GOING CONCERN


The accompanying unaudited condensed financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern.  However, the Company has no revenues to date and an accumulated deficit of $95,603. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.  


Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.


NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Basis of presentation

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.


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.




6



FUTURE WORLD GROUP, INC.

(Formerly Betafox Corp.)

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

November 30, 2015

(Unaudited)

 


Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.


NOTE 4 – PROPERTY AND EQUIPMENT


During the year ended May 31, 2014, the company purchased a candle making machine that was never placed in service. In conjunction with the Stock Purchase Agreement dated April 26, 2015, the property was maintained by the seller. As this was not considered a disposal of an asset no expense was recognized. The $6,000 purchase price of the asset was debited to additional paid in capital.


NOTE 5 – LOANS FROM DIRECTOR


In the prior year a former Director loaned the company a total of $15,304. All funds were used for general operating purposes. The loans were unsecured, non-interest bearing and due on demand. On May 11, 2015, in conjunction with the Stock Purchase Agreement the balance due of $15,304 was forgiven by the seller and credited to additional paid in capital.


During the period ended November 30, 2015, the CEO loaned the company a total of $53,612. All funds were used for professional fees and other general operating purposes. The loans are unsecured, non-interest bearing and due on demand.


NOTE 6 – COMMON STOCK


The Company has 75,000,000, $0.001 par value shares of common stock authorized.


On May 6, 2014, the Company issued 6,000,000 shares of common stock to a director for cash proceeds of $6,000 at $0.001 per share.


During the period from June 2014 to February 2015, the Company issued 2,130,000 shares of common stock for net cash proceeds of $20,488 at $0.01 per share.


There were 8,130,000 shares of common stock issued and outstanding as of November 30, 2015.


NOTE 7 – SUBSEQUENT EVENTS


In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued, January 8, 2016 and through the date of the filing, and has determined that it does not have any material subsequent events to disclose in these financial statements.





7



 


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. Factors that could cause or contribute to such differences include, but are not limited to those discussed below and elsewhere in this Annual Report ". 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


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 a loss since inception (September 10, 2013) resulting in an accumulated deficit of $95,603 as of November 30, 2015. Accordingly, there is 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 acquiring profitable operations in the future and/or obtaining the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. New management intends to finance operating costs over the next twelve months with loans from related parties, until we acquire an ongoing business, as to which there is no assurance.


THREE MONTHS ENDED NOVEMBER 30, 2015 COMPARED TO THREE MONTHS ENDED NOVEMBER 30, 2014.


Operating Expenses


During the three months ended November 30, 2015, we incurred expenses of $33,105 compared to $23,515 incurred during the three months ended November 30, 2014. During the current period $32,310 of our expenses were for professional fees and the major reason for the increase over the prior year. Professional fees consist of legal, accounting and audit fees.


Net Loss


Our net loss for the three months ended November 30, 2015 was $33,105, compared to a net loss of $23,515 for the prior period ended November 30, 2014. The increase in net loss is a direct result of the increase in professional fees.


SIX MONTHS ENDED NOVEMBER 30, 2015 COMPARED TO SIX MONTHS ENDED NOVEMBER 30, 2014.


Operating Expenses


During the six months ended November 30, 2015, we incurred expenses of $59,366 compared to $29,902 incurred during the six months ended November 30, 2014. During the current period $57,737 of our expenses were for professional fees and the major reason for the increase over the prior year. Professional fees consist of legal, accounting and audit fees.

 

Net Loss


Our net loss for the six months ended November 30, 2015 was $59,366, compared to a net loss of $29,902 for the prior period ended November 30, 2014. The increase in net loss is a direct result of the increase in professional fees.


LIQUIDITY AND CAPITAL RESOURCES


Cash Flows from Operating Activities


We have not generated positive cash flows from operating activities. During the six months ended November 30, 2015, net cash flows used in operating activities was $53,634. For the same period ended November 30, 2014, net cash flows used in operating activities was $29,515.


Cash Flows from Investing Activities


We neither generated, nor used, funds in investing activities during the quarter ended November 30, 2015 or 2014.




8



 


Cash Flows from Financing Activities


For the six months ended November 30, 2015, net cash provided by financing activities was $53,612 received by way of related party loans. For the six months ended November 30, 2014, net cash from financing activities was $28,161, consisting of $20,488 received from proceeds from the sale of shares of our common stock and $7,673 received by way of a loan from our former sole officer, director and principal shareholder.


PLAN OF OPERATION AND FUNDING


Unless and until we acquire an ongoing business, as to which there is no assurance, we expect that working capital requirements will continue to be funded through related party loans and/or further issuances of securities. There is no assurance that we will be able to meet our working capital requirement from either possible source.


We have no lines of credit or other bank financing arrangements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, and we might be unable to continue in business.


MATERIAL COMMITMENTS


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


PURCHASE OF SIGNIFICANT EQUIPMENT


We do not have any agreements at this time, to purchase any significant equipment during the next twelve months.


OFF-BALANCE SHEET ARRANGEMENTS


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


GOING CONCERN


The independent auditors' report accompanying our May 31, 2015 and 2014 financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a 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 a loss since inception (September 10, 2013), resulting in an accumulated deficit of $95,603 as of November 30, 2015, and further losses are anticipated unless and until we acquire an ongoing business, as to which there is no assurance. Accordingly, there is 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 acquiring profitable operations in the future and/or obtaining the necessary financing to meet its obligations arising from normal business operations when they come due. New management intends to finance operating costs over the next twelve months with loans from related parties and/or the private placement of common stock. There is no assurance that funds will be available from either possible source of financing operations.


ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


We are a smaller reporting company as defined in Rule 12b-2 of the Exchange Act and are not required to provide the information required under this item.




9



 


ITEM 4. CONTROLS AND PROCEDURES


EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES


The term “disclosure controls and procedures” (defined in SEC Rule 13a-15(e)) refers to the controls and other procedures of a company that are designed to ensure that information required to be disclosed by a company in the reports that it files under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported within required time periods. “Disclosure controls and procedures” include, without limitation, controls and procedures designed to ensure that information required to be disclosed by a company in the reports that it files or submits under the Exchange Act is accumulated and communicated to the Company’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

 

The Company’s Chief Executive Officer and Chief Financial Officer has evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this annual report (the “Evaluation Date”). Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer noted the deficiencies in internal controls identified in this Item 9A. Accordingly, the Company’s Chief Executive Officer and Chief Financial Officer has concluded that, as of the Evaluation Date, such controls and procedures were not effective.

 

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 November 30, 2015 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 November 30, 2015, 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 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 single-member 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.

 

Lack of segregation of duties—We are currently a “shell” corporation, and have no employees other than our CEO and CFO—the same person.  Therefore, all accounting information is currently reviewed only by one person.

 

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.

 

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 November 30, 2015, 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, 2015, that occurred during our fourth fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.



10



 


PART II. OTHER INFORMATION


ITEM 1. LEGAL PROCEEDINGS


We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation.  There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our interest.


ITEM 1A. RISK FACTORS


None.


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


None.


ITEM 3. DEFAULTS UPON SENIOR SECURITIES


None.


ITEM 4. MINE SAFETY DISCLOSURES


Not applicable.


ITEM 5. OTHER INFORMATION


None.


ITEM 6. EXHIBITS


The following exhibits are included as part of this report by reference:


Exhibit

 

 

Number

 

Name

 

 

 

31.1

 

Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

 

 

 

32.1

 

Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.

 

 

 

101

 

Interactive data files pursuant to Rule 405 of Regulation S-T.








11



 


SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


 

 

FUTURE WORLD GROUP, INC.

 

 

 

 

 

 

Date:  January 13, 2015

 

By:

/s/ Lei Pei

 

 

 

 

Lei Pei

 

 

 

 

President and Chief Executive Officer and Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 







12


EX-31.1 2 egds_ex31z1.htm CERTIFICATION Certification

 


EXHIBIT 31.1



CERTIFICATION


I, Lei Pei, President and Chief Executive Officer and Chief Financial Officer of FUTURE WORLD GROUP, INC., certify that:


1.

I have reviewed this Quarterly Report on Form 10-Q of FUTURE WORLD GROUP, INC.;


2.

Based on my knowledge, this report does not contain any untrue statement of 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 annual 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 control and procedures to be designed under our 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;

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: January 13, 2016


/s/ Lei Pei

 

Lei Pei, President,

 

Chief Executive Officer and

 

Chief Financial Officer

 





EX-32.1 3 egds_ex32z1.htm CERTIFICATION Certification

 


Exhibit 32.1


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 Quarterly Report of FUTURE WORLD GROUP, INC. (the "Company") on Form 10-Q for the period ended November 30, 2015 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to his knowledge:


1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and


2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: January 13, 2016



/s/ Lei Pei

 

Lei Pei, President,

 

Chief Executive Officer and

 

Chief Financial Officer

 









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6 Months Ended
Nov. 30, 2015
Jan. 08, 2016
Document And Entity Information    
Entity Registrant Name FUTURE WORLD GROUP, INC.  
Entity Central Index Key 0001616156  
Document Type 10-Q  
Document Period End Date Nov. 30, 2015  
Amendment Flag false  
Current Fiscal Year End Date --05-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   8,130,000
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2016  
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CONDENSED BALANCE SHEETS - USD ($)
Nov. 30, 2015
May. 31, 2015
Current Assets    
Cash $ 22
Total current assets 22
Total Assets 22
Current Liabilities    
Accounts payable $ 6,200 $ 468
Due to a related party 53,612
Total Liabilities 59,812 $ 468
Stockholders' Equity:    
Common stock, par value $0.001; 75,000,000 shares authorized, 8,130,000 and 8,130,000 shares issued and outstanding; respectively 8,130 8,130
Additional paid in capital 27,661 27,661
Accumulated deficit (95,603) (36,237)
Total Stockholders' Equity (Deficit) $ (59,812) (446)
Total Liabilities and Stockholders' Equity (Deficit) $ 22
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CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares
Nov. 30, 2015
May. 31, 2015
Apr. 26, 2015
Statement of Financial Position [Abstract]      
Common stock, par value $ 0.001 $ 0.001  
Common stock, shares authorized 75,000,000 75,000,000  
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3 Months Ended 6 Months Ended
Nov. 30, 2015
Nov. 30, 2014
Nov. 30, 2015
Nov. 30, 2014
Income Statement [Abstract]        
Revenue
Operating Expenses:        
General and administrative $ 795 $ 23,515 $ 1,629 $ 29,902
Professional fees 32,310 57,737
Total operating expenses 33,105 $ 23,515 59,366 $ 29,902
Loss from operations $ (33,105) $ (23,515) $ (59,366) $ (29,902)
Provision for Income Taxes
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Net loss per share - basic $ (0.00) $ (0.00) $ (0.01) $ (0.00)
Weighted average shares outstanding, basic & diluted 8,130,000 6,866,374 8,130,000 6,430,820
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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
6 Months Ended
Nov. 30, 2015
Nov. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (59,366) $ (29,902)
Changes in assets and liabilities:    
Increase in accounts payable 5,732 387
CASH FLOWS USED IN OPERATING ACTIVITIES $ (53,634) $ (29,515)
CASH FLOWS FROM INVESTING ACTIVITIES:
CASH FLOWS FROM FINANCING ACTIVITIES    
Proceeds from sale of common stock $ 20,488
Loans from a director $ 53,612 7,673
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 53,612 28,161
NET DECREASE IN CASH: (22) (1,354)
Cash, beginning of period $ 22 3,495
Cash, end of period $ 2,141
SUPPLEMENTAL CASH FLOW INFORMATION:    
Interest paid
Income taxes paid
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ORGANIZATION AND NATURE OF BUSINESS
6 Months Ended
Nov. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
ORGANIZATION AND NATURE OF BUSINESS

NOTE 1 – ORGANIZATION AND NATURE OF BUSINESS

 

Future World Group, Inc., was incorporated in the state of Nevada on September 10, 2013 as Betafox Corp., with the initial intent to manufacture and sell color candles. On April 26, 2015, Giorgos Kallides (the “Seller”), entered into an Agreement for the Purchase of Common Stock (the “Stock Purchase Agreement”) with Future Continental Limited, (“Purchaser”) pursuant to which the Seller agreed to sell to Purchaser, six million (6,000,000) shares of common stock of the Company (the “Shares”) owned by the Seller, constituting approximately 73.8% of the Company’s 8,130,000 issued and outstanding common shares, for $340,000. The sale was consummated on May 11, 2015. As a result of the transfer of the shares, there was a change of control of the Company. On October 7, 2015, Future Continental, Ltd. transferred those 6,000,000 Shares to the Company’s sole officer and director, Lei Pei (the “Transferee”).

 

As a result of the transfer on October 7, 2015, there was a change of control of the Company. There is no family relationship between Future Continental, Ltd. and Lei Pei. No cash consideration was paid by Mr.Pei; the consideration was the Transferee’s serving as, and continuing to serve as, the Company’s CEO. Also on October 7, 2015, the Company changed its corporate name to Future World Group, Inc.

 

As new management has yet to cause the Company to acquire any assets or a business; we are deemed to be a “shell” company, as that term is defined pursuant to Rule 12b-2 under the Securities Exchange Act of 1934.

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GOING CONCERN
6 Months Ended
Nov. 30, 2015
Going Concern  
GOING CONCERN

NOTE 2 – GOING CONCERN

 

The accompanying unaudited condensed financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, the Company has no revenues to date and an accumulated deficit of $95,603. The Company currently has limited working capital, and has not completed its efforts to establish a stabilized source of revenues sufficient to cover operating costs over an extended period of time.

 

Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it may be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.

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SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES
6 Months Ended
Nov. 30, 2015
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

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.

 

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

XML 18 R9.htm IDEA: XBRL DOCUMENT v3.3.1.900
PROPERTY AND EQUIPMENT
6 Months Ended
Nov. 30, 2015
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT

NOTE 4 – PROPERTY AND EQUIPMENT

 

During the year ended May 31, 2014, the company purchased a candle making machine that was never placed in service. In conjunction with the Stock Purchase Agreement dated April 26, 2015, the property was maintained by the seller. As this was not considered a disposal of an asset no expense was recognized. The $6,000 purchase price of the asset was debited to additional paid in capital.

XML 19 R10.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS FROM DIRECTOR
6 Months Ended
Nov. 30, 2015
Debt Disclosure [Abstract]  
LOANS FROM DIRECTOR

NOTE 5 – LOANS FROM DIRECTOR

 

In the prior year a former Director loaned the company a total of $15,304. All funds were used for general operating purposes. The loans were unsecured, non-interest bearing and due on demand. On May 11, 2015, in conjunction with the Stock Purchase Agreement the balance due of $15,304 was forgiven by the seller and credited to additional paid in capital.

 

During the period ended November 30, 2015, the CEO loaned the company a total of $53,612. All funds were used for professional fees and other general operating purposes. The loans are unsecured, non-interest bearing and due on demand.

XML 20 R11.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMMON STOCK
6 Months Ended
Nov. 30, 2015
Equity [Abstract]  
COMMON STOCK

NOTE 6 – COMMON STOCK

 

The Company has 75,000,000, $0.001 par value shares of common stock authorized.

 

On May 6, 2014, the Company issued 6,000,000 shares of common stock to a director for cash proceeds of $6,000 at $0.001 per share.

 

During the period from June 2014 to February 2015, the Company issued 2,130,000 shares of common stock for net cash proceeds of $20,488 at $0.01 per share.

 

There were 8,130,000 shares of common stock issued and outstanding as of November 30, 2015.

XML 21 R12.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUBSEQUENT EVENTS
6 Months Ended
Nov. 30, 2015
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS

NOTE 7 – SUBSEQUENT EVENTS

 

In accordance with SFAS 165 (ASC 855-10) management has performed an evaluation of subsequent events through the date that the financial statements were available to be issued, January 8, 2016 and through the date of the filing, and has determined that it does not have any material subsequent events to disclose in these financial statements.

XML 22 R13.htm IDEA: XBRL DOCUMENT v3.3.1.900
SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES (Policies)
6 Months Ended
Nov. 30, 2015
Accounting Policies [Abstract]  
Basis of presentation

Basis of presentation

The Company’s financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).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 reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Use of Estimates

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.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

XML 23 R14.htm IDEA: XBRL DOCUMENT v3.3.1.900
ORGANIZATION AND NATURE OF BUSINESS (Details) - USD ($)
1 Months Ended
Apr. 30, 2015
Nov. 30, 2015
May. 31, 2015
Apr. 26, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]        
Number of common shares sold through stock purchase agreement       6,000,000
Percentage of issued and outstanding stock sold through stock purchase agreement       73.80%
Common stock, shares issued   8,130,000 8,130,000 8,130,000
Common stock, shares outstanding   8,130,000 8,130,000 8,130,000
Proceeds from issuance of common stock $ 340,000      
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900
GOING CONCERN (Details) - USD ($)
Nov. 30, 2015
May. 31, 2015
Going Concern    
Accumulated deficit $ 95,603 $ 36,237
XML 25 R16.htm IDEA: XBRL DOCUMENT v3.3.1.900
PROPERTY AND EQUIPMENT (Details)
Apr. 26, 2015
USD ($)
Property, Plant and Equipment [Abstract]  
Value of unused equipment returned to seller $ 6,000
XML 26 R17.htm IDEA: XBRL DOCUMENT v3.3.1.900
LOANS FROM DIRECTOR (Details) - USD ($)
1 Months Ended 6 Months Ended 12 Months Ended
May. 31, 2015
Nov. 30, 2015
Nov. 30, 2014
May. 31, 2015
Related Party Transaction [Line Items]        
Proceeds from loans made by related party   $ 53,612 $ 7,673  
CEO [Member]        
Related Party Transaction [Line Items]        
Proceeds from loans made by related party   $ 25,489    
Director [Member]        
Related Party Transaction [Line Items]        
Proceeds from loans made by related party       $ 15,304
Forgiveness of related party debt $ 15,304      
XML 27 R18.htm IDEA: XBRL DOCUMENT v3.3.1.900
COMMON STOCK (Details) - USD ($)
1 Months Ended 9 Months Ended
Apr. 30, 2015
May. 31, 2014
Feb. 28, 2015
Nov. 30, 2015
May. 31, 2015
Apr. 26, 2015
May. 06, 2014
Class of Stock [Line Items]              
Common stock, par value       $ 0.001 $ 0.001    
Common stock, shares authorized       75,000,000 75,000,000    
Common stock, shares issued       8,130,000 8,130,000 8,130,000  
Common stock, shares outstanding       8,130,000 8,130,000 8,130,000  
Proceeds from issuance of common stock $ 340,000            
Common Stock [Member]              
Class of Stock [Line Items]              
Stock issued during period, shares   6,000,000 2,130,000        
Proceeds from issuance of common stock   $ 6,000 $ 20,488        
Stock issued, price per share     $ 0.01       $ 0.001
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