0001640334-16-001211.txt : 20160614 0001640334-16-001211.hdr.sgml : 20160614 20160614162003 ACCESSION NUMBER: 0001640334-16-001211 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 29 CONFORMED PERIOD OF REPORT: 20160430 FILED AS OF DATE: 20160614 DATE AS OF CHANGE: 20160614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BRIDGEWATER PLATFORMS INC. CENTRAL INDEX KEY: 0001623360 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 331231170 STATE OF INCORPORATION: NV FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-199582 FILM NUMBER: 161713249 BUSINESS ADDRESS: STREET 1: 78 SHORNCLIFFE ROAD CITY: ETOBICOKE STATE: A6 ZIP: M8Z 5K5 BUSINESS PHONE: 1-416-659-8907 MAIL ADDRESS: STREET 1: 78 SHORNCLIFFE ROAD CITY: ETOBICOKE STATE: A6 ZIP: M8Z 5K5 10-Q 1 2016apr30-bwpi_10q.htm FORM 10-Q
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10–Q

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

For the quarterly period ended April 30, 2016

or

[   ] 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: 333-199582

Bridgewater Platforms Inc.
(Exact name of registrant as specified in its charter)
 
Nevada
 
33-123170
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
78 Shorncliffe Road
Etobicoke, Ontario, Canada M8Z 5K5
(Address of principal executive offices)
 
416-659-8907
(Registrant’s telephone number, including area code)
 
 
(Former name, former address and former fiscal year, if changed since last report)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes [X] No [  ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes [X] 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 (Check one).

Large accelerated filer [  ]
 
Accelerated filer [  ]
 
 
 
Non-accelerated filer [  ]
 
Smaller reporting company [X]
(Do not check if a smaller reporting company)
 
 

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

As of June 10, 2016 there were 8,333,346 shares of the issuer’s common stock, par value $0.001, outstanding.

 
BRIDGEWATER PLATFORMS INC.

FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED APRIL 30, 2016
TABLE OF CONTENTS

   
PAGE
     
   
     
Item 1.
 3
     
Item 2.
 9
     
Item 3.
 13
     
Item 4.
 13
     
   
     
Item 1.
 13
     
Item 1A.
 14
     
Item 2.
 14
     
Item 3.
 14
     
Item 4.
 14
     
Item 5.
 14
     
Item 6.
 15
     
   16
 
 
 
 
 
PART I – FINANCIAL INFORMATION
 
Item 1. Unaudited Financial Statements.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's 10-K filed with the Securities and Exchange Commission on October 29, 2015. In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the periods presented have been reflected herein. The results of operations for the periods presented are not necessarily indicative of the results to be expected for the full year ending July 31, 2016.


 
BRIDGEWATER PLATFORMS INC.

INDEX TO CONSOLIDATED INTERIM FINANCIAL STATEMENTS

April 30, 2016

 
Page
 
 
 4
 
 
 5
 
 
 6
 
 
 7
 
 
 
 
BRIDGEWATER PLATFORMS INC.
Consolidated Balance Sheets

   
April 30, 2016
   
July 31, 2015
 
   
(Unaudited)
       
 ASSETS
           
 Current Assets
           
    Cash and cash equivalents
 
$
5,544
   
$
26,253
 
    Accounts receivable
   
353
     
-
 
    Prepaid expenses
   
2,075
     
-
 
 TOTAL ASSETS
 
$
7,972
   
$
26,253
 
                 
 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
               
 Current Liabilities
               
    Accounts payable and accrued liabilities
 
$
12,599
   
$
2,050
 
    Tax payable
   
-
     
10,000
 
    Unearned revenue
   
711
     
-
 
 TOTAL LIABILITIES
   
13,310
     
12,050
 
                 
 STOCKHOLDERS' EQUITY (DEFICIT)
               
 Common stock, par value $0.001, 75,000,000 shares authorized,
               
    8,333,346 shares issued and outstanding
   
8,333
     
8,333
 
 Additional paid-in capital
   
63,237
     
63,237
 
 Accumulated deficit
   
(75,575
)
   
(56,537
)
 Accumulated other comprehensive loss
   
(1,333
)
   
(830
)
 TOTAL STOCKHOLDERS' EQUITY (DEFICIT)
   
(5,338
)
   
14,203
 
 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
 
$
7,972
   
$
26,253
 



The accompanying notes are an integral part of these unaudited consolidated financial statements.
 
BRIDGEWATER PLATFORMS INC.
Consolidated Statements of Operations and Comprehensive Loss
 (Unaudited)

   
Three Months Ended
   
Nine Months Ended
 
   
April 30,
   
April 30,
 
   
2016
   
2015
   
2016
   
2015
 
                         
REVENUES
 
$
923
   
$
3,844
   
$
20,584
   
$
12,693
 
COST OF GOODS SOLD
   
200
     
1,762
     
17,368
     
5,491
 
GROSS PROFIT
   
723
     
2,082
     
3,216
     
7,202
 
                                 
OPERATING EXPENSES
                               
General and administrative expenses
   
1,232
     
4,612
     
10,367
     
9,685
 
Professional fees
   
3,705
     
4,786
     
20,820
     
16,186
 
      Total Operating Expenses
   
4,937
     
9,398
     
31,187
     
25,871
 
                                 
LOSS BEFORE INCOME TAXES
   
(4,214
)
   
(7,316
)
   
(27,971
)
   
(18,669
)
Income tax recovery
   
-
     
-
     
10,000
     
-
 
Income tax expense
   
-
     
-
     
(1,067
)
   
-
 
                                 
NET LOSS
 
$
(4,214
)
 
$
(7,316
)
 
$
(19,038
)
 
$
(18,669
)
                                 
OTHER COMPREHENSIVE LOSS
                               
Foreign currency translation adjustments
   
191
     
420
     
(503
)
   
(214
)
TOTAL COMPREHENSIVE LOSS
 
$
(4,023
)
 
$
(6,896
)
 
$
(19,541
)
 
$
(18,883
)
                                 
Basic and Diluted Loss per Common Share
 
$
(0.00
)
 
$
(0.00
)
 
$
(0.00
)
 
$
(0.00
)
Basic and Diluted Weighted Average Common Shares Outstanding
   
8,333,346
     
5,037,453
     
8,333,346
     
4,499,390
 


The accompanying notes are an integral part of these unaudited consolidated financial statements.
 
 
BRIDGEWATER PLATFORMS INC.
Consolidated Statement of Cash Flows
(Unaudited)

   
Nine Months Ended
 
   
April 30,
 
   
2016
   
2015
 
CASH FLOWS FROM OPERATING ACTIVITIES
           
Net loss
 
$
(19,038
)
 
$
(18,669
)
Adjustments to reconcile net loss to net cash used in operating activities:
               
   Contributed services
   
-
     
8,570
 
Changes in operating assets and liabilities:
               
   Accounts receivable
   
(353
)
   
(3,755
)
   Prepaid expenses
   
(2,075
)
   
-
 
   Accounts payable and accrued liabilities
   
10,549
     
(1,578
)
   Unearned revenue
   
711
     
-
 
   Other payable
   
(10,000
)
   
-
 
Net cash used in operating activities
   
(20,206
)
   
(15,432
)
                 
CASH FLOWS FROM FINANCING ACTIVITIES
               
Issuance of common stock for cash
   
-
     
55,000
 
Net cash provided by financing activities
   
-
     
55,000
 
                 
Effects on changes in foreign exchange rate
   
(503
)
   
(214
)
                 
Net increase (decrease) in cash and cash equivalents
   
(20,709
)
   
39,354
 
Cash and cash equivalents - beginning of period
   
26,253
     
4,925
 
Cash and cash equivalents - end of period
 
$
5,544
   
$
44,279
 
                 
Supplemental Cash Flow Disclosures
               
   Cash paid for interest
 
$
-
   
$
-
 
   Cash paid for income taxes
 
$
-
   
$
-
 



The accompanying notes are an integral part of these unaudited consolidated financial statements.
 
 
BRIDGEWATER PLATFORMS INC.
Notes to the Consolidated Interim Financial Statements
April 30, 2016
(Unaudited)

NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS

Bridgewater Platforms Inc. (the "Company") is a Nevada corporation incorporated on May 6, 2014. It is based in Las Vegas, NV, USA, and the Company's fiscal year end is July 31.

On May 20, 2014, the Company incorporated its wholly owned Canadian subsidiary, Bridgewater Construction Ltd. in Etobicoke, Ontario.

The Company intends to develop a modular pool-covering system to install a secure platform each Fall that can be walked on and used for whatever purpose the homeowner desires. Each platform will be custom-made from sturdy recycled materials, and when not in use, the company will come back each spring, dissemble, and store the platform at its own secure facility. To date, the Company's activities have been limited to provide formation activities, construction service to local residents, and the raising of equity capital.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").  The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States.

In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading.  The results of operations for such interim periods are not necessarily indicative of operations for a full year.  These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's 10-K filed with the Securities and Exchange Commission on October 29, 2015.
 
Basis of Consolidation

These financial statements include the accounts of the Company and its wholly-owned subsidiary, Bridgewater Construction Ltd., All material intercompany balances and transactions have been eliminated.

Reclassifications

Certain prior year amounts have been reclassified to conform with the current year presentation.

NOTE 3 - GOING CONCERN

The Company's consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business.  The Company has not established an ongoing source of revenues sufficient to cover its operating cost, and requires additional capital to commence its operating plan. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.  These factors raise substantial doubt about its ability to continue as a going concern.

In order to continue as a going concern, the Company will need, among other things, additional capital resources.  Management's plan to obtain such resources for the Company include: sales of equity instruments; traditional financing, such as loans; and obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.
There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations.  However, there is no assurance that the Company will attain profitability. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

NOTE 4 – TAX PAYABLE

During the period ended April 30, 2016, the Internal Revenue Service of the United State waived $10,000 penalty previous charged on late corporate tax filing of the Company’s subsidiary. This $10,000 was originally recorded as other expenses for the year ended July 31, 2015 and was recorded as income tax recovery during the period ended April 30, 2016.

NOTE 5 – RELATED PARTY TRANSACTIONS

During the period ended April 30, 2016, the Company paid to a company owned by its shareholder for labor service and recorded as cost of goods sold of $3,433 and management fee of $5,651. There is no balance due to this shareholder at April 30, 2016.

NOTE 6 – MAJOR CUSTOMER

During the period ended April 30, 2016, the Company has revenue of $15,171 from one customer for a landscaping project provided by the Company which is approximately 74% of total revenue.
 
 
 
 
Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Forward-Looking Statements

Except for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risks and uncertainties, including, among other things, statements regarding our business strategy, future revenues and anticipated costs and expenses. Such forward-looking statements include, among others, those statements including the words “expects,” “anticipates,” “intends,” “believes” and similar language. Our actual results may differ significantly from those projected in the forward-looking statements. Factors that might cause or contribute to such differences include, but are not limited to, those discussed herein as well as in the “Description of Business - Risk Factors” section in our Prospectus on Form424B(2), as filed on February 24, 2015.  You should carefully review the risks described in in our Prospectus and in other documents we file from time to time with the Securities and Exchange Commission (“SEC”). You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. We undertake no obligation to publicly release any revisions to the forward-looking statements or reflect events or circumstances after the date of this document.

Although we believe that the expectations reflected in these forward-looking statements are based on reasonable assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

All references in this Form 10-Q to the “Company,” “Bridgwater,” “we,” “us,” or “our” are to Bridgewater Platforms Inc.

Corporate Overview

Bridgewater Platforms Inc. was incorporated in the State of Nevada on May 6, 2014.  Bridgewater Platforms Inc., incorporated a wholly owned subsidiary in the Province of Ontario, Canada on May 20, 2014, called Bridgewater Construction Ltd.  The Company’s address is 78 Shorncliffe Road, Etobicoke, Ontario, Canada M8Z 5K5.  Our telephone number is 416-659-8907.

Bridgewater Platforms' wholly owned subsidiary, Bridgewater Construction Ltd. operates as a landscape design and construction services business.  The Company currently offers landscaping and minor construction services and intends to expand its business and to develop a new outdoor pool covering product and service that will help northern cold-climate homeowners solve the dilemma of what to do with their pools over the fall, winter, and spring months when pool use is not possible.

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements for the period ended April 30, 2016, together with notes thereto, which are included in this report.

Results of Operations

The following table provides selected financial data about our Company as of April 30, 2016 and July 31, 2015.

   
April 30, 2016
   
July 31, 2015
 
Cash and cash equivalents
 
$
5,544
   
$
26,253
 
Total assets
 
$
7,972
   
$
26,253
 
Total liabilities
 
$
13,310
   
$
12,050
 
Stockholders' equity (deficit)
 
$
(5,338
)
 
$
14,203
 
 
Three months ended April 30, 2016 and 2015

The following table provides the results of operations for the three months ended April 30, 2016 and 2015:

   
Three Months Ended
 
   
April 30,
 
   
2016
   
2015
 
             
REVENUES
 
$
923
   
$
3,844
 
COST OF GOODS SOLD
   
200
     
1,762
 
GROSS PROFIT
   
723
     
2,082
 
                 
OPERATING EXPENSES
               
General and administrative expenses
   
1,232
     
4,612
 
Professional fees
   
3,705
     
4,786
 
      Total Operating Expenses
   
4,937
     
9,398
 
                 
LOSS BEFORE INCOME TAXES
   
(4,214
)
   
(7,316
)
Income tax recovery
   
-
     
-
 
Income tax expense
   
-
     
-
 
                 
NET LOSS
 
$
(4,214
)
 
$
(7,316
)
                 
OTHER COMPREHENSIVE INCOME
               
Foreign currency translation adjustments
   
191
     
420
 
TOTAL COMPREHENSIVE LOSS
 
$
(4,023
)
 
$
(6,896
)

For the three months ended April 30, 2016 and 2015, our revenues were $923 and $3,844, respectively; our cost of goods sold was $200 and $1,762, respectively; and our gross profit was $723 and $2,082, respectively.  The majority of the decrease in revenues was due to fewer projects incurred during the three months ended April 30, 2016 than 2015.

For the three months ended April 30, 2016 and 2015, our operating expenses were $4,937 and $9,398, respectively; our net operating loss was $4,214 and $7,316, respectively. Our operating expenses were primarily composed of professional fees related to regulatory filing requirements.

For the three months ended April 30, 2016 and 2015, other comprehensive gain was $191 and $420, respectively and our total comprehensive loss was $4,023 and $6,896, respectively.

Nine months ended April 30, 2016 and 2015

The following table provides the results of operations for the nine months ended April 30, 2016 and 2015:
   
Nine Months Ended
 
   
April 30,
 
   
2016
   
2015
 
             
REVENUES
 
$
20,584
   
$
12,693
 
COST OF GOODS SOLD
   
17,368
     
5,491
 
GROSS PROFIT
   
3,216
     
7,202
 
                 
OPERATING EXPENSES
               
General and administrative expenses
   
10,367
     
9,685
 
Professional fees
   
20,820
     
16,186
 
      Total Operating Expenses
   
31,187
     
25,871
 
                 
LOSS BEFORE INCOME TAXES
   
(27,971
)
   
(18,669
)
Income tax recovery
   
10,000
     
-
 
Income tax expense
   
(1,067
)
   
-
 
                 
NET LOSS
 
$
(19,038
)
 
$
(18,669
)
                 
OTHER COMPREHENSIVE LOSS
               
Foreign currency translation adjustments
   
(503
)
   
(214
)
TOTAL COMPREHENSIVE LOSS
 
$
(19,541
)
 
$
(18,883
)

For the nine months ended April 30, 2016 and 2015, our revenues were $20,584 and $12,693, respectively; our cost of goods sold was $17,368 and $5,491, respectively; and our gross profit was $3,216 and $7,202, respectively.  The majority of the increase in revenues was related to one landscaping project and the increase in cost of goods sold was related to the increased revenue for that project.

For the nine months ended April 30, 2016 and 2015, our operating expenses were $31,187 and $25,871, respectively; our net operating loss was $27,971 and $18,669, respectively. Our operating expenses were primarily composed of professional fees related to regulatory filing requirements.

During the nine months ended April 30, 2016, the Internal Revenue Service of the United State waived $10,000 penalty previous charged on late corporate tax filing of the Company’s subsidiary. This $10,000 was originally recorded as other expenses for the year ended July 31, 2015 and was recorded as income tax recovery during the period ended April 30, 2016.

For the nine months ended April 30, 2016 and 2015, other comprehensive loss was $503 and $214, respectively and our total comprehensive loss was $19,541 and $18,883, respectively.

Limited Operating History; Need for Additional Capital

There is no historical financial information about us on which to base an evaluation of our performance. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in developing our website, and possible cost overruns due to the price and cost increases in supplies and services.

While the officers and directors have generally indicated a willingness to provide financial contributions if necessary, there are presently no agreements, arrangements, commitments, or specific understandings, either verbally or in writing, between the officers and directors and Bridgewater Platforms.
 
If we are unable to meet our needs for cash from either the money that we raise from future financings, or possible alternative sources, then we may be unable to continue, develop, or expand our operations.
 
There are also no plans or expectations to acquire or sell any plant or plant equipment in the first year of operations.
We anticipate that we will need $30,000 to fund the next 12 months of our operations. If we are unable to meet our needs for cash from either the cash flows from operations, money that we raise from our current offering or future financings, or possible alternative sources, then we may be unable to continue, develop, or expand our operations.  We currently do not have sufficient funds to operate our business for the next 12 months.

Liquidity and Capital Resources

Working Capital

   
April 30, 2016
   
July 31, 2015
 
Current Assets
 
$
7,972
   
$
26,253
 
Current Liabilities
   
13,310
     
12,050
 
Working Capital (Capital Deficiency)
 
$
(5,338
)
 
$
14,203
 

Cash Flows

 
Nine Months Ended
 
 
April 30,
 
 
2016
 
2015
 
Cash used in operating activities
 
$
(20,206
)
 
$
(15,432
)
Cash provided by investing activities
 
$
-
   
$
-
 
Cash provided by financing activities
 
$
-
   
$
55,000
 
Cash and cash equivalents on hand
 
$
5,544
   
$
44,279
 

As at April 30, 2016, our Company’s cash balance was $5,544 compared to $26,253 as at July 31, 2015. The decrease in cash was primarily due to cash used in operating expenses.

As at April 30, 2016, our Company had total liabilities of $13,310 compared with total liabilities of $12,050 as at July 31, 2015. The increase of accounts payable was offset by the decrease of tax payable. During the period ended April 30, 2016, the Internal Revenue Service of the United State waived $10,000 tax penalty payable previous levied on late corporate tax filing of the Company’s subsidiary.

As at April 30, 2016, our Company had capital deficiency of $5,338 compared with working capital of $14,203 as at July 31, 2015. The decrease in working capital was primarily attributed to increase of accounts payable.

Cash Flow from Operating Activities

During the period ended April 30, 2016 and 2015, our Company used $20,206 and $15,432 in cash from operating activities, respectively.

Cash Flow from Investing Activities

During the period ended April 30, 2016 and 2015, our Company used $nil cash for investing activities.

Cash Flow from Financing Activities

During the period ended April 30, 2016, our Company used $nil cash in financing activities. During the period ended April 30, 2015, our Company received $55,000 cash proceeds from the sale of our common stock.
Going Concern

Our auditors have issued a going concern opinion on our year-end consolidated financial statements ended July 31, 2015. This means that there is substantial doubt that we can continue as an on-going business for the next twelve months unless we obtain additional capital to pay for our expenses.  This is because we have generated limited revenues and have limited operating history. There are no assurances that we will be able to obtain additional financing through either private placements, bank financing or other loans necessary to support our working capital requirements.  To the extent that funds generated from operations and any private placements, public offerings and/or bank financing are insufficient, we will have to raise additional working capital.  No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to us.

Off-Balance Sheet Arrangements

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 is material to investors.

Item 3.  Quantitative and Qualitative Disclosures About Market Risk.

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 4.  Controls and Procedures.

Management’s Report on Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, 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 management, including our president (our principal executive officer, principal financial officer and principal accounting officer) to allow for timely decisions regarding required disclosure.

As of the end of the quarter covered by this report, we carried out an evaluation, under the supervision and with the participation of our president (our principal executive officer, principal financial officer and principle accounting officer), of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our president (our principal executive officer, principal financial officer and principal accounting officer) concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this quarterly report due to our limited member of officers and members of the Board of Directors.

Changes in Internal Control over Financial Reporting

There have been no changes in our internal controls over financial reporting that occurred during the quarter ended April 30, 2016, that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

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 beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
Item 1A.  Risk Factors.

As a “smaller reporting company”, we are not required to provide the information required by this Item.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds.

We did not issue unregistered equity securities during the quarter ended April 30, 2016.

Item 3.  Defaults Upon Senior Securities.

None.

Item 4.  Mine Safety Disclosures.

Not applicable.

Item 5.  Other Information.

None.
 
 
Item 6.  Exhibits.

Exhibit Number
 
Description of Exhibit
 
 
101*
 
Interactive Data File (Form 10-Q for the period ended April 30, 2016 furnished in XBRL).
101.INS
101.SCH
101.CAL
101.DEF
101.LAB
101.PRE
 
XBRL Instance Document
XBRL Taxonomy Extension Schema Document
XBRL Taxonomy Extension Calculation Linkbase Document
XBRL Taxonomy Extension Définition Linkbase Document
XBRL Taxonomy Extension Label Linkbase Document
XBRL Taxonomy Extension Presentation Linkbase Document
 
* XBRL Information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
 
 
 
 
 

SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) 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.

 
BRIDGEWATER PLATFORMS INC.
 
 
(Registrant)
 
 
 
 
 
 
 
Dated: June 14, 2016
/s/ Emanuel Oliveira
 
 
Emanuel Oliveira
 
 
President, Chief Executive Officer, Chief Financial Officer
 
 
(Principal Executive, Financial and Accounting Officer)
 
 
 
 
 
 
 
 
 
16
EX-31.1 2 ex-31_1.htm EX 31.1
Exhibit 31.1
 
 
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
 
 
I, Emanuel Oliveira, certify that:
 
1. I have reviewed this quarterly report on Form 10-Q of Bridgewater Platforms Inc.;
 
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 Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
 
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under 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; and
 
(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting;
 
5. I have disclosed, based on my 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: June 14, 2016
 
/s/ Emanuel Oliveira
 
Emanuel Oliveira
President, Chief Executive Officer, Chief Financial Officer
(Principal Executive, Financial Officer and Accounting Officer)

EX-32.1 3 ex-32_1.htm EX 32.1
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

The undersigned, Emanuel Oliveira, President, Chief Executive Officer and Chief Financial Officer, of Bridgewater Platforms Inc., hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of theSarbanes-Oxley Act of 2002, that:
 
(1) the quarterly report on Form 10-Q of Bridgewater Platforms Inc. for the period ended April 30, 2016 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of theSecurities 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 Bridgewater Platforms Inc.

Dated: June 14, 2016

 
/s/ Emanuel Oliveira
Emanuel Oliveira
President, Chief Executive Officer and Chief Financial Officer
(Principal Executive, Financial Officer and Accounting Officer)
 

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Bridgewater Platforms Inc. and will be retained by Bridgewater Platforms Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
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text-align: justify; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; background-color: #ffffff; -webkit-text-stroke-width: 0px;">Reclassifications</div> <div style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; background-color: #ffffff; -webkit-text-stroke-width: 0px;">&#160;</div> <div style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; background-color: #ffffff; -webkit-text-stroke-width: 0px;"> <div style="text-align: justify; font-family: 'times new roman', times, serif; font-size: 10pt;">Certain prior year amounts have been reclassified to conform with the current year presentation.</div> </div> </div> 3433 5651 15171 0.74 353 2075 711 3755 353 2075 711 00016233602014-08-012015-07-31 10000 EX-101.SCH 5 bwpi-20160430.xsd XBRL TAXONOMY EXTENSION SCHEMA 001 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Consolidated Balance Sheets (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Consolidated Statements of Operations and Comprehensive Loss (Unaudited) link:presentationLink link:definitionLink link:calculationLink 005 - Statement - Consolidated Statement of Cash Flows (Unaudited) link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - ORGANIZATION AND DESCRIPTION OF BUSINESS link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - GOING CONCERN link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - TAX PAYABLE link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - RELATED PARTY TRANSACTIONS link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - MAJOR CUSTOMER link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - TAX PAYABLE (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - RELATED PARTY TRANSACTIONS (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - MAJOR CUSTOMER (Detail Textuals) link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 6 bwpi-20160430_cal.xml XBRL TAXONOMY EXTENSION CALCULATION LINKBASE EX-101.DEF 7 bwpi-20160430_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 8 bwpi-20160430_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE EX-101.PRE 9 bwpi-20160430_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 10 R1.htm IDEA: XBRL DOCUMENT v3.5.0.1
Document and Entity Information - shares
9 Months Ended
Apr. 30, 2016
Jun. 10, 2016
Document And Entity Information [Abstract]    
Entity Registrant Name BRIDGEWATER PLATFORMS INC.  
Entity Central Index Key 0001623360  
Trading Symbol bwpi  
Current Fiscal Year End Date --07-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   8,333,346
Document Type 10-Q  
Document Period End Date Apr. 30, 2016  
Amendment Flag false  
Document Fiscal Year Focus 2016  
Document Fiscal Period Focus Q3  
XML 11 R2.htm IDEA: XBRL DOCUMENT v3.5.0.1
Consolidated Balance Sheets - USD ($)
Apr. 30, 2016
Jul. 31, 2015
Current Assets    
Cash and cash equivalents $ 5,544 $ 26,253
Accounts receivable 353  
Prepaid expenses 2,075  
TOTAL ASSETS 7,972 26,253
Current Liabilities    
Accounts payable and accrued liabilities 12,599 2,050
Tax payable   10,000
Unearned revenue 711  
TOTAL LIABILITIES 13,310 12,050
STOCKHOLDERS' EQUITY (DEFICIT)    
Common stock, par value $0.001, 75,000,000 shares authorized, 8,333,346 shares issued and outstanding 8,333 8,333
Additional paid-in capital 63,237 63,237
Accumulated deficit (75,575) (56,537)
Accumulated other comprehensive loss (1,333) (830)
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) (5,338) 14,203
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) $ 7,972 $ 26,253
XML 12 R3.htm IDEA: XBRL DOCUMENT v3.5.0.1
Consolidated Balance Sheets (Parentheticals) - $ / shares
Apr. 30, 2016
Jul. 31, 2015
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized 75,000,000 75,000,000
Common stock, shares issued 8,333,346 8,333,346
Common stock, shares outstanding 8,333,346 8,333,346
XML 13 R4.htm IDEA: XBRL DOCUMENT v3.5.0.1
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Apr. 30, 2016
Apr. 30, 2015
Apr. 30, 2016
Apr. 30, 2015
Income Statement [Abstract]        
REVENUES $ 923 $ 3,844 $ 20,584 $ 12,693
COST OF GOODS SOLD 200 1,762 17,368 5,491
GROSS PROFIT 723 2,082 3,216 7,202
OPERATING EXPENSES        
General and administrative expenses 1,232 4,612 10,367 9,685
Professional fees 3,705 4,786 20,820 16,186
Total Operating Expenses 4,937 9,398 31,187 25,871
LOSS BEFORE INCOME TAXES (4,214) (7,316) (27,971) (18,669)
Income tax recovery     10,000  
Income tax expense     (1,067)  
NET LOSS (4,214) (7,316) (19,038) (18,669)
OTHER COMPREHENSIVE LOSS        
Foreign currency translation adjustments 191 420 (503) (214)
TOTAL COMPREHENSIVE LOSS $ (4,023) $ (6,896) $ (19,541) $ (18,883)
Basic and Diluted Loss per Common Share (in dollars per share) $ (0.00) $ (0.00) $ (0.00) $ (0.00)
Basic and Diluted Weighted Average Common Shares Outstanding (in shares) 8,333,346 5,037,453 8,333,346 4,499,390
XML 14 R5.htm IDEA: XBRL DOCUMENT v3.5.0.1
Consolidated Statement of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Apr. 30, 2016
Apr. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES    
Net loss $ (19,038) $ (18,669)
Adjustments to reconcile net loss to net cash used in operating activities:    
Contributed services   8,570
Changes in operating assets and liabilities:    
Accounts receivable (353) (3,755)
Prepaid expenses (2,075)  
Accounts payable and accrued liabilities 10,549 (1,578)
Unearned revenue 711  
Other payable (10,000)  
Net cash used in operating activities (20,206) (15,432)
CASH FLOWS FROM FINANCING ACTIVITIES    
Issuance of common stock for cash   55,000
Net cash provided by financing activities   55,000
Effects on changes in foreign exchange rate (503) (214)
Net increase (decrease) in cash and cash equivalents (20,709) 39,354
Cash and cash equivalents - beginning of period 26,253 4,925
Cash and cash equivalents - end of period $ 5,544 $ 44,279
Supplemental Cash Flow Disclosures    
Cash paid for interest
Cash paid for income taxes
XML 15 R6.htm IDEA: XBRL DOCUMENT v3.5.0.1
ORGANIZATION AND DESCRIPTION OF BUSINESS
9 Months Ended
Apr. 30, 2016
Organization And Description Of Business [Abstract]  
ORGANIZATION AND DESCRIPTION OF BUSINESS
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
 
Bridgewater Platforms Inc. (the "Company") is a Nevada corporation incorporated on May 6, 2014. It is based in Las Vegas, NV, USA, and the Company's fiscal year end is July 31.
 
On May 20, 2014, the Company incorporated its wholly owned Canadian subsidiary, Bridgewater Construction Ltd. in Etobicoke, Ontario.
 
The Company intends to develop a modular pool-covering system to install a secure platform each Fall that can be walked on and used for whatever purpose the homeowner desires. Each platform will be custom-made from sturdy recycled materials, and when not in use, the company will come back each spring, dissemble, and store the platform at its own secure facility. To date, the Company's activities have been limited to provide formation activities, construction service to local residents, and the raising of equity capital.
XML 16 R7.htm IDEA: XBRL DOCUMENT v3.5.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
9 Months Ended
Apr. 30, 2016
Accounting Policies [Abstract]  
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
Basis of Presentation
 
The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").  The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States.
 
In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading.  The results of operations for such interim periods are not necessarily indicative of operations for a full year.  These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's 10-K filed with the Securities and Exchange Commission on October 29, 2015.
 
Basis of Consolidation
 
These financial statements include the accounts of the Company and its wholly-owned subsidiary, Bridgewater Construction Ltd., All material intercompany balances and transactions have been eliminated.
 
Reclassifications
 
Certain prior year amounts have been reclassified to conform with the current year presentation.
XML 17 R8.htm IDEA: XBRL DOCUMENT v3.5.0.1
GOING CONCERN
9 Months Ended
Apr. 30, 2016
Going Concern [Abstract]  
GOING CONCERN
NOTE 3 - GOING CONCERN
 
The Company's consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business.  The Company has not established an ongoing source of revenues sufficient to cover its operating cost, and requires additional capital to commence its operating plan. The ability of the Company to continue as a going concern is dependent on the Company obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain adequate capital, it could be forced to cease operations.  These factors raise substantial doubt about its ability to continue as a going concern.
 
In order to continue as a going concern, the Company will need, among other things, additional capital resources.  Management's plan to obtain such resources for the Company include: sales of equity instruments; traditional financing, such as loans; and obtaining capital from management and significant stockholders sufficient to meet its minimal operating expenses. However, management cannot provide any assurance that the Company will be successful in accomplishing any of its plans.
 
There is no assurance that the Company will be able to obtain sufficient additional funds when needed or that such funds, if available, will be obtainable on terms satisfactory to the Company. In addition, profitability will ultimately depend upon the level of revenues received from business operations.  However, there is no assurance that the Company will attain profitability. The accompanying consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.
XML 18 R9.htm IDEA: XBRL DOCUMENT v3.5.0.1
TAX PAYABLE
9 Months Ended
Apr. 30, 2016
Income Tax Disclosure [Abstract]  
TAX PAYABLE
NOTE 4 – TAX PAYABLE
 
During the period ended April 30, 2016, the Internal Revenue Service of the United State waived $10,000 penalty previous charged on late corporate tax filing of the Company’s subsidiary. This $10,000 was originally recorded as other expenses for the year ended July 31, 2015 and was recorded as income tax recovery during the period ended April 30, 2016.
XML 19 R10.htm IDEA: XBRL DOCUMENT v3.5.0.1
RELATED PARTY TRANSACTIONS
9 Months Ended
Apr. 30, 2016
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS
NOTE 5 – RELATED PARTY TRANSACTIONS
 
During the period ended April 30, 2016, the Company paid to a company owned by its shareholder for labor service and recorded as cost of goods sold of $3,433 and management fee of $5,651. There is no balance due to this shareholder at April 30, 2016.
XML 20 R11.htm IDEA: XBRL DOCUMENT v3.5.0.1
MAJOR CUSTOMER
9 Months Ended
Apr. 30, 2016
Major Customer [Abstract]  
MAJOR CUSTOMER
NOTE 6 – MAJOR CUSTOMER
 
During the period ended April 30, 2016, the Company has revenue of $15,171 from one customer for a landscaping project provided by the Company which is approximately 74% of total revenue.
XML 21 R12.htm IDEA: XBRL DOCUMENT v3.5.0.1
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
9 Months Ended
Apr. 30, 2016
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
 
The Financial Statements and related disclosures have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC").  The Financial Statements have been prepared using the accrual basis of accounting in accordance with Generally Accepted Accounting Principles ("GAAP") of the United States.
 
In the opinion of management, all adjustments consisting of normal recurring entries necessary for a fair statement of the periods presented for: (a) the financial position; (b) the result of operations; and (c) cash flows, have been made in order to make the financial statements presented not misleading.  The results of operations for such interim periods are not necessarily indicative of operations for a full year.  These interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto contained in the Company's 10-K filed with the Securities and Exchange Commission on October 29, 2015.
Basis of Consolidation
Basis of Consolidation
 
These financial statements include the accounts of the Company and its wholly-owned subsidiary, Bridgewater Construction Ltd., All material intercompany balances and transactions have been eliminated.
Reclassifications
Reclassifications
 
Certain prior year amounts have been reclassified to conform with the current year presentation.
XML 22 R13.htm IDEA: XBRL DOCUMENT v3.5.0.1
TAX PAYABLE (Detail Textuals) - USD ($)
9 Months Ended 12 Months Ended
Apr. 30, 2016
Jul. 31, 2015
Income Tax Disclosure [Abstract]    
Income tax recovery $ 10,000  
Other expenses   $ 10,000
XML 23 R14.htm IDEA: XBRL DOCUMENT v3.5.0.1
RELATED PARTY TRANSACTIONS (Detail Textuals)
9 Months Ended
Apr. 30, 2016
USD ($)
Related Party Transactions [Abstract]  
Amount paid to shareholders for labor service $ 3,433
Management fee $ 5,651
XML 24 R15.htm IDEA: XBRL DOCUMENT v3.5.0.1
MAJOR CUSTOMER (Detail Textuals) - Customer Concentration Risk - Total revenue - One customer
9 Months Ended
Apr. 30, 2016
USD ($)
Revenue, Major Customer [Line Items]  
Revenue $ 15,171
Percentage of total revenue 74.00%
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