UNITED STATES SECURITIES AND EXCHANGE COMMISSION Form 10-Q
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Mark One
[ X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 2016
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to _______
Commission File No. 333-206745
AP EVENT INC.
(Exact name of registrant as specified in its charter)
Nevada (State or Other Jurisdiction of Incorporation or Organization) | 38-3944821 IRS Employer Identification Number | 4724 Primary Standard Industrial Classification Code Number |
Husovo namesti 7,
Okres Praha - Zapad,
Czech Republic 25301
Tel. +420228885852
(Issuer’s telephone number)
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Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X] No[ ]
Indicate by check mark whether the registrant 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 [ ] No[X]
Indicate by check mark whether the registrant is a large accelerated filed, an accelerated filer, a non-accelerated filer, or a smaller reporting company.
Large accelerated filer [ ]
Accelerated filer [ ]
Non-accelerated filer [ ]
Smaller reporting company [X]
Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [ X ]
Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years.
N/A
Applicable Only to Corporate Registrants
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Class | Outstanding as of February 3, 2017 |
Common Stock, $0.001 | 6,280,000 |
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AP EVENT INC.
Form 10-Q
Part 1 | FINANCIAL INFORMATION |
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Item 1 | Unaudited Financial Statements | 4 |
| Unaudited Balance Sheets | 4 |
| Unaudited Statements of Operations | 5 |
| Unaudited Statements of Cash Flows | 6 |
| Notes to Unaudited Financial Statements | 7 |
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 10 |
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 13 |
Item 4. | Controls and Procedures | 13 |
Part II. | OTHER INFORMATION |
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Item 1 | Legal Proceedings | 13 |
Item 1A | Risk Factors | 13 |
Item 2. | 13 | |
Item 3 | Defaults Upon Senior Securities | 14 |
Item 4 | Mine Safety Disclosures | 14 |
Item 5 | Other Information | 14 |
Item 6 | Exhibits | 14 |
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AP EVENT INC.
Balance Sheets
(Unaudited)
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| December 31, 2016 (Unaudited) | June 30, 2016 (Audited) |
CURRENT ASSETS |
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Cash | $ 11,798 | $ 24,108 |
Current ASSETS | 11,798 | 24,108 |
Office Equipment, net of accumulated Depreciation of $1,189 | 1,491 | 1,937 |
TOTAL ASSETS | $ 13,289 | $ 26,045 |
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LIABILITIES |
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Current Liabilities: |
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Accrued Expenses | $ - | $ 6,500 |
Note Payable - Related Party | 3,617 | 3,617 |
TOTAL LIABILITIES | 3,617 | 10,117 |
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STOCKHOLDERS' EQUITY |
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Common stock: authorized 75,000,000; $0.001 par value; |
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6,280,000 shares issued and outstanding as of December 31, 2016 and June 30, 2016 | 6,280 | 6,280 |
Additional paid-in-capital | 24,320 | 24,320 |
Accumulated deficit | (20,928) | (14,672) |
Total Stockholders' Equity | 9,672 | 15,928 |
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 13,289 | $ 26,045 |
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The accompanying notes are an integral part of these financial statements | ||
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AP EVENT INC.
Statement of Operations
(Unaudited)
| Three months ended December 31, 2016 | Three months ended December 31, 2015 | Six months ended December 31, 2016 | Six months ended December 31, 2015 | |
REVENUES | $ - | $ 2,500 | $ - | $ 5,500 | |
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Operating Expenses: |
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General & Administrative Expenses | 6,033 | 3,088 | 6,256 | 4,097 | |
Total Expenses | (6,033) | (3,088) | (6,256) | (4,097) | |
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Income (Loss) Before Income Tax | (6,033) | (588) | (6,256) | 1,403 | |
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Provision for Income Tax | - |
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Net income (loss) for Period | $ (6,033) | $ (588) | $ (6,256) | $ 1,403 | |
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Net loss per share: | $ 0 | $ 0 | $ 0 | $ 0 | |
Basic and diluted |
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Weighted average number of shares outstanding: Basic and diluted | 6,280,000 | 5,000,000 | 6,280,000 | 5,000,000 | |
The accompanying notes are an integral part of these financial statements | |||||
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AP EVENT INC.
Statement of Cash Flows
(Unaudited)
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AP EVENT INC.
Notes to the Financial Statements
(Unaudited)
NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION
AP EVENT INC.(the “Company”) was established under the corporation laws in the State of Nevada, United States of America on October 16, 2014. The Company’s principal office address is Husovo namesti 7, Okres Praha - Zapad, Czech Republic 25301.
Since inception the Company has devoted substantially all of its efforts to establishing a new business. The Company’s primary services are as follows: delivering a touristic service to broad public, aimed mostly at young people due to it’s being specific. Services and products provided by our company may include custom packages according to client’s specifications and travel consultation.
The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company’s business plan.
Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and in accordance with Article 10 of Regulation S-X of the United States Securities and Exchange Commission ("SEC"). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company's management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of December 31, 2016 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended December 31, 2016 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto for the period ended June 30, 2016.
NOTE 2 – GOING CONCERN
The Company’s financial statements been prepared using generally accepted accounting principles 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 yet established an ongoing source of revenues sufficient to cover its operating expenses. The Company has incurred a cumulative net loss from inception (October 16, 2014) through December 31, 2016 of $20,928. These factors, among others, raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
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NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fair Value Measurements
The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.
The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:
Level 1 — quoted prices in active markets for identical assets or liabilities
Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable
Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)
The Company has no assets or liabilities valued at fair value on a recurring basis.
Revenue Recognition
The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." It records revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured.
Start-Up Costs
In accordance with ASC 720, “Start-up Costs”, the Company expenses all costs incurred in connection with the start-up and organization of the Company.
Income taxes
The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
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The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.
ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at December 31, 2016.
NOTE 4 – CAPTIAL STOCK
The Company has 75,000,000 shares of common stock authorized with a par value of $ 0.001 per share.
On June 8, 2015, the Company issued 5,000,000 shares at $0.001 per share for total proceeds of $5,000 to the company’s founder.
In January and February 2016, the Company issued 1,280,000 shares at $0.02 per share for total proceeds of $25,600.
As of December 31, 2016, the Company had 6,280,000 shares issued and outstanding.
NOTE 5 – RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.
Since October 16, 2014 (Inception) through December 31, 2016, the Company’s sole officer and director loaned the Company $3,617 to pay for incorporation costs and operating expenses. As of December 31, 2016, the amount outstanding was $3,617. The loan is non-interest bearing, due upon demand and unsecured.
NOTE 6 – SUBSEQUENT EVENTS
Management has evaluated events occurring after the date of these financial statements through February 3, 2017 the date that these financial statements were available to be issued. There have been no other events that would require adjustment to or disclosure in the financial statements.
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FORWARD LOOKING STATEMENTS
Statements made in this Form 10-Q that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION
Business
Our primary services are as follows: delivering a touristic service to broad public, aimed mostly at young people due to it’s being specific. Services and products provided by our company may include custom packages according to client’s specifications and travel consultation. As it grows the company is likely to take on people and expand into related markets and services. We might also look for additional leverage by establishing relationships and representations with appropriate strategic allies.
We plan to organize complex tours or offer each feature of our tours separately. A complex tour includes the following features:
- transfer (transportation from homeland to the point of final destination by any type of transport, local transportation, from airport/railway/bus terminal to a hotel, from a hotel to an event or attraction);
- admission to the music event;
- a guided excursion around a particular city or location 4) accommodation (regarding possible demands of our potential clients by accommodation we mean hostels or B&B’s)
- catering, for additional fee upon request;
RESULTS OF OPERATIONS
Three Months Period Ended December 31, 2016 compared to Three Months Period Ended December 31, 2015
Revenue
During the three months period ended December 31, 2015 we have generated $2,500 in revenue compared to none during the three months period ended December 31, 2016.
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Operating Expenses
During the three month period ended December 31, 2016, we incurred $6,033 general and administrative expenses compared to $3,088 during the three months period ended December 31, 2015. General and administrative expenses incurred generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting and developmental costs.
Net Loss
Our net loss for the three months period ended December 31, 2016 was $6,033 compared to net loss of $588 during the three months period ended December 31, 2015.
Six Months Period Ended December 31, 2016 compared to Six Months Period Ended December 31, 2015
Revenue
During the six months period ended December 31, 2015 we have generated $5,500 in revenue compared to none during the six months period ended December 31, 2016.
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Operating Expenses
During the six month period ended December 31, 2016, we incurred $6,256 general and administrative expenses compared to $4,097 during the six months period ended December 31, 2015. General and administrative expenses incurred generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting and developmental costs.
Net Loss
Our net loss for the six months period ended December 31, 2016 was $6,256 compared to net income of $1,403 during the six months period ended December 31, 2015.
LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2016
As at December 31, 2016 our total current assets were $13,289 compared to $26,045 in total current assets at June 30, 2016. As at December 31, 2016 our current liabilities were $3,617 compare to $10,117 as of June 30, 2016.
Stockholders’ equity was $9,672 as of December 31, 2016 compared to stockholders’ equity of $15,928 as of June 30, 2016.
Cash Flows from Operating Activities
We have not generated positive cash flows from operating activities. For the six months ended December 31, 2016, net cash flows used in operating activities was $12,310 consisting of a net loss of $6,256, decrease in accounts payable of $6,500 and depreciation expenses of $446. Net cash flows provided by operating activities was $800 for the six months period ended December 31, 2015 consisting a net income of $1,403, decreased in accounts payable of $2,500 and depreciation expenses of $297.
Cash Flows from Investing Activities
We have not used any cash flows in investing activities during the six months period ended December 31, 2016. For the six months period ended December 31, 2015 we used $2,680 in investing activities.
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Cash Flows from Financing Activities
We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the six months period ended December 31, 2016 net cash provided by financing activities was $0 compared to $3,000 form proceeds from the loan for the six months period ended December 31, 2015.
PLAN OF OPERATION AND FUNDING
We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.
Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) developmental expenses associated with a start-up business and (ii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations.
MATERIAL COMMITMENTS
As of the date of this Quarterly Report, we do not have any material commitments.
PURCHASE OF SIGNIFICANT EQUIPMENT
We do not intend to purchase any significant equipment during the next twelve months.
OFF-BALANCE SHEET ARRANGEMENTS
As of the date of this Quarterly Report, we do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.
GOING CONCERN
The independent auditors' report accompanying our June 30, 2016 financial statements contains an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.
ITEM 4. CONTROLS AND PROCEDURES
Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of December 31, 2016. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms. Such officer also confirmed that there was no change in our internal control over financial reporting during the three month period ended December 31, 2016 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.
ITEM 1A. RISK FACTORS
We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
No unregistered shares were sold during the three months period ended December 31, 2016.
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ITEM 3. DEFAULTS UPON SENIOR SECURITIES
No senior securities were issued and outstanding during the three and three month periods ended December 31, 2016.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable to our Company.
ITEM 4. OTHER INFORMATION
None.
ITEM 5. EXHIBITS
Exhibits:
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.INS XBRL Instance Document
101.SCH XBRL Taxonomy Extension Schema Document
101.CAL XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF XBRL Taxonomy Extension Definition Document
101.LAB XBRL Taxonomy Extension Label Linkbase Document
101.PRE XBRL Taxonomy Extension Presentation Linkbase Document
SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AP EVENT INC. |
Dated: February 3, 2017 | By:/s/August Petrov |
| August Petrov, President and Chief Executive Officer and Chief Financial Officer |
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EXHIBIT 31.1
CERTIFICATION
I, August Petrov, President and Chief Executive Officer and Chief Financial Officer of AP EVENT INC., certify that:
1. I have reviewed this Quarterly Report on Form 10-Q of AP EVENT 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 quarterly 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: February 3, 2017
/s/ August Petrov
____________________________
August Petrov, President,
Chief Executive Officer and
Chief Financial Officer
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 AP EVENT INC.(the "Company") on Form 10-Q for the period ended December 31, 2016 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: February 3, 2017
/s/ August Petrov
August Petrov
President,Chief Executive Officer and
Chief Financial Officer
Document and Entity Information |
6 Months Ended |
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Dec. 31, 2016
shares
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| Document and Entity Information: | |
| Entity Registrant Name | AP EVENT INC. |
| Document Type | 10-Q |
| Document Period End Date | Dec. 31, 2016 |
| Trading Symbol | apevent |
| Amendment Flag | false |
| Entity Central Index Key | 0001643721 |
| Current Fiscal Year End Date | --06-30 |
| Entity Common Stock, Shares Outstanding | 6,280,000 |
| Entity Filer Category | Smaller Reporting Company |
| Entity Current Reporting Status | No |
| Entity Voluntary Filers | No |
| Entity Well-known Seasoned Issuer | No |
| Document Fiscal Year Focus | 2017 |
| Document Fiscal Period Focus | Q2 |
Statement of Financial Position - USD ($) |
Dec. 31, 2016 |
Jun. 30, 2016 |
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| Assets, Current | ||
| Cash and Cash Equivalents, at Carrying Value | $ 11,798 | $ 24,108 |
| Assets, Noncurrent | ||
| Property, Plant and Equipment, Gross | 1,491 | 1,937 |
| Assets | 13,289 | 26,045 |
| Liabilities, Current | ||
| Accrued Liabilities, Current | 6,500 | |
| Liabilities, Noncurrent | ||
| Due to Related Parties, Noncurrent | 3,617 | 3,617 |
| Liabilities | 3,617 | 10,117 |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | ||
| Common Stock, Value, Issued | 6,280 | 6,280 |
| Additional Paid in Capital, Common Stock | 24,320 | 24,320 |
| Retained Earnings (Accumulated Deficit) | (20,928) | (14,672) |
| Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 9,672 | $ 15,928 |
| Stockholders' Equity, Number of Shares, Par Value and Other Disclosures | ||
| Common Stock, Shares Authorized | 75,000,000 | 75,000,000 |
| Common Stock, Shares Issued | 6,280,000 | 6,280,000 |
| Common Stock, Shares Outstanding | 6,280,000 | 6,280,000 |
| Liabilities and Equity | $ 13,289 | $ 26,045 |
Statement of Operations (Unaudited) - USD ($) |
3 Months Ended | 6 Months Ended | ||
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Dec. 31, 2016 |
Dec. 31, 2015 |
Dec. 31, 2016 |
Dec. 31, 2015 |
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| Revenues | ||||
| Sales Revenue, Services, Net | $ 2,500 | $ 5,500 | ||
| Revenues | $ 0 | 2,500 | $ 0 | 5,500 |
| Cost of Revenue | ||||
| Cost of Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 2,500 | 0 | 5,500 |
| Amortization of Deferred Charges | ||||
| Administrative Expense | 6,033 | 3,088 | 6,256 | 4,097 |
| Total Operating Expenses | 6,033 | 3,088 | 6,256 | 4,097 |
| Net loss from operations | (6,033) | (588) | (6,256) | 1,403 |
| Interest and Debt Expense | ||||
| Net Income (Loss) | $ (6,033) | $ (588) | $ (6,256) | $ 1,403 |
| Earnings Per Share | ||||
| Weighted Average Number of Shares Outstanding, Basic | 6,280,000 | 5,000,000 | 6,280,000 | 5,000,000 |
| Earnings Per Share, Basic and Diluted | $ 0 | $ 0 | $ 0 | $ 0 |
Organization, Consolidation and Presentation of Financial Statements |
6 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Organization, Consolidation and Presentation of Financial Statements: | |
| Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies | AP EVENT INC. Notes to the Financial Statements (Unaudited)
NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION
AP EVENT INC.(the “Company”) was established under the corporation laws in the State of Nevada, United States of America on October 16, 2014. The Company’s principal office address is Husovo namesti 7, Okres Praha - Zapad, Czech Republic 25301.
Since inception the Company has devoted substantially all of its efforts to establishing a new business. The Company’s primary services are as follows: delivering a touristic service to broad public, aimed mostly at young people due to it’s being specific. Services and products provided by our company may include custom packages according to client’s specifications and travel consultation.
The Company’s activities are subject to significant risks and uncertainties including failure to secure additional funding to properly execute the company’s business plan.
Basis of Presentation
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial statements and in accordance with Article 10 of Regulation S-X of the United States Securities and Exchange Commission ("SEC"). Accordingly, they do not contain all information and footnotes required by accounting principles generally accepted in the United States of America for annual financial statements. In the opinion of the Company's management, the accompanying unaudited financial statements contain all the adjustments necessary (consisting only of normal recurring accruals) to present the financial position of the Company as of December 31, 2016 and the results of operations and cash flows for the periods presented. The results of operations for the three months ended December 31, 2016 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited financial statements should be read in conjunction with the financial statements and related notes thereto for the period ended June 30, 2016.
NOTE 2 – GOING CONCERN
The Company’s financial statements been prepared using generally accepted accounting principles 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 yet established an ongoing source of revenues sufficient to cover its operating expenses. The Company has incurred a cumulative net loss from inception (October 16, 2014) through December 31, 2016 of $20,928. These factors, among others, raise substantial doubt about the ability of the company to continue as a going concern for a reasonable period of time.
In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking equity and/or debt financing. However management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Fair Value Measurements
The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements.
The estimated fair value of certain financial instruments, including cash and cash equivalents are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments.
ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value:
Level 1 — quoted prices in active markets for identical assets or liabilities
Level 2 — quoted prices for similar assets and liabilities in active markets or inputs that are observable
Level 3 — inputs that are unobservable (for example cash flow modeling inputs based on assumptions)
The Company has no assets or liabilities valued at fair value on a recurring basis. Revenue Recognition The Company follows the guidance of the Accounting Standards Codification ("ASC") Topic 605, "Revenue Recognition." It records revenue when persuasive evidence of an arrangement exists, services have been rendered, the selling price to the customer is fixed or determinable and collectability of the revenue is reasonably assured.
Start-Up Costs
In accordance with ASC 720, “Start-up Costs”, the Company expenses all costs incurred in connection with the start-up and organization of the Company.
Income taxes
The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled.
The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized.
ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. There are no material uncertain tax positions at December 31, 2016.
NOTE 4 – CAPTIAL STOCK
The Company has 75,000,000 shares of common stock authorized with a par value of $ 0.001 per share.
On June 8, 2015, the Company issued 5,000,000 shares at $0.001 per share for total proceeds of $5,000 to the company’s founder. In January and February 2016, the Company issued 1,280,000 shares at $0.02 per share for total proceeds of $25,600. As of December 31, 2016, the Company had 6,280,000 shares issued and outstanding.
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Related Party Disclosures |
6 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Related Party Disclosures: | |
| Related Party Transactions Disclosure | NOTE 5 – RELATED PARTY TRANSACTIONS
In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.
Since October 16, 2014 (Inception) through December 31, 2016, the Company’s sole officer and director loaned the Company $3,617 to pay for incorporation costs and operating expenses. As of December 31, 2016, the amount outstanding was $3,617. The loan is non-interest bearing, due upon demand and unsecured. |
Subsequent Events |
6 Months Ended |
|---|---|
Dec. 31, 2016 | |
| Subsequent Events: | |
| Subsequent Events | NOTE 6 – SUBSEQUENT EVENTS
Management has evaluated events occurring after the date of these financial statements through February 3, 2017 the date that these financial statements were available to be issued. There have been no other events that would require adjustment to or disclosure in the financial statements. |