Form10Q

0001678746-18-000012.txt : 20181212 0001678746-18-000012.hdr.sgml : 20181212 20181212074655 ACCESSION NUMBER: 0001678746-18-000012 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 23 CONFORMED PERIOD OF REPORT: 20181031 FILED AS OF DATE: 20181212 DATE AS OF CHANGE: 20181212 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REMARO GROUP CORP. CENTRAL INDEX KEY: 0001678746 STANDARD INDUSTRIAL CLASSIFICATION: TRANSPORTATION SERVICES [4700] IRS NUMBER: 364833921 STATE OF INCORPORATION: NV FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-215000 FILM NUMBER: 181230023 BUSINESS ADDRESS: STREET 1: CALLE ROBLES, CASA 25 CITY: QUITO STATE: H1 ZIP: 170100 BUSINESS PHONE: 56229791247 MAIL ADDRESS: STREET 1: CALLE ROBLES, CASA 25 CITY: QUITO STATE: H1 ZIP: 170100 10-Q 1 f10qremarooctober312018-upda.htm Form10Q

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 October 31, 2018

[ ] 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. 333-215000

REMARO GROUP CORP.

(Exact name of registrant as specified in its charter)

Nevada

(State or Other Jurisdiction of Incorporation or Organization)

36-4833921

IRS Employer Identification Number

4724

Primary Standard Industrial Classification Code Number

Calle Robles, Casa 25,

Quito, Ecuador

Tel. +56-2-2979-1247

(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 filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]

Accelerated filer [ ]

Non-accelerated filer [ ]

Smaller reporting company [X]

Emerging growth company [X]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

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 December 11, 2018
Common Stock, $0.001	10,511,000

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REMARO GROUP CORP.

Form 10-Q


Part 1	FINANCIAL INFORMATION
Item 1	Unaudited Financial Statements
	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	12
Item 4.	Controls and Procedures	12
Part II.	OTHER INFORMATION
Item 1	Legal Proceedings	12
Item 1A	Risk Factors	12
Item 2.	Unregistered Sales of Equity S ecurities and Use of Proceeds	13
Item 3	Defaults Upon Senior Securities	13
Item 4	Mine Safety Disclosures	13
Item 5	Other Information	13
Item 6	Exhibits	13

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REMARO GROUP CORP. BALANCE SHEETS
		October 31, 2018 (Unaudited)	JULY 31, 2018
ASSETS
Current Assets
	Cash	$ 8,904	$ 14,654
	Total current assets	8,904	14,654
Fixed Assets
	Equipment, net of depreciation	4,946	5,695
	Total fixed assets	4,946	5,695
Total Assets		$ 13,850	$ 20,349

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
	Accounts Payable	$ -	$ 2,000
	Loan from related parties	1,064	1,064
	Total current liabilities	1,064	3,064
Total Liabilities		1,064	3,064

Commitment and contingencies
Stockholders’ Equity
	Common stock, $0.001 par value, 75,000,000 shares authorized;
	10,511,000 shares issued and outstanding	10,511	10,511
	Additional paid-in capital	22,599	22,599
	Accumulated Earnings (Deficit)	(20,324)	(15,825)
Total Stockholders’ Equity (Deficit)		12,786	17,285

Total Liabilities and Stockholders’ Equity		$ 13,850	$ 20,349

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

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REMARO GROUP CORP. STATEMENTS OF OPERATIONS (UNAUDITED)
	Three months ended October 31, 2018	Three months ended October 31, 2017
Revenue	$ -	$ 18,055
Cost of revenue	-	5,300
Gross profit	-	12,755
Operating expenses
General and administrative expenses	4,499	619
Net income (loss) from operations	(4,499)	12,136
Net income (loss)	$ (4,499)	$ 12,136

Income (loss) per common share: Basic and Diluted	$ (0.00)	$ 0.00

Weighted Average Number of Common Shares Outstanding: Basic and Diluted	10,511,000	9,389,663

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

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REMARO GROUP CORP. STATEMENTS OF CASH FLOWS (UNAUDITED)
		Three months ended October 31, 2018	Three months ended October 31, 2017
Cash flows from Operating Activities
	Net income (loss)	$ (4,499)	$ 12,136
	Depreciation	749	552
	Deferred Revenue	-	(2,500)
	Account Payable	(2,000)	-
	Net cash provided by (used in) operating activities	(5,750)	10,188

Cash flows from Investing Activities
Purchase of fixed assets		-	(2,500)
Net cash used in investing activities		-	(2,500)

Cash flows from Financing Activities
	Proceeds from sale of common stock	-	12,610
	Net cash provided by financing activities	-	12,610


Net increase in cash and equivalents		(5,750)	20,298
Cash and equivalents at beginning of the period		14,654	5,981
Cash and equivalents at end of the period		$ 8,904	$ 26,279
	Supplemental cash flow information:
Non-cash Investing and Financing activities
	Stock subscription receivable Cash paid for:	$ -	$ 3,800
	Interest	$ -	$ -
	Taxes	$ -	$ -

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

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REMARO GROUP CORP.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

FOR THE THREE MONTH PERIODS ENDED OCTOBER 31, 2018 AND OCTOBER 31, 2017

NOTE 1 – ORGANIZATION AND BUSINESS

REMARO GROUP CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on March 31, 2016. The Company offers the services of a freelance local guide, known also as a pointman (hereinafter referred as ‘guide’ or ‘local guide’). The Company’s tours are operated exclusively in Ecuador and the Company’s functional currency is the US dollar. The Company has adopted a July 31 fiscal year end.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at October 31, 2018 and for the related periods presented.

The results for the three months ended October 31, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Company’s Annual Report for the year ended July 31, 2018, filed with the Securities and Exchange Commission.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At October 31, 2018 the Company's bank deposits did not exceed the insured amounts.

Use of Estimates

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.

Basic Income (Loss) Per Share

The Company computes loss per share in accordance with “ASC-260”, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the period ended October 31, 2018 and 2017 there were no potentially dilutive common shares outstanding.

Stock-Based Compensation

As of October 31, 2018, the Company has not issued any stock-based payments to its employees.

Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.

Revenue Recognition

The Company adopted ASC 606, “Revenue From Contracts With Customers“ (“Topic 606”) effective August 1, 2018. Adoption on this standard did not have a material impact on the Company's financial statements, business process, controls and systems.

This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP.

In accordance with Accounting Standards Codification Topic 606, revenue is recognized when the following criteria are met:

Identification of the contract, or contracts, with a customer;

Identification of the performance obligations in the contract;

Determination of the transaction price;

Allocation of the transaction price to the performance obligations in the contract; and

Recognition of revenue when, or as, we satisfy performance obligation.

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REMARO GROUP CORP.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

FOR THE THREE MONTH PERIODS ENDED OCTOBER 31, 2018 AND OCTOBER 31, 2017

Income Taxes

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

New Accounting Pronouncements

There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.

Property and Equipment and Depreciation Policy

Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years.

As of October 31, 2018, we had total net property and equipment of $4,946 and the total accumulated depreciation was $4,054. As of July 31, 2018, we had total net property and equipment of $5,695 and the total accumulated depreciation was $3,305.


Property and equipment as of October 31, 2018 and July 31, 2018 consisted of the following:
	October 31, 2018	July 31, 2018
Equipment and Computer	$ 9,000	$ 9,000
Accumulated depreciation	(4,054)	(3,305)
Total property and equipment	$ 4,946	$ 5,695

Depreciation expense was $749 and $552 for the three months ended October 31, 2018 and 2017, respectively.

NOTE 3 – GOING CONCERN

The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company had accumulated losses of $20,324 as of October 31, 2018. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments related to the recovery or classification of assets or the amounts and classifications of liabilities that might be necessary should the company be unable to continue as going concern.

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NOTE 4 – CAPTIAL STOCK

The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. Upon formation, the Company issued 8,000,000 shares of its common stock to the director at $0.001 per share for total proceeds of $8,000. The $8,000 was treated as a subscription receivable until paid during the year ended July 31, 2017. For the year ended July 31, 2017, the Company issued 370,000 shares of its common stock at $0.01 per share for total proceeds of $3,700. For the year ended July 31, 2018, the Company issued 2,141,000 of its common stock at $0.01 for total proceeds of $21,410. There were no issuances during the Three Month Period Ended October 31, 2018.

As of October 31, 2018, the Company had 10,511,000 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 March 31, 2016 (Inception) through October 31, 2018, the Company’s sole officer and director loaned the Company $1,064 to pay for incorporation costs and operating expenses. As of October 31, 2018, the amount outstanding was $1,064. The loan is non-interest bearing, due upon demand and unsecured.

NOTE 6. SUBSEQUENT EVENTS

In accordance with ASC 855-10 management has performed an evaluation of subsequent events from October 31, 2018 through the date the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

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.

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

General

We are a tourism agency, currently located in Ecuador, that provides tour guides for individual or group tours in particular localities. We offer services of a freelance local guide, known also as a pointman (hereinafter referred as ‘guide’ or ‘local guide’) around the vicinities of our customers’ choice. The services are aimed at private persons, or groups of them on a collective voyage. The customers (to whom we may refer as “tourists”) are assigned to a particular guide once they complete their request, receive and sign the contract.

We operate our tours exclusively in Ecuador. Ecuador is a land of rich cultural and historical attractions such as: City of Quito, City of Cuenca, El Cajas National Park, Pailon Del Diablo Waterfall, Cotopaxi Summit, The Galapagos Islands, Tena Jungles, Cuyabeno Wildlife Reserve etc.

RESULTS OF OPERATIONS

Three Month Period Ended October 31, 2018 compared to Three Months Period Ended October 31, 2017

Revenue

During the three month period ended October 31, 2018 we have not generated any revenue compared to $18,055 during the three month period ended October 31, 2017. Cost of revenue was $5,300 for the three month period ended October 31, 2017. The company provided tour guide services in Ecuador which earned revenue. The cost of revenue consists of the payment to outsource travel guide.

Operating Expenses

During the three month period ended October 31, 2018, we incurred $4,499 general and administrative expenses compared to $619 during the three month period ended October 31, 2017. General and administrative expenses incurred generally related to corporate overhead, financial and administrative contracted services, such as legal and accounting and developmental costs.

Net Income (Loss)

Our net loss for the three months period ended October 31, 2018 was $4,499 compared to net income of $12,136 during the three month period ended October 31, 2017.

LIQUIDITY AND CAPITAL RESOURCES

As of October 31, 2018

As of October 31, 2018 our total assets were $13,850 compared to $20,349 in total assets at July 31, 2018. As of October 31, 2018 our current liabilities were $1,064, compared to $3,064 as of July 31, 2018.

Stockholders’ equity was $12,786 as of October 31, 2018 compared to $17,285 as of July 31, 2018.

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Cash Flows from Operating Activities

For the three months ended October 31, 2018, cash flows used in operating activities was $5,750 consisting of a net loss of $4,499, depreciation expenses of $749 and decrease in accounts payable of $2,000. Net cash flows provided by operating activities was $10,188 for the three month period ended October 31, 2017, consisting of a net income of $12,136, depreciation expenses of $552 and decrease in deferred revenue of $2,500.

Cash flows from Investing Activities

For the three months ended October 31, 2018, cash flows used in investing activities was $-0- compared to $2,500 for the purchase of equipment for the three month period ended October 31, 2017.

Cash Flows from Financing Activities

We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the three month period ended October 31, 2018 net cash provided by financing activities was $-0- compared to $12,610 from the sale of common stock for the three month period ended October 31, 2017.

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 twelve 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.

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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 July 31, 2018 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.

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

Evaluation of Disclosure Controls and Procedures

Under the supervision and with participation of our management, including our Chief Executive Officer, we evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Exchange Act Rule 13a-15e)) as of the end of the period covered by this report (the “Evaluation Date”). Based on that evaluation, the Chief Executive Officer concluded that our disclosure controls and procedures were not effective as of the Evaluation Date.

Changes in Internal Financial Controls

There was no change in the Company’s internal control over financial reporting that occurred during the Company’s most recently completed quarter that has materially affected, or is reasonable likely to materially affect, the Company’s 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.

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

No unregistered shares were sold during the three month period ended October 31, 2018.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

No senior securities were issued and outstanding during three month period ended October 31, 2018.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable to our Company.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. 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

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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.


	REMARO GROUP CORP.
Dated: December 11, 2018	By:/s/Marina Funt
	Marina Funt, President and Chief Executive Officer and Chief Financial Officer

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EX-31.1 2 f10qcertification31.1.htm Form 10K

Exhibit 31.1

CERTIFICATION

I, Marina Funt, President and Chief Executive Officer and Chief Financial Officer of Remaro Group Corp., certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Remaro Group Corp.;

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: December 11, 2018

/s/ Marina Funt

____________________________

Marina Funt,

President, Chief Executive Officer and Chief Financial Officer

EX-32.1 3 f10qcertification32.1.htm Form 10K

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 Remaro Group Corp.(the "Company") on Form 10-Q for the period ended October 31, 2018 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: December 11, 2018

/s/ Marina Funt

Marina Funt

President, Chief Executive Officer and

Chief Financial Officer

EX-101.CAL 4 remaro-20181031_cal.xml EX-101.DEF 5 remaro-20181031_def.xml EX-101.LAB 6 remaro-20181031_lab.xml Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies Proceeds from Issuance of Preferred Stock and Preference Stock Proceeds from (Repayments of) Other Debt Proceeds from (Repayments of) Lines of Credit Net Cash Provided by (Used in) Financing Activities {1} Net Cash Provided by (Used in) Financing Activities Proceeds from Divestiture of Businesses and Interests in Affiliates Proceeds from Sale and Collection of Other Receivables Payments to Acquire Receivables Increase (Decrease) in Asset Retirement Obligations Increase (Decrease) in Receivables Gain (Loss) on Sale of Property Plant Equipment Interest Expense Marketable Securities, Unrealized Gain (Loss) Nonoperating Income (Expense) {1} Nonoperating Income (Expense) Restructuring Charges Revenues Revenues Gains (Losses) on Sales of Assets Stockholders' Equity, Number of Shares, Par Value and Other Disclosures Accumulated Distributions in Excess of Net Income Liabilities Liabilities Loans Payable, Current Accounts Receivable, Net, Current Assets, Current {1} Assets, Current Payments of Debt Restructuring Costs Proceeds from Sale of Treasury Stock Proceeds from (Repurchase of) Redeemable Preferred Stock Proceeds from (Repayments of) Secured Debt Payments to Acquire Other Investments Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable Increase (Decrease) in Accrued Liabilities Increase (Decrease) in Other Operating Assets {1} Increase (Decrease) in Other Operating Assets Increase (Decrease) in Operating Capital {1} Increase (Decrease) in Operating Capital Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities {1} Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities Net Cash Provided by (Used in) Operating Activities {1} Net Cash Provided by (Used in) Operating Activities General Partner Distributions Rental Income, Nonoperating Amortization of Intangible Assets Deferred Tax Liabilities, Noncurrent Prepaid Expense, Current Notes, Loans and Financing Receivable, Net, Current Payments for Repurchase of Warrants Payments for Repurchase of Preferred Stock and Preference Stock Proceeds from Other Equity Proceeds from Sale and Maturity of Marketable Securities Proceeds from Sale of Other Productive Assets Payments to Acquire Equipment on Lease Payments to Acquire Intangible Assets Payments to Acquire Property, Plant, and Equipment Increase (Decrease) in Operating Assets {1} Increase (Decrease) in Operating Assets Other Preferred Stock Dividends and Adjustments Royalty Income, Nonoperating Marketable Securities, Realized Gain (Loss) Investment Income, Nonoperating {1} Investment Income, Nonoperating Sales Revenue, Goods, Net Treasury Stock, Shares Liabilities, Noncurrent Liabilities, Noncurrent 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10-Q 2018-10-31 false REMARO GROUP CORP. 0001678746 remaro --08-31 10511000 Smaller Reporting Company No No No 2019 Q1

REMARO GROUP CORP. NOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE THREE MONTH PERIODS ENDED OCTOBER 31, 2018 AND OCTOBER 31, 2017   NOTE 1  ORGANIZATION AND BUSINESS   REMARO GROUP CORP. (the Company) is a corporation established under the corporation laws in the State of Nevada on March 31, 2016.  The Company offers the services of a freelance local guide, known also as a pointman (hereinafter referred as guide or local guide). The Companys tours are operated exclusively in Ecuador and the Companys functional currency is the US dollar. The Company has adopted a July 31 fiscal year end.   NOTE 2  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   Basis of Presentation   The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations, and cash flows at October 31, 2018 and for the related periods presented.   The results for the three months ended October 31, 2018 are not necessarily indicative of the results of operations for the full year. These financial statements and related footnotes should be read in conjunction with the consolidated financial statements and footnotes thereto included in the Companys Annual Report for the year ended July 31, 2018, filed with the Securities and Exchange Commission.   Cash and Cash Equivalents   For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of three months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At October 31, 2018 the Company's bank deposits did not exceed the insured amounts.     Use of Estimates   Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from managements estimates and assumptions.   Basic Income (Loss) Per Share   The Company computes loss per share in accordance with ASC-260, Earnings per Share which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the period ended October 31, 2018 and 2017 there were no potentially dilutive common shares outstanding.     Stock-Based Compensation   As of October 31, 2018, the Company has not issued any stock-based payments to its employees.   Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable.  To date, the Company has not adopted a stock option plan and has not granted any stock options.   Revenue Recognition The Company adopted ASC 606, Revenue From Contracts With Customers (Topic 606) effective August 1, 2018. Adoption on this standard did not have a material impact on the Company's financial statements, business process, controls and systems.   This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP.   In accordance with Accounting Standards Codification Topic 606, revenue is recognized when the following criteria are met: -   Identification of the contract, or contracts, with a customer; -   Identification of the performance obligations in the contract; -   Determination of the transaction price; -   Allocation of the transaction price to the performance obligations in the contract; and -   Recognition of revenue when, or as, we satisfy performance obligation.       Income Taxes   The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.   New Accounting Pronouncements   There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.       NOTE 3 GOING CONCERN   The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. The Company had accumulated losses of $20,324 as of October 31, 2018. Accordingly, there is substantial doubt about the Companys ability to continue as a going concern.  Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses. There are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern. The financial statements do not include any adjustments related to the recovery or classification of assets or the amounts and classifications of liabilities that might be necessary should the company be unable to continue as going concern.

Property and Equipment and Depreciation Policy   Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years. As of October 31, 2018, we had total net property and equipment of $4,946 and the total accumulated depreciation was $4,054. As of July 31, 2018, we had total net property and equipment of $5,695 and the total accumulated depreciation was $3,305.     <table cellspacing="0" cellpadding="0" border="1" style='border-top:medium none;border-right:medium none;border-collapse:collapse;border-bottom:medium none;border-left:medium none'> <tr> <td valign="top" width="635" colspan="3" style='border-top:#f0f0f0;border-right:#f0f0f0;width:476.5pt;border-bottom:#f0f0f0;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> Property and equipment as of October 31, 2018 and July 31, 2018 consisted of the following:</td></tr> <tr> <td valign="top" width="312" style='border-top:#f0f0f0;border-right:#f0f0f0;width:233.75pt;border-bottom:#f0f0f0;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'>  </td> <td valign="bottom" width="179" style='border-top:#f0f0f0;border-right:#f0f0f0;width:134.35pt;border-bottom:windowtext 1pt solid;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'>  October 31, 2018</td> <td valign="bottom" width="145" style='border-top:#f0f0f0;border-right:#f0f0f0;width:108.4pt;border-bottom:windowtext 1pt solid;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> July 31, 2018</td></tr> <tr> <td valign="top" width="312" style='border-top:#f0f0f0;border-right:#f0f0f0;width:233.75pt;border-bottom:#f0f0f0;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> Equipment and Computer </td> <td valign="bottom" width="179" style='border-top:#f0f0f0;border-right:#f0f0f0;width:134.35pt;border-bottom:#f0f0f0;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> $  9,000</td> <td valign="bottom" width="145" style='border-top:#f0f0f0;border-right:#f0f0f0;width:108.4pt;border-bottom:#f0f0f0;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> $  9,000</td></tr> <tr> <td valign="top" width="312" style='border-top:#f0f0f0;border-right:#f0f0f0;width:233.75pt;border-bottom:#f0f0f0;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> Accumulated depreciation</td> <td valign="bottom" width="179" style='border-top:#f0f0f0;border-right:#f0f0f0;width:134.35pt;border-bottom:windowtext 1pt solid;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> (4,054)</td> <td valign="bottom" width="145" style='border-top:#f0f0f0;border-right:#f0f0f0;width:108.4pt;border-bottom:windowtext 1pt solid;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> (3,305)</td></tr> <tr> <td valign="top" width="312" style='border-top:#f0f0f0;border-right:#f0f0f0;width:233.75pt;border-bottom:#f0f0f0;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> Total property and equipment</td> <td valign="bottom" width="179" style='border-top:#f0f0f0;border-right:#f0f0f0;width:134.35pt;border-bottom:windowtext 1.5pt double;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> $ 4,946</td> <td valign="bottom" width="145" style='border-top:#f0f0f0;border-right:#f0f0f0;width:108.4pt;border-bottom:windowtext 1.5pt double;padding-bottom:0in;padding-top:0in;padding-left:5.4pt;border-left:#f0f0f0;padding-right:5.4pt;background-color:transparent'> $ 5,695</td></tr></table>     Depreciation expense was $749 and $552 for the three months ended October 31, 2018 and 2017, respectively.

CAPTIAL STOCK   The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.  Upon formation, the Company issued 8,000,000 shares of its common stock to the director at $0.001 per share for total proceeds of $8,000. The $8,000 was treated as a subscription receivable until paid during the year ended July 31, 2017. For the year ended July 31, 2017, the Company issued 370,000 shares of its common stock at $0.01 per share for total proceeds of $3,700. For the year ended July 31, 2018, the Company issued 2,141,000 of its common stock at $0.01 for total proceeds of $21,410. There were no issuances during the Three Month Period Ended October 31, 2018.   As of October 31, 2018, the Company had 10,511,000 shares issued and outstanding.

RELATED PARTY TRANSACTIONS   In support of the Companys 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 March 31, 2016 (Inception) through October 31, 2018, the Companys sole officer and director loaned the Company $1,064 to pay for incorporation costs and operating expenses.  As of October 31, 2018, the amount outstanding was $1,064. The loan is non-interest bearing, due upon demand and unsecured.

SUBSEQUENT EVENTS   In accordance with ASC 855-10 management has performed an evaluation of subsequent events from October 31, 2018 through the date the financial statements were issued and has determined that it does not have any material subsequent events to disclose in these financial statements.

0001678746 2018-08-01 2018-10-31 0001678746 2018-10-31 0001678746 2018-09-01 2018-10-31 0001678746 2018-07-31 0001678746 2017-08-01 2017-10-31 0001678746 2017-07-31 0001678746 2017-10-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares EX-101.SCH 9 remaro-20181031.xsd 200000 - Disclosure - Organization, Consolidation and Presentation of Financial Statements link:presentationLink link:definitionLink link:calculationLink 000010 - Statement - Statement of Financial Position link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 500000 - Disclosure - Equity link:presentationLink link:definitionLink link:calculationLink 000000 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 360000 - Disclosure - Property, Plant, and Equipment link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - Statements of Operations link:presentationLink link:definitionLink link:calculationLink 845000 - Disclosure - Related Party Disclosures link:presentationLink link:definitionLink link:calculationLink 870000 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink XML 10 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information	2 Months Ended
Document and Entity Information	Oct. 31, 2018 shares
Document and Entity Information:
Entity Registrant Name	REMARO GROUP CORP.
Document Type	10-Q
Document Period End Date	Oct. 31, 2018
Trading Symbol	remaro
Amendment Flag	false
Entity Central Index Key	0001678746
Current Fiscal Year End Date	--08-31
Entity Common Stock, Shares Outstanding	10,511,000
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	2019
Document Fiscal Period Focus	Q1

XML 11 R2.htm IDEA: XBRL DOCUMENT

Statement of Financial Position - USD ($)	Oct. 31, 2018	Jul. 31, 2018
Assets, Current
Cash and Cash Equivalents, at Carrying Value	$ 8,904	$ 14,654
Assets, Noncurrent
Property, Plant and Equipment, Gross	4,946	5,695
Assets	13,850	20,349
Liabilities, Noncurrent
Accounts Payable and Accrued Liabilities, Noncurrent		2,000
Due to Related Parties, Noncurrent	1,064	1,064
Liabilities	1,064	3,064
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest
Common Stock, Value, Issued	10,511	10,511
Additional Paid in Capital, Common Stock	22,599	22,599
Retained Earnings (Accumulated Deficit)	(20,324)	(15,825)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	$ 12,786	$ 17,285
Stockholders' Equity, Number of Shares, Par Value and Other Disclosures
Common Stock, Shares Authorized	75,000,000	75,000,000
Common Stock, Shares Issued	10,511,000	10,511,000
Common Stock, Shares Outstanding	10,511,000	10,511,000
Liabilities and Equity	$ 13,850	$ 20,349

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Statements of Operations - USD ($)	3 Months Ended
Statements of Operations - USD ($)	Oct. 31, 2018	Oct. 31, 2017
Revenues
Sales Revenue, Services, Net		$ 18,055
Revenues	$ 0	18,055
Cost of Revenue
Cost of Services		5,300
Cost of Revenue	0	5,300
Gross Profit	0	12,755
Amortization of Deferred Charges
Administrative Expense	4,499	619
Total Operating Expenses	4,499	619
Net loss from operations	(4,499)	12,136
Interest and Debt Expense
Net Income (Loss)	$ (4,499)	$ 12,136
Earnings Per Share
Weighted Average Number of Shares Outstanding, Basic	10,511,000	9,389,663
Earnings Per Share, Basic and Diluted	$ 0	$ 0

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Statements of Cash Flows - USD ($)	3 Months Ended
Statements of Cash Flows - USD ($)	Oct. 31, 2018	Oct. 31, 2017
Net Cash Provided by (Used in) Operating Activities
Net loss for the period	$ (4,499)	$ 12,136
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Depreciation	749	552
Increase (Decrease) in Operating Liabilities
Increase (Decrease) in Accounts Payable	(2,000)
Increase (Decrease) in Deferred Revenue		(2,500)
Net Cash Provided by (Used in) Operating Activities	(5,750)	10,188
Net Cash Provided by (Used in) Investing Activities
Payments to Acquire Property, Plant, and Equipment		(2,500)
Net Cash Provided by (Used in) Investing Activities	0	(2,500)
Net Cash Provided by (Used in) Financing Activities
Proceeds from Issuance of Common Stock		12,610
Net Cash Provided by (Used in) Financing Activities	0	12,610
Cash and Cash Equivalents, Period Increase (Decrease)	(5,750)	20,298
Cash and Cash Equivalents, at Carrying Value	14,654	5,981
Cash and Cash Equivalents, at Carrying Value	$ 8,904	$ 26,279

XML 14 R5.htm IDEA: XBRL DOCUMENT

Organization, Consolidation and Presentation of Financial Statements

3 Months Ended

Oct. 31, 2018

Organization, Consolidation and Presentation of Financial Statements:

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies

REMARO GROUP CORP.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

FOR THE THREE MONTH PERIODS ENDED OCTOBER 31, 2018 AND OCTOBER 31, 2017

NOTE 1 – ORGANIZATION AND BUSINESS

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Cash and Cash Equivalents

Use of Estimates

Basic Income (Loss) Per Share

Stock-Based Compensation

As of October 31, 2018, the Company has not issued any stock-based payments to its employees.

Stock-based compensation is accounted for at fair value in accordance with ASC 718, when applicable. To date, the Company has not adopted a stock option plan and has not granted any stock options.

Revenue Recognition

This standard provides guidance for the recognition, measurement and disclosure of revenue from contracts with customers and supersedes previous revenue recognition guidance under U.S. GAAP.

In accordance with Accounting Standards Codification Topic 606, revenue is recognized when the following criteria are met:

- Identification of the contract, or contracts, with a customer;

- Identification of the performance obligations in the contract;

- Determination of the transaction price;

- Allocation of the transaction price to the performance obligations in the contract; and

- Recognition of revenue when, or as, we satisfy performance obligation.

Income Taxes

New Accounting Pronouncements

There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.

NOTE 3 – GOING CONCERN

XML 15 R6.htm IDEA: XBRL DOCUMENT

Property, Plant, and Equipment

3 Months Ended

Oct. 31, 2018

Property, Plant, and Equipment:

Property, Plant and Equipment Disclosure

Property and Equipment and Depreciation Policy

Property and equipment are stated at cost and depreciated on the straight line method over the estimated life of the asset, which is 3 years.

Property and equipment as of October 31, 2018 and July 31, 2018 consisted of the following:
	October 31, 2018	July 31, 2018
Equipment and Computer	$ 9,000	$ 9,000
Accumulated depreciation	(4,054)	(3,305)
Total property and equipment	$ 4,946	$ 5,695