BOTS, Inc./PR - Quarter Report: 2013 January (Form 10-Q)

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

Form 10-Q

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

For the quarterly period ended January 31, 2013

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

For the transition period from_____ to_____

Commission File Number 333-175941

LIFETECH INDUSTRIES, INC.
(Exact name of registrant as specified in its charter)

Nevada	27-4439285
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

228 Hamilton Avenue, 3^rd Floor, Palo Alto, CA	94301
(Address of principal executive offices)	(Zip Code)

(888) 271-9368
(Registrant’s telephone number, including area code)

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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☑YES ☐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

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☐		Smaller reporting company ☑

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act
☐YES ☑NO

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

Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court.
☑YES ☐NO

APPLICABLE ONLY TO CORPORATE ISSUERS

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
50,000,000 common shares issued and outstanding as of March 15, 2013

TABLE OF CONTENTS

PART I - FINANCIAL INFORMATION
	Item 1.	Financial Statements	1
		Unaudited Balance Sheets as of Juanuary 31, 2013 and April 30, 2012
		Unaudited Statements of Operations for the three months and nine months ended January 31, 2013 and 2012 and for the period from inception (December 30, 2010) to January 31, 2013
		Unaudited Statements of Cash Flows for the nine months ended January 31, 2013 and 2012 and for the period from inception (December 30, 2010) to January 31, 2013
		Notes to Financial Statements
	Item 2.	Management Discussion and Analysis of Financial Condition and Results of Operations	11
	Item 3.	Qualitative and Quantitative Disclosures About Market Risk	12
	Item 4.	Controls and Procedures	12
PART II - OTHER INFORMATION
	Item 1.	Legal Proceedings	13
	Item 1A.	Risk Factors	13
	Item 2.	Unregistered Sales of Equity Securities 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
	Signatures		13

PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS The financial statements included herein have been prepared by us, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with generally accepted accounting principles have been omitted. However, in the opinion of management, all adjustments (which include only normal recurring accruals) necessary to present fairly the financial position and results of operations for the period presented have been made. The results for interim periods are not necessarily indicative of trends or of results to be expected for the full year. These interim financial statements should be read in conjunction with the audited financial statements and notes thereto included in our audited financial statements filed therewith along with the Form 10-K/A Annual Report with the U.S. Securities and Exchange Commission (SEC) on July 26, 2012 and can be found on the SEC website at www.sec.gov. LIFETECH INDUSTRIES, INC. (A Development Stage Company) BALANCE SHEETS (Unaudited)
	January 31,			April 30,
	2013			2012
ASSETS
Current assets:
Cash and cash equivalents	$	225		$	9,737
Total current assets		225			9,737
Intangible asset, net		14,660			2,922
Total assets	$	14,885		$	12,659
LIABILITIES AND STOCKHOLDERS’ DEFICIT
Current liabilities:
Accounts payable	$	5,989		$	7,017
Deferred revenue		50,000			—
Due to related party		151,818			108,933
Total current liabilities		207,807			115,950
Other liabilities:
Deferred revenue		12,500			—
Total other liabilities		12,500			—
Total liabilities		220,307			115,950
STOCKHOLDERS’ DEFICIT
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 50,000,000 shares issued and outstanding		5,000			5,000
Additional paid-in capital		45,000			45,000
Accumulated deficit during development stage		(255,422	)		(153,291	)
Total stockholders' deficit		(205,422	)		(103,291	)
Total liabilities and stockholders' deficit	$	14,885		$	12,659

LIFETECH INDUSTRIES, INC. (A Development Stage Company) STATEMENTS OF OPERATIONS (Unaudited)
	Three Months Ended January 31, 2013			Three Months Ended January 31, 2012			Nine Months Ended January 31, 2013			Nine Months Ended January 31, 2012			Since inception (December 30, 2010) to January 31, 2013
Revenue, net	$	12,500		$	—		$	37,500		$	—		$	37,500
Cost of sales		—			—			7,106			—			7,106
Gross profit		12,500			—			30,394			—			30,394
Operating Expenses
Professional fees		6,703			24,169			17,441			49,262			113,197
Travel expenses		—			—			88,064			—			116,217
Depreciation		862			—			862			—			862
General and administrative expenses		5,874			130			26,158			315			55,540
Total operating expenses		13,439			24,299			132,525			49,577			285,816
Net loss	$	(939	)	$	(24,299	)	$	(102,131	)	$	(49,577	)	$	(255,422	)
Basic and diluted loss per share	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)
Weighted average shares of common stock outstanding – basic		50,000,000			50,000,000			50,000,000			43,363,636

LIFETECH INDUSTRIES, INC. (A Development Stage Company) STATEMENTS OF CASH FLOWS (Unaudited)
	Nine Months Ended January 31, 2013			Nine Months Ended January 31, 2012			Since inception (December 30, 2010) to January 31, 2013
Cash flows from operating activities
Net loss	$	(102,131	)	$	(49,577	)	$	(255,422	)
Adjusments to reconcile net loss to net cash used in operating activities:
Depreciation		862			—			862
Changes in operating assets and liabilities:
Accounts payable		(1,028	)		500			5,989
Accrued expenses		—						5,000
Deferred revenue		62,500			—			62,500
Net cash used in operating activities		(39,797	)		(49,077	)		(181,071	)
Cash flows from investing activities
Website development costs		(12,600	)		—			(15,522	)
Net cash used in investing activities		(12,600	)		—			(15,522	)
Cash flows from financing activities
Advance from related party		42,885			20,000			151,818
Issuance of common stock for cash		—			20,000			45,000
Net cash flows provided by financing activities:		42,885			40,000			196,818
Net increase (decrease) in cash		(9,512	)		(9,077	)		225
Cash- beginning of period		9,737			18,594			—
Cash- end of period	$	225		$	9,517		$	225
Supplemental non-cash information
Liabilities settled in stock	$	—		$	5,000		$	5,000

1. BUSINESS DESCRIPTION AND BASIS OF PRESENTATION

Business description

Lifetech Industries, Inc. (LTCH) was incorporated in the State of Nevada on December 30, 2010 to develop a new day spa business in the affluent area of Montrose, California, surrounded by La Crescenta, La Canada, and Glendale. The Company is a development stage enterprise, as defined in FASB ASC 915 “Development Stage Entities.”

Our business is still in its early developmental and promotional stages and to date, our primary activities have involved significant re-structuring and re-organization. We have discontinued our planned spa development activities and adopted a new strategy to pursue opportunities in the air to water generator (“AWG”) industry.

On April 30, 2012, we entered into a Joint Venture Agreement, a Distribution Agreement, and a Technology License Agreement (the “Agreements”) with Leadwill Corporation, a Japanese corporation (the “Manufacturer” and the “Licensor”).

Pursuant to the Joint Venture Agreement, we acquired the global exclusive right (excluding Japan) to make, use, sell and otherwise distribute all of the Manufacturer’s AWG products and technologies. In addition, we have the exclusive right to assign, sublicense, or otherwise subcontract our distribution and marketing rights to third parties. We were also granted an exclusive license to any and all of the Manufacturer’s patents, trademarks, and all other intellectual property related to AWG products and have the exclusive right to assign, sublicense, or otherwise transfer these rights to third parties. We will receive the Manufacturer’s AWG products at the price of twelve percent (12%) above wholesale costs for such products.

Pursuant to the Distribution Agreement, we were appointed as the Manufacturer’s sole and exclusive Distributor. As such, we were given the exclusive right to: (1) market, promote, sell, and distribute all of the Manufacturer’s current and future AWG products and technology; and (2) assign, sublicense, or otherwise subcontract these distribution and marketing rights to third parties worldwide (excluding Japan). The Manufacturer will receive ten percent (10%) of the net profits generated from our distribution of the AWG technology, less related costs and expenses.

Pursuant to the Technology License Agreement, we were granted an exclusive, perpetual license to make, manufacture, use, sell or otherwise distribute all of the Licensor’s AWG related technology. We were also granted the right to sublicense these rights to third parties at our sole discretion. We will pay the Licensor a royalty equal to ten percent (10%) of the Net Sales Revenue received from our sales of the licensed technology on a quarterly basis.

Upon execution of the Agreements, Leadwill Corporation has agreed to (A) file all necessary “doing business as” (“d/b/a”) documents in Japan so that Leadwill shall d/b/a “Lifetech Japan,” (B) change its corporate name from “Leadwill Corporation” to “Lifetech Japan,” or (C) transfer or “spinoff” all and not less than all of its AWG business into a new, separate corporate entity in Japan, to be called “Lifetech Japan”. All of our rights set forth in the Agreements shall apply equally to the new, separate corporate entity.

As a part of the Agreements, we entered into a share swap with the Manufacturer where we will receive 20% of all voting shares of the Manufacturer and the Manufacturer will receive 10% of all voting shares of our Company. We will account for its investment in the Manufacturer under the equity method accounting for investments. As of January 31, 2013, no official share swap has taken place.

On September 1, 2012, we entered into a Joint Venture Agreement, a Distribution Agreement, and a Technology License Agreement (the “New Agreements”) with Lifetech Japan Corporation (the “New Manufacturer”), a Japanese corporation. The New Agreements were executed pursuant to the transfer of the AWG business from Leadwill to Lifetech Japan. Under the New Agreements, all of our rights to Lifetech Japan’s AWG products and technologies remain the same.

The term of the New Agreements are for 10 years and shall automatically renew for 10 years unless both parties mutually agree not to renew 90 days before the end of the term.

The Lifetech AirWell System is a highly advanced air to water generator that produces high quality water by promoting and filtering the condensation of moisture from air. The Air Well System uses an advance triple step gathering system and 12-step purification process to produce water that is free of chemicals, pollutants, contaminants and hormones.

1. BUSINESS DESCRIPTION AND BASIS OF PRESENTATION (CONT.)

Our manufacturer currently produces a home/office unit which generates approximately 30 liters of water per day. However, our air to water generation and filtration technology is scalable and we are currently in the process of developing customizable units to service the water needs of a variety of industries such as:

Shipping and boating

Hotels and resorts

Hospitals and schools

Mining and drilling

Government and military

Spas and “well-being” facilities

Humanitarian organizations

Our air to water generation and filtration technology is currently patented in Taiwan and Japan.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The Company’s accounting policies used in the preparation of the accompanying financial statements conform to accounting principles generally accepted in the United States of America ("US GAAP") and have been consistently applied. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal recurring nature.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The most significant estimates include: revenue recognition; valuation and recoverability of long-lived assets; property and equipment; contingencies; and income taxes.

On a regular basis, management reviews its estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such reviews, and if deemed appropriate, those estimates are adjusted accordingly. Actual results could differ from those estimates.

Development Stage Company

The Company is a development stage company as defined in FASB ASC 915 “Development Stage Entities”. The Company is devoting substantially all of its present efforts to establish a new business and none of its planned principal operations have fully commenced and are operational. All losses accumulated since inception have been considered as part of the Company’s development stage activities.

Cash and cash equivalents

The Company includes in cash and cash equivalents all short-term, highly liquid investments that mature within three months of their acquisition date. Cash equivalents consist principally of investments in interest-bearing demand deposit accounts and liquidity funds with financial institutions and are stated at cost, which approximates fair value. For cash management purposes the company concentrates its cash holdings in an account at JP Morgan Chase Bank. The balances in these accounts may exceed the federally insured limit of $ 250,000 per account by the Federal Deposit Insurance Corporation (FDIC) in case of bank failure. This would have a significantly negative impact on the company’s ability to continue operations.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

Revenue recognition

Our revenue recognition policy is in accordance with generally accepted accounting principles, which requires the recognition of sales when there is evidence of a sales agreement, the delivery of goods has occurred, the sales price is fixed or determinable and the collectability of revenue is reasonably assured.

In May 2012, we signed an agreement with Epik Investments Limited, a Limited Liability Corporation incorporated under the laws of the Hong Kong Special Administrative Region, assigning them the exclusive rights to sell and distribute all of our products in Hong Kong and the People’s Republic of China. These exclusive distribution rights are for a period of 2 years. We received consideration of $100,000 under the terms of the agreement. As of January 31, 2013, we accrued deferred revenue of $62,500 related to this agreement.

Foreign currency translation

The Company’s functional currency and its reporting currency is the United States Dollar.

Financial Instruments

The carrying values of cash, accounts payable, and amounts due to related parties approximate fair value because of the short-term nature of these instruments. Management believes that the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.

Website development costs

Under the provisions of FASB-ASC Topic 350, the Company previously capitalized costs of design, configuration, coding, installation, and testing of the Company’s website up to its initial implementation. Costs will be amortized to expense over an estimated useful life of three years using the straight-line method. Ongoing website post-implementation cost of operations, including training and application, are expensed as incurred. The Company evaluates the recoverability of website development costs in accordance with FASB-ASC Topic 350. As of the period ended January 31, 2013, management does not believe that there is a need for the impairment of costs incurred toward the development of its website.

Stock-based compensation

The Company records stock based compensation in accordance with the guidance in ASC Topic 718 which requires the Company to recognize expense related to fair value of its employee stock option awards. This eliminates accounting for share-based compensation transactions using the intrinsic value and requires instead that such transactions be accounted for using a fair-value-based method. The Company recognizes the cost of all share-based awards on a graded vesting basis over the vesting period of the award. To date, the Company has not adopted a stock option plan and has not granted any stock options. The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 718-10 and the conclusions reached by the FASB ASC 505-50. Costs are measured at the estimated fair market value of the consideration received of the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-50.

As at January 31, 2013 the Company had no stock-based compensation plans nor had it granted any stock options. Accordingly no stock-based compensation has been recorded to date.

Income Taxes

Income taxes are accounted for under the assets and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT.)

Basic and Diluted Loss per Share

The Company follows ASC Topic 260 to account for earnings per share. Basic earnings per share (“EPS”) calculations are determined by dividing net loss by the weighted average number of shares of common stock outstanding during the year. Diluted earnings per share calculations are determined by dividing net income by the weighted average number of common shares and dilutive common share equivalents outstanding. During periods when common stock equivalents, if any, are anti-dilutive they are not considered in the computation.

Accounts Payable and Other Current Liabilities

Accounts payable are those funds owed to our business partners for goods and services rendered which are related to our business operations. Our accounts payable as of January 31, 2012 and April 30, 2012 were $5,989 and $7,017, respectively.

Recent accounting pronouncements

The Company evaluated all recent accounting pronouncements issued and determined that the adoption of these pronouncements would not have a material effect on the financial position, results of operations, or cash flows of the Company.

3. GOING CONCERN

As of January 31, 2013, our company has accumulated losses of $255,422 since inception. Our company intends to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the year ending April 30, 2013. In response to these problems, management intends to raise additional funds through public or private placement offerings. These factors, among others, raise substantial doubt about our company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts, or amounts and classification of liabilities that might result from this uncertainty.

4. DUE TO RELATED PARTY

As of January 31, 2013 and April 30, 2012, our Company was obligated to Benjamin Chung, our CEO, for a non-interest bearing, due on demand loan with a balance of $151,818 and $108,933, respectively.

5. COMMON STOCK

The authorized capital of the Company is 200,000,000 common shares with a par value of $0.0001 per share

During the period January 2011 and February 2011, Company authorized the issuance of 25,000,000 shares at $0.001 per share to Benjamin Chung, CEO of the Company. However till the end of balance sheet date April 30, 2011 the officer paid only $100 as contribution against the purchase of shares. Such shares were not considered issued and outstanding at the period end and $100 considered as stock payable. On July 13, 2011, the Company issued 25,000,000 shares of common stock at a price of $0.001 per share for a value of $25,000 to Benjamin Chung, its President. Of the $25,000, $20,000 was paid in cash and $5,000 was paid for in accrued expenses. The Company relied on Section 4(2) of the Securities Act for this issuance.

During the period between January 2011 and February 2011, the Company issued 25,000,000 common stock under the private placements agreement to various investors at $0.001 per share. Company received a total of $24,900 net of offering proceeds.

As of January 31, 2013 and April 30, 2012, 50,000,000 common shares are issued & outstanding.

6. RELATED PARTY TRANSACTIONS

On July 13, 2011 the Officer of the Company contributed an amount of $100 towards additional paid in capital. As of January 31, 2013 and April 30, 2012, our Company was obligated to Benjamin Chung, our CEO, for a non-interest bearing, due on demand loan with a balance of $151,818 and $108,933, respectively.

7. SUBSEQENT EVENTS

Management evaluated events and transactions that occurred after the balance sheet date for potential recognition and disclosure through March 15, 2013, the date on which the financial statements were issued.

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

Forward Looking Statements

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

Business Overview

As a part of the Agreements, we entered into a share swap with the Manufacturer where we will receive 20% of all voting shares of the Manufacturer and the Manufacturer will receive 10% of all voting shares of our Company. We will account for its investment in the Manufacturer under the equity method accounting for investments. As of September 10, 2012, no official share swap has taken place.

The term of the New Agreements are for 10 years and shall automatically renew for 10 years unless both parties mutually agree not to renew 90 days before the end of the term.

Shipping and boating

Hotels and resorts

Hospitals and schools

Mining and drilling

Government and military

Spas and “well-being” facilities

Humanitarian organizations

Our air to water generation and filtration technology is currently patented in Taiwan and Japan.

Liquidity and Capital Resources

Cash Flows
		Nine months ended January 31, 2013			Nine months ended January 31, 2012			Since inception (December 30, 2010) to January 31, 2013
Net Cash From Used in Operating Activities	$	(39,797	)	$	(49,077	)	$	(181,071	)
Net Cash Used by Investing Activities	$	(12,600	)	$	—		$	(15,522	)
Net Cash From Financing Activities	$	42,885		$	40,000		$	196,818
Net Increase (Decrease) in Cash During the Period	$	(9,512	)	$	(9,077	)	$	225

Through January 31, 2013, the Company had not carried on any significant operations and had not generated any significant revenues. The Company has incurred losses since inception aggregating $255,422.

We currently have minimal cash reserves. To date, the Company has covered operating deficits primarily through its financing activities. Accordingly, our ability to pursue our plan of operations is contingent on our being able to obtain funding for the development, marketing and commercialization of our products and services. We plan to obtain additional funding of approximately $500,000 through debt financing and revenues from operations. However, as a result of its lack of operating success, the Company may not be able to raise additional financing to cover operating deficits.

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has accumulated deficit since inception (December 30, 2010) to the quarter ended January 31, 2013 and is dependent on its ability to raise capital from shareholders or other sources to sustain operations. However, these conditions raise substantial doubt about the Company's ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

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

Revenues

Revenues for the three months ended January 31, 2013 and January 31, 2012 were $12,500 and $0, respectively. The increase in revenue was the result of the 2 year distribution contract signed with Epik Investments Limited in May 2012.

Revenues for the nine months ended January 31, 2013 and January 31, 2012 were $37,500 and $0, respectively. The increase in revenue was the result of the 2 year distribution contract signed with Epik Investments Limited in May 2012.

Cost of Goods Sold

Cost of goods sold for the three months ended January 31, 2013 and January 31, 2012 were $0.

Cost of goods sold for the nine months ended January 31, 2013 and January 31, 2012 were $7,106 and $0, respectively. The increase in cost of goods sold was the result of direct costs related to the distribution contract signed with Epik Investments Limited.

Net Loss

For the nine months ended January 31, 2013 and January 31, 2012 we incurred net losses of $102,131 and $49,577, respectively. For the three months ended January 31, 2013 and January 31, 2012 we incurred net losses of $939 and $24,299, respectively.

Expenses

Our total expenses for the nine months ended January 31, 2013 were $132,525, which consisted of $17,441 of professional fees, $88,064 of travel expenses, $862 of depreciation and $26,158 of general and administrative expenses. Our general and administrative expenses consist of bank charges, advertising and promotion, meals and entertainment, rent, computer and internet expenses, and other miscellaneous expenses. For the nine months ended January 31, 2012 we incurred total expenses of $49,577, which consisted of $49,262 of professional fees and $315 of general and administrative expenses.

Our total expenses for the three months ended January 31, 2013 were $13,439, which consisted of $6,703 of professional fees, $862 of depreciation and $5,874 of general and administrative expenses. Our general and administrative expenses consist of bank charges, advertising and promotion, meals and entertainment, rent, computer and internet expenses, and other miscellaneous expenses. For the three months ended January 31, 2012 we incurred total expenses of $24,299, which consisted of $24,169 of professional fees and $130 of general and administrative expenses.

Since inception (December 30, 2010) to January 31, 2013, we incurred total expenses of $285,816, which consisted of $113,917 of professional fees, $116,217 of travel expenses, $862 of depreciation and $55,540 of general and administrative expenses.

Inflation

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

Off-Balance Sheet Arrangements

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

ITEM 3. QUALITATIVE AND QUANTITATIVE DISCLOSURES ABOUT MARKET RISK

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 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms and that such information is accumulated and communicated to our sole officer, as appropriate to allow timely decisions regarding required disclosure. We carried out an evaluation, under the supervision and with the participation of our sole officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of January 31, 2013. Based on the evaluation of these disclosure controls and procedures, our sole officer concluded that our disclosure controls and procedures are ineffective.

Changes in internal controls

There were no changes in our internal control over financial reporting, as defined in Rule 13a-15(f) promulgated under the Exchange Act, during the quarter ended January 31, 2013 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party against us. None of our directors, officers or affiliates are (i) a party adverse to us in any legal proceedings, or (ii) have an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings that have been threatened against us.

ITEM 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

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

N/A.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

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

*Pursuant to Regulation S-T, this interactive data file is deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under these sections.

SIGNATURES

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

	Lifetech Industries Inc

Date: March 18, 2013	By:	/s/ Benjamin Chung
		Benjamin Chung Chief Executive Officer, Chief Financial Officer, President, Treasurer and Director