Cell MedX Corp. - Quarter Report: 2014 February (Form 10-Q)

form10q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended February 28, 2014

o Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 (For the transition period from June 1, 2013 to February 28, 2014).

Commission File Number: 000-54500

Sports Asylum, Inc.

(Formerly Plandel Resources, Inc.)

(Exact name of registrant as specified in its charter)

Nevada
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

4575 Dean Martin Drive, Suite 2206 Las Vegas, NV		89103
(Address of principal executive offices)		(Zip code)

(702) 973-1853

(Registrant’s telephone number, including area code)

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. x Yes o 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 such shorter period that the registrant was required to submit and post such files). Yes x No o

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

Large accelerated filer o		Accelerated filer o

Non-accelerated filer o		Smaller Reporting Company x

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

The number of shares of the Registrant’s common stock, par value $.001 per share, outstanding as of April 7, 2014 was 31,000,000.

Table of Contents

		Page

PART I. Financial Information

Item 1.	Financial Statements	3
	Condensed Balance Sheets at February 28, 2014 (unaudited), and May 31, 2013	4
	UnaUnaudited Condensed Statements of Operations for the three and nine-month periods ended February 28, 2014 and 2013, and the period from March 19, 2010 (inception) to February 28, 2014	5
	Unaudited Condensed Statements of Cash Flows for the nine-month periods ended February 28, 2014 and 2013, and the period from March 19, 2010 (inception) to February 28, 2014	6
	Notes to Unaudited Condensed Financial Statements	7 to 9
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

Item 1.	Legal Proceedings	14
Item 1A.	Risk Factors	14
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	14
Item 3.	Defaults Upon Senior Securities	14
Item 4.	Mine Safety Disclosures	14
Item 5.	Other Information	14
Item 6.	Exhibits	15

Signatures		16

FINANCIAL INFORMATION

FINANCIAL STATEMENTS

The accompanying condensed balance sheets of Sports Asylum, Inc. (Formerly Plandel Resources, Inc.) (pre-exploration stage company) at February 28, 2014 and May 31, 2013, and the condensed statements of operations for the three and nine months ended February 28, 2014 and 2013, and for the period from inception (March 19, 2010) to February 28, 2014, and the condensed statements of cash flows for the nine months ended February 28, 2014 and 2013, and for the period from inception (March 19, 2010) to February 28, 2014, have been prepared by the Company’s management in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature.

Operating results for the nine months ended February 28, 2014 are not necessarily indicative of the results that can be expected for the year ending May 31, 2014.

SPORTS ASYLUM, INC. (FORMERLY PLANDEL RESOURCES, INC.)
(Pre-Exploration Stage Company)
CONDENSED BALANCE SHEETS

	February 28			May 31
	2014			2013
ASSETS	(Unaudited)

Current Assets
Cash	$	1,201		$	10,979
Total Current Assets	$	1,201		$	10,979

LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Accounts payable		58			-
Advance from Related Parties		16,147			12,847
Total Current Liabilities	$	16,205		$	12,847

STOCKHOLDERS' DEFICIENCY
Common Stock, $0.001 par value, 300,000,000 shares authorized;
31,000,000 shares issued and outstanding		31,000			31,000
Additional paid-in capital		31,900			31,900
Accumulated deficit during the pre-exploration stage		(77,904	)		(64,768	)

Total Stockholders' Deficiency		(15,004	)		(1,868)

Total Liabilities and Stockholders’ Deficiency	$	1,201		$	10,979

The notes are an integral part of these condensed financial statements

SPORTS ASYLUM, INC.

(FORMERLY PLANDEL RESOURCES, INC.)

(Pre-Exploration Stage Company)

CONDENSED STATEMENT OF OPERATIONS

(UNAUDITED)

	Three Months			Three Months			Nine Months			Nine Months			March 19, 2010
	ended			ended			ended			ended			(Inception) to
	Feb 28, 2014			Feb 28, 2013			Feb 28, 2014			Feb 28, 2013			Feb 28, 2014


REVENUES	$	-		$	-		$	-		$	-		$	-

EXPENSES
Impairment of mineral claim acquisition costs		-			-			-			-			5,000
General and administrative		4,370			6,331			13,136			11,136			72,904
Total expenses		4,370			6,331			13,136			11,136			77,904

Net Loss	$	(4,370	)	$	(6,331	)	$	(13,136	)	$	(11,136	)	$	(77,904	)

NET LOSS PER COMMON SHARE
Basic and diluted	$	(0.00	)	$	(0.00	)	$	(0.00	)	$	(0.00	)

WEIGHTED AVERAGE SHARES OUTSTANDING – BASIC AND DILUTED
		31,000,000			31,000,000			31,000,000			31,000,000

The notes are an integral part of these condensed financial statements

SPORTS ASYLUM, INC.

(FORMERLY PLANDEL RESOURCES, INC.)

(Pre-Exploration Stage Company)

CONDENSED STATEMENT OF CASH FLOWS

(UNAUDITED)

	Nine Months			Nine Months			March 19,2010
	ended			ended			(inception) to
	Feb 28			Feb 28			Feb 28
	2014			2013			2014

CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(13,136	)	$	(11,136	)	$	(77,904	)
Adjustments to reconcile net loss to net cash
used in operating activities:
Expenses paid by shareholders		3,300			-			6,200
Impairment loss on mineral claim		-			-			5,000
Changes in operating assets and liabilities:
Accounts Payable		58			100			58
NET CASH FLOWS USED IN OPERATING ACTIVITIES		(9,778	)		(11,036	)		(66,646	)

CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of mineral claim		-			-			(5,000	)
NET CASH FLOWS USED IN INVESTING ACTIVITIES		-			-			(5,000	)

CASH FLOWS FROM FINANCING ACTIVITIES
Advance from related parties		-			-			12,847
Proceeds from issuance of common stock		-			-			60,000
NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES		-			-			72,847

NET INCREASE (DECREASE) IN CASH		(9,778	)		(11,036	)		1,201

CASH AT BEGINNING OF PERIOD		10,979			23,615			-
CASH AT END OF PERIOD	$	1,201		$	12,579		$	1,201

Supplemented Disclosure of Non-cash Financing Activities
Expenses paid by shareholders	$	-		$	-		$	2,900

The notes are an integral part of these condensed financial statements

SPORTS ASYLUM, INC.

(FORMERLY PLANDEL RESOURCES, INC.)

(Pre-Exploration Stage Company)

Notes to the Condensed Financial Statements

February 28, 2014

(UNAUDITED)

NOTE 1 - ORGANIZATION AND BASIS OF PRESENTATION

The Company, Sports Asylum, Inc. (Formerly Plandel Resources, Inc.) was incorporated under the laws of the State of Nevada on March 19, 2010 with 300,000,000 authorized common shares with a par value of $0.001.The Company was organized for the purpose of acquiring and developing mineral properties. At the report date a mineral claim, with unknown reserves had been acquired. The Company has not established the existence of commercially minable ore deposit and therefore has not reached the exploration stage and is considered to be in the pre-exploration stage.

The interim financial statements for the three and nine months ended February 28, 2014 and February 28, 2013 are unaudited. These financial statements are prepared in accordance with requirements for unaudited interim periods, and consequently do not include all disclosures required to be in conformity with accounting principles generally accepted in the United States of America. The results of operations for the interim periods are not necessarily indicative of the results for the full year. In management's opinion all adjustments necessary for a fair presentation of the Company's financial statements are reflected in the interim periods included, and are of a normal recurring nature. These interim financial statements should be read in conjunction with the financial statements included in our Annual Report on Form 10-K, for the year ended May 31, 2013, as filed with the SEC.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Accounting Method

The Company recognizes income and expenses based on the accrual method of accounting.

Dividend Policy

The Company has not yet adopted a policy regarding payment of dividends.

Income Taxes

The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized.

Financial and Concentrations Risk

The Company has no financial or concentrations risks.

Basic and Diluted Net Loss Per Share

Basic net income (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same. As of February 28, 2014, the Company did not have any common stock equivalents outstanding.

SPORTS ASYLUM, INC.

(FORMERLY PLANDEL RESOURCES, INC.)

(Pre-Exploration Stage Company)

Notes to the Condensed Financial Statements

February 28, 2014

(UNAUDITED)

Statement of Cash Flows

For the purpose of the statement of cash flows, the company considers all highly liquid investments with a maturity of three months or less to be cash equivalents.

Revenue Recognition

Revenue will be recognized on the sale and delivery of a product or the completion of a service provided.

Impairment of Long-Lived Assets

The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. The assets are subject to impairment consideration under ASC 360-10-35-17 if events or circumstances indicate that their carrying amount might not be recoverable. When the Company determines that an impairment analysis should be done, the analysis will be performed using the rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.

Environmental Requirements

At the report date environmental requirements related to a formally held mineral claim are unknown and therefore any estimate of future costs cannot be made.

Mineral Property Acquisition Costs

Mineral property acquisition costs are initially capitalized when incurred. These costs are then assessed for impairment when factors are present to indicate the carrying costs may not be recoverable. Mineral exploration costs are expensed when incurred

Estimates and Assumptions

Management uses estimates and assumptions in preparing financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.

Financial Instruments

The carrying amounts of financial instruments are considered by management to be their estimated fair values due to their short term maturities.

Recent Accounting Pronouncements

The company does not expect that the adoption of recent accounting pronouncements will have a material impact on its financial statements.

SPORTS ASYLUM, INC.

(FORMERLY PLANDEL RESOURCES, INC.)

(Pre-Exploration Stage Company)

Notes to the Condensed Financial Statements

February 28, 2014

(UNAUDITED)

NOTE 3 – ACQUISITION OF A MINERAL CLAIM

On July 2, 2009 our president Mario Gregorio acquired a mineral claim for $5,000 known as the Plandel Gold Claim located near Baliuag in the Republic of the Philippines from Rojas Ventures Ltd, an unrelated company located in Manila, Philippines. It was conveyed by him to us upon our formation on March 19, 2010. The claim, under Philippine mineral law, remains in good standing until such time as the Company abandons it.

The Acquisition costs have been impaired and expensed because there has been no exploration activity nor has there been any reserve established and we cannot currently project any future cash flows or salvage value, and the acquisition costs might not be recoverable.

NOTE 4 - SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES

The Company’s two Officers have acquired 100% of the outstanding common capital stock issued.

During the three months ended February 28, 2014, an officer paid expenses on behalf of the Company of $3,300.As of February 28, 2014, 16,147 is due to this officer. These advances are non-interest bearing and payable on demand.

NOTE 5 – COMMON STOCK

On March 31, 2010, the Company completed a private placement consisting of 30,000,000 common shares sold to the directors and officers at a price of $0.001 per share for a total consideration of $30,000.

On February 21, 2012, the Company issued 1,000,000 common shares to an officer at a price of $0.03 per share for cash of $30,000.

NOTE 6 - GOING CONCERN

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company does not have sufficient working capital for its planned activity, and to service its debt, which raises substantial doubt about its ability to continue as a going concern.

Continuation of the Company as a going concern is dependent upon obtaining additional working capital. Management has developed a strategy, which it believes will accomplish this objective through advances from a director, and additional equity investment, which will enable the Company to operate for the coming year.

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operation

The following discussion of our financial condition and results of operations should be read in conjunction with our financial statements, the notes to those financial statements and other financial information appearing elsewhere in this document. In addition to historical information, the following discussion and other parts of this document contain forward-looking statements that reflect plans, estimates, intentions, expectations and beliefs. Actual results could differ materially from those discussed in the forward-looking statements. See "Note Regarding Forward-Looking Statements." Factors that could cause or contribute to such differences include, but are not limited to, those set forth in the "Risk Factors" in Item 1A and contained elsewhere herein and in our Annual Report on Form 10-K for the year ended May 31, 2013.

We are a start-up, pre-exploration stage company. We have a limited operating history and have not yet generated or realized any revenues from our activities. We have yet to undertake any exploration activity on our sole property, the Plandel Gold Claim. As our property is in the early stage of exploration and there is no reasonable likelihood that revenue can be derived from the property in the foreseeable future. Our plan is to explore the Plandel Gold Claim for gold; we want to proceed but lack of sufficient cash is our limiting factor. The two phase exploration program will cost $12,702 (PHP 591,000) for Phase I and $26,617 (PHP 1,238,500) for Phase II. Thus, the anticipated company expenses over the next year are roughly $40,000 in exploration alone if Phase I and Phase II are undertaken. No revenues have yet been earned. We do not anticipate revenues unless a commercially profitable product can be extracted and sold. As exploration has not yet commenced, we remain uncertain as to whether we will ever discover profitable amounts of mineral and what the market will be for it when and if we do produce some. If conditions are favourable, then upon discovery we will enter into production. If we do not proceed then we will try to acquire an interest in another mineral claim. Should we not have sufficient funds to purchase another mineral claim outright then we may have to make a share offering to obtain an option on a property. If that succeeds then again we would try to explore with money raised by offering our stock, engaging in borrowing, or locating a joint venture partner. We have not generated any revenues and no revenues are anticipated until we begin removing and selling minerals, if ever. Accordingly, we must raise cash from sources other than the sale of gold found on the Plandel Gold Claim.

To implement further exploration work on the Plandel Gold Claim and to stay in business, we must raise additional cash – particularly over the next 12 months. If we cannot raise additional funds we will not have sufficient funds to satisfy our cash requirements and would have to go out of business. Since our business activity is related solely to the exploration and evaluation of the Plandel Gold Claim, it is the opinion of management that the most meaningful financial information relates primarily to current liquidity and solvency. As at February 28, 2014, our working capital deficit was $15,004. Our future financial success will be dependent on the success of the exploration work on the Plandel Gold Claim. Such exploration may take years to complete and future cash flows, if any, are impossible to predict at this time. The realization value from any mineralization which may be discovered by us is largely dependent on factors beyond our control such as the market value of metals produced, mining regulations in the Philippines and foreign exchange rates.

Liquidity and Capital Resources

Since inception to February 28, 2014 we have raised capital through private placements of common stock aggregating $60,000 to our only two shareholders and officers: Mario Gregorio and Rizalina Raneses.

Our capital commitments for the coming twelve months consist of administrative expenses together with expenses associated with the completion of our planned exploration program. Including this exploration work, we estimate that we will have to incur the following expenses during the next 12 months:

Expenses	Amount		Description
Accounting	$	10,000	Fees to the independent accountant for preparing the quarterly and annual working papers for the financial statements for the calendar year ended May 31, 2014.
Audit		9,500	Review of the quarterly financial statements and audit of the annual financial statements
Exploration		12,702	Per Roberto Noga for Phase I
Filing Fees		4,000	Annual fee to the Secretary of State for Nevada
Office		1,000	Photocopying, delivery and fax expenses
Transfer agent’s fees		1,500	Annual fee of $500 and estimated miscellaneous charges of $1,000
Estimated Expenses	$	38,702

Since our initial share issuances, the Company has been unable to raise additional cash forcing it to rely in the future upon cash advances from its directors to meet current and future liabilities over the next few months.

We have no plant or significant equipment to sell, nor are we going to buy any plant or significant equipment during the next twelve months. We will not buy any equipment unless we locate a body of ore and determine that it is economical to extract the ore from the land. We may attempt to interest other companies to undertake exploration work on the Plandel Gold Claim through joint venture arrangement or even the sale of part of the Plandel Gold Claim. Neither of these avenues has been pursued as of the date of this prospectus. Our geologist has recommended an exploration program for the Plandel Gold Claim. However, even if the results of this work suggest further exploration work is warranted, we do not presently have the requisite funds and so will be unable to complete anything beyond the exploration work on Phase I recommended in Roberto Noga’s Report until we raise more money or find a joint venture partner to complete the exploration work. If we cannot find a joint venture partner and do not raise more money, we will be unable to complete any work beyond the exploration program recommended by our geologist. If we are unable to finance additional exploration activities, we do not know what we will do and we do not have any plans to do anything else. We do not intend to hire any employees at this time. All of the work on the Plandel Gold Claim will be conducted by our two officers who have extensive experience in geology. They will be responsible for supervision, surveying, exploration, and excavation and will be capable of evaluating the information derived from the exploration and excavation including advising Plandel on the economic feasibility of removing any mineralized material we may discover.

Limited Operating History; Need for Additional Capital

There is no historical financial information about us upon which to base an evaluation of our performance as an exploration corporation. We are a pre-exploration stage company and have not generated any revenues from our exploration activities. We cannot guarantee we will be successful in our exploration activities. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources, possible delays in the exploration of our properties, and possible cost overruns due to price and cost increases in services.

To become profitable and competitive, we must invest in the exploration of our property before we start production of any minerals we may find. We must obtain equity or debt financing to provide the capital required to fully implement our phased exploration program. We have no assurance that financing will be available to us on acceptable terms. If financing is not available on satisfactory terms, we may be unable to commence, continue, develop or expand our exploration activities. Even if available, equity financing could result in additional dilution to existing shareholder.

Our Planned Exploration Program

We must conduct exploration to determine what, if any, amounts of minerals exist on the Plandel Gold Claim and if such minerals can be economically extracted and profitably processed.

Our planned exploration program is designed to efficiently explore and evaluate our property.

Our anticipated exploration costs for Phase I work on the Plandel Gold Claim are approximately $12,702. This figure represents the anticipated cost to us of completing only Phase I work recommended by Roberto Noga. However, should the results of this work be sufficiently encouraging to justify our undertaking Phase II work recommended in the Roberto Noga Report (included in “Description of Property”), at an estimated cost of $26,617, we will have to raise additional investment capital. Regardless, we will have to raise additional funds within the next twelve months in order to satisfy our ongoing cash requirements and finance anything beyond Phase I work on the Plandel Gold Claim.

Results of Operations – For the three months ended February 28, 2014 and February 28, 2013

During the comparative three month periods ended February 28, 2014 and February 28, 2013, operating expenses decreased to $4,370 from $6,331, due to a decrease in filing fees.

Results of Operations – For the nine months ended February 28, 2014 and February 28, 2013

During the comparative six month periods ended February 28, 2014 and February 28, 2013, operating expenses increased to $13,136 from $11,136 due to an increase in audit, accounting, and filing service fees.

Trends

We are in the pre-exploration stage, have not generated any revenue and have no prospects of generating any revenue in the foreseeable future. We are unaware of any known trends, events or uncertainties that have had, or are reasonably likely to have, a material impact on our business or income, either in the long term of short term, other than as described in this section or in “Risk Factors”.

Critical Accounting Policies

Our discussion and analysis of its financial condition and results of operations, including the discussion on liquidity and capital resources, are based upon our financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, management re-evaluates its estimates and judgments.

The going concern basis of presentation assumes we will continue in operation throughout the next fiscal year and into the foreseeable future and will be able to realize our assets and discharge our liabilities and commitments in the normal course of business. Certain conditions, discussed below, are currently present that raise substantial doubt upon the validity of this assumption. The financial statements do not include any adjustments that might result from the outcome of the uncertainty.

Our intended exploration activities are dependent upon our ability to obtain third party financing in the form of debt and equity and ultimately to generate future profitable exploration activity or income from its investments. As of the date of this report we have not generated revenues, and have experienced negative cash flow from minimal exploration activities. We may look to secure additional funds through future debt or equity financings. Such financings may not be available or may not be available on reasonable terms.

Changes in and Disagreements with Accountants on Accounting Procedures and Financial Disclosure

None exist.

Item 3. Quantitative and Qualitative Disclosure about Market Risk

None

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 February 28, 2014. 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 six months ended February 28, 2014 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

None.

Item 1A. Risk Factors

In addition to other information set forth in this report, you should carefully consider the factors described in Part I, Item 1A of our Annual Report on Form 10-K for the year ended May 31, 2013, which was filed with the SEC on August 28, 2013. Those factors could materially affect our business, financial condition or future results. In addition, risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a materially adverse effect on our business, financial condition and/or operating results.

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

None.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

None.

Item 6. Exhibits

Exhibit Number	Ref	Description of Document


31.1		Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2		Certification of Principal Financial and Accounting Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1		Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to section 906 of the Sarbanes-Oxley Act of 2002.

101	*	The following materials from this Quarterly Report on Form 10-Q for the quarter ended February 28, 2014, formatted in XBRL (extensible Business Reporting Language):

		(1) Balance Sheets at February 28, 2014 (unaudited), and May 31, 2013

		(2) Unaudited Condensed Statements of Operations for the three and nine-month periods ended February 28, 2014 and 2012, and the period from March 19, 2010 (inception) to February 28, 2014

		(3) Unaudited Condensed Statements of Cash Flows for the nine-month periods ended February 28, 2014 and 2012, and the period from March 19, 2010 (inception) to February 28, 2014

* Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

SIGNATURES

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

		SPORTS ASYLUM, INC. (FORMERLY PLANDEL RESOURCES, INC.)

Date:	April 17, 2014	By:	/s/ Frank E. McEnulty
			Frank E. McEnulty
			President,Chief Executive Officer, Chief Financial Officer and Director
			(Principal Executive Officer)
			(Principal Financial Officer)