NUTRANOMICS, INC. - Quarter Report: 2011 April (Form 10-Q)

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

For the quarter period ended April 30, 2011

(  )	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE EXCHANGE ACT OF 1934

	For the transition period form                                                       to
	Commission File number       333-156311

BUKA VENTURES INC.

Nevada	98 0603540
(State or other jurisdiction of incorporation or organization)	(IRS Employer Identification No.)

21 Luke Street, Vatuwaga, Suva, Fiji

(Address of principal executive offices)

679-331-3255

(Issuer’s telephone number)

N/A

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

 

 

 

		Page Number
PART 1.	FINANCIAL INFORMATION
ITEM 1.	Financial Statements (unaudited)	3
	Balance Sheet as at April 30, 2011 and October 31, 2010	4
	Statement of Operations For the three and six months ended April 30, 2011 and 2010 and from Inception (March 15, 2007) to April 30, 2011	5
	Statement of Cash Flows For the six months ended April 30, 2011 and 2010 and from Inception (March 15, 2007) to April 30, 2011	6
	Notes to the Financial Statements.	7
ITEM 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	12
ITEM 3.	Quantitative and Qualitative Disclosure About Market Risk	19
ITEM 4.	Controls and Procedures	19
ITEM 4T	Controls and Procedures	20
PART 11.	OTHER INFORMATION	20
ITEM 1.	Legal Proceedings	20
ITEM 1A	Risk Factors	20
ITEM 2.	Unregistered Sales of Equity Securities and Use of Proceeds	24
ITEM 3.	Defaults Upon Senior Securities	24
ITEM 4.	Submission of Matters to a Vote of Security Holders	24
ITEM 5.	Other Information	24
ITEM 6.	Exhibits	24
	SIGNATURES.	25

 

 

 

 

 

 

	April 30, 2011	October 31, 2010
	(Unaudited)	(Audited)
ASSETS
CURRENT ASSETS
Cash	$    4,341	$    4,377
Total Current Assets	$    4,341	$    4,377
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
CURRENT LIABILITIES
Accounts payable	$    15,367	$   12,343
Advances from related parties	11,559	5,653
Total Current Liabilities	26,926	17,996
STOCKHOLDERS’ DEFICIENCY
Common stock
750,000,000 shares authorized, at $0.001 par value;
45,500,000 shares issued and outstanding	45,500	45,500
Capital in excess of par value	24,800	24,800
Deficit accumulated during the pre-exploration stage	(92,885)	(83,919)
Total Liabilities and Stockholders’ Deficiency	(22,585)	(13,619)
	$  4,341	$    4,377

 

	For the three months ended April 30, 2011	For the three months ended April 30, 2010	For the six months ended April 30, 2011	For the six months ended April 30, 2010	From March 15,  2007 (date of inception) to April 30, 2011
REVENUE	$               -	$                -	$               -	$               -	$                -
EXPENSES
Impairment loss on mineral claim	-	-	-	-	5,000
Exploration costs	-	-	-	-	8,922
General and administrative	3,843	4,999	8,966	9,748	78,963
NET LOSS FROM OPERATIONS	$    (3,843)	$     (4,999)	$    (8,966)	$    (9,748)	$  (92,885)
NET LOSS PER COMMON SHARE
Basic and diluted	$      (0.00)	$       (0.00)	$      (0.00)	$     (0.00)
WEIGHTED AVERAGE OUTSTANDING  SHARES
Basic and diluted	45,500,000	45,500,000	45,500,000	45,500,000

 

	For the six months ended   April 30, 2011	For the six months ended April 30, 2010	From March 15, 2007 (date of inception) to April 30, 2011
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$    (8,966)	$     (9,748)	$ (92,885)
Adjustments to reconcile net loss to net cash (used) in operating activities:
Impairment loss on mineral claim	-	-	5,000
Common shares issued for expenses	-	-	5,000
Capital contributions – expenses paid by officers	-	4,800	24,800
Changes in accounts payable	3,024	620	15,367
Net Cash  (Used) in Operating Activities	(5,942)	(4,328)	(42,718)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of mineral claim	-	-	(5,000)
Net Cash (Used) in Investing Activities	-	-	(5,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Advances from related parties	5,906	109	11,559
Proceeds from issuance of common stock	-	-	40,500
Net Cash provided by Financing Activities	5,906	109	52,059
Net (Decrease) Increase in Cash	(36)	(4,219)	4,341
Cash at Beginning of Period	4,377	7,482	-
CASH AT END OF PERIOD	$        4,341	$       3,263	$     4,341
SUPPLEMENTAL DISCLOSURE OF NONCASH FINANCING ACTIVITIES
Capital contributions – expenses paid by Officers	$              -	$       4,800	$        24,800

Basic and Diluted Net Income (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 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 only the basic per share amounts are shown in the report.

 

 

 

Year Ending	Estimated NOL Carry-Forward	NOL Expires	Estimated Tax Benefit from NOL	Valuation Allowance	Net Tax Benefit
2007	$   7,375	2027	$   2,212	$    (2,212)
2008	23,172	2028	6,952	(6,952)	-
2009	39,125	2029	11,738	(11,738)	-
2010	14,247	2030	4,274	(4,274)
2011	8,966	2031	2,690	(2,690)	-
	$ 92,885		$  27,866	$  (27,866)	$         -

(i)	Monetary items are recorded at the rate of exchange prevailing as at the balance sheet date;

(ii)	Non-Monetary items including equity are recorded at the historical rate of exchange; and

(iii)

Revenues and expenses are recorded at the period average in which the transaction occurred.

 

 

 

 

 

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 amounts might not be recoverable.   When the Company determines that an impairment analysis should be done, the analysis will be performed using rules of ASC 930-360-35, Asset Impairment, and 360-10-15-3 through 15-5, Impairment or Disposal of Long-Lived Assets.

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

Statement of Cash Flows

For the purposes 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.

At the report date environmental requirements related to the mineral claim acquired are unknown and therefore any estimate of any future cost cannot be made.

 

 

 

 

BUKA VENTURES INC.

On May 1, 2007, the Company acquired the Sigatoka Gold Claim located in the Republic of Fiji from Omega Ventures Inc., an unrelated company, for the consideration of $5,000.  The Sigatoka gold Claim is located 24 km north of the city of Lautoka, Fiji.  Under Fijian law, the claim remains in good standing as long as the Company has an interest in it.  There is no annual maintenance fee or minimum exploration work required on the claim.

 

BUKA VENTURES INC.

 

 

●		the estimated financial information we are furnishing in this Form 10-Q;
●		our future projected earning and cash flows;

●		the expansion of our business and its operations over the next few years;
●		the exploration of Sigatoka Gold Claim and its future development; and
●		Our future expectations of development projects.

 

 

 

 

 

 

 

Expenses	Amount		Description
Accounting	$  5,460		Fees to the internal accountant for preparing the quarter and annual working papers for the financial statements to be reviewed and examined by the independent accountants.
Audit	5,700		Review of the quarterly financial statements and examination of the annual financial statements and rendering an opinion thereon.
Mineral exploration program	23,000		Mineral exploration program.
Edgar filing service fees	2,000		Engagement of Edgar service entity to file reports with the SEC.
Office	1,000		General office supplies.
Transfer agent’s fees	2,000		Annual maintenance fee and preparation of share certificates and other documents periodically required by the Company.
Miscellaneous	750		Miscellaneous expenses
	39,910
Add: Account Payable	15,367		Relates to accounts payable owed to third parties as at April 30, 2011 with no consideration to amounts owed to related parties
	55,277
Deduct: Cash on hand	(4,341)
Estimated expenses	$50,936

 

 

 

 

 

 

 

 

 

Expense	Amount		Description
Accounting and audit	$    7,124		Preparation of working papers for submission to our independent accountants for audit of the financial statements.  Audit of our financial statements.
Bank charges	36		Bank charges related to our bank account.
Office	156
Transfer agent	1,650		Miscellaneous fees from transfer agent
Total	$    8,966

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

●		possible delays in exploring the Sigatoka and experiencing cost overruns;
●		trying to generate revenue or identify sources of cash, managing our assets and administrating ongoing financial commitments to our creditors;
●		adhering to all regulatory requirements both as a future public company and as a company required to meet State and Federal filing requirements; and
●		ensuring our shareholders are informed about our development on a regular basis.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.

Certain entity level controls establishing a “tone at the top” were considered material weaknesses. As of April 30, 2011, our audit committee did not have an independent “expert” on it who could advise our Board as to financial matters.   In addition, there was no policy on fraud.  A whistleblower policy is not necessary given the small size of the organization.

2.

Due to the significant number and magnitude of out-of-period adjustments identified during the first quarter closing process, our Directors have concluded that the controls over the quarter-end financial reporting process were not operating effectively. A material weakness in the quarter-end financial reporting process could result in us not being able to meet our regulatory filing deadlines and, if not remediated, has the potential to cause a material misstatement or to miss a filing deadline in the future. Our directors override of existing controls is possible given the small size of the organization and lack of personnel.

3.	There is no system in place to review and monitor internal control over financial reporting. We maintain an insufficient complement of personnel to carry out ongoing monitoring responsibilities and ensure effective internal control over financial reporting.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

	*	our ability to locate a profitable mineral property;
	*	our ability to locate an economic ore reserve; and
	*	our ability to profitably extract the mineral and generate revenues

 

 

 

We might be successful, during future exploration programs, in identifying a source of minerals of good grade but not in the quantity, the tonnage, required to make commercial production feasible.  If the cost of extracting any minerals that might be found on the Sigatoka Gold Claim is in excess of the selling price of such minerals, we would not be able to develop the claim.  Accordingly even if ore reserves were found on the Sigatoka Gold Claim, without sufficient tonnage we would still not be able to economically extract the minerals from the claim in which case we would have to abandon the Sigatoka Gold Claim and seek another mineral property to develop, or cease operations altogether.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

●	We will have to be sponsored by a participating market maker who will file a Form 211 on our behalf since we will not have direct access to the FINRA personnel; and
●	We will not be quoted on the OTCBB unless we are current in our periodic reports filed with the SEC.

●	Potential investors’ anticipated feeling regarding our results of operations;
●	Increased competition and/or variations in mineral prices;
●	Our ability or inability to generate future revenues; and
●	Market perception of the future of the mineral exploration industry.

Further, our share price may be impacted by factors that are unrelated or disproportionate to our operating performance.  Our share price might be affected by general economic, political and market conditions, such as recessions, changes in interest rates or international currency fluctuations.  In addition, even if our stock is approved for quotation by a market maker through the OTCBB, stocks traded over this quotation system are usually thinly traded, highly volatile and not followed by analysts.  These factors, which are not under our control, may have a material effect on our share price.

 

3.1		Certificate of Incorporation (incorporated by reference from Buka’s Registration Statement on Form S-1 filed on December 19, 2008 Registration No. 333-156311)
3.2		Articles of Incorporation (incorporated by reference from Buka’s Registration Statement on Form S-1 filed on December 19, 2008, Registration No.333-156311)
3.3		By-laws (incorporated by reference from Buka’s Registration Statement on Form S-1 filed on December 19, 2008, Registration No. 333-156311)
4		Stock Specimen (incorporated by reference from Buka’s Registration Statement on Form S-1 filed on December 19, 2008, Registration No. 333-156311)
10.1		Transfer Agent and Registrar Agreement (incorporated by reference from Buka’s Registration Statement on Form S-1 filed on December 19, 2008 Registration No. 333-156311)

 

 

 

 

	BUKA VENTURES INC.
	(Registrant)
Date: May 25, 2011	RITESH CHANDRA SINGH
	Chief Executive Officer, President and Director
Date:  May 25, 2011	RANJANA BHARAT
	Chief Financial Officer, Chief Accounting Officer, Secretary and Director