PACIFIC VEGAS GLOBAL STRATEGIES INC - Annual Report: 2018 (Form 10-K)
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2018
Commission file number 0-49701
PACIFIC VEGAS GLOBAL STRATEGIES, INC.
(Exact name of registrant as specified in its charter)
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COLORADO |
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84-1159783 |
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(State or Other Jurisdiction of Incorporation) |
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(IRS Employer Identification No.) |
Room 2, LG/F., Kai Wong Commercial Building
222 Queen’s Road, Central, Hong Kong
(Address of principal executive offices)
(852) 3154-9370
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(g) of the Act:
Common Stock, with No Par Value
(Title of class)
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES o NO x
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES o NO x
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 x NO o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).
YES o NO x
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.
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 definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
x |
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Emerging growth company |
o |
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. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES x NO o
State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average of the bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second fiscal quarter: US$211,293.
NOTE: The aggregate market value was computed by multiplying the number of outstanding shares of the registrant’s common stock, excluding those shares of record held by officers, directors and greater than five percent stockholders, by US$0.0063 per share.
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: 99,963,615 shares of Common Stock with No Par Value, outstanding as at March 29, 2019.
Documents incorporated by reference: NONE.
PART I
1.1 INTRODUCTION
All statements other than statements of historical fact presented in this annual report regarding our financial position and operating and strategic initiatives and addressing industry developments are forward-looking statements, where we or our management express(es) an expectation or belief as to future results. Such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statements of such expectation or belief will result or be achieved or accomplished. Actual results of operations may differ materially.
Our principal executive office is located at Room 2, LG/F., Kai Wong Commercial Building, 222 Queen’s Road, Central, Hong Kong, telephone (852) 3154-9370.
1.2 THE CORPORATION AND ACQUISITION OF CTGH
Pacific Vegas Global Strategies, Inc. (the “Company” or “PVGS”), formerly known as Goaltimer International, Inc., was incorporated in Colorado on December 19, 1990. Prior to the acquisition of Cyber Technology Group Holdings Ltd. (“CTGH”), the Company entered into and operated a business of development and sales of time and personal management products. The Company had discontinued such business and become a non-operating public shell since 1994, and remained as a shell company with its only activities of accruing loan interest on notes payable and looking for a merger candidate.
On November 20, 2002, the Company entered into an agreement for share exchange with CTGH under the laws of Colorado. Pursuant to the share exchange agreement, and subject to its stockholders’ approval, the Company was to acquire 100% of the issued and outstanding equity shares of CTGH, in exchange for 60,000,000 new shares of common stock of the Company. This transaction was approved by the stockholders of the Company at the special meeting of stockholders held on December 12, 2002.
The closing of the transaction was scheduled to take place on December 22, 2002 subsequently. The 60,000,000 new shares of common stock were therefore issued on December 22, 2002 as scheduled. However, the transaction was delayed and eventually closed on January 8, 2003, upon which control of the Company passed to the stockholders of CTGH, and CTGH became a wholly owned subsidiary of the Company.
CTGH was incorporated in the British Virgin Islands in June 2000, operated as an investment holding company, holding 100% of the capital stock of Pacific Vegas Development Ltd. (“PVD”).
PVD was incorporated in Samoa in April 2000, operated as an IT company, engaged in a business of system development and technical supporting services for e-business, especially e-gaming related business, whilst holding 100% of the equity shares of Pacific Vegas International Ltd. (“PVI”).
PVI was incorporated in the Commonwealth of Dominica in April 2000, established and operated as an international gaming company, conducting an offshore business of international sportsbook by way of telecommunications and the Internet, under an International Gaming License granted by the government of the Commonwealth of Dominica.
As the Company was a non-operating public shell before its acquisition of CTGH, the nature of this acquisition was defined and treated as a capital transaction or recapitalization in substance, rather than a business combination. The acquisition did not result in any purchase accounting adjustments or creation of goodwill.
1.3 BUSINESS OPERATIONS
Upon completion of the reorganization with CTGH in January 2003, CTGH became the operating entity of the Company to conduct business operations. The Company adopted CTGH’s business of international sportsbook as its principal business and operated such business, through CTGH and its subsidiaries, from the Commonwealth of Dominica by way of telecommunications and the Internet, under an International Gaming License granted by the government of the Commonwealth of Dominica, until December 6, 2004, when the Board of Directors of the Company resolved to cease the operations of such business due to the significant financial losses resulted from such business.
Revenue from operations of sportsbook business was the only revenue source for the Company during the last fifteen years. The Company recorded a total revenue of US$1.70 million for the fiscal year 2003, and a total revenue of US$0.03 million for the fiscal year 2004. No revenue was recorded for the fiscal years 2005 through 2018 since the operations of sportsbook business were ceased and then discontinued.
The operations of sportsbook business resulted in significant financial losses for the Company, particularly for the fiscal year 2004. The Company incurred a net loss of US$0.39 million for the fiscal year 2003, and a net loss of US$2.35 million for the fiscal year 2004.
Our annual report on Form 10-KSB for the fiscal year ended December 31, 2004 presented a detailed analysis of the factors that caused the adverse results of our operations of the sportsbook business.
There was no business other than the aforementioned sportsbook business operated by the Company since 2003.
1.4 DISPOSITION OF CTGH
In light of the significant financial losses resulted from the sportsbook business and the factors that caused such adverse results of operations, effective as of December 6, 2004, the Board of Directors of the Company resolved to cease the operations of sportsbook business, as an immediate remedial action to prevent further losses.
Having reviewed the financial position and re-evaluated the business structure of the Company, the Board of Directors further decided to terminate the sportsbook business and dispose of CTGH. On July 8, 2005, the Company entered into a Stock Purchase Agreement (the “Agreement”) with an independent third party (the “Buyer”), pursuant to which, and subject to its stockholders’ approval, the Company was to sell its entire 100% equity interest in CTGH through disposition of all equity shares of CTGH for a consideration of US$125,000 in cash together with a non-cash settlement that the Buyer was to assume and pay all liabilities of CTGH as shown in the consolidated balance sheet of CTGH as at June 30, 2005 and to cancel and release the Company from its liabilities due to CTGH in the amount of US$549,288 or such other amount not exceeding US$549,288 as may be amended at the closing of the transaction. This Agreement was approved by our stockholders at the special meeting of stockholders held on October 14, 2005, and the transaction was subsequently executed and closed on November 18, 2005.
Details of this transaction were disclosed in the Company’s earlier reports on Form 8-K, Form 10-QSB and definitive proxy statement on Schedule 14A filed with the SEC dated July 11, August 15, August 26, and November 18, 2005, respectively.
In accordance with ASC Topic 360-10-40 “Accounting for the Impairment or Disposal of Long-Lived Assets”, the Company reported CTGH as a discontinued operation in 2005, and the audited financial results for the fiscal year 2004 had been restated and presented in the consolidated financial statements on the same basis accordingly.
1.5 CURRENT STATUS
The Company has been in an inactive or non-operating status since December 6, 2004, and currently remains as a shell company with its only activities of incurring non-operating expenses.
1.6 EMPLOYEES
Effective from March 2007 and until December 31, 2018, the Company had one (1) full time employee, with no compensation, in the capacities as chief executive officer and chief financial officer.
1.7 ADDITIONAL INFORMATION
1.7.1 Compliance with Environmental Laws
Compliance with federal, state and local provisions which have been enacted regarding the discharge of materials into the environment or otherwise relating to the protection of the environment has not had, and is not expected to have, any adverse effect upon operations, capital expenditures, earnings or competitive position of the Company. The Company is not presently a party to any litigation or administrative proceedings, whether federal, state or local, with respect to its compliance with such environmental standards. The Company does not anticipate being required to expend any significant capital funds in the near future for environmental protection in connection with its operations.
1.7.2 Other Information
There was no expense incurred by the Company on any research and development activities in the last three fiscal years.
As at December 31, 2018, there were no patents, trademarks, licenses, franchises, concessions, and/or royalty agreements owned or possessed by the Company.
1.7.3 Reports and Availability of Information
The Company files its annual reports, quarterly reports, current reports, proxy statements, and other reports required to be filed with the SEC under the Exchange Act.
The Company has been reporting as a Development Stage Entity under FASB Accounting Standard Codification Topic 915 — Development Stage Entities since January 1, 2006.
The Company is not required to deliver an annual report to our stockholders. Our stockholders and the public may obtain any reports and other information materials that the Company filed with the SEC by visiting the SEC’s website at http://www.sec.gov or SEC’s Public Reference Room at 100 F Street, N.E, Washington, D.C. 20549, or by calling the SEC at 1-800-SEC-0330.
Not applicable.
ITEM 1B. UNRESOLVED STAFF COMMENTS
Not applicable.
2.1 OPERATING LEASE
Currently the Company maintains its principal office in Hong Kong, which has been provided by our principal stockholder, with no rental charges to the Company. However, the principal stockholder retains her right to discontinue this arrangement at her own discretion, and there can be no assurance that this arrangement by the principal stockholder will not be discontinued at any time.
2.2 INVESTMENT POLICIES
The Company does not invest in, and has not adopted any policy with respect to investments in, real estate or interests in real estate, real estate mortgages or securities of or interests in persons primarily engaged in real estate activities. It is not the Company’s policy to acquire assets primarily for possible capital gain or primarily for income.
No material legal proceedings to which the Company is a party or to which any of its property is the subject are pending and, to our knowledge, no such proceedings are contemplated.
The Company is not presently a party to any litigation or administrative proceedings with respect to our compliance with federal, state and local provisions which have been enacted regarding the discharge of materials into the environment or otherwise relating to the protection of the environment and, to our knowledge, no such proceedings are contemplated.
There has been no material legal proceeding to which any of our officers, directors or stockholders of greater than five percent of our outstanding common shares is a party adverse to the Company or has a material interest adverse to the Company.
No material proceedings or legal actions are pending or contemplated nor judgments entered against any of our officers, directors or stockholders of greater than five percent of our outstanding common shares concerning any matter involving our business.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
PART II
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
5.1 OUTSTANDING SHARES AND STOCKHOLDERS
As at December 31, 2018, there were 99,963,615 shares of PVGS common stock with no par value issued and outstanding, and there were approximately 1,150 beneficial holders of PVGS common stock.
5.2 MARKET FOR PVGS COMMON STOCK
Our common stock was traded publicly on the OTC Bulletin Board under the symbol “PVEG.OB” from January 8, 2003 until September 26, 2003, at which time it was moved from the OTC Bulletin Board to the OTC Non-Bulletin Board for failure to comply with certain reporting requirements (NASD Rule 6530). Our common stock has been since then traded on the Pink Sheets under the symbol “PVEG.PK”.
The nature of the market for common stocks trading on the Pink Sheets is generally limited, sporadic and highly volatile, and the absence of an active market may have an effect upon the high and low prices as reported. The following information sets forth the high and low last sale prices per share of our common stock for the periods indicated as reported by the Pink Sheets:
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QUARTER ENDED |
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HIGH |
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LOW |
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March 29, 2018 |
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US$ |
0.007 |
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US$ |
0.007 |
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June 29, 2018 |
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US$ |
0.0063 |
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US$ |
0.0063 |
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September 30, 2018 |
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US$ |
0.005 |
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US$ |
0.005 |
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December 31, 2018 |
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US$ |
0.004 |
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US$ |
0.004 |
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March 31, 2017 |
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US$ |
0.003 |
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US$ |
0.003 |
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June 30, 2017 |
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US$ |
0.0069 |
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US$ |
0.0069 |
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September 30, 2017 |
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US$ |
0.0068 |
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US$ |
0.0068 |
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December 30, 2017 |
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US$ |
0.004 |
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US$ |
0.004 |
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The quotations listed in this table reflect inter-dealer prices, without retail mark-ups, mark-downs, or commissions, and may not necessarily represent actual transactions.
5.3 RELATED MATTERS
The Company has not declared or paid any dividends since its reorganization with CTGH in January 2003.
The Company did not sell any equity securities that were not registered under the Securities Act of 1933, as amended, and did not repurchase any of our equity securities, in the last three fiscal years.
There were no previously authorized equity compensation plans carried forward upon the Company’s reorganization in January 2003, and there have been no equity compensation plans adopted and no equity securities issued for any equity compensation plans since the Company’s reorganization in January 2003. As at December 31, 2018, there were no outstanding equity compensation plans, options or warrants to be exercised and no equity securities to be issued for such purposes.
ITEM 6. SELECTED FINANCIAL DATA
Not applicable.
ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Our presentation in this Management’s Discussion and Analysis of Financial Condition and Results of Operations contains a number of forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on management’s current projections or expectations with regard to the future operations of business. Such projections or expectations are expressed in good faith and believed to have a reasonable basis, but there can be no assurance that such projections or expectations will prove to be correct or accurate, and as a result of certain risks and uncertainties, actual results of operations may differ materially.
7.1 CRITICAL ACCOUNTING POLICIES AND ESTIMATES
The preparation of our financial statements in conformity with accounting principles generally accepted in the United States requires our management to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Actual results could differ materially from those estimates.
Our audited financial statements and the notes thereto contain more details of critical accounting policies and other disclosures required by generally accepted accounting principles.
7.2 RESULTS OF OPERATIONS
7.2.1 Revenue and Expenses
As described in Item 1 hereof, the Company has remained in an inactive or non-operating status since December 6, 2004. There was no active business operated and no revenue earned by the Company for the fiscal years ended December 31, 2018 and 2017.
Total expenses for the fiscal year ended December 31, 2018 were US$61,124 against US$53,792 a year before. Expenses were for professional fees and miscellaneous administrative expenses in the two fiscal years.
7.2.2 Net Loss
Net loss for the fiscal year ended December 31, 2018 was US$61,124 against a net loss of US$53,792 a year before.
7.2.3 Liquidity and Capital Resources
As at December 31, 2018, the balance of cash for the Company was nil. The Company has currently retained no sources of liquidity other than the private financing by cash in-flow from the principal stockholder, which is unsecured and could be discontinued at any time.
7.3 OFF-BALANCE SHEET ARRANGEMENTS
There were no off-balance sheet arrangements as defined in Item 303(c) of Regulation S-K, as at the end of the fiscal year 2018 and any interim periods in the current fiscal year.
7.4 PLAN OF OPERATION
All statements presented in this section regarding our financial position and operating and strategic initiatives are forward-looking statements, where we or our management express(es) an expectation or belief as to future results. Such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the statement of expectation or belief will result or be achieved or accomplished. Factors which could cause actual results to differ materially from those anticipated include, but not limited to, general economic and business conditions, competition and development in the industries, the business abilities and judgment of personnel, the impacts of unusual events resulting from ongoing evaluations of business strategies, and changes in business strategies.
The Company has been in an inactive or non-operating status since December 6, 2004, and currently remains as a shell company with its only activities of accruing minimal non-operating expenses. It is expected that the Company will remain in such status until a re-organization with a selected entity takes place.
As a part of our plan, we expect our next move to be a re-organization with a selected entity, for the Company to acquire sufficient capital funds and engage into a selected business. However, there can be no assurance as to when or whether the Company will be able to accomplish this plan.
7.5 ADDITIONAL CAUTIONARY STATEMENTS AND RISK FACTORS
7.5.1 Going Concern
The financial statements presented in this annual report have been prepared in conformity with generally accepted accounting principles in the United States of America, which contemplate continuation of the Company as a going concern. However, substantial doubt has been raised with regard to the ability of the Company to continue as a going concern, in light of that as at December 31, 2018, the Company retained its total assets as minimal as US$10,000, and particularly, in this minimal amount of assets the Company retained no cash or cash equivalents to support its needs of cash payments for any current expenses which may be required for its continuation as a going concern.
The Company has maintained no revenue-generating or cash in-flow operations since December 6, 2004 and has relied on the private financing by cash in-flow from the principal stockholder of the Company. The principal stockholder has undertaken to finance the Company in cash for a “reasonable” period of time for the Company to continue as a going concern, assuming that in such a period of time the Company would be able to restructure its business and restart on a revenue-generating operation and/or raise additional capital funds to support its continuation. However, it is uncertain as for how long or to what extent such a period of time would be “reasonable”, and there can be no assurance that the financing from the principal stockholder will not be discontinued.
Other than the private financing by cash in-flow from the principal stockholder, which is unsecured and could be discontinued at any time, the Company has currently preserved no sources of liquidity to support its continuation as a going concern.
These uncertainties may result in adverse effects on continuation of the Company as a going concern. The accompanying financial statements do not include or reflect any adjustments that might result from the outcome of these uncertainties.
7.5.2 Limited Market
The market for our stock is limited. Our common stock is currently traded on the Pink Sheets under the symbol “PVEG.PK”. On January 24, 2019, the last reported sale price of our common stock on the Pink Sheets was US$0.0025 per share. However, we consider our common stock to be “thinly traded” and any last reported sale prices may not be a true market-based valuation of the common stock.
Our common stock is considered to be a “penny stock” and, as such, the market for our common stock may be further limited by certain SEC rules applicable to penny stocks.
As long as the price of our common stock remains below US$5.00 per share or we have net tangible assets of US$2,000,000 or less, our common shares are likely to be subject to certain “penny stock” rules promulgated by the SEC. Those rules impose certain sales practice requirements on brokers who sell penny stocks to persons other than established customers and accredited investors (generally, institutions with assets in excess of US$5,000,000 or individuals with a net worth in excess of US$1,000,000). For transactions covered by the penny stock rules, the broker must make a special suitability determination for the purchaser and receive the purchaser’s written consent to the transaction prior to the sale. Furthermore, the penny stock rules generally require, among other things, that brokers engaged in secondary trading of penny stocks provide customers with written disclosure documents, monthly statements of the market value of penny stocks, disclosure of the bid and asked prices and disclosure of the compensation to the brokerage firm and disclosure of the sales person working for the brokerage firm. These rules and regulations adversely affect the ability of brokers to sell our common shares and limit the liquidity of our securities.
7.5.3 Tax matters
No U.S. Federal tax returns and information forms have been filed for numerous years. The Company, however, has completed its delinquent filings current through the Delinquent International Information Return Submission Procedures (“DIIRSP”) in 2019. Since the Company incurred losses for most of the years, we do not foresee significant tax liabilities arising from the DIIRSP.
7.5.4 Due to stockholder
There were no related party transactions other than the private financing by loans to us from our principal stockholder, who is also the sole director of the Company, during the last two fiscal years ended December 31, 2018 and 2017. All private loans from the principal stockholder to the Company were unsecured, interest free and not subject to fixed term of repayment.
ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.
Not applicable.
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
Table of Contents
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Financial Statements: |
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Report of Independent Registered Public Accounting Firm
To the Shareholders and the Sole Director of
Pacific Vegas Global Strategies, Inc.
(incorporated in Colorado with limited liability)
Opinion on the Financial Statements
We have audited the accompanying balance sheets of Pacific Vegas Global Strategies, Inc. (the “Company”) as of December 31, 2018 and 2017, and the related statements of operations and comprehensive loss, changes in stockholders’ deficit and cash flows for each of the two years in the period ended December 31, 2018, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial positions of Pacific Vegas Global Strategies, Inc. as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2018, in conformity with accounting principles generally accepted in the United States of America.
Material Uncertainty related to Going Concern
The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in note 2(b) to the financial statements, the Company has suffered recurring losses from operations of US$61,124 and has a net capital deficit US$703,449, that raise substantial doubt about its ability to continue as a going concern. Management’s plans in regards to these matters are also described in note 2(b) including, but not limited to, continued financial support by the principal stockholder, which can be discontinued at her own discretion. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Basis for Opinion
These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audits of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.
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/s/ MOORE STEPHENS CPA LIMITED |
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Moore Stephens CPA Limited |
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Certified Public Accountants |
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We have served as the Company’s auditor since 2017. |
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Hong Kong |
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March 29, 2019 |
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Pacific Vegas Global Strategies, Inc.
Statements of Operations and Comprehensive Loss
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Year ended December 31, |
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Note |
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2018 |
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2017 |
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US$ |
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US$ |
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Revenue |
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— |
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— |
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Expenses |
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General and administrative expenses |
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(61,124 |
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(53,792 |
) |
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Loss before income tax |
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(61,124 |
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(53,792 |
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Income tax expense |
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4 |
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— |
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— |
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Net loss and total comprehensive loss |
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(61,124 |
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(53,792 |
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Loss per share of common stock: |
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Basic and diluted |
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5 |
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(0.00 |
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(0.00 |
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Weighted average number of common stock outstanding |
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99,963,615 |
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99,963,615 |
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The accompanying notes are an integral part of these financial statements.
Pacific Vegas Global Strategies, Inc.
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As of December 31, |
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Note |
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2018 |
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2017 |
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US$ |
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US$ |
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Assets |
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Current assets |
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Deposits and prepayments |
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3 |
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10,000 |
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12,500 |
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Total current assets |
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10,000 |
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12,500 |
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Total assets |
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10,000 |
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12,500 |
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Liabilities and stockholders’ deficit |
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Current liabilities |
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Due to a stockholder |
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6 |
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696,849 |
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638,525 |
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Accrued expenses |
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16,600 |
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16,300 |
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Total current liabilities |
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713,449 |
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654,825 |
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|
|
|
|
|
|
|
Total liabilities |
|
|
|
713,449 |
|
654,825 |
|
|
|
|
|
|
|
|
|
|
|
Commitments and contingencies |
|
7 |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ deficit |
|
|
|
|
|
|
|
|
Common stock, |
|
|
|
|
|
|
|
|
Authorized: |
|
|
|
|
|
|
|
|
No par value, 500,000,000 shares of common stock as of December 31, 2018 and 2017 |
|
|
|
|
|
|
|
|
Issued and outstanding: |
|
|
|
|
|
|
|
|
No par value, 99,963,615 shares of common stock as of December 31, 2018 and 2017 |
|
|
|
— |
|
— |
|
|
Additional paid-in capital |
|
|
|
2,500,000 |
|
2,500,000 |
|
|
Accumulated losses |
|
|
|
(3,203,449 |
) |
(3,142,325 |
) |
|
|
|
|
|
|
|
|
|
|
Total stockholders’ deficit |
|
|
|
(703,449 |
) |
(642,325 |
) |
|
|
|
|
|
|
|
|
|
|
Total liabilities and stockholders’ deficit |
|
|
|
10,000 |
|
12,500 |
|
The accompanying notes are an integral part of these financial statements.
Pacific Vegas Global Strategies, Inc.
|
|
|
Year ended December 31, |
| ||
|
|
|
2018 |
|
2017 |
|
|
|
|
US$ |
|
US$ |
|
|
Cash flows used in operating activities |
|
|
|
|
|
|
Net loss |
|
(61,124 |
) |
(53,792 |
) |
|
Adjustment to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
Changes in working capital: |
|
|
|
|
|
|
Deposits and prepayments |
|
2,500 |
|
— |
|
|
Accrued expenses |
|
300 |
|
(39 |
) |
|
|
|
|
|
|
|
|
Net cash used in operating activities |
|
(58,324 |
) |
(53,831 |
) |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
Advances from a stockholder |
|
58,324 |
|
53,831 |
|
|
|
|
|
|
|
|
|
Net cash from financing activities |
|
58,324 |
|
53,831 |
|
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
— |
|
— |
|
|
Cash and cash equivalents at beginning of year |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at end of year |
|
— |
|
— |
|
|
|
|
|
|
|
|
|
Supplemental Disclosure |
|
|
|
|
|
|
Interest paid |
|
— |
|
— |
|
|
Taxes paid |
|
— |
|
— |
|
The accompanying notes are an integral part of these financial statements.
Pacific Vegas Global Strategies, Inc.
Statements of Changes in Stockholders’ Deficit
|
|
|
Common stock |
|
Additional |
|
|
|
|
| ||
|
|
|
Number of |
|
Amount |
|
paid-in |
|
Accumulated |
|
Total |
|
|
|
|
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of January 1, 2017 |
|
99,963,615 |
|
— |
|
2,500,000 |
|
(3,088,533 |
) |
(588,533 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
— |
|
— |
|
— |
|
(53,792 |
) |
(53,792 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2017 |
|
99,963,615 |
|
— |
|
2,500,000 |
|
(3,142,325 |
) |
(642,325 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
— |
|
— |
|
— |
|
(61,124 |
) |
(61,124 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2018 |
|
99,963,615 |
|
— |
|
2,500,000 |
|
(3,203,449 |
) |
(703,449 |
) |
The accompanying notes are an integral part of these financial statements.
Pacific Vegas Global Strategies, Inc.
Notes to the Financial Statements
1. ORGANIZATION AND PRINCIPAL ACTIVITIES
Pacific Vegas Global Strategies, Inc. (the “Company” or “PVGS”), formerly known as Goaltimer International, Inc., was incorporated in Colorado on December 19, 1990.
Upon the expiry of an International Gaming License granted by the government of the Commonwealth of Dominica on December 6, 2004, the Board of Directors of the Company resolved to cease the then business due to significant losses incurred. After the full discontinuance of such business in 2005, the Company became a shell company since January 1, 2006.
The Company has been in an inactive or non-operating status since December 6, 2004, and remained as a shell company with its only activities of incurring non-operating expenses.
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of accounting
These financial statements are presented in United States dollars (“US$” or “US dollars”) and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
(b) Preparation of financial statements
The Company had a negative working capital and a stockholders’ deficit of US$703,449 as of December 31, 2018. The accompanying financial statements have been prepared in conformity with generally accepted accounting principles, which contemplate continuation of the Company as a going concern. However, a substantial doubt has been raised with regard to the ability of the Company to continue as a going concern as the Company had total liabilities in excess of its total assets and maintained no revenue-generating operations since December 6, 2004. In light of the situation, the Company has been contemplating practical plans for a business restructuring and/or possible arrangements to raise additional capital funds to support its continuation as a going concern, but there can be no assurance that the Company will be successful in procuring any of such efforts.
The principal stockholder, who is also the sole director of the Company, has undertaken to finance the Company for a “reasonable” period of time for the Company to continue as a going concern, assuming that in such period of time the Company would be able to restructure its business and restart a revenue-generating operation and/or raise additional capital funds to support its continuation as a going concern. However, the principal stockholder of the Company retains the right to discontinue such financing at her own discretion in case the Company is unable to accomplish so in such period of time. It is uncertain as for how long or to what extent such period of time would be “reasonable” to the discretion of the principal stockholder, and there can be no assurance that the financing from the principal stockholder will not be discontinued at any time.
These uncertainties may result in adverse effects on continuation of the Company as a going concern. The accompanying financial statements do not reflect any adjustments that might result from the outcome of these uncertainties.
Pacific Vegas Global Strategies, Inc.
Notes to the Financial Statements
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(c) Income taxes
The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the consolidated financial statements or tax returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely than not that the benefit of such deferred tax asset will not be realized in future periods. Tax benefits of operating loss carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and other circumstances. If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would be reduced.
The Company recognizes tax benefits from uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. Once this threshold has been met, the Company’s measurement of its expected tax benefits is recognized in its financial statements. The Company accrues interest on unrecognized tax benefits as a component of income tax expense. Penalties, if incurred, would be recognized as a component of income tax expense.
At December 31, 2018 and 2017, the Company had not incurred liability for the payment of tax related interest and there was no tax interest or penalties recognized in the statements of operations.
(d) Foreign currency translation
Foreign currency transactions during the year are translated into US dollars at approximately the market exchange rates existing at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated into United States dollars at approximately the market exchange rates ruling at the balance sheet date. The effect on the statements of operations of transaction gains and losses is insignificant for all periods presented.
(e) Use of estimates
The preparation of the financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expense during the reporting period. Estimates are used when accounting for certain items such as accounting for income tax valuation allowances. Estimates are based on historical experience, where applicable, and assumptions that management believes are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ.
(f) Fair value of financial instruments
ASC Topic 825, “Financial Instruments”, requires disclosing fair value to the extent practicable for financial instruments which are recognized or unrecognized in the balance sheets. The fair values of the financial instruments are not necessarily representative of the amount that could be realized or settled, nor does the fair value amount consider the tax prepayments and accrued expenses, the fair values were determined based on the near term maturities of such the asset and obligations.
(g) Recently issued accounting standards
As of the date that this annual report is filed, there are no recently issued accounting pronouncements whose adoption would have a material impact on the Company’s financial statements.
Pacific Vegas Global Strategies, Inc.
Notes to the Financial Statements
3. DEPOSITS AND PREPAYMENTS
The amount represents retainer fee paid in advance to the Company’s lawyer.
4. INCOME TAXES
At December 31, 2018 and 2017, the Company had an unused net operating loss carryforward of approximately $3,203,000 and $3,142,000, respectively, for income tax purposes, which expires between 2028 to indefinitely and between 2028 to 2037, respectively. At December 31, 2018 and 2017, these net operating losses carryforward may result in future income tax benefits of approximately $800,900; and $785,600, respectively, however, because realization is uncertain at this time, a valuation allowance in the same amount has been established. Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.
Significant components of the Company’s deferred tax liabilities and assets of December 31, 2018 and 2017 are as follows:
|
|
|
December 31, |
| ||
|
|
|
2018 |
|
2017 |
|
|
|
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
— |
|
— |
|
|
Deferred tax asset- |
|
|
|
|
|
|
Net operating loss carryforward |
|
800,862 |
|
785,581 |
|
|
Valuation allowance |
|
(800,862 |
) |
(785,581 |
) |
|
Net deferred tax asset |
|
— |
|
— |
|
Movement of valuation allowance:
|
|
|
December 31, |
| ||
|
|
|
2018 |
|
2017 |
|
|
|
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
|
At the beginning of the year |
|
785,581 |
|
772,133 |
|
|
Current year addition |
|
15,281 |
|
13,448 |
|
|
At the end of the year |
|
800,862 |
|
785,581 |
|
A reconciliation of the income tax expense to the amount computed by applying the current statutory tax rate to the loss before income taxes in the consolidated statements of comprehensive loss is as follows:
|
|
|
December 31, |
| ||
|
|
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
U.S. statutory income tax rate |
|
21 |
% |
35 |
% |
|
State income tax rate |
|
4.6 |
|
4.6 |
|
|
Valuation reduction |
|
(0.6 |
) |
(1.6 |
) |
|
Enacted tax reform on future tax rates |
|
— |
|
(13 |
) |
|
Change in valuation allowance of deferred tax assets |
|
(25 |
) |
(25 |
) |
|
Net deferred tax asset |
|
— |
% |
— |
% |
As a result of the reduction of the corporate income tax rate from 35% to 21% due to the Tax Cuts and Jobs Act which was enacted on December 22, 2017, U.S. GAAP requires companies to remeasure their deferred tax assets and liabilities as of the date of enactment, with resulting tax effects accounted for in the period of enactment. (the change in deferred tax balances would have a corresponding change to valuation allowance thereby resulting in no income tax expense for the year).
Pacific Vegas Global Strategies, Inc.
Notes to the Financial Statements
5. LOSS PER SHARE
Basic loss per common share is calculated based on the weighted average number of common stock outstanding during each period presented.
The Company had no potential common stock instruments with a dilutive effect for any period presented and therefore basic and diluted earnings per share are the same.
6. DUE TO A STOCKHOLDER
The amount due is unsecured, interest-free and repayable on demand.
7. COMMITMENTS AND CONTINGENCIES
The Company is delinquent in filing its U.S. Federal tax returns and information forms for numerous years. Although for most of such years the Company incurred losses and would not owe taxes except for minimum fees to Colorado, the failure to file could result in interest and penalties imposed upon the Company which would have a material adverse effect upon the Company’s financial condition. The Company has completed its delinquent filings through the DIIRSP for the past due U.S. Federal tax returns and information forms as per the 2012 Offshore Voluntary Disclosure Program. As of December 31, 2018, management does not foresee significant tax liabilities arising from the DIIRSP.
The Company’s income tax returns for the years ended December 31, 2018 and 2017 are subject to examination by the Internal Revenue Service and State tax authorities, generally for three years after they are due or filed, whichever is later.
ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
In our two most recent fiscal years and any later interim period, there were no changes in and no disagreements with our principal independent accountant on any matters with regard to our accounting and financial disclosure.
ITEM 9A. CONTROLS AND PROCEDURES
(a) Disclosure controls and procedures
As of the end of the period covered by this report, our management, with the participation of our chief financial officer, has performed an evaluation of the effectiveness of our disclosure controls and procedures within the meaning of Rules 13a-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
Based upon that evaluation, our management has concluded that, as of December 31, 2018, our disclosure controls and procedures were effective.
(b) Management’s annual report on internal control over financial reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rules 13a-15(f) under the Exchange Act. Our management evaluated the effectiveness of our internal control over financial reporting based on criteria established in the framework in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, our management has concluded that our internal control over financial reporting was effective as of December 31, 2018.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. In addition, projections of any evaluation of effectiveness of our internal control over financial reporting to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies and procedures may deteriorate.
(c) Attestation report of the registered public accounting firm
Not applicable.
(d) Changes in internal control over financial reporting
There were no changes in our internal controls over financial reporting identified in connection with the evaluation that occurred during our fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
None
PART III
ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
10.1 DIRECTORS AND EXECUTIVE OFFICERS
Information about our directors and executive officers during the year ended and as of December 31, 2018 is set forth as follows:
|
Name |
|
Age |
|
Office (1) |
|
Term Expires (2) |
|
Kwan Sin Yee |
|
66 |
|
Director, Chief Executive Officer and Chief Financial Officer (3) |
|
|
(1) The business address is Room 2, LG/F., Kai Wong Commercial Building, 222 Queen’s Road, Central, Hong Kong.
(2) The term of office of each officer is at the discretion of the sole director.
(3) Appointed to serve as Director, Chief Executive Officer and Chief Financial Officer effective from August 23, 2007.
Kwan Sin Yee, Director, Chief Executive Officer and Chief Financial Officer of the Company, was the second largest major shareholder prior to acquiring 36,500,000 shares from Raymond Chou. Ms. Kwan, being a well connected and low profile investor, took over the control of the Company after the acquisition with the intention to re-organize by merging or acquisition.
Other than the appointment of Ms. Kwan Sin Yee as Director, Chief Executive Officer and Chief Financial Officer on August 23, 2007, there was no other person nominated or chosen to any positions as directors or executive officers for the Company during the period covered by this report.
None of our existing director and/or executive officer holds any positions as director or officer in any other reporting companies.
None of our existing director and/or executive officer has been involved in any legal proceedings or such events as required to be disclosed under Item 4.01(d) of Regulation S-K.
There has been no material changes to the procedures by which our stockholders may recommend nominees to our sole director since our last disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A and Item 4.01(g) of Regulation S-K.
10.2 COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT
Based solely upon a review of Forms 3 and 4 and amendments thereto furnished to us pursuant to 17 CFR 240.16a-3(e) during our most recent fiscal year and Form 5 and amendments thereto furnished to us with respect to our most recent fiscal year, and any written representation from the reporting person (as hereinafter defined) that no Form 5 is required, we are not aware of any person who, at any time during the fiscal year, was a director, officer, beneficial owner of more than ten percent of any class of our equity securities registered pursuant to Section 12 of the Exchange Act (“reporting person”) that failed to file on a timely basis, as disclosed in the above Forms, reports required by Section 16(a) of the Exchange Act during the most recent fiscal year or prior fiscal years.
10.3 AUDIT COMMITTEE AND AUDIT COMMITTEE FINANCIAL EXPERT
Currently the Company does not have a separately-designated standing audit committee established in accordance with section 3(a)(58)(A) of the Exchange Act, or an equivalent committee performing similar functions. Our sole director is acting as the audit committee for the Company as specified in section 3(a)(58)(B) of the Exchange Act.
Currently the Company does not have audit committee financial expert serving on our audit committee or our sole director which is acting as the audit committee, due to the status that the Company has remained as a non-operating public shell since December 2004.
10.4 CODE OF ETHICS
The Company has adopted a code of ethics that applies to all of our employees, including our chief executive officer and chief financial officer, and has filed a copy of such code of ethics with the SEC as Exhibit 14.1 to our annual reports on Form 10-KSB for the fiscal years ended December 31, 2003 and 2004, respectively. However, since the Company is no longer engaged in or related to the business of sportsbook, certain sections thereof specifically related to the business of sportsbook are no longer applicable or relevant.
ITEM 11. EXECUTIVE COMPENSATION
11.1 SUMMARY COMPENSATION TABLE
Effective as of January 1, 2005, based upon a mutual agreement between the Company and our chief executive officer and chief financial officer, there has been no compensation or remuneration from the Company, whether in cash or in kind, awarded to, earned by and/or paid to our chief executive officer and chief financial officer for their services rendered in all capacities to the Company.
The following table, and its accompanying explanatory footnotes, presents the information of annual and long-term compensation, including all plan and non-plan compensation, whether in cash or non-cash, awarded to, earned by and/or paid to our chief executive officer and chief financial officer for her services rendered in all capacities to the Company for the last two fiscal years ended December 31, 2018 and 2017. Other than the compensation listed below, there has been no compensation from the Company, whether in cash or non-cash, by plan or non-plan, awarded to, earned by and/or paid to our executive officer.
|
Name and |
|
Fiscal Year |
|
Basic |
|
Bonus |
|
Options |
|
Other |
|
|
|
|
|
|
US$ |
|
US$ |
|
US$ |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Kwan Sin Yee |
|
2018 |
|
— |
|
— |
|
— |
|
— |
|
|
(Chief Executive Officer & Chief Financial Officer) |
|
2017 |
|
— |
|
— |
|
— |
|
— |
|
11.2 SUMMARY OF OPTION GRANTS
There has been no grant of any stock options made to any executive officers or any employees of the Company in the last fifteen fiscal years since the Company’s reorganization with CTGH in January 2003.
ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS
The following table sets forth the number of shares of our common stock owned beneficially as at December 31, 2018 by each person known by us to have owned beneficially more than five percent of such shares then outstanding, by each of our directors and officers and by all of our directors and officers as a group. This information gives effect to securities deemed outstanding pursuant to Rule 13d 3(d)(l) under the Securities Exchange Act of 1934, as amended. As to the knowledge of our management, no person owns beneficially more than five percent of the Company’s outstanding shares of common stock as at December 31, 2018 except as set forth below.
|
Name of Beneficial Owner |
|
Amount and Nature |
|
Percentage of Class |
|
|
|
|
6,220,000 |
|
6.22 |
% |
|
Raymond Chou (1) |
|
Common Stock |
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
42,200,000 |
|
42.22 |
% |
|
Kwan Sin Yee (1) |
|
Common Stock |
|
Common Stock |
|
|
|
|
48,420,000 |
|
48.44 |
% |
|
|
|
Common Stock |
|
Common Stock |
|
(1) The business address is Room 2, LG/F., Kai Wong Commercial Building, 222 Queen’s Road, Central, Hong Kong.
On August 23, 2007, pursuant to a Stock Purchase Agreement dated August 23, 2007 between Raymond Chou (“Chou”) and Kwan Sin Yee (“Kwan”), Kwan purchased 36,500,000 shares of the common stock of the Company from Chou for a purchase price of US$109,500. The 36,500,000 shares represented 36.5% of the total shares of the Company issued and outstanding on August 23, 2007. Kwan owns 42,200,000 shares, or 42.2% of the total shares of the Company issued and outstanding after the above-mentioned stock purchase transaction and on the date of this report.
ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE
There were no related party transactions other than the private financing by loans to us from our principal stockholder, who is also the sole director of the Company, during the last two fiscal years ended December 31, 2018 and 2017. All private loans from the principal stockholder to the Company were unsecured, interest free and not subject to fixed term of repayment.
ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(1) Audit Fees.
The aggregate fees billed for the fiscal year ended December 31, 2018 for professional services rendered by Moore Stephens for the audit of the Company’s annual financial statements for the year ended December 31, 2018 and the review of the financial statements included in our quarterly reports on Form 10-Q for the year ended December 31, 2018 were US$14,800 and US$16,500, respectively.
(2) Audit Related Fees. The Company did not pay any audit-related fees to Moore Stephens for both fiscal years 2018 and 2017.
(3) Tax Fees. Moore Stephens did not provide any tax services to the Company in either of the fiscal years 2018 and 2017.
(4) All Other Fees. Moore Stephens did not provide any other services to the Company in either of the fiscal years 2018 and 2017.
(5) We do not currently have a separate audit committee. Rather, our sole director serves as the audit committee. Our sole director approved all of the services described in items (1), (2), (3) and (4) above.
PART IV
(a) The following documents are filed as a part of this report
The financial statements as set forth in Item 8 hereof
SIGNATURES
In accordance with Section 13 or 15(d) of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
PACIFIC VEGAS GLOBAL STRATEGIES, INC.
Registrant
|
Date: |
March 29, 2019 |
|
By: |
/s/ KWAN SIN YEE |
|
|
|
Kwan Sin Yee | ||
|
|
|
President and Chief Executive Officer | ||
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
|
NAME |
|
TITLE |
|
DATE |
|
|
|
|
|
|
|
/s/ KWAN SIN YEE |
|
President, Chief Executive Officer, |
|
March 29, 2019 |
|
Kwan Sin Yee |
|
|
| |
|
|
|
|
|
|
|
/s/ KWAN SIN YEE |
|
Chief Financial Officer |
|
March 29, 2019 |
|
Kwan Sin Yee |
|
|
|
|