Plyzer Technologies Inc. - Quarter Report: 2010 June (Form 10-Q)

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Nevada	Applied for
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)

 

 

(Address of principal executive offices)(Zip Code)

(Former name or former address, if changes since last report)

 

 

Large accelerated filer |_|

Accelerated filer |_|

Non-accelerated filer  |_|

Smaller reporting company  |X|

| X | Yes

|  | No

 

 

Item 1.

Financial Statements

Item 2

Management's Discussion and Analysis or Plan of Operations

Item 3

Quantitative and Qualitative Disclosures About Market Risk

Item 4T.

Controls and Procedures

Item 1

Legal Proceedings

Item 1A.

Risk Factors

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

Item 3

Defaults Upon Senior Securities

Item 4

Submission of Matters to a Vote of Security Holders

Item 5

Other Information

Item 6

Exhibits

 

 

Balance Sheet	F-2
Statements of Operations	F-3
Statements of Stockholders= Equity	F-4
Statements of Cash Flows	F-5
Notes to Financial Statement	F-6

 

		June 30, 2010				March 31, 2010
		(Unaudited)
ASSETS
CURRENT ASSETS
Cash		$	1,898			$	17,741
Prepaid expenses			3,750				3,750
Total current assets			5,648				21,491
OTHER ASSETS
Other assets			0				0
Total other assets			0				0
Total Assets		$	5,648			$	21,491
LIABILITIES AND STOCKHOLDERS= EQUITY
CURRENT LIABILITIES
Accounts payable and accrued  liabilities		$	15,292			$	15,292
Note payable			13,533				13,533
Total current liabilities			28,825				28,825
LONG-TERM LIABILITIES
Long-term note payable			105,045				104,188
Total long-term liabilities			105,045				104,188
Total Liabilities			133,870				133,013
Derivative liability arising from note conversion rights			0				0
STOCKHOLDERS= EQUITY
Common stock, $0.001 par value, authorized 75,000,000 shares;       7,755,000 issued and outstanding			7,755				7,755
Additional paid-in capital			12,845				12,845
Accumulated other comprehensive income			2,375				2,375
Deficit accumulated during the pre-exploration stage			(151,197	)			(134,497	)
Total stockholders= equity			(128,222	)			(111,522	)
Total Liabilities and  Stockholders= Equity		$	5,648			$	21,491

 

 

 

		2010				2009				Cumulative From February 23,2005 (inception) toJune 30, 2010
REVENUES		$	0			$	0			$	0
OPERATING EXPENSES:
General and administrative expenses			4,443				1,338				32,098
Interest expense			857				534				4,522
Geological, mineral, prospecting costs			0				0				9,740
Professional fees			11,400				13,975				106,688
Total expenses			16,700				15,847				153,048
Other comprehensive income from abandonment of conversion rights			0				0				2,375
Net income (loss)		$	(16,700	)		$	(15,847	)		$	(155,423	)
Income (loss) per weighted average common share		$	0.00			$	0.00
Number of weighted average common shares outstanding			7,755,000				7,755,000

 

 

	Number of Shares				Common Stock				Additional Paid-in Capital				Deficit Accumulated During the Pre-exploration Stage				Accumulated Other Comprehensive Income				Total Stockholders= Equity
BEGINNING BALANCE, February 23, 2005		0			$	0			$	0			$	0			$	0			$	0
Shares issued at $0.001		2,500,000				2,500				0				0				0				2,500
Shares issued at $0.003		700,000				700				1,400				0				0				2,100
Shares issued at $0.0025		4,000,000				4,000				6,000				0				0				10,000
Shares issued at $0.01		550,000				550				4,950				0				0				5,500
Net loss		0				0				0				(820	)			0				(820	)
BALANCE, March 31, 2005		7,750,000				7,750				12,350				(820	)			0				19,280
Net loss		0				0				0				(25,102	)			0				(25,102	)
BALANCE, March 31, 2006		7,750,000				7,750				12,350				(25,922	)			0				(5,822	)
Shares issued for services		2,500				3				247				0				0				250

Net loss		0				0				0				(21,355	)			0				(21,355	)
BALANCE, March 31, 2007		7,750,000				7,753				12,597				(47,257	)			0				(26,907	)
Shares issued for services		2,500				2				248				0				0				250
Net comprehensive loss		0				0				0				0				(250	)			(250	)
Net loss		0				0				0				(22,344	)			0				(22,344	)
BALANCE, March 31, 2008		7,752,500				7,755				12,845				(69,601	)			(250	)			(49,251	)
Net loss		0				0				0				(32,443	)			0				(32,443	)
BALANCE, March 31, 2009 (unaudited)		7,752,500				7,755				12,845				(102,044	)			(250	)			(81,694	)
Comp income - conversion rights		0				0				0				0				2,625				2,625
Net loss		0				0				0				(32,453	)			0				(32,453	)
BALANCE, March 31, 2010		7,752,500				7,755				12,845				(134,497	)			2,375				(111,522	)
Net loss		0				0				0				(16,700	)			0				(16,700	)
ENDING BALANCE, June 30, 2010(unaudited)		7,752,500			$	7,755			$	12,845			$	(151,197	)		$	2,375			$	(128,222	)

 

 

		2010				2009				Cumulative from February 23, 2005 (inception) to June 30, 2010
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$	(16,700	)		$	(15,847	)		$	(153,048	)
Adjustments to reconcile net loss to net cash used by operating activities:
Common stock issued for services			0				0				500
Amortization of note payable discount			857				534				4,522
Amortization of prepaid interest			0				0				6,549
Changes in operating assets and liabilities
Increase (decrease) in accounts payable - trade			0				0				12,600
Increase (decrease) in prepaid interest			0				0				(3,750	)
Net cash provided (used) by operating activities			(15,843	)			(15,313	)			(132,627	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Deposit on options			0				0				0
Net cash provided (used) by investing activities			0				0				0
CASH FLOWS FROM FINANCING ACTIVITIES:
Common stock issued for cash			0				0				20,100
Proceeds from stockholder loan payable			0				20,000				119,425
Payments on notes payable			0				0				(5,000	)
Net cash provided by financing activities			0				20,000				134,525
Net increase (decrease) in cash			(15,843	)			4,687				1,898
CASH, beginning of period			17,741				3,305				0
CASH, end of period		$	1,898			$	7,992			$	1,898
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Non-Cash Financing Activities:
None

 

 

(a) The Company WebTradex International Corporation is a Nevada chartered development stage corporation which conducts business from its headquarters in West Palm Beach, Florida.

(b) Use of estimates  The financial statements have been prepared in conformity with generally accepted accounting principles.  In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the statements of financial condition and revenues and expenses for the year then ended.  Actual results may differ significantly from those estimates.

(c) Start-up costs  Costs of start-up activities, including organization costs, are expensed as incurred, in accordance with Statement of Position (SOP) 98-5.

(e) Net income (loss) per share Basic loss per share is computed by dividing the net income (loss) by the weighted average number of common shares outstanding during the period.

 

 

 

		June 30, 2010
August 4, 2006		$	5,000
September 1, 2006			900
February 2, 2007			8,286
April 16, 2007			4,280
July 11, 2007			4,255
July 17, 2007			5,000
October 18, 2007			10,000
April 7, 2008			20,000
November 12, 2008			10,000
May 20, 2009			20,000
October 6, 2009			10,000
October 23, 2009			10,000
March  9, 2010			10,000
		$	117,721

 

 

NOTE 6 - MINERAL PROPERTY

 

Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read in conjunction with our Financial Statements and Notes thereto appearing elsewhere in this Report on Form 10-Q as well as our other SEC filings.

Overview

The Company is a development stage company and has not yet generated or realized any revenues from business operations. The Company's business strategy has been focused on the Chip mineral claim in Canada. In the last quarter of fiscal 2008, the Company elected to exit this business plan and seek a different plan that would require less start-up capital or to seek potential merger candidates. The Company's auditors have issued a going concern opinion in our audited financial statements for the fiscal year ended March 31, 2010. This means that our auditors believe there is doubt that the Company can continue as an on-going business for the next twelve months unless it obtains additional capital to pay its bills. This is because the Company has not generated any revenues and no revenues are currently anticipated. Accordingly, we must raise cash from sources such as investments by others in the Company and through possible transactions with strategic or joint venture partners. We do not plan to use any capital raised for the purchase or sale of any plant or significant equipment. The following discussion and analysis should be read in conjunction with the financial statements of the Company and the accompanying notes appearing subsequently under the caption "Financial Statements."

Comparison of Operating Results for the Quarter Ended June 30, 2010 to the Quarter Ended June 30, 2009

 

Revenues

The Company did not generate any revenues from operations for the three months ended June 30, 2010 or 2009. Accordingly, comparisons with prior periods are not meaningful. The Company is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and cost increases in services.

Operating Expenses

Operating expenses increased by $853 from $15,847 for the three months ended June 30, 2009 to $16,700 for the three months ended June 30, 2010. The increase in our net operating expenses is due to increased professional fees expenses incurred.

 

Net Loss

 

 

 

Our total assets were $5,648 at June 30, 2010. Our assets consist of cash of $1,898 and prepaid expenses of $3,750.

 

 

No trends have been identified which would materially increase or decrease our results of operations or liquidity.

 

Plan of Operation

 

Critical Accounting Policies

Use of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.

Loss per share: Basic loss per share excludes dilution and is computed by dividing the loss attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that shared in the earnings of the Company. Diluted loss per share is computed by dividing the loss available to common shareholders by the weighted average number of common shares outstandingfor the period and dilutive potential common shares outstanding unless consideration of such dilutive potential common shares would result in anti-dilution. Common stock equivalents were not considered in the calculation of diluted loss per share as their effect would have been anti-dilutive for the periods ended June 30, 2010 and 2009.

Going Concern.

The Company has suffered recurring losses from operations and is in serious need of additional financing. These factors among others indicate that the Company may be unable to continue as a going concern, particularly in the event that it cannot obtain additional financing or, in the alternative, affect a merger or acquisition. The Company's continuation as a going concern depends upon its ability to generate sufficient cash flow to conduct its operations and its ability to obtain additional sources of capital and financing. The accompanying financial statements do not include any adjustments that may be necessary if the Company is unable to continue as a going concern.

 

The Company is not subject to any specific market risk other than that encountered by any other public company related to being publicly traded.

 

Our management, which includes our Chief Executive Officer who also serves as our principal financial officer, have conducted an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-14(c) promulgated under the Securities and Exchange Act of 1934, as amended) as of a date (the "Evaluation Date") as of the end of the period covered by this report. Based upon that evaluation, our management has concluded that our disclosure controls and procedures are not effective for timely gathering, analyzing and disclosing the information we are required to disclose in our reports filed under the Securities Exchange Act of 1934, as amended, because of adjustments required by our independent auditors, primarily in the area of notes payable. Specifically, our independent auditors identified deficiencies in our internal controls and disclosures related to the valuation and amortization of beneficial conversion features on our notes payable. We have made the necessary adjustments to our financial statements and footnote disclosures in our Interim Report on Form 10-Q. We are in the process of improving our internal controls in an effort to remediate the deficiencies. There have been no significant changes made in our internal controls or in other factors that could significantly affect our internal controls subsequent to the end of the period covered by this report based on such evaluation.

 

 

 

 

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