PUMA BIOTECHNOLOGY, INC. - Annual Report: 2009 (Form 10-K)
U.S.
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
Form
10-K
(Mark
One)
|X|
ANNUAL REPORT UNDER SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For the
fiscal year ended December 31, 2009
|_|
TRANSITION REPORT UNDER SECTION 13 OR 15(d)
OF
THE SECURITIES EXCHANGE ACT OF 1934
For the
transition period from ______________ to ______________
Commission
File Number 000-52811
_______________________________________________
INNOVATIVE
ACQUISITIONS CORP.
(Exact
name of registrant as specified in its charter)
______________________________________________
| Delaware | 77-0683487 | |||
| (State or other jurisdiction of | (I.R.S. Employer | |||
| incorporation or organization) | Identification No.) |
c/o Faraaz Siddiqi, 12 Georgiana Drive, Cumberland, RI, 02864
(Address
of principal executive offices)
(401) 334-3242
(Registrant’s
telephone number, including area code)
Securities registered under Section 12(b) of the Exchange
Act:
None.
Securities
registered under Section 12(g) of the Exchange Act:
Common
Stock, $0.0001 par value per share
(Title of
Class)
Check
whether the registrant is a well-known seasoned issuer, as defined in Rule 405
of the Securities Act. Yes [ ] No [X]
Check
whether the registrant is not required to file reports pursuant to Section 13 or
15(d) of the Exchange Act. Yes [ ] No [X]
Check
whether the registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Exchange Act 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 [ ]
Check
whether the registrant has submitted electronically and posted on its corporate
website, if any, every Interactive Data File required to be submitted and posted
pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the
preceding 12 months (or for such shorter period that the registrant was required
to submit and post such files). Yes [ ] No
[ ]
Check if
there is no disclosure of delinquent filers in response to Item 405 of
Regulation S-K (§229.405 of this chapter) contained herein, and no disclosure
will 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. [X]
Check
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):
| Large Accelerated Filer | [ ] | Accelerated Filer | [ ] | ||
| Non-accelerated Filer | [ ] | Smaller Reporting Company | [X] |
(Do not check if a smaller reporting company.)
Check
whether the issuer is a shell company (as defined in Rule 12b-2 of the Exchange
Act). Yes [X] No [ ]
As of
December 31, 2009, there were no non-affiliate holders of common stock of the
Company.
APPLICABLE
ONLY TO CORPORATE REGISTRANTS
As of
March 30, 2010, there were 3,000,000 shares of common stock, par value $.0001,
outstanding.
2
FORWARD-LOOKING
STATEMENTS
Certain
statements made in this Annual Report on Form 10-K are “forward-looking
statements” (within the meaning of the Private Securities Litigation Reform Act
of 1995) regarding the plans and objectives of management for future operations.
Such statements involve known and unknown risks, uncertainties and other factors
that may cause actual results, performance or achievements of Innovative
Acquisitions Corp. (the “Company”) to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. The forward-looking statements included herein are
based on current expectations that involve numerous risks and uncertainties. The
Company's plans and objectives are based, in part, on assumptions involving the
continued expansion of business. Assumptions relating to the foregoing involve
judgments with respect to, among other things, future economic, competitive and
market conditions and future business decisions, all of which are difficult or
impossible to predict accurately and many of which are beyond the control of the
Company. Although the Company believes its assumptions underlying the
forward-looking statements are reasonable, any of the assumptions could prove
inaccurate and, therefore, there can be no assurance the forward-looking
statements included in this Report will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements included
herein, the inclusion of such information should not be regarded as a
representation by the Company or any other person that the objectives and plans
of the Company will be achieved.
3
PART
I
Innovative
Acquisitions Corp. (“we”, “us”, “our”, the "Company") was incorporated in the
State of Delaware on April 27th, 2007. Since inception, the Company
has been engaged in organizational efforts and obtaining initial
financing. The Company was formed as a vehicle to pursue a business
combination. No possible business combination is
imminent. The business purpose of the Company is to seek the
acquisition of, or merger with, an existing company. The Company
selected December 31 as its fiscal year end.
The
Company is currently considered to be a "blank check" company. The U.S.
Securities and Exchange Commission (the “SEC”) defines those companies as "any
development stage company that is issuing a penny stock, within the meaning of
Section 3 (a)(51) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), and that has no specific business plan or purpose, or has
indicated that its business plan is to merge with an unidentified company or
companies." Under SEC Rule 12b-2 under the Exchange Act, the Company also
qualifies as a “shell company,” because it has no or nominal assets (other than
cash) and no or nominal operations. Many states have enacted
statutes, rules and regulations limiting the sale of securities of "blank check"
companies in their respective jurisdictions. Management does not intend to
undertake any efforts to cause a market to develop in our securities, either
debt or equity, until we have successfully concluded a business combination. The
Company intends to comply with the periodic reporting requirements of the
Exchange Act for so long as it is subject to those requirements.
The
Company was organized as a vehicle to investigate and, if such investigation
warrants, acquire a target company or business seeking the perceived advantages
of being a publicly held corporation. The Company’s principal business objective
for the next 12 months and beyond such time will be to achieve long-term growth
potential through a combination with a business rather than immediate,
short-term earnings. The Company will not restrict its potential candidate
target companies to any specific business, industry or geographical location
and, thus, may acquire any type of business.
The analysis of new business
opportunities will be undertaken by or under the supervision of the officers and
directors of the Company. As of this date, the Company does not have
any imminent transaction with any potential business combination candidate
regarding business opportunities for the Company. The Company has
unrestricted flexibility in seeking, analyzing and participating in potential
business opportunities. In its efforts to analyze potential
acquisition targets, the Company will consider the following kinds of
factors:
(a) Potential
for growth, indicated by new technology, anticipated market expansion or new
products;
(b) Competitive
position as compared to other firms of similar size and experience within the
industry segment as well as within the industry as a whole;
(c) Strength
and diversity of management, either in place or scheduled for
recruitment;
(d) Capital
requirements and anticipated availability of required funds, to be provided by
the Company or from operations, through the sale of additional securities,
through joint ventures or similar arrangements or from other
sources;
4
(e) The
cost of participation by the Company as compared to the perceived tangible and
intangible values and potentials;
(f) The
extent to which the business opportunity can be advanced;
(g) The
accessibility of required management expertise, personnel, raw materials,
services, professional assistance and other required items; and
(h)
Other relevant factors.
In
applying the foregoing criteria, no one of which will be controlling, management
will attempt to analyze all factors and circumstances and make a determination
based upon reasonable investigative measures and available data. Potentially
available business opportunities may occur in many different industries, and at
various stages of development, all of which will make the task of comparative
investigation and analysis of such business opportunities extremely difficult
and complex. Due to the Company's limited capital available for investigation,
the Company may not discover or adequately evaluate adverse facts about the
opportunity to be acquired.
FORM OF
ACQUISITION
The
manner in which the Company participates in an opportunity will depend upon the
nature of the opportunity, the respective needs and desires of the Company and
the promoters of the opportunity, and the relative negotiating strength of the
Company and such promoters.
It is
likely that the Company will acquire its participation in a business opportunity
through the issuance of common stock or other securities of the Company.
Although the terms of any such transaction cannot be predicted, it should be
noted that in certain circumstances the criteria for determining whether or not
an acquisition is a so-called "tax free" reorganization under Section 368(a)(1)
of the Internal Revenue Code of 1986, as amended (the "Code") depends upon
whether the owners of the acquired business own 80% or more of the voting stock
of the surviving entity. If a transaction were structured to take advantage of
these provisions rather than other "tax free" provisions provided under the
Code, all prior stockholders would in such circumstances retain 20% or less of
the total issued and outstanding shares of the surviving entity. Under other
circumstances, depending upon the relative negotiating strength of the parties,
prior stockholders may retain substantially less than 20% of the total issued
and outstanding shares of the surviving entity. This could result in substantial
additional dilution to the equity of those who were stockholders of the Company
prior to such reorganization.
The
present stockholders of the Company will likely not have control of a majority
of the voting securities of the Company following a reorganization transaction.
As part of such a transaction, all or a majority of the Company's directors may
resign and one or more new directors may be appointed without any vote by
stockholders.
In the
case of an acquisition, the transaction may be accomplished upon the sole
determination of management without any vote or approval by stockholders. In the
case of a statutory merger or consolidation directly involving the Company, it
will likely be necessary to call a stockholders' meeting and obtain the approval
of the holders of a majority of the outstanding securities. The necessity to
obtain such stockholder approval may result in delay and additional expense in
the consummation of any proposed transaction and will also give rise to certain
appraisal rights to dissenting stockholders. Most likely, management will seek
to structure any such transaction so as not to require stockholder
approval.
5
It is
anticipated that the investigation of specific business opportunities and the
negotiation, drafting and execution of relevant agreements, disclosure documents
and other instruments will require substantial management time and attention and
substantial cost for accountants, attorneys and others. If a decision is made
not to participate in a specific business opportunity, the costs theretofore
incurred in the related investigation might not be recoverable. Furthermore,
even if an agreement is reached for the participation in a specific business
opportunity, the failure to consummate that transaction may result in the loss
to the Registrant of the related costs incurred.
We
presently have no employees apart from our management. Our officers and
directors are engaged in outside business activities and anticipate that they
will devote to our business very limited time until the acquisition of a
successful business opportunity has been identified. We expect no significant
changes in the number of our employees other than such changes, if any, incident
to a business combination.
Item 1A. Risk Factors.
As a
“smaller reporting company” as defined by Item 10 of Regulation S-K, the Company
is not required to provide this information.
Item
1B. Unresolved Staff Comments.
As a
“smaller reporting company” as defined by Item 10 of Regulation S-K, the Company
is not required to provide this information.
Item
2. Description of Property.
The
Company neither rents nor owns any properties. The Company utilizes the office
space and equipment of its management at no cost. Management estimates such
amounts to be immaterial. The Company currently has no policy with
respect to investments or interests in real estate, real estate mortgages or
securities of, or interests in, persons primarily engaged in real estate
activities.
Item
3. Legal Proceedings.
To the best knowledge of our officers
and directors, the Company is not a party to any legal proceeding or
litigation.
Item
4. Submission of Matters to a Vote of Security Holders.
None.
PART
II
Item
5. Market for Common Equity, Related Stockholder Matters and Small Business
Issuer Purchases of Equity Securities.
6
Common
Stock
Our
Certificate of Incorporation authorizes the issuance of up to 100,000,000 shares
of common stock, par value $.0001 per share (the “Common Stock”). The
Common Stock is not listed on a publicly-traded market. As of March
30, 2010, there were 3 holders of record of the Common Stock.
Preferred
Stock
Our
Certificate of Incorporation authorizes the issuance of up to 10,000,000 shares
of preferred stock, par value $.0001 per share (the “Preferred
Stock”). The Company has not yet issued any of its preferred
stock.
Dividend
Policy
The
Company has not declared or paid any cash dividends on its common stock and does
not intend to declare or pay any cash dividend in the foreseeable future. The
payment of dividends, if any, is within the discretion of the Board of Directors
and will depend on the Company’s earnings, if any, its capital requirements and
financial condition and such other factors as the Board of Directors may
consider.
Securities
Authorized for Issuance under Equity Compensation Plans
The
Company does not have any equity compensation plans or any individual
compensation arrangements with respect to its common stock or preferred stock.
The issuance of any of our common or preferred stock is within the discretion of
our Board of Directors, which has the power to issue any or all of our
authorized but unissued shares without stockholder approval.
Recent
Sales of Unregistered Securities
The
Company did not sell any equity securities that were not registered under the
Securities Act during the year ended December 31, 2009.
On April
27, 2007, the Company sold 1,000,000 shares of Common Stock to each of Robert
Johnson, the President and director of the Company, Faraaz Siddiqi, the
Secretary and director of the Company, and Kapil Munjal, director of the
Company, for aggregate cash consideration of $12,000. The Company
sold these shares of Common Stock under the exemption from registration provided
by Section 4(2) of the Securities Act. As of the date hereof, the
Company has 3,000,000 shares of Common Stock issued and
outstanding.
No
securities have been issued for services. Neither the Registrant nor any person
acting on its behalf offered or sold the securities by means of any form of
general solicitation or general advertising. No services were performed by any
purchaser as consideration for the shares issued.
Issuer
Purchases of Equity Securities
None.
7
Item
6. Selected Financial Data.
As a
“smaller reporting company” as defined by Item 10 of Regulation S-K, the Company
is not required to provide this information.
Item
7. Management’s Discussion and Analysis of Financial Condition and
Results of Operation
The
Company was organized as a vehicle to investigate and, if such investigation
warrants, acquire a target company or business seeking the perceived advantages
of being a publicly held corporation. Our principal business objective for the
next 12 months and beyond such time will be to achieve long-term growth
potential through a combination with a business rather than immediate,
short-term earnings. The Company will not restrict our potential candidate
target companies to any specific business, industry or geographical location
and, thus, may acquire any type of business.
The Company currently does not engage
in any business activities that provide cash flow. During the next
twelve months we anticipate incurring costs related to:
|
(i)
|
filing
Exchange Act reports, and
|
|
(ii)
|
investigating,
analyzing and consummating an
acquisition.
|
We believe we will be able to meet
these costs through use of funds in our treasury, through deferral of fees by
certain service providers and additional amounts, as necessary, to be loaned to
or invested in us by our stockholders, management or other
investors.
The Company may consider acquiring a
business which has recently commenced operations, is a developing company in
need of additional funds for expansion into new products or markets, is seeking
to develop a new product or service, or is an established business which may be
experiencing financial or operating difficulties and is in need of additional
capital. In the alternative, a business combination may involve the acquisition
of, or merger with, a company which does not need substantial additional capital
but which desires to establish a public trading market for its shares while
avoiding, among other things, the time delays, significant expense, and loss of
voting control which may occur in a public offering.
Any target business that is selected
may be a financially unstable company or an entity in its early stages of
development or growth, including entities without established records of sales
or earnings. In that event, we will be subject to numerous risks inherent in the
business and operations of financially unstable and early stage or potential
emerging growth companies. In addition, we may effect a business combination
with an entity in an industry characterized by a high level of risk, and,
although our management will endeavor to evaluate the risks inherent in a
particular target business, there can be no assurance that we will properly
ascertain or assess all significant risks.
The Company anticipates that the
selection of a business combination will be complex and extremely risky. Because
of general economic conditions, rapid technological advances being made in some
industries and shortages of available capital, our management believes that
there are numerous firms seeking even the limited additional capital which we
will have and/or the perceived benefits of becoming a publicly traded
corporation. Such perceived benefits of becoming a publicly traded corporation
include, among other things, facilitating or improving the terms on which
additional equity financing may be obtained, providing liquidity for the
principals of and investors in a business, creating a means for providing
incentive stock options or similar benefits to key employees, and offering
greater flexibility in structuring acquisitions, joint ventures and the like
through the issuance of stock. Potentially available business combinations may
occur in many different industries and at various stages of development, all of
which will make the task of comparative investigation and analysis of such
business opportunities extremely difficult and complex.
8
Liquidity
and Capital Resources
As of December 31, 2009, the Company
had assets equal to $2,408, comprised exclusively of cash. This
compares with assets of $73, comprised exclusively of cash, as of December 31,
2008. The Company’s current liabilities as of December 31, 2009
totaled $2,270, comprised exclusively of accounts payable. This
compares with current liabilities of $2,249, comprised exclusively of accounts
payable, as of December 31, 2008. The Company can provide
no assurance that it can continue to satisfy its cash requirements for at least
the next twelve months.
The following is a summary of the
Company's cash flows provided by (used in) operating, investing, and financing
activities for the years ended December 31, 2009 and December 31, 2008, and for
the period from April 27, 2007 (Inception) to December 31, 2009.
|
Fiscal
Year
Ended
December
31, 2009
|
Fiscal
Year
Ended
December
31,
2008
|
For
the Cumulative
Period
from
April
27, 2007 (Inception) to
December
31, 2009
|
||||||||||
|
Net
Cash (Used in) Operating Activities
|
$ | (16,815 | ) | $ | (11,834 | ) | $ | (43,742 | ) | |||
|
Net
Cash (Used in) Investing Activities
|
- | - | - | |||||||||
|
Net
Cash Provided by Financing Activities
|
$ | 19,150 | $ | 10,500 | $ | 46,150 | ||||||
|
Net
Change in Cash and Cash Equivalents
|
$ | 2,335 | $ | (1,334 | ) | $ | 2,408 | |||||
The
Company has nominal assets and has generated no revenues since inception. The
Company is also dependent upon the receipt of capital investment or other
financing to fund its ongoing operations and to execute its business plan of
seeking a combination with a private operating company. In addition, the Company
is dependent upon certain related parties to provide continued funding and
capital resources. If continued funding and capital resources are unavailable at
reasonable terms, the Company may not be able to implement its plan of
operations.
Results
of Operations
The
Company has not conducted any active operations since inception, except for its
efforts to locate suitable acquisition candidates. No revenue has been
generated by the Company from April 27, 2007 (Inception) to December 31,
2009. It is unlikely the Company will have any revenues unless it is
able to effect an acquisition or merger with an operating company, of which
there can be no assurance. It is management's assertion that these
circumstances may hinder the Company's ability to continue as a going
concern. The Company’s plan of operation for the next twelve months shall
be to continue its efforts to locate suitable acquisition
candidates.
For the
fiscal year ended December 31, 2009, the Company had a net loss of $16,836,
consisting of legal, accounting, audit, and other professional service fees
incurred in relation to the filing of the Company’s periodic
reports.
9
For the
fiscal year ended December 31, 2008, the Company had a net loss of $14,083,
comprised exclusively of legal, accounting, audit, and other professional
service fees incurred in relation to the preparation and filing of the Company’s
periodic reports.
For the
cumulative period from April 27, 2007 (Inception) to December 31, 2009, the
Company had a net loss of $46,012, comprised exclusively of legal, accounting,
audit, and other professional service fees incurred in relation to the formation
of the Company, the filing of the Company’s Registration Statement on Form 10-SB
in September of 2007, and the filing of the Company’s periodic
reports.
Off-Balance
Sheet Arrangements
The Company does not have any
off-balance sheet arrangements that have or are reasonably likely to have a
current or future effect on the Company’s financial condition, changes in
financial condition, revenues or expenses, results of operations, liquidity,
capital expenditures or capital resources that is material to
investors.
Contractual
Obligations
As a “smaller reporting company” as
defined by Item 10 of Regulation S-K, the Company is not required to provide
this information.
Item
7A. Quantitative and Qualitative Disclosures about Market
Risk.
As a “smaller reporting company” as
defined by Item 10 of Regulation S-K, the Company is not required to provide
this information.
Item
8. Financial Statements and Supplementary Data.
Audited financial statements begin on
the following page of this report.
10
INNOVATIVE
ACQUISITIONS CORP.
(A
Development Stage Company)
INDEX
TO FINANCIAL STATEMENTS
| Page | |
| Report of Independent Registered Public Accounting Firm | F-2 |
| Financial Statements: | |
| Balance Sheets | F-3 |
| Statements of Expense | F-4 |
| Statement of Changes in Stockholders' Equity (Deficit) | F-5 |
| Statements of Cash Flows | F-6 |
| Notes to Financial Statements | F-7 |
F-1
Report of
Independent Registered Public Accounting Firm
To the
Board of Directors
Innovative
Acquisitions Corp
(a
development stage company).
Cumberland,
Rhode Island
We have
audited the balance sheet of Innovative Acquisitions Corp. (the “Company”) as of
December 31, 2009 and 2008, and the related statements of operations,
shareholders’ equity (deficit), and cash flows for the years then ended and the
period from April 27, 2007 (inception) through December 31, 2009. These
financial statements are the responsibility of the Company’s management. Our
responsibility is to express an opinion on the financial statements and
financial statement schedules based on our audit.
We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. The Company is not required to
have, nor were we engaged to perform, an audit of its internal control over
financial reporting. Our audits included consideration of internal control over
financial reporting as a basis for designing audit procedures that are
appropriate in the circumstances, 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. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements, assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our
opinion, the financial statements referred to above present fairly, in all
material respects, the financial position of Innovative Acquisitions Corp. as of
December 31, 2009 and 2008 and the results of operations and cash flows for the
years then ended and the period from (Inception) through December 31, 2009, in
conformity with accounting principles generally accepted in the United States of
America.
The
accompanying financial statements have been prepared assuming that Innovative
Acquisitions Corp. will continue as a going concern. As discussed in Note 2 to
the financial statements, Innovative Acquisitions Corp. suffered losses from
operations and has a working capital deficit, which raises substantial doubt
about its ability to continue as a going concern. Management’s plans regarding
those matters also are described in Note 2. The financial statements do not
include any adjustments to reflect the possible future effects on the
recoverability and classification of assets or the amounts and classification of
liabilities that may result from the outcome of this uncertainty.
/s/MaloneBailey,
LLP
www.malonebailey.com
Housto,
Texas
March 29,
2010
F-2
INNOVATIVE ACQUISITIONS
CORP.
(A
Development Stage Company)
BALANCE
SHEETS
For
the year ended December 31, 2009
|
December
31,
|
December
31,
|
|||||||
|
2009
|
2008
|
|||||||
| Assets | ||||||||
|
Current
assets
|
||||||||
|
Cash
|
$
|
2,408
|
$
|
73
|
||||
|
Total
assets
|
$
|
2,408
|
$
|
73
|
||||
|
Liabilities
and Stockholders’ Equity (Deficit)
|
||||||||
|
Liabilities
|
||||||||
|
Accounts
payable
|
$
|
2,270
|
$
|
2,249
|
||||
|
Total
liabilities
|
2,270
|
2,249
|
||||||
|
Stockholders'
equity (deficit)
|
||||||||
|
Preferred
stock, 10,000,000 shares authorized, no shares issued or
outstanding
|
-
|
-
|
||||||
|
Common
stock, $0.0001 par, 100,000,000 shares authorized; 3,000,000 and 3,000,000
shares issued and outstanding, respectively
|
300
|
300
|
||||||
|
Additional
paid-in capital
|
45,850
|
26,700
|
||||||
|
Deficit
accumulated during development stage
|
(46,012
|
)
|
(29,176
|
)
|
||||
|
Total
stockholders' equity (deficit)
|
138
|
(2,176
|
)
|
|||||
|
TOTAL
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
|
$
|
2,408
|
$
|
73
|
||||
The
accompanying notes are an integral part of these financial
statements.
F-3
INNOVATIVE
ACQUISITIONS CORP.
(A
Development Stage Company)
STATEMENTS
OF EXPENSES
For
the year ended December 31, 2009
|
Year
ended
December
31,
|
Year
ended
December
31,
|
Inception
(April 27, 2007) through December
31,
|
||||||||||
|
2009
|
2008
|
2009
|
||||||||||
|
General
and administrative expenses
|
$ | (16,836 | ) | $ | (14,083 | ) | $ | (46,012 | ) | |||
|
Net
loss
|
$ | (16,836 | ) | $ | (14,083 | ) | $ | (46,012 | ) | |||
|
Weighted
average number of common shares
|
||||||||||||
|
outstanding
– basic and diluted
|
3,000,000 | 3,000,000 | n/a | |||||||||
|
Net
loss per share – basic and diluted
|
$ | (0.01 | ) | $ | (0.00 | ) | n/a | |||||
The
accompanying notes are an integral part of these financial
statements.
F-4
|
INNOVATIVE
ACQUISITIONS CORP.
|
|
(A
Development Stage Company)
|
|
STATEMENTS
OF STOCKHOLDERS’ EQUITY (DEFICIT)
|
|
For
the period from April 27, 2007 (inception) through December 31,
2009
|
|
Common
Shares
|
Amount
|
Additional
Paid-in
Capital
|
Deficit
Accumulated During Development Stage
|
Total
Equity (Deficit)
|
||||||||||||||||
|
Common
shares issued for cash at inception at $0.004 per share
|
3,000,000 | $ | 300 | $ | 11,700 | $ | - | $ | 12,000 | |||||||||||
|
Capital
contribution by existing stockholders
|
- | - | 4,500 | - | 4,500 | |||||||||||||||
|
Net
loss
|
(15,093 | ) | (15,093 | ) | ||||||||||||||||
|
Balance,
December 31, 2007
|
3,000,000 | 300 | 16,200 | (15,093 | ) | 1,407 | ||||||||||||||
|
Capital
contribution by existing stockholders
|
- | - | 10,500 | - | 10,500 | |||||||||||||||
|
Net
loss
|
- | - | - | (14,083 | ) | (14,083 | ) | |||||||||||||
|
Balance,
December 31, 2008
|
3,000,000 | 300 | 26,700 | (29,176 | ) | (2,176 | ) | |||||||||||||
|
Capital
contribution by existing stockholders
|
- | - | 19,150 | - | 19,150 | |||||||||||||||
|
Net
loss
|
- | - | - | (16,836 | ) | (16,836 | ) | |||||||||||||
|
Balance,
December 31, 2009
|
3,000,000 | $ | 300 | $ | 45,850 | $ | (46,012 | ) | $ | 138 |
The
accompanying notes are an integral part of these financial
statements.
F-5
INNOVATIVE ACQUISITIONS
CORP.
(A
Development Stage Company)
STATEMENTS
OF CASH FLOWS
For
the year ended December 31, 2009
|
Year
ended
December
31,
|
Year
ended
December
31,
|
Inception
(April 27,2007)
through
December
31,
|
||||||||||
|
2009
|
2008
|
2009
|
||||||||||
|
Operating
Activities
|
||||||||||||
|
Net
loss
|
$ | (16,836 | ) | $ | (14,083 | ) | $ | (46,012 | ) | |||
|
Adjustments
to reconcile net loss to net cash
|
||||||||||||
|
used
by operating activities:
|
||||||||||||
|
Changes
in operating assets and liabilities:
|
||||||||||||
|
Accounts
payable
|
21 | 2,249 | 2,270 | |||||||||
|
Net
cash used in operating activities
|
(16,815 | ) | (11,834 | ) | (43,742 | ) | ||||||
|
Financing
Activities
|
||||||||||||
|
Proceeds
from sale of common shares
|
- | 16,500 | ||||||||||
|
Contributions
of capital
|
19,150 | 10,500 | 29,650 | |||||||||
|
Net
cash provided in financing activities
|
19,150 | 10,500 | 46,150 | |||||||||
|
Net
increase (decrease) in cash
|
2,335 | (1,334 | ) | 2,408 | ||||||||
|
Cash
at beginning of period
|
73 | 1,407 | ||||||||||
|
Cash
at end of period
|
$ | 2,408 | $ | 73 | $ | 2,408 | ||||||
|
Supplemental
disclosures of cash flow information:
|
||||||||||||
|
Cash
paid during the period for:
|
||||||||||||
|
Interest
|
$ | - | $ | - | $ | - | ||||||
|
Income
taxes
|
- | - | - | |||||||||
accompanying
notes are an integral part of these financial statements.
F-6
INNOVATIVE
ACQUISITIONS CORP.
(A
Development Stage Company)
NOTES
TO FINANCIAL STATEMENTS
December
31, 2009
NOTE
1 – BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Organization
and Business Operations
Innovative
Acquisitions Corp (“The Company”) was organized on April 27, 2007 as a Delaware
corporation. The Company is a shell with no real business activity
and whose purpose is to seek out and attract partners for possible merger or
acquisition.
Use
of Estimates
The
preparation of financial statements in conformity with generally accepted
accounting principles 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 consolidated financial statements and the reported amounts of revenues and
expenses during the reporting period. Actual results could differ
from those estimates.
Cash
and Cash Equivalents
The
Company considers deposits that can be redeemed on demand and investments that
have original maturities of less than three months, when purchased, to be cash
equivalents.
Income
Taxes
The
Company recognizes deferred tax assets and liabilities based on differences
between the financial reporting and tax bases of assets and liabilities using
the enacted tax rates and laws that are expected to be in effect when the
differences are expected to be recovered. The Company provides a valuation
allowance for deferred tax assets for which it does not consider realization of
such assets to be more likely than not.
Basic
and Diluted Net Loss per Share
Basic and
diluted net loss per share calculations are presented in accordance with
Accounting Standard Codification ASC 260 and are calculated on the basis of the
weighted average number of common shares outstanding during the year. They
include the dilutive effect of common stock equivalents in years with net
income. Basic and diluted loss per share are the same due to the absence of
common stock equivalents.
F-7
Recently
Issued Accounting Pronouncements
Innovative
Acquisitions Corp. does not expect the adoption of recently issued accounting
pronouncements to have a significant impact on the Company’s results of
operations, financial position or cash flow.
Note
2 – Going Concern
These
financial statements have been prepared on a going concern basis. The
Company has not generated any revenue since inception and is unlikely to
generate revenue in the immediate or foreseeable future. The continuation of the
Company as a going concern is dependent upon financial support from its
shareholders, the ability to obtain necessary equity financing and the
attainment of profitable operations. These factors raise substantial doubt
regarding the Company’s ability to continue as a going concern. These financial
statements do not include any adjustments to the recoverability and
classification of recorded asset amounts and classification of liabilities that
might be necessary should the Company be unable to continue as a going
concern.
Note
3 – Income Taxes
The
Company uses the liability method, where deferred tax assets and liabilities are
determined based on the expected future tax consequences of temporary
differences between the carrying amounts of assets and liabilities for financial
and income tax reporting purposes. During fiscal 2009 and 2008, the Company
incurred net losses and, therefore, has no tax liability. The net deferred tax
asset generated by the loss carry-forward has been fully reserved based on
management’s assessment of the ability to recognize the benefit of the net
operating losses in the future. The effective tax rate for fiscal 2009 and 2008
is 34%. The cumulative net operating loss carry-forward is approximately $31,000
at December 31, 2009, and will expire beginning in the year 2028. At December
31, 2009 and 2008, deferred tax assets consisted of the following:
|
2009
|
2008
|
|||||||
|
Deferred
tax assets:
|
||||||||
|
Net
operating losses
|
$ | 10,512 | $ | 4,376 | ||||
|
Less:
valuation allowance
|
(10,512 | ) | (4,376 | ) | ||||
|
Net
deferred tax asset
|
$ | - | $ | - | ||||
Note
4 – Common Stock
The
Company received additional cash capital contributions from its directors during
the year ended December 31, 2009. No additional shares of common
stock were issued as a result of these capital contributions. The
contributions were received on the dates listed below:
|
Date
|
Amount
|
|||
|
January
12, 2009
|
$ | 750 | ||
|
January
13, 2009
|
750 | |||
|
January
14, 2009
|
750 | |||
|
January
21, 2009
|
1,400 | |||
|
January
22, 2009
|
1,400 | |||
|
January
23, 2009
|
1,400 | |||
|
February
17, 2009
|
400 | |||
|
February
17, 2009
|
400 | |||
|
February
17, 2009
|
400 | |||
|
March
9, 2009
|
100 | |||
|
April
9, 2009
|
400 | |||
|
April
9, 2009
|
500 | |||
|
April
13, 2009
|
500 | |||
|
May
6, 2009
|
1,700 | |||
|
May
6, 2009
|
1,700 | |||
|
August
3, 2009
|
1,600 | |||
|
August
4, 2009
|
1,600 | |||
|
November
4, 2009
|
3,400 | |||
|
Total
|
$ | 19,150 | ||
Note
5 – Commitments
The
Company’s principal office is located at 12 Georgiana Drive, Cumberland, RI
pursuant to a verbal agreement on a rent-free month-to-month basis.
Item
9. Changes in and Disagreements with Accountants on Accounting and Financial
Disclosure.
There are
not and have not been any disagreements between the Company and its accountants
on any matter of accounting principles, practices or financial statement
disclosure.
Item
9A(T). Controls and Procedures.
Evaluation of Disclosure
Controls and Procedures
The
Company’s 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 the Company in the reports that the Company files or submits
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.
In
accordance with Exchange Act Rules 13a-15 and 15d-15, an evaluation was
completed under the supervision and with the participation of the Company’s
management, including the Company’s President, Principal Financial Officer and
Secretary, of the effectiveness of the design and operation of the Company’s
disclosure controls and procedures as of the end of the period covered by this
Annual Report. Based on that evaluation, the Company’s management
including the President, Principal Financial Officer and Secretary, concluded
that the Company’s disclosure controls and procedures were effective in
providing reasonable assurance that information required to be disclosed in the
Company’s reports filed or submitted under the Exchange Act was recorded,
processed, summarized, and reported within the time periods specified in the
Commission’s rules and forms.
Evaluation of Internal
Controls and Procedures
Our
management is also responsible for establishing and maintaining adequate
internal control over financial reporting. The Company’s internal control
over financial reporting is designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted
accounting principles.
Our
internal control over financial reporting includes those policies and procedures
that:
|
|
·
|
Pertain
to the maintenance of records that, in reasonable detail, accurately and
fairly reflect the transactions and dispositions of the assets of the
Company;
|
|
|
·
|
Provide
reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted
accounting principles, and that our receipts and expenditures are being
made only in accordance with authorizations of the Company’s management
and directors; and
|
|
|
·
|
Provide
reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use or disposition of our assets that could have
a material effect on the financial
statements.
|
As of
December 31, 2009, we carried out an evaluation of the effectiveness of our
internal control over financial reporting based on the framework in “Internal
Control-Integrated Framework” issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on our evaluation, our
management concluded that our internal control over financial reporting was
effective as of December 31, 2009.
20
This
annual report does not include an attestation report of the Company’s registered
public accounting firm regarding internal control over financial
reporting. Management’s report was not subject to attestation by the
Company’s registered public accounting firm pursuant to temporary rules of the
Securities Exchange Commission that permit the company to provide only
management’s report in this annual report.
Changes in Internal Controls
over Financial Reporting
There
have been no significant changes to the Company’s internal controls over
financial reporting that occurred during our last fiscal quarter of the year
ended December 31, 2009, that materially affected, or were reasonably likely to
materially affect, our internal controls over financial reporting.
Item
9B. Other Information.
None.
PART
III
Item
10. Directors, Executive Officers, Promoters and Control Persons; Compliance
With Section 16(a) of the Exchange Act.
(a) Identification
of Directors and Executive Officers. The following table sets forth
certain information regarding the Company’s directors and executive
officers:
|
Robert
Johnson
|
39
|
President
and Director
|
|
|
Faraaz
Siddiqi
|
39
|
Secretary
and Director
|
|
|
Kapil
Munjal
|
38
|
Director
|
The
Company’s officers and directors are elected annually for a one year term or
until their respective successors are duly elected and qualified or until
their earlier resignation or removal.
Robert Johnson has served as
the Company’s President and director since inception. Mr. Johnson is
currently a Strategic and Developmental Consultant for PhD Productions, a film
production company, and has served as such since November 2004. Also,
since May 2003, he has been an entrepreneur in the in-home private education
industry. Previously, from September 1999 to April 2003, Mr. Johnson
worked as an attorney at the law firm of Ropes & Gray LLP in Boston,
Massachusetts. At Ropes & Gray LLP, he managed the initial public
offerings of six closed-end municipal bond funds ($3.3b, aggregate), advised
publicly-traded companies in connection with debt offerings and private
placements, and counseled start-up companies in connection with initial rounds
of financing. From 1993 to 1996, he worked at Smith Barney, Inc. in
New York City as an Associate in the Health Care Services Research
Group. As a member of the leading health care services research team
on Wall Street, Mr. Johnson evaluated the investment potential of
publicly-traded health care services companies by analyzing their financials,
business models, and industry characteristics. Mr. Johnson graduated
magna cum laude from Princeton University in 1992, receiving an Artium
Baccalaureus in Psychology; he is a member of Phi Beta Kappa. Mr.
Johnson also holds a Juris Doctor, which he received from Harvard Law School in
1999.
Faraaz Siddiqi has served as
the Company’s Secretary and director since inception. Since October 2006, Mr.
Siddiqi has been self-employed as a freelance consultant. He provides
advice on various issues relating to international business and
trade. From April 2003 to October 2006, Mr. Siddiqi worked for the
Office of the U.S. Trade Representative in the Executive Office of the President
(White House) where he attained the rank of Deputy Assistant U.S. Trade
Representative. His responsibilities included coordinating efforts to build the
capacity of developing countries to implement and enforce international trade
obligations. Mr. Siddiqi served as U.S. lead for trade capacity building
discussions in the World Trade Organization Doha negotiations, the U.S.-Thailand
Free Trade Agreement negotiations, and the U.S.-Southern African Customs Union
Free Trade Agreement negotiations. He was also significantly involved in the
Dominican Republic-Central America-United States Free Trade Agreement, the
African Growth and Opportunity Act, and other initiatives. From January 2000 to
April 2003, Mr. Siddiqi worked in the General Counsel’s Office of the U.S.
Department of Commerce as a senior attorney for the Commercial Law Development
Program where he managed a multi-million dollar project in the Middle East and
Africa promoting legal reform to improve the environment for business. Prior to
this, Mr. Siddiqi was an associate at the law firm of Robins, Kaplan, Miller
& Ciresi, LLP, in Boston, Massachusetts, where his practice focused on
intellectual property law, transactional law, and insurance law. He also worked
at the World Bank and coauthored one of the initial Bank working papers on Child
Labor. Mr. Siddiqi received a Bachelor of Arts degree in Psychology from McGill
University in 1993 and a Juris Doctor degree from the Boston University School
of Law in 1997.
21
Kapil Munjal has served
as a director of the Company since its inception. Since June 1999, Mr. Munjal
has been an independent real estate investor, involved in all aspects of real
property acquisition, management, and disposition. His primary focus has been on
building real estate portfolios comprised primarily of residential multi-family
housing investments in the city of Los Angeles. Currently, Mr. Munjal manages
approximately 300 apartment units, worth in excess of $80 million. Additionally,
he has partnered with major financial institutions such as Fannie Mae, Freddie
Mac, Citibank, Washington Mutual and Prudential Financial to secure favorable,
low-interest financing for his real estate transactions. From 1997-1999, Mr.
Munjal served as an Assistant District Attorney for the Bronx County in the city
of New York where he was a member of the Criminal Courts Bureau. Mr. Munjal has
also held positions at the Los Angeles County District Attorney’s Office and the
Administrative Office of the United States Courts. Mr. Munjal received a
Bachelor of Arts degree in Political Science/Rhetoric from the University of
California at Berkeley in 1993 and a Juris Doctor degree from the Boston
University School of Law in 1997.
(b) Significant
Employees.
As of the date hereof, the Company has
no significant employees.
(c) Family
Relationships.
There are no family relationships among
directors, executive officers, or persons nominated or chosen by the issuer to
become directors or executive officers.
(d) Involvement
in Certain Legal Proceedings.
There have been no events under any
bankruptcy act, no criminal proceedings and no judgments, injunctions, orders or
decrees material to the evaluation of the ability and integrity of any director,
executive officer, promoter or control person of Registrant during the past five
years.
Compliance
with Section 16(a) of the Exchange Act
Section 16(a)
of the Exchange Act requires the Company’s directors and officers, and persons
who beneficially own more than 10% of a registered class of the Company’s equity
securities, to file reports of beneficial ownership and changes in beneficial
ownership of the Company’s securities with the SEC on Forms 3, 4 and 5.
Officers, directors and greater than 10% stockholders are required by SEC
regulation to furnish the Company with copies of all Section 16(a) forms
they file.
Based
solely on the Company’s review of the copies of the forms received by it during
the fiscal year ended December 31, 2009 and written representations that no
other reports were required, the Company believes that no person who, at any
time during such fiscal year, was a director, officer or beneficial owner of
more than 10% of the Company’s common stock failed to comply with all
Section 16(a) filing requirements during such fiscal years.
22
Code
of Ethics
On
December 31, 2007, Company adopted a formal code of ethics statement for senior
officers and directors (the “Code of Ethics”) that is designed to deter
wrongdoing and to promote ethical conduct and full, fair, accurate, timely and
understandable reports that the Company files or submits to the Securities and
Exchange Commission and others. A form of the Code of Ethics was filed
with the Company’s Form 10-KSB filed with the SEC on March 31,
2008. Requests for copies of the Code of Ethics should be sent in
writing to c/o Faraaz Siddiqi, 12 Georgiana Drive, Cumberland, Rhode Island
02864.
Nominating
Committee
We have not adopted any procedures by
which security holders may recommend nominees to our Board of
Directors.
Audit
Committee
The Board of Directors acts as the
audit committee. The Company does not have a qualified financial expert at this
time because it has not been able to hire a qualified candidate. Further, the
Company believes that it has inadequate financial resources at this time to hire
such an expert. The Company intends to continue to search for a
qualified individual for hire.
Item
11. Executive Compensation.
The
following table sets forth the cash and other compensation paid by the Company
to its President and all other executive officers who earned annual compensation
exceeding $100,000 for services rendered during the fiscal year ended December
31, 2009 and December 31, 2008.
|
Name and Position
|
Year
|
Cash Compensation
|
Other Compensation
|
|||
|
Robert
Johnson, President and Director
|
2009
2008
|
None
None
|
None
None
|
|||
|
Faraaz
Siddiqi, Secretary and Director
|
2009
2008
|
None
None
|
None
None
|
|||
|
Kapil
Munjal, Director
|
2009
2008
|
None
None
|
None
None
|
Director
Compensation
We do not currently pay any cash fees
to our directors, nor do we pay directors’ expenses in attending board
meetings.
Employment
Agreements
The
Company is not a party to any employment agreements.
Item
12. Security Ownership of Certain Beneficial Owners and Management and Related
Stockholder Matters.
23
(a) The
following tables set forth certain information as of March 30, 2010, regarding
(i) each person known by the Company to be the beneficial owner of more than 5%
of the outstanding shares of Common Stock, (ii) each director, nominee and
executive officer of the Company and (iii) all officers and directors as a
group.
|
Name and Address
|
Amount and Nature of Beneficial
Ownership
|
Percentage of Class
|
||
|
Robert
Johnson (1)
Innovative
Acquisitions Corp.
c/o
Faraaz Siddiqi
12
Georgiana Drive
Cumberland,
Rhode Island 02864
|
1,000,000
|
33.33%
|
||
|
Faraaz
Siddiqi (2)
Innovative
Acquisitions Corp.
c/o
Faraaz Siddiqi
12
Georgiana Drive
Cumberland,
Rhode Island 02864
|
1,000,000
|
33.33%
|
||
|
Kapil
Munjal (3)
Innovative
Acquisitions Corp.
c/o
Faraaz Siddiqi
12
Georgiana Drive
Cumberland,
Rhode Island 02864
|
1,000,000
|
33.33%
|
||
|
All
Directors and Officers as a Group
(3
individuals)
|
3,000,000
|
100%
|
-----------
|
|
(1)
|
Robert
Johnson is President and Director of the
Company.
|
|
|
(2)
|
Faraaz
Siddiqi is Secretary and Director of the
Company.
|
|
|
(3)
|
Kapil
Munjal is Director of the Company.
|
(b) The
Company currently has not authorized any compensation plans or individual
compensation arrangements.
Item
13. Certain Relationships and Related Transactions.
Except as
otherwise indicated herein, there have been no related party transactions, or
any other transactions or relationships required to be disclosed pursuant to
Item 404 of Regulation S-K.
Director
Independence
The Company is not a listed issuer
whose securities are listed on a national securities exchange, or an
inter-dealer quotation system which has requirements that a majority of the
board of directors be independent. Under NASDAQ Rule 5605(a)(2)(A), a director
is not considered to be independent if he or she also is an executive officer or
employee of the corporation. Under such definition, our directors, Robert
Johnson and Faraaz Siddiqi would not be considered independent as they also
serve as executive officers of the Company. Our director Kapil Munjal would be
considered independent.
24
Item
14. Principal Accounting Fees and Services
Malone
and Bailey, P.C. (“Malone & Bailey”) is the Company's independent registered
public accounting firm.
Audit
Fees
The
aggregate fees billed by Malone & Bailey for professional services rendered
for the audit of our annual financial statements and review of financial
statements included in our quarterly reports on Form 10-Q or services that are
normally provided in connection with statutory and regulatory filings were
$8,500 for the
fiscal year ended December 31, 2009 and $7,800 for the period ended
December 31, 2008.
Audit-Related
Fees
There
were no fees billed
by Malone & Bailey for assurance and related services that are reasonably
related to the performance of the audit or review of the Company’s financial
statements for the fiscal year ended December 31, 2009 and for the period ended
December 31, 2008.
Tax
Fees
There
were no fees billed by Malone & Bailey for professional services for tax
compliance, tax advice, and tax planning for the fiscal year ended December 31,
2009 and for the
period ended December 31, 2008.
All
Other Fees
There
were no fees billed by Malone & Bailey for other products and services for
the fiscal year ended December 31, 2009 and for the period ended
December 31, 2008.
Audit
Committee’s Pre-Approval Process
The Board of Directors acts as
the audit committee of the Company, and accordingly, all services are approved
by all the members of the Board of Directors.
Part
IV
Item
15. Exhibits, Financial Statement Schedules
(a) We
set forth below a list of our audited financial statements included in Item 8 of
this annual report on Form 10-K.
| Statement | Page* |
| Index to Financial Statements | F-1 |
| Report of Independent Registered Public Accounting Firm | F-2 |
| Balance Sheets | F-3 |
| Statements of Expenses | F-4 |
| Statement of Changes in Stockholder’s Equity (Deficit) | F-5 |
| Statements of Cash Flows | F-6 |
| Notes to Financial Statements | F-7 |
*Page F-1
follows page 10 to this annual report on Form 10-K.
25
(b) Index
to Exhibits required by Item 601 of Regulation S-K.
| Exhibit | Description | |
|
*3.1
|
Certificate
of Incorporation
|
|
| *3.2 | By-laws | |
| 31.1 |
Certification
of the Company’s Principal Executive Officer pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Annual
Report on Form 10-K for the year ended December 31,
2009
|
|
| 31.2 |
Certification
of the Company’s Principal Financial Officer pursuant to Section 302 of
the Sarbanes-Oxley Act of 2002, with respect to the registrant’s Annual
Report on Form 10-K for the year ended December 31,
2009
|
|
| 32.1 | Certification of the Company’s Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 | |
| 32.2 | Certification of the Company’s Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes Oxley Act of 2002 |
|
*
|
Filed
as an exhibit to the Company's registration statement on Form 10-SB, as
filed with the Securities and Exchange Commission on September 14, 2007
and incorporated herein by this
reference.
|
26
SIGNATURES
In accordance with Section 13 or 15(d)
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.
| INNOVATIVE ACQUISITIONS CORP. | |||
|
Dated:
March 30, 2010
|
By:
|
/s/ Robert Johnson | |
| Robert Johnson | |||
| President and Director | |||
| Principal Executive Officer | |||
| Principal Financial Officer | |||
|
Dated:
March 30, 2010
|
By:
|
/s/ Faraaz Siddiqi | |
| Faraaz Siddiqi | |||
| Secretary | |||
In accordance with Section 13 or 15(d)
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.
| Title | Date | |||
| /s/ Robert Johnson | President and Director | March 30, 2010 | ||
| Robert Johnson | ||||
| /s/ Faraaz Siddiqi | Secretary and Director | March 30, 2010 | ||
| Faraaz Siddiqi | ||||
| /s/ Kapil Munjal | Director | March 30, 2010 | ||
| Kapil Munjal |
27