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TYME TECHNOLOGIES, INC. - Annual Report: 2014 (Form 10-K)


UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM 10-K

(Mark One)


x

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


For the fiscal year ended:  November 30, 2014


or


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


For the transition period from ____________________ to ____________________


Commission file number:  333-179311


TYME TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)


Delaware

 

45-3864597

(State or other jurisdiction of
incorporation or organization)

 

(IRS Employer
Identification No.)

 

 

 

c/o CKR Law LLP
1330 Avenue of the Americas, 35th Floor
New York, NY

 

10019

(Address of principal executive offices)

 

(Zip Code)


(212) 400-6900

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:  None


Securities registered pursuant to Section 12(g) of the Act:  None


Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes ☐   No x


Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act.

Yes x   No ☐


Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 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 ☐   No ☐


(Note:  The registrant is a voluntary filer of reports under Section 13 or 15(d) of the Securities Exchange Act of 1934; the registrant has filed during the preceding 12 months all reports it would have been required to file by Section 13 or 15(d) of the Securities Exchange Act of 1934 if the registrant had been subject to one of such Sections.)


Indicate by check mark 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 x   No ☐




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.

x


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


Large Accelerated Filer ¨

 

Accelerated Filer ¨

Non-Accelerated Filer ¨

(Do not check if a smaller reporting company)

 

Smaller reporting company x


Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes x   No ☐


As of May 31, 2014, there were 12,000,000 shares (pre-split) of the registrant’s common stock, par value $0.0001 per share, issued and outstanding.  Of these, 6,000,000 shares (pre-split) were held by non-affiliates of the registrant.  The market value of securities held by non-affiliates on May 31, 2014 was $69,000, based on the price of $0.0115 per share (pre-split) for the registrant’s common stock which was sold in a public offering that closed on April 2, 2012.


As of February 27, 2015, there were 52,000,800 shares (post-split) of the registrant’s common stock, $0.0001 par value per share, issued and outstanding.


DOCUMENTS INCORPORATED BY REFERENCE


Not Applicable.


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EXPLANATORY NOTE


As previously reported in a Form 8-K we filed with the SEC on September 19, 2014, effective as of September 18, 2014, we reincorporated in the State of Delaware by merging into our wholly-owned Delaware subsidiary, Tyme Technologies, Inc., which was formed on August 22, 2014 specifically for this purpose (the “Reincorporation”). Tyme Technologies, Inc. was the surviving corporation in the merger. As a result of the Reincorporation, among other things, (i) we changed our name to Tyme Technologies, Inc., (ii) we changed our jurisdiction of incorporation from Florida to Delaware , (iii) we increased our authorized capital stock from 250,000,000 shares of common stock, $0.0001 par value per share, to 300,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of “blank check” preferred stock, $0.0001 par value per share, (iv) each share of Global Group Enterprises Corp.’s common stock outstanding at the time of the Reincorporation was automatically converted into 4.3334 shares of Tyme Technologies, Inc.’s common stock, with the result that the 12,000,000 shares of common stock outstanding immediately prior to the Reincorporation were converted into 52,000,800 shares of common stock outstanding immediately thereafter. All share and per share numbers in this report relating to our common stock prior to the Reincorporation have been adjusted to give effect to this conversion, unless otherwise stated.


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TABLE OF CONTENTS


FORWARD-LOOKING STATEMENTS

5

 

 

 

PART I

 

7

 

 

 

ITEM 1.

BUSINESS

7

 

 

 

ITEM 1A.

RISK FACTORS

10

 

 

 

ITEM 1B.

UNRESOLVED STAFF COMMENTS

14

 

 

 

ITEM 2.

PROPERTIES

14

 

 

 

ITEM 3.

LEGAL PROCEEDINGS

14

 

 

 

ITEM 4.

MINE SAFETY DISCLOSURES

14

 

 

 

PART II

 

14

 

 

 

ITEM 5.

MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES

14

 

 

 

ITEM 6.

SELECTED FINANCIAL DATA

16

 

 

 

ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

16

 

 

 

ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

18

 

 

 

ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

18

 

 

 

ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

18

 

 

 

ITEM 9A.

CONTROLS AND PROCEDURES

18

 

 

 

ITEM 9B.

OTHER INFORMATION

20

 

 

 

PART III

 

20

 

 

 

ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS, AND CORPORATE GOVERNANCE

20

 

 

 

ITEM 11.

EXECUTIVE COMPENSATION

22

 

 

 

ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

23

 

 

 

ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

25

 

 

 

ITEM 14.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

25

 

 

 

PART IV

 

26

 

 

 

ITEM 15.

EXHIBITS, FINANCIAL STATEMENT SCHEDULES

26

 

 

 

SIGNATURES

28


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FORWARD-LOOKING STATEMENTS


Except for historical information, this report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Such forward-looking statements include, among others, those statements including the words “believes”, “anticipates”, “expects”, “intend”, “estimate”, “plan” and words of similar import. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.


Forward-looking statements are based on our current expectations and assumptions regarding our business, potential target businesses, the economy and other future conditions.  Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict.  Our actual results may differ materially from those contemplated by the forward-looking statements.  We caution you therefore that you should not rely on any of these forward-looking statements as statements of historical fact or as guarantees or assurances of future performance.  Important factors that could cause actual results to differ materially from those in the forward-looking statements include changes in local, regional, national or global political, economic, business, competitive, market (supply and demand) and regulatory conditions and the following:


·

our status as a development stage company;

 

 

·

our selection of a prospective target business or asset;

 

 

·

our issuance of our capital shares or incurrence of debt to complete a business combination;

 

 

·

our ability to have our securities quoted on the OTC Bulletin Board or OTC Markets, or listed on a national exchange following our business combination;

 

 

·

our ability to consummate an attractive business combination due to our limited resources and the significant competition for business combination opportunities;

 

 

·

conflicts of interest of our officers and directors;

 

 

·

potential current or future affiliations of our officers and directors with competing businesses;

 

 

·

our ability to obtain additional financing if necessary;

 

 

·

the control by our existing stockholders of a substantial interest in us;

 

 

·

our dependence on our key personnel;

 

 

·

our dependence on a single company after our business combination;

 

 

·

business and market outlook;

 

 

·

our and our customers’ business strategies following the consummation of a business combination;

 

 

·

obtaining permits and other regulatory risks following the consummation of a business combination;

 

 

·

foreign currency fluctuations and overall political risk in foreign jurisdictions following the consummation of a business combination;

 

 

·

operating and capital expenditures by us following the consummation of a business combination;

 

 

·

our competitive position following the consummation of a business combination;

 

 

·

outcomes of legal proceedings following the consummation of a business combination;


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·

expected results of operations and/or financial position following the consummation of a business combination;

 

 

·

future effective tax rates; and

 

 

·

compliance with applicable laws.


These risks and others described under “Risk Factors” are not exhaustive.


Given these uncertainties, readers of this Annual Report on Form 10-K (“Annual Report”) and investors are cautioned not to place undue reliance on such forward-looking statements.  We disclaim any obligation to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.


All references in this Annual Report to the “Company”, “TYMI”, “we”, “us”, or “our”, are to Tyme Technologies, Inc. (f/k/a Global Group Enterprises Corp.).


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PART I


ITEM 1.

BUSINESS


General


We were incorporated in the State of Florida on November 22, 2011, to engage in the business of producing, marketing and selling Ultra-Premium Vodka product to retailers.  We were not successful in our efforts and have discontinued this line of business.  Since that time we have been a “shell company” (as such term is defined in Rule 12b-2 under the Exchange Act.


Going forward, we intend to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for our shareholders.  Our objectives discussed below are extremely general and are not intended to restrict discretion of our Board of Directors (“Board”) to search for and enter into potential business opportunities or to reject any such opportunities.


We have no particular business combination in mind and have not entered into any negotiations regarding such a combination.  Neither our officers nor any of our affiliates has engaged in any negotiations with any representative of any company regarding the possibility of an acquisition or combination between our company and such other company.  We have not yet entered into any agreement, nor do we have any commitment or understanding to enter into or become engaged in a transaction.


We will not restrict our potential candidate target companies to any specific business, industry or geographical location and, thus, may acquire any type of business.  Further, we may acquire or combine with a venture that is in its preliminary or development stage, one that is already in operation or one that is in a more mature stage of its corporate existence.  Accordingly, business opportunities may be available 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 difficult and complex.


We believe that there are numerous firms seeking the perceived benefits of a publicly registered corporation.  These benefits are commonly thought to include the following:


·

the ability to use registered securities to acquire assets or businesses;

 

 

·

increased visibility in the marketplace;

 

 

·

greater ease of borrowing from financial institutions;

 

 

·

improved stock trading efficiency;

 

 

·

greater shareholder liquidity;

 

 

·

greater ease in subsequently raising capital;

 

 

·

ability to compensate key employees through stock options and other equity awards;

 

 

·

enhanced corporate image; and

 

 

·

a presence in the United States capital markets.


We have not conducted market research and are not aware of statistical data to support the perceived benefits of a merger or acquisition transaction for the owners of a business opportunity.


Target companies potentially interested in a business combination with us may include the following:


·

a company for which a primary purpose of becoming public is the use of its securities for the acquisition of other assets or businesses;

 

 

·

a company that is unable to find an underwriter of its securities or is unable to find an underwriter of securities on terms acceptable to it;


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·

a company that desires to become public with less dilution of its common stock than would occur upon an traditional underwritten public offering;

 

 

·

a company that believes that it will be able to obtain investment capital on more favorable terms after it has become public;

 

 

·

a foreign company that may wish an initial entry into the United States securities markets;

 

 

·

a special situation company, such as a company seeking a public market to satisfy redemption requirements under a qualified employee stock option plan; or

 

 

·

a company seeking one or more of the other mentioned perceived benefits of becoming a public company.


The analysis of new business opportunities will be undertaken by or under the supervision of our executive officers and directors, none of whom is a business analyst.  Therefore, it is anticipated that outside consultants or advisors may be utilized to assist us in the search for and analysis of qualified target companies.


A decision to participate or not in a specific business opportunity will be made based upon our analysis of the quality of the prospective business opportunity’s management and personnel, its assets, the anticipated acceptability of products or marketing concepts, the merit of a proposed business plan and numerous other factors that are difficult, if not impossible, to analyze using any objective criteria.  We have unrestricted flexibility in seeking, analyzing and participating in potential business opportunities.


In our efforts to analyze potential acquisition targets, we will consider the following kinds of factors:


·

potential for growth, indicated by new technology, anticipated market expansion or new products;

 

 

·

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;

 

 

·

strength and diversity of management, either in place or scheduled for recruitment;

 

 

·

capital requirements and anticipated availability of required funds, to be provided by us or from operations, through the sale of additional securities, through bank loans or other commercial borrowing arrangements, through joint ventures or similar arrangements or from other sources;

 

 

·

the cost of participation by us as compared to the perceived tangible and intangible values and potentials;

 

 

·

the extent to which the business opportunity can be advanced;

 

 

·

the accessibility of required management expertise, personnel, raw materials, services, professional assistance and other required items; and

 

 

·

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 our limited capital available for investigation, we may not discover or adequately evaluate adverse facts about the opportunity to be acquired.


In implementing a structure for a particular business acquisition, we may become a party to a merger, consolidation, reorganization, joint venture, licensing agreement or other arrangement with another entity.  We also may acquire stock or assets of an existing business.  On the consummation of a transaction it is probable that the present management and shareholders of the company will no longer be in control of the company.  In addition, some or all of our officers and directors, as part of the terms of the acquisition transaction, likely will be required to resign and be replaced by one or more new officers and directors without a vote of our shareholders.


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It is anticipated that any securities issued in any such reorganization would be issued in reliance upon exemption from registration under applicable federal and state securities laws.  In some circumstances, however, as a negotiated element of a transaction, we may agree to register all or a part of such securities immediately after the transaction is consummated or at specified times thereafter.  The issuance of substantial additional securities and their potential sale into any trading market which may develop in our securities may have a depressive effect on that market.


While the actual terms of a transaction to which we may be a party cannot be predicted, it may be expected that the parties to the business transaction will find it desirable to avoid the creation of a taxable event and thereby structure the acquisition as a “tax-free” reorganization under Sections 351 or 368 of the Internal Revenue Code of 1986, as amended.


With respect to any merger or acquisition, negotiations with target company management are expected to focus on the percentage of our company that the target company shareholders would acquire in exchange for all of their shareholdings in the target company.  Depending upon, among other things, the target company’s assets and liabilities, our existing shareholders will in all likelihood hold a substantially lesser percentage ownership interest in our company following any merger or acquisition.  The percentage ownership of our existing shareholders may be subject to significant reduction in the event we acquire a target company with substantial assets.  Any merger or acquisition effected by us can be expected to have a significant dilutive effect on the percentage of shares held by our shareholders at such time.


We will participate in a business opportunity only after the negotiation and execution of appropriate agreements.  Although the terms of such agreements cannot be predicted, generally such agreements will require certain representations and warranties of the parties thereto, will specify certain events of default, will detail the terms of closing and the conditions which must be satisfied by the parties prior to and after such closing, will outline the manner of bearing costs, including costs associated with our attorneys and accountants, and will include miscellaneous other terms.


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 would 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 our loss of the related costs incurred.


We do 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.


Recent Developments


As previously reported in a Form 8-K we filed with the SEC on September 19, 2014, effective as of September 18, 2014, we reincorporated in the State of Delaware by merging into our wholly-owned Delaware subsidiary, Tyme Technologies, Inc., which was formed on August 22, 2014 specifically for this purpose (the “Reincorporation”).  Tyme Technologies, Inc. was the surviving corporation in the merger.  As a result of the Reincorporation, among other things, (i) we changed our name to Tyme Technologies, Inc. (the “Name Change”), (ii) we changed our jurisdiction of incorporation from Florida to Delaware (the “Re-Domicile”), (iii) we increased our authorized capital stock from 250,000,000 shares of common stock, $0.0001 par value per share, to 300,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of “blank check” preferred stock, $0.0001 par value per share, (iv) each share of Global Group Enterprises Corp.’s common stock outstanding at the time of the Reincorporation was automatically converted into 4.3334 shares of Tyme Technologies, Inc.’s common stock, with the result that the 12,000,000 shares of common stock outstanding immediately prior to the Reincorporation were converted into 52,000,800 shares of common stock outstanding immediately thereafter (the “Share Exchange”).  All share and per share numbers in this report relating to our common stock prior to the Reincorporation have been adjusted to give effect to this conversion, unless otherwise stated.


We are currently engaged in discussions with Tyme, Inc., a Delaware corporation, regarding a possible business combination involving the companies.  At this stage, no definitive terms have been agreed to, and neither party is currently bound to proceed with any transaction.  With the permission of Tyme, Inc., we have effected the Name Change, the Re-Domicile and the Share Exchange to facilitate these discussions.  If the parties determine not to proceed with a business combination, we may adopt another name.


In addition, as previously reported in a Form 8-K we filed with the SEC on October 1, 2014, on September 24, 2014, the Financial Industry Regulatory Authority (“FINRA”) notified us that the Name Change, the Re-Domicile and the Share Exchange would be announced on FINRA’s Daily List on September 25, 2014, and would take effect in the over-the-counter market at the start of business on September 26, 2014 (the “Effective Date”).  At the open of trading on the Effective Date, our trading symbol changed from “GGET” to “GGETD”.  The D was removed twenty (20) business days after the Effective Date, at which time our trading symbol became “TYMI”.


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Competition


We expect to encounter substantial competition in our efforts to identify and consummate a transaction with a business opportunity.  The primary competition will be from other companies organized and funded for similar purposes, small venture capital partnerships and corporations, small business investment companies and wealthy individuals, all of which may have substantially greater financial and other resources than we do.  In view of our limited financial resources and limited management availability, we may be at a competitive disadvantage compared to our competitors.


Employees and Employment Agreements


We presently have no employees apart from Peter de Svastich, our sole officer.  Mr. de Svastich is engaged in outside business activities and anticipates that he 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.


We intend to hire additional management and other support personnel when we have reached a point in our proposed growth that would allow for such employment.  In the interim, we will rely upon consultants to assist us in identifying and investigating acquisition opportunities.


Reports to Security Holders


We file annual, quarterly and current reports and other information with the SEC.  You may read and copy any reports, statement or other information that we file with the SEC at the SEC’s public reference room at 100 F Street, N.E., Washington, D.C. 20549.  Please call the SEC at (202) 551-8090 for further information on the public reference room.  These SEC filings are also available to the public from commercial document retrieval services and at the Internet site maintained by the SEC at http://www.sec.gov.


ITEM 1A.

RISK FACTORS


THIS ANNUAL REPORT CONTAINS CERTAIN STATEMENTS RELATING TO FUTURE EVENTS OR THE FUTURE FINANCIAL PERFORMANCE OF OUR COMPANY.  YOU ARE CAUTIONED THAT SUCH STATEMENTS ARE ONLY PREDICTIONS AND INVOLVE RISKS AND UNCERTAINTIES, AND THAT ACTUAL EVENTS OR RESULTS MAY DIFFER MATERIALLY.  IN EVALUATING SUCH STATEMENTS, YOU SHOULD SPECIFICALLY CONSIDER THE VARIOUS FACTORS IDENTIFIED IN THIS ANNUAL REPORT, INCLUDING THE MATTERS SET FORTH BELOW, WHICH COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS.


AN INVESTMENT IN OUR COMMON STOCK INVOLVES A HIGH DEGREE OF RISK.  YOU SHOULD CAREFULLY CONSIDER THE FOLLOWING RISK FACTORS BEFORE DECIDING TO INVEST IN OUR COMPANY.  IF ANY OF THE FOLLOWING RISKS ACTUALLY OCCUR, OUR BUSINESS, FINANCIAL CONDITION, RESULTS OF OPERATIONS AND PROSPECTS FOR GROWTH WOULD LIKELY SUFFER.  AS A RESULT, YOU MAY LOSE ALL OR PART OF YOUR INVESTMENT IN OUR COMPANY.


We are a development stage company and may never be able to effectuate our business plan.


We were incorporated in the State of Florida on November 22, 2011, to engage in the business of producing, marketing and selling Ultra-Premium Vodka product to retailers.  Our management determined to cease our Ultra-Premium Vodka business, and attempt to acquire other assets or business operations that will maximize shareholder value.  We intend to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for our shareholders.   As a development stage company with limited resources we may not be able to successfully effectuate our business plan.  There can be no assurance that we will ever achieve any revenues or profitability.  The revenue and income potential of our proposed business and operations is unproven as the lack of operating history makes it difficult to evaluate the future prospects of our business.


We require financing to acquire businesses and implement our business plan.  We cannot assure you that we will be successful in obtaining financing or acquiring businesses, or in operating those acquired businesses in a profitable manner.


We expect losses in the future because we have no revenue.


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As we have no current revenue, we are expecting losses over the next 12 months because we do not yet have any revenues to offset the expenses associated with our business plan.  We cannot guarantee that we will ever be successful in generating revenues in the future.  We recognize that if we are unable to generate revenues, we will not be able to earn profits or continue operations.  There is no history upon which to base any assumption as to the likelihood that we will prove successful, and we can provide investors with no assurance that we will generate any operating revenues or ever achieve profitable operations.


If our business plans are not successful, we may not be able to continue operations as a going concern and our stockholders may lose their entire investment in us.


Since inception, we have had no revenues and incurred a cumulative net loss of $140,028 through November 30, 2014.  This raises substantial doubt about our ability to continue as a going concern.  We will, in all likelihood, sustain operating expenses without corresponding revenues, at least until the consummation of a business combination.  This may result in our incurring a net operating loss that will increase continuously until we can consummate a business combination with a profitable business opportunity.  We cannot assure you that we can identify a suitable business opportunity and consummate a business combination.  If we cannot continue as a going concern, our stockholders may lose their entire investment in us.


We do not have any agreement for a business combination or other transaction.


We have no arrangement, agreement or understanding with respect to engaging in a merger with, joint venture with or acquisition of, a private or public entity.  We are currently engaged in discussions with Tyme, Inc. regarding a possible business combination involving the two companies.  At this stage, no definitive terms have been agreed to, and neither party is currently bound to proceed with any transaction.  We cannot assure you that we will consummate a transaction with Tyme, Inc., or successfully identify and evaluate other suitable business opportunities, or that we will conclude a business combination.  We cannot guarantee that we will be able to negotiate a business combination on favorable terms, and there is consequently a risk that future funds allocated to the purchase of our shares will not be invested in a company with active business operations.


Future success is highly dependent on the ability of management to locate and attract a suitable acquisition.


The success of our proposed plan of operation will depend to a great extent on the operations, financial condition and management of the identified target company.  While business combinations with entities having established operating histories are preferred, there can be no assurance that we will be successful in locating candidates meeting such criteria.  The decision to enter into a business combination will likely be made without detailed feasibility studies, independent analysis, market surveys or similar information which, if we had more funds available to it, would be desirable.  In the event we complete a business combination, the success of our operations will be dependent upon management of the target company and numerous other factors beyond our control.  We cannot assure you that we will identify a target company and consummate a business combination.


There is competition for those private companies suitable for a merger or combination transaction of the type contemplated by management.


We are in a highly competitive market for a small number of business opportunities which could reduce the likelihood of consummating a successful business combination.  We are and will continue to be an insignificant participant in the business of seeking mergers with, joint ventures with and acquisitions of small private and public entities.  A large number of established and well-financed entities, including small public companies and venture capital firms, are active in mergers and acquisitions of companies that may be desirable target candidates for us.  Nearly all these entities have significantly greater financial resources, technical expertise and managerial capabilities than we do.  Consequently, we will be at a competitive disadvantage in identifying possible business opportunities and successfully completing a business combination.  These competitive factors may reduce the likelihood of our identifying and consummating a successful business combination.


We have not conducted market research to identify business opportunities, which may affect our ability to identify a business to merge with or acquire.


We have neither conducted nor have others made available to us results of market research concerning prospective business opportunities.  Therefore, we have no assurances that market demand exists for a merger or acquisition as contemplated by us.  Our management has not identified any specific business combination or other transactions for formal evaluation by us, such that it may be expected that any such target business or transaction will present such a level of risk that conventional private or public offerings of securities or conventional bank financing will not be available.  There is no assurance that we will be able to acquire a business opportunity on terms favorable to us.  Decisions as to which business opportunity to participate in will be unilaterally made by our management, which may act without the consent, vote or approval of our stockholders.


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Management intends to devote only a limited amount of time to seeking a target company, which may adversely impact our ability to identify a suitable acquisition candidate.


While seeking a business combination, management anticipates devoting very limited time to our affairs in total.  Our sole officer has not entered into a written employment agreement with us and is not expected to do so in the foreseeable future.  This limited commitment may adversely impact our ability to identify and consummate a successful business combination.


We are dependent on the services of our sole officer to obtain capital required to implement our business plan and for identifying, investigating, negotiating and integrating potential acquisition opportunities.  The loss of services of our sole officer could have a substantial adverse effect on us.  The expansion of our business will be largely contingent on our ability to attract and retain highly qualified corporate and operations level management team.  We cannot assure you that we will find suitable management personnel or will have financial resources to attract or retain such people if found.


The time and cost of preparing a private company to become a public reporting company may preclude us from entering into a merger or acquisition with the most attractive private companies.


Target companies that fail to comply with SEC reporting requirements may delay or preclude acquisition.  Sections 13 and 15(d) of the Exchange Act require reporting companies to provide certain information about significant acquisitions, including audited financial statements for the company acquired.  


The time and additional costs that may be incurred by some target entities to prepare these statements may significantly delay or essentially preclude consummation of an acquisition.  Otherwise suitable acquisition prospects that do not have or are unable to obtain the required audited statements may be inappropriate for acquisition so long as the reporting requirements of the Exchange Act are applicable.


Any potential acquisition or merger with a foreign company may subject us to additional risks.


If we enter into a business combination with a foreign concern, we will be subject to risks inherent in business operations outside of the United States.  These risks include, for example, currency fluctuations, regulatory problems, punitive tariffs, unstable local tax policies, trade embargoes, risks related to shipment of raw materials and finished goods across national borders and cultural and language differences.  Foreign economies may differ favorably or unfavorably from the United States economy in growth of gross national product, rate of inflation, market development, rate of savings, and capital investment, resource self-sufficiency and balance of payments positions, and in other respects.


We will need to raise additional capital to execute our business plan.  If our operations do not produce the necessary cash flow, or if we cannot obtain needed funds, we may be forced to reduce or cease our activities with consequent loss to investors.


We have a need for cash in order to pay obligations currently due in a timely manner, and to finance our business operations.  Our continued operations will depend upon the sustainability of cash flow from our ability to raise additional funds, as required, through equity or debt financing.  There is no assurance that we will be able to obtain additional funding when it is needed, or that such funding, if available, will be obtainable on terms acceptable to us.  If we cannot obtain needed funds, we may be forced to reduce or cease our activities with consequent loss to investors.  In addition, should we incur significant presently unforeseen expenses or delays, we may not be able to accomplish our goals.


If we fail to develop and maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud, as a result, current and potential shareholders could lose confidence in our financial reports, which could harm our business and the trading price of our common stock.


Effective internal controls are necessary for us to provide reliable financial reports and effectively prevent fraud.  Section 404 of the Sarbanes-Oxley Act of 2002 requires us to evaluate and report on our internal controls over financial reporting.  We plan to comply with Section 404 by strengthening, assessing and testing our system of internal controls to provide the basis for our report.  The process of strengthening our internal controls and complying with Section 404 is expensive and time consuming, and requires significant management attention, especially given that we have not yet undertaken any efforts to comply with the requirements of Section 404.  We cannot be certain that the measures we will undertake will ensure that we will maintain adequate controls over our financial processes and reporting in the future.  Furthermore, if we are able to rapidly grow our business, the internal controls that we will need will become more complex, and significantly more resources will be required to ensure our internal controls remain effective.  Failure to implement required controls, or difficulties encountered in their implementation, could harm our operating results or cause us to fail to meet our reporting obligations.  If we discover a material weakness in our internal controls, the disclosure of that fact, even if the weakness is quickly remedied, could diminish investors’ confidence in our financial statements and harm our stock price.  In addition,


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non-compliance with Section 404 could subject us to a variety of administrative sanctions, including the suspension of trading, ineligibility for listing on the OTC Bulletin Board, the OTC Markets, one of the national securities exchanges, and the inability of registered broker-dealers to make a market in our common stock, which would further reduce our stock price.


Our principal stockholder owns a controlling interest in our voting stock and investors will not have any voice in our management, which could result in decisions adverse to our general shareholders.


GEM Global Yield Fund LLC SCS, a societé en commandite simple incorporated and existing under the law of Luxembourg (“GGYF”), beneficially owns 50.0% of our outstanding common stock.  As a result, it has the ability to control substantially all matters submitted to our stockholders for approval including: (a) election of our Board of Directors (“Board”); (b) removal of any of our directors; (c) amendments of our Certificate of Incorporation or bylaws; (d) adoption of measures that could delay or prevent a change in control or impede a merger, takeover or other business combination involving us, or (e) other significant corporate transactions.  The shares were obtained pursuant to a Stock Purchase Agreement, dated as of February 27, 2013, between GGYF, and Andrew Keck, our then principal stockholder and sole officer and director.  The shares were purchased from the Mr. Keck for cash consideration of $206,000.


Our failure to adopt certain corporate governance procedures may prevent us from obtaining a listing on a national securities exchange.


Peter de Svastich is our sole director.  We have no directors that are “independent” as that term is defined in the rules of any national securities exchange.  As a result, we do not have an audit, compensation or nominating and corporate governance committee.  The functions of such committees would perform are performed by the Board as a whole.  Consequently, there is a potential conflict of interest in Board decisions that may adversely affect our ability to become a listed security on a national securities exchange and as a result adversely affect the liquidity of our common stock.


Trading in our shares of common stock is limited, and will not improve unless we increase our sales, become profitable and secure more active market makers.


There is currently no trading market for our common stock.  There can be no assurance that a regular trading market for our securities will ever develop or that if developed it will be sustained.  The trading price of our securities could be subject to wide fluctuations, in response to quarterly variations in our operating results, announcements by us or others, developments affecting us, and other events or factors.  In addition, the stock market has experienced extreme price and volume fluctuations in recent years.  These fluctuations have had a substantial effect on the market prices for many companies, often unrelated to the operating performance of such companies, and may adversely affect the market prices of the securities Such risks could have an adverse effect on the stock’s future liquidity.


We may, in the future, issue additional common shares, which would reduce investors’ percent of ownership and may dilute our share value.


Our Certificate of Incorporation authorizes the issuance of 300,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of “blank check” preferred stock, $0.0001 par value per share (“Preferred Stock”).  The future issuance of Common Stock or Preferred Stock may result in substantial dilution in the percentage of our Common Stock held by our then existing shareholders.  We may value any Common Stock and/or Preferred Stock issued in the future on an arbitrary basis.  The issuance of Common Stock and/or Preferred Stock for future services or acquisitions or other corporate actions may have the effect of diluting the value of the shares held by our investors, and might have an adverse effect on any trading market for our Common Stock.


Our common shares are subject to the “penny stock” rules of the SEC, and the trading market in our securities is limited, which makes transactions in our stock cumbersome and may reduce the value of an investment in our stock.


Rule 15g-9 under the Exchange Act establishes the definition of a “penny stock,” for the purposes relevant to us, as any equity security that has a market price of less than $5.00 per share or with an exercise price of less than $5.00 per share, subject to certain exceptions.  For any transaction involving a penny stock, unless exempt, the rules require: (a) that a broker or dealer approve a person’s account for transactions in penny stocks; and (b) the broker or dealer receive from the investor a written agreement to the transaction, setting forth the identity and quantity of the penny stock to be purchased.


In order to approve a person’s account for transactions in penny stocks, the broker or dealer must: (a) obtain financial information and investment experience objectives of the person; and (b) make a reasonable determination that the transactions in penny stocks are suitable for that person and the person has sufficient knowledge and experience in financial matters to be capable of evaluating the risks of transactions in penny stocks.


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The broker or dealer must also deliver, prior to any transaction in a penny stock, a disclosure schedule prescribed by the Securities and Exchange Commission (“SEC”) relating to the penny stock market, which, in highlight form: (a) sets forth the basis on which the broker or dealer made the suitability determination; and (b) that the broker or dealer received a signed, written agreement from the investor prior to the transaction.  Generally, brokers may be less willing to execute transactions in securities subject to the “penny stock” rules.  This may make it more difficult for investors to dispose of our common shares and cause a decline in the market value of our stock.


Disclosure also has to be made about the risks of investing in penny stocks in both public offerings and in secondary trading and about the commissions payable to both the broker-dealer and the registered representative, current quotations for the securities and the rights and remedies available to an investor in cases of fraud in penny stock transactions.  Finally, monthly statements have to be sent disclosing recent price information for the penny stock held in the account and information on the limited market in penny stocks.


Because we do not intend to pay any cash dividends on our Common Stock, our stockholders will not be able to receive a return on their shares unless they sell them.


We intend to retain any future earnings to finance the development and expansion of our business.  We do not anticipate paying any cash dividends on our common stock in the foreseeable future.  Unless we pay dividends, our stockholders will not be able to receive a return on their shares unless they sell them.  We cannot assure you that you will be able to sell shares when you desire to do so.


ITEM 1B.

UNRESOLVED STAFF COMMENTS


None.


ITEM 2.

PROPERTIES


As our office space needs are limited at the current time, we are currently operating out of our sole officer’s office located at 590 Madison Avenue, 27th Floor, New York, NY 10022.  This space usage is donated free of charge by GGYF, the holder of 50% of our outstanding common stock.


ITEM 3.

LEGAL PROCEEDINGS


We know of no materials, active or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceedings or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any beneficial shareholder are an adverse party or has a material interest adverse to us.


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


Market Information


Our Common Stock is currently quoted on the OTC Markets under the symbol “TYMI.”  Previously, until September 26, 2014, our Common Stock was quoted on the OTC Markets under the symbol “GGET.”  There is currently no trading market for our Common Stock and there is no assurance that a regular trading market will ever develop.  OTC Markets securities are not listed and traded on the floor of an organized national or regional stock exchange.  Instead, OTC Markets securities transactions are conducted through a telephone and computer network connecting dealers.  OTC Markets issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.


To have our Common Stock listed on any of the public trading markets, including the OTC Markets, we will require a market maker to sponsor our securities. We have not yet engaged any market maker to sponsor our securities, and there is no guarantee that our securities will meet the requirements for quotation or that our securities will be accepted for listing on the OTC Markets.  This could prevent us from developing a trading market for our Common Stock.


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Holders


As of the date of this report there were 6 holders of record of our Common Stock, based on information provided by our transfer agent.


Dividends


To date, we have not paid dividends on shares of our Common Stock and we do not expect to declare or pay dividends on shares of our Common Stock in the foreseeable future. The payment of any dividends will depend upon our future earnings, if any, our financial condition, and other factors deemed relevant by our Board of Directors.


Recent Sales of Unregistered Securities


During the last three fiscal years we have had the following issuances of unregistered securities:


On November 22, 2011, we issued 39,000,600 shares (post-split) of our Common Stock to Andrew Keck, our founder, and former sole officer and director, for cash in the amount of an aggregate of $9,000.  We relied upon Section 4(2) (now 4(a)(2)) of the Securities Act, which exempts from registration “transactions by an issuer not involving any public offering”.


It is our belief Mr. Keck had such knowledge and experience in financial and business matters that he was capable of evaluating the merits and risks of the investment and therefore did not need the protections offered under Securities and Act of 1933, as amended.  Mr. Keck certified that she was purchasing the shares for his own account, with investment intent.  This offering was not accompanied by general advertisement or general solicitation and the shares were issued with a Rule 144 restrictive legend.


Restrictions on the Use of Rule 144 by Shell Companies or Former Shell Companies


Historically, the SEC staff has taken the position that Rule 144 is not available for the resale of securities initially issued by companies that are, or previously were, shell companies like us, to their promoters or affiliates despite technical compliance with the requirements of Rule 144.  The SEC has codified and expanded this position in recent amendments by prohibiting the use of Rule 144 for resale of securities issued by any shell companies (other than business combination related shell companies) or any issuer that has been at any time previously a shell company.  The SEC has provided an exception to this prohibition, however, if the following conditions are met:


·

the issuer of the securities that was formerly a shell company has ceased to be a shell company;

 

 

·

the issuer of the securities is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act;

 

 

·

the issuer of the securities has filed all Exchange Act reports and material required to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports and materials), other than Form 8-K reports; and

 

 

·

at least one year has elapsed from the time that the issuer filed current Form 10 type information with the SEC reflecting its status as an entity that is not a shell company.


As a result, our existing stockholders will not be able to sell the shares pursuant to Rule 144 without registration one year after we have completed our initial business combination assuming we meet the four conditions of a former shell company stated above at such time.


Securities Authorized For Issuance Under Equity Compensation Plans


We do not presently maintain any equity compensation plans and have not maintained any such plans since our inception.


We have no plans to adopt a stock option plan, but may choose to do so in the future.  If such a plan is adopted, this may be administered by the board or a committee appointed by the Board of Directors.  The committee would have the power to modify, extend or renew outstanding options and to authorize the grant of new options in substitution therefore, provided that any such action may not impair any rights under any option previously granted. We may develop an incentive based stock option plan for our officer and director and may reserve up to 10% of our outstanding shares of Common Stock for that purpose.


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Purchases of Equity Securities by the Issuer and Affiliated Purchasers


None.


ITEM 6.

SELECTED FINANCIAL DATA


We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.


ITEM 7.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS


THIS SECTION OF THE ANNUAL REPORT INCLUDES A NUMBER OF FORWARD-LOOKING STATEMENTS THAT REFLECT OUR CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND FINANCIAL PERFORMANCE. FORWARD-LOOKING STATEMENTS ARE OFTEN IDENTIFIED BY WORDS LIKE: “BELIEVE”, “EXPECT”, “ESTIMATE”, “ANTICIPATE”, “INTEND”, “PROJECT” AND SIMILAR EXPRESSIONS, OR WORDS THAT, BY THEIR NATURE, REFER TO FUTURE EVENTS. YOU SHOULD NOT PLACE UNDUE CERTAINTY ON THESE FORWARD-LOOKING STATEMENTS, WHICH APPLY ONLY AS OF THE DATE OF THIS PROSPECTUS. THESE FORWARD-LOOKING STATEMENTS ARE SUBJECT TO CERTAIN RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM HISTORICAL RESULTS OR OUR PREDICTIONS.


OUR FINANCIAL STATEMENTS ARE STATED IN UNITED STATES DOLLARS (USD OR US$) AND ARE PREPARED IN ACCORDANCE WITH UNITED STATES GENERALLY ACCEPTED ACCOUNTING PRINCIPLES. ALL REFERENCES TO “COMMON SHARES” REFER TO THE COMMON SHARES IN OUR CAPITAL STOCK.


Overview


We were incorporated in the State of Florida on November 22, 2011, to engage in the business of producing, marketing and selling Ultra-Premium Vodka product to retailers.  We were not successful in our efforts and have discontinued this line of business.  Since that time we have been a “shell company” (as such term is defined in Rule 12b-2 under the Exchange Act.  Going forward, we intend to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for our shareholders.  No specific assets or businesses have been definitively identified and there is no certainty that any such assets or business will be identified or any transactions will be consummated.  See Part I, Item 1, “Business—Our Business Plan,” and Part I, Item 1A, “Risk Factors,” for additional information and risks associated with our proposed business plan.


We expect that we will need to raise funds in order to effectuate our business plan.  We may seek additional investors to purchase our stock to provide us with working capital to fund our operations.  Thereafter, we will seek to establish or acquire businesses or assets with additional funds raised either via the issuance of shares or debt.  There can be no assurance that additional capital will be available to us at all or on acceptable terms.  We may seek to raise the required capital by other means.  We may have to issue debt or equity or enter into a strategic arrangement with a third party.  We currently have no agreements, arrangements or understandings with any person to obtain funds through bank loans, lines of credit or any other sources.  Since we have no such arrangements or plans currently in effect, our inability to raise funds will have a severe negative impact on our ability to remain a viable company.   In pursuing the foregoing goals, we may seek to expand or change the composition of the Board or make changes to our current capital structure, including issuing additional shares or debt and adopting a stock option plan.


We do not expect to generate any revenues over the next 12 months.  Our principal business objective for the next 12 months will be to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for our shareholders.


During the next 12 months we anticipate incurring costs related to filing of Exchange Act reports, and possible costs relating to consummating an acquisition or combination.  We believe we will be able to meet these costs through use of funds in our treasury and additional amounts, as necessary, to be loaned by or invested in us by our stockholders, management or other investors.  We have no specific plans, understandings or agreements with respect to the raising of such funds, and we may seek to raise the required capital by the issuance of equity or debt securities or by other means.  Since we have no such arrangements or plans currently in effect, our inability to raise funds for the consummation of an acquisition may have a severe negative impact on our ability to become a viable company.  We estimate that, assuming we do not complete a business combination, the level of working capital needed for these general and administrative costs for the next twelve months will be approximately $75,000.  However, this estimate is subject to change, depending on the number of transactions in which we ultimately become involved.


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We intend to contract out certain technical and administrative functions on an as-needed basis in order to conduct our operating activities.  Our management team will select and hire these contractors and manage and evaluate their work performance.


Results of Operations


We have not generated any revenues from our operations. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including the financial risks associated with the limited capital resources currently available to us for the implementation of our business strategies (See “Risk Factors”). To become profitable and competitive, we must develop the business plan and execute the plan. Our management will attempt to secure financing through various means including borrowing and investment from institutions and private individuals.


Since inception, the majority of our time has been spent refining our business plan and preparing for a primary financial offering.


During the year ended November 30, 2014 we incurred expenses of $53,913 as compared to $56,586 for the year ended November 30, 2013.  Of these costs, we incurred professional fees of $39,260 in 2014 and $39,026 in 2013. The balance of expenses were general and administrative costs.


Liquidity and Capital Resources


In the fiscal years ended November 30, 2014 and 2013, a shareholder made advances to us in the amount of $57,670 and $31,501, respectively, to pay certain of our expenses. However, going forward, this shareholder has made no commitments written or oral, with respect to providing a source of liquidity in the form of cash advances, loans and/or financial guarantees.


As of November 30, 2014, we had no cash on hand, we had liabilities of $96,528, of which $89,171 was to a shareholder, and our working capital deficit was $96,528.


To date, we have managed to keep our monthly cash flow requirement low for two reasons.  First, our sole officer does not draw a salary at this time.  Second, we have been able to keep our operating expenses to a minimum by operating in space provided at no expense.


As of the date of this report, the current funds available to us will not be sufficient to continue maintaining a reporting status.  Management believes if we cannot maintain our reporting status with the SEC it will have to cease all efforts directed towards our company.  As such, any investment previously made would be lost in its entirety.


We currently have no external sources of liquidity such as arrangements with credit institutions or off-balance sheet arrangements that will have or are reasonably likely to have a current or future effect on our financial condition or immediate access to capital.


Our sole director and officer has made no commitments written or oral, with respect to providing a source of liquidity in the form of cash advances, loans and/or financial guarantees.  


Assuming we do not complete a business combination, we anticipate needing approximately $75,000 in order to effectively execute our business plan over the next 12 months.  If we are unable to raise the funds, we will seek alternative financing through means such as borrowings from institutions or private individuals. There can be no assurance that we will be able to keep costs from being more than these estimated amounts or that we will be able to raise such funds.  We expect that we will seek additional financing in the future.  However, we may not be able to obtain additional capital or generate sufficient revenues to fund our operations. If we are unsuccessful at raising sufficient funds, for whatever reason, to fund our operations, we may be forced to seek a buyer for our business or another entity with which we could create a joint venture.  If all of these alternatives fail, we expect that we will be required to seek protection from creditors under applicable bankruptcy laws.


Our independent auditor has expressed doubt about our ability to continue as a going concern and believes that our ability is dependent on our ability to implement our business plan, raise capital and generate revenues. See Note 2 of our financial statements.


Critical Accounting Policies


Our financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods.


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We regularly evaluate the accounting policies and estimates that we use to prepare our financial statements. A complete summary of these policies is included in the notes to our financial statements. In general, management’s estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.


Recently Issued Accounting Pronouncements


We have implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and we do not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.


Off-Balance Sheet Arrangements


We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to our stockholders.


Contractual Obligations

Not applicable.


ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.


ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA


Our consolidated financial statements are included beginning immediately following the signature page to this report.  See Item 15 for a list of the consolidated financial statements included herein.


ITEM 9.

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE


None.


ITEM 9A.

CONTROLS AND PROCEDURES


Disclosure Controls and Procedures


We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Exchange Act that are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our senior management, consisting of Peter de Svastich, our President, Treasurer and Secretary (Principal Executive Officer and Principal Financial Officer), as appropriate to allow timely decisions regarding required disclosure.


We carried out an evaluation, under the supervision and with the participation of our senior management, consisting of Peter de Svastich, our President, Treasurer and Secretary (Principal Executive Officer and Principal Financial Officer), of the effectiveness of the design and operation of our disclosure controls and procedures as of November 30, 2014.  Based on the evaluation of these disclosure controls and procedures, and in light of the material weaknesses found in our internal controls over financial reporting, Peter de Svastich, our President, Treasurer and Secretary (Principal Executive Officer and Principal Financial Officer) concluded that our disclosure controls and procedures were not effective.


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Management’s Report on Internal Control Over Financial Reporting


Our management is responsible for establishing and maintaining adequate internal control over financial reporting.  Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Exchange Act as a process designed by, or under the supervision of, our principal executive and principal financial officers and effected by our Board, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America and 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 our assets;

 

 

·

Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; 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.


Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.  Projections of any evaluation of effectiveness 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 or procedures may deteriorate.  All internal control systems, no matter how well designed, have inherent limitations.  Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation.  Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process.  Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.


As of November 30, 2014, our management, consisting of Peter de Svastich, our President, Treasurer and Secretary (Principal Executive Officer and Principal Financial Officer), assessed the effectiveness of our internal control over financial reporting based on the criteria for effective internal control over financial reporting established in Internal Control--Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) and SEC guidance on conducting such assessments.  Based on that evaluation, we believe that, during the period covered by this report, such internal controls and procedures were not effective to detect the inappropriate application of US GAAP rules as more fully described below.  This was due to deficiencies that existed in the design or operation of our internal controls over financial reporting that adversely affected our internal controls and that may be considered to be material weaknesses.


The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee and a lack of independent directors on our Board, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives; and (3) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by Peter de Svastich, our President, Treasurer and Secretary (Principal Executive Officer and Principal Financial Officer) in connection with the review of our financial statements as of November 30, 2014.


Management believes that the material weaknesses set forth in items (2) and (3) above did not have an effect on our financial results.  However, management believes that the lack of a functioning audit committee and the lack of independent directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which could result in a material misstatement in our financial statements in future periods.


Management’s Remediation Initiatives


In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:


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·

Assuming we are able to secure additional working capital, we will create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to us.

 

 

·

We also plan to appoint one or more outside directors to our board of directors who shall be appointed to an audit committee resulting in a fully functioning audit committee which will undertake the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made by management.


Management believes that the appointment of one or more independent directors, who shall be appointed to a fully functioning audit committee, will remedy the lack of a functioning audit committee and a lack of a majority of independent directors on our Board.


We anticipate that these initiatives will be implemented in conjunction with the growth of our business.


Changes in Internal Control over Financial Reporting


There has been no change in our internal control over financial reporting identified in connection with our evaluation we conducted of the effectiveness of our internal control over financial reporting as of November 30, 2014, that occurred during our fourth quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


ITEM 9B.

OTHER INFORMATION


None.


PART III


ITEM 10.

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE


Officers and Directors


Our officers are elected by the Board to a term of one (1) year and serve until their successor is duly elected and qualified, or until they are removed from office.  The board of directors has no nominating, auditing or compensation committees.


The name, address, age and position of our sole officer and director is set forth below:


NAME AND ADDRESS

 

AGE

 

POSITION(S)

Peter de Svastich (1)

c/o GEM Advisors, Inc.

590 Madison Avenue, 27th Floor

New York, NY  10022

 

71

 

President, Secretary, and Treasurer,

Principal Executive Officer, Principal Financial Officer and sole member of the Board of Directors


(1)

Mr. de Svastich was appointed to his offices/positions on April 26, 2013, and is expected to hold his offices/positions until we engage in a business combination with a private entity whose business presents an opportunity for our shareholders.


Business Experience


PETER DE SVASTICH


Peter de Svastich was appointed as our President, Secretary, and Treasurer, and sole member of our Board on April 26, 2013.  Since April 2010, Mr. de Svastich has been a Managing General Partner of GEM Brazil Private Equity Fund SCA/SICAR.  Since September 2012, Mr. de Svastich has been a Managing Director of GEM Group, head of Latin America/Southern Europe/Administration.  From January 2009 to March 2010, Mr. de Svastich was a self-employed consultant.  From June 2007 to December 2009, Mr. de Svastich was a Registered Representative at Partner Capital Group, LLC.  Lastly, from April 2005 to November 2008, Mr. de Svastich served as a Partner, Chief Financial Officer and Chief Compliance Officer of Alpha Equity Management, L.P.  Mr. de Svastich has a B.A. cum laude from Princeton University which he received in 1965 and a J.D. from the Yale Law School which he received in 1968.


Mr. de Svastich has demonstrated strong business acumen and the ability to exercise sound judgment, and has a reputation for integrity, honesty and adherence to ethical standards, all of which make him particularly well-suited to serve on our Board.


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Identification of Significant Employees


We have no employees other than Peter de Svastich, our sole officer.


Family Relationship


We currently do not have any officers or directors of our company who are related to each other.


Involvement in Certain Legal Proceedings


No executive officer or director of ours has been involved in the last ten years in any of the following:


·

Any bankruptcy petition filed by or against any business or property of such person, or of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

 

 

·

Any conviction in a criminal proceeding or being subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

 

 

·

Being subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities;

 

 

·

Being found by a court of competent jurisdiction (in a civil action), the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

 

 

·

Being the subject of or a party to any judicial or administrative order, judgment, decree or finding, not subsequently reversed, suspended or vacated relating to an alleged violation of any federal or state securities or commodities law or regulation, or any law or regulation respecting financial institutions or insurance companies, including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail, fraud, wire fraud or fraud in connection with any business entity; or

 

 

·

Being the subject of or a party to any sanction or order, not subsequently reversed, suspended or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act, any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.


Compliance with Section 16(a) of the Exchange Act


Our common stock is not registered pursuant to Section 12 of the Exchange Act.  Accordingly, our officers, directors and principal shareholders are not subject to the beneficial ownership reporting requirements of Section 16(a) of the Exchange Act.


Code of Ethics


In November 2012, we adopted a Code of Ethics that applies to our officers, directors and employees.  A written copy of the Code was filed with the SEC on February 2, 2012 as part of our Registration Statement on Form S-1 and is incorporated by reference hereto as Exhibit 14.1.  A copy of our Code of Ethics will be provided to any person requesting same without charge. To request a copy of our Code of Ethics please make written request to our Secretary, at c/o CKR Law LLP, 1330 Avenue of the Americas, 35th Floor, New York, NY 10019, tel. (212) 400-6900.


Board Committees


We currently have not established any committees of the Board.  Our Board may designate from among its members an executive committee and one or more other committees in the future.  We do not have a nominating committee or a nominating committee charter.  Further, we do not have a policy with regard to the consideration of any director candidates recommended by security holders.  To date, no security holders have made any such recommendations.  Our sole director performs all functions that would otherwise be performed by committees.  Given the present size of our Board it is not practical for us to have committees.  If we are able to grow our business and increase our operations, we intend to expand the size of our Board and allocate responsibilities accordingly.


- 21 -



Shareholder Communications


Currently, we do not have a policy with regard to the consideration of any director candidates recommended by security holders. To date, no security holders have made any such recommendations.


ITEM 11.

EXECUTIVE COMPENSATION


We have made no provisions for paying cash or non-cash compensation to our sole officer and director.  No salaries are being paid at the present time and no compensation will be paid unless and until our operations generate sufficient cash flows.


The table below summarizes all compensation awarded to, earned by, or paid to our named executive officer for all services rendered in all capacities to us for the last two fiscal years.


Summary Compensation Table


Name

 

 

 

 

 

 

 

 

 

 

 

Non-Equity

 

Nonqualified

 

 

 

 

and

 

 

 

 

 

 

 

Stock

 

Option

 

Incentive Plan

 

Deferred

 

All Other

 

 

principal

 

 

 

Salary

 

Bonus

 

Awards

 

Awards

 

Compensation

 

Compensation

 

Compensation

 

Total

position

 

Year

 

($)

 

($)

 

($)

 

($)

 

($)

 

Earnings ($)

 

($)

 

($)

Peter de Svastich

President, Secretary, Treasurer (1)

 

2014

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

 

2013

 

0

 

0

 

0

 

0

 

0

 

0

 

0

 

0


(1)

As of April 26, 2013, Mr. de Svastich was appointed as our sole officer and director.


We have not paid any salaries to our sole director and officer as of the date of this report. We do not anticipate beginning to pay salaries until we have adequate funds to do so.  There are no other stock option plans, retirement, pension, or profit sharing plans for the benefit of our officer and director other than as described herein.


Outstanding Equity Awards at Fiscal Year-End


The table below summarizes all unexercised options, stock that has not vested, and equity incentive plan awards for each named executive officer as of November 30, 2014.


 

Option Awards

 

Stock Awards

Name

Number of Securities Underlying Unexercised Option (#) Exercisable

Number of Securities Underlying Unexercised Options (#) Unexercisable

Equity
Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#)

Option Exercise Price ($)

Option Expiration
Date

Number of Shares or Units of Stock That Have Not Vested (#)

Market Value of Shares or Units of Stock That Have Not Vested ($)

Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)

Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested (#)

Peter de Svastich (1)


(1)

As of April 26, 2013, Mr. de Svastich was appointed as our sole officer and director.


- 22 -



There were no grants of stock options since inception to the date of this report.


We do not have any long-term incentive plans that provide compensation intended to serve as incentive for performance.


Our sole director has not adopted a stock option plan.  We have no plans to adopt a stock option plan, but may choose to do so in the future.  If such a plan is adopted, this may be administered by the board or a committee appointed by the board (the “Committee”).  The Committee would have the power to modify, extend or renew outstanding options and to authorize the grant of new options in substitution therefore, provided that any such action may not impair any rights under any option previously granted.  We may develop an incentive based stock option plan for our officer and director and may reserve up to 10% of our outstanding shares of common stock for that purpose.


Compensation of Directors


Our sole director is not compensated by us for acting as such.  There are no arrangements pursuant to which our sole director is or will be compensated in the future for any services provided as a director.


We do not have any agreements for compensating our directors for their services in their capacity as directors, although such directors are expected in the future to receive stock options to purchase shares of our common stock as awarded by our board of directors.


The table below summarizes all compensation awarded to, earned by, or paid to our sole director for all services rendered in all capacities to us through November 30, 2014.


Director Compensation


Name

Fees
Earned
or Paid
in Cash
($)

Stock
Awards
($)

Option
Awards
($)

Non-Equity
Incentive Plan
Compensation
($)

Change in
Pension Value
and
Non-Qualified
Deferred
Compensation
Earnings
($)

All Other
Compensation
($)

Total
($)

Peter de Svastich (1)

0

0

0

0

0

0

0


(1)

As of April 26, 2013, Mr. de Svastich was appointed as our sole officer and director.


At this time, we have not entered into any employment agreements with our sole officer and director. If there is sufficient cash flow available from our future operations, we may enter into employment agreements with our sole officer and director or future key staff members.


ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS


The following table sets forth, as of the date of this report, the total number of shares owned beneficially by our sole officer and director, and key employees, individually and as a group, and the present owners of 5% or more of our total outstanding shares. The table also reflects what his ownership will be assuming completion of the sale of all shares in this offering. The stockholder listed below has direct ownership of his shares and possesses sole voting and dispositive power with respect to the shares.


- 23 -



Name and Address of Beneficial Owner

Title of Class

Amount and
Nature
of Beneficial
Ownership (1)
(#)

Percent of Class
(2)
(%)

 

 

 

 

5% Stockholders

 

 

 

GEM Global Yield Fund LLC SCS (3)
259 St Paul Street
VLT-1213
Valletta, Malta

Common

26,000,400

50.0%

Andrew Keck (4)
3572 Shady Brook Lane
Sarasota, FL 34243

Common

13,000,200

25.0%

Warren P. Baker III
c/o GEM Advisors, Inc.
590 Madison Avenue, 27th Floor
New York, NY  10022

Common

4,116,730

7.9%

Anthony M. Romano II
c/o GEM Advisors, Inc.
590 Madison Avenue, 27th Floor
New York, NY  10022

Common

4,116,730

7.9%

Edward J. Tobin
c/o GEM Advisors, Inc.
590 Madison Avenue, 27th Floor
New York, NY  10022

Common

4,116,730

7.9%

 

 

 

 

Named Executive Officers and Directors

 

 

 

Peter de Svastich (5)
c/o GEM Advisors, Inc.
590 Madison Avenue, 27th Floor
New York, NY  10022

Common

0

0%

 

 

 

 

All Officers and Directors as a Group (1 Total)

Common

0

0%


(1)

The number and percentage of shares beneficially owned is determined under rules of the SEC and the information is not necessarily indicative of beneficial ownership for any other purpose. Under such rules, beneficial ownership includes any shares as to which the individual has sole or shared voting power or investment power and also any shares which the individual has the right to acquire within 60 days of November 30, 2014, through the exercise of any stock option or other right. The persons named in the table have sole voting and investment power with respect to all shares of common stock shown as beneficially owned by them, subject to community property laws where applicable and the information contained in the footnotes to this table.

 

 

(2)

Based on 52,000,800 (post-split) issued and outstanding shares of common stock as of November 30, 2014.

 

 

(3)

Peter de Svastich and Christopher F. Brown are the co-managers of GEM Global Yield Fund LLC SCS and have shared voting and investment power over the share owned thereby.

 

 

(4)

Andrew Keck resigned as our sole officer and director on April 26, 2013.

 

 

(5)

Peter de Svastich was appointed as our sole officer and director on April 26, 2013.


Change in Control


We are not aware of any arrangement that might result in a change in control of our company in the future.


- 24 -



Securities Authorized for Issuance Under Equity Compensation Plans


None.


ITEM 13.

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE


Related Party Transactions


On November 22, 2011 we issued 39,000,600 shares (post-split) of our common stock to our then-sole director and officer for an aggregate purchase price of $9,000.


On February 27, 2013, GGYF purchased a controlling interest in our company.  At the closing of this transaction, we entered into a Consulting Agreement with Andrew Keck, our then sole officer and director, pursuant to which Mr. Keck agreed to continue to provide services to us that are ordinarily and customarily performed by a Chief Executive Officer for two (2) months.  In consideration for the services to be rendered by Mr. Keck, we agreed to pay Mr. Keck a monthly fee of $750, commencing on February 27, 2013.  GGYF made the two (2) $750 payments to Mr. Keck on our behalf. The $1,500 advance is non-interest bearing and due on demand.  No further payments are due under the Consulting Agreement.


There have been no other transactions since our inception on November 22, 2011, or any currently proposed transactions in which we are, or plan to be, a participant and in which any related person had or will have a direct or indirect material interest.


Director Independence


We intend to quote our securities on the OTC Bulletin Board which does not have any director independence requirements.  Once we engage further directors and officers, we plan to develop a definition of independence and scrutinize our Board of Directors with regard to this definition.


ITEM 14.

PRINCIPAL ACCOUNTANT FEES AND SERVICES


Audit Fees


The aggregate fees billed to us by our principal accountants for professional services rendered during the years ended November 30, 2014 and November 30, 2013 are set forth in the table below:


Fee Category

 

Year ended
November 30, 2014

 

Year ended
November 30, 2013

Audit fees (1)

 

$6,850

 

$5,600

Audit-related fees (2)

 

 

Tax fees (3)

 

 

All other fees (4)

 

 

Total fees

 

$6,850

 

$5,600


(1)

Audit fees consist of fees incurred for professional services rendered for the audit of consolidated financial statements, for reviews of our interim consolidated financial statements included in our quarterly reports on Form 10-Q and for services that are normally provided in connection with statutory or regulatory filings or engagements.

 

 

(2)

Audit-related fees consist of fees billed for professional services that are reasonably related to the performance of the audit or review of our consolidated financial statements, but are not reported under “Audit fees.”

 

 

(3)

Tax fees consist of fees billed for professional services relating to tax compliance, tax planning, and tax advice.

 

 

(4)

All other fees consist of fees billed for all other services.


- 25 -



Audit Committee’s Pre-Approval Practice


Prior to our engagement of our independent auditor, such engagement was approved by our board of directors.  The services provided under this engagement may include audit services, audit-related services, tax services and other services. Pre-approval is generally provided for up to one year and any pre-approval is detailed as to the particular service or category of services and is generally subject to a specific budget. Pursuant our requirements, the independent auditors and management are required to report to our board of directors at least quarterly regarding the extent of services provided by the independent auditors in accordance with this pre-approval, and the fees for the services performed to date. Our board of directors may also pre-approve particular services on a case-by-case basis. All audit-related fees, tax fees and other fees incurred by us for the year ended August 31, 2013, were approved by our board of directors.


PART IV


ITEM 15.

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES


Financial Statements


See Index to Financial Statements immediately following the signature page of this report.


Financial Statement Schedules


All financial statement schedules are omitted because they are not applicable or the required information is shown in the financial statements or notes thereto.


Exhibits


In reviewing the agreements included as exhibits to this Form 10-K, please remember that they are included to provide you with information regarding their terms and are not intended to provide any other factual or disclosure information about the Company or the other parties to the agreements. The agreements may contain representations and warranties by each of the parties to the applicable agreement. These representations and warranties have been made solely for the benefit of the parties to the applicable agreement and:


·

should not in all instances be treated as categorical statements of fact, but rather as a way of allocating the risk to one of the parties if those statements prove to be inaccurate;

 

 

·

have been qualified by disclosures that were made to the other party in connection with the negotiation of the applicable agreement, which disclosures are not necessarily reflected in the agreement;

 

 

·

may apply standards of materiality in a way that is different from what may be viewed as material to you or other investors; and

 

 

·

were made only as of the date of the applicable agreement or such other date or dates as may be specified in the agreement and are subject to more recent developments.


Accordingly, these representations and warranties may not describe the actual state of affairs as of the date they were made or at any other time. Additional information about the Company may be found elsewhere in this Form 10-K and the Company’s other public filings, which are available without charge through the SEC’s website at http://www.sec.gov.


- 26 -



The following exhibits are included as part of this report:


Exhibit No.

 

SEC Report
Reference No.

 

Description

 

 

 

 

 

3.1

 

3.1

 

Articles of Incorporation of Registrant filed November 22, 2011 (1)

3.2

 

3.2

 

Amendment to Articles of Incorporation of Registrant filed January 17, 2012 (1)

3.3

 

3.3

 

By-Laws of the Registrant (1)

14.1

 

14.1

 

Registrant’s Code of Ethics (1)

21.1

 

*

 

List of Subsidiaries

31.1

 

*

 

Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

31.2

 

*

 

Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

32.1

 

*

 

Certifications of Chief 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

 

*

 

Certifications of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

101.INS

 

*

 

XBRL Instance Document*

101.SCH

 

*

 

XBRL Taxonomy Extension Schema Document*

101.CAL

 

*

 

XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF

 

*

 

XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB

 

*

 

XBRL Taxonomy Extension Label Linkbase Document*

101.PRE

 

*

 

XBRL Taxonomy Extension Presentation Linkbase Document*


(1)   Filed with the Securities and Exchange Commission on February 2, 2012, as an exhibit, numbered as indicated above, to the Registrant’s registration statement on the Registrant’s Registration Statement on Form S-1 (file no. 333-179311), which exhibit is incorporated herein by reference.


* Filed herewith.


- 27 -



SIGNATURES


Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



 

TYME TECHNOLOGIES, INC.

 

 


Dated: February 27, 2015

By:

/s/ Peter E. de Svastich

 

Name:

Peter E. de Svastich

 

Title:

President, Treasurer and Secretary
(Principal Executive Officer and Principal Financial Officer)



Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.



Signature

 

Title

 

Date

 

 

 

 

 

/s/ Peter E. de Svastich

 

President, Treasurer, Secretary and sole Director

 

February 27, 2015

Peter E. de Svastich

 

(Principal Executive Officer and Principal Financial Officer)

 

 


- 28 -



TYME TECHNOLOGIES, INC.


(F/K/A GLOBAL GROUP ENTERPRISES CORP.


Financial Statements


November 30, 2014



TABLE OF CONTENTS


Report of Independent Registered Public Accounting Firm

F–2

Balance Sheets

F–3

Statements of Operations

F–4

Statements of Stockholders’ Deficit

F–5

Statements of Cash Flows

F–6

Notes to the Financial Statements

F–7


F-1



2451 N. McMullen Booth Road

Suite.308

Clearwater, FL 33759


Toll fee: 855.334.0934


Fax: 800.581.1908



REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


The Board of Directors and Stockholders

TYME TECHNOLOGIES, INC.


We have audited the accompanying balance sheets of TYME TECHNOLOGIES, INC. as of November 30, 2014 and 2013, and the related statement of operations, stockholders’ deficiency, and cash flows for the years then ended.  These financial statements are the responsibility of the Company’s management.  Our responsibility is to express an opinion on these financial statements based on our audits.


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 audits 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 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 TYME TECHNOLOGIES, INC. as of November 30, 2014 and 2013, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.


The accompanying financial statements have been prepared assuming that the Company will continue as a going concern.  As shown in the accompanying financial statements, the Company has significant net losses and cash flow deficiencies.  Those conditions raise substantial doubt about the Company’s ability to continue as a going concern.  Management’s plans regarding those matters are described in Note 2.  The financial statements do not include any adjustments that might result from the outcome of this uncertainty.


/s/ DKM Certified Public Accountants


DKM Certified Public Accountants

Clearwater, Florida

February 27, 2015


F-2



Tyme Technologies, Inc.

(F/K/A Global Group Enterprises Corp.)

Balance Sheets

November 30, 2014 And 2013


 

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

Cash

 

$

 

$

 

Total current assets

 

 

 

 

 

Total assets

 

$

 

$

 

 

 

 

 

 

 

 

 

Liabilities and Stockholders’ s Deficit

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

Accounts payable

 

$

7,357

 

$

11,114

 

Shareholder advances

 

 

89,171

 

 

31,501

 

Total current liabilities

 

 

96,528

 

 

42,615

 

Total liabilities

 

 

96,528

 

 

42,615

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

Stockholders’ Deficit

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued and outstanding at November 30, 2014 and 2013

 

 

 

 

 

Common stock, $0.0001 par value, 300,000,000 shares authorized, 52,000,800 shares issued and outstanding at November 30, 2014 and 2013*

 

 

5,200

 

 

5,200

 

Additional paid-in capital

 

 

38,300

 

 

38,300

 

Accumulated deficit

 

 

(140,028

)

 

(86,115

)

Total stockholders’ deficit

 

 

(96,528

)

 

(42,615

)

Total liabilities and stockholders’ deficit

 

$

 

$

 


* All share and per share numbers in this report relating to the Company’s common stock have been adjusted to give effect to the 4.3334-for-1 stock split the Company effected as of September 18, 2014


See accompanying notes to financial statements


F-3



Tyme Technologies, Inc.

(F/K/A Global Group Enterprises Corp.)

Statements of Operations

For The Years Ended November 30, 2014 And 2013


 

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Revenue

 

$

 

$

 

Operating expenses

 

 

 

 

 

 

 

General and administrative

 

 

14,653

 

 

17,560

 

Professional fees

 

 

39,260

 

 

39,026

 

 

 

 

53,913

 

 

56,586

 

(Loss) before income taxes

 

 

(53,913

)

 

(56,586

)

Provision for income taxes

 

 

 

 

 

Net (loss)

 

$

(53,913

)

$

(56,586

)

 

 

 

 

 

 

 

 

Basic and diluted (loss) per share

 

$

(0.00

)

$

(0.00

)

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares outstanding

 

 

52,000,800

 

 

52,000,800

 


See accompanying notes to financial statements


F-4



Tyme Technologies, Inc.

(F/K/A Global Group Enterprises Corp.)

Statement of Stockholders’ Deficit

For The Years Ended November 30, 2014 And 2013


 

 

 

 

Additional

 

 

 

 

 

 

 

Common Stock

 

Paid-in

 

 

 

 

 

 

 

Shares*

 

Amount

 

Capital

 

Deficit

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance - December 1, 2012

 

52,000,800

 

$

5,200

 

$

38,300

 

$

(29,529

)

$

13,971

 

Net loss for the year ended November 30, 2013

 

 

 

 

 

 

 

(56,586

)

 

(56,586

)

Balance - November 30, 2013

 

52,000,800

 

 

5,200

 

 

38,300

 

 

(86,115

)

 

(42,615

)

Net loss for the year ended November 30, 2014

 

 

 

 

 

 

 

(53,913

)

 

(53,913

)

Balance November 30, 2014

 

52,000,800

 

$

5,200

 

$

38,300

 

$

(140,028

)

$

(96,528

)


* All share and per share numbers in this report relating to the Company’s common stock have been adjusted to give effect to the 4.3334-for-1 stock split the Company effected as of September 18, 2014


See accompanying notes to financial statements


F-5



Tyme Technologies, Inc.

(F/K/A Global Group Enterprises Corp.)

Statement of Cash Flows

For The Years Ended November 30, 2014 And 2013


 

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Cash flow from operating activities:

 

 

 

 

 

 

 

Net loss for the year

 

$

(53,913

)

$

(56,586

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

Accounts payable

 

 

(3,757

)

 

9,114

 

Net cash (used in) operations

 

 

(57,670

)

 

(47,472

)

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

Shareholder advances

 

 

57,670

 

 

31,501

 

Net cash provided by financing activities

 

 

57,670

 

 

31,501

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash

 

 

 

 

(15,971

)

Cash and cash equivalents, beginning of period

 

 

 

 

15,971

 

Cash and cash equivalents, end of period

 

$

 

$

 

 

 

 

 

 

 

 

 

Supplemental information:

 

 

 

 

 

 

 

Cash paid for interest

 

$

 

$

 

Cash paid for income taxes

 

$

 

$

 


See accompanying notes to financial statements


F-6



Tyme Technologies, Inc.

(F/K/A Global Group Enterprises Corp.)

Notes to the Financial Statements

November 30, 2014 and 2013


Note 1. Nature of Operations


Tyme Technologies, Inc. (f/k/a Global Group Enterprises Corp.) (“the Company” “We” “Our”) was originally formed in Nevada on November 22, 2011, to produce market and sell Ultra-Premium Vodka product to retailers.  The Company was not successful in its efforts.


Going forward, the Company intends to seek, investigate and, if such investigation warrants, engage in a business combination with a private entity whose business presents an opportunity for our shareholders.  Our objectives discussed below are extremely general and are not intended to restrict discretion of our Board of Directors to search for and enter into potential business opportunities or to reject any such opportunities.


Effective as of September 18, 2014, the Company reincorporated in the State of Delaware by merging into its wholly-owned Delaware subsidiary, Tyme Technologies, Inc., which was formed on August 22, 2014 specifically for this purpose (the “Reincorporation”).  Tyme Technologies, Inc. was the surviving corporation in the merger.  As a result of the Reincorporation, among other things, (i) the Company changed its name to Tyme Technologies, Inc., (ii) the Company changed its jurisdiction of incorporation from Florida to Delaware, (iii) the Company increased its authorized capital stock from 250,000,000 shares of common stock, $0.0001 par value per share, to 300,000,000 shares of common stock, $0.0001 par value per share, and 10,000,000 shares of “blank check” preferred stock, $0.0001 par value per share, (iv) each share of Global Group Enterprises Corp.’s common stock outstanding at the time of the Reincorporation was automatically converted into 4.3334 shares of Tyme Technologies, Inc.’s common stock, with the result that the 12,000,000 shares of common stock outstanding immediately prior to the Reincorporation were converted into 52,000,800 shares of common stock outstanding immediately thereafter.  All share and per share numbers in this report relating to the Company’s common stock prior to the Reincorporation have been adjusted to give effect to this conversion, unless otherwise stated.  Subsequent to the reincorporation, Global Group Enterprises Corp. ceased to exist.


Tyme Technologies, Inc. (f/k/a Global Group Enterprises Corp.) (“the Company” “We” “Our”) was originally formed in Nevada on November 22, 2011, to produce market and sell Ultra-Premium Vodka product to retailers.  The Company was not successful in its efforts.



Note 2. Significant Accounting Policies


Going Concern


The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”), which contemplates our continuation as a going concern.   We have not yet generated any revenue and have incurred losses to date of $140,028.  In addition our current liabilities exceed our current assets by $96,528. To date we have funded our operations through advances from a stockholder and the sale of common stock.  We intend on financing our future development activities and our working capital needs largely from the sale of equity securities with some additional funding from other traditional financing sources, including term notes until such time that funds provided by operations are sufficient to fund working capital requirements.  These factors raise substantial doubt about our ability to continue operating as a going concern.  Our ability to continue our operations as a going concern, realize the carrying value of our assets, and discharge our liabilities in the normal course of business is dependent upon our ability to raise capital sufficient to fund its commitments and ongoing losses, and ultimately generate profitable operations.


Use of Estimates


The preparation of financial statements in conformity with GAAP 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 may differ from those estimates.


Financial Instruments


The Company’s balance sheet includes certain financial instruments. The carrying amounts of current liabilities approximate their fair value because of the relatively short period of time between the origination of these instruments and their expected realization.


F-7



Tyme Technologies, Inc.

(F/K/A Global Group Enterprises Corp.)

Notes to the Financial Statements

November 30, 2014 and 2013


Cash and Cash Equivalents


The Company considers all highly liquid investments with an original maturity of three months or less, at the time of purchase, to be cash equivalents.


Revenue and Cost Recognition


The Company has no current source of revenue; therefore the Company has not yet adopted any policy regarding the recognition of revenue or cost.


Advertising


Advertising costs, when incurred, will be expensed as incurred. There have been no advertising costs incurred for the years ended November 30, 2014 and 2013.


Research and Development Expenses


Expenditures for research and development, when incurred, will be expensed as incurred.  There have been no research and development costs incurred for the years ended November 30, 2014 and 2013.


Income Taxes


A provision for income taxes is determined in accordance with the provisions of ASC Topic 740, Accounting for Income Taxes (“ASC 740”). Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Any effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.


ASC 740 prescribes a comprehensive model for how companies should recognize, measure, present, and disclose in their financial statements, uncertain tax positions taken or expected to be taken on a tax return. Under ASC 740, tax positions must initially be recognized in the financial statements when it is more likely than not the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts.


For the years ended November 30, 2014 and 2013 the Company did not have any interest and penalties or any significant unrecognized uncertain tax positions.


Earnings per Share


The Company calculates net loss per share in accordance with ASC Topic 260, Earnings per Share.  Basic net loss per share is computed by dividing net loss by the weighted average number of shares of Common Stock outstanding for the period, and diluted earnings per share is computed by including Common Stock equivalents outstanding for the period in the denominator.  At November 30, 2014 and 2013 the Company had no potential dilutive common shares and, any equivalents would have been anti-dilutive as the Company had losses for the periods then ended.


Recent Pronouncements


The Company has reviewed all recently issued, but no yet effective, accounting pronouncements and do not believe the future adoptions of any such pronouncements may be expected to cause a material impact on our financial condition or the results of operations.


F-8



Tyme Technologies, Inc.

(F/K/A Global Group Enterprises Corp.)

Notes to the Financial Statements

November 30, 2014 and 2013


Note 3. Shareholder advances - Related Party


Parties, which can be a corporation or individual, are considered to be related if we have the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Companies are also considered to be related if they are subject to common control or common significant influence.


During the years ended November 30, 2014 we received $57,670 from shareholder of the Company. As of November 30, 2014, the balance of the advances was $89,171.  During the year ended November 30, 2013 we received $31,501 from shareholder of the Company.  The advances bear no interest, are unsecured and are due on demand.



Note 4. Stockholders’ Equity


As more fully described in Note 1, as a result of the Reincorporation, on September 18, 2014 each outstanding share of common stock was automatically converted into 4.3334 of common stock, with the results that the 12,000,000 shares of common stock outstanding were converted into 52,000,800 of common stock.


There was no other activity in our common stock.


There are no warrants or options outstanding to acquire any additional shares of common stock of the Company.



Note 5. Income Taxes


Income tax provision (benefit) for the years ended November 30, 2014 and 2013 is summarized below:

 

 

 

2014

 

2013

 

Current:

 

 

 

 

 

Federal

 

$

 

$

 

State

 

 

 

 

 

Total current

 

 

 

 

 

Deferred:

 

 

 

 

 

 

 

Federal

 

 

(18,330

)

 

(19,239

)

State

 

 

 

 

 

Total deferred

 

 

(18,330

)

 

(19,239

)

Increase in valuation allowance

 

 

18,330

 

 

19,239

 

Total provision

 

$

 

$

 


The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate before provision for income taxes. The sources and tax effect of the differences are as follows:


 

 

2014

 

2013

 

 

 

 

 

 

 

 

 

Income tax provision at the federal statutory rate

 

34.0

%

 

34.0

%

 

State income taxes, net of federal benefit

 

%

 

%

 

Effect of net operating loss

 

(34.0

%)

 

(34.0

%)

 

 

 

 

 

 

 


There are open statutes of limitations for taxing authorities in federal and state jurisdictions to audit our tax returns from 2011 through the current period. Our policy is to account for income tax related interest and penalties in income tax expense in the statements of operations. There have been no income tax related interest or penalties assessed or recorded.


As of November 30, 2014 there are $140,028 in net operating losses expiring at varying times through November 30, 2034.


F-9



Tyme Technologies, Inc.

(F/K/A Global Group Enterprises Corp.)

Notes to the Financial Statements

November 30, 2014 and 2013


Note 6. Commitments and Contingency


From time to time the Company may be a party to litigation matters involving claims against the Company.  Management believes that there are no current matters that would have a material effect on the Company’s financial position or results of operations.



Note 7. Business Segments


There are no reportable business segments.



Note 8. Subsequent Events


Management has evaluated all activity and concluded that no subsequent events have occurred that would require recognition in the financial statements or disclosure in the notes to the financial statements.


F-10



EXHIBIT INDEX


Exhibit No.

 

SEC Report
Reference No.

 

Description

 

 

 

 

 

3.1

 

3.1

 

Articles of Incorporation of Registrant filed November 22, 2011 (1)

3.2

 

3.2

 

Amendment to Articles of Incorporation of Registrant filed January 17, 2012 (1)

3.3

 

3.3

 

By-Laws of the Registrant (1)

14.1

 

14.1

 

Registrant’s Code of Ethics (1)

21.1

 

*

 

List of Subsidiaries

31.1

 

*

 

Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

31.2

 

*

 

Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002*

32.1

 

*

 

Certifications of Chief 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

 

*

 

Certifications of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002*

101.INS

 

*

 

XBRL Instance Document*

101.SCH

 

*

 

XBRL Taxonomy Extension Schema Document*

101.CAL

 

*

 

XBRL Taxonomy Extension Calculation Linkbase Document*

101.DEF

 

*

 

XBRL Taxonomy Extension Definition Linkbase Document*

101.LAB

 

*

 

XBRL Taxonomy Extension Label Linkbase Document*

101.PRE

 

*

 

XBRL Taxonomy Extension Presentation Linkbase Document*


(1)   Filed with the Securities and Exchange Commission on February 2, 2012, as an exhibit, numbered as indicated above, to the Registrant’s registration statement on the Registrant’s Registration Statement on Form S-1 (file no. 333-179311), which exhibit is incorporated herein by reference.


* Filed herewith.