þ | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
¨ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Delaware | 37-1532842 | |
(State or other jurisdiction of incorporation or organization) |
19950 West Country Club Drive, Suite 100,Aventura, Florida | 33180 | |
(Zip Code) |
Large accelerated filer | o | Accelerated filer | o |
Non-accelerated filer | o | Smaller reporting company |
(Do not check if a smaller company) |
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OTHER INFORMATION | |||||
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SIGNATURES | 10 |
FINANCIAL INFORMATION |
FINANCIAL STATEMENTS |
March 31, | December 31, | |||||||
2013 | 2012 | |||||||
(Unaudited) | ||||||||
ASSETS | ||||||||
Current assets |
Cash and cash equivalents | $ | - | $ | - | ||||
TOTAL CURRENT ASSETS / TOTAL ASSETS | $ | - | $ | - | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 179 | $ | 179 | ||||
Accrued liabilities | 22,059 | 17,500 | ||||||
Amount due to a related party | 25,145 | 25,145 | ||||||
TOTAL CURRENT LIABILITIES / TOTAL LIABILITIES | 47,383 | 42,824 | ||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Preferred stock: par value of $0.001 per share | ||||||||
Authorized: 10,000,000 shares at March 31, 2013 and December 31, 2012 | ||||||||
Issued and outstanding: 0 shares at March 31, 2013 and December 31, 2012 | - | - | ||||||
Common stock: par value of $0.001 per share | ||||||||
Authorized: 250,000,000 shares at March 31, 2013 and December 31, 2012 | ||||||||
Issued and outstanding: 20,006,402 shares at March 31, 2013 and December 31, 2012 | 20,006 | 20,006 | ||||||
Additional paid-in-capital | 609,614 | 609,614 | ||||||
Accumulated deficit | (677,003 | ) | (672,444 | ) | ||||
TOTAL STOCKOLDERS’ DEFICIT | (47,383 | ) | (42,824 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | - | $ | - |
June 30, | December 31, | |||||||
2013 | 2012 | |||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | - | $ | - | ||||
TOTAL ASSETS | $ | - | $ | - | ||||
LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
LIABILITIES | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 179 | $ | 179 | ||||
Accrued liabilities | 5,000 | 17,500 | ||||||
Amount due to a related party | 48,793 | 25,145 | ||||||
TOTAL LIABILITIES | 53,972 | 42,824 | ||||||
STOCKHOLDERS’ DEFICIT | ||||||||
Preferred stock: par value of $0.001 per share | ||||||||
Authorized: 10,000,000 shares at June 30, 2013 and December 31, 2012 | ||||||||
Issued and outstanding: None at June 30, 2013 and December 31, 2012 | - | - | ||||||
Common stock: par value of $0.001 per share | ||||||||
Authorized: 250,000,000 shares at June 30, 2013 and December 31, 2012 | ||||||||
Issued and outstanding: 20,006,402 shares at June 30, 2013 and December 31, 2012 | 20,006 | 20,006 | ||||||
Additional paid-in-capital | 609,614 | 609,614 | ||||||
Accumulated deficit | (683,592 | ) | (672,444 | ) | ||||
TOTAL STOCKHOLDERS’ DEFICIT | (53,972 | ) | (42,824 | ) | ||||
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT | $ | - | $ | - |
Three months ended March 31, | ||||||||
2013 | 2012 | |||||||
As Restated | ||||||||
Administrative expenses | $ | (4,559 | ) | $ | (6,959 | ) | ||
Loss before income taxes | (4,559 | ) | (6,959 | ) | ||||
Provision for income taxes | - | - | ||||||
Net loss | (4,559 | ) | (6,959 | ) | ||||
Earnings per share | ||||||||
-Basic and diluted | $ | 0.00 | $ | 0.00 | ||||
Weighted average number of shares outstanding | ||||||||
-Basic and diluted | 20,006,402 | 20,006,402 |
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
As Restated | ||||||||||||||||
Administrative expenses | $ | (6,589 | ) | $ | (9,479 | ) | $ | (11,148 | ) | (16,438 | ) | |||||
Loss before taxes | (6,589 | ) | (9,479 | ) | (11,148 | ) | (16,438 | ) | ||||||||
Provision for income taxes | - | - | - | - | ||||||||||||
Net loss | $ | (6,589 | ) | $ | (9,479 | ) | $ | (11,148 | ) | $ | (16,438 | ) | ||||
Earnings per share | ||||||||||||||||
-Basic and diluted | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | ||||||||
Weighted average number of shares outstanding | ||||||||||||||||
-Basic and diluted | 20,006,402 | 20,006,402 | 20,006,402 | 20,006,402 |
Six months ended June 30, | ||||||||||||||||
Three months ended March 31, | 2013 | 2012 | ||||||||||||||
2013 | 2012 | As Restated | ||||||||||||||
As Restated | ||||||||||||||||
Cash flows from operating activities | ||||||||||||||||
Net loss | $ | (4,559 | ) | $ | (6,959 | ) | $ | (11,148 | ) | (16,438 | ) | |||||
Changes in operating assets and liabilities: | ||||||||||||||||
Accounts payable | - | 308 | - | 2,420 | ||||||||||||
Accrued liabilities | 4,559 | 5,983 | (12,500 | ) | 8,100 | |||||||||||
Net cash flows used in operating activities | - | (668 | ) | |||||||||||||
Amount due to a related party | 23,648 | 5,250 | ||||||||||||||
Net cash flows used by operating activities | - | (668 | ) | |||||||||||||
Cash flows from investing activities | - | - | - | - | ||||||||||||
Cash flows from financing activities | - | - | - | - | ||||||||||||
Net decrease in cash and cash equivalents | - | (668 | ) | |||||||||||||
Net decrease in cash | - | (668 | ) | |||||||||||||
Cash and cash equivalents – beginning of period | - | 668 | - | 668 | ||||||||||||
Cash and cash equivalents – end of period | $ | - | $ | - | $ | - | $ | - | ||||||||
Supplemental disclosures for cash flow information: | ||||||||||||||||
Cash paid for interest | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for income taxes | $ | - | $ | - | $ | - | $ | - |
Green Planet Bioengineering Co., Ltd. |
Notes to the Financial Statements |
(Unaudited) |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2013 | 152,599 | $ | 0.001 | 0.8 | $ | - | ||||||||||
Issued | - | - | - | - | ||||||||||||
Exercised | - | - | - | - | ||||||||||||
Forfeited/cancelled | - | - | - | - | ||||||||||||
- | ||||||||||||||||
Outstanding at June 30, 2013 | 152,599 | $ | 0.001 | 0.3 | $ | - | ||||||||||
Exercisable at June 30, 2013 | 152,599 | $ | 0.001 | 0.3 | $ | - |
Shares | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | |||||||||||||
Outstanding at January 1, 2013 | 152,599 | $ | 0.001 | 0.80 | $ | - | ||||||||||
Issued | - | - | - | - | ||||||||||||
Exercised | - | - | - | - | ||||||||||||
Forfeited/cancelled | - | - | - | - | ||||||||||||
Outstanding at March 31, 2013 | 152,599 | $ | 0.001 | 0.55 | $ | - | ||||||||||
Exercisable at March 31, 2013 | 152,599 | $ | 0.001 | 0.55 | $ | - |
Warrants Outstanding | Warrants Exercisable | |||||||||||||||||||||
Weighted- | ||||||||||||||||||||||
Average | Weighted- | Weighted- | ||||||||||||||||||||
Remaining | Average | Average | ||||||||||||||||||||
Contractual | Exercise | Exercise | ||||||||||||||||||||
Exercise price | Shares | Term (in years) | Price | Shares | Price | |||||||||||||||||
$ | 0.001 | 152,599 | 0.3 | $ | 0.001 | 152,599 | $ | 0.001 |
Warrants Outstanding | Warrants Exercisable | |||||||||||||||||||||
Exercise price | Shares | Weighted- Average Remaining Contractual Term (in years) | Weighted- Average Exercise Price | Shares | Weighted- Average Exercise Price | |||||||||||||||||
$ | 0.001 | 152,599 | 0.55 | $ | 0.001 | 152,599 | $ | 0.001 |
As Originally Reported | As Restated | |||||||
Administrative expenses | $ | (6.959 | ) | $ | (6,959 | ) | ||
Gain from extinguishment of debt | 178,589 | - | ||||||
Income (loss) before income taxes | 171,630 | (6,959 | ) | |||||
Statement of Cash Flows for the Three Months Ended March 31, 2012 | ||||||||
Net income (loss) | $ | 171,630 | $ | (6,959 | ) | |||
Adjustments to reconcile net income to net cash used by operating activities: | ||||||||
Gain from extinguishment of debt | (178,589 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts payable | 308 | 308 | ||||||
Accrued liabilities | 5,983 | 5,983 | ||||||
Net cash flows used in operating activities | $ | (668 | ) | $ | (668 | ) |
As Originally | As | |||||||
Reported | Restated | |||||||
Administrative expenses | $ | (16,438 | ) | $ | (16,438 | ) | ||
Gain from extinguishment of debt | 178,589 | - | ||||||
Income (loss) before income taxes | 162,151 | (16,438 | ) |
Net income (loss) | $ | 162,151 | $ | (16,438 | ) | |||
Adjustments to reconcile net income to net cash used by operating activities: | ||||||||
Gain from extinguishment of debt | (178,589 | ) | - | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts payable | 2,420 | 2,420 | ||||||
Accrued liabilities | 8,100 | 8,100 | ||||||
Amount due to a related party | 5,250 | 5,250 | ||||||
Net cash flows used by operating activities | (668 | ) | (668 | ) |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
CONTROLS AND PROCEDURES |
OTHER INFORMATION |
LEGAL PROCEEDINGS |
None |
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