(Unaudited)
| Three months ended June 30, | Six months ended June 30, |
| | | | |
| | | | |
Administrative expenses | $(6,508) | $(5,155) | $(12,500) | $(10,182) |
Loss before taxes | (6,508) | (5,155) | (12,500) | (10,182) |
Provision for income taxes | - | - | - | - |
Net loss | $(6,508) | $(5,155) | $(12,500) | $(10,182) |
Earnings per share | | | | |
-Basic and diluted | $* | $* | $* | $* |
Weighted average number of shares outstanding | | | | |
-Basic and diluted | 20,006,402 | 20,006,402 | 20,006,402 | 20,006,402 |
*
| | Three months ended March 31, | |
| | 2016 | | | 2015 | |
Administrative expenses | | $ | (5,992 | ) | | $ | (5,027 | ) |
Loss before income taxes | | $ | (5,992 | ) | | $ | (5,027 | ) |
Provision for income taxes | | | - | | | | - | |
Net loss | | $ | (5,992 | ) | | $ | (5,027 | ) |
| | | | | | | | |
Earnings per share | | | | | | | | |
Basic and diluted | | $ | * | | | $ | * | |
Weighted average number of shares outstanding | | | | | | | | |
Basic and diluted | | $ | 20,006,402 | | | $ | 20,006,402 | |
* Less than $.01, per share
See Notes to the Condensed Financial Statements
Condensed Statements of Cash Flows
| | Three months ended March 31, | |
| | 2016 | | | 2015 | |
Cash flows from operating activities | | | | | | |
Net loss | | $ | (5,992 | ) | | $ | (5,027 | ) |
Changes in operating assets and liabilities: | | | | | | | | |
Accounts payable | | | - | | | $ | 490 | |
Accrued liabilities | | $ | (5,000 | ) | | $ | (5,574 | ) |
Amount due to a related party | | $ | 10,992 | | | $ | 10,111 | |
Net cash flows used by operating activities | | | - | | | | - | |
| | | | | | | | |
Cash flows from investing activities | | | - | | | | - | |
| | | | | | | | |
Cash flows from financing activities | | | - | | | | - | |
| | | | | | | | |
Net decrease in cash and cash equivalents | | | - | | | | - | |
Cash and cash equivalents – beginning of period | | | - | | | | - | |
Cash and cash equivalents – end of period | | $ | - | | | $ | - | |
Supplemental disclosures for cash flow information: | | | | | | | | |
Cash paid for interest | | $ | - | | | $ | - | |
Cash paid for income taxes | | $ | - | | | $ | - | |
See Notes to the Condensed Financial Statements
Green Planet Bioengineering Co., Ltd.
Condensed Statements of Cash Flows
| Six months ended June 30, |
| | |
Cash flows from operating activities | | |
Net loss | $(12,500) | $(10,182) |
Changes in operating assets and liabilities: | | |
Accounts payable | 939 | (152) |
Accrued liabilities | (5,000) | (7,074) |
Amount due to a related party | 16,561 | 17,408 |
Net cash flows used by operating activities | - | - |
| | |
Cash flows from investing activities | - | - |
| | |
Cash flows from financing activities | - | - |
| | |
Net decrease in cash and cash equivalents | - | - |
Cash and cash equivalents – beginning of period | - | - |
Cash and cash equivalents – end of period | $- | $- |
Supplemental disclosures for cash flow information: | | |
Cash paid for interest | $- | $- |
Cash paid for income taxes | $- | $- |
See Notes to the Condensed Financial Statements
Green Planet Bioengineering Co., Ltd
Notes to the Condensed Financial Statements
(Unaudited)
1. General Information
Organization
Mondo Acquisition II, Inc. was incorporated in the State of Delaware on October 30, 2006 and changed the name to Green Planet Bioengineering Co., Ltd. (“Company”) on October 2, 2008. In October 2008, the Company acquired Elevated Throne Overseas Ltd, incorporated in British Virgin Islands, and its subsidiaries which was subsequently divested to One Bio, Corp (“ONE”) on April 14, 2010.
In March 2012, the Company became a subsidiary of Global Fund Holdings Corp. (“Global Funds”) an Ontario, Canada Corporation.corporation.
The Company operates as a public organized shell corporation with the purpose to acquire or merge with an existing business operation. The Company'sCompany’s activities are subject to significant risks and uncertainties, as their ability to implement and execute future business plans and generate sufficient business revenue is directly influenced by their ability to secure adequate financing or find profitable business opportunities.
2. Summary of significant accounting policies
Basis of Presentation
The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position as of the period reporting date, and the results of its operations and cash flows for the fiscal period end. The results of operations for the fiscal period end are not necessarily indicative of the results to be expected for future quarters or the full fiscal year.
Use of Estimates
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenue and expenses for the years reported. Actual results could differ from those estimates. Significant items that require estimates were accruals of liabilities.
Cash and cash equivalents
Cash and cash equivalents include all cash, deposits in banks and other highly liquid investments with initial maturities of three months or less to be cash equivalents. Balances of cash and cash equivalents in financial institutions may at times exceed the government-insured limits.
Earnings per share
Earnings per share is reported in accordance with FASB ASC Topic 260 “Earnings per Share” which requires dual presentation of basic earnings per share (“EPS”) and diluted EPS on the face of all statements of earnings, for all entities with complex capital structures. Diluted EPS reflects the potential dilution that could occur from common shares issuable through the exercise or conversion of stock options, restricted stock awards, warrants and convertible securities. In certain circumstances, the conversion of these options, warrants and convertible securities are excluded from diluted EPS if the effect of such inclusion would be anti-dilutive. Fully diluted EPS is not provided, when the effect is anti-dilutive. When the effect of dilution on loss per share is anti-dilutive, diluted loss per share equals the loss per share.
Fair Value Measurements
FASB ASC Topic 820, “Fair Value Measurements and Disclosures” defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosures about fair value measurements. Investment measured and reported at fair value are classified and disclosed in one of the following hierarchy:
Level 1 - Quoted prices are available in active markets for identical investments as of the period reporting date.
Level 2 - Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.
2. Summary of Significant Accounting Policies – continued
Level 3 - Pricing inputs are unobservable for the investment and included situations where there is little, if any, market activity for the investment. The inputs into the determination of fair value require significant management judgment or estimation.
Recent Changes in Accounting Standards
A variety of proposed or otherwise potential accounting standards are currently under study by standard-setting organizations and various regulatory agencies. Because of the tentative and preliminary nature of these proposed standards, management has not determined whether implementation of such proposed standards would be material to the Company’s financial statements.
3. Going Concern
The financial statements have been prepared assuming that the Company will continue as a going concern. The Company is currently a public reorganized shell corporation and has no current business activity. The Company’s ability to continue as a going concern is dependent on continued support from Global Funds, the majority stockholder.
4. Amount Due to a Related Company
The Company relies on a related company to advance funds to finance its operating expenses. The amounts advanced are interest-free, unsecured and are repayable upon demand.
5. Preferred stock / Common stock
Preferred stock
The Company is authorized under its Articles of Incorporation to issue 10,000,000 shares of Series A preferred stock with a par value of $0.001 per share. Each share of the Company’s preferred stock provides the holder with the right to vote 1,000 votes on all matters submitted to a vote of the stockholders of the Company and is convertible into 1,000 shares of the Company’s common stock. The preferred stock is non-participating and carries no dividend.
Common stock
The Company is authorized to issue 250,000,000 shares of common stock with a par value of $0.001 per share. During the threesix months ended March 31,June 30, 2016, the Company did not issue any shares of common stock or warrants.
6. Stock-based compensation
There was no non-cash stock-based compensation recognized for the threesix months ended March 31,June 30, 2016 and 2015.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General Overview
The Company operates as a public reorganized corporation with the business purpose to acquire or merge with an existing business operation.
Results of Operations and Financial Condition for the three and six months ended March 31,June 30, 2016, as compared to the three and six months ended March 31,June 30, 2015
The Company had no active business operations for the periods ended March 31,June 30, 2016 and March 31,June 30, 2015. Expenses consist of accounting, legal and filing fees.
Liquidity and capital resources
The Company had no active business operations for the threesix months ended March 31,June 30, 2016. Accordingly, the Company had no liquidity and capital resources for the period.
Risk factors
The Company’s critical accounting policies are still being applied despite that the Company has no ongoing business operations.
Significant Estimates
Critical accounting polices include the areas where we have made what we considered to be particularly subjective or complex judgments in making estimates and where these estimates can significantly impact our financial results under different assumptions and conditions.
We prepare our financial statements in conformity with generally accepted accounting principles in the United States of America. As such, we are required to make certain estimates, judgments and assumptions that we believe are reasonable based upon the information available. These estimates, judgments and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the periods presented. Actual results could be different than those estimates.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.
Market Risks
There has been no material change in market risks since our last Annual Report on Form 10-K for the year ended December 31, 2015.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK