UNITED STATES | ||||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||||
Washington, D. C. 20549 | ||||||||
Form 10-Q | ||||||||
[X] QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the quarterly period ended | ||||||||
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: 000-12895 | ||||||||
All-State Properties Holdings, Inc. | ||||||||
(Exact name of registrant as specified in its charter) | ||||||||
Nevada | 32-0252180 | |||||||
(State or other jurisdiction of incorporation) | (IRS Employer Identification Number) | |||||||
106 Glenwood Drive | ||||||||
Liverpool, New York | 13090 | |||||||
(Address of principal executive offices and Zip Code) | (Zip Code) | |||||||
(315) 451-7515 | ||||||||
(Registrant's telephone number, including area code) | ||||||||
Large Accelerated Filer | [ ] | Accelerated Filer | [ ] |
Non-accelerated Filer | [ ] | Smaller Reporting Company | [X] |
(Do not check if smaller reporting company) |
APPLICABLE ONLY TO CORPORATE ISSUERS: | ||
As of |
All-State Properties Holdings, Inc. | |||
Form 10-Q | |||
For the Fiscal Quarter Ended | |||
TABLE OF CONTENTS | |||
Page | |||
Part I | |||
Item 1 | Financial Statements | 3 | |
Item 2 | Management Discussion and Analysis of Financial Condition and Results of Operations | | |
Item 3 | Quantitave and Qualitative Disclosures About Market Risk | | |
Item 4 | Controls and Procedures | | |
Part II | |||
Item 1 | Legal Proceedings | | |
Item 1A | Risk Factors | | |
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | | |
Item 3 | Defaults Upon Senior Securities | | |
Item 4 | Mine Safety Disclosures | | |
Item 5 | Other Information | | |
Item 6 | Exhibits | | |
Signatures | |
PART I - FINANCIAL INFORMATION | |||
Item 1 | Financial Statements | ||
All-State Properties Holdings, Inc. | |||
Financial Statements | |||
For the Fiscal Quarter Ended | |||
TABLE OF CONTENTS | |||
Page | |||
Balance Sheets (unaudited) | F-1 | ||
Statements of Operations (unaudited) | F-2 | ||
Statements of Cash Flows (unaudited) | F-3 | ||
Notes to the Financial Statements (unaudited) | F-4 | ||
F-1 |
All State Properties Holdings, Inc. | ||||||||
Balance Sheets | ||||||||
(Unaudited) | ||||||||
March 31, | June 30, | |||||||
2012 | 2011 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | - | $ | - | ||||
Total current assets | - | - | ||||||
Total assets | $ | - | $ | - | ||||
Liabilities and Stockholders' Deficit | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 3,507 | $ | - | ||||
Accrued interest related parties | - | - | ||||||
Due to related parties | - | - | ||||||
Notes payable officers | - | - | ||||||
Total current liabilities | 3,507 | - | ||||||
Total liabilities | 3,507 | - | ||||||
Stockholders' Deficit | ||||||||
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, | ||||||||
none issued and outstanding at March 31, 2012 and | ||||||||
June 30, 2011, respectively | - | - | ||||||
Common Stock, $0.0001 par value, 7,000,000,000 shares authorized, | ||||||||
2,964,181,540 and 280,648,909 shares issued and outstanding | ||||||||
at March 31, 2012 and June 30, 2011, respectively | 296,418 | 28,065 | ||||||
Additional paid-in capital | 121,373,231 | 118,163,898 | ||||||
Accumulated deficit | (121,673,156 | ) | (118,191,963 | ) | ||||
Total stockholders' deficit | (3,507 | ) | - | |||||
Total liabilities and stockholders' deficit | $ | - | $ | - | ||||
All State Properties Holdings, Inc. | ||||||||
Balance Sheets | ||||||||
(Unaudited) | ||||||||
December 31, | June 30, | |||||||
2017 | 2017 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | - | $ | - | ||||
Total current assets | - | - | ||||||
Total assets | $ | - | $ | - | ||||
Liabilities and Stockholders' Deficit | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | - | $ | 26,550 | ||||
Due to related parties | 53,842 | - | ||||||
Total current liabilities | 53,842 | 26,550 | ||||||
Total liabilities | 53,842 | 26,550 | ||||||
Stockholders' Deficit | ||||||||
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, | ||||||||
none issued and outstanding at December 31, and | ||||||||
June 30, 2017, respectively | - | - | ||||||
Common Stock, $0.0001 par value, 7,000,000,000 shares authorized, | ||||||||
2,964,181,540 shares issued and outstanding at | ||||||||
December 31, and June 30, 2017, respectively | 296,418 | 296,418 | ||||||
Additional paid-in capital | 121,373,231 | 121,373,231 | ||||||
Accumulated deficit | (121,723,491 | ) | (121,696,199 | ) | ||||
Total stockholders' deficit | (53,842 | ) | (26,550 | ) | ||||
Total liabilities and stockholders' deficit | $ | - | $ | - |
The accompanying notes are an integral part of these financial statements | ||||||||||
F-2 |
All State Properties Holdings, Inc. | ||||||||||||||||||||||||||||||||
Statement of Operations | ||||||||||||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | For the Three Months Ended | For the Six Months Ended | |||||||||||||||||||||||||||||
March 31, | March 31, | December 31, | December 31, | |||||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Revenues | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||||||||
Officers' salaries | - | 44,600 | - | 216,555 | ||||||||||||||||||||||||||||
Professional fees | - | 49,960 | - | 69,460 | ||||||||||||||||||||||||||||
Office expense | - | 194 | - | 891 | ||||||||||||||||||||||||||||
Investor relations expenses | - | 18,979 | - | 32,111 | ||||||||||||||||||||||||||||
Other general and administrative expenses | 1,169 | 464,147 | 3,442,078 | 99,014,282 | ||||||||||||||||||||||||||||
General and administrative expenses | - | 1,094 | 27,292 | 2,188 | ||||||||||||||||||||||||||||
Total operating expenses | 1,169 | 577,880 | 3,442,078 | 99,333,299 | - | 1,094 | 27,292 | 2,188 | ||||||||||||||||||||||||
Loss from operations | (1,169 | ) | (577,880 | ) | (3,442,078 | ) | (99,333,299 | ) | - | (1,094 | ) | (27,292 | ) | (2,188 | ) | |||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||||||||
Loss on settlement of debt | - | (84,000 | ) | - | (6,108,861 | ) | - | - | - | - | ||||||||||||||||||||||
Interest expense | - | (10,943 | ) | - | (41,335 | ) | - | - | - | - | ||||||||||||||||||||||
Total other income (expense) | - | (94,943 | ) | - | (6,150,196 | ) | - | - | - | - | ||||||||||||||||||||||
Net loss | $ | (1,169 | ) | $ | (672,823 | ) | $ | (3,442,078 | ) | $ | (105,483,495 | ) | $ | - | $ | (1,094 | ) | $ | (27,292 | ) | $ | (2,188 | ) | |||||||||
Basic and fully diluted loss per common share | $ | - | $ | (0.06 | ) | $ | - | $ | (14.71 | ) | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Basic and fully diluted weighted average | ||||||||||||||||||||||||||||||||
common shares outstanding | 2,830,932,022 | 11,404,459 | 2,041,513,103 | 7,171,355 | 2,964,181,540 | 2,964,181,540 | 2,964,181,540 | 2,964,181,540 | ||||||||||||||||||||||||
The accompanying notes are an integral part of these financial statements | ||||||||||||||||
F-3 |
All State Properties Holdings, Inc. | ||||||||||||||||
Statement of Cash Flows | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Nine Months Ended | For the Six Months Ended | |||||||||||||||
March 31, | December 31, | |||||||||||||||
2012 | 2011 | 2017 | 2016 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net loss | $ | (3,442,078 | ) | $ | (105,483,495 | ) | $ | (27,292 | ) | $ | (2,188 | ) | ||||
Adjustments to reconcile net loss to net cash provided | ||||||||||||||||
by (used in) operating activities: | ||||||||||||||||
Stock issued for anti-dilutive clause | 3,438,571 | 99,235,798 | ||||||||||||||
Loss on extinquishment of debt | - | 5,887,345 | ||||||||||||||
Changes in assets and liabilities | ||||||||||||||||
(Increase) decrease in prepaid expenses | - | (1,000 | ) | |||||||||||||
Increase (decrease) in accounts payable | 3,507 | 24,113 | 27,292 | 2,188 | ||||||||||||
Increase (decrease) in accrued liabilities | - | 289,869 | ||||||||||||||
Borrowings on related party payable | - | 35,031 | ||||||||||||||
Repayments on related party payable | - | - | ||||||||||||||
Increase (decrease) in related party payable | - | - | ||||||||||||||
Net cash provided by (used in) operating activities | - | (12,339 | ) | - | - | |||||||||||
Cash Flows from Investing Activities | - | - | - | - | ||||||||||||
Cash Flows from Financing Activities | - | - | ||||||||||||||
Borrowings on debt | - | 12,000 | ||||||||||||||
Net cash provided by (used in) financing activities | - | 12,000 | ||||||||||||||
Net increase (decrease) in cash | - | (339 | ) | - | - | |||||||||||
Cash and cash equivalents, beginning of period | - | 622 | - | - | ||||||||||||
Cash and cash equivalents, end of period | - | 283 | - | - | ||||||||||||
Supplemental disclosure of cash flow information: | ||||||||||||||||
Cash paid for interest | $ | - | $ | - | $ | - | $ | - | ||||||||
Cash paid for taxes | $ | - | $ | - | $ | - | $ | - | ||||||||
Non-cash transactions: | ||||||||||||||||
Conversion of related party debt | - | 281,139 | ||||||||||||||
Payment of accounts payable by related party | 53,842 | - |
The accompanying notes are an integral part of these financial statements | ||||||||
F-4 |
December 31, | ||||||||
2017 | 2016 | |||||||
Income tax expense at statutory rate | $ | 10,644 | $ | 853 | ||||
Valuation Allowance | (10,644 | ) | (853 | ) | ||||
Income tax expense per books | $ | - | $ | - |
December 31, | June 30, | |||||||
2017 | 2017 | |||||||
Net operating loss carryforward | $ | 295,438 | $ | 288,817 | ||||
Valuation Allowance | (295,438 | ) | (288,817 | ) | ||||
Net deferred tax asset | $ | - | $ | - |
ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION. |
March 31, | June 30, | December 31, | June 30, | |||||||||||||
2012 | 2011 | 2017 | 2017 | |||||||||||||
Current Assets | $ | - | $ | - | $ | - | $ | - | ||||||||
Current Liabilities | 3,507 | - | (53,842 | ) | (26,550 | ) | ||||||||||
Working Capital (Deficit) | (3,507 | ) | - | (53,842 | ) | (26,550 | ) |
March 31, | March 31, | December 31, | Decemberr 31, | |||||||||||||
2012 | 2011 | 2017 | 2016 | |||||||||||||
Cash Flows from (used in) Operating Activities | $ | - | $ | (12,339 | ) | $ | - | $ | - | |||||||
Cash Flows from (used in) Financing Activities | - | 12,000 | - | - | ||||||||||||
Net Increase (decrease) in Cash During Period | - | (339 | ) | - | - |
Operating Revenues |
Operating Expenses and Net Loss |
Liquidity and Capital Resources |
Cashflow from Operating Activities |
Cashflow from Financing Activities |
During the six months ended |
Subsequent Developments |
Going Concern |
Off-Balance Sheet Arrangements |
Future Financings |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES. |
ITEM 4. | MINE SAFETY DISCLOSURE. |
ITEM 5. | OTHER INFORMATION. |
On July 2, 2018, All State Properties Holdings, Inc. (the “Company”) entered into a Settlement Agreement (the Settlement Agreement") as filed on Form 8-K that same date, whereby the parties terminated their Common Stock Purchase Agreement (the "Purchase Agreement") dated December 8, 2017 with Maurice Parham of Missouri City, Texas filed on Form 8-K on December 11, 2017 in accordance with the termination provisions in said Purchase Agreement, and return the parties to their pre-Purchase Agreement status thereby Maurice Pelham resigned from the Company and Joseph C. Passalqua wa reinstated to the the Board of Directors of the Company. Maurice Parham will not traansfer to the Company the rights to the Universal Nation business plan. The Company shall reinstate its name as All State Properties Holdings, Inc. and cancel its plan for an 80-1 reverse split of its existing shares and issue 200,000,000 New Shares. |
ITEM 6. | EXHIBITS |
Exhibit | Incorporated by reference | Filed | |||
Number | Form | Date | Number | herewith | |
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | X | |||
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | X | |||
32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | |||
32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | |||
101.INS | XBRL Instance Document. | X | |||
101.SCH | XBRL Taxonomy Extension – Schema. | X | |||
101.CAL | XBRL Taxonomy Extension – Calculations. | X | |||
101.LAB | XBRL Taxonomy Extension – Labels. | X | |||
101.PRE | XBRL Taxonomy Extension – Presentation. | X | |||
101.DEF | XBRL Taxonomy Extension – Definition. | X | |||
Reports on Form 8-K: | |||||
8-K | |||||
Current Report, Item 8.01, Note to Shareholders | 8-K | 12-13-2017 | 171253612 | ||
Current Report, Item 8.01, Note to Shareholders | 8-K | 12-20-2017 | 186140079 |
ALL-STATE PROPERTIES HOLDINGS, INC. | ||
(the "Registrant") | ||
BY: | JOSEPH PASSALAQUA | |
Joseph Passalaqua | ||
President, Principal Executive Officer, | ||