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 March 31, | ||||||
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 March 31, | |||
TABLE OF CONTENTS | |||
Page | |||
Part I | |||
Item 1 | Financial Statements | 3 | |
Item 2 | Management Discussion and Analysis of Financial Condition and Results of Operations | 10 | |
Item 3 | Quantitave and Qualitative Disclosures About Market Risk | 11 | |
Item 4 | Controls and Procedures | 11 | |
Part II | |||
Item 1 | Legal Proceedings | 13 | |
Item 1A | Risk Factors | 13 | |
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 13 | |
Item 3 | Defaults Upon Senior Securities | 13 | |
Item 4 | Mine Safety Disclosures | 13 | |
Item 5 | Other Information | 13 | |
Item 6 | Exhibits | 14 | |
Signatures | 15 |
PART I - FINANCIAL INFORMATION | |||
Item 1 | Financial Statements | ||
All-State Properties Holdings, Inc. | |||
Financial Statements | |||
For the Fiscal Quarter Ended March 31, | |||
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, | March 31, | June 30, | |||||||||||||
2012 | 2011 | 2018 | 2017 | |||||||||||||
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 | $ | - | $ | $ | 26,550 | |||||||||
Accrued interest related parties | - | - | ||||||||||||||
Due to related parties | - | - | 53,842 | - | ||||||||||||
Notes payable officers | - | - | ||||||||||||||
Total current liabilities | 3,507 | - | 53,847 | 26,550 | ||||||||||||
Total liabilities | 3,507 | - | 53,847 | 26,550 | ||||||||||||
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 | - | - | ||||||||||||||
none issued and outstanding at March 31, 2018 and | ||||||||||||||||
June 30, 2017, 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 | ||||||||||||||
2,964,181,540 shares issued and outstanding at March | ||||||||||||||||
31, 2018 and June 30, 2017, respectively | 296,418 | 296,418 | ||||||||||||||
Additional paid-in capital | 121,373,231 | 118,163,898 | 121,373,231 | 121,373,231 | ||||||||||||
Accumulated deficit | (121,673,156 | ) | (118,191,963 | ) | (121,723,491 | ) | (121,696,199 | ) | ||||||||
Total stockholders' deficit | (3,507 | ) | - | (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 | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
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 | ||||||||||||
Total operating expenses | 1,169 | 577,880 | 3,442,078 | 99,333,299 | ||||||||||||
Loss from operations | (1,169 | ) | (577,880 | ) | (3,442,078 | ) | (99,333,299 | ) | ||||||||
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 | ) | ||||
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 | ||||||||||||
All State Properties Holdings, Inc. | ||||||||||||||||
Statement of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
Operating expenses | ||||||||||||||||
General and administrative expenses | - | 1,094 | 27,292 | 3,282 | ||||||||||||
Total operating expenses | - | 1,094 | 27,292 | 3,282 | ||||||||||||
Loss from operations | (1,094 | ) | (27,292 | ) | (3,282 | ) | ||||||||||
Other income (expense) | ||||||||||||||||
Loss on settlement of debt | - | - | - | - | ||||||||||||
Interest expense | - | - | - | - | ||||||||||||
Total other income (expense) | - | - | - | - | ||||||||||||
Net loss | $ | - | $ | (1,094 | ) | $ | (27,292 | ) | $ | (3,282 | ) | |||||
Basic and fully diluted loss per common share | $ | - | $ | - | $ | - | $ | - | ||||||||
Basic and fully diluted weighted average | ||||||||||||||||
common shares outstanding | 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 Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2012 | 2011 | 2018 | 2017 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||||
Net loss | $ | (3,442,078 | ) | $ | (105,483,495 | ) | $ | (27,292 | ) | $ | (3,282 | ) | ||||
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 | 3,282 | ||||||||||||
Increase (decrease) in accrued liabilities | - | 289,869 | ||||||||||||||
Borrowings on related party payable | - | 35,031 | ||||||||||||||
Increase (decrease) in related party payable | - | - | ||||||||||||||
Repayments on 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 |
March 31, | ||||||||
2018 | 2017 | |||||||
Income tax expense at statutory rate | $ | 10,644 | $ | 1,280 | ||||
Valuation Allowance | (10,644 | ) | (1,280 | ) | ||||
Income tax expense per books | $ | - | $ | - |
March 31, | June 30, | |||||||
2018 | 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, | March 31, | June 30, | |||||||||||||
2012 | 2011 | 2018 | 2017 | |||||||||||||
Current Assets | $ | - | $ | - | $ | - | $ | - | ||||||||
Current Liabilities | 3,507 | - | 53,842 | 26,550 | ||||||||||||
Working Capital (Deficit) | (3,507 | ) | - | (53,842 | ) | (26,550 | ) |
March 31, | March 31, | March 31, | March 31, | |||||||||||||
2012 | 2011 | 2018 | 2017 | |||||||||||||
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 March 31, |
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. |
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: | |||||
ALL-STATE PROPERTIES HOLDINGS, INC. | ||
(the "Registrant") | ||
BY: | JOSEPH PASSALAQUA | |
Joseph Passalaqua | ||
President, Principal Executive Officer, | ||