UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended October 31, 20202021

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 333-200624

TRENDMAKER, INC. LIMITED

(Exact name of registrant issuer as specified in its charter)

Nevada46-3505091

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

Lot 56935 Jalan 9/8, Seksyen 9,

Bandar Baru Bangi
,
Selangor Darul Ehsan, Malaysia

43650
(Address of principal executive offices)(Zip Code)

Registrant’s phone number, including area code

919-633-2488919-633-2488

Securities registered pursuant to Section 12(b) of the Securities Exchange Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered:
Common StockTMINThe OTC Market – Pink Sheets

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 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 [X] ☒

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (section 232.405 of this chapter) during the preceding twelve months (or shorter period that the registrant was required to submit and post such files).

YES [  ] NO [X]

 

YES ☐ NO ☒

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 “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer [  ]☐ Accelerated Filer [  ] ☐ Non-accelerated Filer [  ] ☐ 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 [  ]

 

Yes ☒ No ☐

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Class Outstanding at November 30, 2020December 9, 2021
Common Stock, $0.0001 par value 13,537,000

 

 

TABLE OF CONTENTS

Page
PART IFINANCIAL INFORMATION
ITEM 1.UNAUDITED CONDENSED FINANCIAL STATEMENTS:
Condensed Balance Sheets as of October 31, 20202021 (Unaudited) and July 31, 20202021 (Audited)F-2
Condensed Statements of Operations and Comprehensive Income for the Three Months Ended October 31, 20202021 and 20192020F-3
Condensed Statement of Changes in Stockholders’ Equity for the Three Months Ended October 31, 20202021 and 20192020F-4
Condensed Statements of Cash Flows for the Three Months Ended October 31, 20202021 and 20192020F-5
Notes to the Condensed Financial StatementsF-6 - F-10
ITEM 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS2-3
ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK3
ITEM 4.CONTROLS AND PROCEDURES3-4
PART IIOTHER INFORMATION
ITEM 1LEGAL PROCEEDINGS5
ITEM 1ARISK FACTORS5
ITEM 2UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS5
ITEM 3DEFAULTS UPON SENIOR SECURITIES5
ITEM 4MINE SAFETY DISCLOSURES5
ITEM 5OTHER INFORMATION5
ITEM 6EXHIBITS5
SIGNATURES6

 

PART I – FINANCIAL INFORMATION

ITEM 1. UNAUDITED CONDENSED FINANCIAL STATEMENTS

TRENDMAKER, INC. LIMITED

CONDENSED FINANCIAL STATEMENTS

Page
Condensed Financial Statements
Condensed Balance Sheets as of October 31, 20202021 (Unaudited) and July 31, 20202021 (Audited)F-2
Condensed Statements of Operations and Comprehensive Income for the Three Months Ended October 31, 20202021 and 20192020F-3
Condensed Statement of Changes in Stockholders’ Equity for the Three Months Ended October 31, 20202021 and 20192020F-4
Condensed Statements of Cash Flows for the Three Months Ended October 30, 20202021 and 20192020F-5
Notes to the Condensed Financial StatementsF-6-F-10

CERTAIN TERMS USED IN THIS REPORT

When this report uses the words “we,”we,” “us,”us,” “our,”our,” and the “Company,”Company,” they refer to Trendmaker, Inc. Limited. “SEC””SEC” refers to the Securities and Exchange Commission.


F-1

TRENDMAKER, INC. LIMITED

CONDENSED BALANCE SHEETS

As of October 31, 20202021 (Unaudited) and July 31, 20202021 (Audited)

(Currency expressed in United States Dollars (“US$”), except for number of shares)

 October 31, 2020 July 31, 2020  October 31, 2021 July 31, 2021 
 (Unaudited) (Audited)  (Unaudited) (Audited) 
  $   $  $ $ 
ASSETS                
CURRENT ASSET                
Due from related party  276,687   284,116   234,204   248,656 
Total Current Asset  276,687   284,116   234,204   248,656 
                
TOTAL ASSETS  276,687   284,116   234,204   248,656 
                
LIABILITIES AND STOCKHOLDERS’ EQUITY                
CURRENT LIABILITY                
Accounts payable and accrued liabilities  228,017   222,912   220,142   225,742 
Total Current Liability  228,017   222,912   220,142   225,742 
                
TOTAL LIABILITIES  228,017   222,912   220,142   225,742 
                
STOCKHOLDERS’ EQUITY                
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, none issued and outstanding  -   - 
Common stock, $0.0001 par value; 100,000,000 shares authorized, 13,537,000 and 13,537,000 issued and outstanding as of October 31, 2020 and July 31, 2020  1,354   1,354 
Preferred stock, $0.0001 par value; 10,000,000 shares authorized, NaN issued and outstanding  -   - 
Common stock, $0.0001 par value; 100,000,000 shares authorized, 13,537,000 and 13,537,000 issued and outstanding as of October 31, 2021 and July 31, 2021  1,354   1,354 
Additional paid in capital  825,166   825,166   825,166   825,166 
Accumulated deficit  (777,850)  (765,316)  (812,458)  (803,606)
TOTAL STOCKHOLDERS’ EQUITY  48,670   61,204   14,062   22,914 
                
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY  276,687   284,116   234,204   248,656 

See accompanying notes to condensed financial statements.


F-2

TRENDMAKER, INC. LIMITED

CONDENSED STATEMENT OF OPERATION AND COMPREHENSIVE INCOME

For the three months ended October 31, 20202021 and 20192020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

        
 Three months ended October 31  Three months ended October 31 
 2020  2019  2021  2020 
  $   $  $ $ 
REVENUE  -   -   -   - 
                
OTHER SERVICE FEES  -   -   -   - 
                
COST OF REVENUE  -   -   -   - 
                
GROSS PROFIT  -   -   -   - 
                
PROFESSIONAL FEES  -   -   -   - 
                
GENERAL AND ADMINISTRATIVE EXPENSES  (12,534)  (11,278)  (8,852)  (12,534)
                
LOSS BEFORE INCOME TAX  (12,534)  (11,278)  (8,852)  (12,534)
                
INCOME TAX PROVISION  -   -   -   - 
                
NET LOSS  (12,534)  (11,278)  (8,852)  (12,534)
                
Net loss per share, basic and diluted:  (0.0009)  (0.0008)  (0.0007)  (0.0009)
                
Weighted average number of shares outstanding during the year – Basic and diluted  13,537,000   13,537,000   13,537,000   13,537,000 

See accompanying notes to condensed financial statements.

F-3

F-3

 

TRENDMAKER, INC. LIMITED

CONDENSED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

For the three months ended October 31, 20202021 and 20192021

(Currency expressed in United States Dollars (“US$”))

(Unaudited)

Three months ended October 31, 2019

  COMMON STOCK  ADDITIONAL       
  Number of
Shares		  Amount  

PAID-IN

CAPITAL

  ACCUMULATED
DEFICIT		  

TOTAL

EQUITY

 
                
Balance as of July 31, 2019 (Audited)  13,537,000  $1,354  $825,166  $(728,974) $97,546 
Net loss for the period  -   -   -   (11,278)  (11,278)
Balance as of October 31, 2019 (Unaudited)  13,537,000   1,354   825,166   (740,252)  86,268 

Three months ended October 31, 2020

                     
  COMMON STOCK  ADDITIONAL       
  Number of
Shares		  Amount  

PAID-IN

CAPITAL

  ACCUMULATED
DEFICIT		  

TOTAL

EQUITY

 
                
Balance as of July 31, 2020 (Audited)  13,537,000  $1,354  $825,166  $(765,316) $61,204 
Net loss for the period  -   -   -   (12,534)  (12,534)
Balance as of October 31, 2020 (Unaudited)  13,537,000   1,354   825,166   (777,850)  48,670 

Three months ended October 31, 2021

  COMMON STOCK  ADDITIONAL       
  Number of
Shares		  Amount  

PAID-IN

CAPITAL

  ACCUMULATED
DEFICIT		  

TOTAL

EQUITY

 
                
Balance as of July 31, 2021 (Audited)  13,537,000  $1,354  $825,166  $(803,606) $22,914 
Net loss for the period  -   -   -   (8,852)  (8,852)
Balance as of October 31, 2021 (Unaudited)  13,537,000   1,354   825,166   (812,458)  14,062

See accompanying notes to condensed financial statements.


F-4

TRENDMAKER, INC. LIMITED

CONDENSED STATEMENT OF CASH FLOWS

For the three months ended October 31, 20202021 and 20192020

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

        
 Three months ended October 31  Three months ended October 31 
 2020 2019  2021 2020 
  $   $  $ $ 
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net loss  (12,534)  (11,278)  (8,852)  (12,534)
                
Changes in operating assets and liabilities:                
Due from related party  7,429   26,278   14,452   7,429 
Accounts payable and accrued liabilities  5,105   (15,000)  (5,600)  5,105 
Net cash used in operating activities  -   - 
Net cash generated from operating activities  -   - 
                
Net increase/ (decrease) in cash and cash equivalents  -   -   -   - 
Cash and cash equivalents, beginning of period  -   -   -   - 
CASH AND CASH EQUIVALENTS, END OF PERIOD  -   -   -   - 

See accompanying notes to condensed financial statements.


F-5

TRENDMAKER, INC. LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the three months ended October 31, 20202021

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

1.SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The reporting currency of the Company is United States Dollars (“US$”) and the accompanying financial statements have been expressed in US$.

Basis of presentation

The accompanying condensed unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules and regulations of the Securities and Exchange Commission for interim financial information. Accordingly, they do not include all the information necessary for a comprehensive presentation of financial position and results of operations.

It is management’s opinion however, that all material adjustments (consisting of normal recurring adjustments) have been made, which are necessary for a fair financial statements presentation. The results for the interim period are not necessarily indicative of the results to be expected for the year.

Nuts and Bolts International, Inc. (the “Company”) was incorporated under the laws of the State of Nevada on August 21, 2013 to create and publish electronic non-fiction multimedia books for the hobby and do-it-yourself consumer markets (“eBooks”) through the internet. It’s eBook publishing operations were conducted through it’s wholly-owned subsidiary, Nuts and Bolts Publishing, LLC, which was organized under the laws of the State of North Carolina on August 22, 2013.

Effective as of February 29, 2016, the Company had a change of control as a result of the sale of it’s previous controlling shareholder of 5,000,000 shares of it’s common stock, representing approximately 76.5% of the Company’s issued and outstanding common stock. Following the change of control, the Company has discontinued the eBook publishing operations previously carried on through the previous company’s subsidiary.

Also, following the change of control, the Company is now engaged in the business of providing management and consulting services to Trendmaker Private Limited. Effective as of April 14, 2016, the Company amended it’s Articles of Incorporation to change it’s name to Trendmaker, Inc., Limited.

Use of estimates

In preparing financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reported period. Significant estimates include valuation of in kind contribution of services, valuation of deferred tax assets. Actual results could differ from those estimates.

Revenue recognition

The Company follows the guidance of Accounting Standards Codification (ASC) 606, Revenue from Contracts. ASC 606 creates a five-step model that requires entities to exercise judgment when considering the terms of contracts, which includes (1) identifying the contracts or agreements with a customer, (2) identifying our performance obligations in the contract or agreement, (3) determining the transaction price, (4) allocating the transaction price to the separate performance obligations, and (5) recognizing revenue as each performance obligation is satisfied. The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration it is entitled to in exchange for the services it transfers to its clients.


F-6

TRENDMAKER, INC. LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the three months ended October 31, 2021

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

Cash and cash equivalents

The Company considers all highly liquid temporary cash investments with an original maturity of three months or less to be cash equivalents. At October 31, 20202021 and July 31, 2020,2021, the Company had no0 cash and cash equivalents.

Income taxes

The Company accounts for income taxes under FASB Codification Topic 740-10-25 (“ASC 740-10-25”). Under ASC 740-10-25, 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 bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC 740-10-25, the 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.

Related party

Parties, which can be a corporation or individual, are considered to be related if the Company has 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.


F-7

TRENDMAKER, INC. LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the three months ended October 31, 20202021

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

Fair value of financial instruments

The carrying value of the Company’s financial instruments: cash and cash equivalents, and accounts payable and approximate their fair values because of the short-term nature of these financial instruments.

The Company also follows the guidance of the ASC Topic 820-10, “Fair Value Measurements and Disclosures” (“ASC 820-10”), with respect to financial assets and liabilities that are measured at fair value. ASC 820-10 establishes a three-tier fair value hierarchy that prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Recent accounting pronouncements

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.


F-8

TRENDMAKER, INC. LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the three months ended October 31, 20202021

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

2.SHAREHOLDERS’ EQUITY

2. SHAREHOLDERS’ EQUITY

(A) Preferred Stock

 

The Company was incorporated on August 21, 2013. The Company is authorized to issue 10,000,000 shares of preferred stock with a par value of $0.0001$0.0001 per share. Preferred stock may be issued in one or more series with rights and preferences are to be determined by the board of directors. As of October 31, 2020, no2021, 0 shares of preferred stock have been issued.

(B) Common Stock

The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001$0.0001 per share.

As of October 31, 2020, no2021, the company has 13,537,000 shares of common stock have been issued.outstanding.

3.COMMITMENTS AND CONTINGENCIES

3. COMMITMENTS AND CONTINGENCIES

As of October 31, 2020,2021, the Company has no0 commitment or contingency involved.

4.ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

  October 31, 2020  July 31, 2020 
  (Unaudited)  (Audited) 
  $  $ 
Accounts payable and accrued liabilities generated from:        
Other creditors  214,842   214,842 
Accrued expenses  13,175   8,070 
   228,017   222,912 

4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

SCHEDULE OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

  October 31, 2021  July 31, 2021 
  (Unaudited)  (Audited) 
  $  $ 
Accounts payable and accrued liabilities generated from:        
Other creditors  214,842   214,842 
Accrued expenses  5,300   10,900 
Total accounts payable and accrued expenses  220,142   225,742 

Accounts payable and accrued liabilities at October 31, 20202021 were a total US$228,017220,142 consisting of US$13,1755,300 from accrued expenses and US$214,842 from other creditors. Accounts payable and accrued liabilities at July 31, 20202021 were a total US$222,912225,742 consisting of US$8,07010,900 from accrued expenses and US$214,842 from other creditors.

5.RELATED PARTY TRANSACTIONS

5. RELATED PARTY TRANSACTIONS

As of October 31, 20,2021, the Company has no0 related party transactions.


F-9

TRENDMAKER, INC. LIMITED

NOTES TO CONDENSED FINANCIAL STATEMENTS

For the three months ended October 31, 20202021

(Currency expressed in United States Dollars (“US$”), except for number of shares)

(Unaudited)

6.RELATED PARTY BALANCES

  October 31, 2020  July 31, 2020 
  (Unaudited)  (Audited) 
  $  $ 
Due from related party:        
Related Party A  276,687   284,116 

6. RELATED PARTY BALANCES

SCHEDULE OF RELATED PARTY TRANSACTIONS

  October 31, 2021  July 31, 2021 
  (Unaudited)  (Audited) 
  $  $ 
Due from related party:        
Related Party A  234,204   248,656 

As of October 31, 2020,2021, the balance US$276,687234,204 represented an outstanding amount due from Related Party A. Related Party A is having common director with the Company. The amount due is unsecured, interest-free with no fixed repayment term.

7.GOING CONCERN

7. GOING CONCERN

As of October 31, 2020,2021, the Company has an accumulated deficit of $777,850 $812,458 and a stockholders’ equity of $48,670,$14,062, and for the three months ended October 31, 2020,2021 had a net loss of $12,534.$8,852. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management is taking various steps to provide the Company with the opportunity to continue as a going concern.

8.SUBSEQUENT EVENTS

8. SUBSEQUENT EVENTS

The Company has evaluated subsequent events from the balance sheet date through October 31, 20202021 the date the Company issued unaudited consolidated financial statements in accordance with ASC Topic 855, “Subsequent Events”, which establishes general standards of accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued. During this period, there was no subsequent event that required recognition or disclosure

F-10

 

9.   SIGNIFICANT EVENT

During the fiscal year, the World Health Organization declared the Coronavirus (COVID-19) outbreak to be a pandemic, which has caused severe global social and economic disruptions and uncertainties, including markets where the Company operates.

The Company considers this outbreak as non-adjusting-events. The consequences brought about by Covid-19 continue to evolve and whilst the Company actively monitoring and managing its operations to respond to these changes, the Company does not consider it practicable to provide any quantitative estimate on the potential impact it may have on the Company.


ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Going Concern

As of October 31, 2020,2021, the Company has an accumulated deficit of $777,850$812,458 and a stockholders’ equity of $48,670 ,$14,062 and for the three months ended October 31, 2020,2021, had a net loss of $12,534.$8,852. This raises substantial doubt about its ability to continue as a going concern. The ability of the Company to continue as a going concern is dependent on the Company’s ability to raise additional capital and implement its business plan. The financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern. Management is taking various steps to provide the Company with the opportunity to continue as a going concern.

Results of Operations

 

For the three months ended October 31, 20202021 and 20192020

For the three months period ended October 31, 20202021 and 2019,2020, the Company has generated no profit but loss of $8,852 and $12,534 and $11,278 respectively.

Liquidity and Capital Resources

As of October 31, 2020,2021, and July 31, 2020,2021, the Company has no cash on hand, but has a total asset entirely consisting due from related party of $276,687and $284,116$234,204 and $248,656 of which is the amount due from Phyto Science Sdn. Bhd.

As of October 31, 2020,2021, and July 31, 20202021 the Company has a total liability of $228,017$220,142 and $222,912$225,742 entirely consist of accounts payable and accrued expenses.

The Company has a working capital of $48,670$14,602 and $61,204$22,914 as at October 31, 20202021 and July 31, 20202021 respectively.

Net cash used in operating activities for the year ended October 31, 20202021 and 20192020 was $0 and $0 respectively. The cash used in operating activities are mainly for professional fees, legal fees, and general expenses.

Critical Accounting Policies

We have identified the policies outlined below as critical to our business operations and an understanding of our results of operations. The list is not intended to be a comprehensive list of all of our accounting policies. In many cases, the accounting treatment of a particular transaction is specifically dictated by accounting principles generally accepted in the United States, with no need for management’s judgment in their application.

The Company accounts for income taxes under FASB ASC Topic 740 income taxes (“ASC Topic 740”). Under ASC Topic 740, 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 bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under ASC Topic 740, the 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.

2

 

Recent Accounting Pronouncements

The Company has reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe the future adoption of such any pronouncements may be expected to cause a material impact on its financial condition or the results of its operations.

All other newly issued accounting pronouncements but not yet effective have been deemed either immaterial or not applicable.

Off Balance Sheet Transactions

None

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

Pursuant to Rule 13a-15(b) under the Securities Exchange Act of 1934 (“Exchange Act”), the Company carried out an evaluation, with the participation of the Company’s management, including the Company’s Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based upon that evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls and procedures were not effective to ensure that information required to be disclosed by the Company in the reports that the Company files or submits 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 the Company’s management, including the Company’s CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure as a result of continuing material weaknesses in its internal control over financial reporting.

3

 

During the assessment of the effectiveness of internal control over financial reporting, our management identified material weaknesses related to the lack of requisite U.S. generally accepted accounting principles (GAAP) expertise of our Chief Financial Officer and our internal bookkeeper. This lack of expertise to prepare our financial statements in accordance with U.S. GAAP without the assistance of the outside accounting consultant hired to ensure that our financial statements are prepared in accordance with U.S. GAAP constitutes a material weakness in our internal control over financial reporting. In order to mitigate the material weakness, we engaged an outside accounting consultant to assist us in the preparation of our financial statements to ensure that these financial statements are prepared in conformity to U.S. GAAP. This outside accounting consultant has significant experience in the preparation of financial statements in conformity with U.S. GAAP. We believe that the engagement of this consultant will lessen the possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis, and we will continue to monitor the effectiveness of this action and make any changes that our management deems appropriate. We expect to continue to rely on this outside consulting arrangement to supplement our internal accounting staff for the foreseeable future. Until such time as we hire the proper internal accounting staff with the requisite U.S. GAAP experience, however, it is unlikely we will be able to remediate the material weakness in our internal control over financial reporting.

Changes in Internal Controls over Financial Reporting

There were no changes that occurred to our internal control over financial reporting during our most recently completed fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

4

 

PART II — OTHER INFORMATION

Item 1. Legal Proceedings.

None.

Item 1A. Risk Factors.

Smaller reporting companies are not required to provide the information required by this item.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3. Defaults Upon Senior Securities.

None.

Item 4. Mine Safety Disclosures.

Not applicable.

Item 5. Other Information.

None

ITEM 6. Exhibits

Exhibit

No.

Description
31.1*Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS*Inline XBRL Instance Document
101.SCH*Inline XBRL Schema Document
101.CAL*Inline XBRL Calculation Linkbase Document
101.DEF*Inline XBRL Definition Linkbase Document
101.LAB*Inline XBRL Label Linkbase Document
101.PRE*Inline XBRL Presentation Linkbase Document
104Cover Page Interactive Data File (embedded within the Inline XBRL document)

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

TRENDMAKER, INC. LIMITED
(Name of Registrant)
Date: December 03, 202013, 2021
By:/s/ Puan Sri Datin Sri Tan Chin Yee
Puan Sri Datin Sri Tan Chin Yee, CEO and CFO

(Principal Executive Officer)

  

(Principal Executive Officer)

(Principal Financial Officer)

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