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Minaro (MNAO)

Filed: 8 Jun 20, 1:10pm






UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549


Form 10-K/A

(Amendment No. 1)


[X] Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended January 31, 2020


[   ] 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: 333-223963



Minaro Corp.

  

(Exact name of registrant as specified in its charter)

  

Nevada


36-4864568


7373

(State or Other Jurisdiction of Incorporation or Organization)

 

(I.R.S. Employer

Identification Number)


(Primary Standard Industrial Classification Code Number)


  

    

Yulia Lazaridou,

President and Chief Executive Officer

Kleonos 8A,

Lakatameia, Cyprus, 2333

Tel. 35722000344

  

(Address and telephone number of principal executive offices)

  



None

Securities registered under Section 12(b) of the Exchange Act

 

None

Securities registered under Section 12(g) of the Exchange Act




1







Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes o      No x


Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.  Yes o       No x


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 x       No o


Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. Yes o No x


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



Large accelerated filer o

Accelerated filer o

Non-accelerated filer o

Emerging growth company o

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 o       Nox


State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date:   2,950,000 common shares issued and outstanding as of June 4, 2020.

 

 

 

 

 

EXPLANATORY NOTE

 

 

Minaro Corp. (the “Company") is filing this Amendment No.  1 on Form 10-K/A (this “Amendment”) to amend its Annual Report on Form 10-K for the year ended January 31, 2020, originally filed with the U.S. Securities and Exchange Commission (the “Commission”) on June 5, 2020 (the “Original 10-K”). The purpose of this  Amendment is 

The Company was not able to file its Original 10-K by the original due date as a result of disruptions caused by the COVID-19 pandemic, because the Company was unable to obtain financial records that it needed from its operations to permit the Company to file a timely and accurate Original Form 10-K for its year ended January 31, 2020 by the prescribed date without undue hardship and expense to the Company. The delay in filing was due to staffing difficulties by both the Company and the auditors as a result of the COVID-19. The Company’s principal offices, including its accounting department, are located in Lakatameia, Cyprus, which area has been significantly impacted by the coronavirus.

Except as described above, this Amendment does not modify or update disclosures in, or exhibits to, the Original Form 10-K. Furthermore, this Amendment does not change any previously reported financial results, nor does it reflect events occurring after the filing of the Original Form 10-K. Accordingly, this Amendment should be read in conjunction with the Original Form 10-K and the Company’s filings with the SEC subsequent to the filing of the Original Form 10-K.

 

 

 

2







TABLE OF CONTENTS


 

 

 

  

  

Page

 

 

 

PART I

  

 

 

 

 

Item 1.

Description of Business.

4

Item 1A.

Risk Factors.

7

Item 1B.

Unresolved Staff Comments.

7

Item 2

Properties.

7

Item 3.

Legal proceedings.

8

Item 4.

Mine Safety Disclosures.

8

 

 

 

PART II

  

 

 

 

 

Item 5.

Market for Common Equity and Related Stockholder Matters.

8

Item 6.

Selected Financial Data.

9

Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

9

Item 7A.

Quantitative and Qualitative Disclosures About Market Risk.

10

Item 8.

Financial Statements and Supplementary Data.

11

Item 9.

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure.

20

Item 9A (T).

Controls and Procedures

20

Item 9B.

Other Information.

21

 

 

 

PART III

  

 

 

 

 

Item 10

Directors, Executive Officers, Promoters and Control Persons of the Company.

21

Item 11.

Executive Compensation.

23

Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

24

Item 13.

Certain Relationships and Related Transactions, and Director Independence.

24

Item 14.

Principal Accounting Fees and Services.

24

 

 

 

PART IV

 

 

 

 

 

Item 15.

Exhibits

25

 

 

 

Signatures

 




3






PART I

Item 1. Description of Business


Forward-looking statements


Statements made in this Form 10-K that are not historical or current facts are "forward-looking statements" made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the "Act") and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as "may," "will," "expect," "believe," "anticipate," "estimate," "approximate" or "continue," or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.


Financial information contained in this report and in our financial statements is stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles.


Corporate History

  

The Company was incorporated as “Minaro Corp.” under the laws of the State of Nevada on March 14, 2017. Minaro has only one officer and director who is Yulia Lazaridou. We are engaged in business of 3D design and we intend to provide 3D rendering, animation and architectural visualization services to architects, builders, advertising agencies, interior designers and related.

  

On March 14, 2017, the Company issued 2,800,000 shares of restricted common stock to Yulia Lazaridou. The value of these shares is $2,800 based on the par value of $0.001 per share of common stock.

  

On October 2, 2017, we consummated an agreement with Hewlett Packard Co., Ltd, for the purchase of equipment to be used in our 3D rendering. It says that Hewlett Packard Co., Ltd. is our supplier from which we should receive the following Goods: Laptop, UHD Monitor, Capture Pen and Touch Tablet, AutoCAD, Adobe Photoshop and other equipment and software to start our business. The Hewlett Packard Co., Ltd. should sell, transfer and deliver the Goods to Minaro Corp. The sum should be in USD currency. We have to make payment by wire transfer for the Goods at the terms specified in the invoice but not less than 50% of the invoice amount to Hewlett Packard Co., Ltd. The Goods should be deemed received by Minaro Corp. (with registration Kleonos 8A, Lakatameia, 2333, Cyprus) when delivered to our Company current rented office space at 39 Markou Mpotsari, Kaimakli, 1037 Nicosia, Cyprus.

  

About 3D design with visualization

  

The term 3D visualization is used synonymously with 3D graphics, 3D rendering, computer generated imagery (CGI), and other terms. They all basically refer to the process by which graphical content is created using 3D software. It’s a technology that has become mainstream over the last few decades and has evolved into one of the most viable options for producing high- quality digital content. Three-dimensional rendering and 3D modeling is accomplished by taking two-dimensional forms and giving them volume. Created with specialized software, the computer-generated images are wide used in architecture.

  

Minaro Corp. produces 3D visualizations (3D exterior for commercial space and interior renderings, prototyping, 3D modeling). We are the startup in this area, but we believe we can reach the highest level- to enter the international level and become a part of 3D developers of a global scale. Minaro Corp. is going to provide our clients with the high quality products, visualizing their thoughts and ideas.

  

During the work process we would like keeping our clients up to date on our progress, so they can follow us and know in advance what the finished product will look like.

  

Minaro Corp. is fast, affordable and our main goal is to make each client being pleased with the result and willing to develop a long-term cooperation. Minaro Corp. operates in a highly collaborative manner with each client utilizing their knowledge and talents to achieve a total client satisfaction.

  

Our goal at the beginning of each new project is to reach the highest level of our client vision understanding to transform it into stunning 3D design visualization.

 

 

 

4

 

  

Operational Plan

  

Minaro is a start-up stage company incorporated in Nevada engaged in providing 3D design service for commercial spaces. Minaro is committed to the providing service in Cyprus. Rather than focus on providing 3D design service in one market, Minaro intends to pursue providing 3D design with visualization and organization of commercial space in the global marketplace through internal growth, industry leading development of high quality service, marketing.

  

Minaro plans to become a rapidly growing specialty designer who will offer the service of 3D design for commercial spaces produced and designed by us. Our service will include, but will not strictly be limited to, produces 3D visualizations that include 3D exterior for commercial space and interior renderings, prototyping, 3D modeling and other 3D design related merchandise. We intend to expand and develop our business throughout Cyprus and internationally, into a well-recognized and respected company. We have agreements with ASBILI, Twidel Co., FOSPA, Karmaratsa Inc., Lorili Co. to provision of service to the client.

  

Our current plan is to provide 3D design service in the minimum quantity ordered per our existing agreement with ASBILI.

  

Equipment and raw materials

  

The Company has in use a Laptop Intel Core i7. In the work Minaro Corp. going to use the program such AutoCAD (commercial computer-aided design (CAD) and drafting software application), SketchUp (3D modeling computer program for a wide range of drawing applications such as architectural, interior design, landscape architecture, civil and mechanical engineering), Adobe Photoshop (raster graphics editor), Autodesk 3ds Max (professional 3D computer graphics program for making 3D animations, models) and Revit (building information modeling software for architects, structural engineers, MEP engineers, designers and contractors). This programs are important for our service, as they have excellent speed and accuracy, optimal set of functions, easy to use, good value for money, proven as reliable programs and can perform a variety of tasks.   

  

Specifications of our MSI - 18.4" Laptop - Intel Core i7:

  

Model

  

Brand

MSI

Series

GT Series

Model

GT83VR TITAN SLI-024

  

Brief info

  

Color

Aluminum Black

Operating System

Windows 10 Home 64-Bit

CPU

Intel Core i7-6920HQ 2.9 GHz

Screen

18.4"

Memory

64 GB DDR4

Storage

1 TB HDD + 1 TB SSD

Optical Drive

BD Burner

Graphics Card

Dual GeForce GTX 1080 SLI

Video Memory

16 GB GDDR5X (8 GB each)

Communication

Gigabit LAN and WLAN

Deminsions (WxDxH)

16.85" x 12.36" x 1.66"-2.52"

Weight

13.13 lbs.

  

Order Execution Process

  

Our order execution process in general can be described as below:

  

The most important stage is to be known about the:

1. Measurement (size of the room),

2. The tasks (what will be built, under whom, for how many people)

3. Concept development (future plan / planning decision)

4. Sketches (3D model in sketchpad for example)

5. Visualizations

6. Drawings (technical documentation)

 

 

5

 

  

The process of 3d architectural visualization begins with the collection of all the documents necessary for the project such as AutoCAD drawings and photographs of the project, videos, images, reference materials, target audience and expected objectives. Once the documents are collected they are being reviewed and analyzed to evolve the right action plan to assure the best output. The texture (for a more realistic look) and appropriate lighting (for the enhancement of the layout with landscape) are the last touches applied to the shorts prior to 3D rendering.

  

Prices

  

Interior Design

FULL PROJECT

AUTHOR SUPPORT

40 $ per m2

  

Included:

  

concept development;

preliminary design;

3D-visualization;

working documentation (plans, specifications of equipment, furniture, finishes);

2 options for editing if necessary.

10 $ per m2

  

Included:

  

control of the construction site once a week for 1 year;

assistance in procurement and selection of filling.

   

Architecture

ARCHITECTURAL WORKING DOCUMENTATION

ARCHITECTURAL SKETCH PROJECT

20 $ per m2

  

Included:

  

Scheme of the master plan based on the survey of the site (GP);

Architectural solutions (AR):

- installation plans

- Facades

- specification of door / window openings (outside)

10 $ per m2

  

Included:

  

Architectural solutions up to 3 variants (ÀÐ);

3D visualization is sketchy;

Technical and economic indicators

  



 



Webpage and Marketing

  

We plan to market our services in Cyprus. Architectural visualization services we plan on providing are highly dependent on construction industry in Cyprus.

  

Initially, our services will be promoted by our President, Yulia Lazaridou. She will discuss our product with her friends and business associates. The marketing and advertising will be targeted to architects, builders, advertising agencies, interior designers and various sectors which have need of 3D visualization in Cyprus. We intend to develop and maintain a database of potential clients who may want to use Minaro’s services. We will follow up with these clients periodically and offer them free presentations and special discounts from time to time. Our methods of communication will include: phone calls and emails. We will ask our satisfied clients for referrals.

  

We will market and advertise our product on our web site (www.minaro-corp.com) by showing its advantages over visualization services offered by other companies. We intend to attract traffic to our website by a variety of online marketing tactics such as registering with top search engines using selected key words (meta tags) and utilizing link and banner exchange options.  We intend to promote our website by displaying it on our promotion materials.

  

We plan to expand our services to USA market in the future only when or if we have the available resources and growth to warrant it. Currently this option is questionable. 

  

We intend to continue our marketing efforts during the life of our operations. We intend to spend from $500 to $8,000 on marketing efforts during the first year. There is no guarantee that we will be able to attract or retain enough customers to justify our expenditures. If we are unable to generate a significant amount of revenue and successfully protect ourselves against those risks, then it would materially affect our financial condition and our business could be harmed.

 

 

6

 

  

Office facilities

  

The Company leases a 32-square meter office space located at 39 Markou Mpotsari, Kaimakli, Nicosia, 1037, Cyprus. The lease contract was signed for a one-year term from September 1st, 2017 with the option of expansion for an additional one-year term.

  

  Customers

  

As of today Minaro Corp. has customers ASBILI, Twidel Co., FOSPA, Karmaratsa Inc., Lorili Co., Petsa Markides, Zoe Galanaki.

  

Competitors

  

There are many well-established 3D design companies that provide service in our area like K3d Architectural 3d & Graphic Art, SPOON Ltd., Changa Vision, Bizzy Bee Media etñ.  Most of our competitors have greater financial resources than we do and will be able to withstand sales or price decreases better than we can. We also expect to continue to face competition from new market service entrants. We may be unable to continue to compete effectively with these existing or new competitors, which could have a material adverse effect on our financial condition and results of operations.

  

RESEARCH AND DEVELOPMENT EXPENDITURES

  

We have not incurred any research expenditures since our incorporation.

  

BANKRUPTCY OR SIMILAR PROCEEDINGS

  

There has been no bankruptcy, receivership or similar proceeding entered into either voluntarily by the Company and involuntarily against the Company.

  

REORGANIZATIONS, PURCHASE OR SALE OF ASSETS

  

There have been no material reclassifications, mergers, consolidations, or purchase or sale of a significant amount of assets not in the ordinary course of business.

  

COMPLIANCE WITH GOVERNMENT REGULATION

  

We will be required to comply with all regulations, rules and directives of governmental authorities and agencies applicable to the construction and operation of any facility in any jurisdiction which we would conduct activities.

  

We do not believe that any existing or probable government regulation on our business, including any applicable export or import regulation or control imposed by Cyprus will have a material impact on the way we conduct our business.

  

EMPLOYEES AND EMPLOYMENT AGREEMENTS

  

We have no employees as of the date of this report. Our sole officer and director, Yulia Lazaridou, currently devotes as much time as needed to provide management services to company matters. After receiving funding, Ms. Lazaridou plans to devote as much time to the operation of the Company as she determines is necessary for her to manage the affairs of the Company. As our business and operations increase, we will assess the need for full-time management and administrative support personnel.

  

Item 1A.  Risk Factors

 

Not applicable to smaller reporting companies.

 

Item 1B. Unresolved Staff Comments


Not applicable to smaller reporting companies.


Item 2.  Description of Property


We do not own any real estate or other properties.  

 

 

 

7

 

 

Item 3.  Legal Proceedings


There are no pending legal proceedings to which the Company is a party or in which any director, officer or affiliate of the Company, any owner of record or beneficially of more than 5% of any class of voting securities of the Company, or security holder is a party adverse to the Company or has a material interest adverse to the Company.  


Item 4.  Mine Safety Disclosures


Not applicable.

PART II


Item 5. Market for Common Equity and Related Stockholder Matters      

Market Information


There is a limited public market for our common shares.  Our common shares are not quoted on the OTC Bulletin Board at this time.  Trading in stocks quoted on the OTC Bulletin Board is often thin and is characterized by wide fluctuations in trading prices due to many factors that may be unrelated to a company’s operations or business prospects.  We cannot assure you that there will be a market in the future for our common stock.

 

OTC Bulletin Board securities are not listed or traded on the floor of an organized national or regional stock exchange.  Instead, OTC Bulletin Board securities transactions are conducted through a telephone and computer network connecting dealers in stocks.  OTC Bulletin Board issuers are traditionally smaller companies that do not meet the financial and other listing requirements of a regional or national stock exchange.


As of January 31, 2020, no shares of our common stock have traded.


Number of Holders


As of January 31, 2020, the 2,950,000 issued and outstanding shares of common stock were held by a total of 6 shareholders of record.


Dividends

 

No cash dividends were paid on our shares of common stock during the fiscal year ended January 31, 2020 and 2019. 


Recent Sales of Unregistered Securities


The Company has 75,000,000, $0.001 par value shares of common stock authorized.


On July 27, 2017, the Company issued 2,800,000 shares of common stock to a director for cash proceeds of $2,800 at $0.001 per share.


In January 2019, the Company issued 30,000 shares of common stock for cash proceeds of $600 at $0.02 per share.


In December 2019, the Company issued 95,000 shares of common stock for cash proceeds of $1,865 at $0.02 per share.


In January 2020, the Company issued 25,000 shares of common stock for cash proceeds of $500 at $0.02 per share.


There were 2,950,000 shares of common stock issued and outstanding as of January 31, 2020.


Purchase of our Equity Securities by Officers and Directors


On July 27, 2017, the Company offered and sold 2,800,000 restricted shares of common stock to our president and director, Yulia Lazaridou, for a purchase price of $0.001 per share, for aggregate offering proceeds of $2,800, pursuant to Section 4(2) of the Securities Act of 1933 as he is a sophisticated investor and is in possession of all material information relating to us. Further, no commissions were paid to anyone in connection with the sale of these shares and general solicitation was not made to anyone.

 

 

 

8

 


Other Stockholder Matters


None.


Item 6. Selected Financial Data                                       


Not applicable to smaller reporting companies.


Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations


The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this annual report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs.  Our actual results could differ materially from those discussed in the forward-looking statements.   Our audited financial statements are stated in United States Dollars and are prepared in accordance with United States Generally Accepted Accounting Principles.


Results of Operations for the year ended January 31, 2020 and 2019:


Revenue and cost of goods sold


For the years ended January 31, 2020 and 2019 the Company generated total revenue of $42,730 and $13,750 from selling products to the customer. Cost of goods sold for the years ended January 31, 2020 and 2019 was $7,775 and $0.


Operating expenses


Total operating expenses for the years ended January 31, 2020 and 2019 were $37,282 and $17,770. The operating expenses for the year ended January 31, 2020 included advertising expense of $1,690; bank charges of $1,384; website expense of $7,318; depreciation expense of $2,164; legal fees of $2,500; audit fees of $10,500; professional fees of $814; rent expense of $2,868; utilities of $324; miscellaneous of $7,720. The operating expenses for the year ended January 31, 2019 included bank charges of $644; website expense of $20$; depreciation expense of $4,635; legal fees of $1,000; audit fees of $8,200; professional fees of $149; rent expense of $2,700; utilities of $75; repairs and maintenance of $347.


Net Loss


The net loss for the years ended January 31, 2020 and 2019 was $2,327 and $4,020 accordingly.


Liquidity and Capital Resources and Cash Requirements


At year ended January 31, 2020, the Company had cash of $511 ($696 as of January 31, 2019). Furthermore, the Company had a working capital deficit of $20,036 ($9,079 as of January 31, 2019).


During the year ended January 31, 2020, the Company used $9,741 of cash in operating activities due to its net loss and increase in prepaid expenses of $15,983, increase in customer deposits of $7,530; decrease in accounts payable of $1,125 and depreciation of $2,164.  


During the year ended January 31, 2020 the Company used $13,159 of cash in investing activities.


During the year ended January 31, 2020, the Company generated $22,715 of cash in financing activities.


During the year ended January 31, 2019, the Company used $610 of cash in operating activities due to its net loss and decrease in prepaid expenses of $450, decrease in deferred revenue of $2,800; increase in accounts payable of $1,125 and depreciation of $4,635.  


During the year ended January 31, 2019 the Company used $920 of cash in investing activities.


During the year ended January 31, 2019, the Company generated $1,600 of cash in financing activities.


We cannot guarantee that we will manage to sell all the shares required. We will attempt to raise the necessary funds to proceed with all phases of our plan of operation.  

 

 

9

 

  

As of the date of this report, the current funds available to the Company will not be sufficient to continue maintaining a reporting status. The Company’s sole officer and director, Yulia Lazaridou, has concluded a verbal agreement with the Minaro Corp. in order to fund completion of the registration process and to maintain the reporting status with SEC.

  

Our auditors have issued a “going concern” opinion, meaning that there is substantial doubt we can continue as an on-going business for the next twelve months unless we obtain additional capital. Our only sources for cash at this time are investments by others in this offering, selling our paper dung products and loans from our director. We must raise cash to implement our plan and stay in business.

  

Management believes that current trends toward lower capital investment in start-up companies pose the most significant challenge to the Company’s success over the next year and in future years. Additionally, the Company will have to meet all the financial disclosure and reporting requirements associated with being a publicly reporting company. The Company’s management will have to spend additional time on policies and procedures to make sure it is compliant with various regulatory requirements, especially that of Section 404 of the Sarbanes-Oxley Act of 2002. This additional corporate governance time required of management could limit the amount of time management has to implement is business plan and impede the speed of its operations.


Limited operating history; need for additional capital


There is no historical financial information about us upon which to base an evaluation of our performance. We are in a start-up stage of operations and have generated limited revenues since inception. We cannot guarantee that we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in services and products.


Off-Balance Sheet Arrangements


The Company does not have any off balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.


Item 7A. Quantitative and Qualitative Disclosures about Market Risk   


Not applicable to smaller reporting companies.


Item 8. Financial Statements and Supplementary Data   












10















Minaro Corp.

FINANCIAL STATEMENTS

Year ended January 31, 2020 and January 31, 2019


Table of Contents


 

 

Page

Report of Independent Registered Public Accounting Firm

 

12

Balance Sheets as of January 31, 2020 and January 31, 2019

 

13

Statements of Operations for the year ended January 31, 2020 and January 31, 2019

 

14

Statement of Changes in Stockholders’ Equity as of January 31, 2020

 

15

Statements of Cash Flows for the year ended January 31, 2020 and January 31, 2019

 

16

Notes to  Financial Statements

 

17




 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

11







REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM


To the Board of Directors & Stockholders’

Minaro Corp.        


Opinion on the Financial Statements

We have audited the accompanying balance sheets of Minaro Corp. as of January 31, 2020 and 2019 and the related statements of operations, changes in stockholders’ deficit and cash flows for the period ended January 31, 2020 and 2019 and the related notes (collectively referred to as “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of January 31, 2020 and 2019 and the results of its operations and its cash flows for the period ended January 31, 2020 and 2019, in conformity with accounting principles generally accepted in the United States of America.


Going Concern

The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As discussed in Note #2 to the financial statements, although the Company has limited operations it has yet to attain profitability. This raises substantial doubt about its ability to continue as a going concern. Management’s plan in regard to these matters is also described in Note #2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.


Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.


/S/ MICHAEL GILLESPIE & ASSOCIATES, PLLC

We have served as the Company’s auditor since 2018.


Seattle, Washington

May 26, 2020

 

 

 

12

 

 

 

Minaro Corp.

BALANCE SHEET

As of January 31, 2020

(Audited)



ASSETS

 

 

 

Current Assets

 

January 31, 2020

January 31, 2019

Cash and cash equivalents

$

511

696

Prepaid expenses

 

15,983

-

Total Current Assets

 

16,494

696

 

 

 

Fixed Assets

 

 

Equipment, software, net

$

10,995

-

Total Fixed Assets

 

10,995

-

 

 

 

Total Assets

$

27,489

696

 

 

 

 

LIABILITIES AND STOCKHOLDER’S EQUITY

 

 

 

Liabilities

 

 

 

Current Liabilities

 

 

 

Related party transactions:

 

 

 

    Loan

$

16,900

8,650

Investments

 

12,100

-

    Accounts payable

 

-

1,125

Customer deposits

 

7,530

-

Total Current Liabilities

 

36,530

9,775

 

 

 

 

Total Liabilities

 

36,530

9,775

 

 

 

 

Commitments and Contingencies

 

-

-

 

 

 

 

Stockholder’s Equity

 

 

 

Common stock, par value $0.001; 75,000,000 shares authorized, 2,950,000 and 2,830,000 shares issued and outstanding

 

2,950

2,830

Additional paid in capital

 

2,815

570

Retained earnings (accumulated deficit)

 

(14,806)

(12,479)

Total Stockholder’s Deficit

 

(9,041)

(9,079)

 

 

 

 

Total Liabilities and Stockholder’s Equity

$

27,489

696








See accompanying notes, which are an integral part of these financial statements




13

 






Minaro Corp.

STATEMENTS OF OPERATIONS

Year ended January 31, 2020 and January 31, 2019

(Audited)



 

 

Year ended

 January 31, 2020

Year ended

 January 31, 2019

 

 

 

 

REVENUES

$

42,730

13,750

Cost of Goods Sold

 

7,775

-

Gross Profit

 

34,955

13,750

 

 

 

 

OPERATING EXPENSES

 

 

 

General and Administrative Expenses

 

(37,282)

(17,770)

TOTAL OPERATING EXPENSES

 

(37,282)

(17,770)

 

 

 

 

NET LOSS FROM OPERATIONS

 

(2,327)

(4,020)

 

 

 

 

PROVISION FOR INCOME TAXES

 

-

-

 

 

 

 

NET LOSS

$

(2,327)

(4,020)

 

 

 

 

NET INCOME PER SHARE: BASIC AND DILUTED

$

(0.00)

(0.00)

 

 

 

 

WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING: BASIC AND DILUTED

 

2,841,890

2,802,980

 

 

 

 









See accompanying notes, which are an integral part of these financial statements










14









Minaro Corp.

STATEMENT OF CHANGES IN STOCKHOLDER’S EQUITY

As of January 31, 2020

 

Common Stock



Additional Paid-in

Accumulated Deficit

Total Stockholder’s

 

Shares

Amount

Capital

 

Deficit

 

 

 

 

 

 

Balance,  January 31, 2018

2,800,000

$          2,800

$                  -

$            (8,459)

$            (5,659)

Issuance of common stock

30,000

30

570

-

600

 

 

 

 

 

 

Net loss for the year ended  

January 31, 2019

-

-

-

(4,020)

(4,020)

 

 

 

 

 

 

Balance,  January 31, 2019

2,830,000

$          2,830

$              570

$          (12,479)

$            (9,079)

Issuance of common stock

120,000

120

2,245

-

2,365

 

 

 

 

 

 

Net loss for the year ended  

January 31, 2020

-

-

-

(2,327)

(2,327)

 

 

 

 

 

 

Balance,  January 31, 2020

2,950,000

$          2,950

$           2,815

$          (14,806)

$            (9,041)
















See accompanying notes, which are an integral part of these financial statements



15






Minaro Corp.

STATEMENTS OF CASH FLOWS

Year ended January 31, 2020 and January 31, 2019

(Audited)



CASH FLOWS FROM OPERATING ACTIVITIES

Year ended

January 31, 2020

Year ended

January 31, 2019

Net Income

$                       (2,327)

$                       (4,020)

Adjustments to reconcile net loss to net cash from operating activities:

 

 

Depreciation

2,164

4,635

Decrease/Increase in prepaid expenses

(15,983)

450

Decrease/Increase in accounts payable

(1,125)

1,125

Increase in customer deposits

7,530

-

Decrease in deferred revenue

-

(2,800)

CASH FLOWS FROM OPERATING ACTIVITIES

(9,741)

(610)

 

 

 

CASH FLOWS FROM INVESTING  ACTIVITIES  

 

 

Purchase of fixed assets

(13,159)

(920)

CASH FLOWS USED IN INVESTING  ACTIVITIES  

(13,159)

(920)

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

Related party loan

8,250

1,000

Related party investments

12,100

-

Capital stock

120

30

Additional paid in capital

2,245

570

CASH FLOWS FROM FINANCING ACTIVITIES

22,715

1,600

 

 

 

NET CHANGE IN CASH

(185)

70

 

 

 

Cash, beginning of period

696

626

 

 

 

Cash, end of period

 $                             511

 $                                  696

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

Interest paid

$                                 -

$                                        -

Income taxes paid

$                                 -

$                                        -











See accompanying notes, which are an integral part of these financial statements




16






Minaro Corp.

NOTES TO THE FINANCIAL STATEMENTS

January 31, 2020

(Audited)


Note 1 – ORGANIZATION AND NATURE OF BUSINESS


Minaro Corp.  (“the Company”) was incorporated in the State of Nevada on March 14, 2017. The Company is located in Cyprus. Its business is production of 3D visualizations (3D exterior for commercial space and interior renderings, prototyping, 3D modeling). Minaro Corp. is going to provide our clients with the high quality products, visualizing their thoughts and ideas. Our goal at the beginning of each new project is to reach the highest level of our client vision understanding in order to transform it into stunning 3D design visualization.


Note 2 – GOING CONCERN


The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”), which contemplate continuation of the Company as a going concern. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. Management anticipates that the Company will be dependent, for the near future, on additional investment capital to fund operating expenses The Company intends to position itself so that it will be able to raise additional funds through the capital markets. In light of management’s efforts, there are no assurances that the Company will be successful in this or any of its endeavors or become financially viable and continue as a going concern.


Note 3 – SUMMARY OF SIGNIFCANT ACCOUNTING POLICIES


Basis of presentation

The accompanying financial statements have been prepared in accordance with GAAP. The Company’s year-end is January 31.


Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.


Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents.


Prepaid Expenses

Prepaid Expenses are recorded at fair market value. The Company had $2,403 in prepaid rent and $13,580 in prepaid equipment as of January 31, 2020.


Customer Deposits

Customer Deposits discloses a liability to customers for products. A customer deposit is an amount paid by a customer to a company prior to the company providing it with goods. The Company had $7,530 in customer deposit as of January 31, 2020.


Income Taxes

Income taxes are computed using the asset and liability method.  Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws.  A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.


Equipment

Equipment is stated at cost, net of accumulated depreciation.  The cost of equipment and software is depreciated using the straight-line method over one year. Expenditures for maintenance and repairs are charged to expense as incurred. Additions, major renewals and replacements that increase the equipment's useful life are capitalized. Equipment sold or retired, together with the related accumulated depreciation is removed from the appropriated accounts and the resultant gain or loss is included in net income.  

 

 

 

17

 

 

 

Minaro Corp.

NOTES TO THE FINANCIAL STATEMENTS

January 31, 2020

(Audited)


Revenue Recognition

The Company recognizes revenue in accordance with Accounting Standards Codification (“ASC”) 606, “Revenue from Contracts with Customers”. ASC 606 adoption is on February 1, 2018. The core principle of ASC 606 is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. An entity recognizes revenue in accordance with that core principle by applying the following steps: Step 1: Identify the contract(s) with a customer Step 2: Identify the performance obligations in the contract Step 3: Determine the transaction price Step 4: Allocate the transaction price to the performance obligations in the contract Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. Specifically, Section 606-10-50 requires an entity to provide information about: a. Revenue recognized from contracts with customers, including the disaggregation of revenue into appropriate categories; b. Contract balances, including the opening and closing balances of receivables, contract assets, and contract liabilities; c. Performance obligations, including when the entity typically satisfies its performance obligations and the transaction price that is allocated to the remaining performance obligations in a contract; d. Significant judgments, and changes in judgments, made in applying the requirements to those contracts. For the year ended January 31, 2020, the Company has generated $42,730 revenue. Minaro Corp. provides 3D visualizations to its clients according to the signed contracts. Revenue is recognized when the order is completed and approved by the customer.


Recent Accounting Pronouncements

We have reviewed all the recently issued, but not yet effective, accounting pronouncements and we do not believe any of these pronouncements will have a material impact on the Company.


In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, “Compensation – Stock Compensation” (Topic 718): Improvements to Employee Share-Based Payment Accounting. This guidance changes how companies account for certain aspects of share-based payments to employees. Among other things, under the new guidance, companies will no longer record excess tax benefits and certain tax deficiencies in additional paid-in-capital (“APIC”), but will instead record such items as income tax expense or benefit in the income statement, and APIC pools will be eliminated. Companies will apply this guidance prospectively. Another component of the new guidance allows companies to make an accounting policy election for the impact of forfeitures on the recognition of expense for share-based payment awards, whereby forfeitures can be estimated, as required today, or recognized when they occur. If elected, the change to recognize forfeitures when they occur needs to be adopted using a modified retrospective approach. All of the guidance is effective for fiscal years beginning after December 15, 2016. Adoption of the ASU had no impact on our financial statements.


In February 2016, the FASB issued ASU 2016-02, “Leases” (Topic 842), which issued new guidance related to leases that outlines a comprehensive lease accounting model and supersedes the current lease guidance. The new guidance requires lessees to recognize lease liabilities and corresponding right-of-use assets for all leases with lease terms of greater than 12 months. It also changes the definition of a lease and expands the disclosure requirements of lease arrangements. The new guidance is effective for fiscal years beginning after December 15, 2019 and interim periods within fiscal years beginning after December 15, 2020. The Company is currently evaluating the impact of this guidance, if any, on its financial statements and related disclosures.


Basic Income (Loss) Per Share

The Company computes income (loss) per share in accordance with ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. For the year ended January 31, 2020 there were no potentially dilutive debt or equity instruments issued or outstanding.


Note 4 – RELATED PARTY TRANSACTIONS


The Company’s sole director has loaned to the Company $16,900. This loan is unsecured, non-interest bearing and due on demand.

As of January 31, 2020 the Company’s sole director has invested $12,100.

 

 

 

 

18

 

 

Minaro Corp.

NOTES TO THE FINANCIAL STATEMENTS

January 31, 2020

(Audited)


Note 5 – COMMITMENTS AND CONTINGENCIES


The Company has reentered signed rental agreement for a $267 monthly fee. The investments made by a related party during the period from September 13, 2019, to September 12, 2021, are non-refundable.


From time-to-time, the Company is subject to various litigation and other claims in the normal course of business. The Company establishes liabilities in connection with legal actions that management deems to be probable and estimable. No amounts have been accrued in the financial statements with respect to any matters.


Note 6 – INVESTMENTS


From September 13, 2019, to September 12, 2021, Mrs. Lazaridou may remit to Corporation a payment in the amount of $30,000. The Investment is non-refundable. In return for the Investment, Corporation agrees to pay to Mrs. Lazaridou the part of profit that is determined at the time of profit distribution. The amount of investment return including dividend cannot exceed $ 40,000 of the Minaro Corp. design product (the “Product”) in the European Union and the United States (the “Royalty”). When used herein, the term “Product” refers to Minaro Corp. During the fiscal year ended January 31, 2020, our sole director Yulia Lazaridou invested $12,100 in Minaro Corp. These funds were provided for the expenses related to the expansion of the Company, as opposed to the loans intended to ensure the ongoing company’s activity.


Note 7 – INCOME TAXES


The Company adopted the provisions of uncertain tax positions as addressed in ASC 740 “Income Taxes” (“ASC 740”). As a result of the implementation of ASC 740, the Company recognized no increase in the liability for unrecognized tax benefits. As of January 31, 2020 the Company had net operating loss carry forwards of approximately $14,806 that may be available to reduce future years’ taxable income in varying amounts through 2031. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.


The valuation allowance at January 31, 2020 was approximately $3,109. The net change in valuation allowance during the year ended January 31, 2020 was $489. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. 


The ultimate realization of deferred income tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred income tax liabilities, projected future taxable income, and tax planning strategies in making this assessment. Based on consideration of these items, management has determined that enough uncertainty exists relative to the realization of the deferred income tax asset balances to warrant the application of a full valuation allowance as of January 31, 2020.  All tax years since inception remain open for examination by taxing authorities.


The provision for Federal income tax consists of the following: 


 

 

As of   January 31, 2020

As of  January 31, 2019

 

Non-current deferred tax assets:

 

 

 

 

Net operating loss carry forward

$

(3,109)

(2,621)

 

Valuation allowance

$

3,109

2,621

 

Net deferred tax assets

$

-

-

 


 



 

19

 

 


 

Minaro Corp.

NOTES TO THE FINANCIAL STATEMENTS

January 31, 2020

(Audited)


The actual tax benefit at the expected rate of 21% differs from the expected tax benefit for the year ended January 31, 2020 as follows:

 

 

As of January 31, 2020

As of January 31, 2019

Computed “expected” tax expense (benefit)


$

(489)

(844)

Change in valuation allowance

$

489

844

Actual tax expense (benefit)

$

-

-




The related deferred tax benefit on the above unutilized tax losses has a full valuation allowance not recognized against it as there is no certainty of its realization. Management has evaluated tax positions in accordance with ASC 740 and has not identified any significant tax positions, other than those disclosed.


Note 8 – SUBSEQUENT EVENTS


The Company has analyzed its operations subsequent to January 31, 2020, through June 4, 2020, and has determined disclose the next subsequent events in these financial statements. The Company returned the deposit received on November 12, 2019 to ASBILI, who is a non-related party on March 19, 2020 in full amount of $7,530. On March 5, 2020, our sole director Yulia Lazaridou loaned $6,300 to the Company. On May 18, 2020, the Company accepted the replacement for the computer received damaged on January 17, 2020.


Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure


None


Item 9A(T) Controls and Procedures


 


Management’s Report on Internal Controls over Financial Disclosure Controls and Procedures


Management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)). The Company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. Under the supervision and with the participation of management, including the Chief Executive Officer and Chief Financial Officer, the Company conducted an evaluation of the effectiveness of the Company’s internal control over financial reporting as of January 31, 2020 using the criteria established in “Internal Control - Integrated Framework” issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").


A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Company’s annual or interim financial statements will not be prevented or detected on a timely basis. In its assessment of the effectiveness of internal control over financial reporting as of January 31, 2020, the Company determined that there were control deficiencies that constituted material weaknesses, as described below.

 

1.

We do not have an Audit Committee – While not being legally obligated to have an audit committee, it is the management’s view that such a committee, including a financial expert member, is an utmost important entity level control over the Company’s financial statement. Currently the Board of Directors acts in the capacity of the Audit Committee, and does not include a member that is considered to be independent of management to provide the necessary oversight over management’s activities.


2.

We did not maintain appropriate cash controls – As of January 31, 2020, the Company has not maintained sufficient internal controls over financial reporting for the cash process, including failure to segregate cash handling and accounting functions, and did not require dual signature on the Company’s bank accounts. Alternatively, the effects of poor cash controls were mitigated by the fact that the Company had limited transactions in their bank accounts.


3.

We did not implement appropriate information technology controls – As at January 31, 2020, the Company retains copies of all financial data and material agreements; however there is no formal procedure or evidence of normal backup of the Company’s data or off-site storage of data in the event of theft, misplacement, or loss due to unmitigated factors.

 

 

 

 


20

 

 

Accordingly, the Company concluded that these control deficiencies resulted in a reasonable possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely basis by the company’s internal controls.


As a result of the material weaknesses described above, management has concluded that the Company did not maintain effective internal control over financial reporting as of January 31, 2020 based on criteria established in Internal Control- Integrated Framework issued by COSO.


System of Internal Control over Financial Reporting


Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.


An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of January 31, 2020. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms.


Changes in Internal Control over Financial Reporting


There was no change in the Company’s internal control over financial reporting during the quarterly period covered by this report that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.


Item 9B. Other Information.


None.


PART III


Item 10. Directors, Executive Officers, Promoters and Control Persons of the Company


The name, age and titles of our executive officer and director are as follows:

  

Name and Address of Executive

Officer  and/or  Director

Age

Position

                                 Yulia Lazaridou,  

                                  Kleonos 8A, Lakatameia, Cyprus, 2333

       42

             President, Treasurer, Secretary and Director

          (Principal Executive, Financial and Accounting Officer)

 

 

 

  

21

 

 

 

Yulia Lazaridou  has  acted  as  our  President,  Treasurer,  Secretary  and  Director  since  our  incorporation  on  March 14, 2017.  There was not any arrangement or understanding between Yulia Lazaridou and any other person(s) pursuant to which she was selected as a director of the company. For the past five years Yulia Lazaridou had worked as an interior designer in Gravity White Designs, Inc., Cyprus for an interior design service company and got the needed skills for the current business of Minaro Corp. She oversaw the 3D visualization service projects and post service and was in direct connection with clients, where she learned how to build the productive relationship with customers. We believe that these skills will help our sole officer and director run the Company’s business. Ms. Lazaridou’s only occupation at the moment is managing the business processes of Minaro Corp. There was not any arrangement or understanding between Yulia Lazaridou and any other person(s) pursuant to which she was selected as an officer of the company.

  

Yulia Lazaridou owns 94.9% of the outstanding shares of our common stock.  As  such,  it  was unilaterally  decided  that  Yulia Lazaridou  was  going  to  be  our  sole  President,  Chief  Executive  Officer,  Treasurer,  and Chief  Financial  Officer,  Chief  Accounting  Officer,  Secretary  and  sole  member  of  our  board  of  directors.  Yulia Lazaridou, our president and director will be devoting all her time needed for planning and organizing activities for Minaro Corp.

  

During the past ten years, Yulia Lazaridou has not been the subject to any of the following events:

  

1.    Any bankruptcy petition filed by or against any business of which Yulia Lazaridou was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time.

2.    Any conviction in a criminal proceeding or being subject to a pending criminal proceeding.

3.    An  order,  judgment,  or  decree,  not  subsequently  reversed,  suspended  or  vacated,  or  any  court  of  competent  jurisdiction,  permanently  or  temporarily  enjoining,  barring,  suspending  or  otherwise  limiting Ms. Lazaridou involvement in any type of business, securities  or banking activities.

4.    Found  by  a  court  of  competent  jurisdiction  (in  a  civil  action),  the  Securities  and  Exchange  Commission  or the  Commodity  Future  Trading  Commission  to  violate  a  federal  or  state  securities  or  commodities  law,  and  the judgment has not been reversed, suspended or vacated.

5.    Was  the  subject  of  any  order,  judgment  or  decree,  not  subsequently  reversed,  suspended  or  vacated,  of  any  Federal  or  State  authority  barring,  suspending  or  otherwise  limiting  for  more  than  60  days  the  right  to  engage  in any  activity  described  in  paragraph  (f)(3)(i)  of  this  section,  or  to  be  associated  with  persons  engaged  in  any  such activity;

   6.    Was  found  by  a  court  of  competent  jurisdiction  in  a  civil  action  or  by  the  Commission  to  have  violated  any  Federal  or  State  securities  law,  and  the  judgment  in  such  civil  action  or  finding  by  the  Commission  has  not  been subsequently  reversed, suspended, or vacated;

7.    Was  the  subject  of,  or  a  party  to,  any  Federal  or  State  judicial  or  administrative  order,  judgment,  decree,  or  finding,  not subsequently reversed, suspended or vacated, relating to  an alleged violation of:

i.      Any  Federal or State securities or commodities law or regulation;  or

ii.    Any  law  or  regulation  respecting  financial  institutions  or  insurance  companies  including,  but  not limited  to, a temporary or permanent injunction, order  of disgorgement or restitution, civil money  penalty  or temporary or permanent cease-and-desist order, or removal or  prohibition order; or

iii.  Any  law  or  regulation  prohibiting  mail  or  wire  fraud  or  fraud  in  connection  with  any  business entity;  or

8.    Was the subject  of,  or  a party  to,  any  sanction  or  order,  not  subsequently  reversed,  suspended or  vacated,  of  any  self-regulatory  organization  (as  defined  in  Section  3(a) (26)  of  the  Exchange  Act  (15  U.S.C.  78c(a) (26))),  any  registered  entity  (as  defined  in  Section  1(a) (29)  of  the  Commodity  Exchange  Act  (7  U.S.C.  1(a) (29))),  or  any equivalent  exchange,  association,  entity  or  organization  that  has  disciplinary  authority  over  its  members  or  persons  associated with a member.

  

TERM OF OFFICE

  

Our director is appointed to hold office until the next annual meeting of our stockholders or until her respective successor is elected and qualified, or until she resigns or is removed in accordance with the provisions of the Nevada Revised Statues.

 

 

22

 


DIRECTOR INDEPENDENCE

  

Our board of directors is currently composed of one member Ms. Lazaridou, and he does not qualify as an independent director in accordance with the published listing requirements of the NASDAQ Global Market (the Company has no plans to list on the NASDAQ Global Market). The NASDAQ independence definition includes a series of objective tests, such as that the director is not, and has not been for at least three years, one of our employees and that neither the director, nor any of his family members has engaged in various types of business dealings with us. In addition, our board of directors has not made a subjective determination as to Yulia Lazaridou that no relationships exist which, in the opinion of our board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director, though such subjective determination is required by the NASDAQ rules. Had our board of directors made these determinations, our board of directors would have reviewed and discussed information provided by directors and us regarding our director's business and personal activities and relationships as they may relate to us and our management.

  


Item 11. Executive Compensation


MANAGEMENT COMPENSATION

  

The following tables set forth certain information about compensation paid, earned or accrued for services by our Executive Officer as of January 31, 2020 and 2019:

 

Summary Compensation Table

       Name and

Principal

Position

  

Year

  

Salary

($)

  

Bonus

($)

  

Stock

Awards

($)

  

Option

Awards

($)

  

Non-Equity

Incentive Plan

Compensation

($)

  

Nonqualified

Deferred

Compensation

($)

  

All Other

Compensation

($)

  

Total

($)

�� 

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

Yulia Lazaridou, President and Treasurer

  

January 31, 2020

  

-0-

 

-0-

 

-0-

 

-0-

 

-0-

 

-0-

 

-0-

 

-0-

  

January 31, 2019

  

-0-

 

-0-

 

-0-

 

-0-

 

-0-

 

-0-

 

-0-

 

-0-

There are no current employment agreements between the company and its officer.

  

Yulia Lazaridou currently devotes all her time needed for planning and organizing activities to manage the affairs of the Company. She has agreed to work with no remuneration until such time as the company receives sufficient revenues necessary to provide management salaries. At this time, we cannot accurately estimate when sufficient revenues will occur to implement this compensation, or what the amount of the compensation will be. There is no annuity, pension or retirement benefit proposed to be paid to the officer or director or employees in the event of retirement at normal retirement date pursuant to any presently existing plan provided or contributed to by the company or any of its subsidiaries, if any.

  

Director Compensation

  

The following table sets forth director compensation as of January 31, 2020 and 2019:

  

Name

  

Fees

Earned

or Paid

in Cash

($)

  

  

Stock

Awards

($)

  

  

Option

Awards

($)

  

  

Non-Equity

Incentive Plan

Compensation

($)

  

  

Nonqualified

Deferred

Compensation

Earnings

($)

  

  

All Other

Compensation

($)

  

  

Total

($)

  

  

  

  

  

  

 

  

  

  

  

  

  

  

  

  

 

  

  

  

 

  

Yulia Lazaridou

  

  0

  

  

  0

 

  

  

  0

 

  

  0

  

  

  

  0

 

 

  

   0

 

 

  0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

The following table sets forth certain information concerning the number of shares of our common stock, owned beneficially as of January 31, 2020 by: (i) each person (including any group), known to us to own more than five percent (5%) of any class of our voting securities, (ii) our director, and or (iii) our officer. Unless otherwise indicated, the stockholder listed possesses sole voting and investment power with respect to the shares shown.

  Title of Class

  

Name and Address of

Beneficial Owner

  

Amount and Nature of 

Beneficial Ownership

  

Percentage

  

  

  

  

  

  

  

  

  

Common Stock

  

Yulia Lazaridou

  

2,800,000 shares of common stock (direct)

  

  

  

94.9%

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

94.9%

  

(1) A beneficial owner of a security includes any person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or shares: (i) voting power, which includes the power to vote, or to direct the voting of shares; and (ii) investment power, which includes the power to dispose or direct the disposition of shares. Certain shares may be deemed to be beneficially owned by more than one person (if, for example, persons share the power to vote or the power to dispose of the shares). In addition, shares are deemed to be beneficially owned by a person if the person has the right to acquire the shares (for example, upon exercise of an option) within 60 days of the date as of which the information is provided. In computing the percentage ownership of any person, the amount of shares outstanding is deemed to include the amount of shares beneficially owned by such person (and only such person) by reason of these acquisition rights.

  

Item 13. Certain Relationships and Related Transactions


Yulia Lazaridou is our officer, director, control person and promoter and she shall receive no compensation for the placement of the offering. There is no any promoter(s) of the company other than Ms. Lazaridou.

  

On July 27, 2017, we issued a total of 2,800,000 shares of restricted common stock to Yulia Lazaridou in consideration of $2,800. Further, Yulia Lazaridou has advanced funds to us. As of January 31, 2020, Yulia Lazaridou advanced us $16,900. Ms. Lazaridou will not be repaid from the proceeds of this offering. There is no due date for the repayment of the funds advanced by Ms. Lazaridou. Yulia Lazaridou will be repaid from revenues of operations if and when we generate significant revenues to pay the obligation. There is no assurance that we will ever generate significant revenues from our operations. The obligation to Ms. Lazaridou does not bear interest. There is no written agreement evidencing the advancement of funds by Ms. Lazaridou or the repayment of the funds to Ms. Lazaridou. We have a verbal agreement with our sole officer and director that, if necessary, she will loan the company funds to complete the registration process. 


Item 14. Principal Accountant Fees and Services 


During fiscal year ended January 31, 2020, we incurred approximately $10,500 in fees to our principal independent accountants for professional services rendered in connection with the audit of our April 30, 2019 financial statements and for the reviews of our financial statements for the quarters ended July 31, 2019, October 31, 2019, and January 31, 2019.

 

 

 

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PART IV


Item 15. Exhibits


The following exhibits are included as part of this report by reference:


 

 

 

31.1 

 

Certification of Chief Executive Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a).

 

 

 

32.1 

 

Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002.



SIGNATURES

  

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized in Cyprus on June 8, 2020.

  

 

 

 

 

 

  

Minaro Corp.

  

  

  

  

By:

/s/

Yulia Lazaridou

  

  

  

Name:

Yulia Lazaridou

  

  

  

Title:

President

  

  

  

 


 



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