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Petro USA (PBAJ)

Filed: 20 May 22, 3:52pm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended March 31, 2022

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE

EXCHANGE ACT

 

Commission File Number: 000-12895

 

 

PETRO USA, INC.

(Exact name of registrant as specified in its charter)

 

Nevada 32-0252180
(State or other jurisdiction of incorporation or organization) (IR.S. Employer Identification No.)
   
7325 Oswego Road  
Liverpool, New York 13090
(Address of principal executive offices) (Zip Code)

 

 

(315) 451-7515

 

 

Indicate by check mark whether the registrant (1) filed all reports required to be filed by Section 13 or 15(d) of the 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

 

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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) 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.

 

 Large accelerated filer  Accelerated filer
 Non-accelerated filer   (Do not check if a smaller reporting company) Smaller reporting company
 Emerging Growth Company   

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): Yes No

 

APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY

PROCEEDINGS DURING THE PRECEDING FIVE YEARS

 

Check whether the registrant filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. Yes No

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: 200,030,920 shares of common stock as of May 20, 2022.

 
 

 

TABLE OF CONTENTS

 

    
PART I   
    
Item 1Financial Statements 3 
Item 2Management's Discussion and Analysis of Financial Condition and Results of Operations 12 
Item 3Quantitative and Qualitative Disclosures About Market Risks 14 
Item 4Controls and Procedures 14 
     
PART II    
     
Item 1Legal Proceedings 15 
Item 1A.Risk Factors 15 
Item 2Unregistered Sales of Equity Securities and Use of Proceeds 15 
Item 3Default Upon Senior Securities 15 
Item 4Mine Safety Disclosure 15 
Item 5Other Information 15 
Item 6Exhibits 15 
     
SIGNATURES 16 

 

 
 
 

PART 1 FINANCIAL STATEMENTS

 

 

PETRO USA, INC.

 

FINANCIAL STATEMENTS

FOR THE FISCAL QUARTER ENDED MARCH 31, 2022

 

TABLE OF CONTENTS

 

Consolidated Balance Sheets (Unaudited)  4 
     
Consolidated Statements of Operations (Unaudited)  5 
     
Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited)  6 
     
Consolidated Statements of Cash Flows (Unaudited)  7 
     
Notes to the Financial Statements (Unaudited)  8 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

PETRO USA, INC.
(formerly All State Properties, Inc.)
Balance Sheets
March 31, 2022 and June 30, 2021
     

 

  March 31, June 30,
  2022 2021
  (Unaudited)  
ASSETS
Current assets:        
Cash and cash equivalents $    $   
Total current assets          
     
Total Assets $0    $0   
     
Liabilities and Stockholders' Deficit
     
Current liabilities:        
Accounts payable and accrued liabilities  21,834   19,075 
Promissory note and accrued interest to related party  3,724   3,512 
Accounts payable- related  96,726   88,813 
Total current liabilities  122,284   111,400 
         
Total liabilities  122,284   111,400 
         
Stockholders' deficit:        
Preferred stock:  par value $0.0001 per share, 10,000,000        
Preferred stock:  par value $0.0001 per share, 10,000,000 shares authorized, NaN issued and outstanding          
Common stock:  par value $0.0001 per share, 290,000,000        
shares authorized, 33,920 shares issued and        
Common stock:  par value $0.0001 per share, 290,000,000 shares authorized, 33,920 shares issued and outstanding  3   3 
Additional paid-in capital  121,677,146   121,677,146 
Accumulated deficit  (121,799,433)  (121,788,549)
Total stockholders' deficit  (122,284)  (111,400)
         
Total liabilities and stockholders' deficit $0    $0   
         
         
See accompanying notes to financial statements.

 
 
 

 

 

PETRO USA, INC.    
(formerly All State Properties Holdings, Inc.)    
Statements of Operations    
Three and Nine Months Ended March 31, 2022 and 2021    
(Unaudited)    

 

         
  For the Three Months Ended For the Nine Months Ended
  March 31, March 31,
  2022 2021 2022 2021
         
Net revenues $    $    $    $   
                 
Operating expenses:                
General and administrative expenses  1,889   540   10,672   29,736 
Total operating expenses  1,889   540   10,672   29,736 
                 
Loss from operations  (1,889)  (540)  (10,672)  (29,736)
                 
Other expenses:                
 Interest expense  (71)       (212)     
Total other expenses  (71)       (212)     
                 
Income (loss) before income taxes  (1,960)  (540)  (10,884)  (29,736)
                 
Income tax expense                    
                 
Net loss $(1,960) $(540) $(10,884) $(29,736)
                 
Income (loss) per share – basic and diluted: $(0.06) $(0.02) $(0.35) $(0.96)
                 
Weighted average number of                
Weighted average number of common shares outstanding - basic and diluted  30,920   30,920   30,920   30,920 
                 
                 
See accompanying notes to unaudited financial statements.

 

 

 
 
 

 

PETRO USA, INC.    
(formerly All State Properties Holdings, Inc.)    
Statements of Cash Flows    
Nine Months Ended March 31, 2022 and 2021    
(Unaudited)    

 

     
  

For the Nine Months Ended

  March 31,
  2022 2021
Cash flows from operating activities:        
Net income (loss) $(10,884) $(29,736)
Adjustments to reconcile net loss to net cash        
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Issuance of common stock as share-based compensation       7,500 
Increase (decrease) in liabilities:        
Accounts payable  2,759   9,859 

Promissory notes and accrued interest

  212      
Accounts payable- related  7,913   12,377 
Cash provided by (used in) operating activities          
         
Cash flows from investing activities:        
Cash provided by investing activities  —     —   
         
Cash flows from financing activities:        
Proceeds from notes payable  —     —   
Principal payments of notes payable  —     —   
Cash used in financing activities  —     —   
         
Net increase (decrease) in cash and cash equivalent          
Cash and cash equivalent - beginning of period          
         
Cash and cash equivalent - end of period $    $   
         
Supplemental Disclosure of Cash Flows Information:        
Cash paid during the year for:        
Cash paid during the year for: Interest $    $   
Cash paid during the year for: Income taxes $    $   
         
         
         
See accompanying notes to financial statements.

 

 

 

 
 

 

Petro USA, Inc.

(formerly All State Properties Holdings, Inc.)

Statement of Changes in Stockholders' Deficit

For the Three and Nine Months Ended March, 2021 and 2020

(Unaudited)

 

               
          Additional    
  Preferred Stock Common Stock Paid-in Accumulated  
  Shares Amount Shares Amount Capital Deficit Total
               
Balance at June 30, 2021  0    $0     30,920  $3  $121,677,146  $(121,788,549) $(111,400)
Shares issued for Services                            
Shares issued for Services, shares                            
Shares returned to treasury                            
Net loss  —          —               (6,100)  (6,100)
 Balance, September 30, 2021  0          30,920   3   121,677,146   (121,794,649)  (117,500)
Net loss  —          —               (2,824)  (2,824)
 Balance, December 31, 2021  0          30,920   3   121,677,146   (121,797,473)  (120,324)
Net loss  —          —               (1,960)  (1,960)
Balance March 31, 2022  0    $     30,920   3   121,677,146   (121,799,433) $(122,284)
                             
 Balance, June 30, 2020  0    $0     30,218  $3  $121,669,646  $(121,760,545) $(90,896)
Net loss  —          —               (5,346)  (5,346)
 Balance, September 30, 2020  0          30,218   3   121,669,646   (121,765,891)  (96,242)
Shares issued for Services  1,000,000   1,000   —          7,500        7,500 
Shares returned to treasury          702                 
Net loss  —          —               (23,850)  (23,850)
 Balance, December 31, 2020  1,000,000   1,000   30,920   3   121,677,146   (121,789,741)  (112,592)
Net loss  —          —               (540)  (540)
Balance March 31, 2021  1,000,000  $1,000   30,920  $3  $121,677,146  $(121,790,281) $(113,132)
                             
See accompanying notes to financial statements.

 
 
 

Petro USA, Inc.

Notes to Financial Statements

For the three months and nine months ended March 31, 2022 and 2021

 

 

1.        Organization, Description of Business, and Basis of Accounting

 

Business Organization

 

All State Properties Holdings, Inc., a corporation (the "Company") was organized under the state of Nevada on April 24, 2008 to conduct business formerly carried on by its predecessor partnership, All State Properties L.P. (the "Partnership"). The Partnership merged with the Company on May 29, 2008. The Company acquired all of the assets and assumed all of the liabilities and obligations of the Partnership. At May 29, 2008 each unit, par value $0.001 per share of the Partnership was converted into one issued and outstanding share of par value $0.0001 common stock of the Corporation.

 

The Company's fiscal year end is June 30th.  

 

Accounting Basis

 

These financial statements have been prepared on the accrual basis of accounting following generally accepted accounting principles of the United States of America (“U.S. GAAP”) consistently applied.

 

The accompanying unaudited condensed interim financial statements and related notes have been prepared in accordance with U.S. GAAP for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission set forth in Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited condensed interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary to a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited condensed interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2021 and notes thereto contained in our 10-K Annual Report

 

Use of Estimates

 

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent. Actual results could differ from those estimates.

 

Income Taxes

 

The Company uses the asset and liability method of accounting for income taxes. At March 31, 2022 and June 30, 2021, respectively, the deferred tax asset and deferred tax liability accounts.

 

 
 
 

 

Petro USA, Inc.

Notes to Financial Statements

For the three months and nine months ended March 31, 2022 and 2021

 

 

1.        Organization, Description of Business, and Basis of Accounting (Cont.)

 

Income Taxes

 

as recorded when material to the financial statements, are entirely the result of temporary and permanent differences. Temporary differences represent differences in the recognition of assets and liabilities for tax and financial reporting purposes, primarily share based compensation and loss on settlement of debt.

 

As of March 31, 2022, the deferred tax asset related to the Company's net operating loss (NOL) carry forward is fully reserved. Due to the provisions of Internal Revenue Code Section 338, the Company may have no net operating loss carryforwards available to offset financial statement or tax return taxable income in future periods as a result of a change in control involving 50 percentage points or more of the issued and outstanding securities of the Company.

 

Dividends

 

The Company and has not yet adopted a policy regarding the payment of dividends.

 

Fair Value of Financial Instruments

 

The carrying value of cash, accounts payable and amounts due to related party approximates its fair value because of the short maturity of these instruments.  Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.

 

The Company accounts for financial instruments in accordance with the Financial Accounting Standard Board's Accounting Standards Codification Topic 820 – Fair Value Measurements and Disclosures ("ASC 820"), which establishes a framework for measuring fair value and expands disclosure of fair value measurements. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, this policy established a three-tier fair value hierarchy, which 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.

 

The following table presents assets that are measured and recognized at fair value on a non-recurring basis:

 

 

 

 

 

9

 

 

 
 

Petro USA, Inc.

Notes to Financial Statements

For the three months and nine months ended March 31, 2022 and 2021

 

 

1.        Organization, Description of Business, and Basis of Accounting (Cont.)

 

Level 1: None

Level 2: None

Level 3: None

 

Earnings (Loss) per Share

 

Basic earnings (loss) per share is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the respective period presented in our accompanying financial statements.

 

Fully diluted earnings (loss) per share is computed similar to basic income (loss) per share except that the denominator is increased to include the number of common stock equivalents (primarily outstanding options and warrants).

 

Common stock equivalents represent the dilutive effect of the assumed exercise of outstanding stock options and warrants, using the treasury stock method, at either the beginning of the respective period presented or the date of issuance, whichever is later, and only if the common stock equivalents are considered dilutive based upon the Company’s net income (loss) position at the calculation date.

 

As of May 31, 2022, and June 30, 2021, the Company has no issued and outstanding warrants or options.

 

2.        Going Concern

 

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. However, the Company has incurred significant losses and is dependent on obtaining adequate capital to fund operating losses until it becomes profitable. If the Company is unable to obtain the necessary funding it could cease operations as a new enterprise. This raises substantial doubt about the Company’s ability to continue as a going concern for a period of one year from the issuance of these financial statements.  These financial statements do not include any adjustments that might result from this uncertainty.

 

 

 

 

 

 

 

 

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Petro USA, Inc.

Notes to Financial Statements

For the three months and nine months ended March 31, 2022 and 2021

 

 

3.        Capital Stock

 

The Company has 10,000,000 shares of Preferred Stock authorized at a par value of $0.0001 and none has been issued at March 31, 2022 and June 30, 2021.

 

At March 31, 2022 and June 30, 2021, the company had 33,920 common shares issued and outstanding.  

 

The Company has no other classes of shares authorized for issuance. At March 31, 2022, and June 30, 2021, there were no outstanding stock options or warrants.

 

4.       Related Party Transactions

 

The Amounts due to related parties are advances from a company controlled by the Company's Chief Executive Officer in order to pay operating expenses of the Company. These advances are non-interest bearing and payable upon demand. 

 

5.       Subsequent Events

 

On April 22, 2022, the Company issued Joseph Passalaqua 184,000,000 shares of the Company. In addition, on April 22, 2022 the Company 16,000,000 to Remix Ventures LLC.

 

 

 

 

 

11 

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

 

Forward Looking Statements

 

This section and other parts of this Form 10-Q quarterly report includes "forward-looking statements", that involves risks and uncertainties. All statements other than statements of historical facts, included in this Form 10-Q that address activities, events, or developments that we expect or anticipate will or may occur in the future, including such things as future capital expenditures (including the amount and nature thereof), business strategy and measures to implement strategy, competitive strength, goals, expansion and growth of our business and operations, plans, references to future success, reference to intentions as to future matters, and other such matters are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential," or "continue," or the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. These statements are based upon certain assumptions and analyses made by us in light of our experience and our perception of historical trends, current conditions and expected future developments as well as other factors that we believe are appropriate in the circumstances. However, whether actual results and developments will conform to our expectations and predictions is subject to a number of risks, uncertainties, and other factors, many of which are beyond our control.

 

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance, or achievements. Moreover, we do not assume responsibility for the accuracy and completeness of such forward-looking statements. We are under no duty to update any of the forward-looking statements after the date of this report to conform such statements to actual results.

 

Overview

 

All State Properties Holdings, Inc. (the "Company", "we", or "us") was incorporated under the laws of the State of Nevada on April 24, 2008. All State Properties Holdings, Inc. is to serve as a vehicle to effect a merger, exchange of capital stock, asset acquisition, or other business combination with a domestic or foreign private business. The company not commenced planned principal operations. The Company has a June 30 year end. As of March 31, 2022, the issued and outstanding shares of common stock totaled 33,920.

 

Certain statements contained below are forward-looking statements (rather than historical facts) that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

 

Our auditors have issued a going concern opinion in the financial statements for the year ended June 30, 2021.

 

RESULTS OF OPERATIOMS

 

Working Capital

 March 31, June 30, 
 2022 2021 
     
Current Assets  $                 -   $                 -   
Current Liabilities  122,284   111,400 
Working Capital (Deficit) $(122,284) $(111,400)

 

Cash Flows

 

 March 31 31, March 31, 
 2022 2021 
     
Cash Flows from (used in) Operating Activities $-  $- 
Cash Flows from (used in) Financing Activities  -     - 
Net Increase (decrease) in Cash During Period $-  $- 

 

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Operating Revenues

 

We have generated no revenues for the three and nine months ended March 31, 2022, and March 31, 2021.

 

Operating Expenses and Net Loss

 

 Operating expenses for the three months ended March 31, 2022, were $1,889 compared with $540 for the three months ended March 31, 2021. The increase in operating expenses were attributable to an increase in other general and administrative expenses from $540 for the three months ended March 31, 2021 to $1,889 for the three months ended March 31, 2022.

 

 Operating expenses for the nine months ended March 31, 2022 were $10,672 compared with $29,736 for the nine months ended March 31, 2021. The decrease in operating expenses were attributable to a decrease in other general and administrative expenses from $29,736 for the nine months ended March 31, 2021 to $10,672 for the nine months ended March 31, 2022.

 

 During the three months ended March 31, 2022, the Company recorded a net loss of $1,960. compared with net loss of $540 for the three months ended March 31, 2021.

 

 During the nine months ended March 31, 2022, the Company recorded a net loss of $10,884. compared with net loss of $29,736 for the nine months ended March 31, 2021.

 

Liquidity and Capital Resources

 

 As of March 31, 2022, the Company's cash balance was $0 compared to cash balance of $0 as of June 30, 2021. As of March 31, 2022, the Company's total assets were $0 compared to total assets of $0 as of June 30, 2021.

 

 As of March 31, 2022, the Company had total liabilities of $122,284 compared with total liabilities of $111,400 as of June 30, 2021. The increase in total liabilities is attributed to an increase in account payable and accrued liabilities from $19,075 for the year ended June 30, 2021 to $21,834 for the nine months ended March 31, 2022, and an increase in account payable-related from $88,813 for the year ended June 30, 2021 to $96,726 for the nine months ended March 31, 2022.

 

 As of March 31, 2022, the Company has a working capital deficit of $122,284 compared with working capital deficit of $111,400 as of June 30, 2021.

 

Cashflow from Operating Activities

 

During the nine months ended March 31, 2022 the Company used $0 cash for operating activities compared to the use of $0 cash for operating activities during the nine months ended March 31, 2021.

 

Cashflow from Financing Activities

 

During the six months ended March 31, 2022, and March 31, 2021, the Company did not receive any cash from financing activities.

 

Subsequent Developments

 

On April 22, 2022, the Company issued Joseph Passalaqua 184,000,000 shares of the Company. In addition, on April 22, 2022, the Company 16,000,000 to Remix Ventures LLC.

 

Going Concern

 

We have not attained profitable operations and are dependent upon the continued financial support from our shareholders, the ability to raise equity or debt financing, and the attainment of profitable operations from our future business. These factors raise substantial doubt regarding our ability to continue as a going concern.

 

Off-Balance Sheet Arrangements

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

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Future Financing

 

The Company will consider selling securities in the future to fund operations. There is no assurance that we will achieve any additional sales of the equity securities or arrange for debt or other financing to fund our operations and other activities.

 

Critical Accounting Policies

 

Our consolidated financial statements and accompanying notes have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis. The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods.

 

We regularly evaluate the accounting policies and estimates that we use to prepare our consolidated financial statements. A complete summary of these policies is included in the notes to our consolidated financial statements. In general, management's estimates are based on historical experience, on information from third party professionals, and on various other assumptions that are believed to be reasonable under the facts and circumstances. Actual results could differ from those estimates made by management.

 

Recently Issued Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

ITEM 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Market risk is the risk of loss from adverse changes in market prices and rates. The Company's market risk arises primarily from the fact that the area in which we do business is highly competitive and constantly evolving. The market in which we do business is highly competitive and constantly evolving. We face competition from the larger and more established companies, from companies that have greater resources, including but not limited to, more money, and greater ability to expand their markets also cut into our potential customers. Many of our competitors have longer operating histories, significantly greater financial strength, nationwide advertising coverage and other resources that we do not have.

 

ITEM 4.CONTROLS AND PROCEDURES

 

Evaluation of Disclosure Controls and Procedures

 

Based on their evaluation of our disclosure controls and procedures(as defined in Rule 13a-15e under the Securities Exchange Act of 1934 the "Exchange Act"), our principal executive officer and principal financial officer have concluded that as of the end of the period covered by this quarterly report on Form 10-Q such disclosure controls and procedures were not effective due to the lack of segregation of duties and lack of a formal review process that includes multiple levels of review to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms because of the identification of a material weakness in our internal control over financial reporting which we view as an integral part of our disclosure controls and procedures.

 

The material weakness relates to the lack of segregation of duties in financial reporting, as our financial reporting and all accounting functions are performed by an external consultant with no oversight by a professional with accounting expertise. Our CEO/CFO does not possess accounting expertise and our company does not have an audit committee. This weakness is due to the company's lack of working capital to hire additional staff. To remedy this material weakness, we intend to engage another accountant to assist with financial reporting as soon as our finances will allow.

 

Changes in Internal Control over Financial Reporting

 

Except as noted above, there have been no changes in our internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during our first quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

 

14

 
 
 

 

PART II - OTHER INFORMATION

 

ITEM 1.LEGAL PROCEEDINGS

 

None

 

ITEM 1A.RISK FACTORS

 

Not Applicable

 

ITEM 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

None

 

ITEM 3.DEFAULTS UPON SENIOR SECURITIES.

 

None

 

 ITEM 4.MINE SAFETY DISCLOSURE.

 

Not Applicable

 

ITEM 5.OTHER INFORMATION

 

None

 

Item 6.EXHIBITS

 

Exhibit 31.1Certification of the Principal Executive Officer Pursuant to Rule 13A-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  
Exhibit 31.2Certification of the Principal Financial Officer Pursuant to Rule 13A-14(a) of the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
  
Exhibit 32.1Certification of the Principal Executive Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
Exhibit 32.2Certification of the Principal Financial Officer Pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

 

15 

 
 
 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Dated: May 20, 2022 All State Properties Holdings, Inc..
   
  By: /s/Joseph C. Passalaqua
  Joseph C Passalaqua, Chief Executive Officer, Chief Financial Officer & President