Company Quick10K Filing
C&C Tours
Price-0.00 EPS-0
Shares3 P/E0
MCap-0 P/FCF0
Net Debt-0 EBIT-0
TEV-0 TEV/EBIT0
TTM 2018-12-31, in MM, except price, ratios
10-Q 2019-09-30 Filed 2020-06-25
10-Q 2019-06-30 Filed 2020-06-25
10-Q 2019-03-31 Filed 2020-06-24
10-K 2018-12-31 Filed 2019-03-20
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-04
10-K 2017-12-31 Filed 2018-03-30
10-Q 2017-09-30 Filed 2017-11-09
10-Q 2017-06-30 Filed 2017-08-10
10-Q 2017-03-31 Filed 2017-05-11
10-K 2016-12-31 Filed 2017-03-30
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-03-29
10-Q 2015-09-30 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-17
10-Q 2014-09-30 Filed 2014-11-12
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-13
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-11-04
10-Q 2013-06-30 Filed 2013-08-09
10-Q 2013-03-31 Filed 2013-05-03
10-K 2012-12-31 Filed 2013-03-28
8-K 2018-01-23

CCT 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements
Note 1 - Condensed Financial Statements
Note 2 - Going Concern
Note 3 - Notes Payable
Note 4 - Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
Part I Exhibits
Part II Exhibits
EX-31.1 cct_ex311.htm
EX-31.2 cct_ex312.htm
EX-32.1 cct_ex321.htm

C&C Tours Earnings 2019-09-30

Balance SheetIncome StatementCash Flow
5630-36629-78888-121147-163406-2056652012201420172020
Assets, Equity
-4698.0-5804.4-6910.8-8017.2-9123.6-10230.02013201520172019
Rev, G Profit, Net Income
1000063622724-914-4552-81902012201420172020
Ops, Inv, Fin

10-Q 1 cct_10q.htm FORM 10-Q cct_10q.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2019

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ___ to ___

 

Commission file number: 000-54847

 

C & C TOURS, INC.

(Exact name of registrant as specified in its charter)

 

Wyoming

 

87-0463118

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

2157 S. Lincoln Street, Salt Lake City, Utah

 

84106

(Address of principal executive offices)

 

(Zip code)

 

(801) 323-2395

(Registrant’s telephone number, including area code)

 

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

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

None

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ¨ No x

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). Yes ¨ No x

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

¨

Accelerated filer

¨

Non-accelerated filer

x

Smaller reporting company

x

 

 

Emerging growth company

x

 

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 x No ¨

 

The number of shares outstanding of the registrant’s common stock as of June 25, 2020 was 2,937,000.

 

 

 

 

 TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

3

 

 

Condensed Balance Sheets (Unaudited)

 

4

 

 

Condensed Statements of Operations (Unaudited)

 

5

 

 

Condensed Statements of Stockholders’ Deficit (Unaudited)

 

6

 

 

Condensed Statements of Cash Flow (Unaudited)

 

7

 

 

Condensed Notes to the Unaudited Financial Statements

 

8

 

Item 2.

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

 

10

 

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

 

13

 

Item 4.

Controls and Procedures

 

13

 

 

 

 

 

 

PART II – OTHER INFORMATION

 

 

 

 

 

Item 1.

Legal Proceedings

 

14

 

Item 1a.

Risk Factors Information

 

14

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

14

 

Item 3.

Defaults upon Senior Securities

 

14

 

Item 4.

Mine Safety Disclosures

 

14

 

Item 5.

Other Information

 

14

 

Item 6.

Exhibits

 

15

 

Signatures

 

16

 

 

 
2

 

  

PART I – FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

 

C & C TOURS, INC.

 

 Condensed Financial Statements

 

 September 30, 2019

 

(Unaudited)

 

 

 
3

Table of Contents

 

C & C TOURS, INC.

Condensed Balance Sheets

(Unaudited)

 

 

 

SEPT 30,

2019

 

 

DEC 31,

2018

 

ASSETS

 

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

 

 

Cash

 

$ 374

 

 

$ 275

 

Total current assets

 

 

374

 

 

 

275

 

 

 

 

 

 

 

 

 

 

TOTAL ASSETS

 

$ 374

 

 

$ 275

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

Accounts payable

 

$ 13,900

 

 

$ 7,900

 

Notes payable

 

 

158,340

 

 

 

152,940

 

Accrued interest

 

 

54,422

 

 

 

45,098

 

Total current liabilities

 

 

226,662

 

 

 

205,938

 

TOTAL LIABILITIES

 

 

226,662

 

 

 

205,938

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS' EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Common stock, 20,000,000 shares authorized at $.001 par value, 2,937,000 shares issued and outstanding

 

 

2,937

 

 

 

2,937

 

Additional paid-in capital

 

 

34,970

 

 

 

34,970

 

Accumulated deficit

 

 

(264,195 )

 

 

(243,570 )

Total stockholders' equity (deficit)

 

 

(226,288 )

 

 

(205,663 )

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 

$ 374

 

 

$ 275

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
4

Table of Contents

 

C & C TOURS, INC.

Condensed Statements of Operations

(Unaudited)

 

 

 

FOR THE

THREE MONTHS ENDED

SEPT 30,

2019

 

 

FOR THE

THREE MONTHS ENDED

SEPT 30,

2018

 

 

FOR THE

NINE MONTHS ENDED

SEPT 30,

2019

 

 

FOR THE

NINE MONTHS ENDED

SEPT 30,

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$ --

 

 

$ --

 

 

$ --

 

 

$ --

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

2,900

 

 

 

2,800

 

 

 

11,300

 

 

 

11,200

 

Total expenses

 

 

2,900

 

 

 

2,800

 

 

 

11,300

 

 

 

11,200

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating loss before other expense

 

 

(2,900 )

 

 

(2,800 )

 

 

(11,300 )

 

 

(11,200 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(3,164 )

 

 

(2,896 )

 

 

(9,325 )

 

 

(8,584 )

Total other income (expense)

 

 

(3,164 )

 

 

(2,896 )

 

 

(9,325 )

 

 

(8,584 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss from operations before income taxes

 

 

(6,064 )

 

 

(5,696 )

 

 

(20,625 )

 

 

(19,784 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income taxes

 

 

--

 

 

 

--

 

 

 

--

 

 

 

--

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$ (6,064 )

 

$ (5,696 )

 

$ (20,625 )

 

$ (19,784 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share

 

$ (0.00 )

 

$ (0.00 )

 

$ (0.01 )

 

$ (0.01 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

 

 

2,937,000

 

 

 

2,937,000

 

 

 

2,937,000

 

 

 

2,937,000

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
5

Table of Contents

 

C & C TOURS, INC.

Statements of Stockholders’ Deficit

For the three and nine months ended September 30, 2018 and 2019

(Unaudited)

 

 

 

Common Stock

 

 

Additional

paid-in

 

 

Accumulated

 

 

 

 

 

 

Shares

 

 

Amount

 

 

capital

 

 

deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31, 2017

 

 

2,937,000

 

 

$ 2,937

 

 

$ 34,970

 

 

$ (218,062 )

 

$ (180,155 )

Net loss

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(8,410 )

 

 

(8,410 )

Balance March 31, 2018

 

 

2,937,000

 

 

$ 2,937

 

 

$ 34,970

 

 

$ (226,472 )

 

$ (188,565 )

Net loss

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(5,678 )

 

 

(5,678 )

Balance – June 30, 2018

 

 

2,937,000

 

 

$ 2,937

 

 

$ 34,970

 

 

$ (232,150 )

 

$ (194,243 )

Net loss

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(5,696 )

 

 

(5,696 )

Balance – September 30, 2018

 

 

2,937,000

 

 

$ 2,937

 

 

$ 34,970

 

 

$ (237,846 )

 

$ (199,939 )

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance December 31, 2018

 

 

2,937,000

 

 

$ 2,937

 

 

$ 34,970

 

 

$ (243,570 )

 

$ (205,663 )

Net loss

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(8,545 )

 

 

(8,545 )

Balance March 31, 2019

 

 

2,937,000

 

 

$ 2,937

 

 

$ 34,970

 

 

$ (252,115 )

 

$ (214,208 )

Net loss

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(6,016 )

 

 

(6,016 )

Balance – June 30, 2019

 

 

2,937,000

 

 

$ 2,937

 

 

$ 34,970

 

 

$ (258,131 )

 

$ (220,224 )

Net loss

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(6,064 )

 

 

(6,064 )

Balance – September 30, 2019

 

 

2,937,000

 

 

$ 2,937

 

 

$ 34,970

 

 

$ (264,195 )

 

$ (226,288 )

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
6

Table of Contents

 

C & C TOURS, INC.

Condensed Statements of Cash Flows

(Unaudited)

 

 

 

FOR THE

NINE MONTHS ENDED

SEPT 30,

2019

 

 

FOR THE

NINE MONTHS ENDED

SEPT 30,

2018

 

 

 

 

 

 

 

 

Cash Flows from Operating Activities

 

 

 

 

 

 

Net loss

 

$ (20,625 )

 

$ (19,784 )

Adjustments to reconcile net loss to net cash provided (used) by operating activities

 

 

--

 

 

 

--

 

 

 

 

 

 

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

 

6,000

 

 

 

6,400

 

Accrued interest

 

 

9,324

 

 

 

8,584

 

 

 

 

 

 

 

 

 

 

Net cash used by operating activities

 

 

5,301

 

 

 

(4,800 )

 

 

 

 

 

 

 

 

 

Cash Flows from Investing Activities

 

 

 

 

 

 

 

 

Net cash provided (used) by investing activities

 

 

--

 

 

 

--

 

 

 

 

 

 

 

 

 

 

Cash Flows from Financing Activities

 

 

 

 

 

 

 

 

Proceeds from notes payable

 

 

5,400

 

 

 

4,300

 

Net cash provided (used) by financing activities

 

 

5,400

 

 

 

4,300

 

 

 

 

 

 

 

 

 

 

Net Increase (Decrease) in Cash

 

 

99

 

 

 

(500 )

 

 

 

 

 

 

 

 

 

Cash at Beginning of Period

 

 

275

 

 

 

675

 

 

 

 

 

 

 

 

 

 

Cash at End of Period

 

$ 374

 

 

$ 175

 

 

 

 

 

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

 

 

 

 

 

Cash paid for interest

 

$ --

 

 

$ --

 

Cash paid for income taxes

 

$ --

 

 

$ --

 

 

The accompanying notes are an integral part of these unaudited condensed financial statements.

 

 
7

Table of Contents

 

C&C Tours, Inc.

Notes to the Condensed Financial Statements

September 30, 2019

(Unaudited)

 

NOTE 1 – CONDENSED FINANCIAL STATEMENTS

 

The accompanying financial statements have been prepared by the Company without audit. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows as of and for the period ended September 30, 2019 and for all periods presented have been made.

 

Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted. It is suggested that these condensed financial statements be read in conjunction with the financial statements and notes thereto included in the Company’s December 31, 2018 audited financial statements as reported in its Form 10-K. The results of operations for the nine month period ended September 30, 2019 are not necessarily indicative of the operating results for the full year ended December 31, 2019.

 

NOTE 2 – GOING CONCERN

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has limited assets, has incurred losses since inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating companies.

 

NOTE 3 – NOTES PAYABLE

 

As of September 30, 2019 and December 31, 2018 notes payable were $158,340 and $152,940, respectively. These loans are due on demand and bear interest at the rate of 8%. Interest expense on the loans for the nine months ended September 30, 2019 and 2018 were $9,325 and $8,584, respectively, resulting in accrued interest of $54,422 and $45,098 at September 30, 2019 and December 31, 2018, respectively.

 

NOTE 4 – SUBSEQUENT EVENTS

 

The Company’s management reviewed all material events through the date of this filing and has determined that there are no material subsequent events to report.

 

 
8

Table of Contents

 

FORWARD-LOOKING STATEMENTS

 

The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment decisions. This report contains these types of statements. Words such as “may,” “intend,” “expect,” “believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable terminology used in connection with any discussion of future operating results or financial performance identify forward-looking statements. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.

 

In this report references to “C & C Tours,” “the Company,” “we,” “us,” and “our” refer to C & C Tours, Inc.

 

 
9

Table of Contents

 

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

 

Executive Overview

 

We have not recorded revenues from operations as of the date of this report and we have not established an ongoing source of revenues sufficient to cover our operating costs. These conditions raise substantial doubt about our ability to continue as a going concern. We are currently devoting our efforts to obtain capital from management, significant stockholders or third parties to cover operating expenses; however, there is no assurance that additional funding will be available. Our ability to continue as a going concern during the long term is dependent upon our ability to find a suitable company and acquire or enter into a merger with such company.

 

The type of business opportunity with which we acquire or merge will affect our profitability for the long term. We may consider a business which has recently commenced operations, is a developing company in need of additional funds for expansion into new products or markets, is seeking to develop a new product or service, or is an established business which may be experiencing financial or operating difficulties and is in need of additional capital. In the alternative, a business combination may involve the acquisition of, or merger with, a company which does not need substantial additional capital, but which desires to establish a public trading market for its shares, while avoiding, among other things, the time delays, significant expense, and loss of voting control which may occur through a public offering.

 

Our management has not had any contact or discussions with any representative of any other entity regarding a business combination with us. Any target business that is selected may be a financially unstable company or an entity in its early stages of development or growth, including entities without established records of sales or earnings. In that event, we will be subject to numerous risks inherent in the business and operations of financially unstable and early stage or potential emerging growth companies. In addition, we may effect a business combination with an entity in an industry characterized by a high level of risk, and, although our management will endeavor to evaluate the risks inherent in a particular target business, there can be no assurance that we will properly ascertain or assess all significant risks.

 

We anticipate that the Company will likely be able to effect only one business combination, due primarily to our limited financing and the dilution of interest for present and prospective stockholders, which is likely to occur as a result of our management’s plan to offer a controlling interest to a target business in order to achieve a tax-free reorganization. This lack of diversification should be considered a substantial risk in investing in us, because it will not permit us to offset potential losses from one venture against gains from another.

 

We anticipate that the selection of a business combination will be complex and extremely risky. Because of general economic conditions, rapid technological advances being made in some industries and shortages of available capital, our management believes that there are numerous firms seeking the perceived benefits of becoming a publicly traded corporation. Such perceived benefits of becoming a publicly traded corporation include, among other things, facilitating or improving the terms on which additional equity financing may be obtained, providing liquidity for the principals of and investors in a business, creating a means for providing incentive stock options or similar benefits to key employees, and offering greater flexibility in structuring acquisitions, joint ventures and the like through the issuance of stock. Potentially available business combinations may occur in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex.

 

 
10

Table of Contents

  

Liquidity and Capital Resources

 

We have not recorded revenues from operations since inception and we have relied primarily upon other parties to provide loans and pay for operating expenses. At September 30, 2019 we had cash of $374 compared to $275 at December 31, 2018. Our total liabilities increased to $226,662 at September 30, 2019 compared to $205,938 at December 31, 2018. The increase in liabilities primarily represents proceeds from loans, advances and services provided by third parties and accrued interest.

 

We intend to obtain capital from management, significant stockholders and third parties to cover minimal operations; however, there is no assurance that additional funding will be available. Our ability to continue as a going concern during the long term is dependent upon our ability to find a suitable business opportunity and acquire or enter into a merger with such company. The type of business opportunity with which we acquire or merge will affect our profitability for the long term.

 

During the next 12 months we anticipate incurring additional costs related to the filing of Exchange Act reports. We believe we will be able to meet these costs through advances and loans provided by management, significant stockholders or third parties. We may also rely on the issuance of our common stock in lieu of cash to convert debt or pay for expenses.

 

Results of Operations

 

We have not recorded revenues during 2019 and 2018. General and administrative expense was $11,300 for the nine months ended September 30, 2019 (“2019 nine month period”) compared to $11,200 for the nine months ended September 30, 2018 (“2018 nine month period “). General and administrative expense was $2,900 for the quarter ended September 30, 2019 (“2019 third quarter”) compared to $2,800 for the 2018 third quarter ended September 30, 2018 (“2018 third quarter”).

 

Total other expense increased to $9,325 for the 2019 nine month period compared to $8,584 for the 2018 nine month period. Total other expense increased to $3,164 for the 2019 third quarter compared to $2,896 for the 2018 third quarter. Total other expense represents interest expense on notes payable.

 

Our net loss increased to $20,625 for the 2019 nine month period compared to $19,784 for the 2018 nine month period and increased to $6,064 for the 2019 third quarter compared to $5,696 for the 2018 third quarter. Management expects net losses to continue until we acquire or merge with a business opportunity.

 

 
11

Table of Contents

 

Commitments and Obligations

 

At September 30, 2019 we reported notes payable totaling $158,340 representing services received, as well as cash advances received from third parties. All of the notes payable are uncollateralized, carry interest at 8% and are due on demand. Accrued interest related to these notes payable totaled $54,422 at September 30, 2019. No payments on principal or interest have been made to date.

 

A third-party consultant has provided professional services, paid for legal, accounting and administrative services on our behalf and/or provided advances to cover our operating costs. These accumulated services total $11,100 as of September 30, 2019, are not formally documented, have no repayment terms and thus we have recognized them as accounts payable.

 

At September 30, 2019 we owed $2,800 to vendors.

  

Off-Balance Sheet Arrangements

 

We have not entered into any 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 and would be considered material to investors.

 

Emerging Growth Company

 

We qualify as an emerging growth company as that term is used in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). A company qualifies as an emerging growth company if it has total annual gross revenues of less than $1.07 billion during its most recently completed fiscal year and, as of December 8, 2011, had not sold common equity securities under a registration statement. Under the JOBS Act we are permitted to, and intend to, rely on exemptions from certain disclosure requirements

 

In addition, Section 107 of the JOBS Act also provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Our financial statements may therefore not be comparable to those of companies that comply with such new or revised accounting standards.

 

 
12

Table of Contents

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Not applicable to smaller reporting companies.

 

ITEM 4. CONTROLS AND PROCEDURES

 

Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the Exchange Act) that are designed to ensure that information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC.  This information is accumulated to allow our management to make timely decisions regarding required disclosure.  Our President, who serves as our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report and he determined that our disclosure controls and procedures were not effective due to a control deficiency.  During the period we did not have additional personnel to allow segregation of duties to ensure the completeness or accuracy of our information.  Due to the size and operations of the Company we are unable to remediate this deficiency until we acquire or merge with another company. 

  

Changes to Internal Control over Financial Reporting

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act). Management conducted an evaluation of our internal control over financial reporting and determined that there were no changes made in our internal control over financial reporting during the quarter ended September 30, 2019 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.

 

 
13

Table of Contents

  

PART II – OTHER INFORMATION

 

ITEM 1.  LEGAL PROCEEDINGS

 

We know of no material, existing or pending legal proceedings against us, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered or beneficial shareholder, is an adverse party or has a material interest adverse to our company.

 

ITEM 1A.  RISK FACTORS

 

A smaller reporting company is not required to provide the information required by this Item.

 

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

 

None.

 

ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

 

None.

 

ITEM 4.  MINE SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5.  OTHER INFORMATION

 

None.

 

 
14

Table of Contents

 

ITEM 6. EXHIBITS

 

Part I Exhibits

 

No.

 

Description

31.1

 

Principal Executive Officer Certification

 

 

 

31.2

 

Principal Financial Officer Certification

 

 

 

32.1

 

Section 1350 Certification

 

Part II Exhibits

 

No.

 

Description

3(i).1

 

Articles of Incorporation of C & C Tours, dated February 2, 1989 (Incorporated by reference to exhibit 3(i).1 to Form 10, filed November 8, 2012)

3(i).2

 

Articles of Continuance of C & C Tours, dated June 12, 2012 (Incorporated by reference to exhibit 3(i).2 to Form 10, filed November 8, 2012)

3(ii)

 

Bylaws of C & C Tours, dated May 20, 2012 (Incorporated by reference to exhibit 3(ii) to Form 10, filed November 8, 2012)

101.INS**

 

XBRL Instance Document

101.SCH**

 

XBRL Taxonomy Extension Schema Document

101.CAL**

 

XBRL Taxonomy Calculation Linkbase Document

101.DEF**

 

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**

 

XBRL Taxonomy Label Linkbase Document

101.PRE**

 

XBRL Taxonomy Presentation Linkbase Document

 

 

 

** XBRL (Extensible Business Reporting Language) information is furnished and not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

 
15

Table of Contents

 

SIGNATURES

 

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

 

 

C & C TOURS, INC.

       
Date: June 25, 2020 By:

/s/ Brett D. Taylor

 

 

Brett D. Taylor

 
   

President and Director

 
    Principal Financial Officer  

 

 
16