Company Quick10K Filing
Gala Pharmaceutical
Price0.00 EPS-0
Shares108 P/E-0
MCap0 P/FCF-0
Net Debt0 EBIT-3
TEV0 TEV/EBIT-0
TTM 2019-05-31, in MM, except price, ratios
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10-K 2012-11-30 Filed 2013-03-14
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8-K 2020-04-29
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8-K 2018-06-20
8-K 2018-01-10

GLAG 10Q Quarterly Report

Part I - Financial Information
Note 1 - Organization, Operations and Summary of Significant Accounting Policies
Note 2 - Going Concern
Note 3 - 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 2. Unregistered Sales of Equity Securities and Use of Proceeds Securities
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit311.htm
EX-32.1 exhibit321.htm

Gala Pharmaceutical Earnings 2013-02-28

Balance SheetIncome StatementCash Flow
0.4-0.3-1.0-1.6-2.3-3.02012201420172020
Assets, Equity
0.1-0.4-0.8-1.3-1.7-2.22012201420172020
Rev, G Profit, Net Income
0.30.20.1-0.1-0.2-0.32012201420172020
Ops, Inv, Fin

10-Q 1 form10q.htm FORM 10-Q Filed by OTC Filings Inc. - www.otcedgar.com - 1-866-832-FILE (3453) - Gala Global Inc. - Form 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

þ  QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended February 28, 2013

 

o TRANSITION REPORT UNDER SECTION 13 OR 15 (d) OF THE EXCHANGE ACT

 

For the transition period from _________ to _________

 

Commission File Number: 333-172744

 

GALA GLOBAL INC.

(Name of Small Business Issuer in its charter)

 

Nevada

42-1771014

(state or other jurisdiction of incorporation or organization)

(I.R.S. Employer I.D. No.)

 

 

Ostwall 35, Viersen, Germany

41751

(Address of principal executive offices)

(Zip Code)


+49-2162-450532

(Registrant’s telephone number, including area code)

 

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 during the past 12 months (or for such shorter period that the registrant was require to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes   þ   No o

 

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 definition of large accelerated filer, accelerated filer 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     Smaller reporting company þ

 

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

 

APPLICABLE ONLY TO CORPORATE ISSUERS

 

As of April 15, 2013 the registrant had 5,907,000 shares of common stock outstanding.


                
             



GALA GLOBAL INC.




TABLE OF CONTENTS


 

  

 

 

 

PART I - FINANCIAL INFORMATION

  

 

 

 

 

Item 1.

  

Financial Statements (unaudited)

  

 

 

  

       Balance Sheets

  

F-1

 

  

       Statements of Operations

  

F-2

 

  

       Statements of Cash Flows

  

F-3

 

  

Notes to Financial Statements

  

F-4

Item 2.

  

Management Discussion & Analysis of Financial Condition and Results of Operations

  

4

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

  

5

Item 4.

  

Controls and Procedures

  

5

 

 

 

 

 

 

 

PART II - OTHER INFORMATION

  

 

 

 

 

Item 1.

  

Legal Proceedings

  

6

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

  

6

Item 3.

  

Defaults Upon Senior Securities

  

6

Item 4.

  

Submission of Matters to a Vote of Security Holders

  

6

Item 5.

  

Other information

  

6

Item 6.

  

Exhibits

  

6




 2               

             



PART I – FINANCIAL INFORMATION







GALA GLOBAL INC.

(A Development Stage Company)


FINANCIAL STATEMENTS


February 28, 2013


Unaudited




 


CONDENSED BALANCE SHEETS                                                                   F-1


CONDENSED STATEMENTS OF OPERATIONS                                             F-2


CONDENSED STATEMENTS OF CASH FLOWS                                             F-3


NOTES TO UNAUDITED FINANCIAL STATEMENTS                                    F-4





3                

             


GALA GLOBAL INC.

(A Development Stage Company)

CONDENSED BALANCE SHEETS

Unaudited


Feb 28, 2013

Nov 30, 2012

(Audited)

    ASSETS

CURRENT ASSETS

Cash

 $           11,748

 $           24,904

Total Current Assets

              11,748

              24,904

 

     Fixed Assets - net

 

                  357

                  475

TOTAL ASSETS

 $           12,105

 $           25,379

LIABILITIES AND STOCKHOLDER'S EQUITY (DEFICIT)

CURRENT LIABILITIES

Accounts payable

 $            1,321

 $            4,911

Related party payable

             21,998

             21,574

Total Current Liabilities

             23,319

             26,485

TOTAL LIABILITIES

             23,319

             26,485

STOCKHOLDERS' EQUITY (DEFICIT)

    Common Stock, $.001 par value;
       75,000,000 shares authorized
         5,907,000 shares issued and outstanding

    Additional paid in capital

 

 

               5,907

             65,193

 

 

               5,907

             65,193

Deficit accumulated during the development stage

           (82,314)

           (72,206)

TOTAL STOCKHOLDERS' EQUITY (DEFICIT)

            (11,214)

             (1,106)

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)

 $          12,105

 $          25,379


 

The accompanying notes are an integral part of these financial statements


  F-1              

             

GALA GLOBAL INC.

(A Development Stage Company)

CONDENSED STATEMENTS OF OPERATIONS

Unaudited


3 months ended
Feb 28, 2013

3 months ended
Feb 29, 2012

Cumulative results from inception
 (Mar 15, 2010) to Feb 28, 2013

REVENUES

Total Revenue

$                  0

$                  0

$                     0

Gross Profit

                   0

                    0

                       0

OPERATING EXPENSES

Depreciation

               118

                118

                 1,063

General and administrative

            9,990

             2,844

               81,251

Total Expenses

           10,108

             2,962

               82,314

Net Income (Loss) before

    provision for income taxes

 

        (10,108)

 

           (2,962)

 

             (82,314)

Provision for income taxes

                   0

                    0

                      0

Net Income (Loss)

 $     (10,108)

 $         (2,962)

 $          (82,314)

BASIC AND DILUTED LOSS PER COMMON SHARE

$                0

$                0

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING

5,907,000

5,860,000

 



 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

The accompanying notes are an integral part of these financial statements

 


  F-2              

             

GALA GLOBAL INC.

(A Development Stage Company)

CONDENSED STATEMENTS OF CASH FLOWS

Unaudited



 

3 months ended
Feb 28, 2013

3 months ended
Feb 29, 2012

Mar 15, 2010
 (date of inception) to Feb 28, 2013

Cash Flows From Operating Activities:

Net Income (Loss)

 $        (10,108)

 $          (2,962)

 $                    (82,314)

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

Depreciation

Increase (Decrease) in Accounts Payable

Related party payable

                118

             (3,590)

                   424

           118

0

                       0

               1,063

       1,321

                      21,998

                      Net cash provided by (used for)
                      Operating Activities

           (13,156)

             (2,844)

                    (57,932)

Cash Flows From Investing Activities:

    Fixed assets

 

                      Net cash provided by (used for)
                      Investing Activities

 

                       0

 

 

                       0

 

                       0

 

 

                       0

 

                     (1,420)

 

 

                     (1,420)

Cash Flows From Financing Activities:

Proceeds from sale of common stock

                      0

                      0

                     71,100

                        Net cash provided by (used for)

                        Financing Activities

                      0

                      0

                     71,100

Net Increase (Decrease) in Cash

           (13,156)

             (2,844)

            11,748

CASH, BEGINNING OF PERIOD

             24,904

                3,187

                             0

CASH, END OF PERIOD

 $          11,748

 $                343

 $                 11,748

 

 

The accompanying notes are an integral part of these financial statements


  F-3              

             

GALA GLOBAL INC.

(A Development Stage Company)

NOTES TO THE UNAUDITED CONDENSED FINANCIAL STATEMENTS

February 28, 2013



NOTE 1 – ORGANIZATION, OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


Gala Global, Inc. (the “Company”) was incorporated in the State of Nevada on March 15, 2010.  The Company was formed to provide garment tailoring and alteration services.  The Company has conducted only limited operations and is in the development stage.


Fiscal year


The Company employs a fiscal year ending November 30.


Cash and cash equivalents


The Company considers all highly liquid investments with an original maturity of three months or less as cash equivalents.


Use of Estimates


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


Income Tax


The Company accounts for income taxes pursuant to ASC 740.  Under ASC 740 deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss carryforwards and deferred tax liabilities are recognized for taxable temporary differences.  Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases.  Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.  Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.


Net income (loss) per share


The net income (loss) per share is computed by dividing the net income (loss) by the weighted average number of shares of common outstanding.  Warrants, stock options, and common stock issuable upon the conversion of the Company's preferred stock (if any), are not included in the computation if the effect would be anti-dilutive and would increase the earnings or decrease loss per share.


Revenue recognition

 

Revenue is recognized on an accrual basis after services have been performed under contract terms, the event price to the client is fixed or determinable, and collectibility is reasonably assured.


Property and equipment


Property and equipment are recorded at cost and depreciated under the straight line method over each item's estimated useful life.


Financial Instruments


The carrying value of the Company's financial instruments, as reported in the accompanying balance sheet, approximates fair value.


Long-Lived Assets

In accordance with ASC 350, the Company regularly reviews the carrying value of intangible and other long-lived assets for the existence of facts or circumstances, both internally and externally, that may suggest impairment.  If impairment testing indicates a lack of recoverability, an impairment loss is recognized by the Company if the carrying amount of a long-lived asset exceeds its fair value.


Stock based compensation

The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.

 


NOTE 2 – GOING CONCERN

 

The Company has suffered a loss from operations and in all likelihood will be required to make significant future expenditures in connection with marketing efforts along with general administrative expenses.  These conditions raise substantial doubt about the Company's ability to continue as a going concern.


The Company may raise additional capital through the sale of its equity securities, through an offering of debt securities, or through borrowings from financial institutions.  By doing so, the Company hopes through marketing efforts to generate revenues from sales of its garment tailoring and alteration services.  Management believes that actions presently being taken to obtain additional funding provide the opportunity for the Company to continue as a going concern.



NOTE 3 – SUBSEQUENT EVENTS


The Company has evaluated subsequent events through the date of issuance of these financial statements and determined that there are no reportable subsequent events.



  F-4              

             


 

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


Safe Harbor Statement


This report on Form 10-Q contains certain forward-looking statements.  All statements other than statements of historical fact are “forward-looking statements” for purposes of these provisions, including any projections of earnings, revenues, or other financial items; any statements of the plans, strategies, and objectives of management for future operation; any statements concerning proposed new products, services, or developments; any statements regarding future economic conditions or performance; statements of belief; and any statement of assumptions underlying any of the foregoing. Such forward-looking statements are subject to inherent risks and uncertainties, and actual results could differ materially from those anticipated by the forward-looking statements.


These forward-looking statements involve significant risks and uncertainties, including, but not limited to, the following: competition, promotional costs, and risk of declining revenues.  Our actual results could differ materially from those anticipated in such forward-looking statements as a result of a number of factors.  These forward-looking statements are made as of the date of this filing, and we assume no obligation to update such forward-looking statements.  The following discusses our financial condition and results of operations based upon our financial statements which have been prepared in conformity with accounting principles generally accepted in the United States.  It should be read in conjunction with our financial statements and the notes thereto included elsewhere herein.


The following discussion should be read in conjunction with our financial statements, including the notes thereto, appearing elsewhere in this Form 10-Q.  The discussions of results, causes and trends should not be construed to imply any conclusion that these results or trends will necessarily continue into the future.


Results of Operation


Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.


We expect we will require additional capital to meet our long term operating requirements.  We expect to raise additional capital through, among other things, the sale of equity or debt securities.

 
Liquidity and Capital Resources


As of February 28, 2013, we had cash and cash equivalents of $11,748 and a working capital deficit of $11,571.  As of February 28, 2013 our accumulated deficit was $82,314.  


We used net cash of $13,156 from operating activities for the three months ended February 28, 2013 compared to using net cash of $2,844 in operating activities for the same period in 2012.  We did not use any money in investing activities for the three months ended February 28, 2013 no did we use any money in investing activities for the same period of 2012.  We did not receive any cash from financing activities for the three months ended February 28, 2013 and the same period in 2012.  


These financial statements have been prepared on the assumption that we are a going concern, meaning we will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations.  Different bases of measurement may be appropriate when a company is not expected to continue operations for the foreseeable future.  Our continuation as a going concern is dependent upon our ability to attain profitable operations and generate funds there-from, and/or raise equity capital or borrowings sufficient to meet current and future obligations.  Management plans to raise equity financings over the next twelve months to finance operations.  There is no guarantee that we will be able to complete any of these objectives.  We have incurred losses from operations since inception and at February 28, 2013, have a working capital deficiency and an accumulated deficit that creates substantial doubt about our ability to continue as a going concern.


Results of Operations for the three months ended February 28, 2013 compared to the three months ended February 29, 2013 and from inception to February 28, 2013.


No Revenues


Since our inception on March 15, 2010 to February 28, 2013, we have not yet earned any revenues.  At this time, our ability to generate any significant revenues continues to be uncertain.  Our financial statements contain an additional explanatory paragraph in Note 2, which identifies issues that raise substantial doubt about our ability to continue as a going concern.  Our financial statements do not include any adjustment that might result from the outcome of this uncertainty.


Net Income/Loss


We incurred a net loss of $10,108 for the three months ended February 28, 2013, compared to a net loss of $2,962 for the same period in 2012.  This increase in net loss was due to an increase in general and administrative expenses.  From inception on March 15, 2010 to February 28, 2013, we have incurred a net loss of $82,314.  Our basic and diluted loss per share was $0.00 for the three months ended February 28, 2013, and $0.00 for the same period in 2012.  


 4               

             

 

Expenses


Our total operating expenses increased from $2,962 to $10,108 for the three months ended February 28, 2013 compared to the same period in 2012.  This increase in expenses is mostly due to higher general and administrative fees.  Since our inception on March 15, 2010 to February 28, 2013, we have incurred total operating expenses of $82,314.


Plan of Operation


Our plan of operation for the next twelve months is to grow our retail business through marketing and building our on-line presence.


Going Concern


Our independent auditors' review report accompanying our February 28, 2013 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern.  The financial statements have been prepared "assuming that we will continue as a going concern," which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.


Inflation


The amounts presented in the financial statements do not provide for the effect of inflation on our operations or financial position.  The net operating losses shown would be greater than reported if the effects of inflation were reflected either by charging operations with amounts that represent replacement costs or by using other inflation adjustments.


Off-Balance Sheet Arrangements


As of February 28, 2013, we had no off-balance sheet transactions that have or are reasonably likely to have a current or future effect on our financial condition, changes in our financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources.


ITEM 3.

 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK


Not applicable.

 

ITEM 4.  CONTROLS AND PROCEDURES

 

Management's Report on Internal Control over Financial Reporting.


Our Internal control over financial reporting is a process that, under the supervision of and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, was designed to provide reasonable assurances regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.  Our internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and our trustees; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on our financial statements.


Because of its inherent limitations, internal control over financial reporting August not prevent or detect misstatements.  Also, projections of any evaluation of effectiveness to future periods are subject to the risk that our controls August become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures August deteriorate.


As management, it is our responsibility to establish and maintain adequate internal control over financial reporting.  As of February 28, 2013, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, we evaluated the effectiveness of our internal control over financial reporting using criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO").  Based on our evaluation, we concluded that the Company maintained effective internal control over financial reporting as of February 28, 2013, based on criteria established in the Internal Control Integrated Framework issued by the COSO.


This quarterly report does not include an attestation report of the company's registered public accounting firm regarding internal control over financial reporting.  Management's report was not subject to attestation by the company's registered public accounting firm pursuant to temporary rules of the Securities and Exchange Commission that permit the company to provide only management's report in this quarterly report.

 

Evaluation of disclosure controls and procedures.  


As of February 28, 2013, the Company's chief executive officer and chief financial officer conducted an evaluation regarding the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) or 15d-15(e) under the Exchange Act.  Based upon the evaluation of these controls and procedures, our chief executive officer and chief financial officer concluded that our disclosure controls and procedures were effective as of the date of filing this annual report applicable for the period covered by this report.


Changes in internal controls.  


During the period covered by this report, no changes occurred in our internal control over financial reporting that materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.


  5              

             


 

PART II – OTHER INFORMATION



ITEM 1.  LEGAL PROCEEDINGS


As of April 15, 2013 there are no material pending legal proceedings, other than ordinary routine litigation incidental to our business, to which we or any of our subsidiaries are a party or of which any of our properties is the subject.  Also, our management is not aware of any legal proceedings contemplated by any governmental authority against us.



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


None.



ITEM 3.  DEFAULTS UPON SENIOR SECURITIES

  

None.

  


ITEM 4.  MINE SAFETY DISCLOSURES


Not applicable.            



ITEM 5.  OTHER INFORMATION


None.

 

ITEM 6.  EXHIBITS


Exhibit

Number

Exhibit

Description

31.1

Certification of the Chief Executive Officer and Chief Financial Officer Pursuant to Rule 13a-14 or 15d-14 of the Exchange Act pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1

Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema

EX-101.CAL

XBRL Taxonomy Extension Calculation Linkbase

EX-101.LAB

XBRL Taxonomy Extension Label Linkbase

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase




SIGNATURES


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



  

GALA GLOBAL INC.

 

 

(REGISTRANT)

  

 

Date:  April 15, 2013

/s/ Robert Walter Frei

 

 

Robert Walter Frei

  

 

President, Chief Executive Officer, Chief Financial Officer and Director

 

 

(Authorized Officer for Registrant)



   6