Company Quick10K Filing
Inbit
Price-0.00 EPS-0
Shares126 P/E0
MCap-0 P/FCF0
Net Debt-0 EBIT-0
TEV-0 TEV/EBIT0
TTM 2019-09-30, in MM, except price, ratios
10-K 2019-12-31 Filed 2020-03-27
10-Q 2019-09-30 Filed 2019-11-14
10-Q 2019-06-30 Filed 2019-08-12
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-03-29
10-Q 2018-09-30 Filed 2018-11-14
10-Q 2018-06-30 Filed 2018-08-14
10-Q 2018-03-31 Filed 2018-05-14
10-K 2017-12-31 Filed 2018-03-30
10-Q 2017-09-30 Filed 2017-11-13
10-Q 2017-06-30 Filed 2017-07-24
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-03-27
10-Q 2016-09-03 Filed 2016-10-13
10-Q 2016-06-30 Filed 2016-08-15
8-K 2018-06-13
8-K 2018-03-23

INBT 10K Annual Report

Part I
Item 1. Business
Item 1A. Risk Factors
Item 1B. Unresolved Staff Comments
Item 2. Properties
Item 3. Legal Proceedings
Item 4. (Removed and Reserved).
Part II
Item 5. Market for Registrant's Common Equity and Related Stockholder Matters Market Information
Item 6. Selected Financial Data
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 7A. Quantitative and Qualitative Disclosures About Market Risk
Item 8. Financial Statements
Item 9. Changes in and Disagreements with Accountants on Financial Disclosure
Item 9A. Controls and Procedures
Item 9B. Other Information.
Part III
Item 10. Directors, Executive Officers and Corporate Governance
Item 11. Executive Compensation
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
Item 13. Certain Relationships and Related Transactions
Item 14. Principal Accounting Fees and Services
Part IV
Item 15. Exhibits and Financial Statement Schedule
EX-31.1 ex31-1.htm
EX-31.2 ex31-2.htm
EX-32.1 ex32-1.htm
EX-32.2 ex32-2.htm

Inbit Earnings 2019-12-31

Balance SheetIncome StatementCash Flow
7654527211-22123-71457-120791-1701252015201620182020
Assets, Equity
193758418-2539-13496-24453-354102015201620182020
Rev, G Profit, Net Income
544653267910893-10893-32679-544652015201620182020
Ops, Inv, Fin

10-K 1 form10-k.htm

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-K

 

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

 

For the fiscal year ended December 31, 2019

 

Commission File No. 333-209497

 

INBIT CORP.

(Exact name of registrant as specified in its charter)

 

Nevada   35-2517466
(State or other jurisdiction of   (I.R.S. Employer
incorporation or organization)   Identification No.)

 

L9-02, Level 9, Brem Mall,

Jalan Jambu Mawar, Off Jalan Kepong,

52000 Kuala Lumpur, Malaysia

(Address of principal executive offices, zip code)

 

Tel: (603) 6257 0088

Fax: (603) 6242 7088

(Registrant’s telephone number, including area code)

 

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

None

 

Securities registered pursuant to section 12(g) of the Act: Common Stock, $0.001 par value

 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [  ] 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 Act. Yes [  ] 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 [  ]

 

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 during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files) Yes [  ] No [X]

 

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 registrant’s 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. [  ]

 

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

 

Large accelerated filer [  ] Accelerated filer [  ] Non-accelerated filer [  ] Smaller reporting company [X]
        (Do not check if a smaller      
        reporting company)      

 

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 Company has 5,000,000,000 shares of common stock authorized with a par value of $0.001 per share.

 

On January 6, 2016, the Company issued 5,000,000 shares of its common stock at $0.001 per share for total proceeds of $5,000. In April to June 2016, the Company issued 1,300,000 shares of its common stock at $0.02 per share for total $26,000.

 

On February 28, 2018, the Board of Directors authorized a twenty for one (20:1) forward stock split for shareholders of record as of February 28, 2018 (the “Forward Split”), to be effectuated upon the filing of our amended Articles of Incorporation. The amended Articles of Incorporation were filed with the state of Nevada on March 23, 2018. Accordingly, the Registrant’s outstanding number of shares of common stock increased correspondingly from 6,300,000 to 126,000,000. The Forward Split will not have any effect on the stated par value of the Common Stock. The Forward Stock Split became effective on April 10, 2018 (the “Effective Date”), as announced by Financial Industry Regulatory Authority (“FINRA”), whereupon the shares of common stock began trading on a split adjusted basis.

 

At December 31, 2019, the end of the Registrant’s most recently completed fiscal year, there were 126,000,000 shares of the Registrant’s common stock, par value $0.001 per share, outstanding.

 

 

 

   

 

 

INBIT CORP.

TABLE OF CONTENTS

 

    Page No.
  PART I  
Item 1. Business 3
Item 1A. Risk Factors 4
Item 1B. Unresolved Staff Commentss 4
Item 2. Properties 4
Item 3. Legal Proceedings 4
Item 4. Mine Safety Disclosure 4
     
  PART II  
     
Item 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 5
Item 6. Selected Financial Data 6
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations 6
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 6
Item 8. Financial Statements and Supplementary Data 7
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 8
Item 9A. Controls and Procedures 8
Item 9B. Other Information 9
     
  Part III  
     
Item 10. Directors, Executive Officers and Corporate Governance 10
Item 11. Executive Compensation 14
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 15
Item 13. Certain Relationships and Related Transactions, and Director Independence 15
Item 14. Principal Accounting Fees and Services 15
     
  Part IV  
     
Item 15. Exhibits and Financial Statement Schedules 16
  Signatures 17

 

1

 

 

FORWARD-LOOKING STATEMENTS

 

This Annual Report on Form 10-K of Inbit Corp., a Nevada corporation, contains “forward-looking statements,” as defined in the United States Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by terminology such as “may”, “will”, “should”, “could”, “expects”, “plans”, “intends”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of such terms and other comparable terminology. These forward-looking statements include, without limitation, statements about our market opportunity, our strategies, competition, expected activities and expenditures as we pursue our business plan, and the adequacy of our available cash resources. 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. Actual results may differ materially from the predictions discussed in these forward-looking statements. The economic environment within which we operate could materially affect our actual results. Additional factors that could materially affect these forward-looking statements and/or predictions include, among other things: the volatility of minerals prices, the possibility that exploration efforts will not yield economically recoverable quantities of minerals, accidents and other risks associated with mineral exploration and development operations, the risk that the Company will encounter unanticipated geological factors, the Company’s need for and ability to obtain additional financing, the possibility that the Company may not be able to secure permitting and other governmental clearances necessary to carry out the Company’s exploration and development plans, other factors over which we have little or no control; and other factors discussed in the Company’s filings with the Securities and Exchange Commission (“SEC”).

 

Our management has included projections and estimates in this Form 10-K, which are based primarily on management’s experience in the industry, assessments of our results of operations, discussions and negotiations with third parties and a review of information filed by our competitors with the SEC or otherwise publicly available. We caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 

All references in this Form 10-K to the “Company”, “Inbit”, “we”, “us,” or “our” are to Inbit Corp.

 

2

 

 

PART I

 

ITEM 1. BUSINESS

 

ORGANIZATION WITHIN THE LAST FIVE YEARS

 

On September 30, 2014, the Company was incorporated under the laws of the State of Nevada.

 

Viktor Zeziulia served as President, Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Chairman of the Board of Directors and Director of the Company from September 30, 2014 until October 26, 2016.

 

On October 26, 2016, Mr. Viktor Zeziulia resigned from all positions with the Company, including but not limited to, that of President, Secretary, Treasurer, Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, Chairman of the Board of Directors and Director of the Company. The resignation was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.

 

On October 26, 2016, (i) Mr. Tan Chee Hong was appointed the Company’s Director, Chief Executive Officer, Secretary (ii) Mr. Choy Cheng Choong was appointed the Company’s Director, Chief Financial Officer and Treasurer, (iii) Mr. Loke Yeu Loong was appointed the Company’s Director and President, (iv) and Mr. Zadey Che Wan Bin Abdullah Fadzil and Mr. Teo Joo Meng were appointed as Independent Directors of the Company.

 

Originally, the Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share. In year 2017, the Company increased the total number of authorized common stock from 75,000,000 to 5,000,000,000 shares.

 

On January 6, 2016, the Company issued 5,000,000 shares of its common stock at $0.001 per share for total proceeds of $5,000. In April to June 2016, the Company issued 1,300,000 shares of its common stock at $0.02 per share for total $26,000.

 

On October 27, 2016, we issued 5,000,000 existing shares of common stock to our directors.

 

On February 28, 2018, the Board of Directors authorized a twenty for one (20:1) forward stock split for shareholders of record as of February 28, 2018 (the “Forward Split”).

 

DESCRIPTION OF BUSINESS

 

Our principal offices are located at L9-02, Level 9, Brem Mall, Jalan Jambu Mawar, Off Jalan Kepong, 52000 Kuala Lumpur, Malaysia.

 

During the financial year of 2017, the Company changed its principal activities from Computer Programming Services to Investment Holding following the appointment of new Directors.

 

There have been no significant changes during the financial year other than the changes as mentioned above.

 

EMPLOYEES

 

We currently have no employees other than our directors.

 

[remainder of page intentionally left blank]

 

3

 

 

ITEM 1A. RISK FACTORS

 

As a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

 

ITEM 1B. UNRESOLVED STAFF COMMENTS

 

None.

 

ITEM 2. PROPERTIES

 

Our current business address is L9-02, Level 9, Brem Mall, Jalan Jambu Mawar, Off Jalan Kepong, 52000 Kuala Lumpur, Malaysia. Our telephone number is (603) - 6257 0088.

 

No rental expense was paid or payable for the office.

 

We believe that this space is adequate for our current needs.

 

ITEM 3. LEGAL PROCEEDINGS

 

We are not currently involved in any legal proceedings and we are not aware of any pending or potential legal actions.

 

ITEM 4. (REMOVED AND RESERVED).

 

None.

 

4

 

 

PART II

 

ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS MARKET INFORMATION

 

Since April 28, 2016, our shares of common stock have been quoted on the OTC Bulletin Board and the OTCQB, under the ticker symbol “INBT”.

 

TRANSFER AGENT

 

Our transfer agent is VStock Transfer, LLC. VStock Transfer’s address is 18 Lafayette Place, Woodmere, NY 11598 and their telephone number is (212) 828-8436.

 

HOLDERS

 

As of December 31, 2019, the Company had 126,000,000 shares of our common stock issued and outstanding held by 41 holders of record.

 

DIVIDENDS

 

Historically, we have not paid any dividends to the holders of our common stock and we do not expect to pay any such dividends in the foreseeable future as we expect to retain our future earnings for use in the operation and expansion of our business.

 

RECENT SALES OF UNREGISTERED SECURITIES

 

None.

 

SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS

 

We have not established any compensation plans under which equity securities are authorized for issuance.

 

PURCHASES OF EQUITY SECURITIES BY THE REGISTRANT AND AFFILIATED PURCHASERS

 

We did not sell any of our shares of common stock or other securities during the year ended December 31, 2019.

 

5

 

 

ITEM 6. SELECTED FINANCIAL DATA

 

As a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

 

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

RESULTS OF OPERATIONS

 

We have generated operating revenues of $21,667 since inception and have incurred $248,038 in operating expenses from inception through December 31, 2019. We incurred net losses of $70,668 and $36,105 for the years ended December 31, 2019 and 2018, respectively. Our net loss since inception (September 30, 2014) through December 31, 2019 was $227,995. The following table provides selected financial data about our company for the years ended December 31, 2019 and 2018.

 

   December 31, 2019   December 31, 2018 
Balance Sheet Data          
           
Cash and Cash Equivalents  $458   $554 
Other Receivables  $40,000   $40,334 
Total Assets  $40,458   $40,888 
Total Liabilities  $237,453   $167,215 
Shareholders’ Deficit  $(196,995)  $(126,327)

 

GOING CONCERN

 

Inbit Corp. is an investment holding company and currently has no operations. Our independent auditor has issued an audit opinion for Inbit Corp. which includes a statement raising substantial doubt as to our ability to continue as a going concern.

 

LIQUIDITY AND CAPITAL RESOURCES

 

Our cash balance at December 31, 2019 was $458 with $237,453 in outstanding liabilities. Total expenditures over the next 12 months are expected to be approximately $70,000. If we experience a shortage of funds prior to generating revenues from operations we may utilize funds from our directors, who have informally agreed to advance funds to allow us to pay for operating costs, however they have no formal commitment, arrangement or legal obligation to advance or loan funds to us. Management believes our current cash balance will not be sufficient to fund our operations for the next six months.

 

OFF-BALANCE SHEET ARRANGEMENTS

 

We have no off-balance sheet arrangements.

 

ITEM 7A. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

As a “smaller reporting company,” as defined in Rule 12b-2 of the Exchange Act, we are not required to provide the information called for by this Item.

 

6

 

 

ITEM 8. FINANCIAL STATEMENTS

 

INBIT CORP.

 

(A Development Stage Company)

 

FINANCIAL STATEMENTS

 

7

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

TOTAL ASIA ASSOCIATES PLT

(LLP0016837-LCA & AF002128)

A Firm registered with US PCAOB and Malaysian MIA

 

C-3-1, Megan Avenue 1, 189 Off Jalan Tun Razak,

50400 Kuala Lumpur, Malaysia.

Tel: (603) 2733 9989

 

To the Shareholders and Board of Directors of Inbit Corp.

 

L9-02, Level 9, Brem Mall,

Jalan Jambu Mawar, Off Jalan Kepong,

52000 Kuala Lumpur, Malaysia.

 

Opinion on the Financial Statements

 

We have audited the accompanying balance sheet of Inbit Corp. (A Development Stage “Company”) as of December 31, 2019 and 2018, and the related statements of income, stockholders’ equity, and cash flows for the year ended of December 31, 2019 and 2018, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2019 and 2018, and the results of its operations and its cash flows for the year ended December 31, 2019 and 2018, in conformity with accounting principles generally accepted in the United States of America.

 

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 audits. 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 audits 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 audits 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 audits 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 audits provide a reasonable basis for our opinion. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall consolidated financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

 

 F-1 

 

 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

(Continued)

 

TOTAL ASIA ASSOCIATES PLT

(LLP0016837-LCA & AF002128)

A Firm registered with US PCAOB and Malaysian MIA

 

C-3-1, Megan Avenue 1, 189 Off Jalan Tun Razak,

50400 Kuala Lumpur, Malaysia.

Tel: (603) 2733 9989

 

Going Concern

 

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1, the Company have working capital deficiency of $196,995 and has accumulated losses of $227,995. These matters raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 1 to the financial statements. These financial statements do not include any adjustments that might result from the outcome of this uncertainty.

 

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

 

 

/s/ Total Asia Associates PLT

 
TOTAL ASIA ASSOCIATES PLT  
 
Kuala Lumpur, Malaysia  
   
March 26, 2020  

 

 F-2 

 

 

INBIT CORP.

(A Development Stage Company)

 

BALANCE SHEET AS OF DECEMBER 31, 2019 and 2018

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

(Audited)

 

   December 31, 2019   December 31, 2018 
   - $ -   - $ - 
ASSETS          
Current assets          
Cash   458    554 
Deposit   40,000    40,334 
Total assets   40,458    40,888 
           
LIABILITIES          
Current liabilities          
Accrued liabilities   14,181    10,232 
Amount owing to directors   46,192    46,192 
Amount owing to shareholders   175,875    110,791 
Amount owing to related party   1,205    - 
Total liabilities   237,453    167,215 
           
STOCKHOLDERS’ EQUITY/(DEFICIT)          
Common stock          
Authorized:          
Common stock, $0.001 par value, 5,000,000,000 shares authorized; 126,000,000 shares issued and outstanding as at December 31, 2019 and December 31, 2018 respectively    6,300    6,300 
Additional paid in capital   24,700    24,700 
Deficit accumulated during the development stage   (227,995)   (157,327)
Total stockholders’ deficit   (196,995)   (126,327)
Total liabilities and stockholders’ equity   40,458    40,888 

 

The accompanying notes are an integral part of these financial statements

 

 F-3 

 

 

INBIT CORP.

(A Development Stage Company)

 

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

FOR YEARS ENDED DECEMBER 31, 2019 and 2018

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

(Audited)

 

           Period from 
           September 30, 
   Year ended   Year ended   2014 (Inception) to 
   December 31, 2019   December 31, 2018   December 31, 2019 
   - $ -   - $ -   - $ - 
             
Revenue   -    17,167    21,667 
COGS   -    (13,057)   (13,057)
Other income   -    -    11,433 
Operating expenses               
General and administrative expenses   (70,668)   (40,215)   (248,038)
Net loss from operations   (70,668)   (36,105)   (227,995)
Net loss   (70,668)   (36,105)   (227,995)
Basic and diluted net loss per share   (0.00)   (0.00)     
Weighted average number of shares outstanding   126,000,000    126,000,000      

 

The accompanying notes are an integral part of these financial statements

 

 F-4 

 

 

INBIT CORP.

(A Development Stage Company)

 

STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

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

(Audited)

 

               Deficit     
               Accumulated     
           Additional   During     
           Paid-in   Development     
   Common Stock   Capital   Stage   Total 
   Number   -$-   -$-   -$-   -$- 
                     
Balance, September 30, 2014 (Inception)   -    -    -    -    - 
Net loss   -    -    -    (325)   (325)
Balance, December 31, 2014   -    -    -    (325)   (325)
Net loss   -    -    -    (700)   (700)
Balance, December 31, 2015   -    -    -    (1,025)   (1,025)
Common stock issued for cash at $0.001 per share   5,000,000    5,000    -    -    5,000 
Common stock issued for cash at $0.02 per share   1,300,000    1,300    24,700    -    26,000 
Net loss   -    -    -    (34,479)   (34,479)
Balance, December 31, 2016   6,300,000    6,300    24,700    (35,504)   (4,504)
Net loss   -    -    -    (85,718)   (85,718)
Balance, December 31, 2017   6,300,000    6,300    24,700    (121,222)   (90,222)
Common stock forward split (20:1)   119,700,000    -    -    -    - 
Net loss   -    -    -    (36,105)   (36,105)
Balance, December 31, 2018   126,000,000    6,300    24,700    (157,327)   (126,327)
Net loss   -    -    -    (70,668)   (70,668)
Balance, December 31, 2019   126,000,000    6,300    24,700    (227,995)   (196,995)

 

The accompanying notes are an integral part of these financial statements

 

 F-5 

 

 

INBIT CORP.

(A Development Stage Company)

 

STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2019 and 2018

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

(Audited)

 

           Period from 
           September 30, 
   Year ended   Year ended   2014 (Inception) to 
   December 31, 2019   December 31, 2018   December 31, 2019 
   - $ -   - $ -   - $ - 
             
CASH FLOWS FROM OPERATING ACTIVITIES               
Net loss   (70,668)   (36,105)   (227,995)
Adjustments for:               
Depreciation   -    -    350 
Equipment written off   -    -    1,750 
Adjustments to reconcile net loss to net cash used in operating activities:               
Changes in:               
Accrued liabilities   3,897    (1,003)   14,181 
Current assets   386    (40,334)   (40,000)
NET CASH USED IN OPERATING ACTIVITIES   (66,385)   (77,442)   (251,714)
                
CASH FLOWS FROM INVESTING ACTIVITIES               
Purchase of equipment   -    -    (2,100)
NET CASH USED IN INVESTING ACTIVITIES   -    -    (2,100)
                
CASH FLOWS FROM FINANCING ACTIVITIES               
Repayment of loan from shareholder   -    -    (1,075)
Repayment to related party        (78,987)   (156,983)
Proceeds from sale of common stock   -    -    31,000 
Proceeds from loan from directors        46,192    46,192 
Proceeds from loan from shareholder   65,084    110,791    176,950 
Proceeds from related party   1,205    -    158,188 
 NET CASH PROVIDED BY FINANCING ACTIVITIES   66,289    77,996    254,272 
                
NET INCREASE IN CASH   (96)   554    458 
CASH, BEGINNING OF YEAR/PERIOD   554    -    - 
CASH, END OF YEAR/PERIOD   458    554    458 
                
Supplemental cash flow information:               
Interest paid   -    -    - 
Income taxes paid   -    -    - 

 

The accompanying notes are an integral part of these financial statements

 

 F-6 

 

 

INBIT CORP.

(A Development Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

 

1. NATURE OF OPERATIONS

 

The Company was incorporated in the State of Nevada on September 30, 2014 and its year-end is December 31. The Company is a development stage company and is currently seeking new business opportunities.

 

Going concern

 

These financial statements have been prepared on a going concern basis. The Company has incurred losses since inception resulting in an accumulated deficit of $227,995 at December 31, 2019 and further losses are anticipated in the development of its business raising substantial doubt about the Company’s ability to continue as a going concern. Its ability to continue as a going concern is dependent upon the ability of the Company to generate profitable operations in the future and/or to obtain the necessary financing to meet its obligations and repay its liabilities arising from normal business operations when they come due. Management has plans to seek additional capital through a private placement of its common stock or further director loans as needed. These financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event the Company cannot continue.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

These financial statements are presented in United States dollars and have been prepared in accordance with United States generally accepted accounting principles.

 

Use of estimates and assumptions

 

The preparation of financial statements in conformity with generally accepted accounting principles 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 amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are readily apparent from other sources. The actual results experienced by the Company may differ materially from the Company’s estimates. To the extent there are material differences, future results may be affected. Estimates used in preparing these financial statements include the carrying value of the equipment, deferred income tax amounts, rates and timing of the reversal of income tax differences.

 

Loss per common share

 

Basic earnings per share includes no dilution and is computed by dividing income available to common stockholders by the weighted average number of common shares outstanding for the period. Dilutive earnings per share reflect the potential dilution of securities that could share in the earnings of the Company. Because the Company does not have any potentially dilutive securities, diluted loss per share is equal to the basic loss per share.

 

 F-7 

 

 

INBIT CORP.

(A Development Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

 

Comprehensive Loss

 

For all periods presented, the Company has no items that represent a comprehensive loss and, therefore, has not included a statement of comprehensive loss in these financial statements.

 

Financial instruments

 

The fair value of the Company’s financial instruments consisting of accounts payable and amount owing to related party approximate their carrying values due to the immediate or short-term maturity of these financial instruments. The Company operates in Malaysia and therefore is exposed to foreign exchange risk. It is the management’s opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.

 

Income taxes

 

Deferred income taxes are provided for tax effects of temporary differences between the tax basis of asset and liabilities and their reported amounts in the financial statements. The Company uses the liability method to account for income taxes, which requires deferred taxes to be recorded at the statutory rate expected to being in effect when the taxes are paid. Valuation allowances are provided for a deferred tax asset when it is more likely than not that such asset will not be realized.

 

Management evaluates tax positions taken or expected to be taken in a tax return. The evaluation of a tax position includes a determination of whether a tax position should be recognized in the financial statements, and such a position should only be recognized if the Company determines that it is more likely than not that the tax position will be sustained upon examination by the tax authorities, based upon the technical merits of the position. For those tax positions that should be recognized, the measurement of a tax position is determined as being the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement.

 

Stock-based compensation

 

The Company has not adopted a stock option plan and therefore has not granted any stock options. Accordingly, no stock-based compensation has been recorded to date.

 

Foreign Currency Translation

 

Foreign denominated monetary assets and liabilities are translated to their United States dollar equivalents using foreign exchange rates which prevailed at the balance sheet date. Expenses are translated at average rates of exchange during the period. Related translation adjustments are reported as a separate component of stockholders’ equity, whereas gains or losses resulting from foreign currency transactions are included in the results of operations.

 

Recent Accounting Pronouncements

 

The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and 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.

 

 F-8 

 

 

INBIT CORP.

(A Development Stage Company)

NOTES TO THE FINANCIAL STATEMENTS

 

3. DUE TO DIRECTORS

 

The amounts are unsecured, bear no interest and are payable on demand.

 

4. DUE TO SHAREHOLDERS

 

The amounts are unsecured, bear no interest and are payable on demand.

 

5. DUE TO RELATED PARTY

 

The amounts are unsecured, bear no interest and are payable on demand.

 

6. INCOME TAXES

 

As of December 31, 2019, the Company has estimated tax loss carry forwards for tax purpose of approximately $227,995. These amounts may be applied against future taxable income. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization has not been determined to be more likely than not to occur.

 

The actual income tax provisions differ from the expected amounts calculated by applying the statutory income tax rate to the Company’s loss before income taxes. The components of these differences are as follows:

 

   2019   2018 
Loss before income tax  $70,668   $36,105 
Statutory tax rate   34%   34%
Expected recovery of income taxes at standard rates   24,027    12,276 
Change in valuation allowance   (24,027)   (12,276)
Income tax provision  $-   $- 
Components of deferred tax asset:          
Non-capital tax loss carry forwards  $77,518   $53,491 
Less: valuation allowance   (77,518)   (53,491)
Net deferred tax asset  $-   $- 

 

The Company has filed income tax returns since inception in the United States. Both taxing authorities prescribe penalties for failing to file certain tax returns and supplemental disclosure. Upon filing there could be penalties on interest assessed. Such penalties vary by jurisdiction and by assessing practices and authorities. As the Company has incurred losses since inception there would be no known or anticipated exposure to penalties for income tax liability. However, certain jurisdictions may assess penalties for failing to file returns and other disclosures and for failing to file other supplemental information associated with foreign ownership, debt and equity position. Inherent uncertainties arise over tax positions taken with respect to transfer pricing, related party transactions, tax credits, tax based incentives and stock based transactions. Management has considered the likelihood and significance of possible penalties associated with its current and intended filing positions and has determined, based on their assessment, that such penalties, if any, would not be expected to be material.

 

7. SUBSEQUENT EVENTS

 

In accordance with ASC 855, Subsequent Events, the Company has evaluated subsequent events through the date of issuance of the audited financial statements.

 

 F-9 

 

 

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON FINANCIAL DISCLOSURE

 

None.

 

ITEM 9A. CONTROLS AND PROCEDURES

 

DISCLOSURE CONTROLS AND PROCEDURES

 

Under the supervision and with the participation of our management, including our principal executive officer and the principal financial officer, we are responsible for conducting an evaluation of the effectiveness of the design and operation of our internal controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as of the end of the fiscal year covered by this report. Disclosure controls and procedures means that the material information required to be included in our Securities and Exchange Commission (“SEC”) reports is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms relating to our company, including any consolidating subsidiaries, and was made known to us by others within those entities, particularly during the period when this report was being prepared. Based on this evaluation, our principal executive and principal financial officer concluded as of December 31, 2019, that our disclosure controls and procedures were not effective.

 

The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (1) lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (2) inadequate segregation of duties consistent with control objectives, resulting a lack of proper segregation of duties necessary to insure that all transactions are accounted for accurately and in a timely manner.; (3) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by our principal financial officer in connection with the review of our financial statements as of December 31, 2019.

 

Management believes that the material weaknesses set forth in items (2) and (3) above did not have an effect on our financial results. However, management believes that the lack of a functioning audit committee and the lack of a majority of outside directors on our board of directors results in ineffective oversight in the establishment and monitoring of required internal controls and procedures, which might result in a material misstatement in our financial statements in future periods.

 

8

 

 

MANAGEMENT’S ANNUAL REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

 

As of December 31, 2019, management assessed the effectiveness of our internal control over financial reporting. The Company’s management is responsible for establishing and maintaining adequate internal control over financial reporting for the Company. Internal control over financial reporting is defined in Rule 13a-15(f) or 15d-15(f) promulgated under the Securities Exchange Act of 1934, as amended, as a process designed by, or under the supervision of, the Company’s principal executive officer and principal financial officer effected by the Company’s Board of Directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles in the United States of America and includes those policies and procedures that:

 

  Pertain to the maintenance of records that in reasonable detail accurately and fairly reflect our transactions and dispositions of our assets;
     
  Provide reasonable assurance our transactions are recorded as necessary to permit preparation of our financial statements in accordance with GAAP, and that receipts and expenditures are being made only in accordance with authorizations of our management and directors; and
     
  Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statement.

 

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. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Because of the inherent limitations of internal control, there is a risk that material misstatements may not be prevented or detected on a timely basis by internal control over financial reporting. However, these inherent limitations are known features of the financial reporting process. Therefore, it is possible to design into the process safeguards to reduce, though not eliminate, this risk.

 

In evaluating the effectiveness of our internal control over financial reporting, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) in Internal Control – Integrated Framework (2013) and SEC guidance on conducting such assessments. Management’s assessment included an evaluation of the design of our internal control over financial reporting and testing of the operational effectiveness of these controls. Based on this assessment, management has concluded that as of December 31, 2019, our internal control over financial reporting was not effective to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally accepted accounting principles. The matters involving internal controls and procedures that our management considered to be material weaknesses under the standards of the Public Company Accounting Oversight Board were: (i) lack of a functioning audit committee due to a lack of a majority of independent members and a lack of a majority of outside directors on our board of directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures; (ii) inadequate segregation of duties consistent with control objectives; and (iii) ineffective controls over period end financial disclosure and reporting processes. The aforementioned material weaknesses were identified by our principal financial officer and principal accounting officer, in connection with the review of our financial statements as of December 31, 2019.

 

In an effort to remediate the identified material weaknesses and other deficiencies and enhance our internal controls, we have initiated, or plan to initiate, the following series of measures:

 

  1. We plan to appoint one or more outside directors to our board of directors who shall be appointed to an audit committee resulting in a fully functioning audit committee who will undertake the oversight in the establishment and monitoring of required internal controls and procedures such as reviewing and approving estimates and assumptions made by management when funds are available to us.
     
  2. We plan to create a position to segregate duties consistent with control objectives and will increase our personnel resources and technical accounting expertise within the accounting function when funds are available to us. The accounting personnel is responsible for reviewing the financing activities, facilitate the approval of the financing, record the information regarding the financing, and submit SEC filing related documents to our legal counsel in order to comply with the filing requirements of SEC.
     
  3. We plan to prepare written policies and procedures for accounting and financial reporting to establish a formal process to close our books monthly on an accrual basis and account for all transactions, including equity and debt transactions.

 

We anticipate that these initiatives will be at least partially, if not fully, implemented by the end of fiscal year 2019.

 

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING.

 

There were no changes in the Company’s internal control over financial reporting for the year ended December 31, 2019 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

 

ITEM 9B. OTHER INFORMATION.

 

None.

 

9

 

 

PART III

 

ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

 

Our executive officer’s and director’s and their respective age’s as of the date of this annual report on March 20, 2020 are as follows:

 

Name   Age   Positions and Offices
         
Tan Chee Hong   51   CEO, Secretary, Chairman, Director
Choy Cheng Choong   59   CFO, Treasurer, Director
Loke Yeu Loong   56   President, Director
Teo Joo Meng   59   Director
Zadey Che Wan Bin Abdullah Fadzil   42   Director

 

The executive officers and directors named above will serve until the next annual meeting of the stockholders or until their respective resignation or removal from office. Thereafter, directors are anticipated to be elected for one-year term at the annual stockholders’ meeting. Officers will hold their positions at the pleasure of the Board of Directors, absent any employment agreement, of which none currently exists or is contemplated.

 

Set forth below is a brief description of the background and business experience of our executive officers and directors.

 

Tan Chee Hong - Chief Executive Officer, Secretary, Chairman of the Board, Director

 

Mr. Tan Chee Hong graduated from University of Science Malaysia with a Bachelor of Science degree in Business Management. In addition, he obtained his MBA from University of Portsmouth, UK in 1998. He is a Secretary General in Malaysia Bird’s Nest Upstream and Downstream Industry Association. Also, he is the advisor for Youth Entrepreneurs Society, the University Nottingham Malaysia.

 

From 1994 to 2003, Mr. Tan has 11 years of experience with one of the leading Japanese conglomerate company, Nagase & Co Ltd, for corporate and strategic planning, regional business development in Asia Pacific and held key executive positions in managing cross border business and had served in various overseas portfolios in Tokyo, Shanghai and Singapore. From 2003 to 2005, he was the CEO of Lexxus Biotech (M) Sdn Bhd, the subsidiary company of DTH Corporation, being one of the first bioinformatics company in the country, frontier in project management with local research & development institutions. With vast experience in international trade for industrial business of specialty chemicals, electronics, semiconductor, engineering plastics, healthcare medical and biotechnology, he has forged key technical alliance with foreign biotechnology company to manage and lead the Malaysian research and development operations for pharmaceuticals industry. Since 2009, Mr. Tan was the Executive Director of Swiftlet Eco Park Holdings Sdn Bhd, the Group Executive Director and Chief Executive Officer for Swiftlet Eco Park Berhad, RBN Global Berhad, Royal Bird’s Nest Sdn Bhd, RBN Aesthetic Wellness Sdn Bhd, the members of Swiftlet Eco Park Group of Companies, leads and manages the global business growth and cross border business development of the Group.

 

Mr. Tan’s experience in leadership and business development as well as his academic background, has led the Board of Directors to reach the conclusion that he should serve as a Director and Chief Executive Officer of the Company. On October 26, 2016, Mr. Tan was appointed as the Chief Executive Officer and Director of the Company.

 

Choy Cheng Choong - Chief Financial Officer, Treasurer, Director

 

Mr Choy Cheng Choong obtained his professional accounting qualification from the Chartered Institute of Management Accountants (CIMA) in United Kingdom lrl.1992. He is a Fellow Member of the CIMA, the highest grade of membership that a professional can achieve.

 

From May 1989 to September 1995, Mr. Choy joined Pico International (M) Sdn Bhd as Group Finance & Administration Manager where he was overall responsible for Pico Group of Companies finance and administrative functions with annual turnover of about RM40 million. Since 2009, Mr Choy served as a Director in Swiftlet Eco Park Holdings Sdn Bhd.

 

10

 

 

Mr. Choy’s financial background and his professional qualification as well as his business experience, has led the Board of Directors to reach the conclusion that he should serve as a Director and Chief Financial Officer of the Company. On October 26, 2016, Mr. Choy was appointed as the Chief Financial Officer of the Company.

 

Loke Yeu Loong – President, Director

 

Mr. Loke Yeu Loong joined Naga Sakti Sdn Bhd as Operations Manager in 1986, responsible for all the sales, marketing and administration activities. Naga Sakti Sdn Bhd is a joint venture between Sg Gadut Development Sdn Bhd and Blue Circle Group U.K one of the world’s largest manufacturer of allied building products. In 1990, Mr. Loke joined MBF Property Services as Senior Manager responsible for property development projects in Penang and the Klang Valley. He was subsequently posted to Johor as Head of Sales & Marketing for the southern region. He has managed over twenty property development projects and oversee the Sales & Marketing team. From 1995 to 2004, he was appointed as the Chief Operating Officer and Executive Director of DTH Corporation Group of Company. His responsibility was to oversee and lead the operation of the organization, business development and cross border development. Since 2009, Mr. Loke was appointed as the Group Managing Director of Swiftlet Eco Park Group of Companies and Bio Perak Sdn Bhd. Bio Perak Sdn Bhd is a joint venture company with the Perak State Development Corporation and it acts as the Promoter of Biotechnology Industry for The State Government of Perak. His responsibility as Managing Director was to oversee the management team and direct the activities and productivity of the entire group.

 

Mr. Loke is a member of the Working Group on Good Animal Husbandry practice (GAHP) for Edible-Nest Swiftlet Ranching, with SIRIM Berhad, assisting in the formulation of industrial standard, for the Industry Standards Committee (ISC). He has also attended Swiftlet Ranching Industry Workshop organized by Department of Veterinary Services, Ministry of Agriculture & Agro-Based Industry Malaysia, by setting up of guidelines of Swiftlet Ranching Industry for Malaysia.

 

Mr. Loke’s experience in business and corporate management, has led the Board of Directors to reach the conclusion that he should serve as a Director of the Company. On October 26, 2016, Mr. Loke was appointed as the President and the Director of the Company.

 

Teo Joo Meng – Director

 

Mr. Teo Joo Meng, obtained his Master in Business Management (MBA) from the Shu-Te University of Taiwan in 2010.

 

Mr. Teo served as a Non-Executive Director of Swiftlet Eco Park Holdings Sdn Bhd. He has been engaged in research, training and manufacturing for his passion in cosmetic and skin care industry for more than 20 years of experience. He has had also held various senior management, clinical and research appointments in various niche healthcare sectors over the past several years, in Malaysia and abroad. He was instrumental in establishing the fundamental requirement and design the framework of the set-up of aesthetic wellness business in the Group.

 

Mr. Teo’s experience in cosmetic and skin care industry has led the Board of Directors to reach the conclusion that he should serye as a Director of the Company. On October 26, 2016, Mr. Teo was appointed as the Director of the Company.

 

Zadey Che Wan Bin Abdullah Fadzil – Director

 

Mr. Zadey Che Wan Bin Abdullah Fadzil, completed his diploma in Architectural Technology with Lim Kong Wing Institute of Creative Technology in year 1999. In 2003, he obtained his degree in Information Technology from Help Institute Kuala Lumpur.

 

In year 2004, Mr. Zadey Che Wan Bin Abdullah Fadzil was the head of customer service, sales & marketing department of Mango Dot Net Sdn Bhd, a broadband service company. His main responsibility is overseeing and leading the customer service department and sales & marketing department. Since year 2006, he serves as an executive director in Perak Communication Technology Sdn Bhd and Perak Integrated Networking Services Sdn Bhd. He is responsible for establishing excellent rapport with the State Government officers, Local Authority officers, Telcos officers and External Technical Agency officers to smoothen and to complete the whole operations of submission, permitting and legalization process and carry out the functions as a “One Stop Centre” and facilitator for the compliance submission for location and construction of new Infrastructures on behalf of the State Government and telecommunication providers with other state agencies or other relevant authorities. ln 2016, he served as a director in Swiftlet Eco Park Bhd. His responsibility is to oversee and manage the business operation of the company.

 

Mr. Zadey Che Wan Bin Abdullah Fadzil’s experience in management and marketing has led the Board of Directors to reach the conclusion that he should serve as a Director of the Company. On October 26, 2016, Mr. Zadey Che Wan Bin Abdullah Fadzil was appointed as the Director of the Company.

 

The Company has not entered into any material plan, contract or arrangement (whether or not written) with any of the new officers or directors appointed on October 26, 2016.

 

11

 

 

TERM OF OFFICE

 

All directors hold office until the next annual meeting of the stockholders of the Company and until their successors have been duly elected and qualified. The Company’s Bylaws provide that the Board of Directors will consist of no less than three members. Officers are elected by and serve at the discretion of the Board of Directors.

 

CERTAIN LEGAL PROCEEDINGS

 

No director, nominee for director, or executive officer of the Company has appeared as a party in any legal proceeding material to an evaluation of his ability or integrity during the past three years.

 

SIGNIFICANT EMPLOYEES AND CONSULTANTS

 

Other than our officers and directors, we currently have no other significant employees.

 

AUDIT COMMITTEE AND CONFLICTS OF INTEREST

 

Since we do not have an audit or compensation committee comprised of independent directors, the functions that would have been performed by such committees are performed by our directors. The Board of Directors has not established an audit committee and does not have an audit committee financial expert, nor has the Board of Directors established a nominating committee. The Board is of the opinion that such committees are not necessary since the Company is an early exploration stage company and has only two independent directors, and to date, such directors have been performing the functions of such committees. Thus, there is a potential conflict of interest in that our directors and officers have the authority to determine issues concerning management compensation, nominations, and audit issues that may affect management decisions.

 

There are no family relationships among our directors or officers. Other than as described above, we are not aware of any other conflicts of interest with any of our executive officers or directors.

 

12

 

 

SECTION 16(A) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

 

Section 16(a) of the Securities Exchange Act of 1934 requires our executive officers and directors, and persons who own more than ten percent of a registered class of our equity securities, file reports of ownership and changes in ownership with the SEC. Executive officers, directors and greater-than-ten percent stockholders are required by SEC regulations to furnish us with all Section 16(a) forms they file. Specific due dates for these reports have been established and the Company is required to report in this report any failure to file by these dates.

 

All of these filing requirements were satisfied by the Company’s Officers, Directors, and ten-percent holders.

 

In making these statements, we have relied on the written representation of our Directors and Officers or copies of the reports that they have filed with the Commission.

 

CODE OF ETHICS

 

The Company has adopted a code of ethics that applies to its principal executive officers, principal financial officer, principal accounting officer or controller, or persons performing similar functions.

 

13

 

 

ITEM 11. EXECUTIVE COMPENSATION

 

The following tables set forth certain information about compensation paid, earned or accrued for services by our Chief Executive Officer and all other executive officers (collectively, the “Named Executive Officers”) in the fiscal years ended December 31, 2019:

 

SUMMARY COMPENSATION TABLE

 

The table below summarizes all compensation awarded to, earned by, or paid to our former Officers for all services rendered in all capacities to us as of the year ended December 31, for the fiscal year ended as indicated.

 

Name and              Stock   Option   Non-Equity
Incentive
Plan
   Non-qualified
Deferred
   All Other     
Principal      Salary   Bonus   Awards   Awards   Compensation   Compensation   Compensation   Total 
Position  Year   ($)   ($)   ($)   ($)   ($)   ($)   ($)   ($) 
                                     
Tan Chee Hong (1)   2019    0    0    0    0    0    0    0    0 
                                              
Choy Cheng Choong (2)   2019    0    0    0    0    0    0    0    0 
                                              
Loke Yeu Loong (3)   2019    0    0    0    0    0    0    0    0 
                                              
Teo Joo Meng (4)   2019    0    0    0    0    0    0    0    0 
                                              
Zadey Che Wan Bin
Abdullah Fadzil (5)
   2019    0    0    0    0    0    0    0    0 

 

(1) CEO, Secretary, Chairman, Director
   
(2) CFO, Treasurer, Director
   
(3) President, Director
   
(4) Director
   
(5) Director

 

None of our directors have received monetary compensation since our inception to the date of this Annual Report on Form 10-K. We currently do not pay any compensation to our directors serving on our board of directors.

 

STOCK OPTION GRANTS

 

We have not granted any stock options to the executive officers since our inception. Upon the further development of our business, we will likely grant options to directors and officers consistent with industry standards.

 

EMPLOYMENT AGREEMENTS

 

The Company is not a party to any employment agreement and has no compensation agreement with any of its officers and directors.

 

14

 

 

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

 

The following table lists, as of December 31, 2019, the number of shares of common stock of our Company that are beneficially owned by (i) each person or entity known to our Company to be the beneficial owner of more than 5% of the outstanding common stock; (ii) each officer and director of our Company; and (iii) all officers and directors as a group. Information relating to beneficial ownership of common stock by our principal shareholders and management is based upon information furnished by each person using “beneficial ownership” concepts under the rules of the Securities and Exchange Commission. Under these rules, a person is deemed to be a beneficial owner of a security if that person has or shares voting power, which includes the power to vote or direct the voting of the security, or investment power, which includes the power to vote or direct the voting of the security. The person is also deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Under the Securities and Exchange Commission rules, more than one person may be deemed to be a beneficial owner of the same securities, and a person may be deemed to be a beneficial owner of securities as to which he or she may not have any pecuniary beneficial interest. Except as noted below, each person has sole voting and investment power.

 

The percentages below are calculated based on 126,000,000 shares of our common stock issued and outstanding as of December 31, 2019. We do not have any outstanding warrant, options or other securities exercisable for or convertible into shares of our common stock.

 

   Name and Address  Number of Shares   Percent of 
Title of Class  of Beneficial Owner  Owned Beneficially   Class Owned 
            
Common Stock:  Tan Chee Hong          
   CEO, Secretary, Chairman and Director          
   229-A Kg Lapan, Bacang, 75200 Melaka,   12,795,699    10.1%
   Malaysia          
              
Common Stock:  Choy Cheng Choong          
   CFO, Treasurer and Director          
   26,Jalan Sri Hartamas 12, Sri Hartamas, 50480   10,903,226    8.6%
   Kuala Lumpur, Malaysia          
              
Common Stock:  Loke Yeu Loong          
   President and Director          
   No. 15 Jalan l/l42, Taman Orkid Desa, 56000   17,000,000(1)   13.5%
   Kuala Lumpur, Malaysia          
              
Common Stock:  Teo Joo Meng          
   Director   4,301,075    3.4%
   1, Jalan Kuning Muda 6, Taman Pelangi, 80400          
   Johor Bahru, Malaysia          
              
Common Stock:  Zadey Che Wan Bin Abdullah Fadzil          
   Director   23,000,000(2)   18.2%
   1, Lorong Bayu Nyaman A, Country Heights,          
   43000 Kajang, Selangor, Malaysia          
              
Common Stock:  Fatimah Binti Abdillah          
   Istana Al-Muktafi Billah, 20400 Kuala   10,000,000    7.9%
   Terengganu, Malaysia          

 

l) Mr. Loke Yeu Loong’s 17,000,000 shares held in the name of Grade Competence Sdn Bhd, an entity beneficially owned and controlled by Mr. Loke Yeu Loong and his wife, Liau Kuan Mee.

 

2) Zadey Che Wan Bin Abdullah Fadzil’s 23,000,000 shares include 3,000,000 held in his own name, and an additional 10,000,000 shares held in the name of his father, Abdullah Fadzil Bin Che Wan, who lives in the same household, and an additional 10,000,000 shares held in the name of Abdullah Fadzil Che Wan Holdings Sdn Bhd, an entity beneficially owned and controlled by Mr. Abdullah Fadzil Bin Che Wan and his wives.

 

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

 

None.

 

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

 

For the year ended December 31, 2019 the total fees charged to the Company for audit services, including quarterly reviews were $9,512 (2018: $10,000), for audit-related services were $0 (2018: $0) and for tax services and other services were $675 (2018:$500) and $0 (2018: $0), respectively.

 

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PART IV

 

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULE

 

(a) The following Exhibits, as required by Item 601 of Regulation SK, are attached or incorporated by reference, as stated below.

 

Number   Description
     
3.1   Articles of Incorporation*
     
3.2   Bylaws*
     
31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1   Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2   Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS **   XBRL Instance Document
     
101.SCH **   XBRL Taxonomy Extension Schema Document
     
101.CAL **   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF **   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB **   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE **   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Incorporated by reference to the Registrant’s Form S-1 (File No. 333-209497), filed with the Commission on February 11, 2016.

 

** 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.

 

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SIGNATURES

 

In accordance with Section 13 or 15(d) of the Securities Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  INBIT CORP.
  (Name of Registrant)
Date: March 26, 2020 By: /s/ TAN CHEE HONG
  Name: TAN CHEE HONG
  Title: Chief Executive Officer and Chairman
     
Date: March 26, 2020 By: /s/ CHOY CHENG CHOONG
  Name: CHOY CHENG CHOONG
  Title: Chief Financial Officer and Treasurer

 

 

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EXHIBIT INDEX

 

Number   Description
     
3.1   Articles of Incorporation*
     
3.2   Bylaws*
     
31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
     
32.1   Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2   Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
101.INS **   XBRL Instance Document
     
101.SCH **   XBRL Taxonomy Extension Schema Document
     
101.CAL **   XBRL Taxonomy Extension Calculation Linkbase Document
     
101.DEF **   XBRL Taxonomy Extension Definition Linkbase Document
     
101.LAB **   XBRL Taxonomy Extension Label Linkbase Document
     
101.PRE **   XBRL Taxonomy Extension Presentation Linkbase Document

 

* Incorporated by reference to the Registrant’s Form S-1 (file no. 333-209497), filed with the Commission on February 11, 2016.

 

** 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.

 

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