Company Quick10K Filing
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Peptide Technologies
10-Q 2019-06-30 Quarter: 2019-06-30
10-K 2019-03-31 Annual: 2019-03-31
10-Q 2018-12-31 Quarter: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-K 2018-03-31 Annual: 2018-03-31
10-Q 2017-12-31 Quarter: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-K 2014-11-30 Annual: 2014-11-30
10-Q 2014-08-31 Quarter: 2014-08-31
10-Q 2014-05-31 Quarter: 2014-05-31
10-Q 2014-02-28 Quarter: 2014-02-28
10-K 2013-11-30 Annual: 2013-11-30
8-K 2018-12-03 Officers
8-K 2018-04-10 Officers
8-K 2018-03-16 Officers
CA CA 15,562
SHMP NaturalShrimp 45
KNWN Know Labs 30
BXNG Bang Holdings 12
TAKD Transakt 7
CCSB Community Savings Bancorp 6
IGEN Igen Networks 3
MBCC Mission Broadcasting 0
BLSP Blue Sphere 0
SWTX SpringWorks 0
PEPT 2019-06-30
Part I
Item 1. Financial Statements
Note 1 - Nature of Operations
Note 2 - Basis of Presentation of Interim Financial Statements
Note 3 - Going Concern
Note 4 -Significant Accounting Policies
Note 5 - Related Party Transactions
Note 6 - Commitments and Contingencies
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
Item 1. Legal Proceedings
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds Securities
Item 3. Defaults Upon Senior Securities
Item 4. Mining Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 exhibit31-1.htm
EX-31.2 exhibit31-2.htm
EX-32.1 exhibit32-1.htm
EX-32.2 exhibit32-2.htm

Peptide Technologies Earnings 2019-06-30

PEPT 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q 1 form10q.htm QUARTERLY REPORT FOR THE PERIOD ENDED JUNE 30, 2019 Filed by Avantafile.com - Peptide Technologies, Inc. - Form 10-Q

 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2019

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT

 

Commission File No. 000-53230


 

PEPTIDE TECHNOLOGIES, INC.

(Exact name of registrant as specified in its charter)

 

 

Nevada

 

98-0479983

(State or other jurisdiction of

 

(IRS Employer

incorporation or organization)

 

Identification No.)

 

5348 Vegas Drive #177

Las Vegas, NV 89108

(Address of principal executive offices)

 

(702) 948-8893

Registrant’s telephone number, including area code

 

Indicate by check mark whether the Registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days:

Yes [  ] No [X]

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yes [X] No [  ]


 

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

 

Large accelerated filer

[  ]

Accelerated filer

[   ]

Non–Accelerated filer

[  ]

Smaller reporting company

[X]

 

 

Emerging growth company

[   ]

 

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

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b–2 of the Exchange Act).

Yes [  ] No [X]

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

  

Class

 

Outstanding at July 15, 2019

Common stock, $0.001 par value

 

127,112,660


 

 PEPTIDE TECHNOLOGIES, INC.

INDEX TO FORM 10-Q FILING

FOR THE THREE MONTHS ENDED JUNE 30, 2019 AND 2018

TABLE OF CONTENTS

 

 

PAGE

PART I - FINANCIAL INFORMATION

 

     

Item 1.

Financial Statements (Unaudited)

1

     

 

Balance Sheets

2

     

 

Statements of Operations

3

     

 

Statements of Cash Flows

4

     
  Statements of Stockholders’ Deficit 5
     

 

Notes to Financial Statements

6

     

Item 2.

Management Discussion & Analysis of Financial Condition and Results of Operations

8

     

Item 3

Quantitative and Qualitative Disclosures About Market Risk

10

     

Item 4.

Controls and Procedures

10

     

PART II - OTHER INFORMATION

 

     

Item 1.

Legal Proceedings

13

     

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

13

     

Item 3.

Defaults Upon Senior Securities

13

     

Item 4.

Mining Safety Disclosures

13

     

Item 5

Other Information

13

     

Item 6.

Exhibits

13

     

CERTIFICATIONS

 

     

31.1

Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act

 

     

31.2

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act

 

     

32.1

Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act

 

     

32.2

Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act

 


PART I

FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

The accompanying interim financial statements have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, cash flows, and stockholders’ equity in conformity with accounting principles generally accepted in the United States of America. Except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2019. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included, and all such adjustments are of a normal recurring nature. Operating results for the three months ended June 30, 2019 are not necessarily indicative of the results that can be expected for the year ending March 31, 2020.

1


 PEPTIDE TECHNOLOGIES, INC.

BALANCE SHEETS

(UNAUDITED)

 

  June 30, 2019   March 31, 2019  
ASSETS            
             
Current Assets            
Cash and equivalents $ 138,098   $ 88,546  
Prepaid expenses       9,070  
Total Current Assets   138,098     97,616  
             
Website, net of accumulated amortization of $7,993 and $9,422 as at March 31, 2019 and June 30, 2019, respectively   6,578     8,007  
             
Total Assets $ 144,676   $ 105,623  
             
LIABILITIES AND STOCKHOLDERS’ DEFICIT            
             
Current Liabilities            
Accounts payable $ 49,785   $ 38,348  
Related party advances   130,992     130,990  
Accrued compensation   221,192     221,192  
Other accrued liabilities   7,405     14,778  
Total Current Liabilities   409,374     405,308  
             
Notes Payable   137,256     70,000  
             
Total Liabilities   546,630     475,308  
             
Commitments and Contingencies (Note 6)               
             
Stockholders’ Deficit            
Common stock: $0.001 par value: 675,000,000 shares authorized: 127,112,660 issued and outstanding as at March 31, 2019 and June 30, 2019   127,113     127,113  
Additional paid-in capital   776,963     776,963  
Accumulated deficit   (1,306,030 )   (1,273,761 )
Total Stockholders’ Deficit    (401,954 )   (369,685 )
Total Liabilities and Stockholders’ Deficit $ 144,676   $ 105,623  

  

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

2


 PEPTIDE TECHNOLOGIES, INC.

STATEMENTS OF OPERATIONS

(UNAUDITED) 

 

  For the Three Months Ended  
  June 30,  
  2019   2018  
Operating Expenses            
General and administrative $ 16,826   $ 18,569  
Sales and marketing   14,296      
Interest expense   3,127      
 Total Operating Expenses   34,249     18,569  
             
Operating Loss   (34,249  )   (18,569 )
             
Other Expenses            
Foreign Currency gain (loss)   1,980     (4 )
Net Loss $ (32,269 ) $ (18,573 )
             
Basic and Diluted Loss per Common Share $ 0.00   $ 0.00  
Weighted Average Number of Common Shares Outstanding   127,112,660     127,112,660  

 

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

3


 PEPTIDE TECHNOLOGIES, INC.

STATEMENTS OF CASH FLOWS

(UNAUDITED)

 

  For the Three Months Ended  
  June 30,  
  2019   2018  
Cash Flows From Operating Activities:            
Net loss $ (32,269 ) $ (18,573 )
Adjustments to reconcile net loss to cash flows used in operating activities:            
Depreciation   1,429     1,330  
Changes in operating assets and liabilities:            
Accounts payable and accrued liabilities   4,064     16,333  
Prepaid expenses   9,070      
Net cash used for operating activities   (17,706 )   (910 )
             
Cash Flows From Investing Activities:            
Website development        
Net cash used for investing activities        
             
Cash Flows From Financing Activities:            
Related party advances   2     312  
Note payable   67,256      
Net cash provided by financing activities   67,258     312  
             
Change in cash and equivalents   49,552     (598 )
Cash and cash equivalents, beginning of period   88,546     1,728  
Cash and cash equivalents, end of period $ 138,098   $ 1,130  

  

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

4


 PEPTIDE TECHNOLOGIES, INC.

STATEMENTS OF STOCKHOLDERS’ DEFICIT
(UNAUDITED)


    Common Stock                    
    Shares     Amount     Additional
Paid-in Capital
    Accumulated
Deficit
    Stockholders’ Deficit  
Balance at
March 31, 2018
  127,112,660   $ 127,113   $ 713,963   $ (1,180,182 ) $ (321,106 )
Net loss   —      —      —      (18,573 )   (18,573 )
Balance at
June 30, 2018
  127,112,660     127,113     731,963     (1,198,775 )   (339,679 )
                               
Balance at
March 31, 2019
  127,112,660     127,113     731,963     (1,273,761 )   (369,685 )
Net loss    —      —      —      (32,269 )   (32,269 )
Balance at
June 30, 2019
  127,112,660   $ 127,113   $ 776,963   $ (1,306,030 ) $ (401,954 )

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

5


NOTE 1 – NATURE OF OPERATIONS

Peptide Technologies, Inc. (the “Company” or “Peptide”), was incorporated in the State of Nevada, United States of America, on November 18, 2005.

The Company’s business is to develop and market skincare products. Its plan is to build a state-of-the-art online store with a direct marketing and sales funnel aimed at targeted channels, using internet, social media, and content marketing. The Company’s marketing approach uses vetted channels that encompass several steps to gauge performance data from marketing tests against other campaigns in real-time with the ability to modify content delivery to targeted consumers immediately. The Company will engage a team with proprietary algorithmic software to assist in making these marketing decisions. Management believes this will provide the Company a distinct advantage over other companies that outsource marketing and advertising efforts to third parties.

The skincare space is well-suited for direct-to-consumer sales, and there are several channels that the Company will leverage to introduce its unique branding and creative advertising assets. Creating brand visibility, along with the back-end support to process orders, is one of the Company’s key strengths over smaller competitors in the space. In addition, the Company will create a brand that allows visibility and awareness to be molded organically, thereby increasing the brand’s value quickly.

The Company has identified a cosmetic and skincare manufacturer and has agreed upon product formulations, the design and sourcing of packaging, and product costs. The Company does not intend to enter into a long-term master supply agreement with the manufacturer. Rather, orders will be placed through individual purchase orders as needed. The Company’s activities are subject to significant risks and uncertainties, including the need for additional capital to carry out its plan of operation and competition from existing consumer product companies.

The majority of manufacturing, distribution, marketing, and sales operations will be outsourced. However, strategic planning and development will be performed internally by the Company. This includes, but is not limited to, developing our catalog of products, developing proprietary skincare formulations, pricing our products, deciding which markets to target, deciding which influencers to engage in marketing campaigns, developing sales channels such as our e-commerce sites, determining which marketing initiatives to pursue, and selecting strategic partners and suppliers to advance our business plan.

 

NOTE 2 – BASIS OF PRESENTATION OF INTERIM FINANCIAL STATEMENTS

 

The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States of America. The accompanying interim unaudited financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information in accordance with the instructions to Form 10-Q and Article 8 of Regulation S-X. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.

 

Operating results for the three months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending March 31, 2020. Notes to the unaudited interim financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the year ended March 31, 2019 have been omitted. This report should be read in conjunction with the audited financial statements and the footnotes thereto for the fiscal year ended March 31, 2019 included within the Company’s Annual Report on Form 10-K as filed with the Securities and Exchange Commission.

 

NOTE 3 – GOING CONCERN

 

These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”), which contemplate the continuation of the Company as a going concern. The Company has incurred losses from operations and had an accumulated deficit of $1,306,030 as of June 30, 2019. The Company also has excess liabilities over assets of $401,954. These factors raise doubt about the Company’s ability to continue as a going concern.

6


Management’s plans are to actively seek capital to enable the Company to add new products and/or services to ultimately achieve profitability. However, management cannot provide assurance that they can raise sufficient capital and whether the Company will ultimately achieve profitability, become cash flow positive, or raise additional debt and/or equity capital. If the Company is unable to raise additional capital in the near future or meet financing requirements, management expects that the Company will need to curtail operations, seek additional capital on less favorable terms, and/or pursue other remedial measures.

 

These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company become unable to continue as a going concern. 

 

NOTE 4 –SIGNIFICANT ACCOUNTING POLICIES

 

Revenue Recognition

 

Revenue will be recognized on a gross basis upon shipment or upon receipt of products by the customer, depending on the agreed-upon terms, provided that: there are no uncertainties regarding customer acceptance; persuasive evidence of an agreement exists documenting the specific terms of the transaction; the sales price is fixed or determinable; and collectability is reasonably assured. Management will assess the business environment, the customer’s financial condition, historical collection experience, accounts receivable aging, and customer disputes to determine whether collectability is reasonably assured. If collectability is not considered reasonably assured at the time of sale, the Company does not recognize revenue until collection occurs. The Company plans to begin recognizing revenue by the second quarter of this fiscal year.

 

Website

 

Expenditures related to the planning and operation of the Company’s website are expensed as incurred. Expenditures related to the website application and infrastructure development are capitalized and depreciated over the website’s estimated useful life of three (3) years. Amortization for the three months ended June 30, 2019 and 2018 was $1,429 and $1,330, respectively.

 

Recent Accounting Pronouncements

 

The Financial Accounting Standards Board issues Accounting Standards Updates (“ASU”) to amend the authoritative literature in the Accounting Standards Codification (“ASC”). There have been a number of ASUs to date that amend the original text of the ASC. The Company believes those updates issued-to-date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company, or (iv) are not expected to have a significant impact on the Company.

 

NOTE 5 – RELATED PARTY TRANSACTIONS

 

The Company’s former Chief Financial Officer (“CFO”) advanced $2 and $312 to the Company during the three months ended June 30, 2019 and 2018, respectively, to pay for operating expenses.  The advances are due on demand and carry no interest. The related party advances totaled $130,992 and $130,990 as of June 30, 2019 and March 31, 2019, respectively.

 

NOTE 6 – COMMITMENTS AND CONTINGENCIES

 

The Company is not currently involved with and does not have knowledge of any pending or threatened litigation against the Company or any of its officers.

7


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

 

In this Quarterly Report, “Company,” “our company,” “us,” and “our” refer to Peptide Technologies, Inc., unless the context requires otherwise.

 

Forward-Looking Statements

 

The following information contains certain forward-looking statements. Forward-looking statements are statements that estimate the happening of future events and are not based on historical fact. Forward-looking statements may be identified by the use of forward-looking terminology, such as “may,” “could,” “expect,” “estimate,” “anticipate,” “plan,” “predict,” “probable,” “possible,” “should,” “continue,” or similar terms, variations of those terms or the negative of those terms. The forward-looking statements specified in the following information have been compiled by our management on the basis of assumptions made by management and considered by management to be reasonable. Our future operating results, however, are impossible to predict and no representation, guaranty, or warranty is to be inferred from those forward-looking statements. 

Business of Issuer

The business of Peptide Technologies, Inc., (the “Company” or “Peptide”), is to develop and market skincare products. The Company does business as Eternelle Skincare Products. Peptides, and the use of collagen, are the latest innovation in skincare as science has proven that the use of both peptides and collagen can help manage wrinkles in skin and reverse the signs of aging. Using proprietary peptide/collagen blends, the Company is developing a number of skincare products that demonstrate strong efficacy in providing youthful, healthy skin and significant anti-aging benefits to both women and men.

Our skincare products will address various skincare needs. These products include moisturizers and serums for the face and around the eyes.

1. Brightening Antioxidant Serum Pigment Correcting Formula – Is a formula for uneven skin tone that addresses regulating the production of melanin. This potent hydroquinone-free formula prevents and corrects skin discoloration caused by UV damage and daily environmental stressors, post-inflammatory hyper-pigmentation and melasma. Uniquely created with a blend of potent skin lighteners and brighteners including Arbutin, Licorice, Azelaic Acid, and multiple forms of Vitamin C to inhibit and regulate melanin formation to normalize and correct pigment production while evening out skin tone and encouraging collagen synthesis.

 

2. Volumizing Antioxidant Serum Vitamin C+ Collagen Booster -An intensive Vitamin C antioxidant hydra-serum created to resist and restore damage from aging, sun, stress and environmental exposure. It neutralizes free radicals in the skin and prevents the breakdown of collagen. It provides the highest clinically-tested percentage of stable Vitamin C, Ferulic Acid, Emblica, Vitamin E and Vitamin B5 to deliver the ultimate in skin hydration and volume while providing unmatched antioxidant support. This skin booster firms and smoothes while stimulating collagen production resulting in beautiful youthful skin.

 

3. Antioxidant Moisturizing Creme Daily Collagen Renewal – A lightweight fast absorbing moisturizer for all skin types that targets visible signs of aging that has been formulated with synergistic ingredients to nourish, protect and deeply hydrate the skin while improving the appearance of skin tone, texture and elasticity. This paraben-free formula improves suppleness, enhances firmness and addresses loss of elasticity. It contains the essential antioxidants Emblica, Vitamin E and Ergothioneine to give daily protection from UV radiation while helping to repair free radical damage and collagen breakdown in the skin to deliver dramatic and immediate results.

8



4. Peptide Eye Restore Serum Micro Circulation Booster - The first step in a targeted light-weight eye treatment that hydrates and soothes the delicate eye area for diminishing the look of dark circles, puffiness, fatigue and fine lines and contains proven multi-functioning peptides to effectively treat these symptoms.

 

5. Peptide Eye Repair Complex Cellular Collagen Youth Serum - The second step in a highly concentrated peptide-based eye complex that effectively combats the signs & symptoms of chronological aging while deeply hydrating and nourishing the delicate eye area. Our proprietary combination of peptides effectively works to repair cellular communication and boost the synthesis of Collagen I, III, & IV for a visible reduction in the appearance of fine lines and wrinkles around crow’s feet.


Our Company has developed its proprietary skincare formulations, and we will use internationally recognized experts in the manufacturing of specialized, professional quality products that meet the demands of day and resort spa, medical spa, and eco spa markets.

The Company has identified a cosmetic and skincare manufacturer and has agreed upon product formulations, the design and sourcing of packaging, and product costs. The Company does not intend to enter into a long-term master supply agreement with the manufacturer. Rather, orders will be placed through individual purchase orders as needed. With profound knowledge and expertise in cosmetic chemistry and professional skincare, this manufacturer has established itself as a leader in cutting edge formulations and product innovation in the field of skincare.

This manufacturer offers custom product formulation and manufacturing, allowing our Company to develop proprietary blends in order to privately brand our collection.

This supplier manufactures products in accordance with Good Manufacturing Procedures (GMP). It also follows the recommendations of the United States Food and Drug Administration and Health Canada and also adheres to the Quality Assurance Guidelines of the Cosmetic, Toiletry, and Fragrance Association. These guidelines enable us to guarantee the consistency and quality of our products from batch to batch. The manufacturer performs toxicity, microbiological, temperature, and stability tests on all formulations. They do not test on animals, and they select all botanicals for freshness, purity of source, quality, and potency. Every product will be researched and tested by the supplier’s manufacturing team before it is approved for sale.

We expect to launch our products and begin recognizing revenue by the second quarter of this fiscal year. 

 

Financial Results and Trends

 

Results of Operations for the Three Months Ended June 30, 2019 and 2018

 

At present, the Company has no revenue. Net loss increased from $18,573 for the three months ended June 30, 2018 to $33,357 for the three months ended June 30, 2019 due to higher interest and sales and marketing expenses.to $32,269 for the three months ended June 30, 2019 due to higher interest and sales and marketing expenses.

 

Liquidity and Capital Resources

 

The Company requires significant cash to launch its business and reduce its payables. The Company’s primary sources of liquidity and capital resources have been notes payable, which are not sufficient prospectively.  These factors raise substantial doubt about the Company’s ability to continue as a going concern. We are actively seeking to raise additional debt and/or equity capital to add new products and/or services to commence material operations. If the Company is unable to raise additional capital in the near future or meet financing requirements, the Company may need to curtail or alter its plan of operation.

9


Cash Flow

 

The following table summarizes, for the periods indicated, selected items in our condensed Statements of Cash Flows:

 

  Three Months Ended  
  June 30,  
  2019   2018  
Net cash (used in) provided by:            
Operating activities $ (17,706 ) $ (910 )
Investing activities $   $  
Financing activities $ 67,258   $ 312  

 

Operating Activities

 

Cash used in operating activities was $17,706 and $910 for the three months ended June 30, 2019 and 2018, respectively. The increase in cash used in operating activities was primarily due to an increase in interest and in sales and marketing expenses.

 

Investing Activities

 

Cash used in investing activities was $0 for the three months ended June 30, 2019 and 2018,

 

Financing Activities

 

Cash provided by financing activities was $67,258 and $312 for the three months ended June 30, 2019 and 2018, respectively. The increase in cash provided by financing activities was primarily due a note payable.

 

Off-Balance Sheet Arrangements

 

None.

 

 

WHERE YOU CAN FIND MORE INFORMATION

 

You are advised to read this Quarterly Report on Form 10-Q in conjunction with other reports and documents that we file from time to time with the SEC. In particular, please read our Registration Statement on Form 10-12G, Quarterly Reports on Form 10-Q, Annual Reports on Form 10-K, and Current Reports on Form 8-K that we file from time to time. You may obtain copies of these reports directly from us or from the SEC at the SEC’s Public Reference Room at 100 F. Street, N.E. Washington, D.C. 20549, and you may obtain information about obtaining access to the Reference Room by calling the SEC at 1-800-SEC-0330. In addition, the SEC maintains information for electronic filers at its website http://www.sec.gov.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

We had no material changes in market risk from those described in “Item 2—Quantitative and Qualitative Disclosures about Market Risk” of our Annual Report on Form 10-K.

 

ITEM 4. CONTROLS AND PROCEDURES

 

This report includes the certification of our Chief Executive Officer required by Rule 13a-14 of the Securities Exchange Act of 1934 (the “Exchange Act”). See Exhibits 31.1 and 31.2. This Item 4 includes information concerning the controls and control evaluations revered to in those certifications.

10


 

Evaluation of Disclosure Controls and Procedures

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s (the “SEC”) rules and forms and that such information is accumulated and communicated to our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Our disclosure controls and procedures were designed to provide reasonable assurance that the controls and procedures would meet their objectives.

 

As required by SEC Rule 13a-15(b), our Chief Executive Officer and Chief Financial Officer need to carry out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based on the foregoing, our Chief Executive Officer concluded that our disclosure controls and procedures were effective as of June 30, 2019.

 

Management’s Report on Internal Control over Financial Reporting

 

Our Chief Executive Officer and the Chief Financial Officer are responsible for establishing and maintaining adequate internal control over financial reporting and for the assessment of the effectiveness of our internal control over financial reporting. Internal control over financial reporting (as defined in Rules 13a-15(f) and 15d(f) under the Exchange Act) is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external reporting purposes in accordance with U.S. GAAP. Internal control over financial reporting includes those policies and procedures that (a) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of assets, (b) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, (c) provide reasonable assurance that receipts and expenditures are being made only in accordance with appropriate authorization of management and the Board of Directors, and (d) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on the financial statements.

 

Internal controls for Peptide Technologies Inc. were presented and accepted by the Board as of February 23, 2019. In connection with the preparation of this Annual Report on Form 10-K for the year ended March 31, 2019, our Chief Executive Officer and Chief Financial Officer have not yet concluded that our internal controls and procedures over financial reporting were effective as of June 30, 2019.

 

Inherent Limitations on Internal Controls

 

It should be noted that any system of controls, however well designed and operated, can provide only reasonable and not absolute assurance that the objectives of the control system are met. In addition, the design of any control system is based in part upon certain assumptions about the likelihood of certain events. Limitations inherent in any control system include the following:

 

 

Judgments in decision-making can be faulty, and control and process breakdowns can occur because of simple errors or mistakes;

 

 

 

 

Controls can be circumvented by individuals, acting alone or in collusion with others, or by management override;

 

 

 

 

The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions;

11



 

Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with associated policies or procedures; and

 

 

 

 

The design of a control system must reflect the fact that resources are constrained, and the benefits of controls must be considered relative to their costs.

 

Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, have been detected.

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PART II

OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

As of June 30, 2019, the Company is not involved in any material litigation.

 

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

 

During the three months ended June 30, 2019, Peptide did not sell any unregistered equity securities.

 

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

 

Not applicable.

 

ITEM 4. MINING SAFETY DISCLOSURES

 

Not applicable.

 

ITEM 5. OTHER INFORMATION

 

There is no information with respect to which information is not otherwise called for by this form.

  

ITEM 6. EXHIBITS

 

Exhibits

 

3.0

Articles of Incorporation.  Incorporated by reference to the Registrant’s Form 10-12G filed on July 28, 2017.

 

 

3.1

Amended Articles of Incorporation.  Incorporated by reference to the Registrant’s Form 10-12G filed on July 28, 2017.

 

 

3.2

Amended Articles of Incorporation.  Incorporated by reference to the Registrant’s Form 10-12G filed on July 28, 2017.

 

 

3.3

Corporate Bylaws.  Incorporated by reference to the Registrant’s Form 10-12G filed on July 28, 2017.

 

 

10.1

Advance from Baxter Koehn to Peptide Technologies, Inc.  Incorporated by reference to the Registrant’s Form 10-12G filed on July 28, 2017.

 

 

31.1

Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act

 

 

31.2

Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act

 

 

32.1

Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act

 

 

32.2

Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act

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SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934 the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant

Peptide Technologies, Inc.

 

 

Date: July 22, 2019

By:

/s/ Bruce Sellars

 

Bruce Sellars

 

Chief Executive Officer