0001165527-11-001236.txt : 20111228 0001165527-11-001236.hdr.sgml : 20111228 20111228075741 ACCESSION NUMBER: 0001165527-11-001236 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20111130 FILED AS OF DATE: 20111228 DATE AS OF CHANGE: 20111228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAPERWORKS INC. CENTRAL INDEX KEY: 0001440819 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-MISCELLANEOUS SHOPPING GOODS STORES [5940] IRS NUMBER: 352340897 STATE OF INCORPORATION: NV FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-53910 FILM NUMBER: 111282952 BUSINESS ADDRESS: STREET 1: 2963 E ROSE LANE CITY: PHOENIX STATE: AZ ZIP: 85016 BUSINESS PHONE: 602 595 7719 MAIL ADDRESS: STREET 1: 2963 E ROSE LANE CITY: PHOENIX STATE: AZ ZIP: 85016 10-Q 1 g5668.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED NOVEMBER 30, 2011 Commission file number 000-53910 PAPERWORKS, INC. (Exact name of registrant as specified in its charter) NEVADA (State or other jurisdiction of incorporation or organization) 2963 E. Rose Lane Phoenix, AZ 85016 (Address of principal executive offices, including zip code) 1-800-854-0654 (Telephone number, including area code) Rhoda Rizkalla 2963 E. Rose Lane Phoenix, AZ 85016 Telephone & Facsimile 1-800-854-0654 (Name, address and telephone number of agent for service) Check whether the issuer (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the last 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 (ss.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, or a smaller reporting company. See the definitions of "large accelerated filer, "accelerated filer," "non-accelerated filer," and "smaller reporting company" in Rule 12b-2 of the Exchange Act. Large accelerated filer [ ] Accelerated filer [ ] Non-accelerated filer [ ] Smaller reporting company [X] Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES [X] NO [ ] State the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 6,000,000 shares as of December 27, 2011 ITEM 1. FINANCIAL STATEMENTS PAPERWORKS INC. Balance Sheets (A Development Stage Company) (Expressed in US Dollars) --------------------------------------------------------------------------------
November 30, August 31, 2011 2011 -------- -------- Unaudited Audited ASSETS CURRENT ASSETS Cash $ 8,306 $ 14,045 -------- -------- TOTAL ASSTS $ 8,306 $ 14,045 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ -- $ -- -------- -------- TOTAL CURRENT LIABILITIES -- -- -------- -------- STOCKHOLDERS' EQUITY Capital stock Authorized 75,000,000 ordinary voting shares at $0.001 per share Issued and outstanding: 6,000,000 common shares at par value 6,000 6,000 Additional paid in capital 54,000 54,000 -------- -------- 60,000 60,000 Deficit accumulated during the development stage (51,694) (45,955) -------- -------- TOTAL STOCKHOLDERS' EQUITY 8,306 14,045 -------- -------- TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 8,306 $ 14,045 ======== ========
Approved on behalf of the board _______________________________, Director _______________________________, Director 2 PAPERWORKS INC. Statements of Income (A Development Stage Company) (Expressed in US Dollars) (UNAUDITED) --------------------------------------------------------------------------------
Accumulated From Three Months Three Months Inception Date of Ended Ended April 30, 2008 to November 30, November 30, November 30, 2011 2010 2011 ---------- ---------- ---------- GENERAL AND ADMINISTRATIVE EXPENSES Bank charges and interest $ 115 $ 105 $ 1,440 Filing and transfer agent fee -- 245 6,273 Office expenses 174 441 11,132 Professional fees 5,450 3,700 30,128 Travel expenses -- -- 2,721 ---------- ---------- ---------- Total general and administrative expenses 5,739 4,491 51,694 ---------- ---------- ---------- Net loss $ (5,739) $ (4,491) $ (51,694) ========== ========== ========== EARNINGS PER SHARE - BASIC AND DILUTED $ (0.00) $ (0.00) ========== ========== WEIGHTED AVERAGE OUTSTANDING SHARES 6,000,000 6,000,000 ========== ==========
3 PAPERWORKS INC. Statements of Cash Flows (A Development Stage Company) (Expressed in US Dollars) (UNAUDITED) --------------------------------------------------------------------------------
Accumulated From Three Months Three Months Inception Date of Ended Ended April 30, 2008 to November 30, November 30, November 30, 2011 2010 2011 -------- -------- -------- CASH DERIVED FROM (USED FOR) OPERATING ACTIVITIES Net loss for the period $ (5,739) $ (4,491) $(51,694) Adjustments to reconcile net loss to net cash provided by (used in) operating activities Changes in operating assets and liabilities Accounts payable -- -- -- -------- -------- -------- Net cash (used in) operating activities (5,739) (4,491) (51,694) -------- -------- -------- FINANCING ACTIVITIES Loans from related party -- -- -- Shares subscribed for cash -- -- 60,000 -------- -------- -------- Net cash provided by financing activities -- -- 60,000 -------- -------- -------- INVESTING ACTIVITIES -- -- -- -------- -------- -------- Net cash used for investing activities -- -- -- -------- -------- -------- Cash increase during the period (5,739) (4,491) 8,306 Cash beginning of the period 14,045 24,629 -- -------- -------- -------- Cash end of the period $ 8,306 $ 20,138 $ 8,306 ======== ======== ========
4 PAPERWORKS INC. Notes to Financial Statements November 30, 2011 (A Development Stage Company) (Expressed in US Dollars) (UNAUDITED) -------------------------------------------------------------------------------- 1. NATURE AND CONTINUANCE OF OPERATIONS PaperWorks Inc. ("the Company") was incorporated under the laws of State of Nevada, U.S. on April 30, 2008, with an authorized capital of 75,000,000 common shares with a par value of $0.001. The Company's year end is the end of August. The Company is in the development stage of its business. During the period ended August 31, 2008, the Company commenced operations by issuing shares. These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception resulting in an accumulated deficit of $51,694 as at November 30, 2011 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. The ability to continue as a going concern is dependent upon the Company generating 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 intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. DEVELOPMENT STAGE COMPANY The Company complies with the ASC 915, its characterization of the Company as a development stage enterprise. 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 period. Actual results could differ from those estimates. The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments. Unless otherwise noted, it is management's opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments. INCOME TAXES The Company follows the liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. At November 30, 2011, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded. 5 PAPERWORKS INC. Notes to Financial Statements November 30, 2011 (A Development Stage Company) (Expressed in US Dollars) (UNAUDITED) -------------------------------------------------------------------------------- 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) EARNING PER SHARE The Company computes loss per share in accordance with ASC 105, "Earnings per Share" which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive. The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal. STOCK-BASED COMPENSATION The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable. 3. COMMON STOCK The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of one tenth of one cent ($0.001) per share and no other class of shares is authorized. During the period ended August 31, 2008, the Company issued 3,000,000 shares of common stock for total cash proceeds of $15,000. At November 30, 2011 there were no outstanding stock options or warrants. 4. INCOME TAXES As of November 30, 2011, the Company had net operating loss carry forwards of approximately $51,694 that may be available to reduce future years' taxable income through 2028. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards. 6 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OR PLAN OF OPERATION FORWARD LOOKING STATEMENTS Some of the statements contained in this Form 10-Q that are not historical facts are "forward-looking statements" which can be identified by the use of terminology such as "estimates," "projects," "plans," "believes," "expects," "anticipates," "intends," or the negative or other variations, or by discussions of strategy that involve risks and uncertainties. We urge you to be cautious of the forward-looking statements, that such statements, which are contained in this Form 10-Q, reflect our current beliefs with respect to future events and involve known and unknown risks, uncertainties and other factors affecting our operations, market growth, services, products and licenses. No assurances can be given regarding the achievement of future results, as actual results may differ materially as a result of the risks we face, and actual events may differ from the assumptions underlying the statements that have been made regarding anticipated events. All written forward-looking statements made in connection with this Form 10-Q that are attributable to us or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. Given the uncertainties that surround such statements, you are cautioned not to place undue reliance on such forward-looking statements. The safe harbours of forward-looking statements provided by the Securities Litigation Reform Act of 1995 are unavailable to issuers not subject to the reporting requirements set forth under Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended. As we have not registered our securities pursuant to Section 12 of the Exchange Act, such safe harbours set forth under the Reform Act are unavailable to us. RESULTS OF OPERATIONS We have generated no revenue since inception and have incurred $51,694 in miscellaneous expenses through November 30, 2011. We incurred operating expenses of $5,739 and $4,491 for the three month periods ended November 30, 2011 and 2010, respectively. These expenses consisted of general operating expenses incurred in connection with the day to day operation of our business and the preparation and filing of our periodic reports. The following table provides selected financial data about our company for the period from the date of incorporation through November 30, 2011. For detailed financial information, see the financial statements included in this report. Balance Sheet Data: 11/30/2011 ------------------- ---------- Cash $8,306 Total assets $8,306 Total liabilities $ 0 Shareholders' equity $8,306 7 Cash provided by financing activities from inception through November 30, 2011 was $60,000 consisting of $15,000 from the sale of our common stock to our director who purchased 3,000,000 shares of our common stock at $0.005 per share on August 31, 2008 and on July 13, 2009, management completed its S-1 registered offering by selling 3,000,000 common shares at $.015 per share to raise capital of $45,000. Our auditors have expressed their doubt about our ability to continue as a going concern unless we are able to generate profitable operations. LIQUIDITY AND CAPITAL RESOURCES We currently have $8,306 cash in the bank which comprises our total assets. Management believes that the current cash is sufficient to fund operations for the next twelve months. We currently have no plans to hire additional employees in the next twelve months unless sales are sufficient to cover the cost. PLAN OF OPERATION PLAN OF OPERATION Production of samples and market testing Website and online store Sourcing of suppliers Participation at specific trade shows Development of wholesale catalogue of stationery collection Stationary Trunk Shows Implementation of specific marketing plans We held a small stationery show in Los Angeles in April 2010. During May 2010 we contracted a third party to optimize our website with keywords and links. We completed sample kits to show stationery for stores and internet sales for the upcoming 2011 Christmas season. We designed new business cards. We attended the major stationery show in New York City to gain more wholesale business. We also had discussions with other paper vendors and suppliers to add to our online store. Samples of various cards and invitations are being sent to the office for consideration along with pricing. The following criteria for the milestones are based on estimates derived from research and marketing data accumulated by our directors. They are estimates only. The number of employees, number of stationery collections we plan to have manufactured for our inventory and the other projected milestones are approximations only and subject to adjustment based on costs and needs. SPRING - 2011: We worked with our designer for new creative for the 2011 Holiday and Special Occasion catalogue. We are in the process of completing all images and pricing for a new online catalogue that will feature the new designs and card collections. We are looking into retail shops that will allow us to set up 8 temporary pop-up shops for the holiday season. We are looking to find other online retailers that would like to distribute the line on their websites in North America. We continue to work with our supplier to launch new personalized post-it notes and writing collections like notes cards, calling cards and personalized ribbon. We have sourced a supplier now for these post-its and personalized ribbon. SUMMER 2011: Our Card Designer attended the Stationery Show in New York in May and reported that attendance was lower than last year. She also reported that no new inventory or trends appears to stand out at the show. We will be focusing on special occasion cards and looking for niche stores to hold the new card racks. We are pricing out card racks that can be placed on a consignment basis at new retail locations for them to gauge interest in our products FALL & WINTER 2011/2012 We believe this will be a new format to sell smaller quantities to store who are still recovering from the poor economy. We are also looking into vendors that can assist up with better prices for paper. In light of buyers telling us that this area has declined significantly we are looking at stationery items for the professional community: personalized notepads and personalized post it notes for the professional with a price range of $30-40. We are in discussion with our designer and paper supplier to determine prices. We are also looking at creating a sample box of items to sell to small stores. OFF-BALANCE SHEET ARRANGEMENTS We have no off-balance sheet arrangements. ITEM 4. CONTROLS AND PROCEDURES EVALUATION OF DISCLOSURE CONTROLS AND PROCEDURES Management maintains "disclosure controls and procedures," as such term is defined in Rule 13a-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed in PaperWorks' Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission rules and forms, and that such information is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. In connection with the preparation of this quarterly report on Form 10-Q, an evaluation was carried out by management, with the participation of the Chief Executive Officer and the Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of November 30, 2011. 9 Based on that evaluation, management concluded, as of the end of the period covered by this report, that PaperWorks' disclosure controls and procedures were effective in recording, processing, summarizing, and reporting information required to be disclosed, within the time periods specified in the Securities and Exchange Commission's rules and forms. CHANGES IN INTERNAL CONTROLS OVER FINANCIAL REPORTING As of the end of the period covered by this report, there have been no changes in PaperWorks' internal controls over financial reporting during the quarter ended November 30, 2011, that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting subsequent to the date of management's last evaluation. 10 PART II. OTHER INFORMATION ITEM 6. EXHIBITS The following exhibits are included with this quarterly filing. Those marked with an asterisk and required to be filed hereunder, are incorporated by reference and can be found in their entirety in our Registration Statement on Form S-1, filed under SEC File Number 333-155966, at the SEC website at www.sec.gov: Exhibit No. Description ----------- ----------- 3.1 Articles of Incorporation* 3.2 Bylaws* 31.1 Certification pursuant to Rule 13a-14(a) under the Exchange Act of 1934 31.2 Certification pursuant to Rule 13a-14(a) under the Exchange Act of 1934 32.1 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 32.2 Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 101 Interactive data files pursuant to Rule 405 of Regulation S-T SIGNATURES In accordance with the requirements of the Securities Exchange Act of 1934, the registrant caused this report to be signed on its behalf by the undersigned thereunto duly authorized. PaperWorks, Inc., Registrant December 27, 2011 By: /s/ Rhoda Rizkalla ------------------------------------ Rhoda Rizkalla, Director, President, Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer 11 EX-31.1 2 ex31-1.txt Exhibit 31.1 CERTIFICATION I, Rhoda Rizkalla, certify that: 1. I have reviewed this report on Form 10-Q of PaperWorks, Inc. 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: December 27, 2011 /s/ Rhoda Rizkalla --------------------------------- Rhoda Rizkalla Principal Executive Officer EX-31.2 3 ex31-2.txt Exhibit 31.2 CERTIFICATION I, Rhoda Rizkalla, certify that: 1. I have reviewed this report on Form 10-Q of PaperWorks, Inc. 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: a) Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, 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; c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions): a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: December 27, 2011 /s/ Rhoda Rizkalla ------------------------------------------ Rhoda Rizkalla Principal Financial and Accounting Officer EX-32.1 4 ex32-1.txt Exhibit 32.1 CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of PaperWorks, Inc. (the "Company") on Form 10-Q for the period ending November 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Rhoda Rizkalla, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. IN WITNESS WHEREOF, the undersigned has executed this certification as of the 27th day of December, 2011. /s/ Rhoda Rizkalla --------------------------------- Chief Executive Officer EX-32.2 5 ex32-2.txt Exhibit 32.2 CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 In connection with the Quarterly Report of PaperWorks, Inc. (the "Company") on Form 10-Q for the period ending November 30, 2011 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Rhoda Rizkalla, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. ss.1350, as adopted pursuant to ss.906 of the Sarbanes-Oxley Act of 2002, that: (1) The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (2) The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company. IN WITNESS WHEREOF, the undersigned has executed this certification as of the 27th day of December, 2011. /s/ Rhoda Rizkalla ---------------------------------- Chief Financial Officer EX-101.INS 6 ppks-20111130.xml 10-Q 2011-11-30 false Paperworks Inc. 0001440819 --08-31 6000000 0 Smaller Reporting Company Yes No No 2012 Q1 8306 14045 8306 14045 0 0 0 0 6000 6000 54000 54000 -51694 -45955 8306 14045 8306 14045 115 105 1440 0 245 6273 174 441 11132 5450 3700 30128 0 0 2721 5739 4491 51694 -5739 -4491 -51694 0 0 6000000 6000000 0 0 0 -5739 -4491 -51694 0 0 0 0 0 60000 0 0 60000 0 0 0 -5739 -4491 8306 24629 0 20138 <!--egx--><p style="MARGIN:0in 0in 0pt">Note 1. &nbsp; Nature and Continuance of Operations</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">PaperWorks Inc. (&#147;the Company&#148;) was incorporated under the laws of State of Nevada, U.S. on April 30, 2008, with an authorized capital of 75,000,000 common shares with a par value of $0.001.&nbsp; The Company&#146;s year end is the end of August.&nbsp; The Company is in the development stage of its business.&nbsp; During the period ended August 31, 2008, the Company commenced operations by issuing shares.&nbsp; </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.&nbsp; The Company has incurred losses since inception resulting in an accumulated deficit of $51,694 as at November 30, 2011 and further losses are anticipated in the development of its business raising substantial doubt about the Company&#146;s ability to continue as a going concern.&nbsp; The ability to continue as a going concern is dependent upon the Company generating 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 intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock.&nbsp; </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Note 2.&nbsp; Summary of Significant Accounting Policies</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Basis of Presentation </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars.&nbsp; </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Development Stage Company</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company complies with the ASC 915, its characterization of the Company as a development stage enterprise.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Use of Estimates and Assumptions</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">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 period.&nbsp; Actual results could differ from those estimates.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments.&nbsp; Unless otherwise noted, it is management&#146;s opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Income Taxes</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company follows the liability method of accounting for income taxes.&nbsp; Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).&nbsp; The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. </p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">At November 30, 2011, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Earnings Per Share</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company computes loss per share in accordance with ASC 105, &#147;Earnings per Share&#148; which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.&nbsp; Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">Stock Based Compensation</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The Company accounts for employee and non-employee stock awards under ASC 718, whereby equity instruments issued to employees for services are recorded based on the fair value of the instrument issued and those issued to non-employees are recorded based on the fair value of the consideration received or the fair value of the equity instrument, whichever is more reliably measurable.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 3.&nbsp; Common Stock</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of one tenth of one cent ($0.001) per share and no other class of shares is authorized.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">During the period ended August 31, 2008, the Company issued 3,000,000 shares of common stock for total cash proceeds of $15,000. At November 30, 2011 there were no outstanding stock options or warrants.</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <!--egx--><p style="MARGIN:0in 0in 0pt">Note 4.&nbsp; Income Taxes</p> <p style="MARGIN:0in 0in 0pt">&nbsp;</p> <p style="MARGIN:0in 0in 0pt">As of November 30, 2011, the Company had net operating loss carry forwards of approximately $51,694 that may be available to reduce future years&#146; taxable income through 2028. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.</p> 0001440819 2011-09-01 2011-11-30 0001440819 2011-11-30 0001440819 2011-08-31 0001440819 2010-09-01 2010-11-30 0001440819 2008-04-30 2011-11-30 0001440819 2010-08-31 0001440819 2008-04-29 0001440819 2010-11-30 iso4217:USD shares iso4217:USD shares EX-101.SCH 7 ppks-20111130.xsd 200000 - Disclosure - Organization, Consolidation and Presentation of Financial Statements link:presentationLink link:definitionLink link:calculationLink 000040 - Statement - Paperworks Inc. - (A Development Stage Company) - Statements of Cash Flows (unaudited) link:presentationLink link:definitionLink link:calculationLink 000030 - Statement - Paperworks Inc. - (A Development Stage Company) - Statements of Income (Unaudited) link:presentationLink link:definitionLink link:calculationLink 500000 - Disclosure - Equity link:presentationLink link:definitionLink link:calculationLink 000010 - Document - Document and Entity Information link:presentationLink link:definitionLink link:calculationLink 000020 - Statement - Paperworks Inc. - (A Development Stage Company) - Balance Sheets link:presentationLink link:definitionLink link:calculationLink 770000 - Disclosure - Income Taxes link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 8 ppks-20111130_cal.xml EX-101.DEF 9 ppks-20111130_def.xml EX-101.LAB 10 ppks-20111130_lab.xml Net cash used for investing activities Net cash used for investing activities Travel expenses General and Administrative Expenses Total Stockholders Equity Total Stockholders Equity Entity Voluntary Filers Current Fiscal Year End Date Amendment Flag Total Liabilities and Stockholders Equity Total Liabilities and Stockholders Equity Shares subscribed for cash Cash derived from (used for) operating activities Statement of Cash Flows Entity Central Index Key Stockholders' Equity Note Disclosure [Text Block] Changes in operating assets and liabilities: Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] Earnings per share - Basic and diluted Current Assets Statement of Financial Position Document Fiscal Period Focus Entity Filer Category Weighted average outstanding shares Deficit accumulated during the development stage Investing activities Liabilities and Stockholders Equity Net cash (used in) operating activities Net cash (used in) operating activities Common Stock Current Liabilities Loans from related party Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Document Fiscal Year Focus Income Tax Disclosure [Text Block] Financing activities Total Current Liabilities Total Current Liabilities Entity Well-known Seasoned Issuer Document Period End Date Document Type Net loss for the period Cash Cash beginning of period Cash end of the period Statement [Line Items] Filing and transfer agent fee Additional Paid-in Capital Total Assets Accounts payable Bank charges and interest Capital Stock Statement [Table] Income Taxes Organization, Consolidation and Presentation of Financial Statements Professional fees Income Statement Entity Current Reporting Status Entity Public Float Entity Common Stock, Shares Outstanding Equity Office expenses Accounts Payable and Accrued Liabilities {1} Accounts Payable and Accrued Liabilities Entity Registrant Name Document and Entity Information Cash increase during the period Net cash provided by financing activities Net cash provided by financing activities Total General and Administrative Expenses Total General and Administrative Expenses Stockholders Equity EX-101.PRE 11 ppks-20111130_pre.xml XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; 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Paperworks Inc. - (A Development Stage Company) - Balance Sheets (USD $)
Nov. 30, 2011
Aug. 31, 2011
Cash $ 8,306 $ 14,045
Total Assets 8,306 14,045
Accounts Payable and Accrued Liabilities 0 0
Total Current Liabilities 0 0
Common Stock 6,000 6,000
Additional Paid-in Capital 54,000 54,000
Deficit accumulated during the development stage (51,694) (45,955)
Total Stockholders Equity 8,306 14,045
Total Liabilities and Stockholders Equity $ 8,306 $ 14,045
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Equity
 3 Months Ended
Nov. 30, 2011
Equity  
Stockholders' Equity Note Disclosure [Text Block]

Note 3.  Common Stock

 

The total number of common shares authorized that may be issued by the Company is 75,000,000 shares with a par value of one tenth of one cent ($0.001) per share and no other class of shares is authorized.

 

During the period ended August 31, 2008, the Company issued 3,000,000 shares of common stock for total cash proceeds of $15,000. At November 30, 2011 there were no outstanding stock options or warrants.

 
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Income Taxes
 3 Months Ended
Nov. 30, 2011
Income Taxes  
Income Tax Disclosure [Text Block]

Note 4.  Income Taxes

 

As of November 30, 2011, the Company had net operating loss carry forwards of approximately $51,694 that may be available to reduce future years’ taxable income through 2028. Future tax benefits which may arise as a result of these losses have not been recognized in these financial statements, as their realization is determined not likely to occur and accordingly, the Company has recorded a valuation allowance for the deferred tax asset relating to these tax loss carry-forwards.
XML 19 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Paperworks Inc. - (A Development Stage Company) - Statements of Income (Unaudited) (USD $)
 3 Months Ended 43 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
Bank charges and interest $ 115 $ 105 $ 1,440
Filing and transfer agent fee 0 245 6,273
Office expenses 174 441 11,132
Professional fees 5,450 3,700 30,128
Travel expenses 0 0 2,721
Total General and Administrative Expenses 5,739 4,491 51,694
Net loss for the period $ (5,739) $ (4,491) $ (51,694)
Earnings per share - Basic and diluted $ 0 $ 0  
Weighted average outstanding shares 6,000,000 6,000,000  
XML 20 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6
Document and Entity Information (USD $)
 3 Months Ended
Nov. 30, 2011
Document and Entity Information  
Entity Registrant Name Paperworks Inc.
Document Type 10-Q
Document Period End Date Nov. 30, 2011
Amendment Flag false
Entity Central Index Key 0001440819
Current Fiscal Year End Date --08-31
Entity Common Stock, Shares Outstanding 6,000,000
Entity Public Float $ 0
Entity Filer Category Smaller Reporting Company
Entity Current Reporting Status Yes
Entity Voluntary Filers No
Entity Well-known Seasoned Issuer No
Document Fiscal Year Focus 2012
Document Fiscal Period Focus Q1
XML 21 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
Paperworks Inc. - (A Development Stage Company) - Statements of Cash Flows (unaudited) (USD $)
 3 Months Ended 43 Months Ended
Nov. 30, 2011
Nov. 30, 2010
Nov. 30, 2011
Net loss for the period $ (5,739) $ (4,491) $ (51,694)
Accounts payable 0 0 0
Net cash (used in) operating activities (5,739) (4,491) (51,694)
Loans from related party 0 0 0
Shares subscribed for cash 0 0 60,000
Net cash provided by financing activities 0 0 60,000
Net cash used for investing activities 0 0 0
Cash increase during the period (5,739) (4,491) 8,306
Cash beginning of period 14,045 24,629 0
Cash end of the period $ 8,306 $ 20,138 $ 8,306
XML 22 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization, Consolidation and Presentation of Financial Statements
 3 Months Ended
Nov. 30, 2011
Organization, Consolidation and Presentation of Financial Statements  
Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block]

Note 1.   Nature and Continuance of Operations

 

PaperWorks Inc. (“the Company”) was incorporated under the laws of State of Nevada, U.S. on April 30, 2008, with an authorized capital of 75,000,000 common shares with a par value of $0.001.  The Company’s year end is the end of August.  The Company is in the development stage of its business.  During the period ended August 31, 2008, the Company commenced operations by issuing shares. 

 

These financial statements have been prepared on a going concern basis which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future.  The Company has incurred losses since inception resulting in an accumulated deficit of $51,694 as at November 30, 2011 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.  The ability to continue as a going concern is dependent upon the Company generating 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 intends to finance operating costs over the next twelve months with existing cash on hand and loans from directors and or private placement of common stock. 

 

Note 2.  Summary of Significant Accounting Policies

 

Basis of Presentation

 

The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America and are presented in US dollars. 

 

Development Stage Company

 

The Company complies with the ASC 915, its characterization of the Company as a development stage enterprise.

 

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 period.  Actual results could differ from those estimates.

 

The carrying value of cash and accounts payable and accrued liabilities approximates their fair value because of the short maturity of these instruments.  Unless otherwise noted, it is management’s opinion the Company is not exposed to significant interest, currency or credit risks arising from these financial instruments.

 

Income Taxes

 

The Company follows the liability method of accounting for income taxes.  Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences).  The effect on deferred income tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.

 

At November 30, 2011, a full deferred tax asset valuation allowance has been provided and no deferred tax asset has been recorded.

 

Earnings Per Share

 

The Company computes loss per share in accordance with ASC 105, “Earnings per Share” which requires presentation of both basic and diluted earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of outstanding common shares during the period.

 

Diluted loss per share gives effect to all dilutive potential common shares outstanding during the period.  Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

The Company has no potential dilutive instruments and accordingly basic loss and diluted loss per share are equal.

 

Stock Based Compensation

 

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

 
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