10-Q

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 September 30, 2016

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

For the transition period from ____________ to____________

Commission File No. 000-54152  

RadTek, Inc.

(Exact name of Registrant as specified in its charter)

Nevada	27-2039490
(State or Other Jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)

9900 Corporate Campus Drive, Ste 3000, c/o PEG

Louisville, Kentucky 40223

(Address of Principal Executive Offices)

(502) 657-6005

(Registrant’s telephone number, including area code)

Indicate by check mark whether the Registrant has (1) filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) 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 (§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 definition of “large accelerated filer,” “non-accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

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Large accelerated filer          [  ]	Non-accelerated filer             [  ]
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 [  ] No [X]

Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date: November 11, 2016 – 121,507,050 shares of common stock.

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RadTek, Inc.

FORM 10-Q

TABLE OF CONTENTS

PART 1 – FINANCIAL INFORMATION

	Page
Item 1.  Consolidated Financial Statements (Unaudited)	4
Item 2.  Management's Discussion and Analysis of   Financial Condition and Results of Operations	13
Item 3.  Quantitative and Qualitative Disclosure   About Market Risk	14
Item 4.  Controls and Procedures	15

PART II – OTHER INFORMATION

Item 1.  Legal Proceedings	16
Item 1A.  Risk Factors	16
Item 2.  Unregistered Sales of Equity Securities and   Use of Proceeds	16
Item 3.  Defaults upon Senior Securities	16
Item 4.  Mine Safety Disclosures	16
Item 5.  Other Information	16
Item 6.  Exhibits	16
SIGNATURES	17

Special Note Regarding Forward-Looking Statements

Information included in this Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (“Exchange Act”). This information may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RadTek, Inc. (the “Company”), to be materially different from future results, performance or achievements expressed or implied by any forward-looking statements. Forward-looking statements, which involve assumptions and describe future plans, strategies and expectations of the Company, are generally identifiable by use of the words “may,” “will,” “should,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” or “project” or the negative of these words or other variations on these words or comparable terminology. These forward-looking statements are based on assumptions that may be incorrect, and there can be no assurance that these projections included in these forward-looking statements will come to pass. Actual results of the Company could differ materially from those expressed or implied by the forward-looking statements as a result of various factors. Except as required by applicable laws, the Company has no obligation to update publicly any forward-looking statements for any reason, even if new information becomes available or other events occur in the future.

*Please note that throughout this Quarterly Report, and unless otherwise noted, the words "we,"”RDTK,” "our," "us,” the "Company," refers to RadTek, Inc.

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PART I

Item 1. Financial Statements

The Financial Statements of the Registrant required to be filed with this 10-Q Quarterly Report were prepared by management and commence below, together with related notes. In the opinion of management, the Financial Statements fairly present the financial condition of the Registrant.

RADTEK INC.

CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2016 (Unaudited)

CONTENTS

CONSOLIDATED FINANCIAL STATEMENTS

Condensed Consolidated Balance Sheets                      

5                                       

Condensed Statements of consolidated comprehensive income     

7

Condensed Consolidated Statements of Cash Flows            

8                                        

Notes to Condensed Consolidated Financial Statements     

9                                            

4

RADTEK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(US dollar in units)
		September 30, 2016		December 31, 2015
Assets			(Unaudited)		(Audited-Restated)
Current assets:
Cash and cash equivalents		$	14,188	$	78,301
Accounts receivable, net			120,753		128,341
Prepaid expenses and other assets			12,302		1,132,317
Inventories			-		2,850
Total Current assets			147,243		1,341,809
Investment			-		-
Property and equipment, net			-		-
Intangible assets			75,257		77,163
Security deposits			30,101		28,157
			105,358		105,320
Total assets		$	252,601	$	1,447,129
Liabilities and equity
Current liabilities:
Accounts and other payable		$	537,580	$	403,258
Short-term borrowings			337,499		315,700
Loan from related party			115,000		100,000
Advances from related party			980,025		895,528
Advance payments on contracts			32,732		1,304,222
Convertible Note			-		5,000
Derivative Liability			-		7,001
Other current liabilities			8,989		6,344
			2,011,825		3,037,053
Non-current liabilities:
Accrued severance benefits, net			53,687		43,279
			53,687		43,279
Total liabilities			2,065,512		3,080,332
Equity:
Preferred Stock:
	Authorized: 10,000,000 shares, $0.001 par value
	Issued and outstanding shares: 0
Common stock;
	Authorized: 1,990,000,000 shares, $0.001 par value
	Issued and outstanding: 121,507,050 and 121,507,050 shares
	as of September 30, 2016 and December 31, 2015, respectively		176,882		176,882
Additional paid-in capital			1,651,700		1,651,700
Treasury Stock (55,375,000 shares)			(375,053)		(375,053)
Accumulated other comprehensive loss			(36,871)		105,130
Accumulated deficits			(3,229,569)		(3,191,862)
Total equity			(1,812,911)		(1,633,203)
Total liabilities and equity		$	252,601	$	1,447,129

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

RADTEK INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATION (UNAUDITED)
for the periods ended September 30, 2016 and 2015
									(US dollar in units)
		Three Months Ended				Nine Months Ended
		September 30, 2016		September 30, 2015		September 30, 2016		September 30, 2015
Net revenues		$	101,091	$	35,142	$	1,518,260	$	330,583
Cost of sales			81,075		29,230		1,283,416		124,857
Gross profit			20,016		5,912		234,844		205,726
Operating expenses:
Depreciation and Amortization			2,355		1,419		6,827		4,445
Selling and administrative expenses			134,546		93,400		303,152		305,140
Total Operating expenses			136,901		94,819		309,979		309,585
Gain(Loss) from operations			(116,885)		(88,907)		(75,135)		(103,859)
Other income(expenses):
Interest expense, net			(3,505)		1,329		(10,325)		(335)
Foreign exchange transaction gain (loss)			34,321		(29,892)		40,374		(40,887)
Gain on derivative liability			-				7,001		-
Other income, net			7		-		377		-
			30,823		(28,563)		37,427		(41,222)
Income for the year before tax			(86,062)		(117,470)		(37,708)		(145,081)
Provision for income tax			-		-		-		-
Net income			(86,062)		(117,470)		(37,708)		(145,081)
Other Comprehensive income (loss)
Foreign currency translation adjustments			(128,637)		78,530		(142,001)		107,368
Comprehensive income (loss)		$	(214,699)	$	(38,940)	$	(179,709)	$	(37,713)
Earnings per share:
-	Basic and diluted earnings per share	$	(0.00)	$	(0.00)	$	(0.00)	$	(0.00)
-	Weighted Average Outstanding Shares		121,507,050		121,475,892		121,507,050		121,383,674

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

RADTEK INC.
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
For the Nine Months Ended September 30, 2016 and 2015
(US dollar in units)
	September 30, 2016		September 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Gain(loss)	$	(37,708)	$	(145,081)
Adjustments to reconcile net loss to net cash used in operating activities:
- Depreciation and amortization		6,827		4,445
- Severance benefits		10,408		2,527
- Gain on derivative laibility		(7,001)
Change in assets and liabilities, net of the effect of acquisitions:
- Accounts receivable		7,588		(40,477)
- Inventory		2,850		1,513
- Prepaid expenses and other assets		1,120,015		(248,774)
- Accounts payable and other payable		134,322		(19,281)
- Advance payments on contracts		(1,271,490)		282,888
- Accrued liabilities and other liabilities		2,645		(1,629)
Net cash provided by (used in) operating activities		(31,544)		(163,869)
CASH FLOWS FROM INVESTING ACTIVITIES:
Loan receivable		-		(518,736)
Security deposit				(1,380)
Net cash used in financing activities		-		(520,116)
CASH FLOWS FROM FINANCING ACTIVITIES:
- Proceeds from stock issuance		-		13,359
- Proceeds from short-term borrowing				181,662
- Payment of convertible note		(5,000)
- Loan from related party		15,000		(60,000)
- Advances from related parties		84,497		417,427
Net cash provided by financing activities		94,497		552,448
Net decrease in cash and cash equivalent		62,953		(131,537)
Effect of exchange rate changes		(127,066)		114,809
Cash and cash equivalent at beginning of year		78,301		213,247
Cash and cash equivalent at end of year	$	14,188	$	196,519
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for interest		10,325		335

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

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RadTek, Inc.

Consolidated Notes to the Financial Statements

September 30, 2016 (Unaudited)

Note 1 – Nature of Business

(a) Description of Business

RadTek, Inc. (the “Company”) was incorporated in Nevada on December 18, 2009, under the laws of the State of Nevada, for the purpose of providing management consulting services to the small or median sized private companies in the Taiwan that want to look for business partners, or agencies, or financing resources, or to become public through IPO or reverse merger in the United States, or Canada.

The Company was a subsidiary of USChina Channel Inc., and spun off on March 15, 2010. As of March 18, 2013 the company filed with the Nevada Secretary of State and subsequently with the SEC and FINRA for a name change to RadTek, Inc., change to the Articles of Incorporation. With this the ticker of the company also changed to RDTK and created a class of preferred stock with 10,000,000 shares issuable. No preferred shares have been issued to date.

On November 26, 2013, the Company acquired RadTek, Co. Ltd. RadTek, Co., Ltd. was incorporated under the laws of Republic of Korea in May 2001, and is engaged in developing and marketing radiation-imaging system and equipment that employ digital radiography technology. The systems offered are primarily in the line of radiation scanning and related engineering services for users in various fields such as biotechnology, medical, product quality control, and security system. The specific product line includes food inspection systems, X-ray diagnosis related systems, baggage and container inspection systems, and radiation safety engineering. As the market in this field is dominated by high-priced systems for large users, the Company aims to focus on the niche market of small users by offering low-cost models.

On December 31, 2012, RadTek, Co., Ltd. entered into an agreement to acquire a company (a Nevada corporation) listed on “Over-the-Counter” Market of the United States. This transaction was completed in February 2013, and has resulted in the acquisition of 89.6% of the outstanding voting shares of the listed company at the consideration of $367,000 including transaction expenses. All amounts recorded as treasury stock in consolidated balance sheet as of September 30, 2016 and December 31, 2015.

On November 26, 2013, the Company entered into a definitive agreement with RadTek, Co. Ltd.’s shareholders.   Pursuant to the agreement, the Company purchased all of the outstanding securities of the RadTek, Co. Ltd. (1,900,000) in exchange for 95,000,000 common shares of the Company.  RadTek Co. Ltd. shall be a wholly owned subsidiary of the Company. RadTek, Co. Ltd. is treated as the “accounting acquirer” in the accompanying financial statements. In the transaction, the Company issued 95,000,000 common shares to the shareholders of RadTek, Co. Ltd.; such shares represented, immediately following the transaction, 94% of the outstanding shares of the Company (excluding treasury stock of 55,375,000 shares).  The transaction was accounted for as a “reverse merger” and a reverse recapitalization and the issuances of common stock were recorded as a reclassification between paid-in-capital and par value of Common Stock.

On January 15, 2014, the Board of Directors approved to increase authorized common shares from 60,000,000 common shares, par value $0.001 to 1,990,000,000 common shares, par value $0.001 per common shares and to effectuate a forward split of RadTek’s common stock at an exchange ratio of 50 for 1 so that each outstanding common share before the forward split shall represent 50 common shares after the forward split. All share amounts have been retroactively adjusted for all periods presented.

(b) Basis of Presentation and Going Concern Considerations

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the

9

information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.  Operating results for the nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016. The consolidated financial statements include the accounts of RadTek, Inc. and its 100% owned subsidiary, RadTek, Co. Ltd., a company incorporated in Korea. All significant intercompany balances and transactions have been eliminated upon consolidation.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2015.

These consolidated financial statements present the financial condition, and results of operations and cash flows of the operating companies.

The Company’s financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.  The Company has experienced recurring losses over the past years which have resulted in stockholders’ accumulated deficits of approximately $3,217 thousand and a working capital deficit of approximately $1,865 thousand at September 30, 2016.  These conditions raise uncertainty about the Company’s ability to continue as a going concern.

The Company’s ability to continue as a going concern is contingent upon its ability to secure additional financing, increase sales of its products and attain profitable operations. It is the intent of management to continue to raise additional capital to sustain operations and to pursue acquisitions of operating companies in order to generate future profits for the Company. However, there can be no assurance that the Company will be able to secure such additional funds or obtain such on terms satisfactory to the Company, if at all.

The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

Recent Accounting Pronouncements

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

Note 2 – Inventories

Inventories consist of the following as of September 30, 2016 and December 31, 2015:

		September 30, 2016	December 31, 2015
Raw materials	$         -		$         2,850
Finished goods		-	-
Total		$       -	$         2,850

Note 3 – Intangibles

The Company’s intangible assets are composed of the following as of September 30, 2016 and December 31, 2015:

	September 30, 2016	December 31, 2015
Patents	$        13,057	$        12,213
Technical rights	109,333	102,271
	122,389	114,484
Accumulated amortization	(47,132)	(37,321)
Intangible assets, net	$       75,257	$       77,163

Direct costs incurred in obtaining patents and technical rights are capitalized. These patents and rights are subject to amortization as their lives are statutorily limited in South Korea, typically over the period of twenty years. Accordingly, they are being amortized over the statutory lives. Management considered recoverability of the balances of these assets and determined that no adjustment was necessary as of September 30, 2016.

Amortization expenses for the nine month ended September 30, 2016 and 2015 were $6,827 and $4,445, respectively.

Note 4 – Short-term Borrowings

Short term borrowings consist of the following as of September 30, 2016 and December 31, 2015:

	September 30, 2016	December 31, 2015
Note payable to a bank at interest rate of 4.39%. The line matures in November 2016. (KRW 150,000,000)	$   136,824	$   127,987
Notes payable to individuals at interest rate of 0% to 7%. The maturity is August 10, 2016 (KRW220,000,000)	200,675	187,713
Total short-term borrowings	$   337,449	$   315,700

Note 5- Convertible Note

On July 27, 2015, the Company issued a $5,000 Convertible Note for services. The Convertible Not bears interest at 9% without a maturity date. The Noteholder shall have the right to convert any unpaid sums into common stock of the Company at the rate of 50% of the lowest trade reported in the 20 days prior to date of conversion. As at December 31, 2015, the Company has recorded interest of $198. The Company paid off convertible note of $5,000 and accrued interest of $233 on February 12, 2016

The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 Derivatives and Hedging. The initial fair value of the conversion feature of $5,254 resulted in a discount to the note payable of $5,000 and the remaining $254 was recognized as derivative expense.

Note 6 Derivative Liabilities

The embedded conversion option of the Company’s convertible debenture contains a conversion feature that qualifies for embedded derivative classification. The fair value of these liabilities will be re-measured at the end of every reporting period and the change in fair value will be reported in the statement of operations as a gain or loss on derivative liabilities.

The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities:

       For the nine month ended       

                               September 30, 2016

Balance at the beginning, December 31, 2015	$ 7,001
Change in fair value of derivative	7,001
Balance at end of period, September 30, 2016	$          -

Note 7– Advances from Related Party

The Company, as need basis, borrows funds from a shareholder. The borrowings are unsecured and payments are made at the Company’s discretion. The borrowings are non-interest rate.  Total borrowing as of September 30, 2016 and December 31, 2015 were $980,025 and $895,528 respectively.

Note 8 – Loan from related parties

As of September 1, 2015, the Company borrowed $100,000 from related party. The interest is 2.5% per annum and repayment date is September 2, 2016. As of September 30, 2016, accrued interest of $2,716 was recorded as other payable. On September 1, 2016, the repayment date is extended to September 1, 2017.

On September 28, 2016, the Company entered loan agreement of up to $250,000 with related party. The Company borrowed $15,000 on September 28, 2016. The interest is 2.5% per annum and repayment date is September 29, 2017.

Note 9 – Common stock

On November 26, 2013, the Company entered into a definitive agreement with RadTek, Co. Ltd.’s shareholders.   Pursuant to the agreement, the Company purchased all of the outstanding securities of the RadTek, Co. Ltd. (1,900,000) in exchange for 95,000,000 common shares of the Company.  

As of December 31, 2013, the Company holds 55,375,000 common shares ($375,053) as treasury stocks recorded as capital adjustment.

On January 15, 2014, the Board of Directors approved to increase authorized common shares from 60,000,000 common shares, par value $0.001 to 1,990,000,000 common shares, par value $0.001 per common shares and to effectuate a forward split of RadTek’s common stock at an exchange ratio of 50 for 1 so that each outstanding common share before the forward split shall represent 50 common shares after the forward split. All share amounts have been retroactively adjusted for all periods presented.

On January 14, 2014, the Company issued 20,000,000 common shares to two employees and three consultants valued at the market close and recorded as $435,736 in selling and administrative expenses and $435,736 in consulting fees, respectively, for an aggregate expense of $871,472.

On July 7 and August 21, 2015, the Company issued 129,250 and 41,000 common shares at $0.1931 and $0.1805 respectively to Dutchess Opportunity Fund referred to the investment agreement made on April 22, 2014. The Company paid stock issuance cost of $17,000 and $2,000, respectively and deducted from additional paid in capital.

Note 10 – Significant contracts

The Company has contracted with Korea Research Institute of Ships and Ocean Engineering (KRISO) for delivery of Cargo Inspection System (CIS) X-ray Accelerator which worth $945,447 on February 13, 2014. Under the payment term, 80% before shipment and 20% after the delivery, the Company has received 756,000 USD, the 80%, from KRISO on May 23, 2014. The delivery due date was postponed as request from KRISO. It was delivered but not installed, and the final 20% of the whole payment was billed to KRISO as of November 10, 2014. Final 20% was received by RadTek Inc. on 17th of November, 2014. The installation was completed on June 10, 2016. 1-year warranty starts after the installation.

The Company also got the delivery contract with KRISO for Temperature Control Unit of the X-ray Accelerator, which worth $25,500, on July 21, 2014. On January 21, 2015, KRISO and the Company contracted for CIS Array Detection System which worth $332,956. The installation schedule of all two items has been postponed until due of KRISO’s construction, and it was completed on June 10, 2016.

The Company received $1,304 thousand and paid $1,132 thousand regarding KRISO project.

The Company contracted with SKTelecom for maintenance service of Korea Customs Service’s ‘Cargo Inspection Center II in Busan New Port.’ The contract ends on Dec 31, 2018 and the amount is 762,685,000 KRW ($672,000). The Company recognized revenue of KRW 97,500,000 ($84,000) for the nine month ended September 30, 2016. Due to the contract condition with SKTelecom, the Company must have had a service contract with linear accelerators manufacturer, Varian Medical Systems. The service contract with Varian Medical Systems started from June 1, 2015 and it ends until May 31, 2019 or it expires if the Company decides not to continue managing the container inspection center. The Company agreed to make quarterly payment of $10,590 to Varian Medical Systems.

On April 28, 2015, the Company entered into an agreement with C&D Co. Ltd., a South Korean company, for the purposes of creating a new corporation.  The new corporation will be an Internet Protocol television platform establishment and equipment delivery service.  Under the agreement, the Company will raise $2 million for the purposes of establishing the new corporation and registering the shares with FINRA.  The Company will then transfer all related resources to the new corporation after its establishment.  C&D will provide use of its patents, licenses, trademarks and registered service marks to the Company, as well as its products, marketing support, and technical support.  Once the new corporation has been established, all of the patents, licenses, trademarks, and registered service marks will be transferred to the new corporation.

Vietnam Multimedia Corporation (VTC), RadTek co., Ltd. and Giltz Capital Finance AG Group has made Memorandum of Agreement on May 27, 2015. The parties have agreed on supplying IPTV service and set-top boxes in Vietnam. In order to perform the business, the parties will establish a Joint Venture Company (JVC) in Vietnam and they will make 50 million USD investment in the business.

On April 6, 2015, RadTek Co., Ltd. has signed a Memorandum of Agreement (MOA) with C&D Corporation Co., Ltd. in purpose of a business which is supplying IPTV platform installation and devices to domestic and international customers. RadTek’s duty in the contract is to promote investment for the fund problems of the business while C&D supplies required devices and service by providing IPTV related technical licenses and exclusivities. RadTek has loaned to Daeyoung Lim who is CEO of C&D and the loan is limited to use only for the company normalization.

Note 11 – Investment Agreement and Marketing Agreement

On April 22, 2014, the Company entered into an investment agreement and a corresponding registration rights agreement with Dutchess Opportunity Fund, II, LP, a Delaware Limited Partnership.  Under the terms of the investment agreement, Dutchess will invest up to $20,000,000 to purchase the Company’s common shares.  From time to time, the Company may deliver a put notice to Dutchess which states the dollar amount of shares they wish to sell.  This amount shall be equal to up to either 1) 300% of the average daily US market value of the common stock for three trading days prior to the date of the put notice, or 2) $300,000.  

Once a put notice has been delivered to Dutchess, Dutchess will purchase the shares at a price equal to 95% of the lowest daily volume weighted average price of the common stock for the five consecutive trading days following delivery of the put notice.  The closing date for the put notice is at the end of that five-day period.  If the Company has not issued the shares at the end of that period, they agree to pay a cumulative late fee for each trading day beyond the closing date.

Dutchess cannot purchase more than 4.99% of the total common shares outstanding as of the closing date.

Dutchess is not obligated to purchase any shares unless 1) a registration statement has been declared effective and remains effective and available for the resale of all registerable securities at all times until the closing of each subject put notice; 2) the common stock is listed on a principal trading market and is not suspended from trading; 3) the Company has not breached the terms of the investment agreement or the registration agreement; 4) no injunction has been issued prohibiting the purchase or issuance of the securities; and 5) the issuance of shares will not violate any shareholder approval requirements of the principal trading markets.

The investment agreement terminates when Dutchess has purchased an aggregate of $20,000,000 of the Company’s common stock pursuant to the agreement, upon written notice of the registrant to Dutchess, or on April 22, 2017.

Under the terms of the registration rights agreement, the Company shall register up to 40,000,000 common shares for resale.  No other securities shall be registered under this agreement without the written approval of Dutchess.

Under this investment agreement, the Company issued 129,250 and 41,000 common shares at $0.1931 and $0.1805, respectively, On July 7 and August 21, 2015

Note 12 – Subsequent Event

The Company follows the guidance in ASC Topic 855 “Subsequent Events” for the disclosure of subsequent events. The Company evaluated subsequent events through the date of the financial statements were issued.

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Item 2.  Management’s Discussions and Analysis of Financial Condition and Results of Operations.

Forward-looking Statements

Statements made in this Quarterly Report which are not purely historical are forward-looking statements with respect to the goals, plan objectives, intentions, expectations, financial condition, results of operations, future performance and our business, including, without limitation, (i) our ability to raise capital, and (ii) statements preceded by, followed by or that include the words “may,” “would,” “could,” “should,” “expects,” “projects,” “anticipates,” “believes,” “estimates,” “plans,” “intends,” “targets” or similar expressions.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond our control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following, general economic or industry conditions, nationally and/or in the communities in which we may conduct business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, our ability to raise capital, changes in accounting principles, policies or guidelines, financial or political instability, acts of war or terrorism, other economic, competitive, governmental, regulatory and technical factors affecting our current or potential business and related matters.

Accordingly, results actually achieved may differ materially from expected results in these statements. Forward-looking statements speak only as of the date they are made. We do not undertake, and specifically disclaim, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.

Plan of Operation

Our plan of operation for the next 12 months is to: (i) Expand our customer base in industries in which we may have an interest, to include X-Ray technology and construction consultation services related to x-ray technology facilities; (ii) Continue reconfiguring our business plans for engaging in the business of our selected industry; and (iii) to expand our contract capacity while completing our expansion of operations through funding and/or our announced acquisition of a going concern engaged in the industry selected.

Other than standard operations associated with business operations mentioned in subsequent events, during the next 12 months, one of our only foreseeable cash requirements, which may be advanced by our management or principal stockholders as loans to us, will relate to maintaining our good standing or the payment of expenses associated with legal, accounting and other fees related to our compliance with the Exchange Act requirements of being a reporting issuer and reviewing or investigating any potential acquisition or business combination candidate. With our business and industry in which our operations have commenced, and other potential acquisitions have not been identified and any prospective acquisition or business combination candidate as of the date of this Quarterly Report, it is impossible to predict the amount of any such costs or required advances. Any such loan will be on terms no less favorable to us than would have been made available to us from a commercial lender in an arm's length transaction.

Results of Operations

For the three months ended September 30, 2016, we earned net revenues of $101,091.  Our cost of sales was $81,075, resulting in a gross profit of $20,016.  We incurred depreciation and amortization expenses of $2,355 and incurred selling and administrative expenses of $134,546.  We recorded a loss in interest expense net of $3,505, incurred a gain due to foreign exchange transaction of $34,321.  As a result, we recorded net loss of $86,062.  We had foreign currency translation adjustments of $128,637 resulting in our comprehensive loss of $214,699 for the three months ended September 30, 2016.

Comparatively, for the three months ended September 30, 2015, we earned net revenues of $35,142.  Our cost of sales was $29,230, resulting in a gross profit of $5,912.  We incurred depreciation and amortization expenses of $1,419, incurred selling and administrative expenses of $93,400.  We incurred an interest gain of $1,329 and recorded a foreign exchange transaction loss of $29,892.  As a result, we recorded net loss of $117,470.  We had a positive foreign currency translation adjustment of $78,530, resulting in a comprehensive loss of $38,940 for the three months ended September 30, 2015.

The decrease in net loss of $31,408 between the three months ended September 30, 2016 compared to the same period ended September 30, 2015 was the result of increased revenues for the three months ended September 30, 2016.  Our net revenues increased by $65,949, or 188%, and our cost of sales increased by $51,845, or 177%.  Our operating expenses increased by $42,082 as a result of increased selling and administrative expenses.  We also had a foreign exchange transaction gain of $34,321 between the three months ended September 30, 2016 compared to a loss of $29,892 for the three months ended September 30, 2015.

Result of Operations for the Nine Months Ended September 30, 2016 Compared to Nine Months Ended September 30, 2015.

For the nine months ended September 30, 2016, we recorded net revenues of $1,518,260.  Our cost of sales was $1,283,416, resulting in a gross profit of $234,844.  We incurred depreciation and amortization expenses of $6,827 and incurred selling and administrative expenses of $303,152.  We incurred a loss of $10,325 due to interest expenses, and incurred a gain of $40,374 due to foreign exchange transactions.  As a result, we recorded net income of ($37,708).  We had a negative foreign currency translation adjustment of $142,001, resulting in a comprehensive loss of $179,709 for the nine months ended September 30, 2016.

Comparatively, for the nine months ended September 30, 2015, we recorded net revenues of $330,583.  Our cost of sales was $124,857, resulting in a gross profit of $205,726.  We incurred depreciation and amortization expenses of $4,445, and incurred selling and administrative expenses of $305,140.  We incurred a loss of $335 due to interest expenses, and recorded a loss of $40,887 due to foreign exchange transactions.  As a result, we recorded net loss of $145,081.  We had a positive foreign currency translation adjustment of $107,368, resulting in comprehensive loss of $37,713 for the nine months ended September 30, 2015.

The decrease in net loss of $107,373 between the nine months ended September 30, 2016 compared to the same period ended September 30, 2016 was the result of increased revenues and increased cost of sales.  Our net revenues increased by $1,187,677, or 359%, and our cost of sales increased by $1,158,559, or 928%.  Our operating expenses increased by $394 or 0%.

Liquidity and Capital Resources

For the nine months ended September 30, 2016, we had net loss of $37,708.  We had the following adjustments to reconcile net loss to net cash used in the operating activities: $6,827 for depreciation and amortization, $10,408 for severance benefits and $7,001 of gain on derivative liability.  We had the following changes in assets and liabilities: decrease of $7,588 in accounts receivable, decrease of $2,850 in inventory, decrease of $1,120,015 in the prepaid expenses and other assets, an increase of $134,322 in accounts payable and other payables and a decrease of $1,271,490 in the advance receipts on contracts.  We had an increase of $2,645 in accrued liabilities and other liabilities.  As a result, we had net cash used in operating activities of $31,544 for the nine months ended September 30, 2016.

For the nine months ended September 30, 2015, we had a net loss of $145,081.  We had the following adjustments to reconcile net loss to net cash used in operating activities: $4,445 for depreciation and amortization and $2,527 due to severance benefits.  We had the following changes in assets and liabilities: a $40,477 increase in accounts receivable, a $1,513 decrease in inventory, a $248,774 increase due to prepaid expenses and other assets, a $19,281 decrease due to accounts payable, a $282,888 increase due to advance payments on contracts, and a $1,629 decrease due to other current liabilities.  As a result, we had net cash used in operating activities of $163,869 for the nine months ended September 30, 2015.

For the nine months ended September 30, 2016, there are no investing activities. For the nine months ended September 30, 2015, Company had loan receivable of $518,736 and increased security deposit of $1,380.

For the nine months ended September 30, 2016, we had a loan from a related party of $15,000, and received $84,497 as an advance from related parties, and $5,000 payment on a convertible note.  As a result, we had net cash provided financing activities of 94,497 for the period.

For the nine months ended September 30, 2015, we issued stock for $13,359, we borrowed short-term loan of $181,662, we paid $60,000 to a related party to repay a loan and had $417,427 advances from borrowing from related parties.  As a result, we had net cash provided by financing activities of $552,448 for the nine months ended September 30, 2015.

We had cash or cash equivalents of $14,188 and $78,301 on hand at September 30, 2016 and at December 31, 2015, respectively.  If additional funds are required in connection with our present planned business operations or for Exchange Act filings or other expenses, such funds may be advanced by management or principal stockholders.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

Not applicable for a smaller reporting company.

Item 4. Controls and Procedures.

During the three months ended September 30, 2016, there were no changes in our internal controls over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of our management, including our chief executive officer and principal financial officer, we conducted an evaluation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended, as of September 30, 2016.  Based on this evaluation, our chief executive officer and principal financial officers were not able to conclude that the Company’s disclosure controls and procedures are effective to ensure that information required to be included in the Company’s periodic Securities and Exchange Commission filings is recorded, processed, summarized, and reported within the time periods specified in the SEC rules and forms.  Therefore, under Section 404 of the Sarbanes-Oxley Act of 2002, the Company must conclude that these controls and procedures are not effective.

Off-Balance Sheet Arrangements; Commitments and Contractual Obligations

As of September 30, 2016, we did not have any off-balance sheet arrangements and did not have any commitments or contractual obligations.

11

PART II - OTHER INFORMATION

Item 1.   Legal Proceedings

None

Item 1A.  Risk Factors  

Not applicable for smaller reporting companies

Item 2.   Unregistered Sales of Equity Securities and Use of Proceeds

None

Item 3.   Defaults Upon Senior Securities.

None

Item 4.   Mine Safety Disclosures.

Not Applicable

Item 5.   Other Information

None.

Item 6.   Exhibits

Exhibit 10.1* – Loan Agreement by and between the Company and ADQD, Inc., dated August 12, 2015

Exhibit 31* - Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

Exhibit 32* - Certifications 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

* Filed herewith

**To Be Filed by Amendment: 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.

12

SIGNATURES

RadTek, Inc.

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

Date: November 16, 2016	RadTek, Inc.
	By	/s/ Dr. Kwanghyun Kim
		Name: KwangHyun Kim Title: President, Chief Executive Officer

Date: November 16, 2016	RadTek, Inc.
	By	/s/ JaeChan Kim
		Name: JaeChan Kim Title: Treasurer (Chief Financial Officer)

13

EX-31.1

CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13a-14

I, Jae Chan Kim, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Radtek, 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 my 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 the 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: November 16, 2016

/s/ Jae Chan Kim

By: Jae Chan Kim

Its: Principal Financial Officer

EX-31.2

CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14

I, Dr. Kwanghyun Kim, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of Radtek, 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 my 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 the 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: November 16, 2016

/s/ Dr. Kwanghyun Kim

By: Dr. Kwanghyun Kim

Its: Principal Executive Officer

EX-32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned officer of RadTek, Inc. (the "Company"), hereby certifies, to such officer's knowledge, that the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2016 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Dr. Kwang Hyun Kim

Dr. Kwang Hyun Kim

Chief Executive Officer

November 16, 2016

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned officer of RadTek Inc. (the "Company"), hereby certifies, to such officer's knowledge, that the Company's Quarterly Report on Form 10-Q for the period ended September 30, 2016 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Jae Chan Kim

Jae Chan Kim

Chief Financial Officer

November 16, 2016

XML

Document and Entity Information - USD ($)	9 Months Ended
	Sep. 30, 2016	Nov. 11, 2016	Jun. 30, 2015
Document and Entity Information:
Entity Registrant Name	RadTek, Inc
Document Type	10-Q
Document Period End Date	Sep. 30, 2016
Amendment Flag	false
Entity Central Index Key	0001487252
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		121,507,050
Entity Public Float			$ 121,507
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	2016
Document Fiscal Period Focus	Q3
Trading Symbol	rdtk

XML

Radtek, Inc. CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30,2016 AND DECEMBER 31, 2015 - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Assets, Current
Cash and Cash Equivalents	$ 14,188	$ 78,301
Accounts Receivable, Net	120,753	128,341
Inventories		2,850
Prepaid Expense and other assets	12,302	1,132,317
Assets, Current	147,243	1,341,809
Assets, Noncurrent
Intangible Assets	75,257	77,163
Security deposits	30,101	28,157
Assets, Noncurrent	105,358	105,320
Total Assets	252,601	1,447,129
Liabilities, Current
Accounts and other payable	537,580	403,258
Loan from related party	115,000	100,000
Advances from related party	980,025	895,528
ConvertibleNotesPayable		5,000
Short-term borowings	337,499	315,700
Other current liabilities	8,989	6,344
Derivative Liability		7,001
Advance payments on contracts	32,732	1,304,222
Liabilities, Current	2,011,825	3,037,053
Liabilities, Noncurrent
Accrued Severence benefits, net	53,687	43,279
Liabilities, Noncurrent	53,687	43,279
Liabilities	2,065,512	3,080,332
Common Stock, Value, Issued	176,882	176,882
AdditionalPaidInCapital	1,651,700	1,651,700
Treasury Stock, Value	(375,053)	(375,053)
Accumulated Other Comprehensive Income (Loss), Net of Tax	(36,871)	105,130
Retained Earnings (Accumulated Deficit)	(3,229,569)	(3,191,862)
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest	(1,812,911)	(1,633,203)
Liabilities and Equity	$ 252,601	$ 1,447,129

XML

Radtek, Inc. CONSOLIDATED BALANCE SHEETS (Parenthetical) as of SEPTEMBER 30, 2016 and December 31, 2015 - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Balance Sheets
Preferred Stock, Par Value	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Common Stock, Par Value	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	1,990,000,000	1,990,000,000
Common Stock, Shares Issued	121,507,050	121,507,050
Common Stock, Shares Outstanding	121,507,050	121,507,050

XML

Radtek, Inc. CONSOLIDATED STATEMENT OF OPERATIONS For the periods ended September 30, 2016 and 2015 - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Revenues
Net revenues	$ 101,091	$ 35,142	$ 1,518,260	$ 330,583
Revenues	101,091	35,142	1,518,260	330,583
Cost of Revenue
Cost of sales	81,075	29,230	1,283,416	124,857
Cost of Revenue	81,075	29,230	1,283,416	124,857
Gross Profit	20,016	5,912	234,844	205,726
Operating Expenses
DepreciationAndAmortization	2,355	1,419	6,827	4,445
Amortization of Deferred Charges
Selling and Administrative Expense	134,546	93,400	303,152	305,140
Operating Expenses	136,901	94,819	309,979	309,585
Operating Income (Loss)	(116,885)	(88,907)	(75,135)	(103,859)
Investment Income, Nonoperating
OtherIncome	7		377
ForeignCurrencyTransactionGainBeforeTax	34,321	(29,892)	40,374	(40,887)
Interest and Debt Expense
Interest Expense	(3,505)	1,329	(10,325)	(335)
Gain on Derivative Liability			7,001
Other Income (expense)	30,823	(28,563)	37,427	(41,222)
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest	(86,062)	(117,470)	(37,708)	(145,081)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(86,062)	(117,470)	(37,708)	(145,081)
Net Income (Loss) Attributable to Parent	(86,062)	(117,470)	(37,708)	(145,081)
OtherComprehensiveIncomeLossNetOfTax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent	(128,637)	78,530	(142,001)	107,368
OtherComprehensiveIncomeLossNetOfTax	$ (214,699)	$ (38,940)	$ (179,709)	$ (37,713)
Earnings Per Share
Earnings Per Share, Basic	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Weighted Average Number of Shares Outstanding, Basic	121,507,050	121,475,892	121,507,050	121,383,674
Earnings Per Share, Diluted	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.00)
Weighted Average Number of Shares Outstanding, Diluted	121,507,050	121,475,892	121,507,050	121,383,674

XML

Radtek, Inc. CONSOLIDATED STATEMENT OF CASH FLOWS For the nine months ended September 30, 2016 and 2015 - USD ($)	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Net Cash Provided by (Used in) Operating Activities
Net Income (Loss)	$ (37,708)	$ (145,081)
Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities
Depreciation	6,827	4,445
Severence benefits	10,408	2,527
Gain on the Derivative Liability	(7,001)
Increase (Decrease) in Operating Capital
Increase (Decrease) in Receivables	7,588	(40,477)
Increase (Decrease) in Inventories	2,850	1,513
Increase (Decrease) in Prepaid Expense and Other Assets	1,120,015	(248,774)
Increase (Decrease) in Accounts Payable and Accrued Liabilities	134,322	(19,281)
Increase (Decrease) in Customer Advances and Deposits	(1,271,490)	282,888
Increase (Decrease) in Other Operating Liabilities	2,645	(1,629)
Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities	6,164	(18,788)
Net Cash Provided by (Used in) Operating Activities	(31,544)	(163,869)
Net Cash Provided by (Used in) Investing Activities
Loan Receivable		(518,736)
IncreaseDecreaseInSecurityDeposits		(1,380)
Net Cash Provided by (Used in) Investing Activities		(520,116)
Net Cash Provided by (Used in) Financing Activities
Proceeds from Issuance of Common Stock		13,359
Proceeds from short-term borrowing		181,662
Repayments of convertible notes	(5,000)
Proceeds from Related Party Debt	15,000	(60,000)
Advances from related party	84,497	417,427
Net Cash Provided by (Used in) Financing Activities	94,497	552,448
Cash and Cash Equivalents, Period Increase (Decrease)	62,953	(131,537)
ForeignCurrencyTransactionGainLossRealized	(127,066)	114,809
Cash and Cash Equivalents, at Carrying Value	78,301	213,247
Cash and Cash Equivalents, at Carrying Value	$ 14,188	$ 196,519

XML

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies

9 Months Ended

Sep. 30, 2016

Notes

Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies

Note 1 – Nature of Business

(a) Description of Business

RadTek, Inc. (the “Company”) was incorporated in Nevada on December 18, 2009, under the laws of the State of Nevada, for the purpose of providing management consulting services to the small or median sized private companies in the Taiwan that want to look for business partners, or agencies, or financing resources, or to become public through IPO or reverse merger in the United States, or Canada.

The Company was a subsidiary of USChina Channel Inc., and spun off on March 15, 2010. As of March 18, 2013 the company filed with the Nevada Secretary of State and subsequently with the SEC and FINRA for a name change to RadTek, Inc., change to the Articles of Incorporation. With this the ticker of the company also changed to RDTK and created a class of preferred stock with 10,000,000 shares issuable. No preferred shares have been issued to date.

On November 26, 2013, the Company acquired RadTek, Co. Ltd. RadTek, Co., Ltd. was incorporated under the laws of Republic of Korea in May 2001, and is engaged in developing and marketing radiation-imaging system and equipment that employ digital radiography technology. The systems offered are primarily in the line of radiation scanning and related engineering services for users in various fields such as biotechnology, medical, product quality control, and security system. The specific product line includes food inspection systems, X-ray diagnosis related systems, baggage and container inspection systems, and radiation safety engineering. As the market in this field is dominated by high-priced systems for large users, the Company aims to focus on the niche market of small users by offering low-cost models.

On December 31, 2012, RadTek, Co., Ltd. entered into an agreement to acquire a company (a Nevada corporation) listed on “Over-the-Counter” Market of the United States. This transaction was completed in February 2013, and has resulted in the acquisition of 89.6% of the outstanding voting shares of the listed company at the consideration of $367,000 including transaction expenses. All amounts recorded as treasury stock in consolidated balance sheet as of September 30, 2016 and December 31, 2015.

On November 26, 2013, the Company entered into a definitive agreement with RadTek, Co. Ltd.’s shareholders.   Pursuant to the agreement, the Company purchased all of the outstanding securities of the RadTek, Co. Ltd. (1,900,000) in exchange for 95,000,000 common shares of the Company.  RadTek Co. Ltd. shall be a wholly owned subsidiary of the Company. RadTek, Co. Ltd. is treated as the “accounting acquirer” in the accompanying financial statements. In the transaction, the Company issued 95,000,000 common shares to the shareholders of RadTek, Co. Ltd.; such shares represented, immediately following the transaction, 94% of the outstanding shares of the Company (excluding treasury stock of 55,375,000 shares).  The transaction was accounted for as a “reverse merger” and a reverse recapitalization and the issuances of common stock were recorded as a reclassification between paid-in-capital and par value of Common Stock.

On January 15, 2014, the Board of Directors approved to increase authorized common shares from 60,000,000 common shares, par value $0.001 to 1,990,000,000 common shares, par value $0.001 per common shares and to effectuate a forward split of RadTek’s common stock at an exchange ratio of 50 for 1 so that each outstanding common share before the forward split shall represent 50 common shares after the forward split. All share amounts have been retroactively adjusted for all periods presented.

(b) Basis of Presentation and Going Concern Considerations

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.  Operating results for the nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016. The consolidated financial statements include the accounts of RadTek, Inc. and its 100% owned subsidiary, RadTek, Co. Ltd., a company incorporated in Korea. All significant intercompany balances and transactions have been eliminated upon consolidation.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2015.

These consolidated financial statements present the financial condition, and results of operations and cash flows of the operating companies.

The Company’s financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.  The Company has experienced recurring losses over the past years which have resulted in stockholders’ accumulated deficits of approximately $3,217 thousand and a working capital deficit of approximately $1,865 thousand at September 30, 2016.  These conditions raise uncertainty about the Company’s ability to continue as a going concern.

The Company’s ability to continue as a going concern is contingent upon its ability to secure additional financing, increase sales of its products and attain profitable operations. It is the intent of management to continue to raise additional capital to sustain operations and to pursue acquisitions of operating companies in order to generate future profits for the Company. However, there can be no assurance that the Company will be able to secure such additional funds or obtain such on terms satisfactory to the Company, if at all.

The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

Recent Accounting Pronouncements

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

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Inventory Disclosure

9 Months Ended

Sep. 30, 2016

Notes

Inventory Disclosure

Note 2 – Inventories

Inventories consist of the following as of September 30, 2016 and December 31, 2015:

		September 30, 2016	December 31, 2015
Raw materials	$         -		$         2,850
Finished goods		-	-
Total		$       -	$         2,850

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Goodwill and Intangible Assets Disclosure

9 Months Ended

Sep. 30, 2016

Notes

Goodwill and Intangible Assets Disclosure

Note 3 – Intangibles

The Company’s intangible assets are composed of the following as of September 30, 2016 and December 31, 2015:

	September 30, 2016	December 31, 2015
Patents	$        13,057	$        12,213
Technical rights	109,333	102,271
	122,389	114,484
Accumulated amortization	(47,132)	(37,321)
Intangible assets, net	$       75,257	$       77,163

Direct costs incurred in obtaining patents and technical rights are capitalized. These patents and rights are subject to amortization as their lives are statutorily limited in South Korea, typically over the period of twenty years. Accordingly, they are being amortized over the statutory lives. Management considered recoverability of the balances of these assets and determined that no adjustment was necessary as of September 30, 2016.

Amortization expenses for the nine month ended September 30, 2016 and 2015 were $6,827 and $4,445, respectively.

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Debt Disclosure

9 Months Ended

Sep. 30, 2016

Notes

Debt Disclosure

Note 4 – Short-term Borrowings

Short term borrowings consist of the following as of September 30, 2016 and December 31, 2015:

	September 30, 2016	December 31, 2015
Note payable to a bank at interest rate of 4.39%. The line matures in November 2016. (KRW 150,000,000)	$   136,824	$   127,987
Notes payable to individuals at interest rate of 0% to 7%. The maturity is August 10, 2016 (KRW220,000,000)	200,675	187,713
Total short-term borrowings	$   337,449	$   315,700

Note 5- Convertible Note

On July 27, 2015, the Company issued a $5,000 Convertible Note for services. The Convertible Not bears interest at 9% without a maturity date. The Noteholder shall have the right to convert any unpaid sums into common stock of the Company at the rate of 50% of the lowest trade reported in the 20 days prior to date of conversion. As at December 31, 2015, the Company has recorded interest of $198. The Company paid off convertible note of $5,000 and accrued interest of $233 on February 12, 2016

The embedded conversion option qualifies for derivative accounting and bifurcation under ASC 815-15 Derivatives and Hedging. The initial fair value of the conversion feature of $5,254 resulted in a discount to the note payable of $5,000 and the remaining $254 was recognized as derivative expense.

Note 6 Derivative Liabilities

The embedded conversion option of the Company’s convertible debenture contains a conversion feature that qualifies for embedded derivative classification. The fair value of these liabilities will be re-measured at the end of every reporting period and the change in fair value will be reported in the statement of operations as a gain or loss on derivative liabilities.

The table below sets forth a summary of changes in the fair value of the Company’s Level 3 financial liabilities:

                                                                                                                                       For the nine months ended                                                                                                                             September 30, 2016

Balance at the beginning, December 31, 2015	$              7,001
Change in fair value of derivative	7,001
Balance at end of period, September 30, 2016	$                       -

Note 7– Advances from Related Party

The Company, as need basis, borrows funds from a shareholder. The borrowings are unsecured and payments are made at the Company’s discretion. The borrowings are non-interest rate.  Total borrowing as of September 30, 2016 and December 31, 2015 were $980,025 and $895,528 respectively.

Note 8 – Loan from related parties

As of September 1, 2015, the Company borrowed $100,000 from related party. The interest is 2.5% per annum and repayment date is September 2, 2016. As of September 30, 2016, accrued interest of $2,716 was recorded as other payable. On September 1, 2016, the repayment date is extended to September 1, 2017.

On September 28, 2016, the Company entered loan agreement of up to $250,000 with related party. The Company borrowed $15,000 on September 28, 2016. The interest is 2.5% per annum and repayment date is September 29, 2017.

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Stockholders' Equity Note Disclosure

9 Months Ended

Sep. 30, 2016

Notes

Stockholders' Equity Note Disclosure

Note 9 – Common stock

On November 26, 2013, the Company entered into a definitive agreement with RadTek, Co. Ltd.’s shareholders.   Pursuant to the agreement, the Company purchased all of the outstanding securities of the RadTek, Co. Ltd. (1,900,000) in exchange for 95,000,000 common shares of the Company. 

As of December 31, 2013, the Company holds 55,375,000 common shares ($375,053) as treasury stocks recorded as capital adjustment.

On January 15, 2014, the Board of Directors approved to increase authorized common shares from 60,000,000 common shares, par value $0.001 to 1,990,000,000 common shares, par value $0.001 per common shares and to effectuate a forward split of RadTek’s common stock at an exchange ratio of 50 for 1 so that each outstanding common share before the forward split shall represent 50 common shares after the forward split. All share amounts have been retroactively adjusted for all periods presented.

On January 14, 2014, the Company issued 20,000,000 common shares to two employees and three consultants valued at the market close and recorded as $435,736 in selling and administrative expenses and $435,736 in consulting fees, respectively, for an aggregate expense of $871,472.

On July 7 and August 21, 2015, the Company issued 129,250 and 41,000 common shares at $0.1931 and $0.1805 respectively to Dutchess Opportunity Fund referred to the investment agreement made on April 22, 2014. The Company paid stock issuance cost of $17,000 and $2,000, respectively and deducted from additional paid in capital.

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Long-term Contracts or Programs Disclosure

9 Months Ended

Sep. 30, 2016

Notes

Long-term Contracts or Programs Disclosure

Note 10 – Significant contracts

The Company has contracted with Korea Research Institute of Ships and Ocean Engineering (KRISO) for delivery of Cargo Inspection System (CIS) X-ray Accelerator which worth $945,447 on February 13, 2014. Under the payment term, 80% before shipment and 20% after the delivery, the Company has received 756,000 USD, the 80%, from KRISO on May 23, 2014. The delivery due date was postponed as request from KRISO. It was delivered but not installed, and the final 20% of the whole payment was billed to KRISO as of November 10, 2014. Final 20% was received by RadTek Inc. on 17th of November, 2014. The installation was completed on June 10, 2016. 1-year warranty starts after the installation.

The Company also got the delivery contract with KRISO for Temperature Control Unit of the X-ray Accelerator, which worth $25,500, on July 21, 2014. On January 21, 2015, KRISO and the Company contracted for CIS Array Detection System which worth $332,956. The installation schedule of all two items has been postponed until due of KRISO’s construction, and it was completed on June 10, 2016.

The Company received $1,304 thousand and paid $1,132 thousand regarding KRISO project.

The Company contracted with SKTelecom for maintenance service of Korea Customs Service’s ‘Cargo Inspection Center II in Busan New Port.’ The contract ends on Dec 31, 2018 and the amount is 762,685,000 KRW ($672,000). The Company recognized revenue of KRW 97,500,000 ($84,000) for the nine month ended September 30, 2016. Due to the contract condition with SKTelecom, the Company must have had a service contract with linear accelerators manufacturer, Varian Medical Systems. The service contract with Varian Medical Systems started from June 1, 2015 and it ends until May 31, 2019 or it expires if the Company decides not to continue managing the container inspection center. The Company agreed to make quarterly payment of $10,590 to Varian Medical Systems.

On April 28, 2015, the Company entered into an agreement with C&D Co. Ltd., a South Korean company, for the purposes of creating a new corporation.  The new corporation will be an Internet Protocol television platform establishment and equipment delivery service.  Under the agreement, the Company will raise $2 million for the purposes of establishing the new corporation and registering the shares with FINRA.  The Company will then transfer all related resources to the new corporation after its establishment.  C&D will provide use of its patents, licenses, trademarks and registered service marks to the Company, as well as its products, marketing support, and technical support.  Once the new corporation has been established, all of the patents, licenses, trademarks, and registered service marks will be transferred to the new corporation.

Vietnam Multimedia Corporation (VTC), RadTek co., Ltd. and Giltz Capital Finance AG Group has made Memorandum of Agreement on May 27, 2015. The parties have agreed on supplying IPTV service and set-top boxes in Vietnam. In order to perform the business, the parties will establish a Joint Venture Company (JVC) in Vietnam and they will make 50 million USD investment in the business.

On April 6, 2015, RadTek Co., Ltd. has signed a Memorandum of Agreement (MOA) with C&D Corporation Co., Ltd. in purpose of a business which is supplying IPTV platform installation and devices to domestic and international customers. RadTek’s duty in the contract is to promote investment for the fund problems of the business while C&D supplies required devices and service by providing IPTV related technical licenses and exclusivities. RadTek has loaned to Daeyoung Lim who is CEO of C&D and the loan is limited to use only for the company normalization.

Note 11 – Investment Agreement and Marketing Agreement

On April 22, 2014, the Company entered into an investment agreement and a corresponding registration rights agreement with Dutchess Opportunity Fund, II, LP, a Delaware Limited Partnership.  Under the terms of the investment agreement, Dutchess will invest up to $20,000,000 to purchase the Company’s common shares.  From time to time, the Company may deliver a put notice to Dutchess which states the dollar amount of shares they wish to sell.  This amount shall be equal to up to either 1) 300% of the average daily US market value of the common stock for three trading days prior to the date of the put notice, or 2) $300,000.  

Once a put notice has been delivered to Dutchess, Dutchess will purchase the shares at a price equal to 95% of the lowest daily volume weighted average price of the common stock for the five consecutive trading days following delivery of the put notice.  The closing date for the put notice is at the end of that five-day period.  If the Company has not issued the shares at the end of that period, they agree to pay a cumulative late fee for each trading day beyond the closing date.

Dutchess cannot purchase more than 4.99% of the total common shares outstanding as of the closing date.

Dutchess is not obligated to purchase any shares unless 1) a registration statement has been declared effective and remains effective and available for the resale of all registerable securities at all times until the closing of each subject put notice; 2) the common stock is listed on a principal trading market and is not suspended from trading; 3) the Company has not breached the terms of the investment agreement or the registration agreement; 4) no injunction has been issued prohibiting the purchase or issuance of the securities; and 5) the issuance of shares will not violate any shareholder approval requirements of the principal trading markets.

The investment agreement terminates when Dutchess has purchased an aggregate of $20,000,000 of the Company’s common stock pursuant to the agreement, upon written notice of the registrant to Dutchess, or on April 22, 2017.

Under the terms of the registration rights agreement, the Company shall register up to 40,000,000 common shares for resale.  No other securities shall be registered under this agreement without the written approval of Dutchess.

Under this investment agreement, the Company issued 129,250 and 41,000 common shares at $0.1931 and $0.1805, respectively, On July 7 and August 21, 2015

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Subsequent Events

9 Months Ended

Sep. 30, 2016

Notes

Subsequent Events

Note 12 – Subsequent Event

The Company follows the guidance in ASC Topic 855 “Subsequent Events” for the disclosure of subsequent events. The Company evaluated subsequent events through the date of the financial statements were issued.

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Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Nature of Operations (Policies)

9 Months Ended

Sep. 30, 2016

Policies

Nature of Operations

Note 1 – Nature of Business

(a) Description of Business

RadTek, Inc. (the “Company”) was incorporated in Nevada on December 18, 2009, under the laws of the State of Nevada, for the purpose of providing management consulting services to the small or median sized private companies in the Taiwan that want to look for business partners, or agencies, or financing resources, or to become public through IPO or reverse merger in the United States, or Canada.

The Company was a subsidiary of USChina Channel Inc., and spun off on March 15, 2010. As of March 18, 2013 the company filed with the Nevada Secretary of State and subsequently with the SEC and FINRA for a name change to RadTek, Inc., change to the Articles of Incorporation. With this the ticker of the company also changed to RDTK and created a class of preferred stock with 10,000,000 shares issuable. No preferred shares have been issued to date.

On November 26, 2013, the Company acquired RadTek, Co. Ltd. RadTek, Co., Ltd. was incorporated under the laws of Republic of Korea in May 2001, and is engaged in developing and marketing radiation-imaging system and equipment that employ digital radiography technology. The systems offered are primarily in the line of radiation scanning and related engineering services for users in various fields such as biotechnology, medical, product quality control, and security system. The specific product line includes food inspection systems, X-ray diagnosis related systems, baggage and container inspection systems, and radiation safety engineering. As the market in this field is dominated by high-priced systems for large users, the Company aims to focus on the niche market of small users by offering low-cost models.

On December 31, 2012, RadTek, Co., Ltd. entered into an agreement to acquire a company (a Nevada corporation) listed on “Over-the-Counter” Market of the United States. This transaction was completed in February 2013, and has resulted in the acquisition of 89.6% of the outstanding voting shares of the listed company at the consideration of $367,000 including transaction expenses. All amounts recorded as treasury stock in consolidated balance sheet as of September 30, 2016 and December 31, 2015.

On November 26, 2013, the Company entered into a definitive agreement with RadTek, Co. Ltd.’s shareholders.   Pursuant to the agreement, the Company purchased all of the outstanding securities of the RadTek, Co. Ltd. (1,900,000) in exchange for 95,000,000 common shares of the Company.  RadTek Co. Ltd. shall be a wholly owned subsidiary of the Company. RadTek, Co. Ltd. is treated as the “accounting acquirer” in the accompanying financial statements. In the transaction, the Company issued 95,000,000 common shares to the shareholders of RadTek, Co. Ltd.; such shares represented, immediately following the transaction, 94% of the outstanding shares of the Company (excluding treasury stock of 55,375,000 shares).  The transaction was accounted for as a “reverse merger” and a reverse recapitalization and the issuances of common stock were recorded as a reclassification between paid-in-capital and par value of Common Stock.

On January 15, 2014, the Board of Directors approved to increase authorized common shares from 60,000,000 common shares, par value $0.001 to 1,990,000,000 common shares, par value $0.001 per common shares and to effectuate a forward split of RadTek’s common stock at an exchange ratio of 50 for 1 so that each outstanding common share before the forward split shall represent 50 common shares after the forward split. All share amounts have been retroactively adjusted for all periods presented.

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Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: Basis of Accounting (Policies)

9 Months Ended

Sep. 30, 2016

Policies

Basis of Accounting

(b) Basis of Presentation and Going Concern Considerations

The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X.  Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included.  Operating results for the nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2016. The consolidated financial statements include the accounts of RadTek, Inc. and its 100% owned subsidiary, RadTek, Co. Ltd., a company incorporated in Korea. All significant intercompany balances and transactions have been eliminated upon consolidation.

For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K and Form 10-K/A for the year ended December 31, 2015.

These consolidated financial statements present the financial condition, and results of operations and cash flows of the operating companies.

The Company’s financial statements are presented on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business.  The Company has experienced recurring losses over the past years which have resulted in stockholders’ accumulated deficits of approximately $3,217 thousand and a working capital deficit of approximately $1,865 thousand at September 30, 2016.  These conditions raise uncertainty about the Company’s ability to continue as a going concern.

The Company’s ability to continue as a going concern is contingent upon its ability to secure additional financing, increase sales of its products and attain profitable operations. It is the intent of management to continue to raise additional capital to sustain operations and to pursue acquisitions of operating companies in order to generate future profits for the Company. However, there can be no assurance that the Company will be able to secure such additional funds or obtain such on terms satisfactory to the Company, if at all.

The accompanying financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result from the outcome of this uncertainty.

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Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies: New Accounting Pronouncements, Policy (Policies)

9 Months Ended

Sep. 30, 2016

Policies

New Accounting Pronouncements, Policy

Recent Accounting Pronouncements

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying financial statements.

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Inventory Disclosure: Schedule of Inventory, Current (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Schedule of Inventory, Current

		September 30, 2016	December 31, 2015
Raw materials	$         -		$         2,850
Finished goods		-	-
Total		$       -	$         2,850

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Goodwill and Intangible Assets Disclosure: Schedule of Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Schedule of Intangible Assets and Goodwill

	September 30, 2016	December 31, 2015
Patents	$        13,057	$        12,213
Technical rights	109,333	102,271
	122,389	114,484
Accumulated amortization	(47,132)	(37,321)
Intangible assets, net	$       75,257	$       77,163

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Debt Disclosure: Schedule of Short-term Debt (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Schedule of Short-term Debt

	September 30, 2016	December 31, 2015
Note payable to a bank at interest rate of 4.39%. The line matures in November 2016. (KRW 150,000,000)	$   136,824	$   127,987
Notes payable to individuals at interest rate of 0% to 7%. The maturity is August 10, 2016 (KRW220,000,000)	200,675	187,713
Total short-term borrowings	$   337,449	$   315,700

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Debt Disclosure: Schedule of Carrying Values and Estimated Fair Values of Debt Instruments (Tables)

9 Months Ended

Sep. 30, 2016

Tables/Schedules

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

Balance at the beginning, December 31, 2015	$              7,001
Change in fair value of derivative	7,001
Balance at end of period, September 30, 2016	$                       -

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Inventory Disclosure: Schedule of Inventory, Current (Details)	Dec. 31, 2015 USD ($)
Details
Inventory, Raw Materials, Gross	$ 2,850
Total	$ 2,850

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Goodwill and Intangible Assets Disclosure: Schedule of Intangible Assets and Goodwill (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Details
Finite-Lived Patents, Gross	$ 13,057	$ 12,213
Technical rights	109,333	102,271
Accumulated amortization	(47,132)	(37,321)
Intangible Assets, Net (Excluding Goodwill)	$ 75,257	$ 77,163

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Debt Disclosure: Schedule of Short-term Debt (Details) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Details
Note payable to a bank	$ 136,824	$ 127,987
Notes payable to individuals	200,675	187,713
Total short-term borrowings	$ 337,449	$ 315,700