0001493152-17-001567.txt : 20170214 0001493152-17-001567.hdr.sgml : 20170214 20170214173502 ACCESSION NUMBER: 0001493152-17-001567 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 31 CONFORMED PERIOD OF REPORT: 20161231 FILED AS OF DATE: 20170214 DATE AS OF CHANGE: 20170214 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Image International Group, Inc. CENTRAL INDEX KEY: 0001578523 STANDARD INDUSTRIAL CLASSIFICATION: GOLD & SILVER ORES [1040] IRS NUMBER: 203204968 STATE OF INCORPORATION: NV FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 333-189359 FILM NUMBER: 17610894 BUSINESS ADDRESS: STREET 1: 250 H STREET #123 CITY: BLAINE STATE: NY ZIP: 98230 BUSINESS PHONE: 518-638-8192 MAIL ADDRESS: STREET 1: 250 H STREET #123 CITY: BLAINE STATE: NY ZIP: 98230 FORMER COMPANY: FORMER CONFORMED NAME: Owlhead Minerals Corp. DATE OF NAME CHANGE: 20130604 10-Q 1 form10-q.htm

 

 

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM 10-Q

 

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

 

For the quarterly period ended December 31, 2016

 

OR

 

[  ] TRANSITION REPORT UNDER SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 

Commission File Number: 333-189359

 

IMAGE INTERNATIONAL GROUP, INC.
(Exact name of registrant as specified in its charter)

 

Nevada   90-1126431
(State or other jurisdiction of   (IRS Employer
incorporation or organization)   Identification No.)
     
8105 Birch Bay Square St. Suite 205, Blaine, WA   98230
(Address of principal executive offices)   (Zip Code)

 

(518) 638-8192
(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the 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 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 [  ] 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 filed,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer [  ] Accelerated filer [  ]
Non-accelerated filer [  ] (Do not check if a smaller reporting company) 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 issuer’s classes of common stock, as of the latest practicable date: As of January 31, 2016, the Company had 14,059,000 shares of common stock outstanding.

 

 

 

   
  

 

IMAGE INTERNATIONAL GROUP, INC.

Quarterly Report on Form 10-Q

For the Period Ended December 31, 2016

 

FORWARD-LOOKING STATEMENTS

 

This Form 10-Q for the quarterly period ended December 31, 2016 contains forward-looking statements that involve risks and uncertainties. Forward-looking statements in this document include, among others, statements regarding our capital needs, business plans and expectations. Such forward-looking statements involve assumptions, risks and uncertainties regarding, among others, the success of our business plan, availability of funds, government regulations, operating costs, our ability to achieve significant revenues, our business model and products and other factors. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict”, “potential” or “continue”, the negative of such terms or other comparable terminology. In evaluating these statements, you should consider various factors, including the assumptions, risks and uncertainties set forth in reports and other documents we have filed with or furnished to the SEC. These factors or any of them may cause our actual results to differ materially from any forward-looking statement made in this document. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding future events, our actual results will likely vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. The forward-looking statements in this document are made as of the date of this document and we do not intend or undertake to update any of the forward-looking statements to conform these statements to actual results, except as required by applicable law, including the securities laws of the United States.

 

 2 
 

 

PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Rule 8-03 of Regulation S-X, and, therefore, do not include all information and footnotes necessary for a complete presentation of financial position, results of operations, and cash flows in conformity with U.S. generally accepted accounting principles. In the opinion of management, all adjustments considered necessary for a fair presentation of the results of operations and financial position have been included and all such adjustments are of a normal recurring nature. Operating results for the three-month and nine-month periods ended December 31, 2016 are not necessarily indicative of the results that can be expected for the year ending March 31, 2017.

 

 3 
 

 

IMAGE INTERNATIONAL GROUP, INC.

Condensed Consolidated Condensed Financial Statements

December 31, 2016

(Expressed in U.S. dollars)

(unaudited)

 

  Index
   
Condensed Consolidated Balance Sheets F–2
Condensed Consolidated Statements of Operations F–3
Condensed Consolidated Statements of Cash Flows F–4
Notes to the Condensed Consolidated Financial Statements F–5

 

 F-1 
 

 

IMAGE INTERNATIONAL GROUP, INC.

Condensed Consolidated Balance Sheets

(Expressed in U.S. dollars)

 

   December 31, 2016
$
   March 31, 2016
$
 
   (unaudited)     
ASSETS          
           
Current Assets          
           
Cash   1,022    12,994 
Amounts receivable       4,868 
Total Assets   1,022    17,862 
           
LIABILITIES AND STOCKHOLDERS’ DEFICIT          
           
Current Liabilities          
           
Accounts payable and accrued liabilities   1,552    1,772 
Loans payable (Note 3)   102,177    92,677 
Due to related parties (Note 4)       267,000 
Total Liabilities   103,729    361,449 
           

Going Concern (Note 1)

          

Subsequent Event (Note 5)

  
           
Stockholder’s Deficit          
           
Common stock, 1,000,000,000 shares authorized, $0.001 par value
14,059,000 shares issued and outstanding
   14,059    14,059 
Additional paid-in capital   784,941    784,941 
Deficit   (901,707)   (1,142,587)
Total Stockholder’s Deficit   (102,707)   (343,587)
Total Liabilities and Stockholder’s Deficit   1,022    17,862 

 

(The accompanying notes are an integral part of these condensed consolidated financial statements)

 

 F-2 
 

 

IMAGE INTERNATIONAL GROUP, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(Expressed in U.S. dollars)

(unaudited)

 

   Three Months
Ended
December 31, 2016
$
   Three Months
Ended
December 31, 2015
$
   Nine Months
Ended
December 31, 2016
$
   Nine Months
Ended
December 31, 2015
$
 
Expenses                    
                     
Consulting fees               18,500 
Foreign exchange loss (gain)   (1,675)       (1,726)   1,272 
General and administrative   2,482    112    5,644    4,858 
Management fees (Note 4)       22,500        67,500 
Professional fees   1,000    1,000    6,746    7,750 
Transfer agent and filing fees   827    2,024    15,456    33,499 
Total Expenses   2,634    25,636    26,120    133,379 
                     
Loss before other income   (2,634)   (25,636)   (26,120)   (133,379)
                     
Other income                    
Forgiveness of related party debt (Note 4)   267,000        267,000     
                     
Net Income (Loss) and Comprehensive Income (Loss)   264,366    (25,636)   240,880    (133,379)

Net Earnings (Loss) Per Share, Basic and Diluted

   0.02        0.02    (0.01)
Weighted Average Shares Outstanding   14,059,000    14,059,000    14,059,000    14,059,000 

 

(The accompanying notes are an integral part of these condensed consolidated financial statements)

 

 F-3 
 

 

IMAGE INTERNATIONAL GROUP, INC.

Condensed Consolidated Statements of Cash Flows

(Expressed in U.S. dollars)

(unaudited)

 

   Nine Months
Ended
December 31, 2016
$
   Nine Months
Ended
December 31, 2015
$
 
Operating Activities          
           
Net income (loss) for the period   240,880    (133,379)
           
Items not involving cash:          
           
Forgiveness of related party debt   (267,000)    
           
Changes in operating assets and liabilities:          
Amounts receivable   4,868     
Prepaid expenses       1,000 
Accounts payable and accrued liabilities   (220)   (8,723)
Due to related parties       67,500 
           
Net Cash Used In Operating Activities   (21,472)   (73,602)
           
Financing Activities          
           
Proceeds from loans payable   9,500    87,677 
           
Net Cash Provided by Financing Activities   9,500    87,677 
           
Increase (Decrease) in Cash   (11,972)   14,075 
           
Cash, Beginning of Period   12,994    1,921 
           
Cash, End of Period   1,022    15,996 
           
Supplemental Disclosures:          
Interest paid        
Income taxes paid        

 

(The accompanying notes are an integral part of these condensed consolidated financial statements)

 

 F-4 
 

 

IMAGE INTERNATIONAL GROUP, INC.

Notes to the Condensed Consolidated Financial Statements

December 31, 2016

(Expressed in U.S. dollars)

(unaudited)

 

1. Basis of Presentation
   
  The accompanying interim condensed consolidated financial statements of Image International Group, Inc. (the “Company”) should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2016. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.
   
  The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year.
   
  These condensed consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated revenues since inception and is unlikely to generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at December 31, 2016, the Company has a working capital deficiency of $102,707 and has accumulated losses of $901,707 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
   
2. Significant Accounting Policies

 

  (a) Principles of Consolidation
     
    These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Owlhead Minerals (BC) Corp. All inter-company accounts and transactions have been eliminated on consolidation.

 

  (b) Recent Accounting Pronouncements
     
    The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

 

3. Loans Payable
   
  As at December 31, 2016, the Company owed $102,177 (March 31, 2016 - $92,677) to non-related parties, which is non-interest bearing, unsecured, and due on demand.

 

4. Related Party Transactions

 

  (a) As at December 31, 2016, the Company owes $nil (March 31, 2016 - $144,000) to a company controlled by the President of the Company which is non-interest bearing, unsecured, and due on demand. During the nine months ended December 31, 2016, the company controlled by the President of the Company forgave $144,000 in amounts outstanding, which was recognized by the Company as a gain on forgiveness of debt.
     
  (b) As at December 31, 2016, the Company owes $nil (March 31, 2016 - $123,000) to a company controlled by the Chief Financial Officer of the Company which is non-interest bearing, unsecured, and due on demand. During the nine months ended December 31, 2016, the company controlled by the President of the Company forgave $123,000 in amounts outstanding, which was recognized by the Company as a gain on forgiveness of debt.
     
  (c) During the nine months ended December 31, 2016, the Company incurred management fees of $nil (2015 - $24,000) to a company controlled by the President of the Company.
     
  (d) During the nine months ended December 31, 2016, the Company incurred management fees of $nil (2015 - $21,000) to a company controlled by the Chief Financial Officer of the Company.

 

5. Subsequent Event
   
  On January 23, 2016, the Company received $2,000 in loan proceeds from a non-related party. The amount due is non-interest bearing, unsecured, and due on demand.

 

 F-5 
 

 

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

 

Results of Operations for the nine-month period ended December 31, 2016

 

During the nine-month period ended December 31, 2016, the Company had net income of $240,880 (2015 – net loss $133,379).

 

Consulting fees for the nine-month period ended September 30, 2016 were $nil (2015 - $18,500).

 

Transfer agent and filing fees in the nine-month period ended December 31, 2016 were $15,456 (2015 - $33,499).

 

Expenses during the nine-month period included:

 

  Renewal of listing on the OTCQB stock exchange; and
     
  Financial statement audit and review fees

 

Management fees in the nine-month period ended December 31, 2016 were $nil (2015 - $67,500). During the quarter ended December 31, 2016, management had forgiven amounts owed of $267,000 (2015 - $nil).

 

Professional fees for the nine-month period ended December 31, 2016 were $6,746 (2015 - $7,750) relating to audit and review fees.

 

Following extensive research and discussion with an experienced gemstone and jewelry consultant, the Company decided to expand its business focus to include the acquisition of gemstone and other precious mineral resources and retail jewelry and gemstone outlets. In order to appropriately reflect the Company’s expanded and more comprehensive and inclusive business plan, the Company changed its name to Image International Group, Inc. on December 23, 2014.

 

We have not attained profitable operations and are dependent upon obtaining financing to pursue exploration activities. For these reasons our auditors believe that there is substantial doubt that we will be able to continue as a going concern.

 

Capital Resources and Liquidity

 

The Company has limited financial resources as at December 31, 2016 with funds on hand of $1,022 (March 31, 2016 - $12,994). As at December 31, 2016 the Company had a working capital deficit of $102,257 compared to $343,587 as at March 31, 2016.

 

Amounts due to related parties were $nil as at December 31, 2016 (March 31, 2016 - $267,000). Management forgave $267,000 in management fees owed during the quarter ended December 31, 2016.

 

Loans payable as at December 31, 2016 was $102,177 (March 31, 2016 - $92,677). The loans are non-interest bearing, unsecured, and due on demand.

 

The Company has no employees other than officers and uses consultants as and when necessary.

 

The Company’s ability to continue as a going concern is dependent on its available cash and its ability to raise additional funds in the near future to support corporate operations and the exploration of our mineral property.

 

Limited Operating History; Need for Additional Capital

 

There is limited historical financial information about us upon which to base an evaluation of our performance. We have no revenue generating assets. We cannot guarantee we will be successful in our business operations. Our business is subject to risks inherent in the establishment of a new business enterprise, including limited capital resources and possible cost overruns due to price and cost increases in services.

 

The Company is aware that additional financing will be required in order to continue its pursuit of a mineral property opportunity or comparable opportunity in a related field. There is no assurance that additional funding will be successfully completed.

 

We will require additional financing to cover our costs that we expect to incur over the next twelve months. We believe that debt financing will not be an alternative for funding our operations, as we do not have tangible assets to secure any debt financing. We anticipate that additional funding will be in the form of equity financing from the sale of our common stock. However, we cannot provide any assurance that we will be able to raise sufficient funding from the sale of our common stock to fund our plan of operations. In the absence of such financing, we will not be able to continue and our business plan will fail.

 

 4 
 

 

Cash used in Operating Activities

 

During the nine-month period ended December 31, 2016, the Company used $21,472 (2015 - $73,602) to fund operations.

 

Cash from Financing Activities

 

We have funded our business to date primarily from sales of our common stock but did not sell any common stock during the nine-month period ended December 31, 2016. During the nine-month period ended December 31, 2016, the Company received loan proceeds of $9,500 (2015 - $87,677).

 

There are no assurances that we will be able to achieve further sales of our common stock or any other form of additional financing. If we are unable to achieve the financing necessary to continue our plan of operations, then we will not be able to continue our operations and our business will fail.

 

Future Financing

 

We anticipate continuing to rely on equity sales of our common stock in order to continue to fund our business operations. Issuances of additional shares will result in dilution to our existing shareholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned operations.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to stockholders.

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

 

Not applicable.

 

Item 4. Controls and Procedures.

 

We carried out an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) as of December 31, 2016 (the “Evaluation Date”). This evaluation was carried out under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of the Evaluation Date as a result of the material weaknesses in internal control over financial reporting discussed below.

 

Disclosure controls and procedures are those controls and procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed under the Exchange Act is accumulated and communicated to management, including our Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

 

Notwithstanding the assessment that our internal control over financial reporting was not effective and that there were material weaknesses as identified in this report, we believe that our consolidated financial statements contained in our Quarterly Report on Form 10-Q for the quarter ended December 31, 2016 fairly present our financial condition, results of operations and cash flows in all material respects.

 

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, for the Company.

 

Internal control over financial reporting includes those policies and procedures that: (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of its management and directors; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on the financial statements.

 

 5 
 

 

Management recognizes that there are inherent limitations in the effectiveness of any system of internal control, and accordingly, even effective internal control can provide only reasonable assurance with respect to financial statement preparation and may not prevent or detect material misstatements. In addition, effective internal control at a point in time may become ineffective in future periods because of changes in conditions or due to deterioration in the degree of compliance with our established policies and procedures.

 

A material weakness is a significant deficiency, or combination of significant deficiencies, that results in there being a more than remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.

 

Under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer, management conducted an evaluation of the effectiveness of our internal control over financial reporting, as of the Evaluation Date, based on the framework set forth in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on its evaluation under this framework, management concluded that our internal control over financial reporting was not effective as of the Evaluation Date.

 

Management assessed the effectiveness of the Company’s internal control over financial reporting as of Evaluation Date and identified the following material weaknesses:

 

  1. Inadequate Segregation of Duties: We have an inadequate number of personnel to properly implement control procedures.
     
  2. Insufficient Written Policies & Procedures: We have insufficient written policies and procedures for accounting and financial reporting.
     
  3. Inadequate Financial Statement Closing Process: We have an inadequate financial statement closing process.
     
  4. Lack of Audit Committee: The lack of a functioning audit committee and lack of a majority of outside directors on the Company’s Board of Directors, resulting in ineffective oversight in the establishment and monitoring of required internal controls and procedures.

 

Management is committed to improving its internal controls and will (1) continue to use third party specialists to address shortfalls in staffing and to assist the Company with accounting and finance responsibilities, (2) increase the frequency of independent reconciliations of significant accounts which will mitigate the lack of segregation of duties until there are sufficient personnel and (3) prepare and implement sufficient written policies and checklists for financial reporting and closing processes and (4) may consider appointing outside directors and audit committee members in the future.

 

Management, including our Chief Executive Officer and the Chief Financial Officer, has discussed the material weakness noted above with our independent registered public accounting firm. Due to the nature of this material weakness, there is a more than remote likelihood that misstatements which could be material to the annual or interim financial statements could occur that would not be prevented or detected.

 

Our management, including our Chief Executive Officer and the Chief Financial Officer, do not expect that the our controls and procedures will prevent all potential errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met.

 

Changes in internal control over financial reporting

 

There were no changes in our internal control over financial reporting that occurred during the quarter ended December 31, 2016 that have materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

 

 6 
 

 

PART II - OTHER INFORMATION

 

Item 1. Legal Proceedings.

 

We are not presently a party to any legal proceedings and, to our knowledge, no such proceedings are threatened or pending.

 

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

 

No stock was sold during the nine-month period ended December 31, 2016.

 

Item 3. Defaults Upon Senior Securities.

 

None.

 

Item 4. Submission of Matters to a Vote of Security Holders.

 

No matters were submitted to our security holders for a vote during the nine-month period ended December 31, 2016.

 

Item 5. Other Information.

 

Change in Control

 

As disclosed via a Form 8-K filed November 30, 2016 pursuant to a Sale and Purchase Agreement between the Company” and Million Financial Corporation, a Canadian corporation, the officers and a shareholder of the Company transferred a total of 10,520,000 restricted common shares of the Company to two designated recipients of the shares for the agreed upon sum of US$400,000. None of the parties to whom the shares were issued were previously affiliated with the Company and this share issuance has resulted in a change of control of the Company.

 

Item 6. Exhibits.

 

The following exhibits are attached hereto:

 

Exhibit No.   Description of Exhibit
     
31.1   Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.
     
31.2   Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes- Oxley Act of 2002.
     
32.1   Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
     
32.2   Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

 

 7 
 

 

SIGNATURES

 

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

IMAGE INTERNATIONAL GROUP, INC  
     
By: /s/ Geoff Armstrong  
  Geoff Armstrong  
  Chief Executive Officer  
  (Principal Executive Officer  
  February 14, 2017  

 

 8 
 

 

EX-31.1 2 ex31-1.htm

 

Exhibit 31.1

 

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

 

I, Geoff Armstrong, Chief Executive Officer, certify that:

 

(1) I have reviewed this report on Form 10-Q for the quarterly period ended December 31, 2016 of Image International Group, 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 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 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 and I have disclosed, based on our most recent evaluation of the 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: February 14, 2017  
   
/s/ Geoff Armstrong  
Geoff Armstrong  
Chief Executive Officer  
(Principal Executive Officer)  

 

   
 

 

 

EX-31.2 3 ex31-2.htm

 

Exhibit 31.2

 

CERTIFICATION PURSUANT TO SECTION 302

OF THE SARBANES-OXLEY ACT OF 2002

 

I, Edward Low, Chief Financial Officer, certify that:

 

(1) I have reviewed this report on Form 10-Q for the quarterly period ended December 31, 2016 of Image International Group, 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 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 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 and I have disclosed, based on our most recent evaluation of the 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: February 14, 2017  
   
/s/ Edward Low  
Edward Low  
Chief Financial Officer  
(Principal Accounting Officer)  

 

   
 

 

EX-32.1 4 ex32-1.htm

 

Exhibit 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, Geoff Armstrong, the Chief Executive Officer of Image International Group, Inc., hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge, the report on Form 10-Q of Image International Group, Inc., for the quarterly period ended December 31, 2016, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Image International Group, Inc.

 

Date: February 14, 2017  
   
/s/ Geoff Armstrong  
Geoff Armstrong  
Chief Executive Officer  
(Principal Executive Officer and  
Principal Accounting Officer)  

 

   
 

 

EX-32.2 5 ex32-2.htm

 

Exhibit 32.2

 

CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

 

The undersigned, Edward Low, the Chief Financial Officer of Image International Group, Inc., hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge, the report on Form 10-Q of Image International Group, Inc., for the quarterly period ended December 31, 2016, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and that the information contained in the report on Form 10-Q fairly presents in all material respects the financial condition and results of operations of Image International Group, Inc.

 

Date: February 14, 2017  
   
/s/ Edward Low  
Edward Low  
Chief Financial Officer  
Principal Financial Officer)  

 

   
 

 

 

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Dec. 31, 2016
Jan. 31, 2016
Document And Entity Information    
Entity Registrant Name Image International Group, Inc.  
Entity Central Index Key 0001578523  
Document Type 10-Q  
Document Period End Date Dec. 31, 2016  
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Current Fiscal Year End Date --03-31  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   14,059,000
Trading Symbol IMGL  
Document Fiscal Period Focus Q3  
Document Fiscal Year Focus 2017  
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Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2016
Mar. 31, 2016
Current Assets    
Cash $ 1,022 $ 12,994
Amounts receivable 4,868
Total Assets 1,022 17,862
Current Liabilities    
Accounts payable and accrued liabilities 1,552 1,772
Loans payable (Note 3) 102,177 92,677
Due to related parties (Note 4) 267,000
Total Liabilities 103,729 361,449
Going Concern (Note 1)
Subsequent Event (Note 5)
Stockholder's Deficit    
Common stock, 1,000,000,000 shares authorized, $0.001 par value 14,059,000 shares issued and outstanding 14,059 14,059
Additional paid-in capital 784,941 784,941
Deficit (901,707) (1,142,587)
Total Stockholder's Deficit (102,707) (343,587)
Total Liabilities and Stockholder's Deficit $ 1,022 $ 17,862
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2016
Mar. 31, 2016
Statement of Financial Position [Abstract]    
Common stock, shares authorized 1,000,000,000 1,000,000,000
Common stock, par value $ 0.001 $ 0.001
Common stock, shares issued 14,059,000 14,059,000
Common stock, shares outstanding 14,059,000 14,059,000
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Expenses        
Consulting fees $ 18,500
Foreign exchange loss (gain) (1,675) (1,726) 1,272
General and administrative 2,482 112 5,644 4,858
Management fees (Note 4) 22,500 67,500
Professional fees 1,000 1,000 6,746 7,750
Transfer agent and filing fees 827 2,024 15,456 33,499
Total Expenses 2,634 25,636 26,120 133,379
Loss before other income (2,634) (25,636) (26,120) (133,379)
Other income        
Forgiveness of related party debt (Note 4) 267,000 267,000
Net Income (Loss) and Comprehensive Income (Loss) $ 264,366 $ (25,636) $ 240,880 $ (133,379)
Net Earnings (Loss) Per Share, Basic and Diluted $ 0.02 $ 0.02 $ (0.01)
Weighted Average Shares Outstanding 14,059,000 14,059,000 14,059,000 14,059,000
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.6.0.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Operating Activities    
Net income (loss) for the period $ 240,880 $ (133,379)
Items not involving cash:    
Forgiveness of related party debt (267,000)
Changes in operating assets and liabilities:    
Amounts receivable 4,868
Prepaid expenses 1,000
Accounts payable and accrued liabilities (220) (8,723)
Due to related parties 67,500
Net Cash Used In Operating Activities (21,472) (73,602)
Financing Activities    
Proceeds from loans payable 9,500 87,677
Net Cash Provided by Financing Activities 9,500 87,677
Increase (Decrease) in Cash (11,972) 14,075
Cash, Beginning of Period 12,994 1,921
Cash, End of Period 1,022 15,996
Supplemental Disclosures:    
Interest paid
Income taxes paid
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.6.0.2
Basis of Presentation
9 Months Ended
Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation
1. Basis of Presentation
   
  The accompanying interim condensed consolidated financial statements of Image International Group, Inc. (the “Company”) should be read in conjunction with the consolidated financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2016. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.
   
  The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year.
   
  These condensed consolidated financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has not generated revenues since inception and is unlikely to generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at December 31, 2016, the Company has a working capital deficiency of $102,707 and has accumulated losses of $901,707 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These condensed consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies
9 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Significant Accounting Policies
2. Significant Accounting Policies

 

  (a) Principles of Consolidation
     
    These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Owlhead Minerals (BC) Corp. All inter-company accounts and transactions have been eliminated on consolidation.

 

  (b) Recent Accounting Pronouncements
     
    The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans Payable
9 Months Ended
Dec. 31, 2016
Debt Disclosure [Abstract]  
Loans Payable
3. Loans Payable
   
  As at December 31, 2016, the Company owed $102,177 (March 31, 2016 - $92,677) to non-related parties, which is non-interest bearing, unsecured, and due on demand.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.6.0.2
Related Party Transactions
9 Months Ended
Dec. 31, 2016
Related Party Transactions [Abstract]  
Related Party Transactions
4. Related Party Transactions

 

  (a) As at December 31, 2016, the Company owes $nil (March 31, 2016 - $144,000) to a company controlled by the President of the Company which is non-interest bearing, unsecured, and due on demand. During the nine months ended December 31, 2016, the company controlled by the President of the Company forgave $144,000 in amounts outstanding, which was recognized by the Company as a gain on forgiveness of debt.
     
  (b) As at December 31, 2016, the Company owes $nil (March 31, 2016 - $123,000) to a company controlled by the Chief Financial Officer of the Company which is non-interest bearing, unsecured, and due on demand. During the nine months ended December 31, 2016, the company controlled by the President of the Company forgave $123,000 in amounts outstanding, which was recognized by the Company as a gain on forgiveness of debt.
     
  (c) During the nine months ended December 31, 2016, the Company incurred management fees of $nil (2015 - $24,000) to a company controlled by the President of the Company.
     
  (d) During the nine months ended December 31, 2016, the Company incurred management fees of $nil (2015 - $21,000) to a company controlled by the Chief Financial Officer of the Company.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.6.0.2
Subsequent Event
9 Months Ended
Dec. 31, 2016
Subsequent Events [Abstract]  
Subsequent Event
5. Subsequent Event
   
  On January 23, 2016, the Company received $2,000 in loan proceeds from a non-related party. The amount due is non-interest bearing, unsecured, and due on demand.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.6.0.2
Significant Accounting Policies (Policies)
9 Months Ended
Dec. 31, 2016
Accounting Policies [Abstract]  
Principles of Consolidation
  (a) Principles of Consolidation
     
    These consolidated financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars. These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Owlhead Minerals (BC) Corp. All inter-company accounts and transactions have been eliminated on consolidation.
Recent Accounting Pronouncements
  (b) Recent Accounting Pronouncements
     
    The Company has implemented all new accounting pronouncements that are in effect. These pronouncements did not have any material impact on the consolidated financial statements unless otherwise disclosed, and the Company does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.6.0.2
Basis of Presentation (Details Narrative) - USD ($)
Dec. 31, 2016
Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
Working capital deficiency $ 102,707  
Accumulated losses $ 901,707 $ 1,142,587
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.6.0.2
Loans Payable (Details Narrative) - USD ($)
Dec. 31, 2016
Mar. 31, 2016
Loan payable $ 102,177 $ 92,677
Non-Related Parties [Member]    
Loan payable $ 102,177 $ 92,677
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.6.0.2
Related Party Transactions (Details Narrative) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Dec. 31, 2016
Dec. 31, 2015
Mar. 31, 2016
Management fees $ 22,500 $ 67,500  
President [Member]          
Company owes amount     $ 144,000
Gain on forgiveness debt     144,000    
Management fees     24,000  
Chief Financial Officer [Member]          
Company owes amount     $ 123,000
Management fees     $ 21,000  
President [Member]          
Gain on forgiveness debt     123,000    
Management fees        
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.6.0.2
Subsequent Event (Details Narrative)
Jan. 23, 2016
USD ($)
Subsequent Event [Member]  
Loan proceeds from a non-related party $ 2,000
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