UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q
(Mark One)
x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
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| For the quarterly period ended February 28, 2019 | |||||
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or | ||||||
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¨ | TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
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| For the transition period from ______________ to ______________ |
Commission File Number 000-55667
WARI, INC. |
(Exact name of registrant as specified in its charter) |
Nevada |
| 37-1763227 |
(State or other jurisdiction of incorporation or organization) |
| (IRS Employer Identification No.) |
1717 Pennsylvania Ave NW, Washington DC |
| 20006 |
(Address of principal executive offices) |
| (Zip Code) |
212-559-9196 |
(Registrant’s telephone number, including area code) |
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N/A |
(Former name, former address and former fiscal year, if changed since last report) |
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Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
None | None | None |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. x YES ¨ NO | ||||
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Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files). x YES ¨ NO | ||||
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. |
Large accelerated filer | ¨ | Accelerated filer | ¨ | |
Non-accelerated filer | x | Smaller reporting company | x | |
| Emerging growth company | x |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ | ||||
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) x YES ¨ NO | ||||
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PRECEDING FIVE YEARS
Check whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Exchange Act after the distribution of securities under a plan confirmed by a court. ¨ YES ¨ NO | ||||
APPLICABLE ONLY TO CORPORATE ISSUERS | ||||
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Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. | ||||
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20,691,050 common shares issued and outstanding as of June 12, 2019. |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2 |
PART I - FINANCIAL INFORMATION
INDEX TO INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD ENDED FEBRUARY 28, 2019
(UNAUDITED)
3 |
Table of Contents |
Condensed Balance Sheets
(Unaudited)
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| February 28, |
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| November 30, |
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| 2019 |
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| 2018 |
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ASSETS | ||||||||
Current Assets |
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Cash |
| $ | - |
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| $ | - |
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Total Current Assets |
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| - |
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| - |
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TOTAL ASSETS |
| $ | - |
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| $ | - |
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LIABILITIES AND STOCKHOLDERS’ DEFICIT | ||||||||
Current Liabilities |
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Due to a related party |
| $ | 119,839 |
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| $ | 94,889 |
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Total Current Liabilities |
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| 119,839 |
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| 94,889 |
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Stockholders’ Deficit |
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Preferred stock: 100,000,000 authorized; $0.001 par value No shares issued and outstanding |
|
| - |
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| - |
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Common stock: 900,000,000 authorized; $0.001 par value 20,691,050 shares issued and outstanding February 28, 2019 and November 30, 2018, respectively |
|
| 20,691 |
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| 20,691 |
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Additional paid in capital |
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| 147,805 |
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| 147,805 |
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Accumulated deficit |
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| (288,335 | ) |
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| (263,385 | ) |
Total Stockholders’ Deficit |
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| (119,839 | ) |
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| (94,889 | ) |
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT |
| $ | - |
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| $ | - |
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See notes to the condensed unaudited financial statements.
F-1 |
Table of Contents |
Condensed Statements of Operations
(Unaudited)
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| Three Months Ended |
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| February 28, |
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| 2019 |
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| 2018 |
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Operating Expenses |
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General and administrative |
| $ | - |
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| $ | 5 |
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Professional fees |
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| 24,950 |
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| 13,325 |
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Total Operating Expenses |
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| 24,950 |
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| 13,330 |
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Net loss |
| $ | (24,950 | ) |
| $ | (13,330 | ) |
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Basic and dilutive loss per common share |
| $ | (0.00 | ) |
| $ | (0.00 | ) |
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Weighted average number of common shares outstanding |
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| 20,691,050 |
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| 20,584,106 |
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See notes to the condensed unaudited financial statements.
F-2 |
Table of Contents |
Condensed Statements of Changes in Stockholders’ Equity (Deficit)
(Unaudited)
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| Total |
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| Common Stock |
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| Additional |
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| Stockholders’ |
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| Number of Shares |
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| Amount |
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| Paid in Capital |
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| Accumulated Deficit |
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| Equity (Deficit) |
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Balance - November 30, 2018 |
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| 20,691,050 |
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| $ | 20,691 |
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| $ | 147,805 |
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| $ | (263,385 | ) |
| $ | (94,889 | ) |
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Net loss |
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| - |
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| - |
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| - |
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| (24,950 | ) |
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| (24,950 | ) |
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Balance - February 28, 2019 |
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| 20,691,050 |
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| $ | 20,691 |
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| $ | 147,805 |
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| $ | (288,335 | ) |
| $ | (119,839 | ) |
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| Total |
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| Common Stock |
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| Additional |
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| Stockholders’ |
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| Number of Shares |
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| Amount |
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| Paid in Capital |
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| Accumulated Deficit |
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| Equity (Deficit) |
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Balance - November 30, 2017 |
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| 20,566,050 |
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| $ | 20,566 |
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| $ | 122,910 |
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| $ | (143,900 | ) |
| $ | (424 | ) |
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Common shares issued for cash |
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| 125,000 |
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| 125 |
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| 24,875 |
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| - |
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| 25,000 |
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Net loss |
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| - |
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|
| - |
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| - |
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| (13,330 | ) |
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| (13,330 | ) |
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Balance - February 28, 2018 |
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| 20,691,050 |
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| $ | 20,691 |
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| $ | 147,785 |
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| $ | (157,230 | ) |
| $ | 11,246 |
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See notes to the condensed unaudited financial statements.
F-3 |
Table of Contents |
Condensed Statements of Cash Flows
(Unaudited)
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| Three Months Ended |
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| February 28, |
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| 2019 |
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| 2018 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net loss |
| $ | (24,950 | ) |
| $ | (13,330 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Changes in operating assets and liabilities: |
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Accounts payable |
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| - |
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| 12,279 |
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Net Cash used in Operating Activities |
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| (24,950 | ) |
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| (1,051 | ) |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from loan from related party |
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| 24,950 |
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| - |
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Proceeds from issuance of common stock |
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| - |
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| 25,000 |
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Net Cash provided by Financing Activities |
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| 24,950 |
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| 25,000 |
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Net change in cash and cash equivalents |
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| - |
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| 23,949 |
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Cash and cash equivalents, beginning of period |
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| - |
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| 1,673 |
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Cash and cash equivalents, end of period |
| $ | - |
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| $ | 25,622 |
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See notes to the condensed unaudited financial statements.
F-4 |
Table of Contents |
Notes to the Financial Statements
February 28, 2019
(Unaudited)
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS
Wari, Inc., (the “Company”, “we”, “us”, “our”) is a Nevada corporation incorporated on June 27, 2014. Its office is based in Washington, D.C. The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America (“GAAP”), and the Company’s fiscal year end is November 30.
We are currently seeking new business opportunities with established business entities for merger with or acquisition of a target business. We are currently a shell company.
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP in the United States of America for interim financial information and Article 8 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. This report on Form 10-Q should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, for the fiscal year ended November 30, 2018, as filed with the Securities and Exchange Commission (“SEC”) on May 14, 2019.
In the opinion of management, the unaudited condensed financial statements included herein contain all adjustments necessary to present fairly the Company’s financial position and results of its operations and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The results of operations for the three months February 28, 2019 may not be indicative of results for the full year.
Emerging Growth Company
We qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act of 1933 as amended (the “Securities Act”) for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period.
Use of Estimates
The preparation of the unaudited condensed financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments.
Net Loss Per Share
Basic net loss per share excludes the effect of dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding.
Diluted net loss per share is computed by giving effect to all potential shares of common stock. For the three months ended February 28, 2019 and 2018, there were no common stock equivalents outstanding. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation.
F-5 |
Table of Contents |
Recent Accounting Pronouncements
Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements.
NOTE 3 - GOING CONCERN
The accompanying unaudited condensed financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of February 28, 2019, the Company has a loss from operations of $24,950, and an accumulated deficit of $288,335. The Company is seeking a new business opportunity at this time. If and when it acquires such an opportunity, it might be required to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the period of 12 months from the isuance of those financial statements.
The ability of the Company to emerge from a shell is dependent upon, among other things, securing assets and/or a business, by merger or acquisition, as to which there can be no assurance.
These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty.
NOTE 4 - EQUITY
During the three months ended February 28, 2018, the Company issued 125,000 shares of common stock for cash of $25,000.
NOTE 5 - RELATED PARTY TRANSACTIONS
We currently have no written or oral agreement from our majority shareholder to continue to provide financial contributions.
The officer and director of the Company may be involved in other business activities and may, in the future, become involved in other business opportunities that become available. He may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts.
During the three months ended February 28, 2019, the Company borrowed $24,950 from the CEO of the Company. The advance was non-interest bearing and due on demand. As of February 28, 2019, and November 30, 2018, the Company had due to a related party of $119,839 and $94,889, respectively.
F-6 |
Table of Contents |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Our unaudited financial statements are stated in United States Dollars (US$) and are prepared in accordance with United States Generally Accepted Accounting Principles. The following discussion should be read in conjunction with our financial statements and the related notes that appear elsewhere in this quarterly report. The following discussion contains forward-looking statements that reflect our plans, estimates and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed below and elsewhere in this quarterly report.
Unless otherwise specified in this quarterly report, all dollar amounts are expressed in United States dollars and all references to “common stock” refer to shares of our common stock.
As used in this quarterly report, the terms “we”, “us”, “our company”, “the Company” mean Wari, Inc. a Nevada corporation, unless otherwise indicated.
Corporate Overview
We were incorporated under the laws of the State of Nevada on June 27, 2014. From inception until the change of control which took place on June 6, 2018 described below, we were in the business of providing quality used vehicles at a reasonable cost to customers in Costa Rica, through our wholly-owned Costa Rican subsidiary, Cheetah Autos S.A.
On May 25, 2017, and pursuant to a purchase agreement dated May 24, 2017, Shane Drdul, a majority stockholder of our company, sold to Ed Mulhern 16,700,000 shares of our common stock for total consideration of $34,000. Mr. Mulhern paid the $34,000 purchase price for these shares using cash on hand. The shares sold by Mr. Drdul constituted all of all of the shares of common stock of our company owned by him.
Immediately after the completion of this purchase, Mr. Mulhern held approximately 82% of our issued and outstanding common stock.
In connection with this purchase, on May 25, 2017, Mr. Mulhern was appointed as President, Secretary, Treasurer, Chief Executive Officer and a director of our company.
In addition, in connection with this purchase, on May 25, 2017, Juan Bordallo, a director of the Company until that date, resigned as a director of our company.
On February 8, 2018, our board of directors accepted the resignation of Shane Drdul as a director.
4 |
Table of Contents |
As of October 31, 2017, our then wholly-owned subsidiary, Cheetah Autos S.A. discontinued its operations, we are therefore, no longer in the business of auto sales in Costa Rica.
On May 17, 2018 Mr. Mulhern sold his 16,995,000 common shares of the Company to Wari, LLC which constituted approximately 82.1% of the Company’s 20,691,050 issued and outstanding common shares. The sale of the shares was accompanied by a change of management, effective on June 6, 2018, to the persons listed herein under “Management;” and, as a result of the sale there was a change of control of the Company.
On June 28, 2018, after receiving approval of the Company's Board of Directors and a majority shareholder, the Company filed Amended and Restated Articles of Incorporation with the Nevada Secretary of State changing the name of the Company from Cheetah Enterprises, Inc. to Wari, Inc., increasing the authorized common shares from 125,000,000 to 900,000,000, par value $.001 per share and increasing the preferred shares from 10,000,000 to 100,000,000, par value $.001 per share.
Our address is 1717 Pennsylvania Avenue NW, Washington DC 20006. We do not have a corporate website.
We have not ever declared bankruptcy, been in receivership, or involved in any kind of legal proceeding. We have no revenues and no cash on hand. We have sustained losses since inception and have relied solely on loans from our shareholder.
Business of the Company
We are currently a “shell,” as that term is defined in Rule 12b-2 under the Securities Exchange Act of 1934. We are seeking new business opportunities with established business entities for merger with or acquisition of a target business. In certain instances, a target business may wish to become our subsidiary or may wish to contribute assets to us rather than merge. We have not yet entered into any definitive agreements for potential new business opportunities, and there can be no assurance that we will be able to enter into any definitive agreements.
Any new acquisition or business opportunities that we may acquire might require additional financing. If so, there can be no assurance that we will be able to acquire the financing necessary to enable us to pursue our plan of operation. If our Company requires additional financing and we are unable to acquire such funds, our business may fail.
Management of our company believes that there are benefits to being a reporting company with a class of securities quoted on OTC Markets, such as: (i) the ability to use registered securities to acquire assets or businesses; (ii) increased visibility in the financial community; (iii) the facilitation of borrowing from financial institutions; (iv) potentially improved trading efficiency; (v) potential stockholder liquidity; (vi) potentially greater ease in raising capital subsequent to an acquisition; (vii) potential compensation of key employees through stock awards or options; (viii) potentially enhanced corporate image; and (ix) a presence in the United States’ capital market.
We may seek a business opportunity with entities that have recently commenced operations, or entities that wish to utilize the public marketplace in order to raise additional capital in order to expand business development activities, to develop a new product or service, or for other corporate purposes. We may acquire assets and establish wholly-owned subsidiaries in various businesses or acquire existing businesses as subsidiaries.
In implementing a structure for a particular business acquisition or opportunity, we may become a party to a merger, consolidation, reorganization, joint venture, or licensing agreement with another corporation or entity. We may also acquire stock or assets of an existing business. Upon the consummation of a transaction, it is anticipated that our current officer and directors will continue to manage our company.
As of the date hereof, we have not entered into any formal written agreements for a business combination or opportunity. When any such agreement is reached, we intend to disclose such an agreement by filing a current report on Form 8-K.
We anticipate that the selection of a business opportunity in which to participate will be complex and without certainty of success. Business opportunities may be available in many different industries and at various stages of development, all of which will make the task of comparative investigation and analysis of such business opportunities extremely difficult and complex. Business opportunities that we believe are in the best interests of our company may be scarce, or we may be unable to obtain the ones that we want. We can provide no assurance that we will be able to locate and complete the acquisition of a compatible business opportunity.
5 |
Table of Contents |
Currently, we do not have a source of revenue. We are not able to fund our cash requirements through our current operations. We have been reliant on loans by affiliated parties to provide financial contributions and services to keep our company operating. Further, we believe that our company may have difficulties raising capital from other sources until we locate a prospective merger candidate through which we can pursue our plan of operation. If we are unable to secure adequate capital to continue our acquisition efforts, our shareholders may lose some or all of their investment and our business may fail. We currently have no written or oral agreement from our majority shareholder to continue to provide financial contributions.
The ability of the Company to emerge shell status is dependent upon, among other things, obtaining additional financing to continue operations, and development of its business plan. In response to these challenges, management intends to raise additional funds through public or private placement offerings and through loans from officers and directors.
These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Results of Operations
The following summary of our results of operations, for the three months ended February 28, 2019 and 2018, should be read in conjunction with our unaudited condensed financial statements, as included in this Form 10-Q.
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| Three Months Ended |
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| February 28, |
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| 2019 |
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| 2018 |
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| Change |
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| % |
| ||||
General and administrative expenses |
| $ | - |
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| $ | 5 |
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|
| (5 | ) |
| (100%) |
| |
Professional fees |
|
| 24,950 |
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| 13,325 |
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|
| 11,625 |
|
|
| 87 | % |
Net loss |
| $ | 24,950 |
|
| $ | 13,330 |
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| $ | 11,620 |
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|
| 87 | % |
Three months ending February 28, 2019 compared to three months ending February 28, 2018:
For the three months ended February 28, 2019, we incurred $0 in general and administrative expenses and $24,950 in professional fees, resulting in an operating and net loss of $24,950. For the three months ended February 28, 2018, we incurred $5 in general and administrative expenses, $13,325 in professional fees, resulting in an operating and net loss of $13,330. The professional fees were primarily related to our ongoing regulatory requirements. The increase in professional fees in 2019 as compared to 2018, is primarily due to an increase in legal fees.
Liquidity and Capital Resources
Working Capital
|
| February 28, |
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| November 30, |
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| |||||
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| 2019 |
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| 2018 |
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| Change |
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| % |
| ||||
Current assets |
| $ | - |
|
| $ | - |
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| $ | - |
|
|
| - |
|
Current liabilities |
| 119,839 |
|
| 94,889 |
|
| 24,950 |
|
|
| 26 | % | |||
Working capital deficiency |
| $ | 119,839 |
|
| $ | 94,889 |
|
| $ | 24,950 |
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| 26 | % |
Our working capital deficiency increased as of February 28, 2019, as compared to November 30, 2018, primarily due to an increase in due to a related party from continued operating costs of being a public company.
6 |
Table of Contents |
Cash Flows
|
| Three Months Ended |
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| February 28, |
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|
| |||||||
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| 2019 |
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| 2018 |
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| Change |
| |||
Cash used in operating activities |
| $ | (24,950 | ) |
| $ | (1,051 | ) |
| $ | (23,899 | ) |
Cash provided by financing activities |
| $ | 24,950 |
|
| $ | 25,000 |
|
| $ | (50 | ) |
Cash and cash equivalents |
| $ | - |
|
| $ | 25,622 |
|
| $ | (25,622 | ) |
Operating Activities
During the three months ended February 28, 2019, our company used $24,950 in cash from operating activities, compared to $1,051 cash used in operating activities during the three months ended February 28, 2018. The cash used from operating activities for the three months ended February 28, 2019 was attributed to net loss of $24,950. The cash used from operating activities for the three months ended February 28, 2018 was attributed to net loss of $13,330 and offset by a decrease in accounts payable of $12,279.
Cash Flow from Financing Activities
Net cash from financing activities was $24,950 for proceeds from loan from related party for the three months ended February 28, 2019 compared to $25,000 for issuance of common stock for the three months ended February 28, 2018.
Liquidity
As of February 28, 2019, we had $0 in total assets, $119,839 in liabilities and ($119,839) in working capital. We currently do not engage, nor do we intend to engage, in any business activities that provide cash flow until we enter into a successful business combination. The Company does not have sufficient cash for the next 12 months as of the date of this filing.
In its November 30, 2018 report, our independent registered public accounting firm expressed substantial doubt about our ability to continue as a going concern. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.
We intend that our management and the Company, through its various contacts and affiliations with other entities, will locate a business combination target. We expect that additional funds will be required in order for the Company to satisfy its Exchange Act reporting requirements during the next 12 months, in addition to any other funds that will be required in order to complete a business combination. Such funds can only be estimated upon identifying a business combination target. Our management and stockholders have indicated an intent to advance funds on behalf of the Company as needed in order to accomplish its business plan and comply with its Exchange Act reporting requirements, however, there are no agreements in effect between the Company and our management or stockholders specifically requiring they provide any funds to the Company. Therefore, there are no assurances that the Company will be able to obtain the required financing as needed in order to consummate a business combination transaction.
Critical Accounting Policies
We prepare our unaudited condensed financial statements in conformity with GAAP, which requires management to make certain estimates and assumptions and apply judgments. We base our estimates and judgments on historical experience, current trends and other factors that management believes to be important at the time the financial statements are prepared and actual results could differ from our estimates and such differences could be material. Due to the need to make estimates about the effect of matters that are inherently uncertain, materially different amounts could be reported under different conditions or using different assumptions. On a regular basis, we review our critical accounting policies and how they are applied in the preparation our unaudited condensed financial statements.
7 |
Table of Contents |
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
As a “smaller reporting company”, we are not required to provide the information required by this Item.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Our management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under the Exchange Act) that is designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
An evaluation was conducted under the supervision and with the participation of our management of the effectiveness of the design and operation of our disclosure controls and procedures as of February 28, 2019. Based on that evaluation, our management concluded that our disclosure controls and procedures were not effective as of such date to ensure that information required to be disclosed in the reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms as a result of the following material weaknesses:
The specific material weaknesses identified by our management was ineffective controls over certain aspects of the financial reporting process because of a lack of a sufficient complement of personnel with a level of accounting expertise and an adequate supervisory review structure that is commensurate with our financial reporting requirements and inadequate segregation of duties. A “material weakness” is a deficiency, or combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of the company’s annual or interim financial statements would not be prevented or detected on a timely basis.
We expect to be materially dependent upon a third party to provide us with accounting consulting services for the foreseeable future. Until such time as we have a chief financial officer with the requisite expertise in U.S. GAAP, there are no assurances that the material weaknesses in our disclosure controls and procedures and internal control over financial reporting will not result in errors in our financial statements which could lead to a restatement of those financial statements.
Changes in Internal Controls
There have been no changes in our internal controls over financial reporting identified in connection with the evaluation required by paragraph (d) of Securities Exchange Act Rule 13a-15 or Rule 15d-15 that occurred in the quarter ended February 28, 2019 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
8 |
Table of Contents |
We know of no material, existing or pending legal proceedings against our Company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, officers or affiliates, or any registered beneficial shareholder, is an adverse party or has a material interest adverse to our interest.
As a “smaller reporting company”, we are not required to provide the information required by this Item.
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.
None.
9 |
Table of Contents |
The following exhibits are included as part of this report:
Exhibit Number | Description | Incorporated by Reference | ||||||
| Form |
| Exhibit |
| Filing Date | |||
(3) |
| (i) Articles of Incorporation (ii) Bylaws |
| |||||
| Articles of Incorporation, as filed with the Nevada Secretary of State |
| S-1 |
| 3.1 |
| March 17, 2015 | |
|
| S-1 |
| 3.2 |
| March 17, 2015 | ||
|
| S-1 |
| 3.3 |
| March 17, 2015 | ||
8-K | 8.01 | July 18, 2018 | ||||||
(14) |
| Code of Ethics |
| |||||
|
| 10-K |
| 14.1 |
| February 29, 2016 | ||
(31) | Rule 13a-14 (d)/15d-14d) Certifications |
| ||||||
| ||||||||
(32) | Section 1350 Certifications |
| ||||||
| ||||||||
101* | Interactive Data File |
| ||||||
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.
** Furnished herewith
10 |
Table of Contents |
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.
| WARI, INC. |
| |
| (Registrant) |
| |
|
|
|
|
Dated: June 14, 2019 |
| /s/ Amadou Diop |
|
| Amadou Diop |
| |
| President, Chief Financial Officer and Director |
| |
| (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
|
11 |
EXHIBIT 31.1
CERTIFICATION PURSUANT TO
SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
I, Amadou Diop, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of Wari, 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. | I am responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
| (a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
|
|
|
| (b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
|
|
|
| (c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
|
|
|
| (d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; |
5. | I have disclosed, based on my 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: June 14, 2019
/s/ Amadou Diop |
|
Amadou Diop President, Chief Financial Officer and Director (Principal Executive Officer, Principal Financial Officer |
|
and Principal Accounting Officer) |
|
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, Amadou Diop, President and Chief Financial Officer, of Wari, 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:
(1) | the quarterly report on Form 10-Q of Wari, Inc. for the period ended February 28, 2019 (the ”Report”) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
(2) | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Wari, Inc. |
Dated: June 14, 2019
/s/ Amadou Diop |
|
Amadou Diop President, Chief Financial Officer and Director (Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer) |
|
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Wari, Inc. and will be retained by Wari, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Jun. 12, 2019 |
|
Document And Entity Information | ||
Entity Registrant Name | WARI, INC. | |
Entity Central Index Key | 0001637197 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --11-30 | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,691,050 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2019 | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | true |
Condensed Balance Sheets - USD ($) |
Feb. 28, 2019 |
Nov. 30, 2018 |
---|---|---|
Current Assets | ||
Cash and cash equivalents | $ 0 | $ 0 |
Total Current Assets | 0 | 0 |
TOTAL ASSETS | 0 | 0 |
Current Liabilities | ||
Due to a related party | 119,839 | 94,889 |
Total Current Liabilities | 119,839 | 94,889 |
Stockholders' Deficit | ||
Preferred stock: 100,000,000 authorized; $0.001 par value No shares issued and outstanding | 0 | 0 |
Common stock: 900,000,000 authorized; $0.001 par value 20,691,050 shares issued and outstanding February 28, 2019 and November 30, 2018, respectively | 20,691 | 20,691 |
Additional paid in capital | 147,805 | 147,805 |
Accumulated deficit | (288,335) | (263,385) |
Total Stockholders' Deficit | (119,839) | (94,889) |
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT | $ 0 | $ 0 |
Condensed Balance Sheets (Parenthetical) - $ / shares |
Feb. 28, 2019 |
Nov. 30, 2018 |
---|---|---|
Stockholders' Deficit | ||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 900,000,000 | 900,000,000 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares issued | 20,691,050 | 20,691,050 |
Common stock, shares outstanding | 20,691,050 | 20,691,050 |
Condensed Statement of Operations (Unaudited) - USD ($) |
3 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
|
Operating Expenses | ||
General and administrative | $ 5 | |
Professional fees | $ 24,950 | 13,325 |
Total Operating Expenses | 24,950 | 13,330 |
Net loss | $ (24,950) | $ (13,330) |
Basic and dilutive loss per common share | $ (0.00) | $ (0.00) |
Weighted average number of common shares outstanding | 20,691,050 | 20,584,106 |
Condensed Statement Of Changes In Stockholders' Equity(deficit)(unaudited) - USD ($) |
Common Stock |
Additional Paid in Capital |
Accumulated Deficit |
Total |
---|---|---|---|---|
Balance at Nov. 30, 2017 | $ 20,566 | $ 122,910 | $ (143,900) | $ (424) |
Balance (shares) at Nov. 30, 2017 | 20,566,050 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Common shares issued for cash | $ 125 | 24,875 | 25,000 | |
Common shares issued for cash (in shares) | 125,000 | |||
Net loss | (13,330) | (13,330) | ||
Balance at Feb. 28, 2018 | $ 20,691 | 147,785 | (157,230) | 11,246 |
Balance (shares) at Feb. 28, 2018 | 20,691,050 | |||
Balance at Nov. 30, 2018 | $ 20,691 | 147,805 | (263,385) | (94,889) |
Balance (shares) at Nov. 30, 2018 | 20,691,050 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Net loss | (24,950) | (24,950) | ||
Balance at Feb. 28, 2019 | $ 20,691 | $ 147,805 | $ (288,335) | $ (119,839) |
Balance (shares) at Feb. 28, 2019 | 20,691,050 |
Consolidated Statement of Cash Flows (Unaudited) - USD ($) |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
Nov. 30, 2018 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (24,950) | $ (13,330) | |
Adjustments to reconcile net loss to net cash Changes in operating assets and liabilities: | |||
Accounts payable | (12,279) | ||
Net Cash used in Operating Activities | (24,950) | 1,051 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceed from loan from related party | 24,950 | ||
Proceeds from issuance of common stock | 25,000 | ||
Net Cash provided by Financing Activities | 24,950 | 25,000 | |
Net increase (decrease) in cash and cash equivalents | $ 23,949 | ||
Cash and cash equivalents, beginning of period | 0 | 1,673 | 1,673 |
Cash and cash equivalents, end of period | $ 0 | $ 25,622 | $ 0 |
ORGANIZATION AND DESCRIPTION OF BUSINESS |
3 Months Ended |
---|---|
Feb. 28, 2019 | |
Notes to Financial Statements | |
NOTE 1 - ORGANIZATION AND DESCRIPTION OF BUSINESS |
NOTE 1 - ORGANIZATION AND
DESCRIPTION OF BUSINESS
Wari, Inc., (the “Company”,“we”,“us”,“our”)
is a Nevadatrue corporation incorporated on June 27, 2014. Its office is based
in
Washington, D.C. The accounting and reporting policies of the Company conform
to accounting principles generally accepted in the United States of America
(“GAAP”), and the Company’s fiscal year end is November 30.We are currently seeking new
business opportunities with established business entities for merger with or
acquisition of a target business. We are currently a shell company. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
3 Months Ended |
---|---|
Feb. 28, 2019 | |
Notes to Financial Statements | |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP in the United States of America for interim financial information and Article 8 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. This report on Form 10-Q should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, for the fiscal year ended November 30, 2018, as filed with the Securities and Exchange Commission (“SEC”) on May 14, 2019.
In the opinion of management, the unaudited condensed financial statements included herein contain all adjustments necessary to present fairly the Company’s financial position and results of its operations and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The results of operations for the three months February 28, 2019 may not be indicative of results for the full year. Emerging Growth Company
We qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)( 2 )(B) of the Securities Act of 1933 as amended (the “Securities Act”) for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. Use of Estimates
The preparation of the unaudited condensed financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. Net Loss Per Share
Basic net loss per share excludes the effect of dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding.
Diluted net loss per share is computed by giving effect to all potential shares of common stock. For the three months ended February 28, 2019 and 2018 , there were no common stock equivalents outstanding. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. Recent Accounting Pronouncements
Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
GOING CONCERN |
3 Months Ended |
---|---|
Feb. 28, 2019 | |
Notes to Financial Statements | |
NOTE 3 - GOING CONCERN |
NOTE 3 - GOING CONCERN
The accompanying unaudited condensed financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the liquidation of liabilities in the normal course of business. As of February 28, 2019, the Company has a loss from operations of $24,950
, and an accumulated deficit of $288,335. The Company is seeking a new business opportunity at this time. If and when it acquires such an opportunity, it might be required to fund operations through equity financing arrangements, which may be insufficient to fund its capital expenditures, working capital and other cash requirements for the period of 12 months from the isuance of those financial statements.
The ability of the Company to emerge from a shell is dependent upon, among other things, securing assets and/or a business, by merger or acquisition, as to which there can be no assurance.
These factors, among others, raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. |
EQUITY |
3 Months Ended |
---|---|
Feb. 28, 2019 | |
Notes to Financial Statements | |
NOTE 4 - EQUITY |
NOTE 4 - EQUITY
During the three months ended February 28, 2018, the Company issued
125,000
shares of common stock for cash of $25,000
.. |
RELATED PARTY TRANSACTIONS |
3 Months Ended |
---|---|
Feb. 28, 2019 | |
Notes to Financial Statements | |
NOTE 5 - RELATED PARTY TRANSACTIONS |
NOTE 5 - RELATED PARTY TRANSACTIONS We currently have no written or oral agreement from our majority shareholder to continue to provide financial contributions.
The officer and director of the Company may be involved in other business activities and may, in the future, become involved in other business opportunities that become available. He may face a conflict in selecting between the Company and other business interests. The Company has not formulated a policy for the resolution of such conflicts.
During the three months ended February 28, 2019, the Company borrowed $24,950
from the CEO of the Company. The advance was non-interest bearing and due on demand. As of February 28, 2019, and November 30, 2018, the Company had due to a related party of $119,839
and $94,889
, respectively.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) |
3 Months Ended |
---|---|
Feb. 28, 2019 | |
Summary Of Significant Accounting Policies Policies | |
Basis of Presentation |
Basis of Presentation
The accompanying unaudited condensed financial statements have been prepared in accordance with GAAP in the United States of America for interim financial information and Article 8 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. This report on Form 10-Q should be read in conjunction with the Company’s audited financial statements and notes thereto included in the Company’s Annual Report on Form 10-K, for the fiscal year ended November 30, 2018, as filed with the Securities and Exchange Commission (“SEC”) on May 14, 2019.
In the opinion of management, the unaudited condensed financial statements included herein contain all adjustments necessary to present fairly the Company’s financial position and results of its operations and cash flows for the interim periods presented. Such adjustments are of a normal recurring nature. The results of operations for the three months February 28, 2019 may not be indicative of results for the full year. |
Emerging Growth Company |
Emerging Growth Company
We qualify as an “emerging growth company” under the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)( 2 )(B) of the Securities Act of 1933 as amended (the “Securities Act”) for complying with new or revised accounting standards. As an emerging growth company, we can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of the benefits of this extended transition period. |
Use of Estimates |
Use of Estimates
The preparation of the unaudited condensed financial statements in conformity with GAAP in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. The estimates and judgments will also affect the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from these good faith estimates and judgments. |
Net Loss Per Share of Common Stock |
Net Loss Per Share
Basic net loss per share excludes the effect of dilution and is computed by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding.
Diluted net loss per share is computed by giving effect to all potential shares of common stock. For the three months ended February 28, 2019 and 2018 , there were no common stock equivalents outstanding. In periods in which a net loss has been incurred, all potentially dilutive common shares are considered anti-dilutive and thus are excluded from the calculation. |
Recent Accounting Pronouncements |
Recent Accounting Pronouncements
Management has considered all recent accounting pronouncements issued. The Company’s management believes that these recent pronouncements will not have a material effect on the Company’s financial statements. |
ORGANIZATION AND DESCRIPTION OF BUSINESS (Details Narrative) |
3 Months Ended |
---|---|
Feb. 28, 2019 | |
Organization And Description Of Business Details Narrative | |
State of Incorporation | Nevada |
Date of incorporation | Jun. 27, 2014 |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) |
Feb. 28, 2019 |
Nov. 30, 2018 |
Feb. 28, 2018 |
Nov. 30, 2017 |
---|---|---|---|---|
Summary Of Significant Accounting Policies Details Narrative | ||||
Cash and cash equivalents | $ 0 | $ 0 | $ 25,622 | $ 1,673 |
GOING CONCERN (Details Narrative) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Feb. 28, 2019 |
Feb. 28, 2018 |
Nov. 30, 2018 |
|
Going Concern Details Narrative | |||
Net loss | $ (24,950) | $ (13,330) | |
Accumulated deficit | $ (288,335) | $ (263,385) |
EQUITY (Details Narrative) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Feb. 28, 2018 |
Aug. 31, 2018 |
Feb. 28, 2019 |
Nov. 30, 2018 |
|
Equity | ||||
Preferred stock, shares authorized | 100,000,000 | 100,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares authorized | 900,000,000 | 900,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 | ||
Common stock, shares issued | 20,691,050 | 20,691,050 | ||
Common stock, shares outstanding | 20,691,050 | 20,691,050 | ||
Stock Issued During Period, Shares | 125,000 | |||
Stock Issued During Period, Value | $ 25,000 |
RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($) |
3 Months Ended | |
---|---|---|
Feb. 28, 2019 |
Nov. 30, 2018 |
|
Amount borrowed from related party during period | $ 24,950 | |
Due to related party | 119,839 | $ 94,889 |
Chief Executive Officer [Member] | ||
Amount borrowed from related party during period | $ 24,950 |
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