10-Q 1 exlt_10q.htm QUARTERLY REPORT 10Q

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

 

For the quarterly period ended December 31, 2020

 

[  ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to _______

 

Commission File No. 333-234796

 

Excellerant, Inc.

(Exact name of registrant as specified in its charter)

 

Nevada

8000

98-1497791

(State or other jurisdiction of

incorporation or Organization)

(Primary Standard Industrial

Classification Code Number)

(IRS Employer

Identification Number)

 

302 Yayun Ave, Panyu,

Guangzhou, Guangdong 510000,

China.

+17027769823

excellerantinc@yahoo.com

(Address, including zip code, and telephone number,

including area code, of registrant’s principal executive offices)

 

Incorp Services, Inc

3773 Howard Hughes Parkway Suite 500 S

Las Vegas, NV 89169-6014

+1 (702) 866-2500

(Name, address and telephone number of agent for service)

 

 

Indicate by checkmark whether the issuer: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes [X] No[  ]

 

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

Yes [X] No [  ]

 


 


 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, 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. (Check one)

 

Large accelerated filer

[  ]

 

Accelerated filer

[  ]

Non-accelerated filer

[X]

 

Smaller reporting company

[X]

(Do not check if a smaller reporting company)

 

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. [X]

 

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

Yes [X] No [  ]

 

Applicable Only to Issuer Involved in Bankruptcy Proceedings During the Preceding Five Years. N/A

 

Indicate by checkmark whether the issuer has filed all documents and reports required to be filed by Section 12, 13 and 15(d) of the Securities Exchange Act of 1934 after the distribution of securities under a plan confirmed by a court.

Yes[  ] No[X]

 

Applicable Only to Corporate Registrants

 

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

 

Class

Outstanding as of January 15, 2021

Common Stock: $0.0001

5,648,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


2


 

 

TABLE OF CONTENTS

 

 

PART I. FINANCIAL INFORMATION

4

Item 1. Financial Statements

4

Balance Sheets

4

Statement of Operation

5

Statement of Stockholder Equity

6

Statement of Cash Flows

7

Notes to the Financial Statements

8

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

13

Item 3. Quantitative and Qualitative Disclosures about Market Risk

15

Item 4. Controls and Procedures

15

PART II. OTHER INFORMATION

16

Item 1. Legal Proceedings

16

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

16

Item 3. Defaults Upon Senior Securities

16

Item 4. Mine Safety Disclosures

16

Item 5. Other Information

16

Item 6. Exhibits

16

SIGNATURES

17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


3


 

PART I. FINANCIAL INFORMATION

 

Item 1. Financial Statements

 

EXCELLERANT, INC.

BALANCE SHEETS

(Unaudited)

 

 

 

December 31,

2020

 

September 30,

2020

 

 

(Unaudited)

 

(Audited)

ASSETS

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

 Escrow account

 

$

2,945

 

$

20,745

Total Current Assets

 

 

2,945

 

 

20,745

 

 

 

 

 

 

 

Total Assets

 

$

2,945

 

$

20,745

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 Accounts payable - related party

 

 

19,000

 

 

16,000

 Director loan

 

 

10,832

 

 

10,832

Total Current Liabilities

 

$

29,832

 

$

26,832

 

 

 

 

 

 

 

Commitments and Contingencies

 

 

-

 

 

-

 

 

 

 

 

 

 

Stockholders’ Deficit

 

 

 

 

 

 

 Common stock, par value $0.0001; 75,000,000 shares

   authorized, 5,648,000 shares issued and outstanding

 

 

564

 

 

564

 Additional paid-in capital

 

 

26,216

 

 

26,216

 Accumulated deficit

 

 

(53,667)

 

 

(32,867)

Total Stockholders’ Equity

 

$

(26,887)

 

$

(6,087)

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Deficit

 

$

2,945

 

$

20,745

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the financial statements.


4


 

EXCELLERANT, INC.

STATEMENT OF OPERATION

 

 

 

 

For the Three

Months Ended

December 31, 2020

 

For the Three

Months Ended

December 31, 2019

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

REVENUES

 

$

-

 

$

-

 

 

 

 

 

 

 

 General and Administrative Expenses

 

 

20,800

 

 

3,313

 

 

 

 

 

 

 

NET INCOME (LOSS) FROM OPERATION

 

 

(20,800)

 

 

(3,313)

 

 

 

 

 

 

 

INCOME LOSS BEFORE TAXES

 

 

(20,800)

 

 

(3,313)

 

 

 

 

 

 

 

PROVISION FOR TAXES

 

 

-

 

 

-

 

 

 

 

 

 

 

NET INCOME/ LOSS

 

$

(20,800)

 

$

(3,313)

 

 

 

 

 

 

 

NET LOSS PER SHARE:

 BASIC AND DILUTED

 

$

(0.00)

 

$

(0.00)

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF

SHARES OUTSTANDING:

 BASIC AND DILUTED

 

 

4,147,037

 

 

3,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the financial statements.


5


 

EXCELLERANT, INC.

STATEMENT OF STOCKHOLDER EQUITY

(Unaudited)

 

 

 

Common Stock

 

 

 

 

Shares

Amount

Additional

Paid-in

Capital

Deficit

Accumulated

Total

Stockholder’s

Equity

 

 

 

 

 

 

 

 

 

 

May 30, 2019 Inception date

-

$

-

$

-

$

-

$

-

 

 

 

 

 

 

 

 

 

 

Shares issued for compensation

 at $0.0001 per share

3,000,000

 

300

 

-

 

-

 

300

Net loss for the year ended

 September 30, 2019

-

 

-

 

-

 

(11,023)

 

(11,023)

Balance, September 30, 2019

3,000,000

$

300

$

-

$

(11,023)

$

(10,723)

 

 

 

 

 

 

 

 

 

 

Net loss for the quarter ended

 December 31, 2019

-

 

-

 

-

 

(3,313)

 

(3,313)

Balance, December 31, 2019

3,000,000

$

300

$

-

$

(14,336)

$

(14,036)

 

 

 

 

 

 

 

 

 

 

Shares issued for compensation

  at $0.01 per share

420,000

 

42

 

4,158

 

-

 

4,200

Net loss for the quarter ended

  March 31, 2020

-

 

-

 

-

 

(5,980)

 

(5,980)

Balance, March 31, 2020

3,420,000

$

342

$

4,158

$

(20,316)

$

(15,816)

 

 

 

 

 

 

 

 

 

 

Shares issued for compensation

  at $0.01 per share

2,228,000

 

222

 

22,058

 

-

 

22,280

Net loss for the quarter ended

  June 30, 2020

-

 

-

 

-

 

(7,251)

 

(7,251)

Balance, June 30, 2020

5,648,000

$

564

$

26,216

$

(27,567)

$

(787)

 

 

 

 

 

 

 

 

 

 

Net loss for the quarter ended

  September 30, 2020

-

 

-

 

-

 

(5,300)

 

(5,300)

Balance, September 30, 2020

5,648,000

$

564

$

26,216

$

(32,867)

$

(6,087)

 

 

 

 

 

 

 

 

 

 

Net loss for the quarter ended

  December 31, 2020

-

 

-

 

-

 

(20,800)

 

(20,800)

Balance, December 31, 2020

5,648,000

$

564

$

26,216

$

(53,667)

$

(26,887)

 

 

 

 

See accompanying notes to the financial statements.


6


 

EXCELLERANT, INC.

STATEMENT OF CASH FLOWS

 

 

 

 

For the Three

Months Ended

December 31, 2020

 

For the Three

Months Ended

December 31, 2019

 

 

(Unaudited)

 

(Unaudited)

 

 

 

 

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

 

 

 

 

Net income/loss for the period

 

$

(20,800)

 

$

(3,313)

Adjustments to reconcile net loss to net cash (used in)

 operating activities:

 

 

 

 

 

 

Changes in assets and liabilities:

 

 

 

 

 

 

 Accounts payable

 

 

3,000

 

 

3,000

 Accrued expenses

 

 

-

 

 

(4,500)

CASH FLOWS USED IN OPERATING ACTIVITIES

 

 

(17,800)

 

 

(4,813)

 

 

 

 

 

 

 

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

 

 

 

 Director Loan

 

 

-

 

 

4,813

CASH FLOWS PROVIDED BY FINANCING ACTIVITIES

 

 

-

 

 

4,813

 

 

 

 

 

 

 

Net Cash Increase for Period

 

 

(17,800)

 

 

-

 

 

 

 

 

 

 

Cash at the beginning of Period

 

 

20,745

 

 

-

Cash at end of Period

 

$

2,945

 

$

-

 

 

 

 

 

 

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 Interest paid

 

$

-

 

$

-

 Income taxes paid

 

$

-

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

See accompanying notes to the financial statements.


7


 

EXCELLERANT, INC.

NOTES TO THE FINANCIAL STATEMENTS

December 31, 2020

(Unaudited)

 

 

NOTE 1 - ORGANIZATION AND NATURE OF BUSINESS

 

EXCELLERANT, INC. (“the Company “we,” “us” or “our”) was incorporated in the State of Nevada on May 30, 2019. Our company is planning to offer a broad range of health advisory and tour services: consulting services in the field of traditional and alternative medicine and medical technologies in China; helping our customers to choose a clinic for treatment; consulting customers and helping them to arrange the itinerary, by building a route, which includes clinics, hospitals and other medical institution; providing guide services to our potential clients. We also provide them with information concerning transportation, the cost of it, how it operates and what are the best medical institutions. We are going to provide our services both to legal entities and individuals.

 

The company’s address is 302 Yayun Ave, Panyu, Guangzhou, Guangdong 510000, China.

 

 

NOTE 2 - GOING CONCERN

 

The Company’s financial statements have been prepared assuming that it will continue as a going concern, which contemplates continuity of operations, realization of assets, and liquidation of liabilities in the normal course of business.

 

As reflected in the financial statements, the Company had an accumulated deficit of $(53,667) at December 31, 2020, a net loss of $(20,800) December 31, 2020. The Company has a cash balance of $2,945 at December 31, 2020. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position may not be sufficient to support the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering.

 

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

 

The Coronavirus (“COVID-19”) pandemic could adversely impact our operations, demand for our products and services and our operating results.

 

The impact of the coronavirus (“COVID-19”) outbreak on the financial condition of the Company will depend on future developments, including the duration and spread of the outbreak and related advisories and restrictions and the impact of COVID-19 on the overall economy, all of which are highly uncertain and cannot be predicted. If the overall economy is impacted for an extended period, the Company’s future operating results may be materially adversely affected.


8


 

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

Basis of presentation

 

The accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America.

 

The Company’s year-end is September 30, 2020.

 

Development Stage Company

 

The Company is a development stage company as defined in ASC 915 “Development Stage Entities.” The Company is devoting substantially all of its efforts on establishing the business and its planned principal operations have not commenced. All losses accumulated since inception has been considered as part of the Company's development stage activities.

 

The Company has elected to adopt application of Accounting Standards Update No. 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements. Upon adoption, the Company no longer presents or discloses inception-to-date information and other remaining disclosure requirements of Topic 915.

 

Use of Estimates

 

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date the financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

 

Cash and Cash Equivalents

 

The Company considers all highly liquid investments with the original maturities of three months or less to be cash equivalents.  The Company entered a Trust Agreement with the director and set up Related Party Trust Account for holding funds in relation to issuing shares for stock consideration of $20,745.

 

The Company has $2,945 cash as of December 31, 2020.

 

Fair Value of Financial Instruments

 

ASC topic 820 “Fair Value Measurements and Disclosures” establishes a three-tier fair value hierarchy, which prioritizes the inputs in measuring fair value. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market.

 

These tiers include:

 

Level 1:

defined as observable inputs such as quoted prices in active markets;

Level 2:

defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and

Level 3:

defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions.

 

Due to their short-term nature, the carrying value of escrow account, accounts payable and deferred offering costs approximated fair value at December 31, 2020.


9


 

Income Taxes

 

Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is provided for the amount of deferred tax assets that, based on available evidence, are not expected to be realized.

 

Basic Income (Loss) Per Share

 

The Company computes income (loss) per share in accordance with FASB ASC 260 “Earnings per Share”. Basic loss per share is computed by dividing net income (loss) available to common shareholders by the weighted average number of outstanding common shares during the period. Diluted income (loss) per share gives effect to all dilutive potential common shares outstanding during the period. Dilutive loss per share excludes all potential common shares if their effect is anti-dilutive.

 

As of December 31, 2020, there were no potentially dilutive debt or equity instruments issued or outstanding.

 

Stock-Based Compensation

 

Stock-based compensation is accounted for at fair value in accordance with ASC Topic 718.  To date, the Company has not adopted a stock option plan and has not granted any stock options.

 

Recent Accounting Pronouncements

 

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

 

 

NOTE 4 - LOAN FROM DIRECTOR

 

The Company has received capital from the director of the Company to pay for the Company expenses that are unsecured, non-interest bearing and due on demand. The outstanding amounts were $10,832 as of December 31, 2020.

 

 

NOTE 5 - ESCROW ACCOUNT

 

The Company is utilizing a trust account in RMB currency; it fluctuates immaterial amounts each day and is converted to USD for reporting currency on financial statements. The foreign currency exchange difference is immaterial to these financial statements.

 

 

NOTE 6 - COMMON STOCK

 

The Company has 75,000,000, $0.0001 par value shares of voting common stock authorized.

 

In March 2020 the Company issued 420,000 common shares to 5 shareholders as per subscription agreement at $0.01 per share for a total price of $4,200.

 

In April and May 2020 the Company issued 2,228,000 of common shares as per subscription agreements at $0.01 per share for a total price of $22,280.

 

As of December 31, 2020 the Company had 5,648,000 shares issued and outstanding.


10


 

Common Stock

 

All shares of common stock have voting rights and are identical. All holders of shares of common stock shall at every meeting of the stockholders be entitled to one vote for each share of the capital stock held by such stockholder.

 

 

NOTE 7 - COMMITMENTS AND CONTINGENCIES

 

Our sole officer and director, Lasha Morbedadze, has agreed to provide his own premise under office needs. He will not take any fee for these premises, it is for free use.

 

Lasha Morbedadze has executed consulting agreement receiving $1,000 per month for providing consulting services to the Company. The contract was executed on June 01, 2019 and continues for 24 months.

 

 

NOTE 8 - INCOME TAXES

 

On December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (“Tax Reform Act”). The legislation significantly changes U.S. tax law by, among other things, lowering corporate income tax rates, implementing a territorial tax system and imposing a transition tax on deemed repatriated earnings of foreign subsidiaries. The Tax Reform Act permanently reduces the U.S. corporate income tax rate from a maximum of 35% to a flat 21% rate, effective January 1, 2019. As a result of the reduction in the U.S. corporate income tax rate from 34% to 21% under the Tax Reform Act, the Company revalued its ending net deferred tax assets.

 

The reconciliation of income tax benefit (expenses) at the U.S. statutory rate of 21% for the period ended as follows:

 

 

December 31,

2020

 

September 30,

2020

Tax benefit (expenses) at U.S. statutory rate

$

(4,368)

 

$

(5,532)

Change in valuation allowance

 

4,368

 

 

5,532

Tax benefit (expenses), net

$

--

 

$

--

 

The tax effects of temporary differences that give rise to significant portions of the net deferred tax assets are as follows:

 

 

December 31,

2020

 

September 30,

2020

Net operating loss

$

(11,270)

 

$

(6,022)

Valuation allowance

 

11,270

 

 

6,902

Deferred tax assets, net

$

--

 

$

--

 

The Company has accumulated approximately $53,667 of net operating losses (“NOL”) carried forward to offset future taxable income up to 20 years, if any, in future years which begin to expire in year 2038. In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, management has established a full valuation allowance against all of the deferred tax asset relating to NOLs for every period because it is more likely than not that all of the deferred tax asset will not be realized.


11


 

NOTE 8 - SUBSEQUENT EVENTS

 

In accordance with ASC 855-10 the Company has analyzed its operations subsequent to December 31, 2020 to the date these financial statements were issued, and has determined that it does not have any material subsequent events to disclose in these financial statement.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


12


 

FORWARD LOOKING STATEMENTS

 

Statements made in this Form 10-Q that are not historical or current facts are “forward-looking statements” made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 (the “Act”) and Section 21E of the Securities Exchange Act of 1934. These statements often can be identified by the use of terms such as “may,” “will,” “expect,” “believe,” “anticipate,” “estimate,” “approximate” or “continue,” or the negative thereof. We intend that such forward-looking statements be subject to the safe harbors for such statements. We wish to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Any forward-looking statements represent management's best judgment as to what may occur in the future. However, forward-looking statements are subject to risks, uncertainties and important factors beyond our control that could cause actual results and events to differ materially from historical results of operations and events and those presently anticipated or projected. We disclaim any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statement or to reflect the occurrence of anticipated or unanticipated events.

 

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

 

EMPLOYEES AND EMPLOYMENT AGREEMENTS

 

At present, we have no employees other than our officer and director. We presently do not have pension, health, annuity, insurance, stock options, profit sharing or similar benefit plans; however, we may adopt such plans in the future. There are presently no personal benefits available to any officers, directors or employees.

 

Results of Operation

 

Our financial statements have been prepared assuming that we will continue as a going concern and, accordingly, do not include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should we be unable to continue in operation.

 

We expect we will require additional capital to meet our long term operating requirements. We expect to raise additional capital through, among other things, the sale of equity or debt securities.

 

Three Months Periods Ended December 31, 2020

 

During the three months period ended December 31, 2020 we have not generated any revenues.

 

For the three months period ended December 31, 2020 operating expenses were $ (20,800). Operating expenses consist of mainly professional fees.

 

Our net loss for the three months periods ended December 31, 2020 were $(20,800).

 

Liquidity and Capital Resources

 

As at December 31, 2020, our total assets were $2,945. As at December 31, 2020, our current liabilities were $29,832 consisting of director loan of $10,832 and accounts payable - relate party of $19,000.

 

Cash Flows from Operating Activities

 

We have not generated positive cash flows from operating activities. For the three months period ended December 30, 2020, net cash flows used in operating activities was $(17,800).

 

Cash Flows from Investing Activities

 

We have not generated cash flows from investing activities for the periods three months ended December 31, 2020.


13


 

Cash Flows from Financing Activities

 

We have not generated cash flows from financing activities for the periods three months ended December 31, 2020.

 

Plan of Operation and Funding

 

We expect that working capital requirements will continue to be funded through a combination of our existing funds and further issuances of securities. Our working capital requirements are expected to increase in line with the growth of our business.

 

Existing working capital, further advances and debt instruments, and anticipated cash flow are expected to be adequate to fund our operations over the next three months. We have no lines of credit or other bank financing arrangements. Generally, we have financed operations to date through the proceeds of the private placement of equity and debt instruments. In connection with our business plan, management anticipates additional increases in operating expenses and capital expenditures relating to: (i) acquisition of inventory; (ii) developmental expenses associated with a start-up business; and (iii) marketing expenses. We intend to finance these expenses with further issuances of securities, and debt issuances. Thereafter, we expect we will need to raise additional capital and generate revenues to meet long-term operating requirements. Additional issuances of equity or convertible debt securities will result in dilution to our current shareholders. Further, such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, we may not be able to take advantage of prospective new business endeavors or opportunities, which could significantly and materially restrict our business operations. We will have to raise additional funds in the next twelve months in order to sustain and expand our operations. We currently do not have a specific plan of how we will obtain such funding; however, we anticipate that additional funding will be in the form of equity financing from the sale of our common stock. We have and will continue to seek to obtain short-term loans from our directors, although no future arrangement for additional loans has been made. We do not have any agreements with our directors concerning these loans. We do not have any arrangements in place for any future equity financing.

 

Off-Balance Sheet Arrangements

 

As of the date of this Quarterly Report, we do not have any 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 are material to investors.

 

Going Concern

 

The independent auditors' review report accompanying our September 30, 2020 financial statements contained an explanatory paragraph expressing substantial doubt about our ability to continue as a going concern. The financial statements have been prepared “assuming that we will continue as a going concern,” which contemplates that we will realize our assets and satisfy our liabilities and commitments in the ordinary course of business.

 

 

 

 

 

 

 

 

 


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Item 3. Quantitative and Qualitative Disclosures about Market Risk

 

No report required.

 

Item 4. 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 December 31, 2020. 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. Such officer also confirmed that there was no change in our internal control over financial reporting during the three-month period ended December 31, 2020 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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PART II. OTHER INFORMATION

 

Item 1. Legal Proceedings

 

Management is not aware of any legal proceedings contemplated by any governmental authority or any other party involving us or our properties. As of the date of this Quarterly Report, no director, officer or affiliate is (i) a party adverse to us in any legal proceeding, or (ii) has an adverse interest to us in any legal proceedings. Management is not aware of any other legal proceedings pending or that have been threatened against us or our properties.

 

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

 

No report required.

 

Item 3. Defaults Upon Senior Securities

 

No report required.

 

Item 4. Mine Safety Disclosures

 

Not applicable.

 

Item 5. Other Information

 

No report required.

 

Item 6. Exhibits

 

Exhibit No.

 

Description

 

 

 

31

 

Rule 13(a)-14(a)/15(d)-14(a) Certification of principal executive and financial officer.

 

 

 

32

 

Section 1350 Certification of principal executive and financial officer.

 

 

 

 

 

 

 

 

 


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SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized in 302 Yayun Ave, Panyu, Guangzhou, Guangdong 510000, China on January 15, 2021.

 

 

EXCELLERANT, INC.

 

 

 

 

 

By: /s/ Lasha Morbedadze

 

President, Treasurer and Secretary

 

(Principal Executive, Financial and Accounting Officer)

 

 

In accordance with the requirements of the Securities Act of 1933, this registration statement was signed by the following persons in the capacities and on the dates stated.

 

Signature

 

Title

 

Date

 

 

 

 

 

/s/ Lasha Morbedadze

 

 

 

 

Lasha Morbedadze

 

President, Treasurer, Secretary and Director

(Principal Executive, Financial and Accounting Officer)

 

January 15, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


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