SEC Info - Kriptech International Corp.

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, 2019

[ ] 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. 333-214815

KRIPTECH INTERNATIONAL CORP.

(Exact name of registrant as specified in its charter)

Nevada

(State or Other Jurisdiction of Incorporation or Organization)

37-1830331

IRS Employer Identification Number

7389

Primary Standard Industrial Classification Code Number

21/37 moo 4, Bangrak, Bophut, Koh Samui,

Surat Thani Province, Thailand 81170

Tel. (424) 265-6700

(Issuer’s telephone number)

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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 [ ] No[X]

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.

Large accelerated filer [ ] Accelerated filer [ ]

Non-accelerated filer [ ] 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. [ ]

Indicate by checkmark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X ]

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

N/A

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 29, 2020
Common Stock, $0.001	10,530,000

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KRIPTECH INTERNATIONAL CORP.

Form 10-Q

PART 1	FINANCIAL INFORMATION
ITEM 1	UNAUDITED FINANCIAL STATEMENTS	4
	UNAUDITED BALANCE SHEETS	4
	UNAUDITED STATEMENTS OF OPERATIONS UNAUDITED STATEMENT OF STOCKHOLDERS' DEFICIT	5 6
	UNAUDITED STATEMENTS OF CASH FLOWS	7
	NOTES TO UNAUDITED FINANCIAL STATEMENTS	8
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	11
ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	12
ITEM 4.	CONTROLS AND PROCEDURES	12
PART II.	OTHER INFORMATION
ITEM 1	LEGAL PROCEEDINGS	13
ITEM 1A	RISK FACTORS	13
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	13
ITEM 3	DEFAULTS UPON SENIOR SECURITIES	13
ITEM 4	MINE SAFETY DISCLOSURES	13
ITEM 5	OTHER INFORMATION	13
ITEM 6	EXHIBITS	14

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KRIPTECH INTERNATIONAL CORP. BALANCE SHEETS
		DECEMBER 31, 2019 (UNAUDITED)	SEPTEMBER 30, 2019 (AUDITED)
ASSETS
Current Assets
	Cash	$ 117	$ 153
	Total current assets	117	153
Fixed assets		125	250
Total Assets		$ 242	$ 403

LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
	Loan from related parties	$ 7,100	$ 2,600
	Account payable	594	297
	Total current liabilities	7,694	2,897
Total Liabilities

Stockholders’ Equity (Deficit)
	Common stock, $0.001 par value, 75,000,000 shares authorized;
	10,530,000 shares and 10,530,000 shares issued and outstanding as of December 31, 2019 and September 30, 2019, respectively.	10,530	10,530
	Additional paid-in-capital	22,770	22,770
	Retained Earnings (Accumulated Deficit)	(40,752)	(35,794)
Total Stockholders’ equity (deficit)		(7,452)	(2,494)

Total Liabilities and Stockholders’ equity (deficit)		$ 242	$ 403

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

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KRIPTECH INTERNATIONAL CORP. STATEMENT OF OPERATIONS (UNAUDITED)
	Three months ended December 31, 2019	Three months ended December 31, 2018
Revenue	$ -	$ 4,600

Operating expenses
General and administrative expenses	4,958	10,464
Net income (loss) from operations	(4,958)	(5,864)
Income (Loss) before provision for income taxes	(4,958)	(5,864)

Provision for income taxes	-	-

Net income (loss)	$ (4,958)	$ (5,864)

Income (loss) per common share: Basic and Diluted	$ (0.00)	$ (0.00)

Weighted Average Number of Common Shares Outstanding: Basic and Diluted	10,530,000	10,530,000

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

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KRIPTECH INTERNATIONAL CORP. STATEMENT OF STOCKHOLDERS’ DEFICIT DECEMBER 31, 2019 (UNAUDITED)
	Number of Common Shares	Amount	Additional Paid-In-Capital	Deficit accumulated	Total
Balances as of September 30, 2018	10,530,000	10,530	22,770	(25,330)	7,970
Net income (loss)	-			(5,864)	(5,864)
Balances as of December 31, 2018	10,530,000	10,530	22,770	(31,194)	2,106

Balances as of September 30, 2019	10,530,000	10,530	22,770	(35,794)	(2,494)
Net income (loss)	-	-		(4,958)	(4,958)
Balances as of December 31, 2019	10,530,000	$ 10,530	$ 22,770	$ (40,752)	$ (7,452)

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

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KRIPTECH INTERNATIONAL CORP. STATEMENT OF CASH FLOWS (UNAUDITED)
		Three months ended December 31, 2019	Three months ended December 31, 2018
Cash flows from Operating Activities
	Net income (loss)	$ (4,958)	$ (5,864)
	Depreciation	125	125
	Increase in accounts payable	297
	Net cash provided by operating activities	(4,536)	(5,739)

Cash flows from Financing Activities
	Proceeds of loan from shareholder	4,500	-
	Net cash provided by financing activities	4,500	-
Net increase in cash and equivalents		(36)	(5,739)
Cash and equivalents at beginning of the period		153	9,820
Cash and equivalents at end of the period		$ 117	$ 4,081
	Supplemental cash flow information:
	Cash paid for:
	Interest	$ -	$ -
	Taxes	$ -	$ -

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

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KRIPTECH INTERNATIONAL CORP.

NOTES TO THE UNAUDITED FINANCIAL STATEMENTS

FOR THE THREE MONTHS PERIOD ENDED DECEMBER 31, 2019

(UNAUDITED)

NOTE 1 – ORGANIZATION AND BUSINESS

KRIPTECH INTERNATIONAL CORP. (the “Company”) is a corporation established under the corporation laws in the State of Nevada on March 20, 2016.

The company intends to commence operations in the business of visa consultancy services.

The Company has adopted September 30 fiscal year end.

NOTE 2 – GOING CONCERN

The Company’s financial statements as of December 31, 2019 were prepared using generally accepted accounting principles in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The Company has not yet established an ongoing source of revenues sufficient to cover its operating costs and allow it to continue as a going concern. The Company has accumulated loss from inception (March 20, 2016) to December 31, 2019 of $40,752.

In order to continue as a going concern, the Company will need, among other things, additional capital resources. Management’s plan is to obtain such resources for the Company by obtaining capital from management and significant shareholders sufficient to meet its minimal operating expenses and seeking third party equity and/or debt financing. However, management cannot provide any assurances that the Company will be successful in accomplishing any of its plans. These financial statements do not include any adjustments related to the recoverability and classification of assets or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

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

The financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to present fairly the Company’s financial position at December 31, 2019 the results of its operations for the Three months ended December 31, 2019 and cash flows for the Three months ended December 31, 2019. The results of operations for the Three months ended December 31, 2019, are not necessarily indicative of the results to be expected for future quarters or the full year.

Cash and Cash Equivalents

For purposes of the statement of cash flows, the Company considers all highly liquid instruments purchased with an original maturity of six months or less to be cash equivalents. The Company's bank accounts are deposited in insured institutions. The funds are insured up to $250,000. At December 31, 2019 the Company's bank deposits did not exceed the insured amounts.

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Use of Estimates

Preparing financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Actual results and outcomes may differ from management’s estimates and assumptions.

Property and Equipment

Property and equipment is stated at cost and depreciated using the straight-line method over the shorter of the estimated useful life of the asset. The estimated useful life of our property and equipment is as follows: computer equipment and computer software acquired for internal use, three years.

Stock-Based Compensation

As of December 31, 2019, the Company has not issued any stock-based payments to its employees.

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

Revenue Recognition

The Company follows the guidance of the Accounting Standards Codification (“ASC”) Topic 605, Revenue Recognition. We recognize revenue when all of the following conditions are satisfied: (1) there is persuasive evidence of an arrangement; (2) the product or service has been provided to the customer; (3) the amount of fees to be paid by the customer is fixed or determinable; and (4) the collection of our fees is probable.

The Company records revenue when it is realizable and earned and the consulting services have been rendered to the customers.

Income Taxes

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

New Accounting Pronouncements

There were various accounting standards and interpretations issued recently, none of which are expected to a have a material impact on our financial position, operations or cash flows.

NOTE 4 – FIXED ASSETS

On March 28, 2017, the Company purchased a computer for $1,375. The Company is stated at cost and depreciated using the straight-line method over the shorter of the estimated useful life of the asset. The estimated useful life of the equipment is as follows: computer equipment acquired for internal use, three years.

During Three months ended December 31, 2019 and 2018, the Company recorded $125 and $125 in depreciation expense for the computer, respectively.

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NOTE 5 – CAPTIAL STOCK

The Company has 75,000,000 shares of common stock authorized with a par value of $0.001 per share.

As of December 31, 2019, the Company had 10,530,000 shares issued and outstanding.

NOTE 6 – RELATED PARTY TRANSACTIONS

In support of the Company’s efforts and cash requirements, it may rely on advances from related parties until such time that the Company can support its operations or attains adequate financing through sales of its equity or traditional debt financing. There is no formal written commitment for continued support by officers, directors, or shareholders. Amounts represent advances or amounts paid in satisfaction of liabilities. The advances are considered temporary in nature and have not been formalized by a promissory note.

Since March 20, 2016 (Inception) through December 31, 2019, the Company’s president, treasurer and director loaned the Company $7,100 to pay for incorporation costs and operating expenses. As of December 31, 2019, the amount outstanding was $7,100. The loan is non-interest bearing, due upon demand and unsecured.

NOTE 7. SUBSEQUENT EVENTS

In accordance with ASC 855-10 management has performed an evaluation of subsequent events from December 31, 2019 through the date the financial statements were issued, and did not have any material recognizable subsequent events.

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.

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION

We provide our consulting service in Thailand for Thai citizens. Thai people need visa for many countries in the world. We provide visa consulting service for visitors to Schengen area (26 European countries), USA (visitors visa type B1/B2), Canada, UK, Australia, China, and/or about 30 other countries.

RESULTS OF OPERATIONS

Three Months Period Ended December 31, 2019 compared to the Three Months Period Ended December 31, 2018

Revenue

During the three months period ended December 31, 2019 we have not generated any in revenue compared to $4,600 during the three months period ended December 31, 2018. The decrease of revenue was due to no sales for the three month period ended December 31, 2019.

Operating Expenses

During the three month period ended December 31, 2019, we incurred $4,958 in general and administrative expenses compared to $10,464 during the three months period ended December 31, 2018 . The change in operating expenses for the three month period ended December 31, 2019 compared to three month period ended December 31, 2018 was because there was $3,500 expense for DTC advisory for the period ended December 31, 2018.

Net Loss

Our net loss for the three months period ended December 31, 2019 was $4,958 compared to net loss of $5,864 for the three months period ended December 31, 2018, due to no revenue and less expenses for the three month period ended December 31, 2019.

LIQUIDITY AND CAPITAL RESOURCES

As of December 31, 2019

As of December 31, 2019 our total assets were $242 compared to $403 in total assets at September 30, 2019. As of December 31, 2019 our current liabilities were $7,694 compared to $2,600 as of September 30, 2019.

Stockholders’ deficit was $7,452 as of December 31, 2019 compared to stockholders’ deficit of $2,494 as of September 30, 2019.

Cash Flows from Operating Activities

For the Three months ended December 31, 2019, cash flow used for operating activities was $4,536 consisting of a net loss of $4,958 and depreciation of $125 and increase of account payable of $297. For the Three months ended December 31, 2018, cash flow used for operating activities was $5,739 consisting of a net loss of $5,864 and depreciation expense of $125.

Cash Flows from Financing Activities

We have financed our operations primarily from either advancements or the issuance of equity and debt instruments. For the Three-month period ended December 31, 2019 net cash provided by financing activities was $4,500 received from loan from related party. For the Three-month period ended December 31, 2018 net cash provided by financing activities was $-0-.

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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 six 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) developmental expenses associated with a start-up business and (ii) 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.

MATERIAL COMMITMENTS

As of the date of this Quarterly Report, we do not have any material commitments.

PURCHASE OF SIGNIFICANT EQUIPMENT

We do not intend to purchase any significant equipment during the next twelve months.

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' report accompanying our September 30, 2019 financial statements contains 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.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide this information.

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.

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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, 2019. Based on that evaluation, our management concluded that our disclosure controls and procedures were 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, 2019 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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 1A. RISK FACTORS

We are a smaller reporting company as defined by Rule 12b-2 of the Securities Exchange Act of 1934 and are not required to provide the information under this item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

No unregistered shares were sold during the Three month period ended December 31, 2019.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

No senior securities were issued and outstanding during Three month period ended December 31, 2019.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable to our Company.

ITEM 5. OTHER INFORMATION

None.

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ITEM 5. EXHIBITS

Exhibits:

31.1 Certification of Chief Executive Officer and Chief Financial Officer pursuant to Securities Exchange Act of 1934 Rule 13a-14(a) or 15d-14(a)

32.1 Certifications pursuant to Securities Exchange Act of 1934 Rule 13a-14(b) or 15d-14(b) and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes- Oxley Act of 2002

101.INS XBRL Instance Document

101.SCH XBRL Taxonomy Extension Schema Document

101.CAL XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF XBRL Taxonomy Extension Definition Document

101.LAB XBRL Taxonomy Extension Label Linkbase Document

101.PRE XBRL Taxonomy Extension Presentation Linkbase Document

SIGNATURES

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

	KRIPTECH INTERNATIONAL CORP.
Dated: January 29, 2020	By:/s/*Anatolii Antontcev*
	Anatolii Antontcev, President and Chief Executive Officer and Chief Financial Officer

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This ‘10-Q’ Filing	Date	Other Filings

Filed on:	1/29/20
For Period end:	12/31/19
	9/30/19	10-K
	12/31/18	10-Q
	9/30/18	10-K
	3/28/17
	3/20/16
		List all Filings

Kriptech International Corp. – ‘10-Q’ for 12/31/19

On: Wednesday, 1/29/20, at 11:53am ET · For: 12/31/19 · Accession #: 1687926-20-2 · File #: 333-214815

Previous ‘10-Q’: ‘10-Q’ on 7/24/19 for 6/30/19 · Next: ‘10-Q’ on 5/15/20 for 3/31/20 · Latest: ‘10-Q’ on 2/21/24 for 12/31/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
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Kriptech International Corp. – ‘10-Q’ for 12/31/19

On: Wednesday, 1/29/20, at 11:53am ET · For: 12/31/19 · Accession #: 1687926-20-2 · File #: 333-214815

Previous ‘10-Q’: ‘10-Q’ on 7/24/19 for 6/30/19 · Next: ‘10-Q’ on 5/15/20 for 3/31/20 · Latest: ‘10-Q’ on 2/21/24 for 12/31/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘10-Q’ — Report 10-Q

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Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
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