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Nika Pharmaceuticals, Inc. – ‘10-Q’ for 6/30/22

On:  Monday, 8/22/22, at 1:55pm ET   ·   For:  6/30/22   ·   Accession #:  1826466-22-111   ·   File #:  0-56234

Previous ‘10-Q’:  ‘10-Q’ on 5/12/22 for 3/31/22   ·   Next:  ‘10-Q/A’ on 11/7/22 for 6/30/22   ·   Latest:  ‘10-Q’ on 10/31/23 for 9/30/23

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/22/22  Nika Pharmaceuticals, Inc.        10-Q        6/30/22   36:1.5M                                   1826466

Document/Exhibit                   Description                      Pages   Size 

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12: R4          Consolidated Statements of Operations               HTML     64K 
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM  i 10-Q

(Mark One)

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

For the Quarterly Period Ended  i June 30, 2022

OR

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

For the transition period

Commission File No.:  i 000-56234

 i NIKA PHARMACEUTICALS, INC.
(Exact name of the small business issuer as specified in its charter)

 i 2269 Merrimack Valley Avenue,  i Henderson,  i NV  i 89044
(Address of principal executive offices)

( i 702)- i 326-3615
(Registrant’s telephone number, including area code)

 i CENTENNIAL GROWTH EQUITIES INC.
(Former name, former address and former fiscal year, if changed since last report)

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.
 i Yes [ X ]      No [    ]

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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
 i Yes [ X ]      No [    ]

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.

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 check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes [     ]       i  i No /  [ X ]

The number of shares of Common Stock, $0.001 par value of the registrant outstanding at August 18, 2022 was  i 876,090,000.

TABLE OF CONTENTS

2

PART I – FINANCIAL INFORMATION

Item 1. Consolidated Financial Statements

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

3

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

4

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

5

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

6

9

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

Forward-Looking Statements

This quarterly report on Form 10-Q contains “forward-looking statements” that include information relating to future events, future financial performance, strategies, expectations, competitive environment, regulation and availability of resources. These forward-looking statements include, without limitation, statements regarding: proposed new products or services; our statements concerning litigation or other matters; statements concerning projections, predictions, expectations, estimates or forecasts for our business, financial and operating results and future economic performance; statements of management’s goals and objectives; trends affecting our financial condition, results of operations or future prospects; our financing plans or growth strategies; and other similar expressions concerning matters that are not historical facts. Words such as “may,” “will,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes” and “estimates,” and similar expressions, as well as statements in future tense, identify forward-looking statements.

Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by which, that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. We assume no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. If we do update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

Business Overview

Nika Pharmaceuticals, Inc. was incorporated in the State of Colorado on June 6, 2000. Pursuant to the terms of a stock purchase agreement resulting in a change of control the Company is changing its business to focus on the following.

On April 7, 2022, the Company signed with “VITAL FE” Joint Stock Company (“VITAL”) an Exclusive Rights Agreement for a term of 15 years for the production and distribution of Thymus Nuclear Glycoprotein (“TNG”). VITAL holds the technology to manufacture TNG and the intellectual property for Phase III Clinical Trial on TNG, started in 1997 and completed in 1998 in Infectious Diseases Hospital, Sofia on 20 patients suffering from AIDS in the advanced stages of the disease. The results of the clinical trial show that TNG has a significant place in the treatment of HIV.

On April 7, 2022, signed with “MICAR 11” LTD. (“MICAR”) an Exclusive Rights Agreement for a term of 15 years for the production and distribution of two dietary supplements, namely Palmcarotilen and Fiziolong. Palmcarotilen is a dietary supplement in the form of soft gelatin capsules that improves and regulates the metabolism of the epithelial cells and protects them from degenerative alterations. It favorably affects embryonic development; the regulation of the growth and division of the cells; stimulates the growth of the bone tissue; favorably affects the function of the gonads; increases and maintains high level of the immune system. Fiziolong is a dietary food supplement in the form of hard gelatin capsules, which serves as general stimulant for those in a period of convalescence, as well as in situations of high mental and physical loads, and for the recovery in sports.

Critical Accounting Policies, Judgments and Estimates

Our discussion and analysis of our financial condition and results of operations is based upon our consolidated financial statements, which have been prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”). The preparation of these consolidated financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Results of Operations for the three months ended June 30, 2022 compared to the three months ended June 30, 2021.

As of June 30, 2022, the Company has had no revenue.

10

General and Administrative
General and Administrative (“G&A”) expenses have primarily consisted of costs related to filing the Form 10-K and Form 10-Qs for the Company, including audit and accounting expense and filing fees. For the three months ended June 30, 2022, G&A expenses were $6,010 compared to $2,959 during the three months ended June 30, 2021, an increase of $3,051 or 103.1% . The increase is due to the addition of development costs related to the new business.

Consulting expense
Consulting expense was $150,000 and $0 for the three months ended June 30, 2022 and 2021, respectively. During the current period the Company issued common stock for services for total non-cash consulting expense of $150,000.

Development expense
During the current period the Company issued 10,000,000 shares of preferred stock per the terms of two Exclusive Rights Agreement (Note 4).

Net Loss
During the three months ended June 30, 2022, the Company incurred a net loss of $256,010, compared to a net loss of $2,959 during the three months ended June 30, 2021. The increase in net loss is due to expenses associated with the issuance of common and preferred stock as discussed above.

Results of Operations for the six months ended June 30, 2022 compared to the six months ended June 30, 2021.

As of June 30, 2022, the Company has had no revenue.

General and Administrative
General and Administrative (“G&A”) expenses have primarily consisted of costs related to filing the Form 10-K and Form 10-Qs for the Company, including audit and accounting expense and filing fees. For the six months ended June 30, 2022, G&A expenses were $12,326 compared to $8,713 during the six months ended June 30, 2021, an increase of $3,613 or 41.4% . The increase is due to the addition of development costs related to the new business.

Consulting expense
Consulting expense was $150,000 and $0 for the six months ended June 30, 2022 and 2021, respectively. During the current period the Company issued common stock for services for total non-cash consulting expense of $150,000.

Development expense
During the current period the Company issued 10,000,000 shares of preferred stock per the terms of two Exclusive Rights Agreement (Note 4).

Net Loss
During the six months ended June 30, 2022, the Company incurred a net loss of $262,326, compared to a net loss of $8,713 during the six months ended June 30, 2021. The increase in net loss is due to expenses associated with the issuance of common and preferred stock as discussed above.

Liquidity and Capital Resources

Operating Activities

Net cash used in operating activities was $10,826 for the six months ended June 30, 2022, compared to $8,713 for the six months ended June 30, 2021.

Investing Activities

We neither generated nor used cash in investing activities during the six months ended June 30, 2022 and 2021.

Financing Activities

During the six months ended June 30, 2022, we received $8,972 in loan proceeds from related parties and $10,000 from the sale of common stock. During the six months ended June 30, 2021, we received $7,500 in loan proceeds from a related party.

11

Going Concern

The accompanying 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. The Company currently has limited operations and has an accumulated deficit of $414,025. If the Company cannot fulfill its business plan, the Company may attempt to find a merger target in the form of an operating entity. The Company cannot be certain that it will be successful in this strategy.

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.

Off Balance Sheet Arrangements

We have not entered into any off-balance sheet arrangements.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS.

Not applicable to smaller reporting companies.

ITEM 4. CONTROLS AND PROCEDURES.

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) that are designed to be effective in providing reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission (the “SEC”), and that such information is accumulated and communicated to our management to allow timely decisions regarding required disclosure. Our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation, they concluded that our disclosure controls and procedures were not effective for the quarterly period ended June 30, 2022.

The following aspects of the Company were noted as potential material weaknesses:

• lack of an audit committee
• lack of separation of duties

In designing and evaluating disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable, not absolute assurance of achieving the desired objectives. Also, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs.

Changes in Internal Controls

Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that no change occurred in the Company's internal controls over financial reporting during the quarter ended June 30, 2022, that has materially affected, or is reasonably likely to materially affect, the Company's internal controls over financial reporting.

PART II

ITEM 1. LEGAL PROCEEDINGS.

There are no legal proceedings against the Company and the Company is unaware of any proceedings contemplated against it.

Item 1A. Risk Factors.

In accordance with the requirements of Form 10-Q, the Company, as a smaller reporting company, is not required to make the disclosure under this item.

12

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

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

None

Item 5. Other Information.

None

Item 6. Exhibits.

(a) Exhibits.

Signatures

Pursuant to the requirements of Section 13(a) or 15(d) 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.

13

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Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing		Date		Other Filings
		12/31/22
Filed on:		8/22/22		8-K
		8/18/22
For Period end:		6/30/22		NT 10-Q
		5/17/22
		4/26/22
		4/25/22
		4/11/22
		4/8/22
		4/7/22
		4/1/22
		3/31/22		10-Q
		1/6/22
		12/31/21		10-K
		6/30/21		10-Q
		3/31/21		10-Q
		12/31/20		10-K,  10-K/A
		2/28/20
		6/8/00
		6/6/00
				List all Filings

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Filing Submission 0001826466-22-000111   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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