SEC Info℠

Home

Search

My Interests

Help

Sign In

Please Sign In

Deseo Swimwear Inc. – ‘10-Q’ for 6/30/20

On:  Friday, 8/14/20, at 3:22pm ET   ·   For:  6/30/20   ·   Accession #:  1477932-20-4959   ·   File #:  333-210419

Previous ‘10-Q’:  ‘10-Q’ on 5/20/20 for 3/31/20   ·   Next:  ‘10-Q’ on 11/16/20 for 9/30/20   ·   Latest:  ‘10-Q’ on 11/14/23 for 9/30/23

in

this entire Filing. an “Entity” Search.

Show

Documents searched

and

each “hit”. the 1st “hit”.

↓↑Hints

 Text Wildcards:  ? (any letter/digit),  * (many).  Search Logic:  for Documents:  & (and),  | (or);  for Text:  | (anywhere),  "(&)" (near).  Details... 

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

 8/14/20  Deseo Swimwear Inc.               10-Q        6/30/20   27:823K                                   Discount Edgar/FA

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    167K 
 2: EX-31.1     Certification -- §302 - SOA'02                      HTML     14K 
 3: EX-32.1     Certification -- §906 - SOA'02                      HTML     10K 
10: R1          Cover                                               HTML     58K 
11: R2          Balance Sheets                                      HTML     39K 
12: R3          Balance Sheets (Parenthetical)                      HTML     19K 
13: R4          Statements of Operations (Unaudited)                HTML     23K 
14: R5          Statements of Changes in Stockholders Deficit       HTML     29K 
                (Unaudited)                                                      
15: R6          Statements of Cash Flows (Unaudited)                HTML     34K 
16: R7          Nature of Operations and Summary of Significant     HTML     19K 
                Accounting Policies                                              
17: R8          Going Concern                                       HTML     13K 
18: R9          Related Party Transactions                          HTML     12K 
19: R10         Equity                                              HTML     12K 
20: R11         Nature of Operations and Summary of Significant     HTML     42K 
                Accounting Policies (Policies)                                   
21: R12         Going Concern (Details Narrative)                   HTML     14K 
22: R13         Related Party Transactions (Details Narrative)      HTML     16K 
23: R14         Equity (Details Narrative)                          HTML     14K 
25: XML         IDEA XML File -- Filing Summary                      XML     38K 
 9: XML         XBRL Instance -- deseo_10q_htm                       XML    148K 
24: EXCEL       IDEA Workbook of Financial Reports                  XLSX     21K 
 6: EX-101.CAL  XBRL Calculations -- deseo-20200630_cal              XML     39K 
 8: EX-101.DEF  XBRL Definitions -- deseo-20200630_def               XML     43K 
 5: EX-101.LAB  XBRL Labels -- deseo-20200630_lab                    XML    183K 
 7: EX-101.PRE  XBRL Presentations -- deseo-20200630_pre             XML    135K 
 4: EX-101.SCH  XBRL Schema -- deseo-20200630                        XSD     36K 
26: JSON        XBRL Instance as JSON Data -- MetaLinks               64±    91K 
27: ZIP         XBRL Zipped Folder -- 0001477932-20-004959-xbrl      Zip     35K 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549

FORM  i 10-Q

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

For the quarterly period ended  i June 30, 2020

Commission File Number  i 333-210419

 i 1653 Chatsworth Blvd.,  i San Diego,  i California  i 92107

(Address of principal executive offices)(Zip Code)

1- i 800- i 390-3013

(Registrant’s telephone number, including area code)

N/A

(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 ☐ 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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒  i Yes  ☐ 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 Exchange Act).  i ☒ Yes  ☐ No

As of August 14, 2020, there were  i 64,242,500 shares of common stock issued and outstanding.

TABLE of CONTENTS

PART I-FINANCIAL INFORMATION

Deseo Swimwear Inc.

FINANCIAL STATEMENTS

CONTENTS

DESEO SWIMWEAR INC.

BALANCE SHEETS

As of June 30, 2020 and December 31, 2019

(unaudited)

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

STATEMENTS OF OPERATIONS

For the Three and Six Months ended June 30, 2020 and 2019

(unaudited)

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

DESEO SWIMWEAR INC.

STATEMENTS OF CHANGES IN STOCKHOLDERS’ DEFICIT

Three and six months Ended June 30, 2020 and 2019

(unaudited)

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

DESEO SWIMWEAR INC.

 STATEMENTS OF CASH FLOWS

For Three months ended June 30, 2020 and 2019

(unaudited)

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

DESEO SWIMWEAR INC.

NOTES TO THE FINANCIAL STATEMENTS

(unaudited)

DESEO SWIMWEAR INC.

NOTES TO THE FINANCIAL STATEMENTS

(unaudited)

Stock-based Compensation

Recent Accounting Standards

Subsequent Events

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

This section of this Form 10-Q includes a number of forward-looking statements that reflect our current views with respect to future events and financial performance. Forward-looking statements are often identified by words like believe, expect, estimate, anticipate, intend, project and similar expressions, or words which, by their nature, refer to future events. You should not place undue certainty on these forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our predictions.

Results of Operations

For the three-month periods ended June 30, 2020 and 2019, we had no revenue. Expenses for the three-month period ended June 30, 2020 totaled $14,547 resulting in a net loss of $14,547. The net loss for the three-month period ended June 30, 2020 is a result of general and administrative expense of $14,547, comprised of transfer agent expenses of $350; filing fees of $1,946; and professional fees of $12,251 comprised primarily of accounting fees.  Expenses for the comparative three-month period ended June 30, 2019 is a result of general and administrative expenses totaling $9,426 resulting in a net loss of $9,426 comprised of $300 transfer agent expenses; filing fees of $1,281; and professional fees of $7,845 comprised primarily of accounting fees. The increase in expenses between the three months ended June 30, 2020 and 2019 was primarily due to an increase in accounting fees, as a result of the timing of audit.

For the six-month periods ended June 30, 2020 and 2019, we had no revenue. Expenses for the six-month period ended June 30, 2020 totaled $14,971 resulting in a net loss of $14,971. The net loss for the six-month period ended June 30, 2020 is a result of general and administrative expense of $14,971, comprised of transfer agent expenses of $650;  filing fees of $1,946; and professional fees of $12,375 comprised primarily of accounting fees.  Expenses for the comparative six-month period ended June 30, 2019 is a result of general and administrative expenses totaling $14,326 resulting in a net loss of $14,326 comprised of $600 transfer agent expenses; filing fees of $1,281; and professional fees of $12,445 comprised primarily of accounting fees. The increase in expenses between the six months ended June 30, 2020 and 2019 was primarily due to an increase in filing fees.

Capital Resources and Liquidity

No substantial revenues are anticipated until we have implemented our plan of operations. With the exception of cash advances from our sole Officer and Director, we have no other source for funding the Company at this time. We must raise cash to implement our strategy and stay in business.  If we are unable to raise additional funds, there is substantial doubt as to our ability to continue as a going concern.

As of June 30, 2020, we had $1,611 in cash as compared to $1,611 in cash at December 31, 2019. The funds available to the Company will not be sufficient to fund the planned operations of the Company and maintain operations. As of June 30, 2020, the Company’s sole officer and director, Ms. Suzanne Cope, has loaned the Company $91,046 and she has indicated she is willing to make additional financial commitments if required to maintain the operating status of the Company, in the form of a non-secured loan for the next twelve months if no other funds are obtained by the Company, but the total amount that she is willing to invest has not yet been determined and there is no contract or written agreement in place.

Since our inception of April 20, 2015, we have started pre-launch operations, beginning with the design of our first line of swimwear under the brand name DS-Series. We have also initiated the design of our web-site and have launched the preliminary website during the period.  We are still in the process of sourcing third-party manufacturers to produce our swimwear line.

Off-balance sheet arrangements

Other than the situation described in the section titled Capital Recourses and Liquidity, the company has no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect or change on the Company’s financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors. The term “off-balance sheet arrangement” generally means any transaction, agreement or other contractual arrangement to which an entity unconsolidated with the Company is a party, under which the Company has (i) any obligation arising under a guarantee contract, derivative instrument or variable interest; or (ii) a retained or contingent interest in assets transferred to such entity or similar arrangement that serves as credit, liquidity or market risk support for such assets.

Item 3. Quantitative and Qualitative Disclosures About Market Risk.

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

Item 4. Controls and Procedures.

Disclosure Controls and Procedures

Disclosure controls and procedures are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported, within the time period specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Securities Exchange Act of 1934 is accumulated and communicated to management including our principal executive officer and principal financial officer as appropriate, to allow timely decisions regarding required disclosure.

As of the end of the period covered by this report (the “Evaluation Date”), the Company carried out an evaluation, under the supervision and with the participation of the Company's Principal Executive Officer and Principal Financial Officer (the “Certifying Officers”) of the effectiveness of the design and operation of the Company's disclosure controls and procedures (as defined in rules 13a-15(e) and 15d-15(e)) under the Exchange Act. Based on that evaluation, the Certifying Officers have concluded that, as of the Evaluation Date, the disclosure controls and procedures in place were not effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act, is recorded, processed, summarized and reported on a timely basis in accordance with applicable rules and regulations as a result of material weaknesses disclosed in our annual report on Form 10-K filed with the SEC on April 14, 2020

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) or 15d-15(f)) during the quarter ended June 30, 2020 that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

PART II-OTHER INFORMATION

Item 1. Legal Proceedings.

Currently we are not involved in any pending litigation or legal proceeding.

Item 1A. Risk Factors.

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

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

None

Item 3. Defaults Upon Senior Securities.

None

Item 4. Mine Safety Disclosures.

N/A

Item 5. Other Information.

None

Item 6. Exhibits.

__________

*     Included in Exhibit 31.1

**   Included in Exhibit 32.1

SIGNATURES*

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.

---

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing		Date		Other Filings
		12/31/20		10-K,  NT 10-K
Filed on:		8/14/20
For Period end:		6/30/20
		4/14/20		10-K
		3/31/20		10-Q,  NT 10-Q
		12/31/19		10-K,  10-K/A,  NT 10-K
		6/30/19		10-Q
		3/31/19		10-Q
		1/1/19
		4/20/15
				List all Filings

↑Top

---

Filing Submission 0001477932-20-004959   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

---

---

Copyright © 2024 Fran Finnegan & Company LLC – All Rights Reserved.
About — Privacy — Redactions — Help — Sat., Apr. 27, 9:34:55.2am ET