United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period
ended March 31, 2021
Commission file number
0-49701
PACIFIC VEGAS GLOBAL
STRATEGIES, INC.
(Exact name of registrant
as specified in its charter)
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COLORADO
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84-1159783
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(State or Other Jurisdiction of Incorporation or organization)
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(IRS Employer Identification No.)
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Room 2, LG/F., Kai
Wong Commercial Building,
222 Queen’s Road, Central, Hong Kong
(Address of principal
executive offices)
(011) (852) 3154-9370
(Registrant’s telephone
number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class:
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Trading Symbol(s)
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Name of each exchange on
which registered:
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Common stock, no par value per share
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PVEG
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OTC Pink
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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.
YES x
NO ¨
Indicate
by check mark whether the registrant has submitted electronically 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 such files).
YES
¨ NO x
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 definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer ¨
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Accelerated filer ¨
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Non-accelerated filer ¨
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Smaller reporting company x
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Emerging growth company ¨
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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). YES x
NO ¨
Indicate the number of shares outstanding
of each of the issuer’s classes of common stock, as of the latest practicable date: 99,963,615 shares of Common Stock with
No Par Value, outstanding as at May 17, 2021.
TABLE OF CONTENTS
PART I: FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS Pacific Vegas Global Strategies, Inc.
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Unaudited Condensed Statements of Operations and Comprehensive Income
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Three months ended
March 31,
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Note
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2021
(Unaudited)
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2020
(Unaudited)
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US$
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US$
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Revenue
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-
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-
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Expenses
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General and administrative expenses
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(10,606
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)
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(10,753
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Loss before income tax
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(10,606
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)
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(10,753
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)
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Income tax expenses
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4
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-
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-
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Net loss and total comprehensive loss
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(10,606
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)
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(10,753
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)
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Loss per share of common stock:
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Basic and diluted
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5
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(0.00
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)
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(0.00
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)
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Weighted average number of common stock outstanding -basic and diluted
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99,963,615
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99,963,615
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The accompanying notes are an integral part of these condensed financial
statements.
Pacific Vegas Global Strategies, Inc.
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Unaudited Condensed Balance Sheets
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As of
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As of
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March 31,
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December 31,
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Note
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2021
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2020
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(Unaudited)
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ASSETS
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US$
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US$
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Current assets
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Deposits and prepayments
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6
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7,500
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10,000
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Total current assets
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7,500
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10,000
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Total assets
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7,500
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10,000
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LIABILITIES AND STOCKHOLDERS’ DEFICIT
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Current liabilities
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Due to a stockholder
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7
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821,215
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820,159
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Accrued expenses
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23,750
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16,700
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Total current liabilities
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844,965
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836,859
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Total liabilities
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844,965
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836,859
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Commitments and contingencies
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8
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-
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-
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Stockholders’ deficit
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Common stock, no par value, 500,000,000 shares authorized, 99,963,615 shares issued and outstanding
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-
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-
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Additional paid-in capital
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2,500,000
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2,500,000
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Accumulated losses
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(3,337,465
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)
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(3,326,859
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)
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Total stockholders’ deficit
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(837,465
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)
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(826,859
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)
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Total liabilities and stockholders’ deficit
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7,500
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10,000
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The accompanying notes are an integral part of these condensed financial
statements.
Pacific Vegas Global Strategies, Inc.
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Unaudited Condensed Statements of Cash Flows
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Three months ended
March 31,
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2021
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2020
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(Unaudited)
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(Unaudited)
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US$
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US$
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Cash flows used in operating activities
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Net loss
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(10,606
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)
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(10,753
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)
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Adjustment to reconcile net loss to net
cash used in operating activities:
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Changes in working capital:
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Deposits and prepayments
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2,500
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2,500
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Accrued expenses
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7,050
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(8,000
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)
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Net cash used in operating activities
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(1,056
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)
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(16,253
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Cash flows from financing activities
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Advances from a stockholder
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1,056
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16,253
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Net cash from financing activities
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1,056
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16,253
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Net change in cash and cash equivalents
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-
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-
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Cash and cash equivalents at beginning of period
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-
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-
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Cash and cash equivalents at end of period
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-
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-
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The accompanying notes are an integral part of these condensed financial
statements.
Pacific Vegas Global Strategies, Inc.
Notes to Unaudited Condensed
Financial Statements
1. ORGANIZATION
AND PRINCIPAL ACTIVITIES
Pacific Vegas
Global Strategies, Inc. (the “Company”), formerly known as Goaltimer International, Inc., was incorporated in Colorado on
December 19, 1990.
Upon the expiry
of an International Gaming License granted by the government of the Commonwealth of Dominica on December 6, 2004, the Board of Directors
of the Company resolved to cease the then business due to significant losses incurred. After the full discontinuance of such business
in 2005, the Company became a shell company since January 1, 2006.
The Company
has been in an inactive or non-operating status since December 6, 2004, and remains a shell company with its only activity incurring non-operating
expenses.
2. PREPARATION
OF INTERIM FINANCIAL STATEMENTS
The accompanying
unaudited condensed financial statements as of March 31, 2021 and for the three months then ended have been prepared based upon Securities
and Exchange Commission (“SEC”) rules that permit reduced disclosure for interim periods and include, in the opinion of management,
all adjustments (consisting of normal recurring adjustments and reclassifications) considered necessary to make the financial statements
not misleading. Information as of December 31, 2020 was derived from the audited financial statements of the Company for the year ended
December 31, 2020.
Certain information
and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted
in the United States of America (“US GAAP”) have been condensed or omitted. These condensed financial statements should be
read in conjunction with the audited financial statements and notes thereto in the Company’s Form 10-K for the year ended December
31, 2020. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the operating results
to be expected for the full year.
The condensed
financial statements and accompanying notes are presented in United States dollars and prepared in conformity with US GAAP which requires
management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
assets and liabilities at the date of financial statements and the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
The Company
had a negative working capital and a stockholders’ deficit of US$ 837,465 as of March 31, 2021. The accompanying condensed financial
statements have been prepared in conformity with US GAAP, which contemplate continuation of the Company as a going concern. However, a
substantial doubt has been raised with regard to the ability of the Company to continue as a going concern as the Company had total liabilities
in excess of its total assets and maintained no revenue-generating operations since December 6, 2004. In light of the situation, the Company
has been contemplating practical plans for a business restructuring and/or possible arrangements to raise additional capital funds to
support its continuation as a going concern, but there can be no assurance that the Company will be successful in procuring of such efforts.
The principal
shareholder of the Company, who is also the sole director of the Company, has undertaken to finance the Company for a “reasonable”
period of time for the Company to continue as a going concern, assuming that in such a period of time the Company would be able to restructure
its business and restart on a revenue-generating operation and/or raise additional capital funds to support its continuation as a going
concern. However, the principal shareholder retains her right to discontinue such financing at her own discretion in case the Company
is unable to accomplish these goals in such reasonable period of time. It is uncertain as for how long or to what extent such a period
of time would be “reasonable” in the discretion of the principal shareholder, and there can be no assurance that the financing
from the principal shareholder will not be discontinued at any time.
These uncertainties
may result in adverse effects on continuation of the Company as a going concern. The accompanying financial statements do not include
or reflect any adjustments that might result from the outcome of these uncertainties.
3. RECENTLY
ISSUED ACCOUNTING STANDARDS
As of the date
that this quarterly report is filed, there are no recently issued accounting pronouncements whose adoption would have a material impact
on the Company’s financial statements.
4. INCOME
TAXES
Subject to the
provision of ASC Topic 740, the Company has analyzed its filing position in the jurisdictions where it is subject to income tax. The Company
has identified the United States (“U.S.”) in which it is subject to income tax. Based on the evaluations noted above, the
Company has concluded that there are no significant uncertain tax positions requiring recognition in its financial statements. As of March
31, 2021 and December 31, 2020, the Company has not recognized tax benefits or accruals for the potential payment of interest and penalties.
The Company is subject to examination by U.S. federal authorities.
5. LOSS
PER SHARE
Basic loss per
common share is calculated based on the weighted average number of common stock outstanding during each period presented.
The Company
had no potential common stock instruments with a dilutive effect for any period presented and therefore basic and diluted loss per share
are the same.
6. DEPOSITS
AND PREPAYMENTS
The amount represents
a retainer fee paid in advance to the Company’s lawyer.
7. DUE
TO A STOCKHOLDER
The amount due is unsecured,
interest-free and repayable on demand.
8. COMMITMENTS
AND CONTINGENCIES
The Company
is delinquent in filing its U.S. Federal tax returns and information forms for numerous years. Although for most of such years the Company
incurred losses and would not owe taxes except for minimum fees to Colorado, the failure to file could result in interest and penalties
imposed upon the Company which would have a material adverse effect upon the Company’s financial condition. The Company has completed
its delinquent filing through the Delinquent International Information Return Submission Procedures (“DIIRSP”) for the past
due U.S. Federal tax returns and information forms as per the 2012 Offshore Voluntary Disclosure Program. In 2019, the Company filed past
due U.S. income tax returns and information forms for 2011 through 2018 under the Delinquent International Information Return Submission
Procedure (“DIISRP”) program, of the Internal Revenue Service, which provides abatement of potential penalties and interest
that could have been assessed for those years. As a result, as of March 31, 2021, the Company does not foresee significant liabilities
arising for these years.
The Company’s
income tax return for the lapsed years noted above are subject to examination by the Internal Revenue Service for three years from the
date they were filed under the DIISRP.
9. FAIR VALUE OF FINANCIAL INSTRUMENTS
ASC Topic 825, “Financial Instruments”,
requires disclosing fair value to the extent practicable for financial instruments which are recognized or unrecognized in the balance
sheets. The fair values of the financial instruments are not necessarily representative of the amount that could be realized or settled.
The Company’s financial instruments
consist of deposits and prepayments and accrued expenses which are carried at amounts that generally approximate their fair values because
of the short-term maturity of these instruments.
It is not
practicable to estimate the fair value of the amount due to a stockholder due to its related party nature.
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ITEM 2.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
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Our presentation
in this Management’s Discussion and Analysis of Financial Condition and Results of Operations contains a number of forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange
Act of 1934, as amended. These forward-looking statements are based on management’s current projections or expectations with regard
to the future operations of business. Such projections or expectations are expressed in good faith and believed to have a reasonable basis,
but there can be no assurance that such projections or expectations will prove to be correct or accurate, and as a result of certain risks
and uncertainties, actual results of operations may differ materially.
1
Revenue and Expenses
The Company
has remained in an inactive and non-operating status since December 6, 2004. There was no active business operated and no revenue
earned by the Company for the three months ended March 31, 2021 and 2020.
Total expenses
for the three months ended March 31, 2021 was US$10,606 against US$10,753 for the same period last year. Expenses represent professional
fees and miscellaneous administrative expenses in these periods.
2
Net Loss
Net loss for
the three months ended March 31, 2021 was US$10,606 against a net loss of US$10,753 for the same period last year.
3 Cash
flows, Liquidity and Capital Resources
As of March
31, 2021 and December 31, 2020, the balance of cash and cash equivalents for the Company was nil. The Company has currently retained no
sources of liquidity other than the private financing from the principal stockholder, which is unsecured and could be discontinued at
any time.
4 Plan
of Operation
The Company has maintained
its status as a non-operating shell company since December 6, 2004. The Company had been contemplating practical plans for a business
restricting and/or possible arrangements to raise additional capital funds to support its continuations as a going concern, but there
can be no assurance that the Company will be successful in procuring of such efforts.
5. Going Concern
The Company has relied
on the private financing and has been contemplating practical plans for a business restructuring and/or possible arrangements to raise
additional capital funds to support its continuation as a going concern, but there can be no assurance that the Company will be successful
in procuring of such efforts.
These uncertainties
may result in adverse effects on continuation of the Company as a going concern. The accompanying financial statements do not include
or reflect any adjustments that might result from the outcome of these uncertainties.
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ITEM 3.
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QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
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The Company is not exposed
to currencies fluctuation or exchange risk as it has maintained its status as a non-operating shell company since December 6, 2004. The
Company had been contemplating practical plans for a business restricting and/or possible arrangements to raise additional capital funds
to support its continuations as a going concern, but there can be no assurance that the Company will be successful in procuring of such
efforts.
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ITEM 4
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CONTROLS AND PROCEDURES
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(a)
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Evaluation of Disclosure Controls and Procedures
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Pursuant to Rule 13a-l5(e) and
Rule 15d-15(e) under the Exchange Act, the management has evaluated the effectiveness of the design and operation of the Company’s
disclosure controls and procedures as at the end of the quarterly period, and based upon that evaluation, management concluded that our
disclosure controls and procedures were effective as of March 31, 2021.
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(b)
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Changes in Internal Controls
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Pursuant to
Rule 13a-l5(d) and Rule 15d-15(d) under the Exchange Act, the management has evaluated the Company’s internal control
over financial reporting as of March 31, 2021 and concluded that there was no change that materially affects the internal control over
financial reporting covered by this report.
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PART II
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OTHER INFORMATION
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ITEM 1.
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LEGAL PROCEEDINGS
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ITEM 2.
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UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
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ITEM 3.
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DEFAULTS UPON SENIOR SECURITIES
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ITEM 4.
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MINE SAFETY DISCLOSURES
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ITEM 5.
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OTHER INFORMATION
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The following exhibits are filed herewith:
SIGNATURES
Pursuant to the requirements of
the Securities Exchange Act in 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
PACIFIC VEGAS GLOBAL
STRATEGIES, INC.
Registrant
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NAME
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TITLE
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DATE
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/s/ KWAN SIN YEE
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President, Chief Executive Officer,
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May 17, 2021
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Kwan Sin Yee
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Secretary and Director
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/s/ KWAN SIN YEE
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Chief Financial Officer
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May 17, 2021
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Kwan Sin Yee
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