UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended December 31, 2010
or
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
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to
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Commission File Number: 333-07242
TRB Systems International, Inc.
(Exact name of registrant as specified in its charter)
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DELAWARE
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22-3522572
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(State of incorporation)
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(I.R.S. Employer Identification No.)
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121 Winterset Dr.
Rochester, New York 14625
(Address of principal executive offices) (Zip Code)
Registrants telephone number, including area code: (877) 852-3600
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
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No
o
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
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No
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting 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
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(Do not check if a smaller reporting company)
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes
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No
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1
Applicable Only to Corporate Issuers
Indicate the number of shares outstanding of each of the issuer's classes of common equity, as of the latest practicable date: 33,119,922 shares of common stock, par value $0.001, as of February 14, 2011.
TRB SYSTEMS INTERNATIONAL, INC.
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PART I FINANCIAL INFORMATION
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Item 1.
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Financial Statements
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3
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Consolidated Balance Sheets as of December 31, 2010 and June 30, 2010
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3
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Consolidated Statements of Operations for the Three and Six Months Ended December 31, 2010 and 2009
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4
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Consolidated Statements of Cash Flows for the Six Months Ended December 31, 2010 and 2009
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5
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Notes to Consolidated Financial Statements
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6
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Item 2.
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Managements Discussion and Analysis of Financial Conditions and Results of Operations
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7
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Item 3.
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Quantitative and Qualitative Disclosure about Market Risk
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9
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Item 4 (T).
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Controls and Procedures
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9
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PART II OTHER INFORMATION
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Item 6.
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Exhibits
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10
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SIGNATURES
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10
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PART I FINANCIAL INFORMATION
Item 1. Financial Statements
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TRB SYSTEMS INTERNATIONAL, INC.
CONSOLIDATED BALANCE SHEETS
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December 31, 2010
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June 30, 2010
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ASSETS
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(Unaudited)
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(Audited)
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CURRENT ASSETS
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Cash
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$
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39
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$
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840
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Accounts receivable, net of allowance of doubtful accounts
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6,512
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6,512
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License fee receivable
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1,522,615
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1,522,615
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Inventory
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35,768
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35,768
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Total Current Assets
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1,564,934
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1,565,735
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PROPERTY AND EQUIPMENT
, net
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98,329
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116,114
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OTHER ASSETS
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Prepaid and other assets
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157,544
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157,544
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Total Other Assets
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157,544
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157,544
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TOTAL ASSETS
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$
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1,820,807
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$
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1,839,393
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LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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CURRENT LIABILITIES
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Accounts payable and accrued liabilities
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$
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18,703
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$
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18,703
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Notes and interest payable
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2,039,181
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1,959,665
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Advance from a customer
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150,000
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150,000
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Convertible debt
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142,611
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142,611
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Legal judgment payable
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381,000
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381,000
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Corporation income tax payable
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935
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935
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Total Current Liabilities
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2,732,430
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2,652,914
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Indebtedness to related party
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1,317,661
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1,263,520
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TOTAL LIABILITIES
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4,050,091
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3,916,434
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STOCKHOLDERS' EQUITY (DEFICIT)
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Common stock, $0.001 par value, 60,000,000 shares authorized; 33,119,922 shares
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issued and outstanding as of December 31, 2010 and June 30, 2010, respectively
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33,120
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33,120
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Additional paid in capital
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3,750,488
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3,750,488
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Retained earnings (deficit)
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(6,006,203)
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(5,853,097)
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Other comprehensive loss-foreign currency
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(6,689)
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(7,552
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Total Stockholders' Equity (Deficit)
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(2,229,284)
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(2,077,041)
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TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
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$
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1,820,807
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$
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1,839,393
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See Notes to Consolidated Financial Statements
3
TRB SYSTEMS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE- AND SIX MONTHS ENDED DECEMBER 31, 2010 AND 2009
(UNAUDITED)
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Three-Months Ended Dec. 31,
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Six-Months
Ended Dec. 31,
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2010
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2009
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2010
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2009
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Sales
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$
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-
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147
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$
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-
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545
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Cost of sales
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117
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465
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Gross Profit
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30
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80
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Operating Expenses
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Depreciation expense
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3,766
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21,917
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7,532
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43,834
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Selling, general and administrative
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27,785
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69,688
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66,926
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174,202
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Total operating expenses
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31,551
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91,605
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74,458
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218,034
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Operating loss
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(31,551)
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(91,575)
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(74,458)
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(217,956)
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Other Income and Expenses
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Foreign currency translation
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231
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-
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863
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Interest income
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3
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5
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6
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Interest expense
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(39,758)
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(39,755)
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(79,516)
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(79,510)
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Total other income and expenses
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(39,527)
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(39,755)
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(78,648)
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(79,510)
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Net Loss Before Income Tax and Benefit
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(71,078)
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(131,330)
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(153,106)
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(297,466)
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Income Tax
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-
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-
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-
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-
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Net Loss
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$
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(71,078)
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(131,330)
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$
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(153,106)
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(297,466)
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Basic and diluted earnings / (loss) income per common share
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$
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(0.00)
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(0.00)
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$
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(0.00)
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(0.01)
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Weighted average common shares outstanding
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31,119,922
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29,319,922
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31,119,922
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29,319,922
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See Notes to Consolidated Financial Statements
4
TRB SYSTEMS INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED DECEMBER 31, 2010 AND 2009
(Unaudited)
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2010
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2009
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CASH FLOWS FROM OPERATING ACTIVITIES
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Net income (loss)
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$
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(153,106)
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$
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(297,466)
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Adjustments to reconcile net loss to net cash used in operating activities:
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Depreciation and amortization expense
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17,785
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43,833
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Foreign currency translation
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863
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5
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Changes in operating assets and liabilities
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(Increase) decrease in accounts receivable
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-
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7,317
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(Increase) decrease in inventory
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-
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(1,961)
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Increase (decrease) in accounts payable and accrued liabilities
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-
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6,202
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Net cash used in operating activities
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(134,458)
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(242,070)
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CASH FLOWS FROM INVESTING ACTIVITIES
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Prepaid and other assets
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-
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5,301
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Net cash provided in investing activities
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-
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5,301
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CASH FLOWS FROM FINANCING ACTIVITIES:
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Increase of notes and accrued interest
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79,516
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79,516
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Increase in indebtness to related parties
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54,141
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157,975
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Net cash provided by financing activities
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133,657
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237,491
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Net Increase (Decrease) in Cash
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(801)
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722
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Cash at Beginning of Year
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840
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1,580
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Cash at End of Year
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$
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39
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$
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2,302
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SUPPLEMENTAL CASH FLOW DISCLOSURE:
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Cash paid during year for interest
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$
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79,516
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$
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79,516
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Cash paid during year for taxes
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$
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-
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$
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-
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See Notes to Consolidated Financial Statements
5
TRB SYSTEMS INTERNATIONAL, INC.
Notes to Consolidated Financial Statements
December 31, 2010
1. UNAUDITED INFORMATION
The consolidated balance sheet of TRB Systems International Inc. (the Company) as of December 31, 2010, and the consolidated statements of operations for the three and six months period ended December 31, 2010 and 2009, have not been audited. However, in the opinion of management, such information includes all adjustments (consisting only of normal recurring adjustments) which are necessary to properly reflect the financial position of the Company as of December 31, 2010, and the results of operations for the three and six months ended December 31, 2010 and 2009.
Certain information and notes normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted, although management believes that the disclosures are adequate to make the information presented not misleading. Interim period results are not necessarily indicative of the results to be achieved for an entire year. These financial statements should be read in conjunction with the financial statements and notes to financial statements included in the Companys consolidated financial statements as filed on Form 10-K for the year ended June 30, 2010.
2. ORGANIZATION, NATURE OF BUSINESS
TRB Systems International Inc. ("the Company") is a holding company incorporated in Delaware on April 11, 1997. The Company has established a new subsidiary, Alenax (Tianjing) Bicycle Corp. ("Alenax") to conduct business in China. Alenax was incorporated on February 22, 2005 under the laws of People's Republic of China or PROC. On December 22, 2008, Alenaxs name was changed to Alenax Parts Mfr. (Tianjin) Corp.
The Company was established to produce and market bicycle, fitness and motorized two wheel transportation products. For the period from its inception to date, the Company has been a development stage enterprise, and accordingly, the operations have been directed primarily toward developing business strategies, raising capital, research and development activities, conducting testing of its products, exploring marketing channels and recruiting personnel.
3. PRINCIPLES OF CONSOLIDATION
The consolidated financial statements include the accounts of TRB Systems International Inc. and its subsidiary. Significant intercompany accounts and transactions have been eliminated in consolidation.
The consolidated financial statements include TRB Systems International, Inc., non-operating company and its wholly-owned subsidiary operating outside the United States of America. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. Our year end is June 30th. Our consolidated statements include the accounts of the Company and its wholly-owned subsidiary. All significant inter-company account balances and transactions have been eliminated.
4. EARNINGS PER SHARE
Basic earnings per share are calculated on the weighted average number of common shares outstanding during each period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares and common stock equivalents outstanding for the period. Common stock equivalents are excluded from the computation if such inclusion would have an anti-dilutive effect.
5. RELATED PARTY TRANSACTION
A shareholder of the Company paid expenses in the quarter of $28,885. The Company currently has no agreement with the shareholder and the loan bears no interest and is due on demand.
6. SUBSEQUENT EVENT
None.
6
7. GOING CONCERN
The Company will need working capital for its future planned activity, which raises substantial doubt about its ability to continue as a going concern. Continuation of the Company as a going concern is dependent upon obtaining sufficient working capital to be successful in that effort. The management of the Company has developed a strategy, which it believes will accomplish this objective, through short term loans, and equity funding, which will enable the Company to operate for the coming year. In order to continue as a going concern, we require additional financing. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to continue as a going concern, we would likely be unable to realize the carrying value of our assets reflected in the balances set out in the preparation of the consolidated financial statements.
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This quarterly report on Form 10-Q and the materials incorporated herein by reference contain forward-looking statements that involve risks and uncertainties. We use words such as "may," "assumes," "forecasts," "positions," "predicts," "strategy," "will," "expects," "estimates," "anticipates," "believes," "projects," "intends," "plans," "potential," and variations thereof, regarding matters that are not historical facts and are forward-looking statements. Because these statements involve risks and uncertainties, as well as certain assumptions, actual results may differ materially from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date that they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Overview
The Company conducts its business through its wholly owned subsidiary, Alenax Parts Mfr (Tianjin) Corp., which develops, markets, and manufactures a line of NMT product. For the three and six month ended December 31, 2010, the Company had net sales of $0 and $545, respectively.
For the past two years, the Company has focused its efforts on redesigning products, improving product quality, conducting product tests, including strength, durability and road tests. To date, this process is basically completed, and the Company has started to focus on market and sales of our products, but the Company has not been successful in selling its products. As a result, the Company recently changed its business plan from being a high-end bicycle manufacturer and marketer to being a bicycle part manufacturer. The Company will mainly focus on selling and
marketing Uni-Set as a bike part maker. Accordingly, the name of the Companys operating subsidiary, Alenax (Tianjin) Bicycle Corp., was changed to Alenax Parts Mfr (Tianjin) Corp. on December 2, 2008. However, the Company will also take orders for manufacturing /assembling completed bicycles if customers ask us to do so.
On May 4, 2010, the Company entered into an exclusive license agreement with Ssolriche Co. Ltd, licensee, for the territory of South Korea valued at $1,791,311 of which $268,696 has been paid upon signing of agreement. The remaining balance of $1,522,616 is due in two installments within one year with the final installment being due on May 2, 2011. Under the agreement, the Company is granting licensee the exclusive right and license in the Territory to assemble, use, import, sell/market and distribute product containing the inventions and improvements covered by the Patents.
There is no royalty payment due to the Company but the licensee is obligated to meet minimum sales quota; Year 1: 10,000 bikes except Uni-Set products, Year 2, 25,000, and Year 3 and thereafter, 50,000.
In October 2010, the Company attended to the 9th World Korean Business Convention in Dae Gu-City, Korea, and met the Hwa Seung Network Company who is one of the top 50 companies in Korea.
During the quarter, the Company finished its top quality lines of Alenax Uni-Set. We are currently waiting for a newly designed pedal from Chinghaur Precision Company.
The Company is also making the X-Bike model through the Morning-Star company in Shanghai, China, for obtaining possible orders from their customers and for the home shopping sales in Korea and China. Because of lacking of financing, the progress is slow.
7
Results of Operations
For the Three Months Ended December 31, 2010 Compared to the Same Period of 2009
Revenues
For the three months ended December 31, 2010, the Company had no sales as compared to $147 for the same period of the prior year.
Cost of Sales
Cost of sales consists primarily of the material cost of goods sold, direct overhead, direct wages, and direct depreciation expense. The Company had no cost of sales for the three months ended December 31, 2010 because there were no sales. The cost of sales for the same period of 2009 was $117, approximately 79.6% of the sales.
Operating Costs and Expenses
For the three months ended December 31, 2010, our total operating costs and expenses significantly decreased, 65.6%, from $91,605 for the three months ended December 31, 2009 to $31,551 for the same period of this year. The decrease in operating expenses was primarily due to the fact that we failed to generate sales. In addition, during the period, the depreciation expense was decreased to $3,766 for the three months ended December 31, 2010 from $21,917 for the same period of the prior year.
Other Income and Expenses
For the three months ended December 31, 2010, our total other expenses were $39,527, which primarily consisted of $39,758 of interest expense paid to promissory note-holders. For the same period of the prior year, the total other expenses were $39,755, which also primarily consisted of $39,758 of interest expense.
Net Income (Loss)
Net loss for the three months ended December 31, 2010 were $71,078, or $0.00 per share, as compared to net loss of $131,330, or $0.00 per share, for the same period of the prior year.
For the Six Months Ended December 31, 2010 Compared to the Same Period of 2009
Revenues
For the six months ended December 31, 2010, the Company had no sales as compared to $545 for the same period of the prior year.
Cost of Sales
Cost of sales consists primarily of the material cost of goods sold, direct overhead, direct wages, and direct depreciation expense. The Company had no cost of sales for the six months ended December 31, 2010 because there were no sales. The cost of sales for the same period of 2009 was $465, approximately 85.3% of the sales.
Operating Costs and Expenses
For the six months ended December 31, 2010, our total operating costs and expenses significantly decreased, 65.8%, from $218,036 for the six months ended December 31, 2009 to $74,458 for the same period of this year. The decrease in operating expenses was primarily due to the fact that we failed to generate sales. In addition, during the period, the depreciation expense was decreased to $7,532 for the six months ended December 31, 2010 from $43,834 for the same period of the prior year.
8
Other Income and Expenses
For the six months ended December 31, 2010, our total other expenses were $78,648, which primarily consisted of $79,516 of interest expense paid to promissory note-holders. For the same period of the prior year, the total other expenses were $79,510, which consisted of $79,510 of interest expense.
Net Income (Loss)
Net loss for the six months ended December 31, 2010 were $153,106, or $0.00 per share, as compared to net loss of $297,466, or $0.00 per share, for the same period of the prior year.
Liquidity and Capital Resources
Since inception, our operations have been primarily funded by equity capital and unsecured short-term loans from directors and shareholders.
On May 04, 2010, the Company entered into an exclusive license agreement with Ssolriche Co. Ltd, licensee, for the territory of South Korea valued at $1,791,311 of which $268,696 has been paid upon signing of agreement. The remaining balance of $1,522,616 is due in two installments within one year with the final installment being due on May 2, 2011.
As of December 31, 2010, the Companys cash and cash equivalents balance was $39. For the six months ended December 31, 2010, the Companys net cash used in the operating activities was $134,458, primarily due to our net loss of $153,106, and partially offset by decrease in depreciation and amortization expense of $17,785. For the six ended December 31, 2010, the Company had no investing activities. During the same period, the Companys financing activities provided net cash of $133,657, which consisted of an increase in accrued notes and accrued interest of $79,516 and increase in indedebness to related parties of $54,141.
As of December 31, 2010, the Company had outstanding judgment in a total of $381,000 incurred in 2000-2001.
The Company lacks liquidity and has limited revenues. The Company is currently actively seeking financing, including raising capital through the issuance of equity securities or through debts. There can be no assurance that we will be able to raise sufficient additional capital at all or on terms favorable to our stockholders or us.
Off-balance sheet arrangements
As of December 31, 2010 there were no off-balance sheet arrangements.
Critical Accounting Policies
Our discussion and analysis of our financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenues and expenses during the reporting period. On an on-going basis, management evaluates its estimates and judgments, such as doubtful accounts, inventories, and impairment of long-lived assets. Management bases its estimates and judgments on historical experience and various other factors that are believed to be 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 under different assumptions or conditions.
The accounting policies that we follow are set forth in Note 2 to our financial statements as included in this report. These accounting policies conform to accounting principles generally accepted in the United States, and have been consistently applied in the preparation of the financial statements.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Not applicable for smaller reporting companies.
9
Item 4 (T). Controls and Procedures
(a) Disclosure Controls and Procedures
The principal executive officer and principal financial officer of the Company has evaluated the effectiveness of the Companys disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the Exchange Act)) as of the end of the period covered by this report. Based on such evaluation, the principal executive officer and principal financial officer of the Company has concluded that, as of the end of such period, the Companys disclosure controls and procedures are effective.
(b) Changes in internal controls over financial reporting
There were no changes in the Companys internal control over financial reporting that occurred during the period covered by this report that materially affected, or are reasonably likely to materially affect, the Companys internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1.
Legal Proceedings
None
Item 1A. Risk Factors
Not applicable
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item 3. Defaults Upon Senior Securities
None
Item 5. Other Information
None
Item 6. Exhibits
Title of Document
31.1 Certification pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1 Certification pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
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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.
TRB SYSTEMS INTERNATIONAL INC.
By: /s/ Byung Yim
Byung Yim, President, Chief Executive Officer and
Chief Financial Officer
Date: February 14, 2011
11
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