UNITED STATES | ||||||
SECURITIES AND EXCHANGE COMMISSION | ||||||
Washington, D. C. 20549 | ||||||
Form 10-Q | ||||||
[X] QUARTERLY REPORT UNDER TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||
For the quarterly period ended | ||||||
or | ||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||
For the transition period from _____ to _____ | ||||||
Commission File Number: 000-12895 | ||||||
All-State Properties Holdings, Inc. | ||||||
(Exact name of registrant as specified in its charter) | ||||||
Nevada | 32-0252180 | |||||
(State or other jurisdiction of incorporation) | (IRS Employer Identification Number) | |||||
106 Glenwood Drive | ||||||
Liverpool, New York | 13090 | |||||
(Address of principal executive offices and Zip Code) | (Zip Code) | |||||
(315) 451-7515 | ||||||
(Registrant's telephone number, including area code) | ||||||
Large Accelerated Filer | [ ] | Accelerated Filer | [ ] |
Non-accelerated Filer | [ ] | Smaller Reporting Company | [X] |
(Do not check if smaller reporting company) |
APPLICABLE ONLY TO CORPORATE ISSUERS: | ||
As of October |
All-State Properties Holdings, Inc. | |||
Form 10-Q | |||
For the Fiscal Quarter Ended | |||
TABLE OF CONTENTS | |||
Page | |||
Part I | |||
Item 1 | Financial Statements | 3 | |
Item 2 | Management Discussion and Analysis of Financial Condition and Results of Operations | 10 | |
Item 3 | Quantitave and Qualitative Disclosures About Market Risk | 11 | |
Item 4 | Controls and Procedures | 11 | |
Part II | |||
Item 1 | Legal Proceedings | 13 | |
Item 1A | Risk Factors | 13 | |
Item 2 | Unregistered Sales of Equity Securities and Use of Proceeds | 13 | |
Item 3 | Defaults Upon Senior Securities | 13 | |
Item 4 | Mine Safety Disclosures | 13 | |
Item 5 | Other Information | 13 | |
Item 6 | Exhibits | 14 | |
Signatures | 15 |
PART I - FINANCIAL INFORMATION | |||
Item 1 | Financial Statements | ||
All-State Properties Holdings, Inc. | |||
Financial Statements | |||
For the Fiscal Quarter Ended | |||
TABLE OF CONTENTS | |||
Page | |||
Balance Sheets (unaudited) | F-1 | ||
Statements of Operations (unaudited) | F-2 | ||
Statements of Cash Flows (unaudited) | F-3 | ||
Notes to the Financial Statements (unaudited) | F-4 | ||
F-1 |
All State Properties Holdings, Inc. | ||||||||||
Balance Sheets | ||||||||||
(Unaudited) | ||||||||||
December 31, | June 30, | |||||||||
2011 | 2011 | |||||||||
Assets | ||||||||||
Current Assets: | ||||||||||
Cash and cash equivalents | $ | - | $ | - | ||||||
Total current assets | - | - | ||||||||
Total assets | $ | - | $ | - | ||||||
Liabilities and Stockholders' Deficit | ||||||||||
Current Liabilities: | ||||||||||
Accounts payable and accrued liabilities | $ | 2,338 | $ | - | ||||||
Accrued interest related parties | - | - | ||||||||
Due to related parties | - | - | ||||||||
Notes payable officers | - | - | ||||||||
Total current liabilities | 2,338 | - | ||||||||
Total liabilities | 2,338 | - | ||||||||
Stockholders' Deficit | ||||||||||
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, | ||||||||||
none issued and outstanding at December 31, and | ||||||||||
June 30, 2011, respectively | - | - | ||||||||
Common Stock, $0.0001 par value, 7,000,000,000 shares authorized, | ||||||||||
2,573,029,728 and 280,648,909 shares issued and outstanding | ||||||||||
at December 31, and June 30, 2011, respectively | 257,303 | 28,065 | ||||||||
Additional paid-in capital | 121,373,231 | 118,163,898 | ||||||||
Accumulated deficit | (121,632,872 | ) | (118,191,963 | ) | ||||||
Total stockholders' deficit | (2,338 | ) | - | |||||||
Total liabilities and stockholders' deficit | $ | - | $ | - | ||||||
The accompanying notes are an integral part of these financial statements | ||||||||||
F-2 |
All State Properties Holdings, Inc. | ||||||||
Balance Sheets | ||||||||
(Unaudited) | ||||||||
March 31, | June 30, | |||||||
2013 | 2012 | |||||||
Assets | ||||||||
Current Assets: | ||||||||
Cash and cash equivalents | $ | - | $ | - | ||||
Total current assets | - | - | ||||||
Total assets | $ | - | $ | - | ||||
Liabilities and Stockholders' Deficit | ||||||||
Current Liabilities: | ||||||||
Accounts payable and accrued liabilities | $ | 7,957 | $ | 4,675 | ||||
Accrued interest related parties | - | - | ||||||
Due to related parties | - | - | ||||||
Notes payable officers | - | - | ||||||
Total current liabilities | 7,957 | 4,675 | ||||||
Total liabilities | 7,957 | 4,675 | ||||||
Stockholders' Deficit | ||||||||
Preferred Stock, $0.0001 par value, 10,000,000 shares authorized, | ||||||||
none issued and outstanding at March 31, 2013 and | ||||||||
June 30, 2012, respectively | - | - | ||||||
Common Stock, $0.0001 par value, 7,000,000,000 shares authorized, | ||||||||
2,964,181,540 shares issued and outstanding at March | ||||||||
31, 2013 and June 30, 2012, respectively | 296,418 | 296,418 | ||||||
Additional paid-in capital | 121,373,231 | 121,373,231 | ||||||
Accumulated deficit | (121,677,606 | ) | (121,674,324 | ) | ||||
Total stockholders' deficit | (7,957 | ) | (4,675 | ) | ||||
Total liabilities and stockholders' deficit | $ | - | $ | - |
The accompanying notes are an integral part of these financial statements | ||||||||||
F-2 |
All State Properties Holdings, Inc. | ||||||||||||||||
Statement of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Nine Months Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
Operating expenses | ||||||||||||||||
Officers' salaries | - | - | - | - | ||||||||||||
Professional fees | - | - | - | - | ||||||||||||
Office expense | - | - | - | - | ||||||||||||
Investor relations expenses | - | - | - | - | ||||||||||||
Other general and administrative expenses | 1,094 | 1,169 | 3,282 | 3,442,078 | ||||||||||||
Total operating expenses | 1,094 | 1,169 | 3,282 | 3,442,078 | ||||||||||||
Loss from operations | (1,094 | ) | (1,169 | ) | (3,282 | ) | (3,442,078 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Loss on settlement of debt | - | - | - | - | ||||||||||||
Interest expense | - | - | - | - | ||||||||||||
Total other income (expense) | - | - | - | - | ||||||||||||
Net loss | $ | (1,094 | ) | $ | (1,169 | ) | $ | (3,282 | ) | $ | (3,442,078 | ) | ||||
Basic and fully diluted loss per common share | $ | - | $ | - | $ | - | $ | - | ||||||||
Basic and fully diluted weighted average | ||||||||||||||||
common shares outstanding | 2,964,181,540 | 2,830,932,022 | 2,964,181,540 | 2,041,513,103 |
All State Properties Holdings, Inc. | ||||||||||||||||
Statement of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
For the Three Months Ended | For the Six Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Revenues | $ | - | $ | - | $ | - | $ | - | ||||||||
Operating expenses | ||||||||||||||||
Officers' salaries | - | 52,600 | - | 171,955 | ||||||||||||
Professional fees | - | 18,000 | - | 19,500 | ||||||||||||
Office expense | - | (12,011 | ) | - | 697 | |||||||||||
Investor relations expenses | - | 2,376 | - | 13,132 | ||||||||||||
Other general and administrative expenses | 1,169 | 13,397 | 3,440,909 | 98,550,135 | ||||||||||||
Total operating expenses | 1,169 | 74,362 | 3,440,909 | 98,755,419 | ||||||||||||
Loss from operations | (1,169 | ) | (74,362 | ) | (3,440,909 | ) | (98,755,419 | ) | ||||||||
Other income (expense) | ||||||||||||||||
Loss on settlement of debt | - | (1,054,861 | ) | - | (6,024,861 | ) | ||||||||||
Interest expense | - | (12,798 | ) | - | (30,392 | ) | ||||||||||
Total other income (expense) | - | (1,067,659 | ) | - | (6,055,253 | ) | ||||||||||
Net loss | $ | (1,169 | ) | $ | (1,142,021 | ) | $ | (3,440,909 | ) | $ | (104,810,672 | ) | ||||
Basic and fully diluted loss per common share | $ | - | $ | (0.16 | ) | $ | - | $ | (20.55 | ) | ||||||
Basic and fully diluted weighted average | ||||||||||||||||
common shares outstanding | 2,830,932,022 | 6,959,595 | 1,651,093,964 | 5,100,815 | ||||||||||||
The accompanying notes are an integral part of these financial statements | ||||||||||||||||
F-3 |
The accompanying notes are an integral part of these financial statements | ||||||||||||||||
F-3 |
All State Properties Holdings, Inc. | ||||||||
Statement of Cash Flows | ||||||||
(Unaudited) | ||||||||
For the Nine Months Ended | ||||||||
March 31, | ||||||||
2013 | 2012 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (3,282 | ) | $ | (3,442,078 | ) | ||
Adjustments to reconcile net loss to net cash provided | ||||||||
by (used in) operating activities: | ||||||||
Stock issued for anti-dilutive clause | - | 3,438,571 | ||||||
Loss on extinquishment of debt | - | - | ||||||
Changes in assets and liabilities | ||||||||
(Increase) decrease in prepaid expenses | - | - | ||||||
Increase (decrease) in accounts payable | 3,282 | 3,507 | ||||||
Increase (decrease) in accrued liabilities | - | - | ||||||
Borrowings on related party payable | - | - | ||||||
Repayments on related party payable | - | - | ||||||
Net cash provided by (used in) operating activities | - | - | ||||||
Cash Flows from Investing Activities | - | - | ||||||
Cash Flows from Financing Activities | ||||||||
Borrowings on debt | - | - | ||||||
Net cash provided by (used in) financing activities | - | - | ||||||
Net increase (decrease) in cash | - | - | ||||||
Cash and cash equivalents, beginning of period | - | - | ||||||
Cash and cash equivalents, end of period | - | - | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | - | $ | - | ||||
Cash paid for taxes | $ | - | $ | - | ||||
Non-cash transactions: | ||||||||
Conversion of related party debt | - | - |
All State Properties Holdings, Inc. | ||||||||
Statement of Cash Flows | ||||||||
(Unaudited) | ||||||||
For the Six Months Ended | ||||||||
December 31, | ||||||||
2011 | 2010 | |||||||
Cash Flows from Operating Activities: | ||||||||
Net loss | $ | (3,440,909 | ) | $ | (104,810,672 | ) | ||
Adjustments to reconcile net loss to net cash provided | ||||||||
by (used in) operating activities: | ||||||||
Stock issued for anti-dilutive clause | 3,438,571 | 98,535,638 | ||||||
Loss on extinquishment of debt | - | 6,024,861 | ||||||
Changes in assets and liabilities | ||||||||
(Increase) decrease in prepaid expenses | - | (1,000 | ) | |||||
Increase (decrease) in accounts payable | 2,338 | (7,510 | ) | |||||
Increase (decrease) in accrued liabilities | - | 235,032 | ||||||
Borrowings on related party payable | - | 23,074 | ||||||
Repayments on related party payable | - | - | ||||||
Net cash provided by (used in) operating activities | - | (577 | ) | |||||
Cash Flows from Investing Activities | - | - | ||||||
Cash Flows from Financing Activities | - | - | ||||||
Net increase (decrease) in cash | - | (577 | ) | |||||
Cash and cash equivalents, beginning of period | - | 622 | ||||||
Cash and cash equivalents, end of period | - | 45 | ||||||
Supplemental disclosure of cash flow information: | ||||||||
Cash paid for interest | $ | - | $ | - | ||||
Cash paid for taxes | $ | - | $ | - | ||||
Non-cash transactions: | ||||||||
Conversion of related party debt | - | 245,139 | ||||||
The accompanying notes are an integral part of these financial statements | ||||||||
F-4 |
The accompanying notes are an integral part of these financial statements | ||||||||
F-4 |
ITEM 2. | MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION OR PLAN OF OPERATION. |
December 31, | June 30, | March 31, | June 30, | |||||||||||||
2011 | 2011 | 2013 | 2012 | |||||||||||||
Current Assets | $ | - | $ | - | $ | - | $ | - | ||||||||
Current Liabilities | 2,338 | - | 7,957 | 4,675 | ||||||||||||
Working Capital (Deficit) | (2,338 | ) | - | (7,957 | ) | (4,675 | ) |
December 31, | Decemberr 31, | March 31, | March 31, | |||||||||||||
2011 | 2010 | 2013 | 2012 | |||||||||||||
Cash Flows from (used in) Operating Activities | $ | - | $ | (577 | ) | $ | - | $ | - | |||||||
Cash Flows from (used in) Financing Activities | - | - | - | - | ||||||||||||
Net Increase (decrease) in Cash During Period | - | (577 | ) | - | - |
Operating Revenues |
Operating Expenses and Net Loss |
Liquidity and Capital Resources |
Cashflow from Operating Activities |
Cashflow from Financing Activities |
During the six months ended |
Subsequent Developments |
Going Concern |
Off-Balance Sheet Arrangements |
Future Financings |
ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK. |
ITEM 4. | CONTROLS AND PROCEDURES |
ITEM 1. | LEGAL PROCEEDINGS |
ITEM 1A. | RISK FACTORS |
ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
ITEM 3. | DEFAULTS UPON SENIOR SECURITIES. |
ITEM 4. | MINE SAFETY DISCLOSURE. |
ITEM 5. | OTHER INFORMATION. |
None |
ITEM 6. | EXHIBITS |
Exhibit | Incorporated by reference | Filed | |||
Number | Form | Date | Number | herewith | |
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | X | |||
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | X | |||
32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | |||
32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | X | |||
101.INS | XBRL Instance Document. | X | |||
101.SCH | XBRL Taxonomy Extension – Schema. | X | |||
101.CAL | XBRL Taxonomy Extension – Calculations. | X | |||
101.LAB | XBRL Taxonomy Extension – Labels. | X | |||
101.PRE | XBRL Taxonomy Extension – Presentation. | X | |||
101.DEF | XBRL Taxonomy Extension – Definition. | X | |||
Reports on Form 8-K: | |||||
ALL-STATE PROPERTIES HOLDINGS, INC. | ||
(the "Registrant") | ||
BY: | JOSEPH PASSALAQUA | |
Joseph Passalaqua | ||
President, Principal Executive Officer, | ||