UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
Amendment No. 1
[X]
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2010
OR
[ ]
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND
EXCHANGE ACT OF 1934
For transition period ___ to ____
Commission file number: 000-30991
SKINOVATION PHARMACEUTICAL INCORPORATED
(Exact name of registrant as specified in its charter)
Nevada (State or other jurisdiction of incorporation or organization) | 87-0458170 (I.R.S. Employer Identification No.) |
2157 S. Lincoln Street, Salt Lake City, Utah (Address of principal executive offices) | 84106 (Zip Code) |
Registrant’s telephone number, including area code: (801) 323-2395
Securities registered under Section 12(b) of the Act: None
Securities registered under Section 12(g) of the Act: Common Stock
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes [ ] No [X]
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Exchange Act. Yes [ ] No [X]
Indicate by check mark whether the registrant (1) 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 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 [X] No [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. [X]
1
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.:
Large accelerated filer [ ] Non-accelerated filer [ ] | Accelerated filed [ ] Smaller reporting company [X] |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [X] No [ ]
The registrant did not have an active trading market for its common stock as of the last business day of its most recently completed second fiscal quarter; therefore, an aggregate market value of shares of voting and non-voting common equity held by non-affiliates cannot be determined.
The number of shares outstanding of the registrant’s common stock as of January 18, 2012, was 708,000.
Documents incorporated by reference: None
TABLE OF CONTENTS
PART II
Item 8. Financial Statements and Supplementary Data
3
Item 9A. Controls and Procedures
13
PART IV
Item 15. Exhibits, Financial Statement Schedules
13
Signatures
14
In this annual report references to “Skinovation,” “we,” “us,” “our” and “the Company” refer to Skinovation Pharmaceutical Incorporated.
EXPLANATORY NOTE
Upon advice from SEC compliance counsel, management has determined that the Report of Independent Registered Public Accounting Firm included in our Form 10-K for the year ended December 31, 2010, should be revised to include an audit report including the cumulative period from January 15, 1988 through December 31, 2008. As a result, the Company was required to reaudit the cumulative period financial information. This amended report includes the revised audit report. In addition, we have revised the language in Item 9A to specifically state that our controls and procedures were ineffective for the period covered by the annual report. Other than these changes, this amended report does not include subsequent events.
FORWARD LOOKING STATEMENTS
The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand future prospects and make informed investment decisions. This report contains these types of statements. Words such as “may,” “expect,” “believe,” “anticipate,” “estimate,” “project,” or “continue” or comparable terminology used in connection with any discussion of future operating results or financial performance identify forward-looking statements. You are cautioned not to place undue reliance on the forward-looking statements, which speak only as of the date of this report. All forward-looking statements reflect our present expectation of future events and are subject to a number of important factors and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements.
2
PART II
ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
SKINOVATION PHARMACEUTICAL INCORPORATED
(A Development Stage Company)
Financial Statements
December 31, 2010 and 2009
INDEX
Report of Independent Registered Public Accounting Firm
4
Balance Sheets
5
Statements of Operations
6
Statements of Stockholders’ Equity
7
Statements of Cash Flows
8
Notes to the Financial Statements
9
3
Morrill & Associates, LLC
Certified Public Accountants
1448 North 2000 West, Suite 3
Clinton, Utah 84015
801-546-9068 Phone; 801-546-8211 Fax
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors and Stockholders
Skinovation Pharmaceutical, Inc. (A Development Stage Company)
Salt Lake City, Utah
We have audited the accompanying balance sheets of Skinovation Pharmaceutical, Inc. (a development stage company) as of December 31, 2010 and 2009 and the related statements of operations, stockholders’ deficit and cash flows for the years then ended and for the period from inception on January 15, 1988 through December 31, 2010. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits.
We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of Skinovation Pharmaceutical, Inc. (a development stage company) as of December 31, 2010 and 2009 and the results of its operations and cash flows for the year ended December 31, 2010 and for the period from inception on January 15, 1988 through December 31, 2010 in conformity with generally accepted accounting principles in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has suffered recurring losses and has no operations which raise substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ Morrill & Associates
Morrill & Associates
Layton, Utah 84041
January 12, 2012
4
Skinovation Pharmaceutical Incorporated
(A Development Stage Company)
Balance Sheets
|
|
|
|
|
|
|
|
|
| DEC 31, 2010 |
| DEC 31, 2009 |
|
|
|
|
|
|
| |
| ASSETS |
|
|
|
|
|
| Current Assets |
|
|
|
|
|
| Cash | $ | 1,122 | $ | 1,066 |
|
| Total Current Assets |
| 1,122 |
| 1,066 |
|
| Total Assets | $ | 1,122 | $ | 1,066 |
|
|
|
|
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
|
|
| Current Liabilities |
|
|
|
|
|
| Accounts payable | $ | 39,001 | $ | 38,726 |
|
| Advances |
| 42,200 | $ | 35,700 |
|
| Total Current Liabilities |
| 81,201 |
| 74,426 |
|
| Total Liabilities |
| 81,201 |
| 74,426 |
|
| Stockholders' Equity |
|
|
|
|
|
| Preferred stock, $.001 par value; 25,000,000 shares authorized; 0 shares issued and outstanding |
| 0 |
| 0 |
|
| Common stock, $.001 par value; 50,000,000 shares authorized; 708,000 shares issued and outstanding |
| 708 |
| 708 |
|
| Additional paid in capital |
| 25,148 |
| 25,148 |
|
| Deficit accumulated during the development stage |
| (105,935) |
| (99,216) |
|
| Total Stockholders' Equity |
| (80,079) |
| (73,360) |
|
| Total Liabilities and Stockholders' Equity | $ | 1,122 | $ | 1,066 |
|
The accompanying notes are an integral part of these financial statements
5
Skinovation Pharmaceutical Incorporated
(A Development Stage Company)
Statements of Operations
|
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|
|
|
|
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|
|
| FOR THE YEAR ENDED DEC 31, 2010 |
| FOR THE YEAR ENDED DEC 31, 2009 |
| FROM INCEPTION ON JAN 15, 1988 TO DEC 31, 2010 |
|
|
|
|
|
|
| |
| REVENUES | $ | 0 | $ | 0 | $ | 0 |
|
|
|
|
|
|
|
|
| EXPENSES |
|
|
|
|
|
|
| General and administrative |
| 6,719 |
| 4,689 |
| 94,935 |
| TOTAL EXPENSES |
| 6,719 |
| 4,689 |
| 94,935 |
|
|
|
|
|
|
|
|
| LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |
| (6,719) |
| (4,689) |
| (94,935) |
|
|
|
|
|
|
|
|
| INCOME TAXES |
| 0 |
| 0 |
| 0 |
|
|
|
|
|
|
|
|
| LOSS FROM CONTINUING OPERATIONS |
| (6,719) |
| (4,689) |
| (94,935) |
|
|
|
|
|
|
|
|
| DISCONTINUED OPERATIONS |
|
|
|
|
|
|
| Loss from discontinued operations |
| 0 |
| 0 |
| 11,000 |
|
|
|
|
|
|
|
|
| NET LOSS | $ | (6,719) | $ | (4,689) | $ | (105,935) |
|
|
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|
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| Basic and diluted net loss per share | $ | (0.01) | $ | (0.01) |
|
|
|
|
|
|
|
|
|
|
| Weighted average shares outstanding |
| 708,000 |
| 708,000 |
|
|
The accompanying notes are an integral part of these financial statements.
6
Skinovation Pharmaceutical Incorporated | ||||||||||
(A Development Stage Company) | ||||||||||
Statements of Stockholders' Equity | ||||||||||
From Inception on January 15, 1988 through December 31, 2010 | ||||||||||
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| Deficit |
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| Accumulated |
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| Additional |
| During the |
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|
|
| Common Stock |
| Paid-in |
| Development | ||
|
|
|
| Shares |
| Amount |
| Capital |
| Stage |
Balance, January 15, 1988 |
|
| - | $ | - | $ | - | $ | - | |
Stock issued for cash at $.067 per share |
|
| 30,000 |
| 30 |
| 1,970 |
| - | |
Stock issued for cash at $.033 per share |
|
| 270,000 |
| 270 |
| 8,730 |
| - | |
Net (loss) for the period from inception through December 31, 1993 | - |
| - |
| - |
| (11,000) | |||
Balance - December 31, 1993 |
|
| 300,000 |
| 300 |
| 10,700 |
| (11,000) | |
Shares canceled |
|
| (206,632) |
| (207) |
| 207 |
| - | |
Net (loss) for the year ended December 31, 1994 | - |
| - |
| - |
| - | |||
Balance - December 31, 1994 |
|
| 93,368 |
| 93 |
| 10,907 |
| (11,000) | |
Net (loss) for the year ended December 31, 1995 | - |
| - |
| - |
| - | |||
Balance - December 31, 1995 |
|
| 93,368 |
| 93 |
| 10,907 |
| (11,000) | |
Net (loss) for the year ended December 31, 1996 | - |
| - |
| - |
| (1,424) | |||
Balance - December 31, 1996 |
|
| 93,368 |
| 93 |
| 10,907 |
| (12,424) | |
Stock issued for services at $.02 per share |
|
| 6,632 |
| 7 |
| 126 |
| - | |
Stock issued for expenses at $.285 per share |
| 5,000 |
| 5 |
| 1,418 |
| - | ||
Stock issued for cash at $0.02 per share |
|
| 500,000 |
| 500 |
| 9,500 |
| - | |
Stock offering costs |
|
| - |
| - |
| (7,000) |
| - | |
Net (loss) for the year ended December 31, 1997 | - |
| - |
| - |
| (3,508) | |||
Balance - December 31, 1997 |
|
| 605,000 |
| 605 |
| 14,951 |
| (15,932) | |
Stock issued for services at $.10 per share |
|
| 48,000 |
| 48 |
| 4,752 |
| - | |
Net (loss) for the year ended December 31, 1998 | - |
| - |
| - |
| (19,000) | |||
Balance - December 31, 1998 |
|
| 653,000 |
| 653 |
| 19,703 |
| (34,932) | |
Net (loss) for the year ended December 31, 1999 | - |
| - |
| - |
| (14,200) | |||
Balance - December 31, 1999 |
|
| 653,000 |
| 653 |
| 19,703 |
| (49,132) | |
Stock issued for services at $.10 per share |
|
| 55,000 |
| 55 |
| 5,445 |
| - | |
Net (loss) for the year ended December 31, 2000 | - |
| - |
| - |
| (5,500) | |||
Balance - December 31, 2000 |
|
| 708,000 |
| 708 |
| 25,148 |
| (54,632) | |
Net (loss) for the year ended December 31, 2001 | - |
| - |
| - |
| - | |||
Balance - December 31, 2001 |
|
| 708,000 |
| 708 |
| 25,148 |
| (54,632) | |
Net (loss) for the year ended December 31, 2002 | - |
| - |
| - |
| (5,000) | |||
Balance - December 31, 2002 |
|
| 708,000 |
| 708 |
| 25,148 |
| (59,632) | |
Net (loss) for the year ended December 31, 2003 | - |
| - |
| - |
| - | |||
Balance - December 31, 2003 |
|
| 708,000 |
| 708 |
| 25,148 |
| (59,632) | |
Net (loss) for the year ended December 31, 2004 | - |
| - |
| - |
| (2,131) | |||
Balance - December 31, 2004 |
|
| 708,000 |
| 708 |
| 25,148 |
| (61,763) | |
Net (loss) for the year ended December 31, 2005 | - |
| - |
| - |
| (7,048) | |||
Balance - December 31, 2005 |
|
| 708,000 |
| 708 |
| 25,148 |
| (68,811) | |
Net (loss) for the year ended December 31, 2006 | - |
| - |
| - |
| (10,025) | |||
Balance - December 31, 2006 |
|
| 708,000 |
| 708 |
| 25,148 |
| (78,836) | |
Net (loss) for the year ended December 31, 2007 | - |
| - |
| - |
| (10,321) | |||
Balance - December 31, 2007 |
|
| 708,000 |
| 708 |
| 25,148 |
| (89,157) | |
Net (loss) for the year ended December 31, 2008 | - |
| - |
| - |
| (5,370) | |||
Balance - December 31, 2008 |
|
| 708,000 |
| 708 |
| 25,148 |
| (94,527) | |
Net (loss) for the year ended December 31, 2009 |
|
| - |
| - |
| - |
| (4,689) | |
Balance - December 31, 2009 |
|
| 708,000 |
| 708 |
| 25,148 |
| (99,216) | |
Net (loss) for the year ended December 31, 2010 |
|
| - |
| - |
| - |
| (6,719) | |
Balance – December 31, 2010 |
|
| 708,000 | $ | 708 | $ | 25,148 | $ | (105,935) | |
The accompanying notes are an integral part of these financial statements.
7
Skinovation Pharmaceutical Incorporated
(A Development Stage Company)
Statements of Cash Flows
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| FOR THE YEAR ENDED DEC 31, 2010 |
| FOR THE YEAR ENDED DEC 31, 2009 |
| FROM INCEPTION ON JAN 15, 1988 TO DEC 31, 2010 |
|
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| |
| Cash Flows from Operating Activities |
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| Net loss | $ | (6,719) | $ | (4,689) | $ | (105,935) |
| Adjustments to reconcile net loss to cash used by operating activities: |
|
|
|
|
|
|
| Shares issued for services and expenses |
| 0 |
| 0 |
| 11,857 |
| Loss on disposal of property, plant and equipment |
| 0 |
| 0 |
| 5,263 |
| Changes in assets and liabilities: |
|
|
|
|
|
|
| Increase in accounts payable |
| 275 |
| 0 |
| 39,001 |
| Net cash used by operating activities |
| (6,444) |
| (4,689) |
| (49,814) |
|
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| Cash Flows from Investing Activities |
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| Cash paid for property, plant and equipment |
| 0 |
| 0 |
| (5,264) |
| Net cash used by investing activities |
| 0 |
| 0 |
| (5,264) |
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| Cash Flows from Financing Activities |
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| Cash paid for offering costs |
| 0 |
| 0 |
| (7,000) |
| Common stock issued for cash |
| 0 |
| 0 |
| 21,000 |
| Advances |
| 6,500 |
| 5,600 |
| 42,200 |
| Net cash provided by financing activities |
| 6,500 |
| 5,600 |
| 56,200 |
|
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| Increase (decrease) in cash |
| 56 |
| 911 |
| 1,122 |
|
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| Cash and cash equivalents at beginning of period |
| 1,066 |
| 155 |
| 0 |
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| Cash and cash equivalents at end of period | $ | 1,122 | $ | 1,066 | $ | 1,122 |
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| Supplemental Cash Flow Information: |
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| Cash paid for interest | $ | 0 | $ | 0 | $ | 0 |
| Cash paid for income taxes | $ | 0 | $ | 0 | $ | 0 |
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| Non-Cash Investing and Financing Activities |
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| None |
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|
The accompanying notes are an integral part of these financial statements
8
Skinovation Pharmaceutical Incorporated
(A Development Stage Company)
Notes to the Financial Statements
December 31, 2010 and 2009
NOTE 1 - Summary of Significant Accounting Policies
a.
Organization & Summary of Significant Accounting Policies
The Company was incorporated under the laws of the state of Nevada on January 15, 1988 as Data Financial Corporation. The Company changed its name to Skinovation Pharmaceutical Incorporated on August 5, 1992.
b.
Cash and Cash Equivalents
The Company considers all highly liquid investments with maturities of three months or less to be cash equivalents.
c.
Use of estimates
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
d.
Fair Value of Financial Instruments
It is not practicable to estimate the fair value of advances (accounts payable) because there is no established market for these loans and it is inappropriate to estimate future cash flows, which are largely dependent on the Company establishing or acquiring operations at some future point. No financial instruments are held for trading purposes.
e.
Reclassification
Certain amounts in prior-year financial statements have been reclassified for comparative purposes to conform to the presentation in the current year financial statements.
NOTE 2 -
Going Concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has current liabilities in excess of current assets, has incurred losses since inception, has negative cash flows from operations, and has no revenue-generating activities. Its activities have been limited for the past several years and it is dependent upon financing to continue operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. It is management’s plan to acquire or merge with other operating companies.
9
Skinovation Pharmaceutical Incorporated
(A Development Stage Company)
Notes to the Financial Statements
December 31, 2010 and 2009
NOTE 3 - Income Taxes
The Financial Accounting Standards Board (FASB) has issued FASB ASC 740-10 (Prior authoritative literature: Financial Interpretation No. 48, "Accounting for Uncertainty in Income Taxes - An Interpretation of FASB Statement No. 109 (FIN 48). FASB ASC 740-10 clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements in accordance with prior literature FASB Statement No. 109, Accounting for Income Taxes. This standard requires a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the technical merits of the position. If the more-likely-than- not threshold is met, a company must measure the tax position to determine the amount to recognize in the financial statements. As a result of the implementation of this standard, the Company performed a review of its material tax positions in accordance with recognition and measurement standards established by FASB ASC 740-10.
Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax basis. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.
Deferred tax asset and the valuation account are as follows at December 31, 2010 and 2009:
| For the Years Ended December 31, | |
| 2010 | 2009 |
|
|
|
Net operating loss carryforward | $ 36,017 | $ 33,733 |
Valuation allowance | (36,017) | (33,733) |
Deferred tax asset | $ 0 | $ 0 |
The change in the valuation allowance was $2,284 during the year ended December 31, 2010.
The components of income tax expense are as follows:
| For the Years Ended December 31, | |
| 2010 | 2009 |
Current Federal tax | $ - | $ - |
Current State tax | - | - |
Change in NOL benefit | 2,284 | 1,594 |
Change in valuation allowance | (2,284) | (1,594) |
| $ - | $ - |
10
Skinovation Pharmaceutical Incorporated
(A Development Stage Company)
Notes to the Financial Statements
December 31, 2010 and 2009
NOTE 3 -
Income Taxes (Continued)
The Company has adopted FASB ASC 740-10 to account for income taxes. The Company currently has no issues creating timing differences that would mandate deferred tax expense. Net operating losses would create possible tax assets in future years. Due to the uncertainty of the utilization of net operating loss carry forwards, an evaluation allowance has been made to the extent of any tax benefit that net operating losses may generate. A provision for income taxes has not been made due to net operating loss carry-forwards of $ 105,935 and $ 99,216 as of December 31, 2010 and December 31, 2009, respectively, which may be offset against future taxable income through 2029. No tax benefit has been reported in the financial statements.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| For the Years Ended December 31, | |
| 2010 | 2009 |
Beginning Balance | $ - | $ - |
Additions based on tax positions related to current year | - | - |
Additions for tax positions of prior years | - | - |
Reductions for tax positions of prior years | - | - |
Reductions in benefit due to income tax expense | - | - |
Ending Balance | $ - | $ - |
The Company did not have any tax positions for which it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease within the next 12 months.
The Company includes interest and penalties arising from the underpayment of income taxes in the statements of operations in the provision for income taxes. As of December 31, 2010 and 2009, the Company had no accrued interest or penalties related to uncertain tax positions.
The tax years that remain subject to examination by major taxing jurisdictions are those for the years ended December 31, 2009, 2008 and 2007.
NOTE 4 - Accounts Payable and Advances
The Company had recorded liabilities of $ 80,926 for services received, as well as cash advances received from unrelated parties, as accounts payable as it was the intent of management and the counter parties to issue common stock of the Company at some future date for the amounts received. However, it was subsequently determined that it was not in the best interests of the parties to issue stock for the advances and, therefore, the parties have agreed that these liabilities will be treated as loans effective January 1, 2011, bearing interest at 8% and due on demand.
11
Skinovation Pharmaceutical Incorporated
(A Development Stage Company)
Notes to the Financial Statements
December 31, 2010 and 2009
NOTE 5 - Stock Transactions
On January 3, 1992, the Company=s Board of Directors authorized a 3-for-1 forward stock split, and on January 13, 1997 the Board authorized a 1-for-100 reverse stock split. The Company’s financial statements have been retroactively restated to show the effects of the stock splits.
Since the discontinuance of operations in 1993, shareholders have returned 206,632 shares of outstanding common stock for cancellation, as requested by the Board of Directors.
On January 6, 1997 the Company issued 5,000 shares of its common stock for expenses valued at $1,423.
On February 22, 1997 the Company issued 6,632 shares of its common stock for services valued at $133.
On August 1, 1997 the Company issued 500,000 shares of its common stock for cash at a value of $10,000.
On March 20, 1998 the Company issued 48,000 shares of its common stock for services valued at $4,800.
On July 19, 2000 the Company issued 30,000 shares of its common stock for services valued at $3,000.
On August 14, 2000 the Company issued 25,000 shares of its common stock for services valued at $2,500.
NOTE 6 - Development Stage Company
The Company has no significant operations and is considered a development stage
company. It is concentrating substantially all of its efforts in raising capital and searching for
a business operation with which to merge, or assets to acquire, in order to generate significant
operations.
NOTE 7 - Subsequent Event
We have evaluated events occurring after the date of our accompanying balance sheets through the date the financial statements were issued. Other than the events described below, we did not identify any material subsequent events requiring adjustment to our accompanying condensed financial statements.
Effective January 1, 2011, the Company has determined to treat $80,926 in advances and accounts payable as non-collateralized loans, bearing interest at 8% and due on demand.
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ITEM 9A. CONTROLS AND PROCEDURES
Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our filings under the Exchange Act is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC. This information is accumulated to allow timely decisions regarding required disclosure. Our President, who serves as our principal executive officer and principal financial officer, evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this report and he determined that our disclosure controls and procedures were ineffective due to a control deficiency. During the period we did not have additional personnel to allow segregation of duties to ensure the completeness or accuracy of our information. Due to the size and operations of the Company we are unable to remediate this deficiency until we acquire or merge with another company.
Management’s Annual Report on Internal Control over Financial Reporting
Management is responsible to establish and maintain adequate internal control over financial reporting. Our principal executive officer is responsible to design or supervise a process that provides reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The policies and procedures include:
·
maintenance of records in reasonable detail to accurately and fairly reflect the transactions and dispositions of assets,
·
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of management and directors, and
·
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of assets that could have a material effect on our financial statements.
For the year ended December 31, 2010, management has relied on the Committee of Sponsoring Organizations of the Treadway Commission (COSO), “Internal Control - Integrated Framework,” to evaluate the effectiveness of our internal control over financial reporting. Based upon that framework, management has determined that our internal control over financial reporting is ineffective due to the lack of additional personnel to allow segregation of duties to ensure the completeness or accuracy of our information.
Our management determined that there were no changes made in our internal controls over financial reporting during the fourth quarter of 2010 that have materially affected, or are reasonably likely to materially affect our internal control over financial reporting.
PART IV
ITEM 15. EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a)(1)
Financial Statements
The audited financial statements of Skinovation Pharmaceutical Incorporated are included in this report under Item 8 on pages 3 through 11.
(a)(2) Financial Statement Schedules
All financial statement schedules are included in the footnotes to the financial statements or are inapplicable or not required.
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(a)(3)
Exhibits
The following documents have been filed as part of this report.
No.
Description
3.1
Articles of Incorporation as amended (Incorporated by reference to exhibit 3.1 of the Form 10-KSB, filed March 29, 2002)
3.2
Bylaws of Skinovation (Incorporated by reference to exhibit 3.3 of the Form 10-SB, filed July 11, 2000)
31.1
Principal Executive Officer Certification
31.2
Principal Financial Officer Certification
32.1
Section 1350 Certification
SIGNATURES
Pursuant to the requirements of the Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, there unto duly authorized
SKINOVATION PHARMACEUTICAL INCORPORATED
By: /s/Hugo Rodier
Hugo Rodier, President
Date: January 20, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/Hugo Rodier
Hugo Rodier
Director and President
Principal Executive Officer
Principal Financial and Accounting Officer
Date: January 20, 2012
By: /s/M. Jeanne Ball
M. Jeanne Ball
Director and Secretary/Treasurer
Date: January 20, 2012
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