Mr. Neil Glover has a Post Graduate Diploma in Marketing - Chartered Institute of Marketing Member of the Chartered Institute of Marketing and a Chartered Marketer. BA (Hons) Degree, Business Management with Marketing Management. University of Gloucestershire, Cheltenham, Sept. 1998 - June 2002. 4-year sandwich course with one years work placement (Mostra Ltd. & Allcars.com Ltd.)
From 2007 to August 2009 Mr. Neil Glover worked for Rix & Kay Solicitors LLP a regional law firm based in Sussex, England. They offer a complete range of both private client and commercial services and have a series of dedicated teams that are specialists within the fields they operate. Mr. Neil Glover was responsible for planning and implementing new acquisition activity through co-coordinating, developing, and delivering a range of promotions, events, literature and products to clients. He also worked on promotional campaigns utilizing full marketing mix. From 2005 through 2007 Mr. Neil Glover worked for JNSquared Ltd. Marketing as the Director of Marketing .. JNSquared Ltd is an independent marketing and website design consultancy. The company works with a number of businesses from start-ups to well established firms. Mr. Neil Glover was reasonable for developing clients marketing strategy and ensuring that their business requirements were met. From 2003 through 2005 Mr. Neil Glover worked for Auto Data Network as a marketing manager. He was responsible for the project management of allCars.com.
AUDIT COMMITTEE
The Company does not presently have an Audit Committee and the Board acts in such capacity for the immediate future due to the limited size of the Board. The Company intends to increase the size of its Board in the future, at which time it may appoint an Audit Committee.
The Audit Committee will be empowered to make such examinations as are necessary to monitor the corporate financial reporting and the external audits of the Company, to provide to the Board of Directors (the "Board") the results of its examinations and recommendations derived there from, to outline to the Board improvements made, or to be made, in internal control, to nominate independent auditors, and to provide to the Board such additional information and materials as it may deem necessary to make the Board aware of significant financial matters that require Board attention.
COMPENSATION COMMITTEE
The Company does not presently have a Compensation Committee and the Board acts in such capacity for the immediate future due to the limited size of the Board. The Company intends to increase the size of its Board in the future, at which time it may appoint a Compensation Committee.
The Compensation Committee will be authorized to review and make recommendations to the Board regarding all forms of compensation to be provided to the executive officers and directors of the Company, including stock compensation, and bonus compensation to all employees.
NOMINATING COMMITTEE
The Company does not have a Nominating Committee and the full Board acts in such capacity.
COMPLIANCE WITH SECTION 16(a) OF THE EXCHANGE ACT
Section 16(a) of the Securities Exchange Act of 1934 requires that the Company's directors and executive officers and persons who beneficially own more than ten percent (10%) of a registered class of its equity securities, file with the SEC reports of ownership and changes in ownership of its common stock and other equity securities. Executive officers, directors, and greater than ten percent (10%) beneficial owners are required by SEC regulation to furnish the Company with copies of all Section 16(a) reports that they file. Based solely upon a review of the copies of such reports furnished to us or written representations that no other reports were required, the Company believes that to date, all filing requirements applicable to its executive officers, directors, and greater than ten percent (10%) beneficial owners were met.
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following tables set forth certain information regarding beneficial ownership of our securities by (i) each person who is known by us to own beneficially more than five percent (5%) of the outstanding shares of each class of our voting securities, (ii) each of our directors and executive officers, and (iii) all of our directors and executive officers as a group. We believe that each individual or entity named has sole investment and voting power with respect to the securities indicated as beneficially owned by them, subject to community property laws, where applicable, except where otherwise noted. Unless otherwise stated, our address is: 3280 Sunrise Highway Suite 51 Wantagh, NY 11793. The Company's telephone number is (516) - 816-2563.
As of November 30 , 2009, there were Eighteen Million (18,000,000) shares of common stock issued and outstanding.
(1) This table is based on Eighteen Million (18,000,000) shares of common stock outstanding
As of the date of this prospectus, we had the following security holder holding greater than 5%:
Title of Class | Name and Address of Beneficial Owner | Amount and Nature of Beneficial Owner | Percent of Class (1) |
| | | |
Common Stock | Christopher Glover | 18,000,000 | 100% |
Common Stock | All executive officers and directors as a group | 18,000,000 | 100% |
Total | | 18,000,000 | 100% |
REMUNERATION OF DIRECTORS AND OFFICERS
Flameret, Inc. has made no provisions for paying cash or non-cash compensation to its officers and sole director. No salaries are being paid at the present time, and none will be paid unless and until our developmental stage operations generate sufficient cash flow.
The following table sets forth all the remuneration of our Director and Officers for the period from inception on August 13, 2009, through to the end of the period on November 30 , 2009:
NAME OF INDIVIDUAL | CAPACITIES IN WHICH REMUNERATION WAS RECEIVED | AGGREGATE CASH REMUNERATION |
| | |
Christopher Glover | Chief Executive Officer, President, Chief Financial Officer, Secretary | $NIL |
Michael O'Driscoll | Vice President | $NIL |
Neil Glover | Vice President, Sales | $NIL |
Total | All Officers and Directors | $NIL |
EMPLOYMENT AGREEMENTS
To date, the Company has no employment agreements in effect with its Principal Executive Officer. We do not pay compensation to our Director for attendance at meetings. We will reimburse Directors for reasonable expenses incurred during the course of their performance.
EXECUTIVE COMPENSATION
The following executive compensation disclosure reflects all compensation awarded to, earned by or paid to the executive officers below. The following table summarizes all compensation from inception (August 13, 2009) to November 30 , 2009.
SUMMARY COMENSATION TABLE
NAME PRINCIPAL OTHER | CAPACITIES IN WHICH REMUNERATION WAS RECEIVED | OTHER ANNUAL COMPENSATION |
| | YEAR | SALARY $ | BONUS $ |
Christopher Glover | Chief Executive Officer, President, Chief Financial Officer, Secretary | 2009 | $NIL | $NIL |
Michael O’Driscoll | Vice President, Finance | 2009 | $NIL | $NIL |
Niel Glover | Vice President, Sales | 2009 | $NIL | $NIL |
COMPENSATION OF DIRECTORS
Directors do not currently receive compensation for their services as directors, but we plan to reimburse them for expenses incurred in attending board meetings.
STOCK INCENTIVE PLAN
At present, we do not have a stock incentive plan in place. We have not granted any options to Directors and Officers.
EMPLOYMENT AGREEMENTS, TERMINATION OF EMPLOYMENT AND
CHANGE-IN-CONTROL ARRANGEMENTS
At present, we do not have employment agreements with our Principal Executive officer.
PRINCIPAL STOCKHOLDER
a) Security Ownership of Management - the number and percentage of shares of common stock of the Company owned of record and beneficially, by each officer and director of the Company and by all officers and directors of the Company as a group, and all shareholders known to the Company to beneficially own 5% or more of the issued and outstanding Shares of the Company, is as follows.
Unless otherwise stated, our address is: 3280 Sunrise Highway Suite 51 Wantagh, NY 11793. The Company's telephone number is (516) - 816-2563.
Name | | Shares Beneficially Owned prior to Offering | | | Shares to be Offered | | | Shares Beneficially Owned after Offering | | | Percent Beneficially Owned after Offering | |
Christopher Glover | | | 18,000,000 | | | | 8,000,000 | | | | 10,000,000 | | | | 55% | |
Total Officers, Directors and Significant Shareholders as a group | | | 18,000,000 | | | | 8,000,000 | | | | 10,000,000 | | | | 55% | |
INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS
As of the date of this prospectus, other than the transaction described above, there are no, and have not been since inception, any material agreements or proposed transactions, whether direct or indirect, with any of the following:
| * | Any of our Directors or Officers; |
| * | Any nominee for election as a director; |
| * | Any principal security holder identified in the preceding “Security Ownership of Selling Shareholder and Management" section; or |
| * | Any relative or spouse, or relative of such spouse, of the above referenced persons. |
TRANSFER AGENT AND REGISTRAR
Transfer Agent and Registrar: The Company acts as its own transfer agent at this time. When this registration statement becomes effective the company will use for our common stock the services of ISLAND STOCK TRANSFER INC., 100 Second Avenue South, Suite 705S St Petersburg, FL 33701, Telephone 727-289-0010 Facsimile 727-290-3961,
SHARES ELIGIBLE FOR FUTURE SALE
Upon completion of the offering, we will have outstanding Eighteen Million (18,000,000) shares of common stock. Of these shares, the Eight Million (8,000,000) shares to be sold in the offering, will be freely tradable in the public market without restriction under the Securities Act, unless the shares are held by our "affiliates," as that term is defined in Rule 144 under the Securities Act.
The remaining shares of common stock outstanding upon completion of the offering will be "restricted securities," as that term is defined in Rule 144. Restricted securities may be sold in the public market only if they are registered or if they qualify for an exemption from registration, such as the exemption afforded by Rule 144.
DISCLOSURE OF COMMISSION POSITION OF INDEMNIFICATION FOR SECURITIES ACT LIABILITIES
We have adopted provisions in our certificate of incorporation that limit the liability of our Directors for monetary damages for breach of their fiduciary duty as directors, except for liability that cannot be eliminated under the Nevada General Corporation Law. Nevada law provides that directors of a company will not be personally liable for monetary damages for breach of their fiduciary duty as directors, except for liabilities:
| * | For any breach of their duty of loyalty to us or our security holders; |
| * | For acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law; |
| * | For unlawful payment of dividend or unlawful stock repurchase or redemption, as provided under Section 174 of the Nevada General Corporation Law; or, |
| * | For any transaction from which the director derived an improper personal benefit. |
In addition, our bylaws provide for the indemnification of officers, directors and third parties acting on our behalf, to the fullest extent permitted by Nevada General Corporation Law, if our board of directors authorizes the proceeding for which such person is seeking indemnification (other than proceedings that are brought to enforce the indemnification provisions pursuant to the bylaws).
These indemnification provisions may be sufficiently broad to permit indemnification of the registrant's executive officers and directors for liabilities (including reimbursement of expenses incurred) arising under the Securities Act of 1933.
Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to our directors, officers and controlling persons pursuant to the foregoing provisions, or otherwise, we have been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. No pending material litigation or proceeding involving our directors, executive officers, employees or other agents as to which indemnification is being sought exists, and we are not aware of any pending or threatened material litigation that may result in claims for indemnification by any of our directors or executive officers.
Our articles of incorporation and applicable Nevada law provide for the indemnification of our directors, officers, employees, and agents, under certain circumstances, against attorney's fees and other expenses incurred by them in any litigation to which they become a party arising from their association with or activities on our behalf. We will also bear the expenses of such litigation for any of our directors, officers, employees, or agents, upon such person's written promise to repay us if it is ultimately determined that any such person shall not have been entitled to indemnification. This indemnification policy could result in substantial expenditures by us, which we will be unable to recoup.
We have been advised that, in the opinion of the SEC, indemnification for liabilities arising under federal securities laws is against public policy as expressed in the Securities Act of 1933, as amended (the “Securities Act”), and is, therefore, unenforceable. In the event that a claim for indemnification for liabilities arising under federal securities laws, other than the payment by us of expenses incurred or paid by a director, officer or controlling person in the successful defense of any action, suit or proceeding, is asserted by a director, officer or controlling person in connection with the securities being registered, we will (unless in the opinion of our counsel, the matter has been settled by controlling precedent) submit to a court of appropriate jurisdiction, the question whether indemnification by us is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. The legal process relating to this matter if it were to occur is likely to be very costly and may result in us receiving negative publicity, either of which factors is likely to materially reduce the market and price for our shares, if such a market ever develops.
DESCRIPTION OF SECURITIES TO BE REGISTERED
General
We are authorized to issue an aggregate number of 100,000,000 shares of capital stock, of which 90,000,000 shares are common stock, $0.001 par value per share, and 10,000,000 shares are preferred stock, $0.001 par value per share.
The company issued to the founders Eighteen Million 18,000,000 common shares of stock for $18,000. As of November 30 , 2009, there are Eighteen Million (18,000,000) shares issued and outstanding at a value of $0.001 per share.
COMMON STOCK: The securities being offered by the selling security holder are shares of our Common stock.
Common Stock
We are authorized to issue 90,000,000 shares of common stock, $0.001 par value per share. Currently we have 18,000,000 shares of common stock issued and outstanding.
Each share of common stock shall have one (1) vote per share for all purposes. The holders of a majority of the shares entitled to vote, present in person or represented by proxy, shall constitute a quorum at all meetings of our shareholders. Our common stock does not provide a preemptive, subscription or conversion rights and there are no redemption or sinking fund provisions or rights. Our common stock holders are not entitled to cumulative voting for election of the board of directors.
Holders of common stock are entitled to receive ratably such dividends as may be declared by the board of directors out of funds legally available therefore as well as any distributions to the security holder. We have never paid cash dividends on our common stock, and do not expect to pay such dividends in the foreseeable future.
In the event of a liquidation, dissolution or winding up of our company, holders of common stock are entitled to share ratably in all of our assets remaining after payment of liabilities. Holders of common stock have no preemptive or other subscription or conversion rights. There are no redemption or sinking fund provisions applicable to the common stock.
Preferred Stock
We are authorized to issue 10,000,000 shares of “blank check” preferred stock, $0.001 par value per share. The preferred stock may be divided into any number of series as our directors may determine from time to time. Our directors are authorized to determine and alter the rights, preferences, privileges and restrictions granted to and imposed upon any wholly issued series of preferred stock, and to fix the number of shares of any series of preferred stock and the designation of any such series of preferred stock. As of the date of this filing, we do not have any preferred shares issued and outstanding.
Dividends
We have not paid any cash dividends to our shareholders. The declaration of any future cash dividends is at the discretion of our board of directors and depends upon our earnings, if any, our capital requirements and financial position, our general economic conditions, and other pertinent conditions. It is our present intention not to pay any cash dividends in the foreseeable future, but rather to reinvest earnings, if any, in our business operations.
Warrants
There are no outstanding warrants to purchase our securities.
Options
There are no outstanding stock options to purchase our securities
From time to time, we may become involved in various lawsuits and legal proceedings, which arise, in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating results.
EXPERTS
AUDITOR: The financial statements included in this prospectus and the registration statement have been audited by M & K CPAS PLLC to the extent and for the periods set forth in their report appearing elsewhere herein and in the registration statement, and are included in reliance upon such report given upon the authority of said firm as experts in auditing and accounting.
INTERESTS OF NAMED EXPERTS AND COUNSEL
No expert or counsel named in this prospectus as having prepared or certified any part of this prospectus or having given an opinion upon the validity of the securities being registered or upon other legal matters in connection with the registration or offering of the common stock was employed on a contingency basis, or had, or is to receive, in connection with the offering, a substantial interest, direct or indirect, in the registrant or any of its parents or subsidiaries. Nor was any such person connected with the registrant or any of its parents or subsidiaries as a promoter, managing or principal underwriter, voting trustee, director, officer, or employee.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING
AND FINANCIAL DISCLOSURE
There have been no disagreements regarding accounting and financial disclosure matters with our independent certified public accountants.
AVAILABLE INFORMATION
We have not previously been subject to the reporting requirements of the Securities and Exchange Commission. We have filed with the Commission a registration statement on Form S-1 under the Securities Act with respect to the shares offered hereby. This prospectus does not contain all of the information set forth in the registration statement and the exhibits and schedules thereto. For further information with respect to our securities and us you should review the registration statement and the exhibits and schedules thereto.
You can inspect the registration statement and the exhibits and the schedules thereto filed with the commission, without charge, in our files in the Commission's public reference room at 100 F Street, N.E., Room 1580, Washington, D.C. 20549. You can also obtain copies of these materials from the public reference section of the commission at 100 F Street, N.E., Room 1580 Washington, D.C. 20549, at prescribed rates. You can obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. The Commission maintains a web site on the Internet that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the Commission at http://www.sec.gov.
REPORTS TO SECURITY HOLDER
As a result of filing the registration statement, we are subject to the reporting requirements of the federal securities laws, and are required to file periodic reports and other information with the SEC. We will furnish our security holder with annual reports containing audited financial statements certified by independent public accountants following the end of each fiscal year and quarterly reports containing unaudited financial information for the first three quarters of each fiscal year following the end of such fiscal quarter.
THE REMAINDER OF THIS PAGE IS LEFT BLANK INTENTIONALLY
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Directors
Flameret, Inc.
(A Development Stage Company)
We have audited the accompanying balance sheet of Flameret, Inc. (A Development Stage Company) as of August 31, 2009, and the related statements of operations, stockholders' equity and cash flows for the period from inception on August 13, 2009 through August 31, 2009. 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 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 was 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 includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes 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 Flameret, Inc. (A Development Stage Company) as of August 31, 2009, and the related statements of operations, stockholders' equity and cash flows for the period from inception on August 13, 2009 through August 31, 2009, in conformity with accounting principles generally accepted in the United States of America.
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has incurred recurring losses from operations, which raises substantial doubt about its ability to continue as a going concern . Management’s plans concerning these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
/s/ M & K CPAS, PLLC
www.mkacpas.com
Houston, Texas
September 18, 2009
FLAMERET, INC.
(A DEVELOPMENT STAGE COMPANY)
BALANCE SHEETS
| | November 30, | | | August 31, | |
| | 2009 | | | 2009 | |
ASSETS | | (Unaudited) | | | | |
| | | | | | |
Current assets: | | | | | | |
Cash | | $ | 599 | | | $ | 3,225 | |
Total current assets | | | 599 | | | | 3,225 | |
| | | | | | | | |
Total assets | | $ | 599 | | | $ | 3,225 | |
| | | | | | | | |
| | | | | | | | |
LIABILITIES AND STOCKHOLDERS' EQUITY (Deficit) | | | | | | | | |
| | | | | | | | |
Current liabilities: | | | | | | | | |
Accrued interest | | $ | 24 | | | $ | - | |
Due to officer | | | 1,500 | | | | - | |
Total current liabilities | | | 1,524 | | | | - | |
| | | | | | | | |
Stockholders' equity (deficit): | | | | | | | | |
Preferred stock, $0.001 par value, 10,000,000 shares | | | | | | | | |
authorized, no shares issued and outstanding | | | - | | | | - | |
Common stock, $0.001 par value, 90,000,000 shares | | | | | | | | |
authorized, 18,000,000 shares issued and outstanding | | | 18,000 | | | | 18,000 | |
Additional paid-in capital | | | 2,500 | | | | 2,500 | |
(Deficit) accumulated during development stage | | | (21,425 | ) | | | (17,275 | ) |
Total stockholders' equity (deficit) | | | (925 | ) | | | 3,225 | |
| | | | | | | | |
Total liabilities and stockholders' equity (deficit) | | $ | 599 | | | $ | 3,225 | |
See Accompanying Notes to Financial Statements.
FLAMERET, INC. | |
(A DEVELOPMENT STAGE COMPANY) | |
STATEMENTS OF OPERATIONS | |
| | | | | | | | | |
| | For the three | | | August 13, 2009 | | | August 13, 2009 | |
| | months ended | | | (inception) to | | | (inception) to | |
| | November 30, 2009 | | | August 31, 2009 | | | November 30, 2009 | |
| | (Unaudited) | | | | | | (Unaudited) | |
Revenue | | $ | - | | | $ | - | | | $ | - | |
| | | | | | | | | | | | |
Operating expenses: | | | | | | | | | | | | |
General and administrative | | | 1,176 | | | | 44 | | | | 1,220 | |
Professional fees | | | 2,950 | | | | 17,231 | | | | 20,181 | |
| | | | | | | | | | | | |
Total operating expenses | | | 4,126 | | | | 17,275 | | | | 21,401 | |
| | | | | | | | | | | | |
Net operating loss | | | (4,126 | ) | | | (17,275 | ) | | | (21,401 | ) |
| | | | | | | | | | | | |
Other income (expense) | | | (24 | ) | | | - | | | | (24 | ) |
| | | | | | | | | | | | |
Loss before provision for income taxes | | | (4,150 | ) | | | (17,275 | ) | | | (21,425 | ) |
| | | | | | | | | | | | |
Provision for income taxes | | | - | | | | - | | | | - | |
| | | | | | | | | | | | |
Net (loss) | | $ | (4,150 | ) | | $ | (17,275 | ) | | $ | (21,425 | ) |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Weighted average number of common shares | | | | | | | | | | | | |
outstanding - basic and fully diluted | | | 18,000,000 | | | | 18,000,000 | | | | 18,000,000 | |
| | | | | | | | | | | | |
Net (loss) per share - basic and fully diluted | | $ | - | | | $ | - | | | $ | - | |
See Accompanying Notes to Financial Statements.
FLAMERET, INC. | |
(A DEVELOPMENT STAGE COMPANY) | |
STATEMENT OF STOCKHOLDERS' EQUITY (DEFICIT) | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | (Deficit) | | | | |
| | | | | | | | | | | | | | | | | accumulated | | | | |
| | | | | | | | | | | | | | Additional | | | during | | | Total | |
| | Preferred stock | | | Common stock | | | paid-In | | | development | | | stockholders' | |
| | Shares | | | Amount | | | Shares | | | Amount | | | capital | | | stage | | | equity (deficit) | |
Common stock issued to founder at $0.001 per share | | | - | | | $ | - | | | | 18,000,000 | | | $ | 18,000 | | | $ | 2,500 | | | $ | - | | | $ | 20,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss for the year ended August 31, 2009 | | | - | | | | - | | | | - | | | | - | | | | - | | | | (17,275 | ) | | | (17,275 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, August 31, 2009 | | | - | | | $ | - | | | | 18,000,000 | | | $ | 18,000 | | | $ | 2,500 | | | $ | (17,275 | ) | | $ | 3,225 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss for the three months ended November 30, 2009 | | | - | | | | - | | | | - | | | | - | | | | - | | | | (4,150 | ) | | | (4,150 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance, November 30, 2009 | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(Unaudited) | | | - | | | $ | - | | | | 18,000,000 | | | $ | 18,000 | | | $ | 2,500 | | | $ | (21,425 | ) | | $ | (925 | ) |